Top 6 Banks in Thailand in 2024
1.
Kasikorn Bank
2.
Siam Commercial Bank
3.
Bangkok Bank
4.
TMBThanachart Bank
5.
Krungthai Bank
6.
Bank of Ayudhya
The Thai economy is projected to expand by 2.6% in 2024 and 3.0% in 2025.
With a dynamic local economy and well-established legal and banking systems, Thailand is a great destination for entrepreneurs seeking to grow their presence in Southeast Asia. It’s also increasingly popular among expatriates, digital nomads, and individuals relocating for work or lifestyle changes.
If you’re planning to open a bank account in Thailand, this guide explores the top banks in the country, breaking down their features to help you choose the one that best meets your needs, whether as a business owner, a new resident, or an expat.
Overview of Thailand's Banking System
Thailand's banking system comprises several types of banks, including commercial banks, international banks, and government-owned banks. Commercial and retail banks, many of which are locally based, play a dominant role. At the same time, prominent foreign banks like UOB and Citi also have a significant presence in the market.
Commercial banks provide a full range of services for all types of customers, except for insurance underwriting, brokerage, trading, and underwriting securities. Retail banks, on the other hand, focus on small and medium-sized businesses and low-income customers, offering similar services but excluding derivatives.
Thailand’s banking sector is relatively small, with around 30 registered banks, six of which are state-owned. However, it is highly developed and modernised, growing alongside the country’s expanding international trade. Today, Thai banks provide a broad array of financial services designed to cater to their customers' varied needs.
The Bank of Thailand
The Bank of Thailand, established in 1942, serves as the Kingdom's central bank. It oversees all banks in the country and manages relations with international financial markets and organisations, as well as the central banks of other countries.
Internally, the Bank of Thailand helps manage the entire country's economy with the Ministry of Finance. Together, they give a lot of independence to individual businesses, focusing instead on creating and sustaining an economy of growth.
The Bank of Thailand issues the Thai baht (THB). Like many currencies around the world, it was originally a unit of weight of silver or gold.
Tip: Looking for a corporate bank account in Thailand? You’ll want to first understand the corporate tax system in Thailand in order to optimize your tax efficiency.
Best Banks in Thailand Overview
Bank | Best For |
Kasikorn Bank (KBank) | Efficient mobile banking and wide accessibility |
Siam Commercial Bank (SCB) | Comprehensive corporate and retail services, especially for investment |
Bangkok Bank (BBL) | Extensive international networks, including in ASEAN, East Asia, the US and the UK |
TMBThanachart Bank (TTB) | Focus on digital banking |
Krungthai Bank (KTB) | Branch networks and government-linked services |
Bank of Ayudhya (Krungsri) | Network in ASEAN countries and ties to Mitsubishi UFJ Japan financial group |
1
Kasikorn Bank (KBank)
Kasikorn Bank was established in 1945, at the end of World War II, as a Thai Farmers Bank. They initially focused on helping farmers. As the country's economy grew, so did the bank.
When the rapid expansion of the 80s and 90s led to the economic crisis of 1997, Kasikorn implemented a successful "Reengineering Policy" which helped it get through and eventually thrive again.
The Bank has also been at the forefront of important banking advances. In 1973, it was one of the first banks to offer credit cards, and it was the first bank in the world to offer secure mobile phone payments.
KBank has won multiple awards over the years, including being named Best Retail Bank in Thailand in 2024, marking the 15th consecutive year it has received this honour.
About Kasikorn Bank (KBank)
- Kasikorn is known for its efficient, responsive mobile banking application.
- Over 790 branches in Thailand
- Total Assets of Bt4,367bn
- Employs over 30,000 people
Contact Channels
Website: https://www.kasikornbank.com/en
Contact Center: 02-888-8888 (Personal) or 02-888-8822 (Business)
Email: info@kasikornbank.com
Branch Locator: https://mapservice.kasikornbank.com/en/app
Kasikorn Bank Key Information
Personal Banking Products | Current accounts, savings accounts, e-savings, fixed deposits, flexible fixed deposits, foreign currency deposits, 24-month tax-free special deposits, debit/credit/express cards, loans, auto loans, home loans, investments, insurance |
Business Banking Products | SME banking, business banking, current accounts, savings accounts, fixed deposit, special savings deposit, business loans, payment & collection, international trade, investments, business cards, insurance |
Deposit Interest rate | 0.25% - 2.35% Some accounts do not earn interest. |
Mobile Banking | ✅ Via K-Plus Application and Make Application |
Eligibility for Foreigners | Kbank offers products to both residents and non-residents, but eligibility for each product varies. Foreigners will typically need to provide the following:
|
Minimum Deposit | No minimum deposit for personal current accounts and savings accounts. THB 0 - THB 1,000 for fixed deposit. Minimum deposit of USD 5,000 for foreign currency accounts, and USD 500 for foreign fixed deposits. |
Oversea Branches | Cambodia, China, Japan, Myanmar, Lao, Vietnam, Cayman Islands, Indonesia |
2
Siam Commercial Bank (SCB)
Registered as a public company in 1993, Siam Commercial Bank, or SCB, is the very first Bank in Thailand.
