Thai Bank Account for Foreign Corporation

[CrossBones]

Hi

My Singapore company frequently purchases from Suppliers in Thailand.

We need a way to quickly make payments to suppliers in Thailand.

We are purchasing FROM Thailand. So we just make frequent transfers from our Singapore account to our Thai account.

We need to send money into Thailand and have no need to send money out of Thailand.

 

We dont have a business entity in Thailand and I believe we don't need one.

 

So foreign corporation with bank account in Thailand.

 

Our Singapore company has a bank account in Hong Kong. This was problematic to set up but lets us bank there with no tax/reporting obligations in Hong Kong. We need similar in Thailand. As I said before, no international transfers OUT of Thailand at all. 

 

Does anyone have experience setting up a Thai bank account for a foreign corporation, and if so which banks were the easiest to deal with.

We don't need ATM card or debit card for the bank, just Internet Banking (essential) so we can instantly transfer funds to Thai suppliers.

 

Ive been using Transferwise (for Singapore company ) to pay the Thai suppliers, but sometimes funds go missing for days, and the local suppliers dont seem to get instant notifications of transfers on their phones and they have to update their bank books to verify they received the money. Since there are many small payments, its not really working for us (creating a lot of extra work for us and our suppliers) so we need the Thai bank account really.

 

Any feedback or ideas would be appreciated!

Thank you