This is NOT an official government website. We are an independent resource providing information and assistance to travelers.
Is it necessary to purchase a life insurance policy to open a bank account in Thailand?
Thailand BankingVisa IssuesForeigners in ThailandThai Life InsuranceBangkok BankBank Account Opening Process
Feb 18, 2023
3 years ago
Phil ********
ORIGINAL POSTERI have just been to Bangkok bank with partner (thai ) and mother in law to try to open a bank account, lady said I had to pay into a 10 year life insurance policy at total cost of £7500, is this correct, is there another way?
TLDR : Answer Summary
Many expats have reported that purchasing a life insurance policy is not a prerequisite for opening a bank account in Thailand. Most comments suggest trying different branches or banks, such as Kasikorn or SCB, where account openings can occur without any such insurance requirement. The varying experiences point to potential branch-specific practices at Bangkok Bank, indicating that this requirement may not be standard across all locations.
Pelle Eriksson★★★★★
Absolutely Bangkok's best service I highly...recently on Facebook
Luca G.★★★★★
I used this agency for my DTV Visa...recently on Google
Trusted Thai Visa Agent
OVER 100,000 EXPATS SERVED
#1 VISA AGENT IN THAILAND
Oliil ******
With tourist visa , my partner has been open account with Kasikorn bank and Bangkok bank , we just help them purchase Accident insurance. About 2-3000 THB. Try to not open an account in Shopping mall .
Dieter *********
I have account at Kasikorn also. No issues
Ken ********
Get accident insurance it's well worth it over here
Paul ********
They ask you Bt300,000 for Insurance Really??
Phil ********
ORIGINAL POSTER@Paul *******
yeahPaul ********
@Phil *******
what was you paying in ?? To open AccountReply to
Paul ********
Reply
Douglas ************
Try a different branch. It varies from branch to branch. We opened one in Hua Hin,no problem.
Jack *********
I paid a Visa agent to negotiate, cost 10,000 baht which includes the accident insurance. I know I probably overpaid but she also answered a bunch of my other questions and acted as an interpreter. So I was happy.
Sean ***********************
@Jack ********
You overpaid by 9000 baht.Reply to
Sean ***********************
Reply
George *********
As I have mentioned many times, go to Bangkok Bank, soi 43 on Sukhumvit road, near Prom pong.
If they suggest insurance say you already have it
If they suggest insurance say you already have it
Jack *********
@George ********
Just an FYI, this no longer works in Phuket. If I was in Bangkok I totally would try.George *********
@Jack ********
I tried Bangkok Bank at Banglampoo to open an account. They wanted a work permit. I'm retired.I tried Sukhumvit branch..no problem
Reply to
George *********
Reply
Steve **********
* Go to Branch across the street.
* Go to Kasikorn
* Wait until tomorrow go to same branch.
* TIT !
* Go to Kasikorn
* Wait until tomorrow go to same branch.
* TIT !
VaiAna **********
Wow ! Under a tourist visa I opened a bank account in Chang Mai w Bangkok Bank & they didn't ask to purchase Life Insurance .
Jonathan *******
I have an account with Kasikorn and TTB (opened last week) and neither asked me for additional purchases like insurance etc
Jonathan *******
@Stelar ******
yes, no problem and no requirement to buy insurance. You don't need to, there is no requirement for itIncognia **********
@Jonathan ******
what kind of visa do you have?Jonathan *******
@Stelar ******
Non Immigrant O, I do have a work permit as well thoughIncognia **********
@Jonathan ******
so for u easy for opening bank accountReply to
Incognia **********
Reply
Marc ********
Not corrrect
Cliff *********
No. Go to another branch.
Leon ********
Best to go with out the mother in law !
Alex *******
Sounds like she’s trying to BS you into belie it’s necessary for some kind of commission.
Louis ***********
Run, don't look back.
Lisa *******************
It’s just a thing that they do, but not necessary to open an account. They tried to sell me insurance too and my account was opened in my small hometown where the banker knew my mom. (She was with me). I just told them flat out that the coverage amount isn’t worth it to me, I have no need of it and that I have all necessary insurance from out of country.
Gail *********
No I just went in and opened a Bangkok bank account my card ran out this year so went back
In replaced for a charge of 100 bahts
In replaced for a charge of 100 bahts
Lisa ****
Not correct. They're just trying to trick you into buying insurance. As long as you have the right documents you can open an account without buying anything.