It was founded by the Royal Charter in 1907. SCB is known for focusing on industries such as insurance, real estate, and leasing, but its influence extends much further than that. The very first ATMs in Thailand were SCB-issued. The bank is also recognised for its extensive investment products.
SCB recently put a new strategic plan into action that "responds to rapid change in the financial services industry, which is being reshaped by digital technology, regulatory change, and new consumer behavior.
SCB won 15 awards in 2023 and was named Most Powerful Brand of the Year for two consecutive years, 2023 and 2024.
About Siam Commercial Bank (SCB)
- About 700 branches in Thailand
- Total assets of Bt3,409 billion
- Employs around 30,000 people
Contact Channels
Website: https://www.scb.co.th/en
Contact Center: 0-2777-7777 (Personal) or 0-2722-2222 (Business)
Email: customer_service@scb.co.th
Branch Locator: https://www.scb.co.th/th/personal-banking/tools/services-locator.html
SCB Key Information
Personal Banking Products | Current accounts, savings accounts, fixed deposit accounts, long-term deposit accounts (24-month tax-free), home loans, car loans, personal loans, debit cards, credit cards, prepaid cards, insurance, investments |
Business Banking Products | SME banking, corporate banking, current accounts, foreign currency deposit accounts, business loans, credit facilities, insurance, investment, financial markets, cash management, corporate trust, trade finance, export-import, business tools |
Deposit Interest rate | 0.125% - 2.70% Some accounts do not earn interest. |
Mobile Banking | ✅ Available via SCB Easy Application |
Eligibility for Foreigners | Products are offered to both residents and non-residents, but some business services may be more limited for non-residents, especially in SME banking. A foreigner can use a passport and work permit to apply. |
Minimum Deposit | Personal savings accounts: Minimum THB 500 Personal current accounts: Minimum THB 10,000 Foreign currency accounts: Minimum USD 1,000 Business accounts: Requirements vary depending on the type and tier |
Oversea Branches | China, Hong Kong, Singapore, Cambodia, Laos, Vietnam, Myanmar |
3
Bangkok Bank (BBL)
Bangkok Bank is a lot younger than SCB, but it made an outsized mark on the economy. The Bank is the corporate finance leader in Thailand and is the 6th largest bank in Southeast Asia. Bangkok Bank is also the retail bank leader with over 17 million customer accounts.
Its International reach is noteworthy; the Bangkok Bank has 31 offices in 14 countries. Its key subsidiaries include Bangkok Bank Berhad, Bangkok Bank (China), PT Bank Permata Tbk, and more.
In 2022, Bangkok Bank was named Thailand's Most Admired Brand by BrandAge Magazine. The bank also won three awards from The Asian Banker in 2024: Best Trade Finance Bank in Thailand (13th year), Best Custodian Bank in Thailand (10th year), and Best Payment Bank in Thailand (9th year).
About Bangkok Bank (BBL)
- The largest bank in Thailand by total assets with Bt3,876 billion
- More than 800 branches in Thailand
- Employs over 27,000 people
Contact Channels
Website: https://www.bangkokbank.com
Contact Center: 1333 (Domestic) or +66 0-2645-5555 (Overseas).
Email: info@bangkokbank.com
Branch Locator: https://www.bangkokbank.com/en/Locate-Us
Bangkok Bank Key Information
Personal Banking Products | Current accounts, savings accounts, fixed deposit accounts, foreign currency deposit accounts, e-savings accounts, savings accounts without passbooks, debit and credit cards, insurance, personal loans, home loans, loans for pensioners (citizens only), currency exchange and foreign instruments services |
Business Banking Products | Current accounts, savings accounts, fixed deposit accounts, foreign currency deposit accounts, a THB account for companies registered overseas, corporate cards, purchasing credit cards, business loans, loans for SMEs, FX same-day trade, RMB trade services, MYR trade services, insurance, electronic import and export services, e-bank confirmation on blockchain, merchant services |
Deposit Interest rate | 0.25% - 2.45% Some accounts do not earn interest. |
Mobile Banking | ✅ Available via the Bangkok Bank Mobile Banking application |
Eligibility for Foreigners | Bangkok Bank offers tailored services for foreign customers, with more details available on their Foreign Customers page. However, non-residents generally have access to fewer products than residents. For document requirements, you can visit any Bangkok Bank branch for more information. |
Minimum Deposit | THB 500 to open a standard personal account and business savings account. THB 10,000-20,000 for a business current account and THB 2,000 for fixed deposit accounts. |
Oversea Branches | Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Vietnam, China, Hong Kong, Taiwan, Japan, the United Kingdom and the United States |
4
TMBThanachart Bank (TTB)
TMB (Thai Military Bank) was founded in 1957 by Field Marshal Sarit Thanarat to provide financial services for military and civil servants. It became a full commercial bank in 1973, expanding its services to the business, private, and public sectors in response to economic growth.
