Thailand’s banks have tightened the screws on foreign customers. Jonathan Reid compares how Kasikorn, SCB, UOB, HSBC, and Bangkok Bank treat expats under 2025’s strict rules – from visa requirements and account services to the risks of freezes, branch quirks, and looming regulatory crackdowns.
By Jonathan Reid
Visa Types Now Dictate Your Bank Account Fate
A Russian visitor in Thailand learns the hard way – without a long-term visa, her Bangkok Bank account was frozen under new fraud rules (foreigners on tourist visas are no longer allowed to open accounts).
Walk into a Thai bank in 2025 with only a tourist visa, and chances are you’ll walk out empty-handed. Tourist visa holders are no longer allowed to open bank accounts at most Thai banks – a sharp reversal from years past, when a passport and a smile sometimes sufficed. Now, banks demand proof you’re in Thailand for the long haul. Accepted visas typically include long-term stays: work permits, marriage or dependent visas, retirement visas, or the privileged Elite and new Long-Term Resident (LTR) visas. Each of the big banks has effectively slammed the door on short-term visitors.
Kasikorn Bank (KBank) and SCB (Siam Commercial Bank), for instance, quietly stopped opening accounts for tourists well before this year. Both will generally only consider customers with non-immigrant visas – think professionals with work permits, spouses of Thais, or retirees. Bangkok Bank, historically the most foreigner-friendly, took longer to change. It infamously allowed tourists and even those on the one-year “Destination Thailand” digital nomad visa (DTV) to open accounts via certain branches or agents. But that backfired in 2025, forcing a policy U-turn. Now Bangkok Bank insists it “still serves long-term foreign residents” but will lock out casual visitors. A spokesperson confirmed tourists (including DTV holders) are no longer eligible, with exceptions only for foreigners married to Thais, owning local property, or holding long-stay visas. In short, unless you can prove a stable footing in Thailand, don’t expect a warm welcome at any of these banks.
“All Thai banks…have become more stringent with their KYC requirements and have been limiting transactions, especially for accounts opened under tourist or DTV visas.”
Even special visa categories face hurdles. Retirees (Non-O or O-A visa) can open accounts, but may be asked for extra proof like a retirement letter or a hefty initial deposit – some branch staff mistakenly apply the ฿800k immigration fund rule to bank accounts. Students on ED visas sometimes squeeze through, particularly at branches near universities or with a letter in Thai from the school. But it’s hit-or-miss; one SCB branch might welcome a language student, while another turns them away the same day. Thailand Elite visa holders (a 5–20 year privileged visa) get the red-carpet treatment from most banks – SCB, KBank, and BBL each have “Privilege Banking” programs for Elite members with streamlined account opening. And the new LTR visa (10-year residency for wealthy or skilled foreigners) is fully accepted in policy. Even so, anecdotal reports suggest not all provincial branches recognize it; one Khon Kaen branch of Bangkok Bank bizarrely asked an LTR visa holder to deposit ฿800,000 to open a savings account, confusing LTR with retirement visa rules. These inconsistencies underline a key reality in 2025: having the right visa gets you in the door, but the branch’s understanding of it can still make or break your success.
Banking Services for Expats: Beyond the Basics
Tourists using a Thai bank ATM. In 2025, expats with proper visas can access a full suite of services – from local debit cards to mobile banking and even multi-currency accounts – but not every bank offers everything to every foreigner.
Once you’ve cleared the hurdle of opening an account, what products can you actually use? The good news is that expats with legitimate status enjoy nearly all the same banking services as locals – though each bank has its quirks. A standard savings/current account comes with an ATM/debit card for domestic use and online banking access. All five banks – KBank, SCB, UOB, HSBC, and Bangkok Bank – offer expats these personal accounts if you meet their criteria. Joint accounts, however, are less common. Most Thai banks don’t readily offer joint accounts unless one holder is a Thai national (for example, a foreign spouse and Thai spouse). Bangkok Bank has been known to allow joint accounts for foreign married couples in certain cases, but policy is not clear-cut and depends on manager discretion. Generally, expect to open individual accounts and then share access informally if needed.
