How to open a bank account in Thailand as a Singaporean business: A guide
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If you’re looking to open a bank account in Thailand as a foreigner, you may have already encountered some frustrating roadblocks.
For instance, to open a personal account, you’re required to have a non-immigrant visa, and in most cases, permanent residency. For a business account, the process is even harder, as you’ll need to register your company with the Thai Ministry of Commerce and adhere to some strict foreign ownership restrictions.
Luckily, there’s an easier way to start making payments like a Thai local.
Instead of opening a traditional bank account, you can open a multi-currency account online with a digital payments platform like WorldFirst. Our World Account allows you to hold Thai baht and 20+ other currencies, and make payments in 100+ currencies to over 200 destinations.
In this guide, we share why WorldFirst is the best way for Singaporeans to send, hold and receive funds in Thai baht. We also share some traditional bank account options for businesses and individuals, as well as the documents you’ll need to apply.
We cover:
- What to consider when opening a bank account in Thailand
- Why holding THB with WorldFirst is the simpler, easier and faster option
- How to open a World Account online for free
- 3 alternative Thai bank accounts to consider
- Documents you’ll need to open a business bank account in Thailand
Want to start paying Thai suppliers quickly? Sign up for a WorldFirst account within minutes.
What to consider when opening a bank account in Thailand
Some Thai bank accounts are better suited to your needs than others, and it’s worth being aware of certain cultural norms and recent banking changes that might affect your experience.
Here’s what to watch out for:
- Thailand has strict foreign ownership requirements for businesses. In a Thai majority-owned company, where Thai nationals have at least 51% ownership, a Foreign Business License is not required and you’ll generally not encounter many restrictions. However, foreign majority-owned companies are governed by the Foreign Business Act, and are required to obtain a Foreign Business License before commencing any operations in Thailand.
You can get around this by applying to the Thailand Board of Investment (BOI), where they have the power to allow 100% foreign ownership, though this does involve certain fees.
- When registering a company in Thailand, you must provide the name in both Thai and English. Because of this, you might need some level of proficiency in the Thai language, especially outside of Bangkok where English-speaking bank staff are rare. To fully understand the fine print and all the conditions, it’s best to hire a translation service.
- Some Thai banks have been freezing user accounts without notice due to an increase in AML and compliance requirements. This affects businesses too, especially those that make large, infrequent or unusual transactions. Although it’s time-consuming, you can unfreeze your accounts by calling the bank’s anti-fraud line and providing additional ID and verification documents.
- It’s not usually possible to open a bank account from abroad, since in nearly all cases, a director or signatory must visit a branch in person to sign documents and present ID.
These obstacles will slow down most businesses and individuals looking to open an account in Thailand with a traditional bank. And that’s precisely why they’re increasingly turning to alternatives, such as WorldFirst.
Why it’s easier and faster to open an account with WorldFirst
WorldFirst is a digital payments platform that lets you open a Thai business account online, without having to register your company in Thailand or meet complex visa requirements.
Opening a multi-currency World Account with us is fast, online and completely free. We make it easy for you to start managing foreign currencies right away – and we won’t charge you any ongoing account fees
With a World Account, you can hold funds in THB just like you would in a traditional business account. Plus, you can make payments in THB (and 100+ other currencies) to suppliers in 200+ countries and territories.
Here’s what you get when you sign up for a World Account:
Power your global growth with one account
Get local currency accounts, fast payments and competitive FX – all in one place.
Open a THB currency account to pay suppliers without any account fees
With a World Account, you can create local currency accounts for THB and 20+ other global currencies (including SGD, USD and GBP), so you can send and receive money baht like a local.
It’s free to keep funds in your World Account, which means you can hold funds indefinitely or wait until exchange rates are favourable, all without being charged a cent. Plus, if you hold an existing THB balance, you can pay local suppliers, staff or tax authorities without paying any international transfer fees or FX charges.
