How to Open a Business Bank Account in Thailand (Corporate and Personal)

A Thai company needs a Thai bank account almost immediately. It is used to:

• receive the paid-up capital, which Immigration and auditors will check;
• pay staff and taxes (the RD and the SSO take e-payments from Thai accounts);
• invoice Thai customers.

Thai banks apply strict anti-money-laundering (AML) checks, and since 2023 they have tightened them further because of fraud and "mule account" cases. The result: what used to take an hour can take weeks if your file is not ready. This guide explains how to get it right the first time.

1. Which bank? What the four big banks publish#

The table below uses each bank's own published requirements (pages checked 29 October 2026). Branch practice can be stricter than the website. Treat the table as the minimum.

How to read this:

• KBank asks for the most beneficial-owner documents (15% threshold), but it is the only bank that publishes a rule for companies under 1 month old.
• Bangkok Bank wants the freshest affidavit (1 month), so order it after you book the appointment.
• SCB's online START BIZ route is closed until the company is 1 month old. Branch opening may still be possible before then.
• Krungsri publishes a fill-in request letter, so you avoid drafting board minutes yourself.

Foreign-owned company with no Thai address history? Bangkok Bank also offers a THB savings account for companies registered overseas. It can be opened only at the Silom head office, with a 500 THB minimum deposit, and all documents must be notarised and legalised by a Thai embassy (valid 6 months). This is for a foreign parent, not for your Thai Co., Ltd.

Other options:

• Krungthai (KTB) is used for some government payments.
• TTB, UOB, HSBC, Citi, SMBC and MUFG are worth asking if your group already banks with them. They typically require higher balances.

2. Pick a route: decision tree#

1. Is at least one authorised director Thai, or does a foreign director already hold a work permit?

• Yes: apply at any big-4 business branch, using the table above.
• No: go to step 2.

2. Is the company BOI-promoted? If yes, say so up front and bring the BOI certificate. Several providers report that BOI status eases bank approval.
3. Can the board name a Thai co-signatory for the first months? Providers widely report this as the most reliable workaround.
4. None of the above?

• Ask a corporate branch in central Bangkok (Silom, Sathorn, Asok or Ploenchit), not a mall branch.
• Expect to be offered a savings account only. Some providers report that current and FCD accounts need a Thai director until a work permit is issued.
• Plan the work permit as the next step. See the work permit guide.

3. Documents for a corporate account (the union of the four banks)#

Company documents (certify every page with a director's signature and the seal, if used):

• DBD affidavit, ≤ 1 month old if you want it to work at every bank;
• Bor Or Jor 3 / Bor Or Jor 4 (seal and registration details), if the company uses a seal;
• Shareholder list (Bor Or Jor 5);
• Memorandum of Association, required for Bangkok Bank's FCD account;
• Board minutes or the bank's request letter, naming signatories and signing conditions (e.g. "any one director" or "two directors jointly");
• Power of attorney with a 30 THB stamp, if a payment signatory is not a binding director;
• VAT certificate (Por Por 20), if registered, and office evidence (lease or consent letter, plus house registration).

People documents:

• passports (valid for at least 30 days for KBank) of binding directors, payment signatories and beneficial owners (≥ 15% at KBank, ≥ 25% at Krungsri, > 25% at Bangkok Bank);
• the work permit, if a foreign director has one;
• KBank: 6 months of personal statements from the signatories if the company is under 1 month old.

Business evidence (not on bank websites, but asked for in practice):

• a one-page summary in English and Thai: what you sell, to whom, expected monthly inflows and outflows, and the countries involved;
• 2–3 contracts, quotes or invoices, a website and a company profile;
• an ownership chart up to the individuals.

4. Forum experiences, 2025–2026#

Recurring patterns on r/Thailand and expat forums (we summarise; these are anecdotes, not rules):

• "Walk-ins get refused." Since the Bank of Thailand tightened customer due diligence and its mule-account measures (2024–2025), counter staff often say no to anything non-standard. In a May 2026 thread, a long-term resident with a work permit was refused a second personal account at three banks. Book an appointment through a relationship manager or your accountant.
• "Different branch, different answer." A refusal at one branch is not a bank-wide decision. Retrying at a business centre of the same bank often works.
• "They asked for my work permit." Some providers report that Krungsri and some KBank and TTB branches ask foreign directors for a Non-B visa and work permit. This is bank policy, not law.
• Nationality. One provider reports extra scrutiny for nationals of Myanmar, Russia, Belarus, Iran and North Korea at some KBank branches.
• Virtual-office address. Expect questions and possibly a site-visit request. See the virtual office guide.

5. The in-person meeting#

Nearly all Thai banks require every authorised signatory to attend the branch in person. Expect:

• a KYC interview: what the business does, where money comes from, who the customers are, expected inbound and outbound transfers;
• signing of account and internet-banking forms;
• photographs of the signatories, and sometimes a short video interview.

Where applications fail:

• vague answers ("consulting");
• directors who cannot explain the ownership structure;
• a mismatch between the stated business and the DBD objectives;
• heavy foreign inbound flows with no Thai operations.

Bring a one-page summary of the business in English and Thai.

6. Depositing the capital#

From the moment the account opens, you can deposit the share capital. Points that matter later:

• Send the capital from the foreign shareholder's own account, in the shareholder's name, with a reference such as "share capital for [company] Co., Ltd."
• The receiving bank issues a Foreign Exchange Transaction (FET) form, formerly called the "Tor Tor 3". It is required for inbound transfers of USD 50,000 or more, or the equivalent. For smaller amounts, ask for a bank credit advice or letter.
• Keep the FET and the bank statement. You will need them for the auditor, the DBD (when capital is increased), Immigration (work-permit capital checks) and, later, for repatriating capital or profits.
• Under Bank of Thailand rules applying in 2026, FX transactions of USD 200,000 or more need supporting documents (contract, invoice, board resolution) unless the customer has completed the bank's Know-Your-Business (KYB) process. Complete KYB early if you expect large transfers.

