K bank E-mail with Tax Forms attached ?

[McTavish]

2 hours ago, Sandboxer said:

If our "home branch" is too far away, can we go to ANY branch?

 

YES

 

I was at KBank @ Central when they opened as the wife had am 11am appointment in the centre.  Walked and asked if I could uplift a copy of the docs.  Service desk girl had very little English and after I showed her the email and forms listed she got the idea and asked for my PP.  Being non-US she immediately located the FATCARS form, asked for my KBiz a/c # and entered all required details on the system.  I only gave city/country for address, no street addy.

 

5 minutes later I was given a copy of the completed document for my records.  Easy as!

[MeRakThai]

I have just discussed this with my accountant here in Australia. She has had to do similar paperwork for the same reason for a client of hers with a bank account in Greece, it is legitimate and I have been told that i must fill in the paperwork as it is an international banking agreement. Firstly if you are NOT an American or have a green card or somehow have an affiliation with tax in any form with America disregard the forms w-9 and w-8BEN, you will see on the original e-mail it states "if applicable".  Write across these two requests forms as ALL NOT APPLICABLE when you send your paperwork through as they are just for the American affiliations, just fill out the individual Self-certification. As I obviously cant go to a Thai bank being here in Australia I will have a copy of my passport certified by my Tax agent and e-mail (not Happy with that). i wont be able to send mine till 3rd December so I cant tell you till after then if there has been any setbacks. 

After following Aseannow members comments  (and its predecessor) for the last 15+ years this is my first post.☺️

 

[mrbojangles]

1 hour ago, hotandsticky said:

 

 

Where are you based?

Pattaya,  Darkside 

[hotandsticky]

16 minutes ago, mrbojangles said:

Pattaya,  Darkside 

 

Thanks. I would have thought they, like central Pattaya/Jomtien, would be clued up.

 

Rural areas less so.

[scubascuba3]

4 hours ago, chang50 said:

Just been at  kbank for help with FACTA paperwork it was too easy.All they wanted was my name nationality passport number place of birth.They only want a Thai TIN number if you work in Thailand.Said tick no for all the US questions and ignore the tax resident in another country bit.Sign and date and the jobs a good 'un.Took 2 minutes.

which branch? as we know every branch/person could be different 

[scubascuba3]

3 hours ago, Jingthing said:

What are the consequences if you never fill the forms and they never ask? 

Close the account

[scubascuba3]

2 hours ago, mrbojangles said:

 

 

I've just been into the bank and although they were very helpful it took about 30 minutes. Could be look of the draw. They also wanted my UK tax number

which branch?

[scubascuba3]

1 hour ago, McTavish said:

Being non-US she immediately located the FATCARS form, asked for my KBiz a/c # and entered all required details on the system.  I only gave city/country for address, no street addy.

 

5 minutes later I was given a copy of the completed document for my records.  Easy as!

That detail i.e  thai address she should of had already, sounds suspect 

[McTavish]

Just now, scubascuba3 said:

That detail i.e  thai address she should of had already, sounds suspect 

Not at all, it's all about one's home tax residency address, not my Thai address.

[LittleBear57]

I had the too. Not really looked at them thoroughly. Pissed me off though over the weekend.  Time to change banks perhaps or maybe Kasikorn are just the first to do it.

[Maxfra67]

i also received the same email.....

i'm not a US citizen or have anything to do with US, so i understand i may just fill the form "1.1 FATCA-CRS FORM_INDIVIDUAL"....

However, i see anyone really commented on the Part 4 (which mentions as follows) which is scary + unacceptable, therefore i won't fill it and return it to Kasikorn......

