How to open a Non-Resident Accounts in Thailand

How to open a Non-Resident Accounts in Thailand

It is mandatory for International lawyers to know how to open a non-resident account in Thailand. To be considered the following facts.

Exchange control in Thailand is governed principally by the Exchange Control Act B.E. 2485 (A.D. 1942) (the “Exchange Control Act”) and Ministerial Regulation No. 13 B.E. 2497 (A.D. 1954), together with the Notifications and Notices issued there under. The Bank of Thailand is charged by the Ministry of Finance with the administration of foreign exchange in Thailand.

Presently, 13 Thai commercial banks and 18 foreign bank branches and one company (Asia Credit Public Company Limited) are registered and authorized by the Bank of Thailand. Subject to the conditions prescribed by the Bank of Thailand, non-residents are generally allowed to open and maintain both Thai Baht and foreign currency accounts with authorized agents (i.e. authorized banks and an authorized company) in Thailand.