Thailand corporate bank account in 2022

Since 2003, Healy Consultants Group PLC helps multinational Clients open multicurrency corporate bank accounts in Thailand for Thai- and overseas- registered companies. Our experts handle the entire account opening application from start to finish, without our Client needing to travel to Thailand. We guarantee corporate bank account approval for our Clients.

We recommend our multinational Clients read this page to understand more about the Thai banking system and avoid unwelcome surprises during the engagement.

  • Table of Thailand banking problems and solutions

    No.Thai banking problemHealy Consultants Group PLC’s solution
    1.Top-tier banks in Thailand are very selective about the customers they onboard, especially if bank signatories, company shareholders and directors live outside Thailand. Most Thai banks are not interested in onboarding overseas-registered companies or small Thai entities.Healy Consultants Group PLC will multiple welcome emails from banks interested to onboard the business of our Client.
    2.The Thai bank insists that foreign bank signatories, ultimate beneficial owners and directors travel to Thailand for a one-hour interview before account numbers are issued.We will relentlessly negotiate with the bank to secure a travel waiver.
    3.Thai banks continue to tighten account opening criteria, and ask for more due diligence than ever. Expect Thai corporate bank account approval to take two months.If our Client requires a bank account at short notice, we recommend an immediate Thai company plus already-approved Thai corporate bank account.
    4.The Thai banks require the bank signatory to hold a Thai work permitHealy Consultants Group PLC supply a temporary nominee bank signatory and assists our Client to secure a work permit for the preferred foreign bank signatory.
    5.The Thai bank asks for multiple additional documents from each i) bank signatory / director or UBO, in addition to more information on ii) our Client’s business and transactions, even after the bank has met/video called with the company officers.If, even after submitting additional documents, our Client’s company is not onboarded by the bank, we will immediately inform our Client and action backup solutions.
    6.It is not possible to open a multicurrency bank account with a Thai bank.Healy Consultants will open an international bank account outside Thailand, for example in the US, Central America or Europe.
    7.Thai banks correspond only in Thai, and few bank staff speak English.Healy Consultants will help our Client open an account with an international bank which has branches in Thailand. For example, HSBC or Standard Chartered.

  • The Thai banking sector

    Our summary view

    • In 2022, the Thai banking system is relatively stable. During 2021, Thai banks had weathered the worst of the Covid-19 storm, and at the end of 2021 the Central Bank reported that the banking system:
      • Is well capitalised (with a capital adequacy ratio of 19.9%) to provide credit to businesses and individuals and support the economic recovery.
      • Has high levels of loan loss provision.
      • Saw the value of loans grow 6.5% year-on-year in 2021 (5.1% in 2020). Business loan values rose 7.9% in 2021 year-on-year as SMEs sought to finance to recover.
      • Has liquidity levels almost double the central bank’s minimum requirement.
      • Has stable asset quality.
      • Reported a total net profit of 181 billion baht, up 23.6% from 2020.

      See the full Central Bank report here (click link).

    • The Thai economy is forecast to grow by more than 3.4% in 2022 (1.6% growth in 2021). In theory, this will boost employment, increase household incomes and therefore boost demand for bank products and services.
    • The Thai government continues to support the economy and business through schemes such as the rehabilitation credit scheme. This will help maintain overall loan quality.
    • In December 2021, Fitch Rating assigned Thailand a sovereign credit of BBB+ rating with a stable outlook.
    • However, in 2022 the stability of the Thai banking system will be tested by the country’s economic recovery following Covid-19. In particular, the recovery of the hospitality and tourism sectors, which have been devastated in the last two years. We expect more Thai hospitality businesses to collapse at worst, or face cashflow problems at best.
    • Because of economic headwinds in 2022, we expect more businesses, especially SMEs, in Thailand to go under. This will leave bank debts unpaid, and kill demand for bank products and services.
    • Thailand regularly experiences political crises, including military coups and street protests which have caused governments to collapse. While the country has not experienced a major financial system crisis since 1998, banks remains vulnerable to internal and geopolitical turbulence.
    • Because of the above, we recommend our Clients minimise the amount of money they keep in Thai banks, as a safeguard against any banking system crisis.
  • Key information on the Thai banking sector