Where the banks really compete is in digital convenience and extras. Online banking and mobile apps are now a staple of Thai banking – and largely expat-friendly. KBank’s K PLUS app and SCB’s Easy app both support English language and enable everything from fund transfers and QR payments to opening fixed deposits. However, a critical limitation emerged in 2024: foreigners cannot complete large online transfers without in-person identity verification, due to a new facial recognition mandate. By government rule, any transfer ≥฿50,000 (or daily totals ≥฿200k) requires a biometric face scan instead of the usual OTP code. The catch? The scanning tech was initially built around Thai citizen ID cards, leaving expats in limbo. Kasikorn and SCB initially capped foreigners at ฿50k per day on their apps Workarounds now exist: visiting a branch to register your face (and passport) in their system can lift the limit. Many expats have done this – KBank staff will literally take your photo and passport copy to enable higher transfer limits. Bangkok Bank’s app reportedly had fewer issues; some users even note they could transfer large sums via BBL without the glitch that hit KBank/SCB. Still, all banks are aligning with the regulation: SCB announced it would end face-scan “exemptions” for foreigners by mid-2025, meaning expats must either do the branch verification or live with low limits.
On the credit front, credit cards and loans remain a tough nut for expats unless you have local income. Thai banks typically require a work permit and proof of sufficient salary to issue an unsecured credit card. For example, Bangkok Bank advertises that foreigners need a passport and work permit to apply for their credit cards. KBank and SCB have similar rules – a common threshold is a monthly income of at least ฿50,000 and a year of local employment. An alternative path is a secured credit card: Bangkok Bank will issue a card against a fixed deposit (often 100% of the credit line) for retirees or others without salaries. UOB, after acquiring Citibank’s portfolio, inherited many expat customers with Citi credit cards – those accounts continued under UOB, but new applicants face UOB’s policy (likely similar work permit requirements, unless you deposit a large sum as collateral). HSBC Thailand, on the other hand, largely exited retail banking years ago; they offer credit cards only as part of HSBC Premier wealth management. If you qualify (by maintaining a high balance – reportedly around ฿1 million or more in assets), HSBC can provide global-linked credit cards and even multi-currency accounts. But for the average expat, HSBC isn’t an option for local day-to-day banking; they focus on corporate and private banking, steering individuals to their offshore HSBC Expat service if anything.
One useful product expats can get from local banks is a Foreign Currency Deposit (FCD) account – essentially an account in USD, EUR, etc., held in Thailand. Bangkok Bank, SCB, and KBank all offer FCD accounts for expats with long-term visas. However, each has hoops to jump through: SCB doesn’t require an initial deposit for FCD, whereas KBank asks for a minimum $5,000 to open one. Bangkok Bank will only let you open an FCD after you’ve had a THB account for 3+ months, and they want to see a one-year lease agreement as proof of local residence. These FCD accounts are valuable if you have income from abroad or want to park money in foreign currency; just be aware of the compliance paperwork (source of funds declarations, etc.) which can be onerous for large transfers.
Overall, Kasikorn Bank and SCB stand out for tech-savvy services – their apps are modern and offer English interfaces, and they integrate with e-wallets and QR payments popular in Thailand. Bangkok Bank has the largest branch/ATM network and unique perks like an association with its New York branch (for US-bound transfers or direct deposits like U.S. Social Security). UOB is positioning itself as a niche choice – it has fewer branches but inherited Citibank’s customer service culture, meaning good English support and strong credit card offerings (especially for travelers) – though one legacy requirement is that UOB historically asked for a ฿1 million deposit or equivalent for some foreign applicants. And HSBC, if you’re wealthy enough to use it, offers seamless global banking but minimal local utility (no PromptPay QR, hardly any ATMs, etc.). In 2025, expats can access almost any banking product a Thai can – from mutual funds to mobile payments – but each product might require an extra step of verification, a higher bar of eligibility, or a trip to a major branch where staff know how to handle the paperwork.
