Siam Commercial Bank

Banking And Finance In Thailand Chapter

Thailand's banking services are a fair reflection of the country as a whole. The banks have embraced technologies such as ATMs, e-trading, and Internet banking and are investing a considerable amount of money in these services. But on a visit to the local branch, you may experience long queues at the teller windows, lots of paperwork and slow service. This chapter highlights what you can expect from your local bank, how to set up an account, and transferring money into and out of Thailand.

Banking In Thailand Chapter Sections

  • Foreign Currency Account
  • Thai Baht Account
  • Company Bank Account
  • Other Account Types
  • The Big 4 Banks In Thailand
  • Interest Rates & Bank Charges
  • Automatic Teller Machines & Credit Cards
  • Receiving Money From Abroad
  • Transferring Money Out Of Thailand
  • The Ideal Banking Structure

Banking In Thailand Chapter Sample - Transferring Money Out Of Thailand

Getting money out of Thailand used to be extremely difficult but the situation has improved in the last few years. Transfers totalling less than $9,000 per transaction are usually processed without fuss in a few minutes. Transfers can be made by payment of cash, banker's draft, cashiers check, or direct from a Thai bank account, in any exchangeable currency. You will to present your passport, together with the full details of the receiving bank account, including name and address of the bank, the bank sort code or identification code, and the SWIFT or IBAN number. You will also need to provide the name and address of the recipient, and the receiving account name and number. Fees to cover the Thai bank's commission and the receiving bank's processing fee run to about B1,100. For transfers above $9,000 per transaction, you will need to fill in a lot of forms and have clear evidence of the purpose of the transaction, such as an invoice. Generally, you will need to go to the Head Office of a bank to action overseas transfers, as every bank head office has a foreign transfers department but branches are unable to process such transactions.

The Foreign Remittances Department of Bangkok Bank's Head Office, Silom Road, Bangkok, advise that foreign nationals working in Thailand are permitted to transfer 80% of their monthly salary to an overseas account. They require evidence of an applicant's legal working status in Thailand in the form of a passport with non-immigrant visa, work permit, and a letter from their employer stating their status with the company, employment starting date, and salary....