Thanachart Group, established in 1980 and later evolved into Thanachart Bank, was one of Thailand's most integrated financial groups and a leader in auto loans.
In 2019, TMB and Thanachart Bank merged, and in 2021, the combined entity was renamed TMBThanachart Bank (TMBThanachart or TTB).
TMBThanachart Bank is now one of the largest banks in Thailand and offers a wide range of services. It was honoured with the Digital Banking Services of the Year award in 2024.
About TMBThanachart Bank (TTB)
- Total assets of Bt1,782 billion as of quarter 3
- Over 500 branches in Thailand
- Employs nearly 15,000 people
Contact Channels
Website: https://www.ttbbank.com
Contact Center: 1428 (Domestic) or +66-2241-1428 (Overseas)
Branch Locator: https://www.ttbbank.com/th/contact/location/branch
TTB Bank Key Information
Personal Banking Products | Current accounts, savings accounts, term deposit accounts, debit cards, credit cards, personal loans, home loans, car loans, insurance, wealth management |
Business Banking Products | SME business account, high yield business account, term deposit, corporate international account services, multi-currency account, foreign currency deposit account, credit facilities, international money transfer, international trade, foreign exchange risk management |
Deposit Interest rate | 0.125% - 2.20% Some accounts do not earn interest. |
Mobile Banking | ✅ Via TTB Touch application |
Eligibility for Foreigners | May be able to apply with an official identity document with the card owner's photo, plus other documents as requested. Please contact TTB for more info. |
Minimum Deposit | There is no minimum deposit for a basic personal account, but higher-tier accounts require an initial deposit depending on the type. For example, time deposits require THB 1,000 - 5,000. Foreign currency accounts require a minimum of USD 10,000 (savings) or USD 2,000 (current) or equivalent. |
Oversea Branches | We couldn’t find any specific information |
5
Krungthai Bank (KTB)
Krungthai Bank was established in 1966 through the merger of Kaset Bank and Monton Bank, with the Thai Government as its main shareholder. The bank is a state-owned bank under the Ministry of Finance and the first state enterprise to be listed on the Thailand Stock Exchange.
KTB is known as "The Convenience Bank" - it has the most domestic branches of any bank in Thailand and focuses on servicing rural areas that often have few banking options.
Krungthai won five awards at The European Banking & Finance Awards 2024, including Best Bank for Cash Management and Best SME Partner Bank.
About Krungthai Bank (KTB)
- Krungthai is one of the six state-owned banks and the most well-known.
- Total assets of Bt3,707 billion
- More than 900 branches in Thailand
Contact Channels
Website: https://krungthai.com/en
Contact Center: 0-2111-1111 (Domestic), +66-2111-1111 (Overseas) or 0-2111-9999 (Business)
Email: call.callcenter@krungthai.com
Branch Locator: https://krungthai.com/en/contact-us/ktb-location
Krungthai Bank Key Information
Personal Banking Products | Current accounts, fixed deposit accounts, foreign currency deposits, savings accounts, tax-free time deposits, debit cards, cash card and top-up cards, credit cards, personal loans, housing loans, insurances, investments, FX, wealth management |
Business Banking Products | SMEs, corporate, SME loans, current accounts, tax-free time deposit, foreign currency account |
Deposit Interest rate | 0.3% - 3.8% Some accounts do not earn interest. |
Mobile Banking | ✅ Via Krungthai NEXT |
Eligibility for Foreigners | Krungthai Bank offers services to both residents and non-residents. If you're a foreigner, you'll typically need a passport, valid government-issued photo ID and other documents to apply. For more details, please contact the bank directly. |
Minimum Deposit | No minimum deposit is required for a basic banking account. THB 500 for a savings account. THB 1,000 to THB 10,000 for a fixed deposit. THB 10,000 is required to open a business current account. |
Oversea Branches | China, India, Singapore, Cambodia, Laos, Myanmar, United Kingdom. |
6
Bank of Ayudhya (Krungsri BAY)
Bank of Ayudhya Public Company Limited, widely known as Krungsri, is one of the largest banks in Thailand. The bank offers a broad range of banking services for individuals, SMEs, corporations, and wealth management. For businesses, Krungsri focused on providing financial solutions through loans.
