When you want to do business in Thailand, you should always make sure you have a Thai bank account. If you don’t, you may run into trouble, or even end up with a negative experience. This article will provide you with some useful tips on how to open a Thai bank account and get the money you need.
Bangkok Bank
Bangkok Bank is one of the most established banks in South-East Asia. Since its inception in 1944, the bank has been an integral part of the Thai financial sector. The company offers a full range of banking services to consumers and businesses, as well as trade finance, project finance, and investment advice. In addition to its domestic network of more than 1,100 branches, the bank has overseas branches in 14 countries, including China, Hong Kong, and Laos.
Bangkok Bank is a leading player in Thailand’s consumer and corporate financial services industry. It has an extensive branch network, which covers all 77 provinces in the country. Moreover, the bank has been at the forefront of technology innovation in the past decade.
The bank recently launched its mobile app, which simplifies the banking process for its customers. It has a user count of more than 6 million and is expected to reach 10 million in the next 12 months. Using the app, customers can make payments, receive peer-to-peer payments, and access financial information from their mobile devices.
Kasikorn
Kasikorn Thai Bank is a commercial bank in Thailand. It was established in 1945 by Choti Lamsam. Since then it has become a large banking group with over 700 branches across the country.
The bank is also listed on the Stock Exchange of Thailand. Initially known as the Thai Farmers Bank, the bank changed its name in 2003. Today, it has over 19,5 million customers.
Kasikorn is especially active in China, where it has several subsidiary banks. It has a branch in Beijing, Shanghai, Chengdu, Shenzhen, Hong Kong, and Kunming.
Kasikorn has been an important player in the market for credit cards. It is the first bank in Thailand to offer Floating Rate Certificates of Deposit. In 1997, it introduced secure mobile phone payments.
Krungsri
Krungsri Thai Bank is the fifth largest lender in Thailand by assets. It has a comprehensive line of universal banking services for both individuals and businesses.
Krungsri aims to become a digital bank leader in Thailand and other Asian markets. To achieve this, it needed to create a robust and secure technology infrastructure. Moreover, the bank wanted to build a system that was compatible with its future requirements and the needs of its customers.
With this in mind, the bank collaborated with IBM. The team developed a microservices architecture and built an open banking API platform. This helps customers make easy transactions across countries. In addition, the bank uses AI and artificial intelligence to deliver an enhanced customer experience.
The bank is now in the midst of a strategic plan to build a technology infrastructure. This includes moving the company’s infrastructure to cloud.
SCB
Siam Commercial Bank PCL is one of the largest universal banks in Thailand. Its products include personal and corporate lending, investment banking, cash management, insurance, and international trade financing.
The Thai bank has an extensive banking network and has invested in innovative technologies and venture capital. Recently, SCB expanded its corporate venture capital fund to US$50 million. This new investment will help SCB further enhance its digital transformation initiatives.
To date, SCB has launched a strategic transformation plan, known as the SCB Transformation. This plan aims to transform the business model of the bank and create sustainable value for customers.
As the financial services industry continues to evolve, it will be necessary for banks to provide innovative products and services to meet consumer demands. SCB has made an early commitment to this challenge with the launch of its SCB Easy mobile application, which uses Ripple technology.
Documents to bring to a Thai bank
If you’re moving to Thailand, one of the first things you’ll want to do is open an account at a Thai bank. It will be helpful to have a debit card to help you get around, but you’ll also need to bring some documents to verify your identity.
There are several banks to choose from, and they have different requirements. While some offer online services, other banks will require you to visit their branch.
In general, the best way to find out what you need is to ask. You can do this at your local branch, or on their website. Some websites even provide information on their products.
Opening a Thai bank account is not as difficult as you might think. But, it does require some careful thought.