 

 

You hereby agree to authorize KASIKORNBANK FINANCIAL CONGLOMERATE to:

1.disclose to the entities under KASIKORNBANK FINANCIAL CONGLOMERATE and/or agents and/or other financial institutions for benefits of my financial transactions (for the

benefit of FATCA/ CRS/ OECD compliance), domestic and/or foreign tax authorities, including the U.S. Internal Revenue Service (IRS) and/or your name, address, taxpayer

identification number, account number, FATCA/ CRS/ OECD compliance status (compliant or recalcitrant), account balance or value, the payments made into or from the account,

account statements, the amount of money, the type and value of financial products and/or other assets held with KASIKORNBANK FINANCIAL CONGLOMERATE, as well as the

amount of revenue and income and any other information regarding the banking/business relationship which may be requested or required by the entities under KASIKORNBANK

FINANCIAL CONGLOMERATE and/or agents and/or other financial institutions, domestic and/or foreign tax authorities, including the IRS;

2. withhold from your account and/or the income derived from or though KASIKORNBANK FINANCIAL CONGLOMERATE in the amount as required by the domestic and/or foreign

tax authorities, including the IRS, pursuant to the laws and/or regulations, and any agreements between KASIKORNBANK FINANCIAL CONGLOMERATE and such tax authorities;

and

3. allow asset management companies (including all funds that managed by such asset management companies) who appoints any of the company in

KASIKORNBANK FINANCIAL CONGLOMERATE as distributor/agent for subscribing/redeeming/switching the investment unit(s) and any of related person or agent of the

asset management companies or funds, to use any documents, information, affirmation, consent related to identification and disclosure/withholding (including this document

and reference document) (hereinafter referred to as “Document and Information”) in accordance with any applicable laws (FATCA/ CRS/ OECD and AML) as if I have provided

such Documents and Information to each of those aforesaid person(s) myself and authorize those person(s) to use/provide/share such Document and Information.

 

[wallyw00]

1 hour ago, McTavish said:

 

YES

 

I was at KBank @ Central when they opened as the wife had am 11am appointment in the centre.  Walked and asked if I could uplift a copy of the docs.  Service desk girl had very little English and after I showed her the email and forms listed she got the idea and asked for my PP.  Being non-US she immediately located the FATCARS form, asked for my KBiz a/c # and entered all required details on the system.  I only gave city/country for address, no street addy.

 

5 minutes later I was given a copy of the completed document for my records.  Easy as!

What part's of page 2 did you fill out?

[Jingthing]

47 minutes ago, scubascuba3 said:

Close the account

You made that up.

[Rampant Rabbit]

How about if you have 2  Kasikorn accounts at 2  different branches in 2  different cities..........? Do you need to do it in each branch or will the one suffice?

[Rampant Rabbit]

2 minutes ago, Jingthing said:

You made that up.

It states at the end they have the option but doesnt outright say they will, also says may suspend part of your banking, whatever that means

[MangoKorat]

7 hours ago, Gobbler said:

 

Are you here or not? Go to a different Kbank. 

 

 

No, I'm not back until 30 December.  K bank are pretty strict on the requirements to open an account - one of which is a long term visa which I don't have at the moment.

[newnative]

    I am American, with accounts at half a dozen different banks, including K-Bank.  None, including K-Bank, has sent me an email such as this--although I'm not sure any, except Bangkok Bank, have my email address.  I did fill out forms such as these when I opened a new account at yellow bank earlier this year.   I would not do anything by email and, instead, wait to be asked for this information in person while at the bank.

    I was at yellow bank at central festival last week and spouse and I asked one of the managers if the bank had heard anything further about taxation and requirements for banks regarding TRD.  She said they had not.  This was a follow-up to a dinner meeting we had had with several bank managers around the beginning of the year to sound them out regarding new requirements for bank reporting to TRD.  

[Gobbler]

31 minutes ago, MangoKorat said:

No, I'm not back until 30 December.  K bank are pretty strict on the requirements to open an account - one of which is a long term visa which I don't have at the moment.

They are not.  They are effortless compared to other banks.

 

Sometimes misinformed, but most of the time, very easy. 

 

[mrbojangles]

1 hour ago, scubascuba3 said:

which branch?

 

In The Chilled [Tops]

[mrbojangles]

1 hour ago, hotandsticky said:

 

Thanks. I would have thought they, like central Pattaya/Jomtien, would be clued up.

 

Rural areas less so.

 

1 woman half knew, the other had to get on the help desk

[chang50]

1 hour ago, scubascuba3 said:

which branch? as we know every branch/person could be different 

The big one on Pattaya tai near Friendship.

