Opening a business bank account in Phuket should be straightforward. It often isn't. Between document requirements that differ from what's listed on the bank's website, branch staff who aren't familiar with expat-owned company structures, and compliance reviews that add weeks of delay — setting up your company banking in Thailand can be genuinely frustrating.
The good news: once it's open, Thai business banking works well. This guide covers the main banks operating in Phuket, what to expect, and when to supplement your Thai account with Wise Business for international transactions. If you haven't yet registered your company, read our Phuket company registration guide first.
At a Glance: Business Banking in Phuket
- Thai bank account mandatory for payroll & tax
- Bangkok Bank: best for international transfers
- KBank: best digital banking experience
- SCB: strong Phuket branch network
- Wise Business: best for FX & international ops
- Monthly fees: ~THB 100–200
- Account opening: 1–10 business days
- Min documents: 6–8 company documents required
Why Your Phuket Company Needs a Thai Bank Account
Some expat business owners ask whether they can run their Phuket company entirely through Wise or a foreign bank account. The short answer is no — or at least, not entirely. A Thai bank account is required for:
- Payroll: You must pay Thai Social Security contributions via Thai bank transfer to the SSO
- VAT payments: VAT remittances to the Revenue Department require Thai bank transfers
- Corporate income tax: Tax payments via Thai bank account
- Local supplier payments: Most Thai suppliers expect PromptPay or inter-bank Thai transfers
- Credibility: Having a Thai business bank account is required for most local business relationships
The Main Banks for Phuket Businesses
Questions about banking in Phuket?
Opening accounts, transferring money, using Wise, business banking — the Thai banking system has quirks that catch expats off guard. A quick consultation clears up what you actually need to do.
Book a consultation →By Fredrik Filipsson — living in Phuket since 2019
There are over a dozen banks operating in Phuket, but for expat-owned businesses, the practical choice usually comes down to three main domestic banks plus the option to supplement with Wise Business.
Bangkok Bank (BBL)
Bangkok Bank has historically been the preferred choice for foreign-owned businesses in Thailand. It was among the first Thai banks to develop robust international banking infrastructure and has the strongest correspondent banking relationships globally. In Phuket, the main branches in Phuket Town and Patong have staff experienced with foreign director documentation.
Strengths for Phuket businesses: Best international wire transfer infrastructure, well-established relationships with overseas banks, Foreign Currency Deposit (FCD) accounts readily available, relatively experienced with expat company structures, good Phuket branch coverage including locations near the Provincial Hall in Phuket Town.
Weaknesses: Digital banking interface is less modern than KBank, mobile app functionality is functional but not exceptional.
Kasikorn Bank (KBank / ธนาคารกสิกรไทย)
KBank is Thailand's most digitally advanced major bank and has the best mobile banking app (K PLUS) in the Thai market. For a Phuket business that does a lot of domestic transactions — supplier payments, payroll transfers, PromptPay — KBank's digital experience is superior.
Strengths for Phuket businesses: Best-in-class mobile app (K PLUS), excellent PromptPay and domestic transfer experience, strong Phuket presence including Bang Tao and Laguna area branches, good English-language customer service at major branches.
Weaknesses: Can be more conservative with foreign director account openings, international transfer fees and FX rates are less competitive than Bangkok Bank.
Siam Commercial Bank (SCB)
SCB is Thailand's oldest bank and has strong retail branch coverage across Phuket. Its SCB EASY app is solid and improving. For businesses that operate across multiple Phuket areas — say, a villa management company with properties in Rawai, Chalong, and Kamala — SCB's branch network is useful for depositing cash.
Strengths for Phuket businesses: Very strong Phuket branch network, solid digital banking (SCB EASY app), generally accessible to expat-owned companies, competitive on some fees.
Weaknesses: International banking infrastructure less strong than Bangkok Bank, occasional difficulty with foreign director documentation at some branches.
