KYC

[Rimbuman]

When registering for an online bank account, brokerage account, crypto exchange, etc KYC is often required.

I was wondering how to tackle the proof of address when living here in Thailand.

Utility bills are payed online and Thai bank statements aren't send to address. 

What would be the best way to obtain proof of address that will be accepted for KYC?

 

[fdsa]

It depends on the service, some do accept Thai bank statements if they contain your address. I've needed to pass that KYC BS once and asked Krungsri to print a bank statement sheet including my address.

[scubascuba3]

If owner, Chanote & blue book, or yellow book if have one

[Lemsta69]

13 minutes ago, fdsa said:

It depends on the service, some do accept Thai bank statements if they contain your address. I've needed to pass that KYC BS once and asked Krungsri to print a bank statement sheet including my address.

why is it BS? financial institutions have legit reasons for doing KYC. 

[fdsa]

5 minutes ago, Lemsta69 said:

why is it BS? financial institutions have legit reasons for doing KYC. 

if that financial institution is a bank with proper informational and physical security measures, not some digital-tulips-trading website hosted "somewhere in the cloud" and which stores my private personal information protected by the password like "12345".

 

So it's ok for me to provide passport scans etc to the real financial entity, but cryptocurrency exchanges could go fk themselves.

 

Edited March 18, 2022 by fdsa

[Lemsta69]

4 minutes ago, fdsa said:

if that financial institution is a bank with proper informational and physical security measures, not some digital-tulips-trading website hosted "somewhere in the cloud" and which stores my private personal information protected by the password like "12345".

 

So it's ok for me to provide passport scans etc to the real financial entity, but cryptocurrency exchanges could go fk themselves.

 

interesting. I've had to KYC with a bunch of crypto outfits otherwise I can't use their services. I don't like it but consider it a necessary evil. 

[Digitalbanana]

40 minutes ago, Rimbuman said:

and Thai bank statements aren't send to address. 

My Thai bank statements aren't sent to address, but my address is included in the statement.

[KhunBENQ]

30 minutes ago, scubascuba3 said:

If owner, Chanote & blue book, or yellow book if have one

But that's all in Thai script. Doubt you can use it overseas?

Indeed it's worth trying at your Thai bank if you have.

They should be able to produce a letter stating that you are their customer with address.

All in English.

Otherwise pay big at immigration?

Are you registered at your embassy?

[scubascuba3]

33 minutes ago, KhunBENQ said:

But that's all in Thai script. Doubt you can use it overseas?

Indeed it's worth trying at your Thai bank if you have.

They should be able to produce a letter stating that you are their customer with address.

All in English.

Otherwise pay big at immigration?

Are you registered at your embassy?

Op has to ask the brokerage company but might need to get it translated, easy enough, won't be the first person

[treetops]

My PEA bill is paid by direct debit but I get a receipt every month with my name and address on it.

[Rimbuman]

6 hours ago, Digitalbanana said:

My Thai bank statements aren't sent to address, but my address is included in the statement.

What bank includes your address in the statements? That will generally be good enough and accepted for KYC.

[Rimbuman]

4 hours ago, treetops said:

My PEA bill is paid by direct debit but I get a receipt every month with my name and address on it.

That would work, but I don't get this on my name (it's on my wife's name) and it is in Thai script.

[Golden Triangle]

What is KYC ?

[fdsa]

1 hour ago, Golden Triangle said:

What is KYC ?

it is when a support staff working for a minimal wage knows exactly how much cryptocurrency you have, how do you look like and where do you live, so they could sell that information to the crooks looking for easy money.

And the police won't listen to your claims that you've got crypto extorted by those crooks because "sorry cryptocurrency is not a legal tender in our country" or "kreeptuh... what? sorry we no understand"

Edited March 18, 2022 by fdsa

[GrandPapillon]

8 hours ago, Lemsta69 said:

interesting. I've had to KYC with a bunch of crypto outfits otherwise I can't use their services. I don't like it but consider it a necessary evil. 

very convenient too when the exchange steal your cryptos and cash them in with your KYC documents at another venue ????

 

what could possibly go wrong? ????

[GrandPapillon]

1 hour ago, Golden Triangle said:

What is KYC ?

a new crypto ????

[Golden Triangle]

Thanks for the explanation, I had no idea, ????????????????

Edited March 18, 2022 by Golden Triangle

[bradiston]

7 hours ago, Golden Triangle said:

What is KYC ?

Know Your Customer. It's a PITA.

[animalmagic]

If the usual methods of bank statement and utility bill are difficult try using the 90 day report? I seem to remember that you get confirmation of report that may give enough details on name, PP number and address. Alternatively I think the Immigration gives a letter on proof of address when renewing driving license.

[Sydebolle]

A local insurer insisted on a KYC for a car insurance. Among others they wanted to know my civil status, yearly income, listing of memberships on social media and my hobbies.

I chose another company - be aware that you're in a land with zero data protection on any information. I also could not figure out, what my baking skills or preference of Pavarotti over KISS  would have to do with their business offerings ......... 

[rwill]

11 hours ago, Golden Triangle said:

What is KYC ?

Know Your Customer.  It means actually verifying the information your customer gives you.  Mainly your address.

[rwill]

Schwab One International accepted my Thai drivers license as proof of address.  Your address is on the back side of it.

 

Some places also require a translation if in Thai text.

 

 

[alanrchase]

KYC is a CYA tool. I can provide several accepted proofs of address for a house I don't live in but cannot provide the same proof for the house I do live in.

[david555]

19 hours ago, fdsa said:

if that financial institution is a bank with proper informational and physical security measures, not some digital-tulips-trading website hosted "somewhere in the cloud" and which stores my private personal information protected by the password like "12345".

 

So it's ok for me to provide passport scans etc to the real financial entity, but cryptocurrency exchanges could go fk themselves.

 

As those cryptos becomes more and more regulated , they are also more targeted by governments with heavy money laundering fines because  a certain % of crypto users have exactly their "very  personal reasons..." ???? to become as little as possible KYC ???? 

[jimn]

Obviously KYC is well known to some probably only in the US. I am a Brit and have never heard of it. When asking questions make sure you KYA.

[Rimbuman]

11 hours ago, GrandPapillon said:

a new crypto ????

KYC stands for know your customer 

[Rimbuman]

1 hour ago, rwill said:

Schwab One International accepted my Thai drivers license as proof of address.  Your address is on the back side of it.

 

Some places also require a translation if in Thai text.

 

 

That could be helpful, good one.

[david555]

10 minutes ago, jimn said:

Obviously KYC is well known to some probably only in the US. I am a Brit and have never heard of it. When asking questions make sure you KYA.

Just across the English channel it is already few years present.....if no formfilling it... you get a blocked account ...... so prepare , as with all those new measures to counter those oligarch's , but those laws  count for all  .....

 

Same as in my E.U. country  all cash payments above 3000 Euro may only be done  by bank transfers ....

Edited March 19, 2022 by david555

[Rimbuman]

20 hours ago, Lemsta69 said:

interesting. I've had to KYC with a bunch of crypto outfits otherwise I can't use their services. I don't like it but consider it a necessary evil. 

Most people don't like it, neither do I.

[bangkokstick]

Amazon also asks a proof of address, which bank has printed one for you ?