It’s also free to send funds between World Accounts, which makes transfers quick and affordable when your supplier also uses WorldFirst. We charge no account fees, hidden fees, fees for receiving payments or fall-below fees, and we have no minimum deposit requirements.
Read more: How to open a foreign currency account: A guide for Singaporean businesses
Pay low FX fees when converting between THB and SGD, or avoid conversion costs entirely
With WorldFirst, you don’t need to pay hidden fees or suffer from poor exchange rates.
Our pricing is low and transparent, with our THB currency conversion fee capped at just 0.75% on top of the mid-market exchange rate. For 15+ major currencies (including SGD), our FX fee is capped at 0.5%.
With a World Account you can also lock in exchange rates for up to 24 months using a forward contract. This is an agreement to use today’s exchange rate to convert currency on a set future date – and it’s useful if you want cost certainty for a large upcoming supplier payment.
We also offer other FX tools, such as rate alerts and firm orders, to help you convert at your desired price. We’ll always confirm an FX rate with you before executing a conversion.
Read more: How to send money abroad (+ how to avoid hidden costs)
Make reliable, same-day payments thanks to local account details
WorldFirst allows you to create account details for Thai baht and 20+ other world currencies within minutes, for free. This helps you pay and get paid like a local, allowing you to benefit from faster and cheaper transactions from anywhere in the world.
For example, if you make a payment to a Thai supplier, your transfer would be processed through local payment rails like PromptPay, ITMX and BAHTNET, rather than the international SWIFT network.
This results in faster processing times since your payment doesn’t have to go through intermediary banks. It also cuts out intermediary bank fees from your transfer, saving you up to US$50 per transaction.
The same process applies to every major currency we offer, which means 40+ countries and territories will be able to process your transfers as domestic transactions. We’ll always send your funds through the fastest route possible, and that’s why 80% of payments made with WorldFirst settle on the same day and 90% settle by the next day.
Read more: Cross-border payment fees in Singapore: What you need to know
Keep your balances secure with advanced account protections
Your World Account balances are kept safe since WorldFirst is regulated and fully certified by the Monetary Authority of Singapore (MAS).
To protect our user accounts, we offer advanced security protections like 2FA, where you authenticate logins by using a password and inputting a unique authentication code. We also provide 256-bit encryption, which means your password is encrypted before it’s sent over the internet. If a hacker were to capture your network traffic, they’d only see encrypted data instead of your actual password.
What’s more, you can manage up to 25 virtual debit cards from your World Account dashboard, and it’s easy to freeze or delete cards instantly if they’ve been compromised. We conduct real-time fraud monitoring, and we support 3D Secure (3DS) card payments so that we can safeguard you against unauthorised access and scams.
Read more: How to choose a virtual debit card for international payments
How to open a World Account online for free
To start holding Thai baht with WorldFirst, you’ll first need to sign up for a World Account. It’s free to open and maintain, and the application process is entirely online.
Here’s how to sign up:
- Head to our World Account signup portal and enter your personal details
- Fill in your account information and verify your identity with a passport or driver’s licence
- Upload your business documents, including shareholder IDs, company ownership documents and proof of address (such as a utility bill)
- Once you click ‘Submit’, you’ll receive an acceptance email (usually within 48 hours)
Then, to open a THB currency account:
- From your World Account dashboard, click ‘Shortcuts’ and then ‘Manage accounts’
- Click the ‘Add a new receiving account’ button on the top right of your screen
- Choose THB as your currency and give your account a nickname, then click ‘Confirm’.
- Your local THB account will be created instantly
Get started here. Open a World Account with WorldFirst for free.
3 alternative Thai bank accounts to consider for Singaporean businesses
If WorldFirst isn’t right for your business, here’s three other Thai business bank accounts to consider:
1. Kasikorn Bank’s K-BIZ account
Kasikorn Bank’s K-BIZ account1 is an online banking service aimed at sole traders and SMEs.
