Bank Account Catch 22

[riclag]

A Thai friend  is a big plus! Most business dealing's with Thai institutions require some guaranty a vetting requirement so to speak!

I opened a BKK BK account only after meeting their requirement of a Thai guarantor.

The GF's uncle signed or vouched for me!

 

When I oped a Kasikorn Bank Account the GF was the guarantor

[onera1961]

2 hours ago, Enki said:

The BKK Bank web site seems unchanged to me. An no idea what you call "rubbish". I simply stated my experience. I obviously don't know what BKK Bank is doing at the moment. Or what a certain branch is doing.

I went to Bangkok bank (near Sukumvit soi 10) and talk to the manager and insisted that their website said I could open with a tourist visa. I even told her if not possible, you send a note to your IT department to remove it immediately. She made her songs and dance and eventually caved in and told me to get a letter from my embassy verifying my US address. I said, it is already there in my state driver's license. But she won't accept it. I then went to the US embassy and asked them to verify my US address. But as usual they could not and asked me to write down my US address and take an oath (just like income letter) and I did and charged me 50 bucks. That letter eventually gave me an account in Bangkok bank. But they would not give me online access. I got my O-A and changed to online access. 

I opened a second account in Pattaya recently, and there was no problem. They just copied all information from my first account.

Edited December 23, 2018 by onera1961

[moontang]

5 hours ago, JackThompson said:

FACTA is more about checking on American's foreign-money to look for income to tax. 

The USA, China, and North Korea tax their citizens overseas-incomes - even when non-resident and not receiving any income from their passport-country.

US has a good size allowance for earned income, though...like 8 times what teachers make here.

[JackThompson]

40 minutes ago, moontang said:

US has a good size allowance for earned income, though...like 8 times what teachers make here.

The so-called "Income-tax" - yes.  But, for the other very-regressive income-tax, you are required to pay 15.3% on your first dollar up to $250K (I think - never hit the max), for the "social security" system.  Capital-gains are excluded from this tax - so those whose "job" is collecting dividends are exempt.  There are some offsets if living in the USA and poor (EITC) - but you lose those if overseas.

Edited December 23, 2018 by JackThompson

[Geck0]

Bangkok Bank (between Suk soi8 and 10 2nd floor) did it smoothly. I had with me my lease agreement, "verification" from embassy that my passport is mine & genuine and a pp. It took about 30 mins to open an account and get debit card.

[moontang]

50 minutes ago, JackThompson said:

The so-called "Income-tax" - yes.  But, for the other very-regressive income-tax, you are required to pay 15.3% on your first dollar up to $250K (I think - never hit the max), for the "social security" system.  Capital-gains are excluded from this tax - so those whose "job" is collecting dividends are exempt.  There are some offsets if living in the USA and poor (EITC) - but you lose those if overseas.

Self employment tax on earned income overseas?  

[JackThompson]

35 minutes ago, moontang said:

Self employment tax on earned income overseas?  

Yes.  But the "self-employment tax" is the 2nd 1/2 of the tax, paid if you work for yourself.  If you work for a USA employer, the employer pays 1/2 of it (so pays you that much less - but makes it look like less damage on your pay-slip).  If you work for yourself, you pay double - the full amount.  But, this tax (both halves) only applies to "wages" hourly or salary - capital-gains are exempt. 

Edited December 23, 2018 by JackThompson

[moontang]

2 hours ago, JackThompson said:

Yes.  But the "self-employment tax" is the 2nd 1/2 of the tax, paid if you work for yourself.  If you work for a USA employer, the employer pays 1/2 of it (so pays you that much less - but makes it look like less damage on your pay-slip).  If you work for yourself, you pay double - the full amount.  But, this tax (both halves) only applies to "wages" hourly or salary - capital-gains are exempt.

Would this apply to teachers that pay Thai SS, or only those, who don't?

[JackThompson]

42 minutes ago, moontang said:

Would this apply to teachers that pay Thai SS, or only those, who don't?

You can offset "income tax" paid in Thailand from the amount paid in the USA, but only a few countries (not including Thailand, unfortunately) have "totalization agreements" that take into account the social-security tax - allowing one to buy into another country's similar-system, instead.   I have a business (non-Thai), so only familiar with calculations based on that system (different IRS forms). 

I am not sure what deductions you might be able to take from a Thai salary, to get the "net income" used for the tax. This should be asked in the "teaching forum" - where there should be some Americans with experience.

[WyrldTraveler]

You should educate yourself on the Foreign Earned Income Exclusion (IRS Pub. 54) and subsequently investigate any bilateral tax treaties. 

