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Is a 100,000 baht life insurance policy required to open a Kasikorn Bank account in Thailand?
Kasikorn BankBank Account RequirementsThai VisaLife InsuranceBanking Regulations in ThailandConsumer Protection LawsExpat Banking ExperienceUdon Thani Banking
Oct 7, 2025
7 months ago
Brandi ********
ORIGINAL POSTERHi all! It appears if Kasikorn Bank is now requiring annual 100,000 baht life insurance in order to open a bank account. I would appreciate any info you have on this. I was hoping to open my account in Udon Thani today.
TLDR : Answer Summary
There is confusion regarding a reported requirement from Kasikorn Bank for a 100,000 baht life insurance policy to open a bank account. Comments reveal that such insurance cannot be legally mandated when opening an account, per Thai regulations. Users have successfully opened accounts without insurance at various branches, suggesting that individual branch policies may vary. It is advised to speak to different branches or report unjust requirements to the Bank of Thailand.
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Jack ****************
Absolutele BS. They get a vig for signing you up and have no problem lying to get your money.
Frank **********
Opened an account at Kasikorn in Borabue last week. No problem.
Robert ********
Bank employee gets commission
Wayne *******
Lots of banks try that, just politely tell them you have private life insurance from your own country and it would be compromised if you contracted for another policy. It gives them an out when the manager asks them if they flogged a policy.
Bob **********
I opened 3 weeks ago needed nothing just a residence certificate
Martin *********
@Bob *********
no passportBob **********
@Martin ********
I told them I was anonymousReply to
Bob **********
Reply
David *********
Account opened recently no insurance purchase required
Massimo ********
@David ********
are you married with thai?have you a work permit? Are you retired?David *********
@Massimo *******
WTFMassimo ********
@David ********
I don't know wtf, is that a new kind of visa?Reply to
Massimo ********
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Joshua **********
I opened another one at this branch just showing my pink id and passport (married)2 weeks ago.
**************************************************
Peter **********
@Joshua *********
Yeah. With a pink ID it’s an entirely different story. But most newcomers don’t have a pink id (if not all).Reply to
Peter **********
Reply
Luc *********
Under Thai regulations, banks are not legally allowed to make the sale of insurance or investment products a condition for opening a bank account.
🔹 Relevant laws and authorities:
Bank of Thailand (BOT) – the central bank that regulates financial institutions.
Office of Insurance Commission (OIC) – regulates the sale of insurance products.
Consumer Protection Act (B.E. 2522 / 1979) – protects against unfair trade practices.
---
⚖️ 2. The rule in clear terms
> A bank may offer insurance products, but it cannot make them compulsory for access to essential banking services such as opening a savings account or obtaining a debit card.
This principle is explicitly stated in BOT Circular No. FPG.
In other words:
> ✅ Optional = legal
❌ Mandatory = illegal (if required for basic account access)
---
🏦 3. What really happens in practice
Despite the rule, some branches — especially in tourist areas or with inexperienced staff — may push insurance or “accident cover” as if it were a requirement.
If you are refused without valid reason, you can report it to the:
Bank of Thailand (BOT) complaint center:
🔹 Relevant laws and authorities:
Bank of Thailand (BOT) – the central bank that regulates financial institutions.
Office of Insurance Commission (OIC) – regulates the sale of insurance products.
Consumer Protection Act (B.E. 2522 / 1979) – protects against unfair trade practices.
---
⚖️ 2. The rule in clear terms
> A bank may offer insurance products, but it cannot make them compulsory for access to essential banking services such as opening a savings account or obtaining a debit card.
This principle is explicitly stated in BOT Circular No. FPG.
*******
, which prohibits “forced bundling” (tying) of non-banking products with core banking services.In other words:
> ✅ Optional = legal
❌ Mandatory = illegal (if required for basic account access)
---
🏦 3. What really happens in practice
Despite the rule, some branches — especially in tourist areas or with inexperienced staff — may push insurance or “accident cover” as if it were a requirement.
If you are refused without valid reason, you can report it to the:
Bank of Thailand (BOT) complaint center:
*************************************
Michael ***********
@Luc ********
I think every bank is doing this. TTB tried to trick me into getting insurance and I declined so they wouldn't open the account. Later I got an account at UOB and they slipped the insurance in as one of the papers I "needed to sign" before I opened the account. So now I have it.Michael ***********
Lucky me.
