aublumberg

Yes it works as advertised, you can use the Fast Track lane both for arrival and departure. Saves some time when the airport is busy. Immigration officers are also now more familiar with the LTR visa and processing of immigration formalities is generally quite quick.

FYI some tax perspective in relation to LTR-T visa. Navigating the tax implications of working remotely in Thailand | International Tax Review

Works as you described, easy to open. Go to the Bangkok Bank headoffice (333 Silom Road) if you can.

Coby, I don’t think this will work. The fundamental construct for WFTP is that you’re employed by a qualifying company outside of Thailand. Not aware of any EOR setup that will satisfy WFTP, but happy to stand corrected. if you were to get a basic reference letter form your overseas employer then that may satisfy the WFTP visa requirement. Once approved you could then discuss with your employer the logistics to make it work, but it then creates many questions about legality, and the EOR may also need to fulfil certain requirements including a local work permit which conflicts with WFTP, plus potential income tax implications. I assume your employer is concerned about the risk of permanent establishment in a foreign jurisdiction hence their EOR request and then ‘offloading’ the overseas obligations to you and the EOR. Different visa type in my view (local work permit, unlikely LTR unless in a specified target industry).

Cathay Pacific, just as an example, allows you to hold a fare for 3 days. You could book that, print out the reservation, and just let the booking expire.

SCB brought on the former CEO of AIA a while ago. Pressure is on perhaps.

Both Singapore and Hong Kong are attractive (no capital gains tax etc.), some geo-political risk with Hong Kong, plus currency risk if the US dollar peg goes in future. Singapore has seen a lot of inflow (including from Hong Kong) in recent years, so their 'entry ticket' has gone up. I think the minimum nowadays may be SGD200 - 250k, and up. The three local banks in Singapore (DBS, OCBC, UOB) are good and you have international banks (Citibank, HSBC, Standard Chartered). The latter three common in Hong Kong as well. If you bank with any of these currently, they offer 'global' account views and options to move money around within their respective locations easier. There is plenty of material online if you google 'opening a bank account in Singapore', also on YouTube. I can't comment on your US SSN situation and the potential US tax implications.

Thank you for everyone's vote of confidence and support. Bank of the Year 2023 (scb.co.th)

FC is a Fixed Deposit Account. SC is a Savings Deposit Account.

Already the case as per general T&C to use their app …

See separate thread here

Totally. Part of my considerations who will get my banking and investment business going forward. I expect further developments from most banks on this topic over the coming 6 - 12 months. This is not the end of it yet.

Went to Siam Paragon in Bangkok to cover all my banks in one go wrt the 50k limit. Here’s a brief rundown of my experiences: 1. Kasikorn Bank: Transfer limit was not enforced before going there. “We have no policy for non-Thai, no need to do facial scan, no limitations, no plans, not aware of any plans, no forms to sign, nothing.” Am able to change daily limits and transfer. Let’s see if it stays this way or if there is more to this story in future. 2. UOB: There was never a limit enforced, tried again just before visiting them. All working normally. They still took a photo of me and did the registration and said it will take 2 - 3 days to process. Let’s see what happens next. 3. Bangkok Bank: Transfer limit was enforced prior to going there. Registered, took a photo, and it worked right away. Able to raise daily limit, able to make larger than 50k transfer. Efficient staff, friendly service, five mins all done. Impressed. 4. SCB: Transfer limit was enforced prior to going there. For foreigners they provide no means to scan. Instead they offer the option to raise a request to waive the requirement for facial recognition. The form is attached for info. They said it takes 2 - 3 days to take effect. For reference, none of my ‘home’ bank branches are located at Siam Paragon. So it works across branches and one should be able to go to any branch to get it done. Well, in theory at least. All staff across the four banks at Siam Paragon were very knowledgeable about the process, as would be expected for a place with extensive foreigner traffic.

Received this today by email ...

