LTR Visa is Now available for Long Term Residency

[LivinLOS]

  On 7/22/2024 at 12:34 PM, JohnnyBD said:

I'm not sure about the right to work online or work permit rules.

 

You can contact the LTR visa unit directly at the following to ask them questions:

LTR Visa Thailand - Long Term Resident Program (boi.go.th)

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Oh I have.. Its a saga.. 

They said its legal.. I went to labour office they said it wasnt.. I asked again they said yes its legal.. I had a video call with them, explained that the labour dept dissagreed with him, and can he show me the law.. He then started to say 'well theres no tax so its ok'.. No that isnt the same thing.. 'Well we have talked to the revenue dept and we have an understanding'... I explained the elite folks made the same claims and in the end turned out to be wrong and reversed it, if it is legal it must say so in law somewhere and that 'an understanding' isnt the same as legal.. Ended up with him just saying things like 'you wont get in trouble' etc but having no law he could show. 

Made me suspect of everything else he said really. 

[stat]

  On 7/22/2024 at 2:35 PM, LivinLOS said:

Oh I have.. Its a saga.. 

They said its legal.. I went to labour office they said it wasnt.. I asked again they said yes its legal.. I had a video call with them, explained that the labour dept dissagreed with him, and can he show me the law.. He then started to say 'well theres no tax so its ok'.. No that isnt the same thing.. 'Well we have talked to the revenue dept and we have an understanding'... I explained the elite folks made the same claims and in the end turned out to be wrong and reversed it, if it is legal it must say so in law somewhere and that 'an understanding' isnt the same as legal.. Ended up with him just saying things like 'you wont get in trouble' etc but having no law he could show. 

Made me suspect of everything else he said really. 

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Thank you for your post! That sound troubeling to a western mind who likes to have peace of mind and a law he can point to if troube arises.  

I understand this is TiT but there are big sums involved if in the end you have to pay tax for x years.

What did the elite visa guys reverse on? There could be a rerun in case of LTR visa and its "tax ememption" status?

 

Thanks!

[JohnnyBD]

  On 7/22/2024 at 4:35 PM, stat said:

Thank you for your post! That sound troubeling to a western mind who likes to have peace of mind and a law he can point to if troube arises.  

I understand this is TiT but there are big sums involved if in the end you have to pay tax for x years.

What did the elite visa guys reverse on? There could be a rerun in case of LTR visa and its "tax ememption" status?

 

Thanks!

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He was talking about work from home category, if he needed a work permit. That is why he went to the labour department. Not about LTR Wealthy Pensioners visa. See the previous post where he asked me about work permits. There is no issue with tax exemption status for LTR-WP visa holders. The law is clear on that point.

[JohnnyBD]

  On 7/22/2024 at 2:35 PM, LivinLOS said:

Oh I have.. Its a saga.. 

They said its legal.. I went to labour office they said it wasnt.. I asked again they said yes its legal.. I had a video call with them, explained that the labour dept dissagreed with him, and can he show me the law.. He then started to say 'well theres no tax so its ok'.. No that isnt the same thing.. 'Well we have talked to the revenue dept and we have an understanding'... I explained the elite folks made the same claims and in the end turned out to be wrong and reversed it, if it is legal it must say so in law somewhere and that 'an understanding' isnt the same as legal.. Ended up with him just saying things like 'you wont get in trouble' etc but having no law he could show. 

Made me suspect of everything else he said really. 

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Maybe someone could help if we knew more information.

What are you trying to find out?

Something about work permits?

Do you have a LTR visa now?

Under which of the 4 categories?

What rule or law are you looking for?

Who were you talking to? They said what was legal?

Labour Dept said what wasn't legal?

What happened to the Elite visas holders?

[JohnnyBD]

  On 7/22/2024 at 11:42 AM, LivinLOS said:

It may be in that collection of first links.. Will start digging.. 

Many thanks.. I appreciate you taking the time.

 

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I read one of your posts in another thread, that you ended up getting the 5-year DTV visa.

Congrats and good luck.

[LivinLOS]

  On 7/22/2024 at 5:54 PM, JohnnyBD said:

He was talking about work from home category, if he needed a work permit. That is why he went to the labour department. Not about LTR Wealthy Pensioners visa. See the previous post where he asked me about work permits. There is no issue with tax exemption status for LTR-WP visa holders. The law is clear on that point.

