What recent changes are affecting the process of opening bank accounts in Thailand?

bank account opening Thailand banking regulations foreigners in Thailand scamming prevention BOT banking policy DTV holders digital payment solutions QR code payments Apple Pay Google Pay

Jan 31, 2025

6 days ago

Greg ********

ORIGINAL POSTER

Opening bank accounts is not going to be getting easier anytime soon. This is not aimed at DTV holders but it is about all accounts. Thailand seems to be getting serious about scammers and limiting bank accounts is just one tool.

"To further deter the creation of mule accounts, the BOT will make the account opening process more stringent. Banks will be empowered to refuse account openings if the applicant's circumstances are unclear or to impose transaction limits or even deny account access from the outset."

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TLDR : Answer Summary

The process of opening bank accounts in Thailand for foreigners is becoming more stringent due to measures aimed at preventing scams. The Bank of Thailand (BOT) is enforcing stricter rules, allowing banks to refuse applications if an applicant's situation is unclear, and imposing transaction limits. Expats are exploring alternative payment methods such as QR codes and mobile payments, highlighting that cash remains significant for local transactions.

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Sam ******

There are no actual laws preventing you from opening a bank account, it's really just bank employees not wanting to deal with foreigners with a language barrier. Just try a different bank, or get an agent to do it for you. Being able to use Thai ATMs and Thai banking apps to pay your bills etc with no cost is a convenience that is definitely worth the trouble, assuming you are going to be staying here for 5 years or more.

5 days ago

Greg ********

ORIGINAL POSTER

@Sam *****

It is not just down to individual employees at all. There are edicts from head offices. Bank managers can also make theor own policy in the branch. The idea that it is just a staff member not being arsed to deal with a foreigner is hilarious.

5 days ago

Reply to

Greg ********

Barry ******

You don't need a bank account. There are many solutions available if you want to scan a QR code.

And using tap to pay using Apple Pay or Google Pay is getting more common now too.

For everything else, cash is king when it comes to local sellers. And its good to have some small change for tips or temple merit making donations. Keep tradition alive.

6 days ago

Sam ******

@Barry *****

getting cash in your hand is expensive without a Thai bank account. Using a foreign ATM card here costs a fortune.

6 days ago

Quincy *******

@Sam *****

look into doing what I did. Get a bank account that refunds you the atm fees. I use my Charles Schwab account for more than just Day Trading.

4 days ago

Sam ******

@Quincy ******

need a us social security # to get a Charles acct last I checked. I have a Thai bank account and recommend others get one too

4 days ago

Quincy *******

@Sam *****

my bad. Forgot about that

4 days ago

Greg ********

ORIGINAL POSTER

@Sam *****

It is so much easier with a local bank account. Worth paying an agent if yku are going to be here years. I left Singapore 8 years and left my accounts open. Recently came in handy as I am consultant to a new company down there. I closed my Luxembourg account I had when working in Belgium. Mistake.

4 days ago

Reply to

Greg ********

Paul *********

@Sam *****

i use wise to transfer money to my Gf account and withdraw for free. all i pay is the conversion costs which is 45 baht so i do high amounts each tine usually 10-20k

5 days ago

Sam ******

@Paul ********

i use wise to transfer to my own bank account.

5 days ago

Reply to

Sam ******

Barry ******

220 baht is a fortune? Way to exaggerate things.

A bank will likely tell you to go away if that was the reason for opening a bank account.

They want to see a compelling reason for it or have some kickback money from an agent.

6 days ago

Sam ******

@Barry *****

220 baht plus 3% of the total amount.

Quite a lot of money to spend when compared to Wise or other transfer services that charge 1% or less.

Stop digging, your advice is terrible.

5 days ago

Greg ********

ORIGINAL POSTER

@Barry *****

True. Banks are aware that many accounts are just not commercially viable. With the CRS and other requirements this is even more so for foreign nationals.

6 days ago

Reply to

Greg ********

ORIGINAL POSTER

@Barry *****

My 3 Thai banks accounts are very useful in my daily life.

6 days ago

Barry ******

Im not saying they are useless at all.

They are very useful for making large purchases such as vehicles or real estate.

6 days ago

Marvin **********************

@Barry *****

so you need a Thai bank account then if living in Thailand

6 days ago

Barry ******

Well thats one way. And also real estate is a nice vehicle for building passive income over a long period of time.

The barrier of entry is low, and you also provide jobs to local Thai people managing the property.

Banks want to see stability and someone who has long term goals that align

6 days ago

Greg ********

ORIGINAL POSTER

@Barry *****

As a Brit there are manifold reasons it is better for me to build a passive income with a property portfolio in the UK rather than Thailand. Ownership rules and capital gains being the two main ones. There are many others including the rule of law and citizenship never mind much better value.

5 days ago

Barry ******

yes and you can open one if you have documented proof acceptable to the bank that you intend to live in Thailand. A real estate sales contract will 100% do this, as you need one to facilitate the title transfer and for paying land taxes

6 days ago

Greg ********

ORIGINAL POSTER

@Barry *****

It is a low % of DTV holders that will be purchasing property. Let's talk about the reality of day to day living. A local bank account is very convenient and I cannot imagine "living' anywhere without one. It used to be very easy to open one in Thailand on any visa. Nowadays this is not so due to multiple factors such as changing bank rules by both the banks themselves and by BOT etc

6 days ago

Reply to

Greg ********

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