Foreigners Face New Hurdles in Opening Thai Bank Accounts

[markus]

12 hours ago, flyingtlger said:

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

 

Nobody is forcing you to live in Thailand. 

[quake]

8 hours ago, Ohyesuare said:

 

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. 

 

Ah you got me there. 

[sikishrory]

Anyone had account frozen yet?

[CallumWK]

4 hours ago, Dart12 said:

you can’t open a bank account if you have a long-term retirement visa now?

 

 You have link to your other thread you can share please.?

 

You took notice that this only applies to TTB bank  ? Other banks may follow, only the future will tell.

 

 

[freedomnow]

12 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.

They have got other visa options till things go back to way they were in all likelihood.

[jmd8800]

OECD.... Big Joke .... Myanmar call center scams .....the writing is on the wall for mule accounts.

 

I wouldn't worry, though, capitalism and corruption have one thing in common: both can find a way around any obstacles in their way. The people on the take will find new ways to do it.

 

Your friendly neighborhood visa agent that arranges for your 'deposits' will find a way to do this without bank accounts.

[sambum]

3 hours ago, Jonathan Swift said:

For chronic complainers maybe. None of this is going to bother me in the least. I had a lot of work and a lot of hoops to jump through when I got my retirement O visa. If this is too much work for retirees then I agree. Don't come here. See if retiring is better anywhere else. 

 

If you think a retirement "O" Visa is difficult to get - you try for a Visa based on marriage to a Thai national! My first year I had to get 147 photocopies of  various documents - another kind of maximum break! Plus numerous trips backwards and forward from Immigration with pieces of (IMHO)  "needless trivia" - and a visit to our house from the Immigration Police who arrived the day before we were told they would be coming!

[MartinBangkok]

14 hours ago, hotsun said:

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

Another thing most people are not mentioning: The photos below are from my new home in another South East Asian Nation. The air is so clean and fresh and the sky has such a strong blue that I have never seen in Thailand:

 

[Canadian Snowbird]

I've been coming to Thailand since 2008. I retired in 2014 and now spend just short of 6 months each winter here, always coming in on a multi-entry tourist visa. I've been with the same thai lady now for 10 years. We just bought a condo together and wanted to open up a joint account to pay our bills. Bangkok Bank says I need a residence certificate, but Jomtien Immigration won't issue me one right now. Complete over-reaction on Thailands part. Thanks to the bad guys, the good guys suffer, and Thailand shoots themselves in the foot.

[jmd8800]

15 hours ago, webfact said:

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

 

 

Can I ask who wrote this? There doesn't seem to be a source listed, unless I'm missing something.

[sscc]

First hand experience not long ago. 

I have Non-Imm "O"  Visa. 

 

Sep 2024,   I requested opening new saving account in one Bangkok Bank branch.  The manageress asked me  "Why you want this ? "    Answered to satisfy her and got saving account opened. 

 

Oct 2024   Went to Bangkok Bank branch and applied for new Bangkok Bank Credit Card and opened new fund investment account.   Was told  "Cannot"   unless showing a Business Visa. 

Oct 2024   walked into another Bangkok Bank branch.   Surprisingly,  yes to both and got done. 

[still kicking]

16 hours ago, nomad22 said:

 

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.

Nonsense my Thai  nephew  was in my country for about 8 years he opened a bank account just after a few weeks  

[radiochaser]

14 hours ago, HappyExpat57 said:

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.

Only 19,000 baht?   That is cheap price to pay. 

[Selatan]

16 hours ago, tomazbodner said:

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

Malaysians like me have no problem using our Malaysian e-wallet and banking apps to pay PromptPay. Maybe there aren't that many of your kind that visits Thailand so banks from your country do not bother to integrate with Promptpay.

 

Also, we may not need to open Thai bank accounts to save on ATM withdrawal fees because we can withdraw from our Malaysian bank accounts from banks such as UOB and CIMB without any charges.

[George FmplesdaCosteedback]

22 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.

Leaving 800k in a dead bank account doesn't appeal to any investor. If people were allowed to use an investment account there would be little reason for the agents other than to smooth the journey through the admin. Just another nail in the coffin for retirees in Thailand. Still, if farang don't have Thai bank accounts then we cannot provide the information for the new tax regulations. Just another shot in the foot by the wonderful Thai bureaucrats. Thought should come BEFORE speech, not after.

[HappyExpat57]

47 minutes ago, George FmplesdaCosteedback said:

Leaving 800k in a dead bank account doesn't appeal to any investor. If people were allowed to use an investment account there would be little reason for the agents other than to smooth the journey through the admin. Just another nail in the coffin for retirees in Thailand. Still, if farang don't have Thai bank accounts then we cannot provide the information for the new tax regulations. Just another shot in the foot by the wonderful Thai bureaucrats. Thought should come BEFORE speech, not after.

Well, going bald doesn't appeal to anyone, but it's in the cards for all who live long enough.

 

it's an unappealing law of Thailand. You don't like it? The exit's right over there.

[jerrymahoney]

59 minutes ago, George FmplesdaCosteedback said:

Leaving 800k in a dead bank account doesn't appeal to any investor.

They can always use the 65K+ per month int'l deposit route which requires no balance in the account but that does not afford the same ability to let others know how clever they are.

[Aussie999]

16 hours ago, Ben Zioner said:

That was exactly my comment. But seeing the arrogance of some of your replies to other poster.. bye.

then I suggest you learn english.. because your comment seems irrelevant

[Aussie999]

15 hours ago, baansgr said:

40k if married 👍 

as I said, is irrelevant, to opening a bank account... and that is what this is about.