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No actually the BOI guy was 100% saying you can work on any of them for a non Thai company.. Wealthy global and welathy retiree for sure what he was claiming (cant remember if he said the special skill one). 

Unless we are talking about different conversations. 

[LivinLOS]

  On 7/22/2024 at 6:31 PM, JohnnyBD said:

Maybe someone could help if we knew more information.

What are you trying to find out?

Something about work permits?

Do you have a LTR visa now?

Under which of the 4 categories?

What rule or law are you looking for?

Who were you talking to? They said what was legal?

Labour Dept said what wasn't legal?

What happened to the Elite visas holders?

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I dont hold one.. I just got a DTV but will probably move to LTR. 

The question was online work rights on the wealthy global or global pensioner classes and the BOI helpdesk, and the BOI video call lawyer oth repeatdly assured me it was fine.. But as said above kind of backtracked a bit when challenged on legality. 

[JohnnyBD]

  On 7/23/2024 at 11:01 AM, LivinLOS said:

I dont hold one.. I just got a DTV but will probably move to LTR. 

The question was online work rights on the wealthy global or global pensioner classes and the BOI helpdesk, and the BOI video call lawyer oth repeatdly assured me it was fine.. But as said above kind of backtracked a bit when challenged on legality. 

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Sorry I misunderstood before. Thanks for clarifying. Congrats on your DTV visa.

[Lost Nomad]

Has anyone used the BOI assistance in opening a bank account?  I sent them an email last weekend with a request to open the account here in Pattaya tomorrow (Saturday).  I know there are holidays on 20/22/28/29 so I'm assuming that's part of why I haven't heard back from the BOI.  I've got my Thai simcard and the bank app installed.  Anything else I need?  Is there a fee to get the card/open the account?  Monthly fees or required minimums?  I really only plan on using this account to pay rent since I don't mind the old school way of using cash.  The plan is use the Schwab ATM to pull out cash every month, deposit the rent into the bank for the transer to landlord, and use the rest for daily expenses.

[JohnnyBD]

  On 7/26/2024 at 7:53 AM, Lost Nomad said:

Has anyone used the BOI assistance in opening a bank account?  I sent them an email last weekend with a request to open the account here in Pattaya tomorrow (Saturday).  I know there are holidays on 20/22/28/29 so I'm assuming that's part of why I haven't heard back from the BOI.  I've got my Thai simcard and the bank app installed.  Anything else I need?  Is there a fee to get the card/open the account?  Monthly fees or required minimums?

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I don't know if BOI could provide any assistance with opening bank accounts.

You shouldn't need any assistance. I recently opened an account with SCB, and they only needed my passport and phone number to link my account to their App. There was a 250B fee for my debit card, and a minimum balance requirement. Good luck.

[Pib]

  On 7/26/2024 at 7:53 AM, Lost Nomad said:

Has anyone used the BOI assistance in opening a bank account?  I sent them an email last weekend with a request to open the account here in Pattaya tomorrow (Saturday).  I know there are holidays on 20/22/28/29 so I'm assuming that's part of why I haven't heard back from the BOI.  I've got my Thai simcard and the bank app installed.  Anything else I need?  Is there a fee to get the card/open the account?  Monthly fees or required minimums?  I really only plan on using this account to pay rent since I don't mind the old school way of using cash.  The plan is use the Schwab ATM to pull out cash every month, deposit the rent into the bank for the transer to landlord, and use the rest for daily expenses.

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Here are the details on the assistance provided for the two banks involved with the the LTR program which are Bangkok Bank and K-bank.  And actually, if going with K-bank no BOI assistance is needed...just provide K-bank the docs identified in the BOI weblink.  Now if going with Bankgok Bank, then yes, the weblink indicates BOI needs to know 4 days in advance (this would sure be business/work days) in order to pre-coord with Bankgok Bank.

https://ltr.boi.go.th/page/opening-bank-account-in-thailand.html

 