Exactly, you didn't change the phone. That is the reason. Once you have done the initial setup of the banking app using a Thai SIM then afterwards any internet connection from any country should work. I travel between Bangkok (AIS) and Hong Kong (CSL) all the time and it works seamlessly for Bangkok Bank, KBank, SCB and UOB apps. Same for a recent trip to Germany (Telekom SIM), WiFi also. If you change the phone, or if you re-install the app for whatever reason, then you will need to use the Thai SIM again to register.

HKD100,000 to Kasikorn and zero such encounters. Just FYI. So may be location / user specific?

Am on the new 3.25.1 and can’t change beyond 50k. Haven’t registered yet at a branch.

Bangkok Bank released a new app version which is more snappy and usability has improved. It also implements the “enhanced security by adding a facial recognition process for 1) transfer etc. of 50+k, 2) daily transaction totals 200+k and 3) raising transfer limits”. I don’t recall what my transaction limit was previously but it’s 50k now and when trying to raise it the app shows “if you want to proceed, please bring your passport and go to a branch”.

Back to the stone age then ... seriously hope not.

The Kbank app in its latest update has under Settings -> Facial verification with bank (Collect facial image for important transactions and other services with bank) newly added. When selecting it, a message is displayed “Sorry. Facial verification with bank is only for Thai customers.” Curious to observe how this will further evolve in the coming weeks …

FYI ... some interesting amendments (ahem ... expansions) to the list of target industries for LTR visa type Highly-Skilled Professionals. Previously: (1) Next-generation automotive industry; (2) Smart electronics industry; (3) Quality tourism industry; (4) Agriculture and biotechnology industry; (5) High value-added food processing industry; (6) Automation and robotics industry; (7) Aviation industry; (8) Biofuels and bio-chemical industry; (9) Digital industry; (10) Medical and comprehensive healthcare Industry; (11) Defense industry; (12) Direct and significant supporting industries for the circular economy, e.g., fuel production from wastes, water resource management, etc.; (13) Human resources development, and research and development for targeted industries; (14) Other targeted industries in line with the 20-year National Strategy and as approved by the Commission for National Competitiveness Enhancement for the Targeted Industries Policies. Now: 1) Automotive Industry 2) Electronics Industry 3) Affluent Tourism Industry 4) Agriculture, food, and biotechnology industry 5) Transportation and logistics industry 6) Automation and robotics industry 7) Aviation, aerospace, and space industry 8 ) Biofuels and bio-chemical industry 9) Petrochemical and Chemical Industry 10) Digital industry 11) Medical industry 12) National defense industry 13) Direct and significant supporting industries for the circular economy, e.g fuel production from wastes or water resource management, etc. 14) International Business Center (IBC) 15) Other industries in which the foreign applicants for the qualification endorsement must work with special expertise in one or more of the following areas: 1) Research and development in targeted industries or technologies, such as Biotechnology, Nanotechnology, Advanced Material Technology, Digital Technology 2) Human resource development in science and technology at vocational or higher education levels 3) Application of artificial intelligence, automation, and robotics in business operations 4) Planning and development of digital systems to enhance business productivity and services 5) Financial or Marketing Analyst or Advisory Services. 6) Environmental and energy management 7) Management or Advisory of incubation programs, acceleration programs, innovation, and startup ecosystems 8 ) Alternative dispute resolution services. 9) Promotion and support of economic development, trade, and investment by foreign chambers of commerce and organizations promoting trade and investment from foreign countries.” Details on the BOI LTR website under Info Services -> Law & Regulations -> Announcement of the Office of the Board of Investment No. Por. 6/2566.

FYI for those wondering about opening a bank account on the LTR visa, the BOI website has launched a new section: LTR Visa Thailand - Opening Bank Account In Thailand (boi.go.th)

Application form for payment of electricity bill by direct debit from bank account (pea.co.th)

Correct, import of foreign currency exceeding the equivalent of USD15,000 has to be declared. See https://www.bot.or.th/Thai/FIPCS/Documents/FOG/2560/ThaiPDF/25600055.pdf

It's an option. Whether it's useful depends on the circumstances.