It’s a challenge to get a credit card as an expat in Thailand. And it’s even more difficult to get a credit card for a company.
You can’t just go to any bank and expect to make a corporate credit card with them.
For example, Krungsri has high requirements for a corporate credit card. Your company needs to have at least THB5 million in registered capital, and the bank may apply additional financial requirements based on its current product conditions and credit approval.
Let’s take a look at the easiest bank with which to get a corporate credit card.
General Requirements
When it comes to getting a corporate credit card, banks commonly look at three main requirements:
- How long has your company been operating?: Your company generally needs to have been operating for at least two to three years in order to get a corporate credit card. For Bangkok Bank, it’s three years.
- What’s your company’s financial status?: Unlike a personal credit card, your company does not always need to have a minimum amount of profit every month to get a corporate credit card. However, financial statements and a copy of your bank passbook are always required. Banks want to take a look at your company’s financial status first before approving a corporate credit card.
- What’s your company’s paid-up capital?: This requirement differs between banks. Some banks, including Krungsri, list minimum registered-capital requirements, while others may focus on paid-up capital, revenue, deposits, or financial statements. Other banks, including Krung Thai, Bangkok Bank, and Kasikorn Bank, may have different paid-up capital or revenue requirements, so check the current product conditions before applying.
Which Bank to Choose?
Kasikorn Bank and Bangkok Bank are usually the easiest banks to deal with. After your company has been running long enough to meet their eligibility rules, you can go there and apply for a corporate credit card.
The approval process can take time and is subject to each bank’s review.
The main drawback with Kasikorn is that they tend to be crowded all the time. You might need to wait more than an hour just to talk with the bank officer.
Bangkok Bank has a good exchange rate. Our company in Thailand also has corporate credit cards from them.
Their main drawback is their system, which is quite bureaucratic. It’s also hard to call their support as well.
The Krung Thai corporate card page asks for documents such as a financial statement from the latest year, a copy of your bank book from the last three months, and other normal company documents.
As long as your company has been operating for at least 2 years with good financial statements, it’s possible that you will get a corporate credit card from them, subject to bank approval.
The main drawback of the Krung Thai bank is their internet banking system which is complicated and hard to use.
Alternative Options
If you can’t make a corporate credit card for whatever reason, an alternative is to get another personal credit card for yourself and use it specifically for company expenses.
After that, you can use company funds to reimburse yourself every month. As a bonus, you can collect credit card points and redeem them for whatever you want.
The drawback of this method is making sure that you only use this credit card to pay for company-related things. You can’t use it to pay for your own groceries, clothes, or regular meals.
Otherwise, you may have a problem with the Revenue Department.
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