Thai Banks To Face Rigorous Compliance Regulations Starting June

[cowellandrew]

Ok long story shorten,

I've had a few of these thai bank accs 

Went to local branch krung thai bank Kanchanaburi to open new acc, fat controller bank manager female said no can do, 

Ok went to pattaya as you do, 

Opened bank account in minutes!

No problems,

Went back to the kanchanaburi branch as you do to pay money In. 

As I danced around the bank for 15 minutes

With my gold krung thai card from pattaya I think she felt pretty stupid that day !

😂

[Nick Carter icp]

6 minutes ago, cowellandrew said:

Ok long story shorten,

I've had a few of these thai bank accs 

Went to local branch krung thai bank Kanchanaburi to open new acc, fat controller bank manager female said no can do, 

Ok went to pattaya as you do, 

Opened bank account in minutes!

No problems,

Went back to the kanchanaburi branch as you do to pay money In. 

As I danced around the bank for 15 minutes

With my gold krung thai card from pattaya I think she felt pretty stupid that day !

😂

 

   Did you taunt the female bank manager by waving your card around in her face ?

Would be rather immature if you did that 

[Davedub]

Synopsys: More ill thought out, unworkable bureacracy will be hurriedly put in place and poorly enforced by staff who have not been sufficently trained.

 

Likely reality: More loopholes will be created by poorly thought out legislation. Bona fide customers will have their time wasted and will be met by different bureacratic requirements depending on different banks, staff and even staff moods. Multiple trips to the bank to open an account will be necessary as the bureacratic requirements vary wildly with each visit. Frustration and pointless timewasting will ensue.

Criminal elements will continue their activities unabated using a fresh set of loopholes in the poorly conceived legislation coupled with the time honoured traditions of paying bribes and leveraging connections to influential people.

 

Net Result: The only real change will be yet another increase in the bureacratic burden inflicted on Thailand's people and her guests.

[sandyf]

20 hours ago, hotchilli said:

Thanks but I'm with SCB and have not received the above notification.

The notification came following a BOT meeting held in January 2014. When I saw the bank manager to update my account she said other banks may deal with the revised regulations in a different manner.

Looks like the BOT not too happy with how things were handled and stepped in again.

[Patanawet]

Is there any way to open a bank account in the U.K. without actually going there in person.
I simply want a UK account to pay my UK pension into.
I am a  U.K. citizen, PR in Thailand.

[hwas]

On 5/11/2024 at 1:05 PM, Presnock said:

On 5/11/2024 at 9:41 AM, NanLaew said:

 

The State Department Credit Federal Credit (sdfcu.org) will open accounts for Americans living overseas

I am going to open an account in order to get another US credit card.  If you got a credit card, were there any problems in obtaining it?

[Presnock]

4 minutes ago, hwas said:

I am going to open an account in order to get another US credit card.  If you got a credit card, were there any problems in obtaining it?

They will give you a list of organizations that you can choose to join - I joined American Citizens Abroad - once you join that or one the multitude of organizations, the bank will give you an account with no problem at all that I recall  They were very helpful and unstood my problem with BOA cancelling my account of 50 years since I live overseas.  They give one a choice of cards with different benefits and they alert you if there is strange acty on the card.  Once, after using the card for a flight, I was hacked but the bank pended payment  so they didn't lose any money but they cancelled the card.  I recieved the replacement a tad slow but they provided why that occurred.  Anyway I have nothing but positive things to say about the service provided by this bank since opening the acct there.  That is why when I see someone write that the same situation  has happened, I recommend them easily and confidently too.  Good luck

[hotchilli]

2 hours ago, Patanawet said:

Is there any way to open a bank account in the U.K. without actually going there in person.
I simply want a UK account to pay my UK pension into.
I am a  U.K. citizen, PR in Thailand.

I doubt it very much
One they would want to verify who you are, ie photo verification against you in person.

Two you would almost certainly need to sign papers, also verify your signature.

Three you would have to set up a pin number for your account... only you can do that.

