Thailand Bank Accounts for Foreigners
Thai Baht Bank Account
Foreigners can open a Thai Baht bank account in Thailand regardless they are residents or not. However for Non Residents the balance should not exceed 300 Million Baht.
The bank account normally does not cost anything, but you have to pay a fee for the ATM Card, if required. For these accounts national and international ATM are available. Depending on the bank a national ATM Card (use only within Thailand) costs around 200 Baht, an international one around 400 Baht. The international cards are normally debitcards (i.e. Visa) at the same time.
Internet Banking for these accounts is available with most banks as well, however often Internet usage is not as efficient compared with Western countries.
Please note, that Thai Bank close a bank account without warning, if the funds are not sufficient for charging for any fees, i.e. fees for the ATM Card.
These bank accounts are called Savings Accounts. Money from the account is available immediately, interest per year is between 0,5 and 1 %.
Transfers to abroad are only possible with special documents.
However according to Thai Law it is legal to send up to 20,000 USD per day to abroad, but some banks refuse to do it. Recommended for such transfers : Kassikorn Bank.
You can get higher interest for fixed deposit accounts.
Foreign Currency Account
Foreigners can open a Foreign Currency Account (i.e. USD or Euros) in Thailand as well. No fees for the account, but often a minimum amount of 5,000 or 10,000 USD or Euros is requested.
Interest is different, depending on the conditions, bank and on the currency of the account.
Money into a foreign currency account can be put by wiring from abroad (in foreign currency).
Deposit of cash money in foreign currency is limited to 10,000 USD per person and per day and normally only possible for Thai Residents.
Withdrawal is not restricted and you can send money from such accounts to abroad as well.