DTV visa and Thai baht bank account?

[JourdanA]

I got the new DTV visa. When I came to Thailand I tried to open a Thai baht account with this visa. I tried five different banks. None of the banks knew about this visa. So they all said no. 

What are the chances Thai banks will update their policies to allow foreigners with DTV to open bank accounts?

[Nick Carter icp]

50 % 

They might or they might not 

[JourdanA]

 Thanks. About how long would guess it might take? In other words when should I go back to the banks and ask again?

[Caldera]

50 minutes ago, JourdanA said:

 Thanks. About how long would guess it might take? In other words when should I go back to the banks and ask again?

 

As the DTV isn't a non-immigrant visa, or equivalent, I'm not very hopeful that the banks will adjust their policies to accommodate DTV visa holders. Using an agent to help with opening a bank account might well be your best bet, especially if you need it done soon.

Edited Friday at 11:16 AM by Caldera

[Everyman]

I find this situation an effective counter argument to claims that “Thais will never turn down a baht,” in the context of the tax situation.

 

DTV holders have had to show at least half a million baht in a foreign account. You would think the banks would want those funds. 

 

I suspect someone may chime in that half a million baht is “chump change” or something. I’m not interested in such bragging. 

[oldcpu]

On 11/29/2024 at 4:44 PM, JourdanA said:

What are the chances Thai banks will update their policies to allow foreigners with DTV to open bank accounts?

 

My guess is with time, the banks will update their policy to allow DTV visa holders to open bank accounts.

 

When the  LTR visa first came out (LTR is a 10 year visa), Thai banks would not initially allow foreigners with the LTR visa to open a bank account.

 

My Thai wife was a highschool classmate friend with one of the managers of a local bank branch in a big shopping mall complex in Phuket.  That branch manager noted to my wife that the bank HQ in Bangkok (for her bank) had not updated their regulations (for branch managers to follow) and that LTR visas were not yet accepted on their list of acceptable visas.

 

She told stories of a few foreigners being denied bank accounts (where the foreigners were very vocal and not pleased).

 

Further, that bank branch manager advised the same was true for the other 5 (different banks) branches of banks in the same shopping mall (as the bank branch manager often socially chats with the other bank branch managers).

 

With in a few months updated bank branch policies changed, and it became much easier with an LTR visa to open a Thai bank account.

 

My speculation is that it will be the same with the DTV.  It will just take time.

 

Until that time, if one needs an account soon, then it may be prudent to consider obtaining an agent to help expedite the process.

.

Edited Sunday at 08:44 AM by oldcpu

[Briggsy]

Banks have to consider compliance issues both domestic and international.
 

The potential regulatory investigations, fines and reputational damage lead them to err on the side of caution.

[Caldera]

On 12/1/2024 at 3:44 PM, oldcpu said:

When the  LTR visa first came out (LTR is a 10 year visa), Thai banks would not initially allow foreigners with the LTR visa to open a bank account.

 

You can't really compare that, updating their internal rules was just a formality in the case of the LTR visa (and also the SMART visa previously), as they are equivalent to a non-immigrant visa insofar as the residency status they provide is concerned.

 

The DTV is not equivalent to a non-immigrant visa. Banks could still choose to accommodate DTV holders, same as some banks choose to accommodate Elite visa holders, but there's no pressure on them to do so.