[hwas]

1 hour ago, Presnock said:

They will give you a list of organizations that you can choose to join - I joined American Citizens Abroad - once you join that or one the multitude of organizations, the bank will give you an account with no problem at all that I recall  They were very helpful and unstood my problem with BOA cancelling my account of 50 years since I live overseas.  They give one a choice of cards with different benefits and they alert you if there is strange acty on the card.  Once, after using the card for a flight, I was hacked but the bank pended payment  so they didn't lose any money but they cancelled the card.  I recieved the replacement a tad slow but they provided why that occurred.  Anyway I have nothing but positive things to say about the service provided by this bank since opening the acct there.  That is why when I see someone write that the same situation  has happened, I recommend them easily and confidently too.  Good luck

Thank you.  This looks quite good

[NanLaew]

On 5/11/2024 at 4:34 PM, sandyf said:

On 5/11/2024 at 1:24 PM, billd766 said:

My pensions are paid into my Wise bank account in the UK, transferred to my Bangkok Bank account, transferred to my KBank account where I pay most of my monthly bills online.

 

The rest is drawn in cash for general living expenses.

 

I have been doing that for years, and it works.

 

Why would I NEED to have a crypto account?

The reference to crypto was a bit ridiculous but it cannot be denied the banks have the ability to push you in the direction they want.

For 15 years I quite happily did all banking online and then last year the bank closed the online facility down. They said I had to use the phone app which meant a new phone, the one I had was good enough for me but apparently not their app. With fingers like cow's tits doing transactions on a phone comes close to worst nightmare.

Who is to say in the not too distant future another app upgrade will not require a push up the android ladder.

On a slightly different note there are 2 major elections on the horizon and it is just beginning to sink in how AI could be used to manipulate the rhetoric with very little in the way of preventative measures.

It, or IT, is all heading in a dangerous direction and glad my time is ending rather than starting

 

The banks don't want you to have crypto. Government revenue departments don't want you to have crypto either. Banks can't touch your crypto so they can't shut down your account because you are outside their control. Similarly, governments can't tax something that resides outside the conventional banking system. It's about retaining personal control.

[billd766]

29 minutes ago, NanLaew said:

 

The banks don't want you to have crypto. Government revenue departments don't want you to have crypto either. Banks can't touch your crypto so they can't shut down your account because you are outside their control. Similarly, governments can't tax something that resides outside the conventional banking system. It's about retaining personal control.

You forgot to mention that I don't want crypto either.

 

Strange as it may seem to you, but it is my choice.

[jacko45k]

15 hours ago, Patanawet said:

Is there any way to open a bank account in the U.K. without actually going there in person.
I simply want a UK account to pay my UK pension into.
I am a  U.K. citizen, PR in Thailand.

How about a WISE account?

[BigBruv]

On 5/11/2024 at 4:34 AM, NanLaew said:

 

The relentless march towards the cashless society got a big boost during Covid. There's no turning that back now. Go crypto.

 

CBDC is being trialled in Thailand.

How long before cash is outlawed?

 

100% digital payments means easy to implement rules on spending

Easy for the powers that be to tax in eg 'emergency situations'

 

Everyone should use cash as much as possible to slow the process as we'll

be very vulnerable once its gone

 

 

[sandyf]

17 hours ago, Patanawet said:

Is there any way to open a bank account in the U.K. without actually going there in person.
I simply want a UK account to pay my UK pension into.
I am a  U.K. citizen, PR in Thailand.

As suggested a Wise account. I did mine online from Thailand using VPN. You need to be able to do selfie on a webapp and upload it, also if you want the card you would need a physical address in the UK for it to be sent to. They also do a virtual card but I think you need the physical card before that becomes available.

You can then have your pension paid into the account just like any other bank.

[sandyf]

10 hours ago, billd766 said:

You forgot to mention that I don't want crypto either.

 

Strange as it may seem to you, but it is my choice.

Exactly Bill.

[sandyf]

1 hour ago, BigBruv said:

Everyone should use cash as much as possible to slow the process as we'll

be very vulnerable once its gone

China was effectively a cashless society before covid. The people do not want cash and they frown upon those that try and use it.

The US was so paranoid they were years behind other major economies accepting chip and pin, still an issue for many.

Conspiracy theories are far more dangerous than regulation.

[billd766]

2 hours ago, sandyf said:

Exactly Bill.

There seem to be a few posters here pushing crypto for some reason or another. I can just see the blank look on the face of the noodle shop owner if my wife wanted to pay 30 thb in crypto for a bowl of noodles. What she does now is pay cash and the transaction is done in seconds. 

