There are numerous banks available in Bangkok, with different branches throughout the city, either standalone, in train stations and in department stores (sometimes even multiple instances). Opening hours for banks are Monday to Friday, from 9:00 AM to 4:30 PM. However, some banks found in department stores will be open later, from 10:30 AM to 7:30 PM.
Opening a Bank Account
Opening a bank account entails of applying in person to one of their branches, generally a minimum deposit of 500 THB is required. However in the case of UOB, 50,000 THB is required for a savings account (maintaining a minimum of 5,000 THB to avoid a 100 THB monthly service fee), and 10,000 THB for a current account.
Required Documentation
- Photo Identification and/or Passport.
- If you are American, you will also need to bring your social security card.
- One or more of the following: a reference letter from your embassy or home bank, or lease agreement, utility bill, ownership of a place of residence.
Credit Cards
If you are staying in Bangkok for a considerable duration, it can be cost effective to have a credit card issued by a Thai bank or local credit organization. As using a credit card from a foreign country is likely to incur additional transaction fees, in addition to possible losses as a result of unfavorable exchange rates. Additionally, there are numerous restaurants and retailers that offer discounts on purchases with certain cards, or offer 0% interest on products. Many credit cards will offer reward points which can be redeemed on purchases, such as cinema tickets, airfares, spa discounts or hotel promotions. However it is also good to note that many shops and restaurants may not accept credit cards.
Contact-less Payment
Thailand is one of the many countries in Asia that has whole heatedly adopted contact-less payments. You will find that the majority of shops, and restaurants will accept payment via QR code, or bank transfer, as most banks offer this service via their online banking app.
But no matter what payment method you prefer its always good to have a little cash on you just in case.
AEON ATM's & Credit Cards
If your stay in Bangkok is short, or you do not wish to apply for another bank account and credit card, punching out money from an AEON ATM can save you the 150 THB service charge you would normally incur. This is the case with both foreign and local credit cards.
Types of Cards:
- VISA/Mastercard
- JCB (Japan Credit Bureau)
- American Express
- Diners Club
Please note that Visa Mastercard are the most issued and therefore the most widely accepted. As in most countries, credit cards are tiered: Platinum, Gold, and Silver, with specific privileges for each tier (determined by the bank). Interest rates range from 15 - 20%. It is recommended to research the appropriate card best suited to your needs, ensuring to check the terms and conditions presented by banks.
Applying for a credit card:
Most banks will accept applications online, by mail, via their call center, or in person at one of their branches.
Eligibility:
- Must be at least 20 years old, and under 65 years old.
- Satisfy the minimum income requirement of 15,000 THB per month to 100,000 THB per month.
- Must have a valid contact number for both home and office.
- Must have been working in Thailand for a minimum of 6 months.
Required Documentation:
- Photo Identification and/or Passport.
- A valid 1 year work permit.
- A current pay slip and/or letter of guarantee from your employer certifying you income.
- Bank statements from the last 6 months.
- If you are an American citizen you must also bring your social security card as well
Hopefully this helps you make a better informed decision on the banking system in Thailand.
