Foreigners Face New Hurdles in Opening Thai Bank Accounts

[webfact]

Picture courtesy: Royal Vacation

 

Foreign nationals in Thailand are encountering increased difficulties when trying to open bank accounts, following a new crackdown aimed at combating financial crime. This development is part of a broader initiative by the Thai government, led by the Bank of Thailand, targeting mule accounts linked to fraud and money laundering activities.

 

Starting February 17, even foreigners applying for bank accounts required for visas, such as the Destination Thailand Visa or the non-immigrant "O" retirement permit, face potential challenges. Popular agencies in places like Jomtien have announced they can no longer assist foreigners in opening accounts until the situation stabilises.

 

The Thai authorities have been vigorous in their campaign, freezing approximately 1.8 million accounts and arresting 2,500 individuals over the past year. Attention is now directed towards telecommunication companies, digital platform operators, and consumers suspected of facilitating financial crimes.

 

This crackdown aligns with the Thai government’s efforts to dismantle scam call centres, particularly those operating from Myanmar and Cambodia. Measures, such as cutting off electricity to certain regions, have had limited impact.

There’s also an ongoing initiative to ensure that Thai mobile banking accounts are registered under the actual SIM card owner's name, which has caused complications for some, including foreigners using bank accounts in their spouse’s name or linked to corporate accounts, writes Barry Kenyon for Pattaya Mail.

 

Currently, there's no official ban on opening new accounts, but banks are exercising caution. Many are rejecting applicants citing ambiguous intentions, affecting tourists and others holding short-term visas. Banks are also empowered to suspend existing accounts suspected of being involved in money laundering or other illicit activities.

 

While necessary for addressing financial crime, this sweep has inadvertently complicated matters for legitimate foreign account holders. Observers argue for a more precise strategy targeting criminals without widespread account freezes, which are creating more problems than solutions.

 

Until banks and authorities clarify requirements and streamline processes, foreign nationals and businesses are advised to prepare for possible banking disruptions during this challenging period. Patience and resilience will be key as regulations evolve in Thailand's dynamic financial landscape.

 

-- 2025-02-17

 

 

[flyingtlger]

Each and every day, Thailand is looking like a bad place to work or retire.....

 

[nomad22]

2 minutes ago, flyingtlger said:

Each and every day, Thailand is looking like a bad place to work or retire.....

 

Anywhere outside your home country you will have the same problem opening a bank account.  These banking laws were forced on Thailand by western countries, and every country in the world that wants to be part of the international banking community has the follow the same rules.

[HappyExpat57]

In all fairness, the agents who have been assisting retirees without seasoned money in the bank have been performing an illegal act. The law to have the 800k in the bank was meant to keep riff raff out.

 

I have several friends in the Jomtien area who have used these agents for years. They are real decent folk, not troublemakers in the least - the kind of people you WANT living in Thailand, spending their money supporting the local economy.

 

Sadly, the law is the law. I hope they aren't forced to leave LOS. The place will be a little worse off if they are.

[hotsun]

12 minutes ago, flyingtlger said:

Each and every day, Thailand is looking like a bad place to work or retire.....

 

Also becoming less attractive as a tourist destination, unless you can avoid the common places tourists go

[Ben Zioner]

1 hour ago, HappyExpat57 said:

I have several friends in the Jomtien area who have used these agents for years. They are real decent folk, not troublemakers in the least - the kind of people you WANT living in Thailand, spending their money supporting the local economy.

"Friends" ?

 

[HappyExpat57]

11 minutes ago, Ben Zioner said:

"Friends" ?

 

Obviously a term you're unfamiliar with.

[ChrisY1]

2 hours ago, HappyExpat57 said:

In all fairness, the agents who have been assisting retirees without seasoned money in the bank have been performing an illegal act. The law to have the 800k in the bank was meant to keep riff raff out.

 

I have several friends in the Jomtien area who have used these agents for years. They are real decent folk, not troublemakers in the least - the kind of people you WANT living in Thailand, spending their money supporting the local economy.

 

Sadly, the law is the law. I hope they aren't forced to leave LOS. The place will be a little worse off if they are.

We would probably be surprised just how many used the "under the table" visa. In fact..it's openly promoted by the Immigration police.

[HappyExpat57]

11 minutes ago, ChrisY1 said:

We would probably be surprised just how many used the "under the table" visa. In fact..it's openly promoted by the Immigration police.

I've shared many times how I moved to Mexico and moved back so fast it gave me whiplash.

The SECOND part of that story is how I got my retirement visa back (I STUPIDLY burned the bridge and did not get a re-entry permit!).

 

It was Jomtien immigration. I asked what I needed to do to start the process all over again. The lady officer took me back to a private office where we sat down. She handed me a large stack of forms, all in Thai, and told me I would need to fill them out then take them to Bangkok where it would take several days to complete the task. OR - I could hand her 19k baht and she'd handle the whole thing.

 

I can't imagine they want this gravy train to go dry.

[Karma80]

I fail to see the uproar. Why should a tourist be able to open a bank account? They can't in any other country.

