Thai Bank Account for retirement...new rules?

[Smokey and the Bandit]

1 hour ago, BritTim said:

The last time I helped a friend open a bank account, using the inducement of buying the bank's accident insurance, it was definitely just for one year. My friend signed nothing that would authorise the bank to renew the insurance in subsequent years.

Absolutely correct, only once!

[Dghart001]

So just a status update: Both kasikorn and bangkok bank said no way on a tourist...need work permit or buy a condo. Bangkok Bank at emporium said i need non-o. Thai visa centre is now charging 15000 baht to open an account, and Siam legal is not doing them at all. Guess I will need to leave and get a non-o. Let me know if anyone has an agent that can still help. Thanks for all of your excellent comments!

[Maestro]

5 hours ago, sandyf said:

If you are planning to get a retirement visa it should have been done prior to travelling to Thailand. banks would be more co-operative with the correct type of visa. There is nothing new in the stance banks are taking. I have letter from 2014 that pointed out that a change in BOT regulations required foreigners to have a work permit or long term visa.

Does that letter talk about bank accounts in general or make a distinction between current account and savings account?

[WilliamSmits]

1. Ask to open bank account to transfer 10 million THB from abroad to buy a condo.

2. Bring a Thai speaker to translate for you 

If one approach did not work, try something else

[bkk6060]

Maybe check the forum archives for all the people who claim they open accounts on Visa exempt entry.  Or, they have a friend who did. 

Edited June 3, 2023 by bkk6060

[treetops]

15 minutes ago, bkk6060 said:

Maybe check the forum archives for all the people who claim they open accounts on Visa exempt entry.

Count me in on that, but it was many years ago and things change.

[TallGuyJohninBKK]

This is from a past BKK Bank brochure on foreigners opening accounts with them via a tourist visa... (Note, I can't say whether or not they've changed their policy since this was published):

 

 

https://www.bangkokbank.com/-/media/Files/Personal/Other-Services/Branch-Services/International-Branches/ExpatBooklet_Jan2017.ashx?la=en&hash=15587776FB3E6C04F9DE10BC2742AFE153E20D44

 

[Dghart001]

All 3 banks told me that the government made a new policy about 2 months ago telling them "Do not open any accounts for foreigners on tourist visas"...they are afraid so it must be serious. I told the guy at BB I would pay for the 5k insurance and he said they cant. I have a feeling this is a backlash for the recent shenanigans of some russian/chinese criminal elements that we have been reading about in the Bangkok Post the last couple months. 

 

[DrJack54]

6 minutes ago, Dghart001 said:

. I have a feeling this is a backlash for the recent shenanigans of some russian/chinese criminal elements that we have been reading a

Bingo!

[TimeMachine]

It is a bit bizarre that banks behave in this way. 

 

Try krungsri bank centre Rd pattaya. Tell em Dave said Sawasdee.

 

 

[sandyf]

19 minutes ago, Maestro said:

Does that letter talk about bank accounts in general or make a distinction between current account and savings account?

My account was opened in the year 2000, visa exempt and with the address Room 235 Apex Hotel. In 2009 I had aquired a second account at the local branch and there was no question over anything when I registered for online banking.

In 2014 I received the attached letterwhich was aimed at online banking and I had to travel to Pattaya to amend the account details, they wouldn't do it at the local branch.

When I went to Pattaya nobody knew anything about it and I had to wait till the manager was free. The  manager spoke very good English and had recently been to a seminar on the revised BOT regulations introduced earlier that year. She provided a bit of background and said it would probably take some years for the changes to be implemented generally, with an upgrade to the system they were implementing the changes immediately for existing online banking customers. At the time I was on ME Non O and that was considered an acceptable visa.

Many on this forum dismissed it as banking propaganda but time has proven things are not as easy as they once were.

[Mike Teavee]

6 hours ago, Dghart001 said:

So just a status update: Both kasikorn and bangkok bank said no way on a tourist...need work permit or buy a condo. Bangkok Bank at emporium said i need non-o. Thai visa centre is now charging 15000 baht to open an account, and Siam legal is not doing them at all. Guess I will need to leave and get a non-o. Let me know if anyone has an agent that can still help. Thanks for all of your excellent comments!

If you fancy a trip to Pattaya then there have been recent reports of people using Agents to open an account (IIRC costs 3-5K)

 

E.g.  Mots is offering the service for 4K https://www.mots-services.com/mots-services1 but you will need 30 days left on your permission to stay (They can help with extensions at the same time). 