[NanLaew]

3 hours ago, sandyf said:

As suggested a Wise account. I did mine online from Thailand using VPN. You need to be able to do selfie on a webapp and upload it, also if you want the card you would need a physical address in the UK for it to be sent to. They also do a virtual card but I think you need the physical card before that becomes available.

You can then have your pension paid into the account just like any other bank.

 

I am about to set up a Wise account from here in Thailand, so maybe you can share some info?

 

Did you use the UK VPN to open the account online first, then get their app later?

 

I have a UK address and banking, so I will also get their card.

[NanLaew]

14 minutes ago, billd766 said:

There seem to be a few posters here pushing crypto for some reason or another. I can just see the blank look on the face of the noodle shop owner if my wife wanted to pay 30 thb in crypto for a bowl of noodles. What she does now is pay cash and the transaction is done in seconds. 

 

I am not pushing crypto, but right now it appears to be the only way to avoid the growing "encroachment" by banks and governments on where you bank your money and how you spend it.

 

The gai-yang seller near the airport in Udon Thani has been accepting crypto since after Covid.

[sandyf]

39 minutes ago, NanLaew said:

 

I am about to set up a Wise account from here in Thailand, so maybe you can share some info?

 

Did you use the UK VPN to open the account online first, then get their app later?

 

I have a UK address and banking, so I will also get their card.

I just opened the account online using the website. I did get the phone app sometine later but never use it, do everything on the website.

The card is very handy, I use it a great deal when travelling.

[FritsSikkink]

On 5/11/2024 at 12:45 PM, sstuff3 said:

Long article informing that banks will have new compliance laws in June, but not one mention of what the new compliance measures are......

"All banks will now be required to strictly adhere to a Customer Due Diligence (CDD) approach."

[FritsSikkink]

On 5/11/2024 at 1:56 PM, DustyShoes said:

As for compliance (the end goal), you're never going to know what the banks' compliance laws are. 

Nonsense, can be found online and in English, but you can't be bothered to look or read.

[FritsSikkink]

On 5/11/2024 at 2:22 PM, brianthainess said:

I did that and then they closed my local branch, a few months later, I closed it, as even they could not open my account on my lap top, took out the cash and walked next door to my other bank, useless bunch of tosses IMO. 

A province Main Branch and 10 staff not one could speak any English. 

"as even they could not open my account on my lap top"

It would be ridiculous if they could.

[FritsSikkink]

1 hour ago, NanLaew said:

 

I am not pushing crypto, but right now it appears to be the only way to avoid the growing "encroachment" by banks and governments on where you bank your money and how you spend it.

 

The gai-yang seller near the airport in Udon Thani has been accepting crypto since after Covid.

It is illegal to use crypto to pay bills, you are only allowed to trade with it.

[BigBruv]

5 hours ago, sandyf said:

China was effectively a cashless society before covid.

 

No it wasn't

Have you ever been there???

 

5 hours ago, sandyf said:

The people do not want cash and they frown upon those that try and use it.

 

Imagined or parroted from some nonsense source.

 

5 hours ago, sandyf said:

The US was so paranoid they were years behind other major economies accepting chip and pin, still an issue for many.

 

The US who? Joe Biden? If not, WHO?

Also what's your source?

 

5 hours ago, sandyf said:

Conspiracy theories are far more dangerous than regulation.

 

 

Indeed, so I hope you're staying up to date with your booster shots 👍

[BigBruv]

1 hour ago, FritsSikkink said:

It is illegal to use crypto to pay bills, you are only allowed to trade with it.

 

It's not illegal - just not widely accepted.

Stop making things up ok boomer?

[FritsSikkink]

15 minutes ago, BigBruv said:

 

It's not illegal - just not widely accepted.

Stop making things up ok boomer?

It is illegal in Thailand, end of: Thailand Bans Crypto as Means of Payment (coindesk.com)

Don't talk nonsense.

[brianthainess]

2 hours ago, FritsSikkink said:

"as even they could not open my account on my lap top"

It would be ridiculous if they could.

Why ? I gave them permission to try.

[FritsSikkink]

3 minutes ago, brianthainess said:

Why ? I gave them permission to try.

It is dumb (security) and not allowed by the rules you agreed upon when you got a banking account.

[brianthainess]

2 minutes ago, FritsSikkink said:

It is dumb (security) and not allowed by the rules you agreed upon when you got a banking account.

And Yet the BANK STAFF tried, even the Manager.