To prevent money laundering, Thailand has made opening a bank account without a local, permanent address and a permanent visa almost impossible in Thailand. but, since we’ve introduced almost three hundred clients to our local branch, they’ve gotten permission from Bangkok to allow them to continue. We must provide a Thai citizen to guarantee you and you must purchase the bank’s accident insurance. Neither is expensive: the guarantor costs 500 baht and the 12 month insurance policy premium varies depending upon which level of coverage you choose. In return, you get a laminated card good at any hospital in Thailand.

The regulations say, “In order to open an ordinary checking or savings account, Bank of Bangkok requires that I get a notarized letter from the US Embassy in Bangkok, stating that I’m a US citizen and that I reside in Thailand at a certain address. The Embassy requires an appointment and a $50.00 document fee, not including the cost of transportation to and from Bangkok, or a hotel and meals. And there’s no guarantee the bank will even accept it.”  R. Butler.

Thailand Retirement Concierge clients, of course, do not have this problem, since we act as your guarantor.

This video shows just how infuriating it can be:

New money-laundering regulations require you to establish and prove permanent residence before you can open a Thai bank account. You can imagine the Catch-22 situation this creates: how can you pay the deposit on your new place if you don’t even have a bank account?, More at paydayloansmonster.

We’ve struggled with this since the regulations came into effect and now, with the help of our angelic bank manager, have created a completely legal process that allows Concierge clients to open their permanent account as soon as they arrive.

We go to the bank together and you’ll have your ATM card and bank book when you leave. Best of all, apart from signing a few more forms, it requires no effort on your part: we’ll be waiting with the completed forms as soon as you step off the plane. Here are some simple steps that will make opening your Thai bank account a breeze:

Thailand Bank Accounts for Australians

For Australians, Opening Bank Accounts in Thailand is Different but Easier than in Oz. If you’re going to be making frequent Oz-Thailand currency transactions, setting things up in advance can save you a fortune:
We always set our clients up with Thailand’s principal foreign exchange bank and introduce them to our angelic bank manager. Thailand’s business is still conducted based on relationships, and this sweetheart has saved many a financially stranded Aussie expat. Here’s a video of two happy expats talking about Thailand bank accounts:

And remember: since your ATM card might not work when you arrive (a common glitch) bring enough cash to tide you over for two months.

2 Responses

  1. We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

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  2. I have been using the Bangkok Bank NYC Branch ACH for a few years now. My wife and I built a house in Chiang Mai and require funds to be sent monthly. What is a preferred method now Bangkok Bank will discontinue their ACH transfers? I will move there permanently in a couple years and will need to have my retirement funds transferred monthly also.

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