 

OPEN A BANK ACCOUNT.   FEE 4000 BAHT 
Banking Regulations have changed since March 2023.  If you are a tourist, you must now have a minimum of 30 days left on your visa to open a Bank Account. Mots Services can assist you to extend your visa if you need to do this to have the correct amount of time to a open Bank Account. To open the  account we need your  Passport, 2 passport photos, proof of residence in Pattaya and you need a home country driving licence or a Thai driving licence.

 

You'll need to check with them whether a TM30 from a hotel will be enough for proof of residence or whether you'll need a cert from Immigration. 

Edited June 3, 2023 by Mike Teavee

[DrJack54]

3 minutes ago, Mike Teavee said:

If you fancy a trip to Pattaya then there have been recent reports of people using Agents to open an account, IIRC costs 3-5K e.g.  MotS is offering the service for 4K https://www.mots-services.com/mots-services1

 

 

 

Mike, that's an impressive site.

For once clearly laid out details of services. .

4k for bank account very reasonable.

Along with other services.

 

Hopefully someone will report personal experience at some stage. 

[Dan O]

13 hours ago, phetphet said:

Have you made living arrangements yet?

Even if you are staying long term in a hotel. Try and get TM.30 plus a letter that you are staying there and use them to get a Residence Certificate. Then use the resi Cert to open a bank account.

You still might get refused, but try different banks.

In many cases you can not get a C o R without doing a 90 day report. A number of people were able to open an account with Krungsri while on a tourist visa. I  did while  on an extension of a visa exempt last Nov.

 

  A lot more banks are being super cautious now due to the Chinese visa scam and all the Grey business and fraudulent accounts attached to them.

 

You can shop a few different branches as they all seem to have there own rules or bend them. No guarantees but Bangkok is getting harder while other provinces seem a bit more flexible. 

[Mike Teavee]

21 minutes ago, DrJack54 said:

Mike, that's an impressive site.

For once clearly laid out details of services. .

4k for bank account very reasonable.

Along with other services.

 

Hopefully someone will report personal experience at some stage. 

Thanks Jack, I updated my post to include the requirements for getting a bank account & these also include proof of address but I believe a Certificate of Residence is easier to get at Jomtien IO than CW... 

 

OP another agent you might want to try is Majesty Visa Service Jomtien, who reported (on another forum) opening a Bank Account for somebody in exactly the same circumstances (wanted it for Non-IMM O) 3 weeks ago... 
 

Not sure what they charge for the Bank Account but the Certificate of Residency is 700b ( a bit expensive but if it helps you to get your bank account then worth it).

 

Contact details: 

Phone: 0626464394
Whatsapp: +358503444603
email: [email protected]

 

Edited June 3, 2023 by Mike Teavee

[DrJack54]

3 minutes ago, Mike Teavee said:

I believe a Certificate of Residence is easier to get at Jomtien IO than CW... 

Agents that I have dealt with in CW state that they cannot assist with  certificate of residence.

Added issue is that to do it yourself requires a 90 day report at CW.

I did this one week ago for TDL.

 

6 minutes ago, Mike Teavee said:

Not sure what they charge for the Bank Account but the Certificate of Residency is 700b ( a bit expensive but if it helps you to get your bank account then worth it).

TikTok Jomtien charge 1500b for certificate of residence. .

Perhaps the 700b is for hand holding and jump que. 

Still worth it. 

[gearbox]

14 hours ago, Dghart001 said:

I don't mind paying 5k or so to open one...just a bit surprised that not even Siam Legal is doing it anymore.

If that proves too difficult another option is to get O-A visa with minimum insurance, and during the visa period to sort out all banking etc. Added benefit you might get better interest on your 800k in your home country.

[gearbox]

7 hours ago, WilliamSmits said:

1. Ask to open bank account to transfer 10 million THB from abroad to buy a condo.

2. Bring a Thai speaker to translate for you 

If one approach did not work, try something else

I opened my accounts when I had O-A visa, even then most of the branches refused to open an account. Bringing a Thai who had substantial amount of money in the same branch made all the difference.

[gearbox]

13 hours ago, DrJack54 said:

OP, it's not about lease.

Ignore the posts re various suggestions to open bank account.

 

If opening a bank account in Bangkok you need a "certificate of residence" 

There is a catch 22....

To obtain a certificate of residence you need to have made a 90 day report (TM47) which is not possible on a tourist visa or visa exempt entry.

 

Surprised Siam Legal stopped that service.

You could try @ThaiVisaCentre and ask them.