The Freeze Factor: KYC Crackdowns and Account Closures
Thai authorities inspect hundreds of SIM cards seized in a scam crackdown, as the Thai Bankers’ Association outlines new measures. In 2025, banks must ensure every account is tied to the customer’s own registered phone number, or face regulatory penalties
An uncomfortable truth hit expats in 2025: getting a bank account is one thing – keeping it active is another. As Thai banks tighten compliance, many foreigners have woken up to find their accounts frozen without warning. The drivers are a mix of stricter Know Your Customer (KYC) rules, anti-fraud measures, and some outright panic by banks after a series of high-profile money laundering scandals. Bangkok Bank’s mass freezing of foreign accounts in May 2025 was the canary in the coal mine. Thousands of foreigners (especially short-term Russian visitors) suddenly lost access to their ATM and mobile banking, as BBL moved to purge accounts that didn’t meet new criteria. The immediate trigger: a scam ring in Pattaya where corrupt bank staff opened 15 accounts for Chinese tourists that were used to funnel ฿2.2 billion in fraud – a scandal that spurred urgent action from regulators.
“Expired or invalid visa status, missing KYC documents, and unregistered SIM cards not linked to the account holder – these are the three most frequent causes of foreign account freezes in 2025.”
Under new Bank of Thailand guidelines, banks must aggressively verify customer identity and intent. The moment a foreign customer’s profile falls out of compliance, the account is at risk of being “temporarily suspended for verification”. Key red flags include: Visa status changes – if your visa expires or you downgrade (say from a work visa to a tourist entry), banks may flag your account. One expat on a Non-B work visa who switched to the DTV tourist visa reported Bangkok Bank froze his account because the new visa “did not qualify”. KYC information gaps – failing to update the bank with your current address, or not providing a required document, can trigger a freeze after a warning period. Recently, banks have been sending SMS or email alerts prompting foreigners to update their details (e.g. bring in a new proof of address or visa copy) within 14–30 days, or face account blockage. SIM card mismatch – perhaps the biggest new friction point. As of April 2025, Thai law (via Royal Decree) requires that “all personal bank accounts be linked to a valid SIM card, registered in the account holder’s name.” Banks swiftly moved to freeze accounts that did not have an in-name Thai phone on file. This has tripped up expats who previously used a Thai spouse’s number or a now-inactive SIM. It even affected some corporate and joint accounts (like an SME using the boss’s personal number). If the phone number you gave the bank isn’t a currently active SIM in your own name, the system may automatically restrict online access until you fix it. In some cases, the mobile banking app login gets disabled – requiring you to visit a branch to re-link a new number and show your passport.
Different banks have handled the freeze saga with varying tact. Bangkok Bank’s action was the most draconian – some long-time customers on tourist visas found everything locked, unable even to withdraw ฿100 from an ATM. One foreign BBL client vented that after years with an account, “they blocked my account twice…treated me as though I was an illegal migrant because I wasn’t producing a work permit”. She had a valid visa but was caught by a rule change she was never informed of – a common complaint. SCB and KBank, by contrast, haven’t engaged in mass freezes (likely because they didn’t have many tourist-visa accounts in the first place). But they quietly enforce the new rules on a case-by-case basis. For example, SCB customers who left Thailand and let their visa lapse found their SCB Easy app “frozen” until they could show an active visa again. KBank and SCB also implemented daily transfer caps (฿50k) until one completes the face-ID KYC process as mentioned earlier – effectively a soft freeze on large transactions.