Tom *********
Avoid BKK bank like the plague! Never seen so retarded and outdated banking. Took them 10 days to change my phone number (which is needed for online banking), after I had signed a dozen papers and given passport copies... Just one of many insane stories! Oh, and made a fixed deposit in Bangkok, could not get my money back in Chiang Mai, because I opened it Bangkok !??? 🙂
Tohksic ******
@Tom ********
Took those chimps THREE WEEKS to do the same for me. And yea, just one of many BB episodes. Now happy at Kasikorn.Tom *********
@Mar ***
I will ditch Thai banking altogether and use my WISE account to hold the money in different currencies in the so called: "borderless" or "multicurrency" account and then withdraw with their card in local currencies, wherever I travel. Much more flexible! If you want to look into that and for the cheapest transfers, you can use my invite link for a free first money transfer. If you use my referral link, the first transfer up to 600 USD is free for you. Anyone else is also invited to use the link of course, for a free first transfer and cheap rates afterwards: *************************************
Reply to
Tom *********
Reply
Eric *******
If you can provide a certificate of residency (done for 300 Thb at the immigration), you can go to ANY BRANCH of ANY BANK with your passport and open an account and get an ATM card on site in 30 minutes, no headaches , no particular insurance to buy.
Donna ***************
@Eric ******
I want to say that we have been to 6 different bank branches trying to open Thai bank accounts for our retirement visas. We have passports and a long term lease and a TM30 copy from our landlord. No go at bank branches at Big C Extra on On Nut, Terminal 21 SCA bank branch, and no go at Bangkok branch at CentralWOrld mall. It’s like they ask for our Work Permits (we are RETIRED) and then freeze up. We even headed to Thai Immigration after the 5th rejection, did you know they only give a Residence Certificate for Drivers Licenses and Selling a Vehicle??? So go in that, we were told we have to go to the US Embassy for a “paper” that certifies our Thai address. We try one more time and head to the embassy, and they only take appointments, no walk ins, but are given instructions how to make an appt and an email contact # for consular staff. We have not yet been able to make an appt, as they somehow only open “on a rolling basis” (so we are checking 3x day). Apparently according to our email question, you need to pay $50 to someone in the Consulate Notary Services who will notarize your official “Thai address”, but guarantees nothing. I am convinced it just satisfies the Thai bureaucratic need for red tape, something “official” that states your Thai address. We have been hassling with this for WEEKS now. You’d think Thai banks would want foreigners to park their 800,000 baht in their banks!! 😡Donna ***************
@Eric ******
I want to say that we have been to 6 different bank branches trying to open Thai bank accounts for our retirement visas. We have passports and a long term lease and a TM30 copy from our landlord. No go at bank branches at Big C Extra on On Nut, Terminal 21 SCA bank branch, and no go at Bangkok branch at CentralWOrld mall. It’s like they ask for our Work Permits (we are RETIRED) and then freeze up. We even headed to Thai Immigration after the 5th rejection, did you know they only give a Residence Certificate for Drivers Licenses and Selling a Vehicle??? So no go with that, we were told we have to go to the US Embassy for a “paper” that certifies our Thai address. We try one more time and head to the embassy, and they only take appointments, no walk ins, but are given instructions how to make an appt and an email contact # for consular staff. We have not yet been able to make an appt, as they somehow only open “on a rolling basis” (so we are checking 3x day). Apparently according to our email question, you need to pay $50 to someone in the Consulate Notary Services who will notarize your official “Thai address”, but guarantees nothing. I am convinced it just satisfies the Thai bureaucratic need for red tape, something “official” that states your Thai address. We have been hassling with this for WEEKS now. You’d think Thai banks would want foreigners to park their 800,000 baht in their banks!! 😡Tom *********
@Eric ******
"on site in 30 minutes" You have obviously no experience with BKK bank ! 30 minutes in line until it's your turn..., then the saga starts...! At least 20 A4 sheets to sign, passport copies, oh the system is down, another 30 minutes, etc. then they send you to another teller to make your initial deposit, 30 minutes in line until it's your turn etc.... I repeat: Avoid BKK bank like the plague!Anne *******
@Eric ******
, costs 1500 at koh phangan.Eric *******
@Anne ******
You mean to open the account or for the certificate of residency ? Opening a bank account costs 0 Thb in Bkk, Pattaya, Phuket and more (only around 300 Thb for the ATM card), if you can provide this certificate of residency.
Remus ******
@Eric ******
that is incorrect. Opening a bank account costs 1000 baht (500 + 500). I went there with a certificate of residency. Asked for the BS "insurance". I said no, then they said OK, then have my bank send a "good standing account" message via the SWIFT communicating system. Told my bank about it, never heard of such a thingAnne *******
@Eric ******
, the certificate :/Reply to
Anne *******
Reply
Paul ********
BS
Frank ********
Run now.....
Gregory ******
You can say No, I did and have 2 bank accounts with Bangkok Bank. I am in Lopburi, central Thailand.
Wayne *******
Same here they always ask but tell them you'll think about it, give you form to read but you can just decline
Jeff *********
BS
Lyndon ************
The Bangkok Bank head office is very helpful. No insurance needed
Phil ********
ORIGINAL POSTER@Lyndon ***********
I have just emailed themPhil ********
ORIGINAL POSTERThanks
Lyndon ************
@Phil *******
they asked for the following. An Embassy certified copy of my passport and for my partner to write a note confirming that I lived with her, signed by her with a copy of her ID. The account is in my name only.Reply to
Lyndon ************
Reply
Denis *****
I had to pay 5900 thb for 1 year whatever insurance to open bank account with Bangkok bank in 2022.
