Foreigners Face New Hurdles in Opening Thai Bank Accounts

[Celsius]

3 minutes ago, ronnie50 said:

Let's just hope they don't start messing around with our established bank accounts. 

Yea....i would not trust having 1 baht in the account after this news

 

 

"The Thai authorities have been vigorous in their campaign, freezing approximately 1.8 million accounts"

 

 

[Toby1947]

Why would anyone want a bank account in a 10th. world backward country 

[Presnock]

6 hours ago, flyingtlger said:

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

 

this is one change that is affecting those that played by illegal rules IMHO and anyone that the banks close an account that is done with the customer's own funds is paying for someone else's actions.  I realize that leaving that money in the bank and havint the immigration requirements on same is not very conducive to attracting foreigners of all types so now we will see how many will leave because of this but never really know how many just decided they wouldn't come her in the first place.

[jerrytr]

4 hours 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. 

That's because you didn't have to go to 6 bank's and finally drive 2.5 hrs to the next biggest city to get one. Then asked about a second account after the tax thing so I could just direct deposit my ss in. Not tax on ss. They said yes but when I came back with the documents it was no. I had to do the Bank search again & luckily found one near. It's very prevent having bank issues. BTW the second was the same bank, but different branch of the first go round. It depends if they had a bad day.

[ronnie50]

4 minutes ago, Celsius said:

Yea....i would not trust having 1 baht in the account after this news

 

 

"The Thai authorities have been vigorous in their campaign, freezing approximately 1.8 million accounts"

 

 

I still think all this is part of Thailand's actions to get OECD membership. 

[Andycoops]

I don't envy expat newbies now as there are increasingly more hoops to jump through to get on a stable footing here.

I'm glad I came when I did and you could do so much with hardly any difficulties.🙏

[worrab]

2 hours ago, CallumWK said:

 

It are the banks.

I am here more than 30 years, and on a retirement extension.

I have had a savings account at TTB for decades. A few months ago I tried to open a fixed term account.

Sorry, people on retirement visa can not open bank accounts anymore.

Been to multiple branches, and everywhere the same answer.

I started a topic about this, where others confirmed the same situation.

You think nothing has changed?

I have been banking with Bangkok Bank for nearly 10 years. Last October I was able to open a Fixed Term account with no problems.

Having recently moved to Hua Hin, in order to move my accounts, I had to get a CoR which is now valid for a year. No problem with that.

[Presnock]

6 hours ago, hotsun said:

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

Definitely facing overtourism this year IMHO, reporting 4.5 million visitors already!

[damo1967]

7 hours ago, flyingtlger said:

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

 

You have the choice to buy a ticket back home...  why the need to whinge like a 5 year old girl?

[paahlman]

3 hours 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?

That’s easy. But the worst is that it is required to transfer money from abroad in a thai account under your own name to buy a Condo. How can you do that when they will not let you open one in the first place. Same with  the 800k requirement. It’s funny. Right hand does not know what laws left hand is imposing. 

[Expat68]

15 minutes ago, Toby1947 said:

Why would anyone want a bank account in a 10th. world backward country 

Visa?

[Presnock]

2 hours ago, Celsius said:

 

Funny that. I was able to open multiple bank accounts in USA.

 

My bank even has a service to open a US bank account without even stepping into USA.

At what banks?  do you have a stateside address, phone number?  I lost an account BOA of 50+ years when I sold my house.  Refused to use a relatives but found a bank in VA that accepts overseas address with very little problem.

[proton]

18 minutes ago, Toby1947 said:

Why would anyone want a bank account in a 10th. world backward country 

 

This is about Thailand, not Pakistan, or the UK 😁

[Presnock]

2 hours ago, MikeandDow said:

Yes sadly the law is the law, and you need to research the Law  it is up to the  immigration officer to grant the visa or not (with or with out money) and that is the Law !!

graft knows no limits nor source of funds - many times senior politicians or police are caught up in these schemes,  I am not saying that is a problem solely in Thailand but in just about every country I have lived in.

[worrab]

4 hours ago, Karma80 said:

Get a proper long term visa and you can walk into any bank in person with legit ID and open it.

You will now need a CoR as well as passport with long term visa to open any account. 

[Ben Zioner]

29 minutes ago, Aussie999 said:

you're not a great thinker, are you... here's something to think about, using your "logic," tourists don't support the local economy.

Well, no I am not overthinking it, but it doesn't need it. Some Thai authority has determined that, to be worth the cost and risks for the country, a foreigner on a one year retirement visa should spend at least 65000 THB a month. And it seems that some can't fulfil this requirement and cheat the system. Zero thinking is needed here, is it?

 

Now when it comes to tourists, 65k is what most of them spend in 3 days. "Think" about it..

[CallumWK]

12 minutes ago, worrab said:

I have been banking with Bangkok Bank for nearly 10 years. Last October I was able to open a Fixed Term account with no problems.