If your account does get frozen in 2025, the remedy is usually straightforward if somewhat inconvenient. Go to the branch (ideally the one where you opened the account) with your passport, current visa, and updated proof of address. In many cases, staff will update your KYC info on the spot and restore access. During Bangkok Bank’s purge, expats reported better luck at major BBL branches like Silom HQ or in expat-heavy areas – those staff were well-briefed and could unfreeze accounts for customers who showed a qualifying visa or marriage/property documents. Banks are also advising foreigners to re-register their phone numbers. This can require a two-step: first visit your mobile carrier (AIS, True, etc.) with your passport to ensure the SIM is in your name (a new rule from August 2025 mandates biometric SIM registration for everyone). Then take that info to the bank to update their records. It’s a hassle, but a one-time fix. Unfortunately, in some cases the bank has already closed the account (as opposed to a temporary freeze). That tends to happen when an account was completely dormant or fell under deeper suspicion (e.g. large incoming transfers with no explained purpose while on a tourist visa). If closed, you may have to escalate with the bank’s compliance department or even appeal to the Bank of Thailand or Anti-Money Laundering Office (AMLO) – a long shot, but BoT has intervened before when innocent people got swept up in freezes. Indeed, after public outcry, the central bank promised in mid-2025 to “urgently fix” wrongful freezes affecting both Thais and expats.
For now, prevention is key: keep your visa current, respond promptly to any bank correspondence about KYC updates, and ensure your name, address, and phone records all match exactly in the bank’s system. The compliance dragnet is indiscriminate – by late 2025, over 1.8 million bank accounts in Thailand (mostly belonging to Thais) were frozen as suspected ‘mule’ accounts. Foreign accounts are simply easier targets if they don’t fit the expected profile. Banks would rather freeze first and ask questions later, to avoid being fined or shamed for allowing illicit activity. As expats, we’re collateral damage in this war on fraud. It’s an unsettling shift: where once you worried about Thai bank interest rates, now you worry if your bank will think you are a criminal. But forewarned is forearmed – by understanding the triggers and staying compliant, you can greatly reduce the chance of that dreaded “account suspended” message derailing your life in Thailand.
Branches, Bankers, and ‘Farang’ Friction
No two bank branches in Thailand are exactly alike – a reality every expat learns sooner or later. Officially, policies are national, but **“which branch you visit” and “which officer is helping you” often determine the outcome. This inconsistency looms large in 2025’s tighter environment. Some branches have become de facto expat specialists, while others practically shoo foreigners out the door. Understanding this variability is crucial to navigating Thai banking smoothly.
Bangkok Bank provides the clearest example. In Bangkok, its main office on Silom Road has long catered to foreigners – staff there are familiar with retirement visas, the nuances of U.S. IRS forms (for Americans’ social security direct deposits), etc. During the May freezes, Silom branch managers proactively assisted expats with unblocking accounts once valid documents were shown. In contrast, smaller upcountry BBL branches, which had previously bent rules to open tourist accounts (sometimes via “introducers” or agents), abruptly turned very strict. Many expats recount going to provincial branches in June 2025 and being told to either close their account or deposit a large sum to keep it. These branch managers, feeling heat from HQ, became inflexible – one even demanded a work permit from a retiree (not applicable to his visa) and froze his mobile app when he couldn’t produce it. It’s a stark difference: at one BBL branch you’re a valued customer; at another you’re a suspected scammer by default. If you encounter the latter, the best approach is to politely escalate – ask if you can speak to the branch manager or a supervisor, and calmly explain your legitimate status. Often, front-line tellers err on the side of “no” because it’s safer, but a manager might OK an action if they’re convinced you’re following the rules.
Other banks show similar patterns. KBank and SCB generally have a reputation for being more expat-friendly in major city branches (Bangkok, Chiang Mai, Phuket), but provincial branches may simply say “cannot” to any foreigner without a work permit. Notably, SCB’s policy on the DTV visa (the 5-year tourist visa) was inconsistent: “Policies vary by branch; some DTV holders have reported success…while others have been denied”. This suggests SCB HQ didn’t clearly broadcast the rule, leaving it to branch discretion. Sure enough, one SCB branch in Pattaya might allow a Digital Nomad to open an account with a heap of paperwork, while another SCB branch in a quieter province won’t even consider it. UOB (which absorbed Citibank) is somewhat more standardized – their account opening checklist explicitly requires a non-immigrant visa and proof of local address/income. If you meet those, UOB branches (especially the ones that used to be Citi locations in Bangkok) are reportedly efficient and courteous. But try to open a UOB account on a tourist visa – as some hopeful folks did – and you’ll be promptly refused; UOB never catered to walk-in tourists in the first place, so there’s less variation.