 

If self-employed, you should know how to reduce your exposure already, or be able to afford competent advice from a tax professional if you are unable or unwilling to read the rules and figure it out for yourself.

[flbkk]

On advice received here or in a Facebook forum, I opened savings account at Krungsri Bank, Sukhumvit Soi 31, Bangkok. I dressed well, took US Embassy letter affirming residence, condo lease, US passport with tourist visa, and internet printout of US bank accounts with good balance. Any contact with the staff there goes like this: "Do you have work permit?" "No, retired." Various staff come and discuss with them. I received savings account, bankbook, ATM/Visa debit card, internet and mobile banking. Note: later I needed letter for visa saying that money was transferred from out of the country, they refused, saying it came through Bangkok Bank as intermediary. Bangkok Bank, Main brand, 2nd floor international desk, did give me the letter. On the day I went to Chiangwattana immigration, the Krungsri Bank there did give me the letter stating bank balance. Also, I wanted a separate account so large balance not accessible through debit card, they refused, demanded work permit. I asked Bangkok Bank at Central World for account, they said yes but no ATM card, no Internet or mobile access, and they wanted my original embassy letter which I needed for immigration. 

 

[Mike Teavee]

Was in the same catch-22 situation myself and didn't have the luxury of having lots of time in Thailand to traipse around all of the Banks/Branches so I used Siam Legal and for 3,000 THB they completed all of the necessary forms & walked me across the road to Bangkok Bank (diagonally opposite T21 at Asoke Junction) and  ensured that I got everything I wanted.

 

I flew in (Visa Exempt) on the Thursday night, met-up with Rex from SL at 1pm on the Friday & by 2pm I walked out of Bangkok Bank with my Savings Account, Debit Card, Internet/Mobile banking set-up and all the details I needed to be able to transfer monies in from overseas.

 

This was in May last year so things may have changed, but drop them an email to ask if they can help, I found them responsive and very helpful

 

Edited December 24, 2018 by Mike Teavee

[chrisatchch]

Bangkokhelper.com.        This lady helps , fee I think 4999 bhat

[buick]

On 12/21/2018 at 3:39 PM, bkk6060 said:

Lots of bogus reports on this topic.

You cannot just walk into a bank with a tourist Visa and open an account.

But good luck trying..

your constant negativity doesn't help the people trying to open accounts.  you and i both know there are ways to get it done.  as an example, instead of saying what you said above, why not mention it can be done with the assistance of an agent ? or buying insurance, or going to the right branch of a particular branch.  you know that advice is true yet you don't offer/haven't offered up that info in your posts on the topic over the last 12 months or so.  it is constant no, no, no, never, never, never.  and yet, people keep opening accounts using various means.  and i recall a thread where a member walked into bangkok bank visa exempt and got an account and i believe also online banking.  i could be wrong but i believe that is the one where he replied to you showing you his screen shot welcoming him to online banking.  it doesn't happen for everyone but it might be nice, for a change, to offer people seeking advice on the forum, to offer a more postitive type of response.   you haven't provided any help at all on the topic of bank accounts since i've been reading on the topic for over a year.  your comments should be ignored.

[buick]

here is a link to a discussion at the beginning of this year.  the OP ultimately opened an account with a tourist visa and no addtl documents (no embassy letter, no lease agreement).  and of course the usual naysayers commenting in the thread saying it can't be done along with other unnecessary negativity.

 

 

[buick]

OP - i'm not all that familiar with koh chang but i assume your immigration office is located in Trat.  in order to apply for an extension of stay based on your 800k in the bank, you'll need to get a bank letter stating such amount is currently on deposit.  some offices require the letter to be dated the same day as your visit to immigration.  some offices allow such letter to be dated the day before but your bank book must be updated the day of your visit.

 

so i'd go to Trat and try and find a bank there (hopefully nearby the immigration office).  as noted by me and others, there are ways to get accounts opened.  if you have trouble on your own.  hire a legal firm to assist, offer to buy insurance, perhaps bribe the bank officer, etc...  sometimes it helps to make two visits to the same bank. hopefully someone located on koh chang can provide addtl insight on how it worked/works for them.

[rickudon]

Eight years ago was able to open an account at first attempt. 14 months ago when i wanted a second account, even though i already had a visa extension and driving licence for years, took me 5 attempts. Even my wife's relative who worked at a bank said she couldn't fix it (that was GSB, probably the hardest). You do need some proof of address, i finally cracked it by chatting up the bank clerk who also had a daughter same age as mine at school. Yes, need to keep trying. Best of luck.