Having recently moved to Hua Hin, in order to move my accounts, I had to get a CoR which is now valid for a year. No problem with that.

 

Did I mention Bangkok Bank?

No I didn't. TTB stands for  Thanachart bank.

[StayinThailand2much]

7 hours ago, flyingtlger said:

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

How to retire, or stay longer-term, if one cannot open a bank account? Does Immigration accept a briefcase with 800,000 in cash now as proof of retirement funds? 😆

[steve187]

4 hours 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. 

people on tourist or visa exempt entry, often what to do a conversion to a proper long term visa ie non immigrant and then a yearly extension, but in order to do the conversion they require money in a Thai bank account

[worrab]

2 minutes ago, CallumWK said:

 

Did I mention Bangkok Bank?

No I didn't. TTB stands for  Thanachart bank.

Well aware of that fact about what TTB stands for.

I was just passing on my experience that you can still open fixed accounts on a retirement visa with Bangkok Bank!

[hotandsticky]

2 minutes ago, steve187 said:

people on tourist or visa exempt entry, often what to do a conversion to a proper long term visa ie non immigrant and then a yearly extension, but in order to do the conversion they require money in a Thai bank account

 

 

Isn't that the point of getting a Non-Imm 'O' single entry visa

[jerrymahoney]

2 hours ago, MikeandDow said:

Yes sadly the law is the law, and you need to research the Law  it is up to the  immigration officer to grant the visa or not (with or with out money) and that is the Law

Yes and even if that interpretation of Section 35 of the Thai Immigration  Act (1979), the fee for a Section 35 extension is specified at 

 

Rate of fees, working fees, and other expenses

_________________ Fees _________________

 

(3) Application for extension of temporary stay in the Kingdom
under Section 35, per person, each time 2,000 baht.

[portisaacozzy]

5 hours ago, HappyExpat57 said:

Obviously a term you're unfamiliar with.

some people have sold most of there friends

[samtam]

2 hours ago, Joseph98765 said:

And that's why Bank system is the worst place to leave your money... once they can freeze your account because they have a suspicious idea of you...

Waiting for the time that crypto replace all this and makes you feel that your money is really yours. 

 

2 hours ago, Stocky said:

...until it isn't

 

1 hour ago, Woke to Sounds said:

Crypto going to crash buddy... it's all hot air and eventually hot air backed by nothing gets used up.

 

Best to invest in tangible companies that actually make stuff and pay monthly/quarterly dividends.

 

Cheers buddy

 

Full disclosure: I do not, nor have I ever bought or held crypto. I have never been tempted to buy it because I simply do not understand it.

 

I am invested in a business in Europe and we have a private placement raise going on. One new investor has been waiting 5 or 6 months for his Ethererum to be converted into USD300K, to invest into the business. I am not clear on what the exact hold up is; it has been accepted, but the USD equivalent has not been paid to him. It seems crypto is not easily transferable or tradeable; a bit like Hotel California:

"...You can check out any time you like, but you can never leave."

[StayinThailand2much]

4 hours ago, HappyExpat57 said:

It was Jomtien immigration (...)

 

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

 

They have been offering illegal visa practices for more than 20 years, often even offering them to law-abiding tourists out of the blue... TiT! 😆

[Nickcage49]

This government will gradually make it so difficult to live here that most foreigners will leave for places that actually want them.

 

I don't feel at all wanted here. Never did.

[hotandsticky]

Just now, Nickcage49 said:

This government will gradually make it so difficult to live here that most foreigners will leave for places that actually want them.

 

I don't feel at all wanted here. Never did.

 

 

 

 

........but you stayed....

[Nid_Noi]

4 hours 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. 

 

A tourist can open a bank account in Canada if:

18 years old, passport. proof of address (rental agreement or utility bill), Tax identification number (country of fiscal residence) and make a deposit (or proof of legal income).

Same day you can register a provincial or federal corporation, get a driving licence, buy a car and get a GST/HST number.

Any interest will be subject to withholding taxes (25%). Capital gains depend on type of assets (realty, stocks, etc...)

 

Visitors can open a bank account in the USA and will be subject to the same requirements as Canada and may need a FINTRAC declaration (not mandatory in certain states and certain banks).

As an expat with fiscal residence in Canada, I have been able to open a bank account in Paris with my only address being in Canada.

More and more banks don't like dormant accounts or account with hardly any activity so they may refuse a bank account to certain types of visitors.

[hotchilli]

7 hours ago, flyingtlger said:

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

 

Dodgy agencies helping foreigners from opening accounts...

Not foreigners opening their own single account for the purpose of depositing money for a visa.

[818Pilot]

5 hours 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. 

I’m 100% with you, I see no reason for anyone on a tourist class of Visa, including visa exempt and DTV, to have a bank account. 
 

If people tried getting a bank account in other countries on Tourist they would be laughed out of the bank