A common frustration is that bank staff’s knowledge can lag behind current regulations. Early in 2025, rules changed rapidly, and not all tellers got the memo. For example, when the face-scan rule for >฿50k transfers kicked in, many foreigners were told incorrect info – one Krungthai Bank officer insisted “Thai banking regulations forbid foreigners transferring more than 50k per transaction”, which is not true. The actual rule applied to everyone, but the tech issue made it seem like a foreigner-only limit. In such cases, expats in the know have learned to bring printouts or references. Showing a news article or the bank’s own press release (in Thai, if possible) to clarify a policy can sometimes educate the staff on your behalf. It shouldn’t be our job to teach bank employees their rules, but pragmatically, providing that info can turn a “no” into a “yes, with manager approval.” Thai bank staff are generally polite and want to help, but many have an inherent fear of doing the wrong thing – so they default to caution unless convinced otherwise.
One strategy savvy expats use is branch shopping: if one branch denies you, try another in a more expat-heavy area. “If one branch can’t help, try tourist-friendly areas like Pattaya, Phuket, or Chiang Mai,” advises a Thai Nexus guide. Indeed, branches in downtown Bangkok (Sukhumvit), Chiang Mai’s Nimman area, or Phuket’s Patong have likely handled plenty of foreign accounts and are less likely to be spooked by a foreign face. In 2025, there are reports of Hua Hin’s BluPort Mall branch of Bangkok Bank still opening accounts for some foreigners with the right paperwork, even as other branches halted. The key is these branches had prior experience and perhaps dedicated staff assigned to expat clientele. By contrast, walk into a rural branch where you might be the first Westerner they’ve seen that week – the path of least resistance for staff is to say “sorry, cannot.” It’s not malice; it’s often a lack of familiarity or fear of breaking some unseen rule.
Regulatory friction also arises with certain nationalities and compliance flags. Unfortunately, 2025 saw an undercurrent of profiling: accounts of Russians, for example, drew extra scrutiny due to sanctions and a spike in shady Russians abusing Thai accounts. One estimate said 40,000–50,000 Russians live in Thailand, many using Bangkok Bank, and thousands had accounts frozen in the crackdown (especially those without long-term visas). This created an atmosphere where a branch officer, seeing a Russian passport, might immediately request additional documents or simply refuse a new account unless a long-term visa is shown. It’s important to note this shouldn’t happen – banks should follow the same rules for any nationality – but on the ground, anecdotal evidence suggests it does. Similarly, citizens of countries like Nigeria or Iran might face more questions due to fraud or sanction concerns. If you hold such a passport, be extra prepared with documents to demonstrate legitimacy (visa, local address, even a letter of reference from an employer or embassy if possible). It can help counteract any biases a branch might have.
In sum, dealing with Thai banks in 2025 requires patience and sometimes a Plan B. Branches can be friends or foes, and it’s not always predictable which you’ll get. The best advice is to gather more paperwork than you think you need, dress decently (first impressions count), and approach the interaction with a friendly but confident demeanor. If refused at one branch, politely thank them and try another location on a different day. Often, what’s not possible on Tuesday at Branch A becomes miraculously possible on Thursday at Branch B. Seasoned expats swap intel on forums about which branch is “easiest” this month – and those tips are gold. Ultimately, all branches must technically follow the same banking laws, but how they interpret the gray areas (like whether an education visa is acceptable, or whether to insist on seeing a work permit for a long-term resident) is where mileage varies. Stay persistent yet polite, and remember that a branch’s stance can even change with personnel – a new manager can herald a new attitude. As one expat wryly noted after succeeding on his fifth attempt: “It’s like not having a car until you’ve driven one – you don’t realize how much easier life is with a good bank branch until you find it.”
