Foreigners Face New Hurdles in Opening Thai Bank Accounts

[NanLaew]

1 hour 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. 

 

Yes, you will only "feel" that your crypto is yours.

 

Kinda goes along with the "friends" illusion that social media has spawned.

[DrPhibes]

33 minutes 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

Ya, guess he's never played musical chairs.

[jerrymahoney]

5 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.

Of course going the non-funded agent route for a retirement extension is illegal . If it were legal, you wouldn't need an agent.

[NanLaew]

55 minutes ago, Aussie999 said:

In Australia you only need proof of ID

 

And in the UK, you need a bit more, like a utility bill or income tax receipt.

 

Meanwhile, back on topic, in Thailand, i was advised by the local branch of my bank that since my new passport didn't have an acceptable long-term visa in it (visa-exempt entry), the branch where the account has been held for maybe 15 years, may contact me about this anomalous situation.

[Liverpool Lou]

6 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.

The OP is about opening new bank accounts, not visa agents assisting with extensions.

[Baht Simpson]

It's easier for me  to open an account here than it is for me to open one now in the U.K. as I live abroad. It's all closing in.

[NanLaew]

22 minutes ago, proton said:

If you dont have those funds you are likely going to end up being a burden, even government hospitals have to be paid for.

 

"likely going to end up being a burden" to whom?

 

You? Personally? How so?

 

NB: I never have, and never will, use a Thai government hospital.

[Liverpool Lou]

3 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.

That's what you think, it is no longer that easy.  Unless, of course, you can specify the bank/branch that will open a new account for someone with an appropriate visa presenting just their passport.

[pomchop]

3 hours ago, Jingthing said:

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

or maybe the biggest agents will open their own banks as they sure seem to have a lot of $$ and clout?

[jerrymahoney]

9 minutes ago, Liverpool Lou said:

The OP is about opening new bank accounts, not visa agents assisting with extensions.

That depends how you choose to interpret the words 'financial crime' in the OP.

[proton]

11 minutes ago, NanLaew said:

 

"likely going to end up being a burden" to whom?

 

You? Personally? How so?

 

NB: I never have, and never will, use a Thai government hospital.

 

Burden on friends and family for a start, these people without a pot to piss in should not be here legally.

[Liverpool Lou]

 

3 hours ago, nomad22 said:

 

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.

Fear-mongering nonsense.   There is no suggestion, whatsoever, that agent-assisted, legitimate bank accounts are being targeted.   Where has freezing these legitimate accounts been mentioned?  There is no law prohibiting banks from opening introduced accounts but 'mule'  accounts are a different matter and that is what the OP is about.

[Expat68]

Each bank, each province have their own rules 

[Aussie999]

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. 

You really should not say "They can't in any other country" because it's not true.

[PB172111]

6 hours ago, flyingtlger said:

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

 

Not if you are legitimate surely

[Aussie999]

3 hours ago, Ben Zioner said:

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.

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

[rickray]

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.

 

Yes, you can. I opened a US Dollar account in Georgia with a tourist visa.

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. 

[jerrymahoney]

8 minutes ago, Liverpool Lou said:

but 'mule'  accounts are a different matter and that is what the OP is about.

Right -- so when the office chief gets a payment from a "reputable agent" in assisting a non-funded extension of stay, where does that money go -- into his or her own bank account or a convenient others name (animal reference) bank account?

[MadAtMatrix]

4 hours ago, tomazbodner said:

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.

A tourist can go into KBANK, get this card, load it up and use prompt pay just like everybody else. https://www.kasikornbank.com/en/personal/Digital-banking/Pages/pay&tour.aspx

[Aussie999]

1 hour ago, nomad22 said:

 

Do a quick google search and you will find the opposite.  The first few banks all require proof of address in Australia and long term visa.

 

 

 

 

AS I said, PROOF, of ID... mate, a visa, a passport etc , ARE proof of ID, it is YOU that needs to use google, oh, and check all the other banks.

Here's just a few.
 

Banks that offer accounts to tourists
Commonwealth Bank (CommBank): You can open an account up to three months before arriving in Australia 

ANZ: You can open an account after arriving in Australia 

NAB: You can open an account if you plan to stay in Australia for at least six months 

HSBC Australia: HSBC Premier and Jade customers can contact their Relationship Manager for help applying for an account 

 

I think you owe me an apology

[Presnock]

6 hours ago, flyingtlger said:

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

 

well, if folks used their own money for the necessary 800K or 400K accounts for visas then there wouldn't be any problem - people have shamed agent users false accounts but IMHO some IO's had to know the full scheme too.  W all make our own choices and those that make bad choices sometimes negatively affect those playing by the local rules and I am amazed that so many people look down on the honest folks as the fools when they should look into the mirror..  We note also due to some of the problems caused by the new international laws, banks in many countries are making it more difficult to open or keep accounts of those living overseas.  Eventually, I hope all can play by the rules and still survive in some of these foreign countries.  Good luck.

[khunjeff]

6 hours ago, webfact said:

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.

 

Did I miss something? What change is taking place on February 17 that will present "potential challenges"?

[ronnie50]

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

[CecilM]

Bangkok Bank has a new rule: maximum one account per person (for foreigners). So I was told at a branch two weeks ago. 

[spidermike007]

It always feels like there are multiple interests that conflict with each other here. TAT is desperately clawing its way back to a high volume tourism destination, then you have other elements within this hapless and spectacularly incompetent administration that are doing the opposite, and sabotaging tourism.

 

Then of course you have daily reports about the RTP and immigration, and other factions that again hurting tourism, in addition to the daily reports about crime which really don't affect us too much, but nonetheless likely have some sort of impact on tourism. 

 

I always tell my friends who are visiting here for the first time to keep in mind one thing - Thailand is not a foreign country, Thailand is a distant planet. Which works for me, I find the incomprehensible and unpredictable aspect of this place quite refreshing. 

[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.