Get a proper long term visa and you can walk into any bank in person with legit ID and open it. DTV isn't a long term visa and some people need to get over that. 

[Jingthing]

I predict if the agents can resolve this that their fees will go up. 

[hotandsticky]

2 minutes ago, Jingthing said:

I predict if the agents can resolve this that their fees will go up. 

 

 

I think that happened last time they had a scare.

[quake]

5 minutes ago, Karma80 said:

I fail to see the uproar. Why should a tourist be able to open a bank account? They can't in any other country.

Get a proper long term visa and you can walk into any bank in person with legit ID and open it. DTV isn't a long term visa and some people need to get over that. 

 

Try K-Bank, lets us know how you get on with just a passport and visa. 

 

[tomazbodner]

6 minutes ago, Karma80 said:

I fail to see the uproar. Why should a tourist be able to open a bank account? They can't in any other country.

A tourist loves the place and decided to buy a condo?

A tourist is fed up asking other people to pay PromptPay where "no cash accepted" and wishes to pay with own phone?

 

I mean just 2 silly examples.

[OneMoreFarang]

2 hours ago, flyingtlger said:

Each and every day, Thailand is looking like a bad place to work or retire.....

 

With a work permit it's no problem to open bank accounts, get credit cards, etc.

[hotandsticky]

2 hours ago, flyingtlger said:

Each and every day, Thailand is looking like a bad place to work or retire.....

 

 

 

Not to me.

 

But, please, feel free to try somewhere else.

[quake]

4 minutes ago, OneMoreFarang said:

With a work permit it's no problem to open bank accounts, get credit cards, etc.

 

What's work ?

 

[Ben Zioner]

2 hours ago, HappyExpat57 said:

the kind of people you WANT living in Thailand, spending their money supporting the local economy.

How could they support the local economy when they have to resort to "illegal" visas, because they don't meet the rockbottom requirements set by Thai Immigration to ensure that they do contribute.

[nomad22]

12 minutes ago, Jingthing said:

I predict if the agents can resolve this that their fees will go up. 

 

I certainly wouldn't put any significant cash in a bank account opened by an agent.  It sounds like they are freezing these accounts and you risk losing everything if the account was opened illegally.

[smedly]

24 minutes ago, HappyExpat57 said:

I could hand her 19k baht and she'd handle the whole thing.

you were ripped off

 

just saying

[smedly]

22 minutes ago, Jingthing said:

I predict if the agents can resolve this that their fees will go up. 

i predict no change at all

[LivingNThailand]

You can't get a retirement extension (visa) or a 90-day Non-O without 800,000 THB in the bank.  And you can't open a bank account without a visa.   How does this work?

[gargamon]

49 minutes ago, HappyExpat57 said:

It was Jomtien immigration. I asked what I needed to do to start the process all over again. The lady officer took me back to a private office where we sat down. She handed me a large stack of forms, all in Thai, and told me I would need to fill them out then take them to Bangkok where it would take several days to complete the task. OR - I could hand her 19k baht and she'd handle the whole thing.

What a COS. I've done this 3 times in jomtien. Enter on a tourist, get the nr-o and 3 months later get it extended for retirement. The dragon lady tried to suck me in the first time but I refused and did the paperwork myself. No trip to BKK. She didn't even try the second or third time. You got a big S on hour forehead?

[HappyExpat57]

29 minutes ago, smedly said:

you were ripped off

 

just saying

I was under the gun and she knew it. Besides, I'm that kinda guy with more moolah than sense.

[dinsdale]

3 hours ago, flyingtlger said:

Each and every day, Thailand is looking like a bad place to work or retire.....

 

Why. If you have the proper documentation i.e. visa/work permit/proof of residency it shouldn't be a problem.

[HappyExpat57]

3 minutes ago, dinsdale said:

Why. If you have the proper documentation i.e. visa/work permit/proof of residency it shouldn't be a problem.

They're tightening the rules, actually applying them. As everything else in LOS, let's see how long it lasts. When immigration stops sharing the brown envelope treasure trove cuz it's dried up, things may loosen back up a bit.

 

Wait and see.

[LivingNThailand]

1 hour ago, HappyExpat57 said:

I've shared many times how I moved to Mexico and moved back so fast it gave me whiplash.

Curious why Mexico didn't work out.   When we were younger we thought that would be a great place to retire.  But times have changed for sure.

[Olmate]

16 minutes ago, HappyExpat57 said:

They're tightening the rules, actually applying them. As everything else in LOS, let's see how long it lasts. When immigration stops sharing the brown envelope treasure trove cuz it's dried up, things may loosen back up a bit.

 

Wait and see.

You.seem excited about the prospect! 

[Olmate]

43 minutes ago, LivingNThailand said:

You can't get a retirement extension (visa) or a 90-day Non-O without 800,000 THB in the bank.  And you can't open a bank account without a visa.   How does this work?

Use your brain for a change! 

[Ohyesuare]

1 hour ago, quake said:

 

Try K-Bank, lets us know how you get on with just a passport and visa. 

 

 

I can walk in to any K-bank today with just my passport and Elite Visa and open an account. It's one of the few decent perks they offer for their overpriced visa.