[scubascuba3]

55 minutes ago, Jingthing said:

You made that up.

Just common sense

[scubascuba3]

1 hour ago, McTavish said:

Not at all, it's all about one's home tax residency address, not my Thai address.

ah shame that detail was missing in your post

[MangoKorat]

15 minutes ago, Gobbler said:

They are not.  They are effortless compared to other banks.

 

Sometimes misinformed, but most of the time, very easy. 

 

My branch wouldn't even open a second account for me a couple of years ago.  The staff showed me the visa requirements on a tablet - no visa, no account.  I don't want an account at a branch miles away from home, for one thing, I have a safety deposit box at my local branch - how would that work miles away?

 

In general, I wouldn't say that Kasikorn are any harder or easier than other banks - they are all different. It can also depend on who you approach at a bank.  I know a girl who works at an SCB branch in Bangkok and she told me if I wanted an account, just call in. I've heard of people in Pattaya opening an account on a tourist visa.  In Bangkok, if one branch says no, you just walk to another.

 

If you live away from a major conurbation and the banks say no - you're pretty stuck.

[TonyFoster]

First post on the forum from me. 

 

I too received this email. 

 

I think we should be well beyond entertaining the notion that it is a scam. It clearly is not. 

 

I opened my K bank account in 2012 and everything has been smooth since then - except for the transition to KBIZ which was not exactly seamless for me. 

 

I reside outside of Thailand and always have. I have spent 5 months at a time there several times, but never reached the threshold for tax residency.  Currently, I am not in Thailand. However, i am cognizant of the fact that these days one of the key criteria for having bank account in Thailand appears to be residency as demonstrated by the possession of certain visa types.  I lack and in fact have never had these visas. 

 

I am concerned that if I complete the form truthfully and list an overseas tax residence, the account will be closed. I do not have a Thai TIN and I did actually attempt to obtain one about 5 years ago without success. I have condos in Thailand but the income from them after paying CAM fees and agent commissions falls below the income tax exemption threshold. This is why the tax office denied me a TIN.

 

I need the account to pay stuff like the CAM fees and also electricity / water as some tenants do not have a Thai bank account and can't manage it themselves. Losing account access would be a real bummer. 

 

So, guys what do you think I should do?  Declare a foreign tax residence (I live in a non-CRS country anyway) and risk account closure, or just go with Thai tax residence - no tax due anyway?

[graeme72]

On 11/23/2024 at 9:42 PM, ukrules said:

Has anyone who's not from the US received this email...so far?

I see they mention CRS as well which is a non US thing.

I received the email, I'm not from the US. I've had a Kbank account since 2007. 

[Encore]

Brit here.  K-Bank account at Hua Hin, opened 2013 with an O-A visa and used until O-A EoS expired 2020.  Maintain the account with minimum funds to prevent it being closed so I have a local account available when visiting Thailand.  Currently spend time in Cambodia on long stay visa with Thai GF and visit my UK residence a few times a year. 

 

CRS email received on 24 November, completed and returned same day with copy of new passport and notarisation by a local lawyer, that I got last month.  Stated 'A check of bank account details would show that I was not a US citizen' and that a TIN is not issued by UK (because they use a NIN which is not just for income tax).  Requested acknowledgement by return to confirm receipt but nothing yet heard. 

[MangoKorat]

One of the problems that could result from completing these forms from Kasikorn is for those UK citizens who are receiving State Pension and have not notified the UK authorities that they are living in Thailand. They therefore receive their annual pension increases - but for how much longer?

[hotandsticky]

18 minutes ago, MangoKorat said:

One of the problems that could result from completing these forms from Kasikorn is for those UK citizens who are receiving State Pension and have not notified the UK authorities that they are living in Thailand. They therefore receive their annual pension increases - but for how much longer?

 

 

Unconnected.

 

This has nothing to do with false/non declarations to the DWP.

[Gobbler]

3 minutes ago, hotandsticky said:

 

 

Unconnected.

 

This has nothing to do with false/non declarations to the DWP.

What is DWP?