As of July 2025, major banks in Thailand have introduced updated procedures for foreign nationals seeking to open personal bank accounts, including those enrolled in the Thailand Privilege Program, also known as Thailand Elite Visa holders.
Thailand’s Updated Bank Account Opening Policies for Foreign Nationals
In response to new compliance measures issued by the Bank of Thailand and related financial institutions, banks in Thailand have adopted stricter procedures for opening accounts for foreign nationals. These updates may result in more detailed documentation requirements, stricter verification procedures, and longer processing times.
Despite these changes, Thailand Elite Visa holders can still open a bank account in Thailand through select financial institutions, such as Siam Commercial Bank, Kasikorn Bank, and Bangkok Bank.
Documents Required for Opening a Thai Bank Account
The checklist below outlines the standard documents you will need to open a personal bank account in Thailand as a Thailand Elite Visa holder. However, it is important to note that specific requirements may vary depending on each bank’s policies:
| Basic Documents | Siam Commercial Bank (SCB) | Kasikorn Bank (Bank) | Bangkok Bank |
| Passport with Thailand Privilege Visa | Yes | Yes | Yes |
| Membership card and certified membership letter | Yes | Yes | Yes |
| Thai telephone number | Yes | Yes | Yes |
| Driver’s license or national identification (from the country of origin) | Yes | – | – |
| Proof of purpose for opening a bank account in Thailand | – | – | Yes |
| Lease agreement, ownership documents, or a consent letter from the property owner | – | *Specific nationalities | Yes |
| Utility bill (water/electricity bill) | – | – | Yes |
| Residential address in Thailand (non-hotel or non-business entity) | Yes | Yes | Yes |
| Personal income tax identification (from the country of origin) | – | Yes | Yes |
*Passport holders from Iran, North Korea, Myanmar, Russia, and Belarus may be required to provide additional documentation.
Also, if you have a business registered overseas and plan to open an account with Kasikorn Bank, you will need to include the following documents with your application:
- Bank statement (translated into Thai by a certified translation service)
- Certificate of company registration
- Proof of corporate income tax filing
Requirements for Opening a Foreign Currency Deposit (FCD) Account in Thailand
Besides a regular personal bank account in Thailand, you can also open a Foreign Currency Deposit (FCD) account to manage your funds in foreign currencies instead of just Thai baht. Here are the requirements for each bank:
| Siam Commercial Bank (SCB) | Kasikorn Bank (Bank) | Bangkok Bank | |
| Minimum Initial Deposit | No minimum | 5,000 USD | Have held a Thai baht account with the bank for at least 3 months |
| Have a valid lease agreement for a house or condominium with a minimum duration of 1 year |
Thai Bank Account Maintenance Fees
Similar to the standard documents required to open a personal bank account, each bank follows its own policies on initial deposits, minimum balance requirements, and maintenance fees for inactive accounts:
| Siam Commercial Bank (SCB) | Kasikorn Bank (Bank) | Bangkok Bank | |
| Minimum Initial Deposit | 500 THB | 500 THB | – |
| Minimum Balance Requirement | 2,000 THB | 2,000 THB | 2,000 THB |
| Account Maintenance Fee (if inactive) | 50 THB per month if there is no account activity for 12 consecutive months and the balance is equal to or less than 2,000 THB | 50 THB per month if there is no account activity for 12 consecutive months and the balance is equal to or less than 2,000 THB | – |
Professional Assistance with Opening a Bank Account in Thailand
With the recent policy changes, opening a bank account in the country as a Thailand Elite Visa holder may involve longer processing times, stricter verification procedures, and varying requirements depending on your nationality and visa history. Preparing the correct documents in advance has also become a crucial step to avoid unnecessary delays.
Siam Legal is a government-partnered General Sales and Services Agent (GSSA) for the Thailand Privilege Program. We have been entrusted to assist clients throughout the entire process of securing the Thailand Elite Visa, and we possess in-depth knowledge of the requirements for opening a bank account in Thailand. As part of our bank account opening services, we will:
- Help gather and review all required documents to reduce the risk of delays or errors
- Coordinate with the banks to successfully open your account, while making sure you meet all updated compliance requirements
To open your bank account in Thailand and get it right from the start, do not hesitate to contact Siam Legal now to book a consultation.