As a member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s leading financial institutions, Krungsri has a strong international presence. The bank operates with a network across 9 out of 10 ASEAN countries.
In 2024, Krungsri won the "Thailand's Social Power Brand" Award in the Banking category.
About Bank of Ayudhya (Krungsri BAY)
- It may be considered more traditional compared to other alternatives.
- Total assets of about Bt2,471 billion
- More than 500 branches in Thailand
Contact Channels
Website: https://www.krungsri.com/en
Contact Center: 1572 or +66-2296-2000 #1 (Overseas)
Branch Locator: https://www.krungsri.com/en/locations
Bank of Ayudhya Key Information
Personal Banking Products | Current accounts, savings deposits, time deposits, foreign currency deposits, a 24-month tax-free time deposit, home loans, auto loans, debit cards, boarding cards, investment, private banking |
Business Banking Products | International trade loans, cash management, trade service, exchange, import/export, international transfer, trade finance, FX, security, SME solution |
Deposit Interest rate | 0.10% - 2.80% Some accounts do not earn interest. |
Mobile Banking | ✅ Via the KMA Krungsri app |
Eligibility for Foreigners | In general, foreigners are eligible to apply for accounts. Foreigners who are permanent residents can also apply for a savings account. Please contact the bank directly for more details. |
Minimum Deposit | No minimum or a minimum of THB 500 for a basic banking account, depending on the account type. Foreign currency deposits: USD 100-500 minimum, with a monthly balance of USD 500-5,000 for foreigners. |
Oversea Branches | Lao and Myanmar. The bank also has bank partners and network in Cambodia, Laos, Myanmar, Vietnam, Indonesia, Philippines, Malaysia, Singapore. |
Insights from An Expat Living in Thailand
KBank is great for basic banking needs, with an easy-to-use app and plenty of branches around. However, some services like investments may not be fully English-friendly.
Q&A
Which bank(s) do you use in Thailand, and why did you choose them?
I use KBank. I chose it because it has many physical branches, and I find its user interface and user experience to be the most appealing.
What type of account or service do you use?
What were the requirements to open the account?
Are there any services you find particularly helpful or frustrating?
Other Notable Bank Options
Apart from the major players mentioned, several other banks in Thailand are also worth considering for their services tailored to both residents and foreigners.
- LH Bank: Known for its strong presence in home loans and insurance, LH Bank also offers a foreign currency deposit account for non-residents. They often provide promotional interest rates for digital savings accounts.
- UOB: United Overseas Bank (UOB), a Singaporean bank, offers a wide range of banking services in Thailand. To open an account, you typically need a copy of your passport and proof of residential address in your country of citizenship. If you lack proof of residential address, a work permit or a letter of reference from an embassy or a trusted institution in Thailand may be used instead.
- CIMB Thai: A subsidiary of the Malaysian CIMB Group, CIMB Thai offers a broad spectrum of financial services for both individuals and businesses. Non-Thai residents can open an account with a passport and other documents as required by the bank.
Opening a Bank Account in Thailand as a Foreigner
Opening a bank account in Thailand as a foreigner should be a straightforward process, though requirements can vary depending on the bank.
Typically, you will need the following documents to open an account:
- A valid passport
- A visa – A long-term visa, such as a non-immigrant visa, is often required.
- A work permit – While not every bank requires this, most will, and certain accounts may not be available without one.
- Proof of address – Banks may ask for proof of residence in Thailand, such as a utility bill or rental agreement.
- Minimum deposit – Most banks require a small initial deposit, ranging from THB 500 to THB 10,000, depending on the bank and the account type.
- Company or commercial registration certificate (if opening a business account).
Foreigners can typically open savings, current, and foreign currency accounts.
Transfer Business Funds Across Borders with Statrys
If you're running a business in Asia and need a solution for international transfers, or if you're planning to expand your operations beyond Thailand, Statrys provides a suitable solution for companies looking to register or already registered in Hong Kong, Singapore, or the British Virgin Islands (BVI).
Statrys is not a bank, but a payment service provider that offers multi-currency business accounts in 11 major currencies, designed to help businesses manage cross-border transactions and currency conversions. Statrys also provides local payment network solutions, enabling you to pay like a local in 12 currencies, including THB. Plus, if you're looking to set up a business in Hong Kong or Singapore, Statrys can assist with the process.
Below is a summary of Statrys' business account features:
FAQs
How many banks are there in Thailand?
There are 30 licensed banks in Thailand.
Can foreigners open a bank account in Thailand?
What is the largest bank in Thailand?
What are the best banks in Thailand for foreigners
