You finally have your Thailand Elite Visa, but now you need to open a bank account. Since you will be in the Land of Smiles long term, having a Thai bank account will be beneficial, and it will make your life much easier.
Opening a bank account in a foreign country can be daunting, but don’t worry, we will guide you through the process so you can have a better understanding and confidence when you walk into the bank.
So, here is how to open a bank account in Thailand with a Thai Elite Visa.
Which Bank should you pick?
While there are many banks you can choose from, a staff can help you open an account. If you wish to ask someone from Thai Elite, it would require you to redeem 1 Privilege Point.
If you apply through a GSSA agent like Siam Legal, a consultant will assist you in opening a free bank account. No additional payment or Privilege Points are required.
What documents do you need to prepare?
Before opening a bank account, you will need to prepare a few documents. They include the following:
- Valid Passport
- Valid visa sticker
- Thailand Elite Membership card, or letter
- Thai mobile number
- Details of your residence in Thailand
When you have the listed documents ready, you can visit any branch to open an account. However, if you have not yet received the Thailand Elite Visa and Elite Membership card, we recommend waiting until you have received them before visiting the bank.
What are the available account types?
Once you have chosen where you want to open a bank account, you need to decide which type of account you need. There are three types, and they include:
- Savings
- Fixed-Term
- Current
We recommend going for a ‘savings account’ as it is the most common choice for most people. A fixed-term account offers a high-interest rate, but the rates may vary for foreigners.
However, we do not recommend a current account, as you would require a work permit to open one.
What to keep in mind when choosing a Thai Bank account?
Choose the branch of your bank carefully. We recommend opening one near where you live, or where you will be staying during your time in Thailand.
Each branch will operate independently, and policies and levels of service might differ depending on the branch you visit. Another important factor to consider is the English proficiency of the staff.
We recommend choosing a branch located in the city center where most expats, tourists, and offices are.
For debit card owners, if you need to do online shopping or make online payments, please inform the staff about your intention, as this step is taken for security purposes. Another alternative is to consider applying for a credit card.
There will be a minimum deposit, so it’s important you ask how much it’s required.
Usually, in a savings account, the minimum deposit is 2,000 THB.
Contact us today
If you have any questions or assistance regarding Thailand Elite Visa, or opening a bank account, contact us at Siam Legal today.