| Feature | Bangkok Bank | KBank | SCB |
|---|---|---|---|
| International transfers | ⭐⭐⭐⭐⭐ Best | ⭐⭐⭐ | ⭐⭐⭐ |
| Digital banking / app | ⭐⭐⭐ | ⭐⭐⭐⭐⭐ Best | ⭐⭐⭐⭐ |
| Phuket branch coverage | ⭐⭐⭐⭐ | ⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ Best |
| Foreign director access | ⭐⭐⭐⭐⭐ Best | ⭐⭐⭐ | ⭐⭐⭐⭐ |
| Foreign currency accounts | ⭐⭐⭐⭐⭐ Best | ⭐⭐⭐ | ⭐⭐⭐ |
| Monthly fees (approx) | THB 150–200 | THB 100–150 | THB 150–200 |
| Intl transfer fee | 0.25% + THB 200 | 0.25% + THB 200 | 0.25% + THB 200 |
| English service quality | ⭐⭐⭐⭐ Good | ⭐⭐⭐⭐ Good | ⭐⭐⭐ Varies |
Documents Needed for Phuket Business Account Opening
Requirements vary slightly by bank but typically include all of these:
- Company Certificate of Incorporation (affidavit from DBD — must be less than 3 months old)
- List of shareholders (BOJ 5 document)
- Company Memorandum and Articles of Association
- Company VAT registration certificate (Por. Por. 20)
- Board resolution authorising account opening and naming authorised signatories
- Passports (and sometimes work permits) for all authorised signatories
- Company seal (rubber stamp — you should have one from registration)
- Proof of business address (utility bill or registered office confirmation)
Wise Business: The Essential Supplement for International Operations
For Phuket businesses with significant international revenue — tour operators receiving foreign bookings, consulting companies invoicing overseas clients, e-commerce businesses — Wise Business is a game-changer. It's not a replacement for a Thai bank account, but it dramatically reduces the cost and friction of international transactions.
Wise Business gives you: multi-currency accounts (hold GBP, USD, EUR, AUD in the same account), local bank details for receiving payments in 10+ currencies without international wire fees, mid-market exchange rate for conversions (vs. the 2–4% spread Thai banks charge), and fast international transfers at a fraction of Thai bank costs.
A practical example: if your Phuket villa rental company receives EUR 5,000 from a European client, a Wise Business transfer to your Thai bank costs approximately EUR 12–20. The same transfer via Bangkok Bank international wire would typically cost EUR 50–120 in transfer fees plus a significant currency conversion spread.
Save on International Transfers with Wise Business
Phuket businesses with international clients save significantly on FX and wire fees with Wise Business. Open a multi-currency account — no monthly fees, mid-market exchange rates.
Open a Wise Business Account →Phuket-Specific Banking Tips
- Cash deposits: If your Phuket business handles significant cash (restaurant, retail, tours), check the branch's cash deposit facility before choosing a bank. Some smaller branches have limited deposit capabilities.
- Payment terminals: For accepting card payments from customers, you'll need a QR code or card terminal arrangement. Bangkok Bank and KBank both offer merchant services for Phuket businesses.
- PromptPay: Register your company for PromptPay using your tax ID number. Most Thai customers and suppliers now prefer PromptPay transfers over traditional bank transfers — it's instant and free.
- Tourism industry note: If you receive significant online booking revenue through OTAs (Agoda, Booking.com), check how they remit to Thailand and which Thai banks have the best integration. Bangkok Bank is most commonly used for Phuket accommodation business settlements.
Questions about business banking in Phuket?
We can point you to the right branch, the right documents, and whether Wise Business makes sense for your specific situation. First question free.
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Frequently Asked Questions
Which Thai bank is best for a Phuket business owned by a foreigner?
Bangkok Bank and KBank are most commonly recommended. Bangkok Bank has historically been more accessible for foreign directors and has excellent international transfer infrastructure. KBank offers the best digital banking experience among Thai banks.
What documents do I need to open a business bank account in Phuket?
Typically: company certificate (DBD affidavit), shareholder list (BOJ 5), company Articles, VAT registration, board resolution, authorised signatories' passports, company seal, and proof of business address. Requirements vary slightly between banks.
Can a Phuket company use Wise Business instead of a Thai bank account?
Wise Business can complement your Thai account but cannot replace it. Thai companies must use Thai bank accounts for Social Security payroll contributions, VAT payments, and corporate income tax. For international transfers and foreign currency, Wise Business is significantly cheaper.
What are the monthly fees for a Thai business bank account?
Monthly maintenance fees are generally THB 100–200. The real costs are transaction fees, international transfer fees (0.25%–0.5% + THB 200–500), and currency conversion spreads — significant for businesses with international transactions.
Does my Phuket business need a separate account for each currency?
Thai banks offer Foreign Currency Deposit (FCD) accounts for USD, EUR, GBP and more. Bangkok Bank's FCD accounts are popular for import/export businesses. Wise Business is often more cost-effective for multi-currency operations.
How long does it take to open a business bank account in Phuket?
With all documents ready, same-day or next-day opening is possible at major Phuket branches. If the bank's compliance team needs to review (common for new companies with foreign directors), allow 3–10 business days.