    • The Thai banking system is regulated and supervised by the Bank of Thailand (BOT). After years of mismanagement that lead to the 1996/97 financial crisis, the central bank now has a reputation as a prudent regulator for the i) 15 local banks ii) 11 foreign banks and iii) four subsidiaries it licenses.
    • The biggest banks in Thailand are i) Bangkok Bank ii) Siam Commercial Bank (SCB) and iii) Kasikorn Bank Thailand (KBank). These banks have a good reputation, with reasonable customer service. Many of our multinational Clients, however, prefer to bank with an international bank with branches in Thailand. These include i) Standard Chartered and ii) HSBC.
    • Outside Bangkok, Pattaya, Phuket and Chiang Mai, Thai bank branch staff speak limited English.
    • Most banks in Thailand offer accounts in major world currencies, as well as Thai baht. There are no restrictions on daily withdrawals.
    • On average, it will take two months for our team to secure corporate bank account numbers and e-banking access for our Client’s company, from the date the engagement starts.
    • Thailand is a signatory to the Common Reporting Standard (CRS), a global initiative to clamp down on tax evasion. In practice, this means banks in the country share information on accounts and account holders with tax authorities where the company or individual is tax-resident.
    • As a signatory to the US Foreign Account Tax Compliance Act (FATCA) initiative, Thai banks report information on US account holders to the US Inland Revenue Service (IRS).
  • Foreign currency restrictions in Thailand

    • It is not possible to repatriate funds out of Thailand in Thai baht. All outward fund remittances in foreign currencies must secure preliminary-approval from the Central Bank.
    • The Central Bank must approve the following outward remittances:
      • Those exceeding US$100 million per year for foreign direct investment or lending to overseas Group companies.
      • Those exceeding US$5 million per year for the purchase of real estate abroad.
      • Those exceeding US$1 million per year belonging to a Thai national permanently living abroad.
    • Proceeds of exports from Thailand exceeding US$15,000 in value i) must be collected within 120 days and ii) deposited in a foreign currency account or converted into Thai Baht within seven days of receipt.
    • There are no limits to on the amount of foreign currency that can be deposited in a Thai bank’s foreign currency account.
  • Healy Consultants Group PLC’s fees to help open a corporate bank account in Thailand

    • Healy Consultants Group PLC guarantees Thai company bank account approval. Our fees for different banking services include:
      Thai banking taskOur Client travelsUS$
      Thai bank account for a Thai companyNoUS$6,950
      Thai personal bank accountNoUS$6,950

    Our multicurrency corporate bank account opening fees cover:

    • Preparing a quality business plan for our Client’s review then using the same to maximise the probability of successful multicurrency corporate bank account approval with our Client’s preferred bank.
    • Our Banking Team completing, on our Client’s behalf, the multicurrency corporate bank account application forms and collating Know Your Customer (KYC) due diligence documents.
    • Our Banking Team visiting the Thai bank to submit i) required due diligence and ii) signing all required paperwork.
    • Over the following weeks, the bank officer will revert to Healy Consultants Group PLC multiple times to prepare an accurate, complete multicurrency corporate bank account opening file. When the Thai bank officer is ready, our Client convenes a Skype video call with the bank.
    • While our banking team will liaise with the banks to prevent our Clients from traveling for the interview, there is still a 50% chance that the bank may require our Clients to travel for a one hour interview. In such cases, we refund US$950 of our account opening fee.
  • Other services

    • Once our Client’s Thai bank account is open, if required, Healy Consultants Group PLC will assist our Clients with lending and trade finance applications by preparing a quality application consisting of i) a realistic feasibility study ii) a project strength and weaknesses analysis (SWOT) and iii) three years of audited financial statements. The bank is also more likely to view an application favourably if it i) has collateral assets and ii) has experienced business owners.
    • We also assist our Clients secure trade finance services including i) bank guarantees ii) letters of credit iii) finance against trust receipt.
    • We will also help our Clients obtain corporate finance, for example i) loans ii) overdrafts and iii) preferential credit terms.
  • Knowledge library

Conclusion

Thailand multicurrency corporate bank account opening is easy if you know how. Contact Healy Consultants Group PLC if your firm needs assistance navigating through the different banking solutions.

Contact us

For additional information on our corporate banking services in Thailand, please contact our in-house country expert, Mr. Simon Guidecoq, directly:
client relationship officer - Simon
Thailand securities and exchange commission The Thai chamber of commerce and board of trade of Thailand Thailand department of foreign trade - Ministry of Commerce Thailand department of business development - Ministry of Commerce Thailand board of investment