Choosing Your Bank: Pros, Cons & 2025 Trends
After all the upheavals this year, how do Thailand’s major banks stack up for expats? Each of the big five we’ve covered – Kasikorn, SCB, UOB, HSBC, Bangkok Bank – has distinct advantages and downsides for foreign customers. Here’s a 2025 snapshot:
- Kasikorn Bank (KBank): Pros: A modern, user-friendly experience. KBank’s app is arguably the best in Thailand with full English support and seamless features – ideal for expats comfortable with digital banking. It’s also known to be “helpful in cities, supporting students and workers”, meaning urban branches are used to handling foreigners (especially those with work or education visas). KBank also offers a wide range of services (credit cards, funds, insurance) to foreigners who qualify, making it a one-stop shop if you build a relationship. Cons: The very tech that makes KBank convenient can bite foreigners – the ฿50k transfer limit without facial verification was most painfully felt by KBank users. Until you sort that out, you’re restricted. Additionally, Kasikorn has no international presence; if you need to move money abroad or bank overseas, they’re not particularly special (aside from using apps like Wise in tandem). Lastly, while KBank was historically foreigner-friendly, by 2025 they follow the same strict visa rules as everyone – no tourist accounts, period. Don’t expect the latitude you might have gotten from them 5+ years ago.
- Siam Commercial Bank (SCB): Pros: Thailand’s oldest bank has a solid reputation and a robust branch network. Many SCB staff speak decent English, and SCB’s website and app have English options too. Expats often find SCB accommodating once you’re an established customer – they offer high daily ATM withdrawal limits and various account types. SCB also hasn’t been in the headlines for freezing foreigners en masse, which suggests their stricter upfront screening (they “never opened accounts for people on tourist visas in the first place”) paid off by avoiding chaos later. Cons: Precisely because SCB has been strict from the start, some expats resent that it was hard to become a customer at all unless you had a work permit or long visa. They weren’t as easy-going as Bangkok Bank in the past, so some newcomers gave up and went elsewhere. SCB’s policies can also be inconsistently applied (e.g. the DTV visa confusion), so it may require persistence to get what you need. And if you’re American, note SCB (like most Thai banks) will have you sign a FATCA declaration – not a con per se, but something to be aware of for U.S. taxpayers using Thai accounts.
- Bangkok Bank (BBL): Pros: The biggest bank with the widest reach – if you travel within Thailand, BBL ATMs and branches are everywhere, which is useful. They have specific services tailored to foreigners: the ability to open an account from their New York branch for U.S.-based expats, an International Direct Deposit (IDD) service for overseas government pensions (those accounts were notably unaffected by the freezes), and historically they allowed various visa holders to bank with them. If you’re settled with a long-term visa, Bangkok Bank can be very stable and offers everything from stock trading accounts (Bualuang Securities) to multicurrency deposits. Cons: Their 2025 crackdown severely dented expat confidence. Many now view BBL as risky for short-term visa holders – there’s a fear your account could get locked if your visa status changes or if you don’t update something. The bank insists those meeting “new rules” are fine, but trust takes time to rebuild. Technologically, Bangkok Bank’s mobile app is fine but not as slick as KBank/SCB (though they’ve improved it). Also, BBL’s customer service can be hit-or-miss – at smaller branches, expect old-school passbook banking and potentially less familiarity with English or uncommon issues. In a nutshell, BBL is great for an expat with a stable long-term visa; for anyone else, it’s currently the most cautious bank.
- United Overseas Bank (UOB): Pros: UOB is a Singapore-based bank that took over Citi’s retail business in Thailand in 2022–2023. This means if you valued Citi’s expat-friendly credit cards and customer service, UOB inherited a lot of that DNA. They are used to higher-end clientele and foreigners in Bangkok. UOB’s English-language service is strong (many former Citi staff joined them), and they offer products like the KrisFlyer UOB card for miles, etc., which can appeal to expat professionals. Some expats who maintained both Bangkok Bank and UOB accounts noted that “so far no problems with UOB” even as BBL froze others – likely because UOB hadn’t pursued the tourist segment at all, so they had fewer risky accounts to purge. Cons: UOB’s presence outside major cities is limited. If you’re not in Bangkok or another big city, you might not find a convenient UOB branch or ATM – though you can use any ATM for a small fee. They also reportedly require more wealth to bank with if you don’t have a work permit. A legacy of Citibank is that to open an account without a Thai work permit, one needed a large deposit (people mention figures like ฿1 million). It’s unclear if UOB still enforces that strictly, but new expats might find UOB out of reach unless they’re transferring significant funds. Essentially, UOB is an excellent choice for a white-collar expat with a stable job and savings; it’s less suited if you’re a shoestring retiree or digital nomad.
