Ethan Riley
Thailand has thirty licensed banks, six of which are state-owned, and all of which are governed by the Bank of Thailand. While there are no US banks in Thailand, Citibank NA and JP Morgan Chase Bank are two American banks that operate in the market. Bank of America also has a branch in Bangkok, and offers services in Thailand.
| Characteristics | Values |
|---|---|
| Number of licensed banks in Thailand | 30 |
| Number of state-owned banks in Thailand | 6 |
| Combined assets of all banks in Thailand | 26.268 trillion baht (~ US$835.25 Billion) |
| Bank governing body in Thailand | Bank of Thailand (BOT) |
| US banks with a presence in Thailand | Bank of America, Citibank NA, JP Morgan Chase Bank |
| Possibility of opening a Thai bank account for non-nationals | Difficult due to restrictions and requirements; some banks enforce these more strictly than others |
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What You'll Learn
Bank of America operates in Thailand
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations. It operates in over 35 countries, including 12 markets in the Asia Pacific region.
In Thailand, Bank of America offers clients integrated working capital management services, including traditional credit lending products, trade finance, treasury management, and interest rate and foreign exchange hedging solutions. The bank has over 60 years of on-the-ground experience in delivering world-class solutions in the Asia Pacific region.
Additionally, investment banking and capital market services are provided through Merrill Lynch Securities (Thailand) Ltd, a fully owned subsidiary of Bank of America Corporation. Merrill Lynch International also has offices in Beijing, Shanghai, and other major cities in the Asia Pacific region.
Bank of America N.A. is a member of the American Chamber of Commerce (AMCHAM) in Thailand. Corporate Membership is available to companies registered in Thailand, while Associate Company Status is offered to companies without registration in the country.
While Bank of America does not have physical branches in Thailand, its global presence and comprehensive array of services allow it to serve its clients' financial needs in the country effectively.
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Citibank NA has a presence in Bangkok
Citibank NA has had a presence in Bangkok, Thailand since 1967, when it was known as The Commercial Credit Corporation (Thailand) Ltd. It focused on auto and consumer goods financing. In 1985, Citibank NA was formally registered as a full-service branch and has since become one of the leading international financial institutions in the country.
Citibank Thailand offers a full range of banking services, including consumer banking and corporate banking. It operates through three full-service retail banking branches and 30 Citi outlets across the country. Citibank Thailand has been recognised as the Best Global Bank in Thailand by The Asset magazine for 13 consecutive years (2010-2022).
Citibank Thailand provides a range of services, including foreign exchange, treasury and cash management, trade finance, custodian services, lending, securitisation, and capital markets advisory. Citibank was the first financial institution in Thailand to launch Voice Biometrics authentication in November 2016.
Citibank Thailand has also been actively involved in community development programs, having donated approximately 106.56 million baht (US$3,757,008) to support various initiatives. Additionally, they have supported charitable activities and undertaken cause-related marketing campaigns to raise funds for organisations in Bangkok and the nearby provinces.
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JP Morgan Chase Bank operates in Bangkok
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.5 trillion and operations in many countries. The firm has its corporate headquarters in New York and its US retail financial services and commercial banking headquarters in Chicago. It serves millions of consumers in the US and many of the world's most prominent corporate, institutional, and government clients.
JPMorgan has operated in Thailand since 1964 through its two core legal entities: JPMorgan Chase Bank N.A., Bangkok Branch, and JPMorgan Securities (Thailand) Limited. The Bangkok branch is a leading wholesale financial services provider in Thailand, with a leading market position in all of its four core businesses, including asset management.
The address of the Bangkok branch is 20 North Sathorn Road, Bubhajit Building, Silom, Bang Rak, Bangkok 10500. The telephone number is +66-2-684-2805, and the fax number is +66-2-684-2811.
JPMorgan Chase Bank offers a range of financial services in Bangkok, including investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset/wealth management, and private equity.
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Opening a Thai bank account as a non-Thai
As far as I know, there are no US banks in Thailand. However, it is possible for non-Thais to open a Thai bank account.
To open a Thai bank account, you will typically need to be in Thailand on a Thai non-immigrant visa or an extension of stay. Applicants on a Visa Exemption Scheme or a Thailand Tourist Visa will need to be screened first to determine eligibility, and approval will be subject to the bank's discretion. In some cases, you may be required to purchase insurance at the bank to activate certain features, such as online mobile banking.
It is recommended to go to a city like Pattaya, which is a short drive from Bangkok, to open a bank account as a non-Thai national. In rare cases, you may be provided with English services, but there is no guarantee, and you will likely not be able to understand the fine print without proficiency in Thai. Therefore, it is easier to enlist the services of consultants or lawyers who specialize in helping foreigners open bank accounts in Thailand.
Some of the benefits of opening a Thai bank account include no additional withdrawal and transfer fees, the convenience of mobile banking, and meeting visa requirements for long-term stays.
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ATM fees and charges in Thailand
While ATMs are extremely common in most major cities and towns in Thailand, they tend to charge fees of around 220 THB (Thai Baht) per transaction. This is roughly £4.70 GBP. In addition to this, your bank may also charge you for withdrawing cash overseas. Therefore, it is always a good idea to check with your bank before travelling.
Some UK banks do not charge fees for spending and withdrawing cash abroad. If your bank does charge a fee, it may be worth switching banks and getting a fee-free card. It is also worth noting that using a credit card to withdraw cash from an ATM is usually a lot more expensive than using a debit card, as nearly all credit cards charge fees for cash transactions.
ATMs at airports tend to be very expensive, so it is best to avoid them unless absolutely necessary. If you are able to plan ahead, it is worth checking whether your bank has an overseas ATM network or partnerships with banks in Thailand, as this may allow you to benefit from low or no fees on ATM withdrawals.
To avoid paying ATM fees, some travellers choose to open a specific bank account that does not charge for foreign transactions. For example, some users have reported success with the Charles Schwab debit card, which reimburses ATM fees worldwide. Alternatively, you could consider getting a travel-specific spending card, such as the Wise card, which lets you withdraw up to £200 a month from overseas ATMs without any fees.
If you are planning to venture off the beaten track, it is a good idea to withdraw cash before you go, as you may not find any ATMs in rural areas or on lesser-known islands.
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Frequently asked questions
Bank of America has offices in 12 Asia Pacific locations, including Thailand. Citibank NA and JP Morgan Chase Bank also have a presence in Bangkok. However, some sources suggest there are no US banks in Thailand.
There are restrictions for non-nationals who do not hold a work permit, residence permit, or other approved long-term stay permits. However, some sources suggest that it is not possible for non-nationals to open a Thai bank account.
You can check with your local credit unions to see if they offer ATM fee waivers for overseas withdrawals. Alternatively, you can consider using a credit card that allows you to transfer cash directly from your checking account without incurring interest or withdrawal limits.
