Banks are one of the most important parts of your business. You need them for receiving money from your customers and partners. You need them to pay your employees. You need them for tracking your finances.
Although all banks seem to be the same, they’re not. In this article, we will guide you to the strengths and weaknesses of major banks in Thailand when opening corporate bank accounts.
First Things First
Which bank should I use for my company? This is a popular question for new business owners. In the end, any bank you use should:
- be close to your office
- be conveniently located
- support all your business needs
Even with online banking, you still need to visit the bank. In many cases, it can’t be any bank, but the exact branch you opened a bank account with.
For example, if you want to update your company address, you can’t do it at Bangkok Bank in Central Rama 9 if you opened a Bangkok Bank account at Central World.
You need to go to the Central World to do it.
Also, some banks may not support everything you need. Their online banking system can be bad. They may charge transfer fees. They may have bad money exchange rates. Or they might not be able to give you a credit card.
Dealing with the Meeting Notes
The most difficult document you need when opening a bank account at any bank is the meeting notes. You need to write the exact words as required by a bank officer.
The best way to do that is to bring a laptop with you with the meeting notes on file. If there are any mistakes on the meeting notes, you can edit them and send them to a bank officer to print, sign, and stamp right at the bank.
Kasikorn
Kasikorn is a popular bank when it comes to corporate bank accounts.
When you ask Thai entrepreneurs why they choose Kasikorn for their business, you can get a simple answer like “They are the only bank that approached us in person to present their banking service.”
But this is not the only reason. Kasikornbank has many branches throughout Thailand. They have good online banking systems and good exchange rates. They also offer corporate credit cards, subject to approval.
They also generally do not charge an annual fee just for keeping a standard corporate deposit account active, although service fees can apply to specific banking products and online services.
The downside? They are the most crowded bank. They are also strict. You need to prepare all documents they need for opening an account.
Bangkok Bank
Bangkok Bank is known for secure online banking. Their corporate online banking uses additional security steps, such as OTPs and security devices, depending on the service.
For example, an OTP or security device may be required for logging into the account, giving permission to transfer money, or approving transactions.
Another good thing about Bangkok Bank is their international transactions. They have a large international banking network and offer international remittance and foreign-exchange services for business accounts.
Bangkok Bank also offers corporate credit cards, subject to approval.
The bad thing about Bangkok Bank is that it’s pretty hard to reach their call center. Sometimes, it can take you over 30 minutes to get in touch with them.
You may also need to pay annual or service fees for some corporate online banking services, depending on the package and setup.
SCB
SCB is known for their quick and helpful customer service. They have branches available throughout the country. They also have a good queue system, so you won’t need to wait long when visiting their branches.
The bad thing is their online banking. Some SCB corporate online banking services can have annual or service fees depending on the product and package. Their online banking is also slow and hard to use.
TTB
TTB, formed from the merger of TMB and Thanachart Bank, is a viable choice when it comes to corporate bank accounts. They can help with all your banking needs. Their online banking system is good. They also offer business cheque services.
It’s also easy and quick to call their support or visit one of their branches in person.
Also, TTB is known for promoting low-fee personal and business banking products.
The bad part? There are generally fewer TTB branches than some larger banks, so check branch access before opening an account.
Krungthai Bank
Krungthai Bank is a good bank for personal banking. But they aren’t that good when it comes to business, especially for an SME business.
The bank officers aren’t accustomed to dealing with corporations. They might not know what documents you need to open a company bank account.
The most lackluster part is their online banking system. It’s complicated, not intuitive, and not as effective as other banks.
Their corporate card products are subject to bank approval and may not be suitable for every SME.
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