Typically to open a Thai bank acct only a Bt500 opening deposit is required for a typical savings acct....that's not a fee, just the mininum amount to open an acct.  After opening the acct you could withdraw the opening deposit if desired.   Other types of accts like a Foreiegn Currency Deposit Acct, Fixed Savings Acct, etc., maybe more.  But I do not recommend carrying a zero balance.  Most Thai bank follow an account activity rule that if there is no acct owner activity (i.e., deposit, withdrawal, transfer) after 12 months "if", repeat, if the balance is below "Bt2K: then they start charging a Bt50/month acct maintenance fee until the acct reaches zero balance and then the acct is closed. Best to keep a balance north of Bt2K if you don't plan to use the acct that often like going back to the home country for a year or more...and when deciding on a balance to keep be sure to take in acct the annual debit card fee which is deduced automatically from the acct on each anniversary,

 

Shouldn't be any monthly fees for a typical savings acct and most any acct.   Now the bank will surely try to get you to sign-up for one of their pricey annual fee debit cards/insurance which offer accident insurance and other stuff you'll probably never be able to use.  I recommend you decline there pricy stuff (it "not" required to open an acct) and just go with the basic "Mastercard or UnionPay" debit card which has an annual fee in the Bt300-400 ballpark.   Some people will say don't even get a physical debit card....just use cardless withdrawal....but the problem with cardless withdrawal you typically can only do that at the ATM of the bank the acct is with...and when you need money from an ATM the only ATM available may be another bank...you know wish you had a phyical card.

[stat]

  On 7/26/2024 at 9:54 AM, Pib said:

 

Here are the details on the assistance provided for the two banks involved with the the LTR program which are Bangkok Bank and K-bank.  And actually, if going with K-bank no BOI assistance is needed...just provide K-bank the docs identified in the BOI weblink.  Now if going with Bankgok Bank, then yes, the weblink indicates BOI needs to know 4 days in advance (this would sure be business/work days) in order to pre-coord with Bankgok Bank.

https://ltr.boi.go.th/page/opening-bank-account-in-thailand.html

 

Typically to open a Thai bank acct only a Bt500 opening deposit is required for a typical savings acct....that's not a fee, just the mininum amount to open an acct.  After opening the acct you could withdraw the opening deposit if desired.   Other types of accts like a Foreiegn Currency Deposit Acct, Fixed Savings Acct, etc., maybe more.  But I do not recommend carrying a zero balance.  Most Thai bank follow an account activity rule that if there is no acct owner activity (i.e., deposit, withdrawal, transfer) after 12 months "if", repeat, if the balance is below "Bt2K: then they start charging a Bt50/month acct maintenance fee until the acct reaches zero balance and then the acct is closed. Best to keep a balance north of Bt2K if you don't plan to use the acct that often like going back to the home country for a year or more...and when deciding on a balance to keep be sure to take in acct the annual debit card fee which is deduced automatically from the acct on each anniversary,

 

Shouldn't be any monthly fees for a typical savings acct and most any acct.   Now the bank will surely try to get you to sign-up for one of their pricey annual fee debit cards which offer accident insurance and other stuff you'll probably never be able to use.  I recommend you jjust go with the basic "Mastercard or UnionPay" debit card which has an annual fee in the Bt300-400 ballpark.   Some people will say don't even get a physical debit card....just use cardless withdrawal....but the problem with cardless withdrawal you typically can only do that at the ATM of the bank the acct is with...and when you need money from an ATM the only ATM available may be another bank...you know wish you had a phyical card.

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Would you chose KBank or BKK Bank? I see KBank has a lot of discounts on Grab that could easily reach 4000 Baht in a year. Thanks!

[Pib]

  On 7/26/2024 at 9:58 AM, stat said:

Would you chose KBank or BKK Bank? I see KBank has a lot of discounts on Grab that could easily reach 4000 Baht in a year. Thanks!

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I can't speak from personal experience with Kaishorn Bank as I don't have an acct with them....but I've always heard they are a good bank....many expats talk postively of them.  I've been with Bangkok Bank for around two decades (started before my LTR visa)....no problems....good bank.  I also have a Krungsri Bank acct for half dozen or more years (also opened before LTR)...once again, no problems...good bank.   So those two banks are the only two I can speak to from personal experience/having accts at these banks for many years.

 

Why not just open accts with both Bangkok Bank and K-bank since they smile upon LTR visa holders?   Having multiple accts at different banks also increases your Thai baht savings deposit govt insurance coverage in case a bank goes belly-up.