Reply to
Michael ***********
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Peter **********
@Luc ********
Waving the law for consumer protection in Thailand. That’s pure comedy.The best part of the comedy is the reference to a 404 error. “Law not available“. 🤣
Wolf **********
@Peter *********
hahaha, the bot isn't wrong though 🤣Reply to
Wolf **********
Reply
Mma *******
@Luc ********
none of that apply’s to foreignersYo***
@Luc ********
yes it is by law. as we know, reality and law in Thailand lay very far from each other. That is why such frozen account issues have been exploded. The banks and immigrations or any kind of authorities did it even the law said No. And cracked down. and they do it again. Crack down and do it again. like this. The law says A, but the bank says B. otherwise no. so we foreigners have no other choice to do B. even we do not know what exactly the law in Thailand says. Yes foreigners are like kids in Thailand. Then, we do B as the bank said. and later, crack down by the thai authorities. Bank changed his mind and say We do A. So people who did B are frozen and closed by the bank. And foreigners account in the bank were frozen and closed. And later, bank still do B back. and crack down again. over and over. Here my conclusion. everyone use a good calculator in which is better for own. and go it and pray for no crack down or change again. That is what we can do.Gerg **********
@Luc ********
They’re not supposed to do a lot of things, but they do anyway.Brandon ************
@Luc ********
laws only matter if there's enforcement and if the penalties outweigh the benefits. Unfortunately Thailand is lacking in enforcement and especially lacking in meaningful penalties. Most of the time the fine if caught is less than the benefit of a single successful instance of breaking that law. And since the odds of getting caught are far less than 100%, it always makes sense to break the law according to game theory.
Eric **********
@Brandon ***********
💯 agreeLuc *********
@Brandon ***********
laws only matters if you know them and if you know how to use them in your advantage even in ThailandReply to
Luc *********
Reply
Leonard *********
Are they worried about you borrowing monies
Roger ********
@Leonard ********
Unlikely, as they will not lendReply to
Roger ********
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Brandon ************
It's not a Kasikorn bank requirement. But it might be a requirement for the branch you went to in order to make all the paperwork required for them to do worth it.
Do you have a non-immigrant visa? A certificate of residence from immigration? What happens if you tell them you want the bank account without the insurance?
You can try other branches or other banks.
Worst case scenario is you bite the bullet and purchase the insurance. You might even be able to cancel it shortly after for a refund.
Do you have a non-immigrant visa? A certificate of residence from immigration? What happens if you tell them you want the bank account without the insurance?
You can try other branches or other banks.
Worst case scenario is you bite the bullet and purchase the insurance. You might even be able to cancel it shortly after for a refund.
Nick *******
@Brandon ***********
been like this for years with all the banks. Bangkok Bank are the worst culprits for trying to sell us insurance. Just go to another branch or change Bank. 😇Sasha ***********
@Brandon ***********
when you say “paperwork required for them to do worth it”… it is their job and what their paid to do (open up new accounts/process paperwork). If that branch required insurance, then they process it!…or do you believe it depends if they are in the mood or not or can be bothered?Gordon *******
@Sasha **********
This is ThailandRobin ********
@Sasha **********
sounds like a classic incidence of misselling bancassurance and is illegal in Thailand. You’re completely correct.We had the same problem in 2023 in Vietnam, and still see misselling today. It’s rife in SE Asia.
Brandon ************
@Sasha **********
If you gave me the choice of sitting around on my phone, or spending an hour doing paperwork, I would choose sitting around on my phone. But I might consider the paperwork if I'm going to get commission.Wayne ********
@Sasha **********
Yes, it is Bank staff’s job to offer or sell there products & services, but your not obligated to sign up. McDonalds, would you like fries with that, would you like to upsize your order, same same but different 🤣😂🇹🇭Sasha ***********
@Wayne *******
“for THEM to do worth it”!Reply to
Sasha ***********
Reply
Brandi ********
ORIGINAL POSTER@Brandon ***********
so helful,as always! Thank you so much 😊 I have a 90 day non-o and will get the residence certificate today. I will let you know how it goes.Damo ***********
@Brandi *******
buy the insurance if needed.. and cancel on day #2 and ask for refund?John *********
@Damo **********
do they ever do a refund in Thailand?Damo ***********
@John ********
not likely.. but need to try right? hahaReply to
Damo ***********
Reply
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