Banking and Transfer

Thai Property Group accompanies you and advises you on the modalities during all your banking transaction procedures, whether it is for international transfers, money transfer or to create a bank account in Thailand.

Can I open a bank account in Thailand ?

Yes you can. Expatriates who wish to open a bank account in Thailand have several options. 
Most foreigners choose to open a “savings account”. This type of account allows you to obtain a debit card and requires a low minimum deposit. 

It is also possible to open accounts in foreign currency(ies).
– If you are a non-resident, you can open a “non-resident baht” account. This account will allow you to transfer funds to Thailand. This option is recommended for those who wish to invest in Thailand for example. 

– If you are a resident, 2 options are available to you: 
– The opening of a savings account, with a minimum deposit of 500 THB and a bank card to withdraw money, pay bills or buy online. 
– The opening of a current account, with a minimum deposit of 10,000 THB and a cheque book. 

Certain documents are required for these procedures such as a valid passport, a valid work permit or residence certificate issued by your country’s embassy in Thailand, and an identity card or official document bearing your name if you have tourist or “non-immigrant” status.  
Please note that if you own a property, the sale or lease contract can replace the work permit, allowing you to have an account in Thailand to collect your rents.

Is it legal to do a transfer between my home country and Thailand ?

It is completely legal to make a transfer from and to your home country. In the context of a property purchase, it is advisable to ask your local bank, a Thai bank or a specialized brokerage company.

What are the different ways to make an international transfer ?

As far as transfers abroad are concerned, you can choose from several options of contacts. 
Your bank in your home country can offer many advantages such as the security of transfers via the international SWIFT network and its often good market position.  
The second alternative is to go through a company of brokers specializing in international transfers. These companies often offer lower exchange rates than banks.

Can you repatriate your funds from Thailand to your home country?

Since May 2019, it is easily possible to transfer money from a Thai account to an account abroad thanks to Kasikorn Bank’s smartphone application.

Historically, it was difficult to take money out of Thailand and you had to have several justificatives. Thanks to the new functionality of Kasikorn Bank’s K+ application, it is possible to transfer up to THB 1,000,000 per day for THB 500 fees. No documents are required, but you will still be asked to provide information about the recipient and the source of the funds. 
It is however necessary to travel to Thailand to download and configure the application at the bank.

Thai Property Group helps its customers in opening their bank account and in the configuration of the K+ app.
Kasikorn Bank Official Website

DISCLAIMER : All the information contained in this FAQ is given for information purposes only and is not official information. It is a popularization of problems, some of which (property law and taxation in particular) require the opinion of experts and individual treatment on a case-by-case basis. Although TPG has produced this content in good faith, with the aim of providing information that is as accurate as possible, it cannot be held responsible if certain information proves to be inaccurate.