Example. A Singapore parent sends SGD 70,000 (about USD 54,000) as initial capital. The company receives an FET form because the transfer exceeds USD 50,000. Its auditor later uses the FET and statement to confirm the 2,000,000 THB capital was paid in from abroad, and Immigration accepts it for the director's work-permit file.

7. Timeline and costs#

Costs:

• an initial deposit: published minimums are 20,000 THB (Bangkok Bank current account) and 10,000 THB (Krungsri current account). SCB publishes no minimum for juristic FCD accounts. Foreign banks set higher balances;
• internet-banking package fees of a few hundred THB a month at some banks;
• outbound SWIFT fees of roughly 500–1,000 THB plus correspondent charges.

Worked example: 2 foreign founders, 2M THB capital, no work permits yet

8. Personal accounts for foreigners#

Opening a personal account has become harder since 2023. Typical bank requirements:

Bring your passport, visa, work permit, a Thai phone number, proof of address (lease, TM.30 receipt, or a residence certificate) and, if possible, a letter from your employer.

9. Keeping the account healthy#

• Update KYC when directors, signatories or shareholders change. File the DBD change first, then take the new affidavit to the bank.
• Do not let personal and company money mix. Director loans should be documented, and auditors will ask.
• Explain large or unusual transfers in advance. Banks can freeze outbound payments pending documents.
• Keep FET forms and SWIFT advices for every capital and loan inflow. They are your evidence for later repatriation and for tax.
• Dormant accounts may be frozen after a period of no activity. Keep a small monthly transaction going.

10. Moving money out#

To repatriate:

• Dividends: board/AGM resolution, the 10% withholding tax and a copy of the audited accounts.
• Loan repayments: the loan agreement, and the original FET for the inbound loan.
• Capital reduction: the DBD registration of the reduction, after creditor notices.
• Service fees to the parent: an intercompany agreement, an invoice, PND.54 withholding and PP.36 VAT.

The bank processes outward remittances above the Bank of Thailand thresholds only with this paperwork.

11. Checklist#

• [ ] Fresh DBD affidavit (under 1 month old for safety)
• [ ] Board resolution with signing rules
• [ ] Passports and work permits of signatories
• [ ] Office lease and owner's documents
• [ ] One-page business summary and expected volumes
• [ ] Shareholder and UBO chart with IDs
• [ ] Plan for capital remittance and FET form
• [ ] KYB if FX transactions of USD 200,000+ are expected

12. Payments infrastructure once the account is open#

• PromptPay for business. Link the company's tax ID to PromptPay so Thai customers can pay by QR code. Most banks also offer merchant QR (Thai QR Payment) with daily settlement.
• Payroll file upload. Internet-banking packages let you upload a payroll file and pay all staff at once, usually for a small per-transaction fee.
• e-Tax payments. RD e-filing (PND.1/3/53/54, PP.30) and SSO payments can be debited directly from the company account. Set this up early to avoid late surcharges.
• Card acquiring. Accepting credit cards needs a separate merchant agreement and further KYC. Online businesses often use a licensed payment gateway (e.g. 2C2P, Omise/Opn, GB Prime Pay) that settles to the Thai account.
• Foreign currency deposit account (FCD). Useful if you invoice in USD or EUR. Ask the bank about limits and supporting documents.

13. Common mistakes#

1. An affidavit that is too old. Bangkok Bank and Krungsri want it ≤ 1 month old. A 2-month-old copy means a second visit.
2. A mandate that contradicts the affidavit. The signing rule in the minutes must match the DBD signing authority exactly.
3. Capital sent from a friend's or a company account instead of the shareholder's own account, or with no reference. Auditors and Immigration may reject it.
4. Walking in without an appointment at a mall branch.
5. Forgetting internet banking. Foreigners must sign up for K BIZ at a branch, so do it in the same visit.
6. Vague business descriptions ("consulting", "trading") and no evidence of real customers.

Frequently asked questions#

Can I open a corporate account remotely? Rarely. Thai banks generally require each signatory to attend in person. Some foreign banks with existing group relationships can do parts remotely.

Does a foreign director need a work permit to open the account? None of the four banks' websites lists a work permit as mandatory, but some branches require one in practice. Without one, a Thai co-signatory or a BOI certificate is the usual way through. See the decision tree in section 2.

Can I open the account in the first month after registration? At KBank, yes, with 6 months of the signatories' personal statements. SCB's online START BIZ route needs the company to be at least 1 month old.

How long until I can deposit capital? Usually the same day the account opens. Plan the foreign transfer for right after.

Why did the bank ask about my customers? AML rules require the bank to understand expected flows. Detailed, consistent answers speed up approval.

Do I need an FET form for 30,000 USD? The formal FET is for USD 50,000 or more. Below that, keep the bank's credit advice and statements, and ask the bank for a letter if needed.

Can the company use a Wise or other fintech account instead? Not as a substitute. Thai taxes, SSO and most Thai suppliers need a Thai bank account, and Immigration expects capital in a Thai bank.

Compare Bangkok law firms in our directory.

Related guides#

• How to Register a Company in Thailand (2026 Step-by-Step Guide)
• Foreign Business Licence (FBL) in Thailand: Requirements, Fees and Timeline
• Virtual Office and Registered Address in Bangkok: What Works for DBD, VAT and Work Permits
• Thai Work Permit Guide 2026: Requirements, Documents, Fees and Process