[Stargeezr]

I have an old account with Bangkok Bank. Last time I was there, the branch that I opened the account

would not give me an ATM card, as My name had changed from First name, middle initial, and last name, to

First name Middle name Last name, and they woudl not use common sense to see that my sighature nad not change in all of

the years. So I went to the main branch, who were going to contact the Manager of Nana branch. However I was able to go to another branch

where I had gotten ATM before and they gave me one without andy problemjs. I guess the Manager and Staff at Nana Branch

are a bit out of touch.  Rant over.

[NaaKap]

23 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?

You get the O visa first. Go to the immigration office on your Visa exempt. Change that to the O Visa. Go to the bank with ID and Visa. With the O visa you have 90 days. Plenty of time to do this. Once you have your account you transfer in the 800k. 400k if you are on a pension that makes up the difference. Go back to the immigration department and apply for a Multiple Entry-Non Immigrant O Retirement Visa. My girl works in HR of a large international company. She does this on a regular basis for staff and clients worldwide. 

[Alidiver]

Will this end the Agency ฿800,000 ring fenced loan for O visa applications?

[Joe Boy Walton]

On 2/17/2025 at 8:54 AM, webfact said:

Banks are also empowered to suspend existing accounts suspected of being involved in money laundering or other illicit activities.

Ahhh, so that's why. I thought it was because my account only gets used once a month. Mind you, money laundering would be lovely if I had any and all the illicit activities are money out, not money in, so there is that. Maybe it's just Kasikorn is a sh!tty bank.

[daveAustin]

2 hours ago, Stargeezr said:

I have an old account with Bangkok Bank. Last time I was there, the branch that I opened the account

would not give me an ATM card, as My name had changed from First name, middle initial, and last name, to

First name Middle name Last name, and they woudl not use common sense to see that my sighature nad not change in all of

the years. So I went to the main branch, who were going to contact the Manager of Nana branch. However I was able to go to another branch

where I had gotten ATM before and they gave me one without andy problemjs. I guess the Manager and Staff at Nana Branch

are a bit out of touch.  Rant over.

Banking here can be a nightmare, but you don’t really need an atm card anymore when there are cardless withdrawals. Plus they make you pay.  

[LivingNThailand]

1 hour ago, NaaKap said:

You get the O visa first. Go to the immigration office on your Visa exempt. Change that to the O Visa. Go to the bank with ID and Visa. With the O visa you have 90 days. Plenty of time to do this. Once you have your account you transfer in the 800k. 400k if you are on a pension that makes up the difference. Go back to the immigration department and apply for a Multiple Entry-Non Immigrant O Retirement Visa. My girl works in HR of a large international company. She does this on a regular basis for staff and clients worldwide. 

When I got my Non-O visa 9 years ago I had to fly to Penang and show proof of funds in a Bangkok Bank.   Back then I was able to open several bank accounts on my tourist visa.  The officers asked for financials to obtain the non-O visa.  Has this changed?

On the Phuket Immigration Volunteer website it states

Initial Non-O 90 Day extra Requirements
- 15 days left on current stamp
- Rental contract or proof of ownership if applicant owns their residence
- Copy of Owner’s ID 
- Copy of Owner’s House Book
- Copy of Owner’s Chanote (Front and backside)
- If using bank balance option for financial proof, money must be deposited for a minimum of 1 day prior to application date (bank documents must be issued by the bank on the same day as application date)
 

[lordgrinz]

16 hours ago, sikishrory said:

Anyone had accunt frozen yet?

 

Not yet, and I can still make my normal Lazada purchases too 🤪

[RocketDog]

On 2/17/2025 at 5:11 AM, nomad22 said:

 

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.

Very true.

I opened a bank account in Singapore and canada about 15 years ago while living in America. It was an arduous process but I endured because I could see where it was all going.

Now it's all but impossible for  Americans to open offshore accounts without being present in the foreign country and even then it's hard.

 

The banks just don't want to open anemic accounts because of all the USA documentation required.

 

Be aware that the day is coming soon where more capital controls will be imposed by many countries making expatriating your money from your home country difficult.

 

Plant an international banking flag now!

 

Beyond that now is the time to take advantage of the Kingdom's 'no records required' attitude to stack some beautiful Thai jewelry and keep it out of the system. Financial monitoring/reporting is NOT going to loosen.

[LivingNThailand]

5 minutes ago, nomad22 said:

Back then anyone on visa exempt in Thailand could walk into any bank and open an account.

I think I only had to show my passport and give the bank 500 baht to open an account 9 years ago in Bangkok.  

[jmd8800]

15 hours ago, MartinBangkok said:

Another thing most people are not mentioning: The photos below are from my new home in another South East Asian Nation. The air is so clean and fresh and the sky has such a strong blue that I have never seen in Thailand:

 

And just where is your little corner of paradise?

[Eaglekott]

On 2/17/2025 at 4:54 AM, webfact said:

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.

 As long as I have known my Thai Wife, 14 years now, she has been using the same cellphone number registered in my name since I got an extra free cellphone number I had no use for while subscribing for 02 land line for my company, and a TV package. Now suddenly she is not allowed to use online banking any longer, Only bank book at bank until we have either sorted out how to transfer the account to her, or she has to get a new number and we stop the number included in the package. Stupid...