[SHA 2 BKK]

  On 7/26/2024 at 10:08 AM, Pib said:

 

I can't speak from personal experience with Kaishorn Bank as I don't have an acct with them....but I've always heard they are a good bank....many expats talk postively of them.  I've been with Bangkok Bank for around two decades (started before my LTR visa)....no problems....good bank.  I also have a Krungsri Bank acct for half dozen or more years (also opened before LTR)...once again, no problems...good bank.   So those two banks are the only two I can speak to from personal experience/having accts at these banks for many years.

 

Why not just open accts with both Bangkok Bank and K-bank since they smile upon LTR visa holders?   Having multiple accts at different banks also increases your Thai baht savings deposit govt insurance coverage in case a bank goes belly-up.

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Just don’t go to UOB!   My Citibank Credit Card has been transferred to UOB.   I went in to open a deposit account to make sure I have funds on my wife and my Credit Cards so we don’t pay any interest.  
 

UOB has asked for letters from my current banks showing interest (I have both K Bank and Bangkok Bank), utilities showing my home address (even though they send my credit card statements etc to the same address) copies of my passport, LTR Visa and Australian Drivers Licence in lieu of a National ID Card.  
 

Told them I couldn’t be bothered.  Reminded me of the bad old days of going to immigration every 90 days!   

[JohnnyBD]

  On 7/26/2024 at 9:58 AM, stat said:

Would you chose KBank or BKK Bank? I see KBank has a lot of discounts on Grab that could easily reach 4000 Baht in a year. Thanks!

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I have UOB, SCB and Kasikorn accounts. The biggest complaint I have, is they don't allow internet banking conversions from USD acct to THB acct. I have to go into the bank when I want to convert. That is really inconvenient. I had Citibank accts, and they allowed online USD to THB conversions 24/7, but since UOB bought out Citi, UOB does not. That may be one good reason to check out Bangkok Bank. I'm planning to go there next and see if they allow USD to THB conversions online. It doesn't hurt to have multiple banks to spread the gov't insurance coverage. 

[JohnnyBD]

  On 7/26/2024 at 11:44 AM, SHA 2 BKK said:

UOB has asked for letters from my current banks showing interest (I have both K Bank and Bangkok Bank),

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Just wanted to ask a question since you said you have Bangkok Bank acct. Do you have a FCD acct? If so, does BKB allow online conversions from USD acct to THB acct? Or, do you have to go into the bank to convert? Citibank allowed online conversions, but UOB, SCB and Kasikorn do not. I have to go into the bank when I want to convert USD in my FCD acct to my THB acct. Thanks.

[JohnnyBD]

  On 7/26/2024 at 10:08 AM, Pib said:

I've been with Bangkok Bank for around two decades (started before my LTR visa)....no problems....good bank

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Pib, if you don't mind me asking, does Bangkok Bank allow online conversions from a FCD USD acct to THB acct? My banks, UOB, SCB & Kasikorn do not allow. I have to go into the bank when I want to convert USD in my USD acct to my THB acct. Citibank used to allow online conversions, but since UOB bought them, UOB does not. Thanks. 

[Pib]

  On 7/26/2024 at 12:03 PM, JohnnyBD said:

Just wanted to ask a question since you said you have Bangkok Bank acct. Do you have a FCD acct? If so, does BKB allow online conversions from USD acct to THB acct? Or, do you have to go into the bank to convert? Citibank allowed online conversions, but UOB, SCB and Kasikorn do not. I have to go into the bank when I want to convert USD in my FCD acct to my THB acct. Thanks.

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Bangkok Bank website says, Yes, you can.    See below partial quote from the bank's booklet giving full details.

 

https://www.bangkokbank.com/-/media/files/personal/other-services/branch-services/international-branches/fcd_expat.pdf

 

 

 

[SHA 2 BKK]

  On 7/26/2024 at 12:03 PM, JohnnyBD said:

Just wanted to ask a question since you said you have Bangkok Bank acct. Do you have a FCD acct? If so, does BKB allow online conversions from USD acct to THB acct? Or, do you have to go into the bank to convert? Citibank allowed online conversions, but UOB, SCB and Kasikorn do not. I have to go into the bank when I want to convert USD in my FCD acct to my THB acct. Thanks.

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Yes I have a Bangkok Bank FCD account.  I can transfer online from the FCD to my Baht account but it must be done during business hours. 

