Answered2 years ago
How easy is it to open a bank account in Thailand with a Destination Thailand Visa?
How difficult to open a bank account with this new visa?
Answer summary
Opening a bank account with the Destination Thailand Visa (DTV) currently poses challenges. Many banks are unfamiliar with the DTV, and applicants report difficulties in getting accounts approved, often being treated as if they have a tourist visa. Limited banks like Krung Thai are reportedly accepting Education Visas, but other banks like Kasikorn and Bangkok Bank have strict requirements or do not accept DTV at all. Many expats recommend alternatives like Wise cards for withdrawals, though these still incur various fees. Overall, finding a bank that accommodates the DTV may take time.
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John **********
Unfortunately you can’t open a bank account with this Visa or a tourist vis, I put this question forward to our Visa agent just last week
Anonymous *************
OPFor americans usd is declining to baht so with an account its good to keep baht in thailand accnt.
Devu ********
Bangkok bank asked me for a “travel insurance” 6k thb lol I declined. Makes no sense to me to pay 6k to open a bank acc
Jirka ********
@Devu *******
try second branchEli **********
How about getting a Wise card and just use that for cash withdrawals to avoid the high FX fees typically incurred when using a credit/debit card to withdraw from Thai bank ATMs.
Ivan ************
@Eli *********
Wise isn't ideal for this, they charge ~1.75-2% on ATM withdrawals, plus you have the 220B Thai-side fee but the home bank fee is the larger component. This fee is lower than the average bank but if OP is American which he seems to be there are better options such as Schwab which is zero fee and they even refund the Thai ATM fee. Americans can't get the Wise card anyway.Ko *******
@Ivan ***********
I have American friends,with a WISE card…and if you change your currency in the WISE App into Thai baht you have to pay only the ATM fee…nothing else…Ko *******
@Ivan ***********
agreed 👍Ivan ************
@Ko ******
sure, just saying it's the better option for Americans, which OP seems to be, if you can get it it's the one to have. Some other countries have similar options, like Starling in the UK or ING in Australia. These don't refund the Thai-side fee like Schwab but they are zero ATM fee the home bank side.Ko *******
@Ivan ***********
I know about Schwab…but not available to me…I’ll try to live as much I can cashless…Ivan ************
@Ko ******
they used to but they stopped issuing cards for Americans, I presume it's some regulatory issue. If you have a card, Wise has its own ATM fee once you go beyond a very low monthly limit of around $200/€200, they charge you a small fixed fee and the percentage I mentioned. Withdrawing 25k would cost about 675B (220B Thai side plus 455B Wise side). This isn't a currency charge, it's an ATM charge and they charge it everywhere, you'll pay it in Europe or the US as well whatever currency you use. Schwab is zero both sides, it's a much better option for Americans. Wise is good for transfers, and spending with the card is free.*****************************************************************************************************
Ko *******
@Eli *********
the ATM fee at any withdrawal you still have to pay with the WISE card.Eli **********
@Ko ******
from what I've been told the fee is much lower.Ko *******
@Eli *********
no,always same,250 baht if I remember right
Paris *********
I asked at Krung Thai Bank in Phuket and the woman who served me hadn't even heard of the Destination Thailand Visa. So I think it will take some time and will be accepted by some banks eventually. But nobody knows how long it will take. Since I do a language course with the Education Visa at the moment, it was possible to open a bank account at Krung Thai, I opened it just last week. Other banks like Krungsri, Kasikorn and Siam Commercial refused the Education Visa. Except Krung Thai, only the Government Savings Bank said they would accept the Educational Visa. With Krung Thai I had to choose a package with insurance though, which is 2,6k Baht per year but after the first year, it will be possible to change this package to the Standard Mastercard which is just 200 Baht per year.
Cuong ********
I checked with Kasikorn Bank in Silom last week and they said they are not accept DTV visa :)))
Mar *****
Many places only accept scan payments via QR code or few places that accept card want to charge 3-5% or more to pay by Visa/mastercard etc...
So fairly beneficial and also transferring larger amounts when exchange rate more favourable could well save you 1,000s of £$€ over a year depending on disposable income & financial spending
😎🙏🏽
So fairly beneficial and also transferring larger amounts when exchange rate more favourable could well save you 1,000s of £$€ over a year depending on disposable income & financial spending
😎🙏🏽
Tod *********
If you're asking does the DTV (Destination Thailand Visa) cut any ice when you go to the bank to try to open an account that answer is NO it does not..
At this time few banks even know what that visa is, and it's just as hard to open an account on a DTV as it is on a free stamp or tourist visa entry
Sadly, I have read no verifiable reports where ANY bank is cutting people on DTV's any slack trying to get an account open 😕
At this time few banks even know what that visa is, and it's just as hard to open an account on a DTV as it is on a free stamp or tourist visa entry
Sadly, I have read no verifiable reports where ANY bank is cutting people on DTV's any slack trying to get an account open 😕
Paul *********
@Tod ********
I find it strange as it’s advertised for remote working and the 180 days implies they want you to pay tax hence you would require a bank account for payments to go into for any possible income for tax liability or am I reading it wrongActivity
12 joined12
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