 

Other provinces do not have the TM47 requirement. 

Maybe true in Bangkok or Pattaya, but I never had to present a 90 days report to get a certificate. In fact I did my first report Feb this year...The Samui immigration required only a lease.

[chalawaan]

14 hours ago, BenStark said:

I don't think any rules need to be bent, it is more a case of not making up their own rules on the spot.

 

As far as I'm aware, and that hasn't changed recently, there is no need for a work permit to open an account.

 

I'm here many years, with pink card and yellow book, and recently I also got the same issues at a few banks where I was refused to open accounts............................that is until I got the head office involved, after which they were very cooperating.

It's called racism back home. 

[DrJack54]

6 minutes ago, gearbox said:

Maybe true in Bangkok or Pattaya, but I never had to present a 90 days report to get a certificate. In fact I did my first report Feb this year...The Samui immigration required only a lease.

In case you missed it...

This is from OP...

"Does anyone now of any other bangkok based agent that can still open an account? "

 

The OP is asking about CW 

Pattaya is irrelevant.

Bangkok is the only province that has the TM47 requirement. 

[JimTripper]

Are you in a rush?

 

Try SCB and krung thai bank. Forget Bangkok bank. Keep trying one branch every other day.

 

can you get bbb fiber internet in your name at your rental? Get your name on a utility bill and bring that in with you. Get a postpaid cell plan with AIS or true move with your name and address on it, bring that in…

 

oh yeah, forget Bangkok bank if I forgot to mention it…

Edited June 3, 2023 by JimTripper

[DrJack54]

14 minutes ago, gearbox said:

I opened my accounts when I had O-A visa, even then most of the branches refused to open an account. Bringing a Thai who had substantial amount of money in the same branch made all the difference.

The big roller Thai made zero difference.

You had appropriate visa for bank requirements at that time. 

You did not state when this occurred.

In last few years requirements have changed significantly 

[DrJack54]

31 minutes ago, gearbox said:

If that proves too difficult another option is to get O-A visa with minimum insurance, and during the visa period to sort out all banking etc. Added benefit you might get better interest on your 800k in your home country.

That would be crazy option.

Non O-A only available in home country or country where you have permanent residency status.

You would be better off to obtain non O based on retirement. 

 

The OP stated this....

"So I have just arrived on a 60 day tourist visa, and am planning to apply for the retirement visa"

 

Yet you post about non O-A.

Funny. 

 

Edited June 3, 2023 by DrJack54

[DrJack54]

37 minutes ago, gearbox said:

Added benefit you might get better interest on your 800k in your home country.

You really do not understand the financial requirements for a non O-A.

[Maestro]

Does the nationality of the person wishing you open a bank account make a difference?

 

Over the past two years I have seen several posts indicating that US Americans face greater difficulty than other foreigners, because of bureaucratic requirements imposed by the US government that go far beyond the know-your-client rule. Apparently, the Thai government wants these US requirements complied with, eager to get a better ranking in the money laundering index.

[BenStark]

Yes if you open an account as non-US citizen, you have to sign a few documents to declare you aren't a US citizen or don't have any interests in that country

[gearbox]

8 hours ago, DrJack54 said:

That would be crazy option.

Non O-A only available in home country or country where you have permanent residency status.

You would be better off to obtain non O based on retirement. 

 

The OP stated this....

"So I have just arrived on a 60 day tourist visa, and am planning to apply for the retirement visa"

 

Yet you post about non O-A.

Funny. 

 

There would be nothing funny if he doesn't manage to open a bank account in his 60 or 90 days on his tourist visa. Having said that O-A would be probably the last option to consider, as he is already here. TiT so eventually he'll probably find an accommodating branch.

[DrJack54]

7 minutes ago, gearbox said:

Having said that O-A would be probably the last option to consider, as he is already here. TiT so eventually he'll probably find an accommodating branch.

The OP cannot obtain a non O-A.

So nothing to consider.

It's not an option.

 

He won't find an "accommodating branch" (in Bangkok) .

 

 

 

 

 

Edited June 4, 2023 by DrJack54

[gearbox]

8 hours ago, DrJack54 said:

You really do not understand the financial requirements for a non O-A.

I do understand the requirements because I already had one - 800k baht equivalent in Oz bank account with visa issued in Sydney. This amount in Oz bank account currently can bring around 35k baht on term deposit per year, enough to cover the O-A cost including the insurance requirements, with some change left.

 

If I start again from scratch it would be probably my preferred initial option again.