[stat]

  On 7/26/2024 at 11:46 AM, JohnnyBD said:

I have UOB, SCB and Kasikorn accounts. The biggest complaint I have, is they don't allow internet banking conversions from USD acct to THB acct. I have to go into the bank when I want to convert. That is really inconvenient. I had Citibank accts, and they allowed online USD to THB conversions 24/7, but since UOB bought out Citi, UOB does not. That may be one good reason to check out Bangkok Bank. I'm planning to go there next and see if they allow USD to THB conversions online. It doesn't hurt to have multiple banks to spread the gov't insurance coverage. 

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Isn't Wise or revolut better to transfer THB to either bank? At least that is my plan. According to their websites the fx rate is way better around 0.5-1% in case of wise or revolut vs a thai bank. However I have no practical experience and maybe I am missing something. Thx!

[JohnnyBD]

  On 7/26/2024 at 1:48 PM, stat said:

Isn't Wise or revolut better to transfer THB to either bank? At least that is my plan. According to their websites the fx rate is way better around 0.5-1% in case of wise or revolut vs a thai bank. However I have no practical experience and maybe I am missing something. Thx!

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I've never used either one of those. I only use Swift wire xfers from US Chase Bank, (no outgoing wire fees). I can send USD to my UOB or SCB USD accts (with 300B to 500B incoming wire fees depending on amount), then I convert whenever I want to. The exchange rates seem pretty good to me. It's just an inconvenience to now have to go into the bank. Citibank Thailand allowed it's customers to convert online 24/7 without going into the bank, but now that UOB has taken over Citi, customers have to go into bank to convert. i plan to open Bangkok Bank accts and close UOB accts.

[stat]

  On 7/26/2024 at 3:07 PM, JohnnyBD said:

I've never used either one of those. I only use Swift wire xfers from US Chase Bank, (no outgoing wire fees). I can send USD to my UOB or SCB USD accts (with 300B to 500B incoming wire fees depending on amount), then I convert whenever I want to. The exchange rates seem pretty good to me. It's just an inconvenience to now have to go into the bank. Citibank Thailand allowed it's customers to convert online 24/7 without going into the bank, but now that UOB has taken over Citi, customers have to go into bank to convert. i plan to open Bangkok Bank accts and close UOB accts.

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https://www.keycurrency.co.uk/swift-transfer/

 

Can you cite an example of what exchange rate was used? The fees usually pale in comparision to the mark up in the exchange rate.

 

https://wise.com/us/currency-converter/currencies/thb-thai-baht

 

Maybe check the fx rate next time when you exchange with the ones from wise or revolut.

 

 

https://wise.com/us/exchange-rate/bangkok-bank-exchange-rate

 

Wise claims to be cheaper in this case. They even point out if they are more expensive but real life picture could be different.

 

Pls let us know, thanks!

[JohnnyBD]

  On 7/26/2024 at 3:13 PM, stat said:

https://www.keycurrency.co.uk/swift-transfer/

 

Can you cite an example of what exchange rate was used? The fees usually pale in comparision to the mark up in the exchange rate.

 

https://wise.com/us/currency-converter/currencies/thb-thai-baht

 

Maybe check the fx rate next time when you exchange with the ones from wise or revolut.

 

Thanks!

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On March 25, 2024:

The exchange rate on X-rates.com was 36.362101.

My Citibank Thailand exchange rate was 36.255001.

 

Chase Bank wired USD to my Citi USD acct (no outgoing fee)

Converted USD from Citi USD acct to Citi THB acct (no incoming fee & no conversion fee)

 

[stat]

 

  On 7/26/2024 at 3:29 PM, JohnnyBD said:

On March 25, 2024:

The exchange rate on X-rates.com was 36.362101.

My Citibank Thailand exchange rate was 36.255001.

 

Chase Bank wired USD to my Citi USD acct (no outgoing fee)

Converted USD from Citi USD acct to Citi THB acct (no incoming fee & no conversion fee)

 

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So in theory it should be equal after fees. To be honest I seems quite rare that you did not pay any fee on a swift transactions i.e. getting the USD to your Thai account but Citibank one of the best banks in the world.

[JohnnyBD]

Yes, I've been fortunate over the past 8 years. Now that UOB has taken over Citibank Thailand, UOB charges 500b for incoming wires. 