K-BIZ lets you run payroll-style bulk payments to Thai recipients, and you can use that setup to pay local suppliers as well as employees. When you process a same- or next-day transaction (Bangkok time), you’ll pay 120 baht per transaction.1a
Deposits and withdrawals can be made at K PLUS, K-ATM and any KBank branches. You can also use the K-BIZ app to make money transfers and bill payments, though be aware that foreigners may be unable to do so without having a Thai citizen authorise each transaction.
Kasikorn is a major commercial bank in Thailand. While it doesn’t have any branches in Singapore, it’s recognised internationally and has locations in places like Los Angeles, Hong Kong and Shanghai, and it also supports global digital banking.
Bank account opening requirements:
- You must have an email address and a Thai mobile number to register for K-BIZ
- Apply for the K PLUS service to use as a verification tool
- You can either fill in your details online and wait for a KBank representative to reach out to you, or you can go to a branch in-person and present your required documents (see below)
2. Bangkok Bank’s THB Account for Companies Registered Abroad
Bangkok Bank’s THB Account for Companies Registered Abroad2 is a savings deposit account that can only be opened in person at the Bangkok Bank’s Head Office.
Bangkok Bank has a significant presence in Singapore, operating a fully licensed commercial bank branch since 1957. Because of this, you don’t need to register your business with the Thai Ministry of Commerce, even as a majority foreign-owned company.2a
You’ll need to provide a minimum deposit of 500 baht and have every single page of your company documents verified by a notary public and attested by the Royal Thai Embassy. Additionally, the time between the date of issue and the expiry date must not exceed six months.
Bank account opening requirements:
- Visit Bangkok Bank’s head office in-person on Silom Road in Bangkok
- Pay the minimum deposit of 500 baht while you’re at the branch
3. CIMB Thailand’s Biz Account
CIMB Thailand’s Biz Account3 is aimed at a wide range of businesses, from SMEs to non-profits and established enterprises. You’re required to officially register your business in Thailand before applying for this account.
You’ll benefit from a maximum interest rate of 0.40%, but only when you store balances between 10 million and 500 million baht. Additionally, the Biz Account provides complimentary employee accident insurance of up to THB 30,000, which is useful if you’re hiring Thai workers.
You’ll have no minimum initial amounts to meet, and CIMB charges no annual fees for online transactions made via the CIMB BizChannel online banking or mobile app. You’ll also gain the ability to deposit cheques from different zones across Thailand without having to pay any extra fees.
Bank account opening requirements:
- Go in-person to any CIMB Thai branch and present the necessary documents
3 alternative Thai bank accounts to consider for foreigners
Individuals generally face less restrictions than businesses when it comes to opening a bank account in Thailand. Even as a tourist it’s easy to open a savings account.
Here’s three Thai consumer accounts to consider:
1. SCB General Savings Account
The SCB General Savings Account4 is aimed at foreigners that need a flexible, everyday account to manage daily transactions. It costs a minimum of 500 baht to open a personal or joint account, and once you do you’ll receive unlimited deposits, withdrawals and transfers via all SBC banking channels.
There’s an annual interest rate of 0.45% per year when you have an electronic passbook, and 0.25% when you have a physical passbook.
You’ll be charged an account maintenance fee of 50 baht per month if your account has been inactive for 12 consecutive months and has a balance lower than 2,000 baht.4a If your account has a balance of zero and has been inactive for over 12 consecutive months, then it’ll be closed by the bank.
Bank account opening requirements:
- You must visit an SCB branch in person and present your passport and work permit
For the e-passbook option, you must provide your e-mail address to receive e-mail notifications and e-statements.
2. Krungsri Thai Savings Account
The Krungsri Thai Savings Account5 is aimed at individuals who are either citizens or permanent residents of Thailand.
You can set up direct debit for utilities, subscriptions and credit card repayments from your savings account, all while earning 0.25% interest on your balances.5a It’s free to use the Krungsri mobile banking application (KMA) for online account management, and you’ll also receive a free Krungsri debit card, which allows you to make withdrawals from any ATM free of charge.