- HSBC: Pros: Global banking prowess. HSBC is in a category of its own here – they won “Best International Bank in Thailand 2025” from FinanceAsia, reflecting their strength in serving corporate and high-net-worth clients. If you’re already an HSBC Premier customer elsewhere, HSBC Thailand will extend you local Premier status, allowing you to open THB accounts and possibly get a credit card or mortgage (with a lot of documentation). The big plus is seamless international transfers within HSBC’s network and a single relationship manager for your global finances. They also adhere to international compliance standards rigorously, which can give peace of mind that your account won’t randomly be frozen for small issues (though you’ll still need to keep your visa valid, of course). Cons: For the average expat, HSBC might as well not exist. They do not offer normal retail banking – no simple savings accounts for a teacher on a work permit, for example. They closed most retail operations a decade ago. In fact, as one person discovered, “HSBC in Bangkok is not a retail bank” at all. You typically need to maintain a large balance (~฿1M or equivalent) to avoid steep fees, and there are only a couple of HSBC offices in Thailand. No local ATM network either – you’d be using other banks’ ATMs (and paying fees) for cash. Essentially, HSBC is only a viable choice if you are invited into their Premier club; otherwise, they’ll politely direct you to another bank for day-to-day needs. Even some long-timers who had HSBC Expat offshore accounts note that HSBC Expat has stopped taking new clients based in Thailand as of late (possibly due to regulatory complexities).
Finally, beyond individual bank pros and cons, expats should heed the regulatory trends that will affect us all. Thailand in Q4 2025 is laser-focused on cleaning up financial crime. This means banks (and government agencies) are introducing digital verification, data sharing, and stricter monitoring across the board. The requirement for biometric face ID for big transfers is one example; another is the push for banks to cross-check every new account against national fraud databases. There’s even an emergency decree holding banks liable if they don’t act fast on scam-related transactions. We can expect more real-time scrutiny of “unusual” transactions. An expat sending ฿700,000 overseas might get a call to explain the purpose, or a foreign student receiving multiple small deposits might trigger an automated check for mule activity. Common Reporting Standard (CRS) compliance is also in effect – Thai banks now report foreign account holders’ info to their home countries’ tax authorities. It’s routine, but something to be aware of if you’re new. On the upside, regulatory improvements will eventually make things smoother: the Thai government is rolling out a national digital ID system that could, in theory, allow expats with long-term visas to verify identity online instead of at branches. If that matures, the nightmare of the 50k transfer limit might fade away when foreigners can do e-KYC remotely.
The dust is still settling from 2025’s whirlwind changes. Some expats have reacted by shifting to fintech alternatives (Wise, Revolut, etc.) for more of their money movements to avoid Thai bank hassles. But completely avoiding the local banks isn’t feasible if you live here – you need them for everyday bill payments, transfers to friends, QR payments, and so on. The best course is to choose a bank that aligns with your expat profile and cultivate the relationship. If you’re a young professional on a work visa, SCB or KBank might serve you best with modern apps and relatively easy credit approvals. If you’re a retiree, Bangkok Bank or a well-chosen SCB branch might handle your pension and offer familiarity (just keep that visa up to date!). High-net-worth individual or frequent traveler? Perhaps UOB for the service or HSBC for the global reach. And always, always keep records of your interactions, keep copies of what you submit, and note the names of bank staff who help you – it can work wonders if you need to follow up or clarify an issue later.
“With billions of baht in scam losses, Thai banks are being forced to draw a harder line. For now, the message is clear: only those with long-term ties to Thailand will enjoy full banking privileges. Everyone else must be prepared for tougher scrutiny.”
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