Are foreigners allowed to open foreign currency bank account in Thailand? How about a bank account in Thai Baht currency?
Yes, foreigners or non-residents may open and maintain foreign currency bank accounts with authorized banks in Thailand without limit. The accounts can be freely credited with funds coming from abroad. Payments from Thai residents or borrowing from authorized banks can be deposited subject to supporting evidences. Moreover, balances on such accounts may be freely withdrawn.
Non-residents may also open Thai Baht accounts with authorized banks in Thailand as follows:
1) Non-resident Baht Account for Securities (NRBS): The account may be debited or credited for the purpose of investment in securities and other financial instruments such as equity instruments, debt instruments, unit trusts, derivatives transactions traded on the Thailand Futures Exchange and the Agricultural Futures Exchange of Thailand;
2) Non-resident Baht Account (NRBA): The account may be debited or credited for general purposes (i.e. other than investment in securities) such as trade, services, foreign direct investment, investment in immovable assets and loans.
The total daily outstanding balances for each type of account shall not exceed THB 300 million per non-resident. However, transfers between different types of accounts are not allowed.
Contact MSNA if you need assistance in preparing the requirements to open a bank account in Thailand.