The minimum deposit for opening this account is 500 baht, and for every month that your average monthly balance is below 20,000 baht, you’ll be charged 100 baht per month. Krungsri also charges an annual fee of 350 baht per card you hold.
Bank account opening requirements:
- You must visit a Krungsri branch in person and present your passport and residency documents
3. TTB Current Account
The TTB Current Account6 is designed to help individuals manage day-to-day spending, particularly when you primarily deal in cheques.
You can set up direct debit payments for utilities or services through TTB’s direct debit service. Plus, overdraft facilities are available in accordance with TTB’s conditions, with accrued interest being deducted from your account at the end of the month.
However, there’s a steep account opening requirement of 10,000 baht minimum. And while it’s free to use your TTB card for transactions, you’ll pay an additional ‘card fee’ of 200 baht once every five years.
Bank account opening requirements:
- Present either a National ID card or an official identity document (passport) to a TTB branch.
Documents you’ll need to open a business bank account in Thailand
Unlike applying for a World Account, Thai banks require all your documents to be recent, certified and translated into Thai by an official translator in Thailand. Some banks accept English originals, but submitting Thai translations is safer.
Personal documents
For consumers, directors, authorised signatories and major shareholders (more than 25%), the required documents include:
- Valid passport with at least 30 days of validity remaining
- Long-term visa or work permit for foreigners
- Proof of having a permanent Thai business address (such as a rental agreement)
- Thai mobile number is required for communication and security measures (One-Time Passwords). Also used to sign in to many online banking apps.
- Copy of Thai ID card if you’re a Thai national or permanent resident
- Initial deposit, which is usually THB 500–50,000, depending on the bank
Company documents
You’ll need to officially register your business with the Thailand Ministry of Commerce to fulfil most banking eligibility criteria.
After registering, you’ll need to give the following documents to your bank:
- Thai company registration certificate from the Ministry of Commerce
- Singaporean certificate of incorporation, issued by ACRA
- Articles of Association and Memorandum of Association of your Singapore company
- List of shareholders that hold more than 25% of the company, detailing names, nationalities and exact shareholding percentages
- List of authorised directors/signatories with their Thai visas/work permits
- Company profile that contains a brief description of business activities, your main products/services and your target markets
- Recent bank statements from your corporate bank account covering three to six months of transaction history
- Tax documents, such as a tax return or a VAT filing
- Not always necessary, but some banks ask for a company affidavit dated within the last 3 months, confirming the company is active and in good standing
Read more: Multi-currency account Singapore – 8 best options in 2026
Sign up for a World Account and start holding baht within minutes
In this article, we’ve covered how Singaporean businesses and individuals can open a traditional bank account in Thailand. It’s a complicated and time-consuming process, which is why it’s often a better choice to open a fintech account instead.
For example, with WorldFirst’s World Account, you can:
- Open a Thai baht currency account and make payments without any fees
- Pay low and transparent FX fees when converting between currencies
- Hold balances in THB (and 20+ other currencies) to avoid paying any conversion fees
- Get local Thai account details and make consistent, same-day payments via local payment rails
- Benefit from advanced account protections like 256-bit encryption and two-factor authentication
Ready to start holding balances in baht? Sign up for a World Account for free.
Sources:
- https://www.kasikornbank.com/en/kbiz/apply/pages/index.aspx#tab-02
- https://www.bangkokbank.com/en/Business-Banking/Manage-My-Business/Operating-Accounts/THB-Account-for-Companies-Registered-Overseas
- https://www.cimbthai.com/en/business/products/deposits/cimb-biz-account.html
- https://www.scb.co.th/en/personal-banking/deposits/savings-account/savings-account
- https://www.krungsri.com/en/personal/deposit/savings-account/krungsri-thai-savings-account#section2
- https://www.ttbbank.com/en/personal/deposits/transactional-account/ttb-current
Joan Poon leads marketing across Southeast Asia at WorldFirst, driving growth and brand leadership in key markets including Singapore, Malaysia and the Philippines.
Joan Poon
Author
Head of Marketing SEA, WorldFirst Singapore
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