[K2938]

For anybody not quite making the conditions of the LTR visa or not willing to disclose so much sensitive financial information, the new 5-year DTV visa looks like a great alternative as long as one does not need the LTR tax benefits:
 

 

And anyobdy still thinking about buying a Thai Elite/Thai Privilege visa as an alternative is really wasting their money.

[JohnnyBD]

  On 7/27/2024 at 5:26 PM, K2938 said:

For anybody not quite making the conditions of the LTR visa or not willing to disclose so much sensitive financial information, the new 5-year DTV visa looks like a great alternative as long as one does not need the LTR tax benefits:

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The DTV looks like a very good option for those on short-term visas having to do border runs. Also, some on retirement extensions may prefer the DTV, but I doubt very many on marriage extensions will change over. As for being a LTR WP visa holder, having to disclose my US Social Security & company pension information was not a concern at all. I am very happy with the LTR visa and with the tax benefits.

[1tent42]

  On 7/28/2024 at 7:26 AM, JohnnyBD said:

The DTV looks like a very good option for those on short-term visas having to do border runs. Also, some on retirement extensions may prefer the DTV, but I doubt very many on marriage extensions will change over. As for being a LTR WP visa holder, having to disclose my US Social Security & company pension information was not a concern at all. I am very happy with the LTR visa and with the tax benefits.

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I redacted my social security, bank, brokerage and pension account numbers when I submitted my documents and they were accepted just fine.

[Lost Nomad]

Update to my requesting BOI bank assistance:  On Friday the BOI responded to my request for an appointment @ Bangkok Bank on Saturday.  BOI staff had forwarded my packet to BB and was waiting on confirmation of the appointment.  Later on Friday I received an email saying all was approved and my appointment was scheduled.

 

The next morning I went to BB and had to take a queue ticket even though I had an appointment.  After waiting for 45 minutes my turn in the queue was up.  When I sat down with the accounts person she checked my passport and then pulled out the packet from the BOI. I had to sign countless forms, have a picture taken, select 2 seperate PIN codes, pay THB 400 for the debit card, and make an initial deposit.  I'm not sure what the minimum deposit would have been because I was deposting enough money to cover the 2 month security deposit I will be paying the owner of the condo I have selected.

 

I also indicated that I would need online banking on both a computer and my phone.  The accounts person attempted to setup my BB app but I was receiving a "unable to verify mobile number" error and she said it was due to poor cell signal and to try again at home.  I am still unable to receive the SMS code needed to verify my account on the app and I even went to the AIS store to confirm they had assigned that simcard number to me in their system.  They had.  I have no idea why I cannot receive the SMS and do not think using the app is in my future.  I am able to logon to the BB site using my laptop, so as long as I can send money from BB to the condo owner I really have no need for the app.  The BB website lists at least 2 tabs for payments but I think one of them is only for paying certain companies that BB accepts.  Hopefully the other one will allow me to send funds to whatever banking instructions I receive.  I have also heard you can pay rent via the ATM or I would imagine actually going inside and talking to a bank person that they could do it.

[Pib]

Good report...thanks.  Since the bank account is brand new maybe it will start working on the mobile app (i.e., mbanking) after several business/work days have passed...like 3 or 4 business/work days...don't count the acct opening day or weekends/holidays.   I know you got setup for ibanking mmediately, but maybe the mbanking takes longer since they are two separate systems.   

 

And the opening deposit amount requirement was only Bt500....it's not a fee...just a deposit which you can literally withdrawl the next day (or maybe sooner).  Seems a Bt500 opening deposit requirement is pretty standard across the great majority of Thai banks when opening a regular savings account. 

 

Basically BOI has vouched for you with Bangkok Bank allowing the easy opening of a bank acct....or maybe it's more accurate to say Bangkok Bank knows you went thru quite a documentation vetting process in obtaining an LTR visa which more than satisfies Bangkok Bank for account opening purposes.  

 

Edit: and remember, you can also open a bank acct with Kaiskorn Bank using your LTR visa....no need to first go thru BOI to arrange a K-bank appt....you can just go direct to a K-bank branch....but I would take along a printout of below BOI webpage in case you get a deer-in-the-headlights look from the bank rep.    BOI has a deal with Bangkok Bank and K-bank (only those two banks) regarding easy acct opening for LTR visa holders. 

https://ltr.boi.go.th/page/opening-bank-account-in-thailand.html