Use your DTV Visa to open a bank account with FITFAC
Many expats holding a DTV Visa may encounter difficulties when trying to open a Thai bank account, as almost every bank refuses to provide account services for DTV Visa holders. The primary concern for banks is that accounts opened by foreigners could be used for illegal financial activities such as online gambling, romance scams, or even money laundering.
These policies create significant challenges for DTV Visa holders living in Thailand, as relying solely on cash for everyday expenses (such as shopping or paying utility bills) is far less convenient than conducting transactions via a mobile bank account or QR code.
To address this issue, FITFAC, the largest Muay Thai gym in Thailand with over 150 successful DTV Visa applicants, has introduced a service to help foreigners holding the visa to open a bank account.
FITFAC will accompany clients to a designated bank branch, where DTV Visa holders will complete the account opening process directly with bank officials, ensuring the security of their personal information.
For those holding a DTV Visa either for a Muay Thai training camp or to attend Thai cooking schools, the following documents are required to open a bank account:
- Certificate from the Ministry of Education: To confirm that the Muay Thai or cooking school is properly accredited.
- Business registration: For the Muay Thai camp or Thai cooking school.
- Financial statements: Including tax filings for the past three years. For the Muay Thai or culinary school to be considered a reliable and accredited institution, the bank normally requires that the institution have an annual revenue of no less than 30 million baht.
- Photographs and a map: To show the location of the Muay Thai camp where the DTV Visa holder will be.
Once these documents are prepared, the DTV Visa applicant must coordinate with the Muay Thai or cooking school to submit a request to the bank to open an account. The bank will then decide on a case-by-case basis whether to approve the application.
The bank may require extensive documentation and a reliable guarantor as visa agents in the past have abused the system by attempting to open accounts for foreign criminals using ED or business visas.
This resulted in a heightened reluctance to open new accounts for agents, prompting banks to now deal directly with accredited establishments. Banks also look for schools or institutions that are well known in the community and do not operate as a visa mill.
By working alongside FITFAC, DTV Visa holders can finally have a bank account without the hassle of carrying cash or incurring additional fees for money transfers and card payments.
For the coordination service in opening the bank account, FITFAC charges a fee of 5,000 baht per client (not including any additional charges imposed by the bank).
If you are interested in opening a bank account with a DTV Visa, please visit FITFAC’s website, or contact the FITFAC visa team directly via email at visa@fitfacmuaythai.com.
Press release
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