Why Thai Banks Are Turning Away U.S. Citizens?

[renegade2000]

Hey everyone, I recently helped someone open a bank account, and the process has become noticeably more intrusive. They now ask questions like whether you have a U.S. phone number, friends in the U.S., or property in America. On top of that, they dig into details about your time spent in the U.S., residency status, or whether you hold a green card.

It feels like there’s an increasing effort to track U.S. persons, potentially to make it harder for them to access services—or even to outright reject them.

Do you ever feel like the system is treating you like a pariah? 

[JohnnyBD]

I didn't have any problems earlier this year when I opened new accounts with SCB and Bangkok Bank. Neither bank asked me any of the questions you mentioned. Maybe it's because I'm married to a Thai, and have lived here for several years. I don't know why it's harder for some, and easier for others to open new accounts.

Edited Saturday at 06:57 AM by JohnnyBD

[Caldera]

They need to establish if they have a FATCA reporting responsibility. Nothing really new, but maybe they make more of an effort to cover their behinds.

[Old Curmudgeon]

1 hour ago, renegade2000 said:

helped someone open a bank account, and the process has become noticeably more intrusive.

 

What bank?

And what branch location?

 

-----

 

Our dear, beloved US of A is planning ahead.

Eventually will be a tax on personal assets ... and those 87,000 new I.R.S. agents will depend on bank information to discover what you have and what transactions you make.

"Foreign banks," you say?

"No jurisdiction," you say?

If foreign banks want to remain in the international money transfer system (SWIFT) they will cooperate.

 

Merry Christmas to us all.

 

 

[EVENKEEL]

19 minutes ago, JohnnyBD said:

I didn't have any problems earlier this year when I opened new accounts with SCB and Bangkok Bank. Neither bank asked me any of the questions you mentioned. Maybe it's because I'm married to a Thai, and have lived here for several years. I don't know why it's harder for some, and easier for others to open new accounts.

Was getting a TIN a requirement at Bangkok Bank? 

[JohnnyBD]

21 minutes ago, EVENKEEL said:

Was getting a TIN a requirement at Bangkok Bank? 

No, it was not a requirement. Neither bank, SCB or Bangkok Bank asked me about it.

Edited Saturday at 07:38 AM by JohnnyBD

[In Full Agreement]

 

 

 

When my Debit card didn't work at the Jomtiem Kbank branch, I was told it was because it is USA based.

 

 

[swissie]

No matter where US citizens live, they remaim married: To the IRS.

Thai Banks fearing that the new administration will impose an "automatic reporting system" to the IRS for every US citizen living outside the US. Fearing that they would not be able to comply 100%. Thus fearing "repercussions" from the US, hampering their international banking activities.

 

[NoDisplayName]

Opened a new account at Krung Thai several months ago to deposit my juicy interest withholding tax refund, using pink ID and ol' yeller, no questions asked.

 

Showed my passport of course, and was given the standard FATCA form to fill out.  Just a paperwork drill.  Clerk's only interest was that I supplied a social insecurity number.

 

Last three bank accounts I opened in China (BoC, ICBC, AgBank), four years ago, they no longer had me fill out FATCA, as had been required 'bout fifteen years ago.

 

I reminded the Chinese staff that the US government requires all banks worldwide to submit to their financial masters.  The bank clerk just smiled and replied "That's not what Xi said."

[Etaoin Shrdlu]

The OP does not mention the citizenship of the applicant.

 

If it was a non-US citizen, the bank was looking for indicia of US person status which may not be evident if the applicant was simply presenting a non-US passport. It is possible to come under FATCA reporting requirements without being a US citizen.

 

 

[novacova]

On 11/17/2024 at 10:30 PM, swissie said:

Thai Banks fearing that the new administration will impose an "automatic reporting system" to the IRS for every US citizen living outside the US. Fearing that they would not be able to comply 100%.

No, it’s the current administration. The next incoming administration isn’t going to bother.

[KhunLA]

On 11/16/2024 at 12:58 PM, renegade2000 said:

Do you ever feel like the system is treating you like a pariah? 

They treated me like a pariah before I left ... partly why I left