Branch is located near walking street on beach road, Pattaya.
Branch is located near walking street on beach road, Pattaya.
Lyndon ************
@Denis ****
sadly, you were scammedDenis *****
@Lyndon ***********
not really, it was either that or I had to go to Bangkok to get proof of residency paper from embassy (which my country doesn't have, only consulate).Cory **********
@Denis ****
Bangkok bank also told me to buy a 5900 life insurance policy. Another one told me I needed a letter from my embassy that would have cost 1900 baht. Finally found one that just wanted a residency certificate from immigration which is free to get. Just need to ask others where a foreign friendly Bangkok bank is. I opened mine 5 months ago.Ivica ************
@Denis ****
My friend do it month ago , just go to imigration in Pattaya get residnce paper , he was just on visa free they do for him in Bangkok bank Jomtien branch near imigration soi 5 without any problem! He get card ! He try this year ago in Patong same they try to sell him insurance! I open my account here five years ago Krung thai bank in centarl festival in Pattaya they dont make me any problem i was on tourist visa multi entery before they canceled that 2016 .But i ask at least 7 other branch and banks they said no !
Reply to
Ivica ************
Reply
Phil ********
ORIGINAL POSTER@Lyndon ***********
I didn’t pay itReply to
Phil ********
Reply
John ********
Scam just try many banks scb is best
Ross *******
I opened account with them in Hua Hin, no issue
Phil ********
ORIGINAL POSTER@Ross ******
I think she was trying it on , I’m going to try a different branchPhil ********
ORIGINAL POSTERThat’s what I took with me but no way was I paying that
Ross *******
@Phil *******
lf l remember, passport, Thai address, and l think letter from immigration…Reply to
Ross *******
Reply
Phil ********
ORIGINAL POSTERI’m in Udon Thani until end of the month, moving here permanently end of the year
Martin ****************
I have 2 accounts and they never asked me for this. Go to Kasikorn. Was pretty easy
Alistair **********
If you have a long term visa, it's pretty easy to open a bank account at most banks. Buying insurance isn't necessary at all!
If you've here on a visa exemption, opening an account is a lot harder, buying insurance is one of the ways they'll let you open an account
If you've here on a visa exemption, opening an account is a lot harder, buying insurance is one of the ways they'll let you open an account
Jeffrey *******
@Alistair *********
Can the insurance be cancelled after the account is open.??Reply to
Jeffrey *******
Reply
Durrant ********
Never heard that before.
Оливер *********
If you're in Pattaya, go to scb bank in the Big C complex on corner of South Pattaya and sukomvit road. They will open one for you without a phony insurance!
Wayne **********
No, try another bank
Terry *******
They tried to sell me insurance, I said no. They allowed me to open the account. Bangkok bank
David *********
That’s outrageous
Phil ********
ORIGINAL POSTERCheers guys
Cary ******
BB did that to me at the branch my GF used. I said no. Tried another branch of BB and got an account without any mention of insurance. In a sense it’s a bribe because they get commission (I’m guessing).
Michael *********
@Cary *****
exactly this.Reply to
Michael *********
Reply
Michael ********
Go elsewhere or ask to speak to mamager
Braulio *********
Bangkok Bank’s has a page in English on the process and documentation you need to open accounts.
Graham ******
@Braulio ********
****************************************************************************
Reply to
Graham ******
Reply
John ********
Try another branch
Hnin ***********
When I opened a bank account, they don’t ask me buy a insurance.
May be something is wrong. Try another bank.
May be something is wrong. Try another bank.
Brandon ************
They usually want to sell a policy that's about 5000₿. You can try other banks, or try an agent. The cost to open with an agent is usually around 3-5,000₿
Reply to
Brandon ************
Reply
91 comments
2 years ago
88 comments
2 years ago
47 comments
2 years ago
28 comments
2 years ago
141 comments
2 years ago
51 comments
2 years ago
31 comments
2 years ago
90 comments
2 years ago
37 comments
2 years ago
183 comments
3 years ago
5 comments
3 years ago
46 comments
3 years ago
5 comments
3 years ago
11 comments
3 years ago
26 comments
4 years ago
146 comments
4 years ago
74 comments
4 years ago
69 comments
4 years ago
38 comments
4 years ago
72 comments
4 years ago
26 comments
5 years ago
13 comments
5 years ago
102 comments
5 years ago
24 comments
7 years ago
34 comments
7 years ago
7 comments
a month ago
9 comments
a month ago
21 comments
a month ago
16 comments
a month ago
8 comments
a month ago
The ask:thailand community, consisting of multiple Q/A groups with over 100,000 members, powers this platform. It is not an official government resource. Our members actively contribute to this resource, and while we strive for accuracy, we cannot guarantee its complete reliability. Assistance to travelers is provided as a community service.