Future Uncertain for Retiree Bank Accounts in Thailand

[webfact]

AN composite for reference only

 

ANALYSIS

 

While most tourists in Thailand enjoy their holidays without needing a bank account, some are encountering difficulties when trying to open one.

 

Currently, there is no outright ban on Thai banks opening accounts for foreign nationals. Still, recent government efforts to curb call centre scams and the volatile cryptocurrency market have posed significant challenges.

 

New regulations slated for April 2025 will require biometric authentication, like facial recognition, for opening accounts. Each account will also need to be linked to a single registered device.

 

These rules may aid short-term tourists in opening accounts if they can show valid reasons, such as property purchases or applying for long-term visas.

 

For those facing hurdles, alternatives exist. Some embassies continue to offer income verification, even if funds are not transferred to Thailand, and may issue letters of guarantee for various nationalities.

 

Wealthier expats can explore visa options like the Elite or Long-Term Residence visas, which don't initially demand Thai bank accounts.

The Destination Thailand Visa, available at select embassies, offers multiple ways to prove the required 500,000 baht (approximately £12,000). Each visa has pros and cons, so personal research is key.

 

For a temporary solution, a border run might suffice. This allows a visa-exempt entry for 60 days, extendable by 30 days at local immigration for 1,900 baht (around £45) with proper paperwork.

 

However, ensure compliance with address registration (TM30) and 90-day notifications (TM47) to avoid fines. Although not a long-term strategy, it can be a stopgap while awaiting clearer banking policies.

 

Looking ahead, other government agencies could confirm expat income. Registering with the Thai Revenue Department (TRD) and submitting tax returns on overseas transfers might provide receipts that help open bank accounts. These receipts include official government logos, offering credible documentation.

 

Not all expats need to report to the TRD. Those who find it necessary to get a tax ID for overseas transfers may find this approach viable for obtaining a Thai bank account.

 

The retiree permit system, particularly the "O" non-immigrant visa with annual extensions, has stayed largely unchanged for 30 years, except for increased cash requirements. Given the changing landscape, assuming it will remain the same for decades is likely optimistic, writes  Barry Kenyon for Pattaya Mail.

 

-- 2025-02-19

 

 

[gargamon]

I've got a different take on this. It's the greedy banks who are losing out on all the money they could make if everyone had to use their foreign ATM cards with a 10k limit and a 250 baht penalty each time. They lobby the government to change the rules so people can't open an account and use wise, etc to bring in money where they get nothing. Damn the retirees, we don't care. We want money.

[smedly]

56 minutes ago, gargamon said:

I've got a different take on this. It's the greedy banks who are losing out on all the money they could make if everyone had to use their foreign ATM cards with a 10k limit and a 250 baht penalty each time. They lobby the government to change the rules so people can't open an account and use wise, etc to bring in money where they get nothing. Damn the retirees, we don't care. We want money.

speaking of Thai banks and charges, I used a QR payment from Bangkok bank the other day to pay for a 250baht bar bill (just to try it out) well it worked ok but I was charged 15baht for the pleasure, Thai people think cashless is something to brag about, they may need to think again if banks are going to charge like this for every transaction and it might be 15baht now  (which IMO should be free)  but when you have no option for cash these charges are going to go up because you will simply have no alternative, the banks really will have you by the $$$$$.  I am personally 100% against cashless - there is only one winner  and it ain't us. 

[gargamon]

4 minutes ago, smedly said:

speaking of Thai banks and charges, I used a QR payment from Bangkok bank the other day to pay for a 250baht bar bill (just to try it out) well it worked ok but I was charged 15baht for the pleasure, Thai people think cashless is something to brag about, they may need to think again if banks are going to charge like this for every transaction and it might be 15baht now  (which IMO should be free)  but when you have no option for cash these charges are going to go up because you will simply have no alternative, the banks really will have you by the $$$$$.  I am personally 100% against cashless - there is only one winner  and it ain't us. 

K-bank had never charged me a fee to use qr codes. I abandoned BKK bank a couple of years ago when they stopped allowing counter ATM withdrawals.

[ravip]

8 minutes ago, smedly said:

speaking of Thai banks and charges, I used a QR payment from Bangkok bank the other day to pay for a 250baht bar bill (just to try it out) well it worked ok but I was charged 15baht for the pleasure, Thai people think cashless is something to brag about, they may need to think again if banks are going to charge like this for every transaction and it might be 15baht now  (which IMO should be free)  but when you have no option for cash these charges are going to go up because you will simply have no alternative, the banks really will have you by the $$$$$.  I am personally 100% against cashless - there is only one winner  and it ain't us. 

You mean to say, that all these Thai people, in their thousands, who we see buying food, fruits, etc at the small roadside vendors are also paying 15baht for each transaction?

 

I've never used QR payment in TH, so I don't know.

[lordgrinz]

1 minute ago, ravip said:

You mean to say, that all these Thai people, in their thousands, who we see buying food, fruits, etc at the small roadside vendors are also paying 15baht for each transaction?

 

I've never used QR payment in TH, so I don't know.

I use those QR codes with my SCB account, no fee.

[Upnotover]

7 minutes ago, ravip said:

You mean to say, that all these Thai people, in their thousands, who we see buying food, fruits, etc at the small roadside vendors are also paying 15baht for each transaction?

No, they are not.  And nor do I.

[ravip]

7 minutes ago, lordgrinz said:

I use those QR codes with my SCB account, no fee.

 

1 minute ago, Upnotover said:

No, they are not.  And nor do I.

I thought as much.

But, why was the OP charged 15 Bhat for a 250 Bhat transaction?

[CallumWK]

23 minutes ago, smedly said:

I used a QR payment from Bangkok bank the other day to pay for a 250baht bar bill (just to try it out) well it worked ok but I was charged 15baht for the pleasure,

 

Prompt pay doesn't have any fees, the fee was added by the bar.

[Joseph98765]

3 hours ago, webfact said:

and the volatile cryptocurrency market have posed

What happend with this? we are now not allowed to buy crypto here??

[smedly]

20 minutes ago, CallumWK said:

 

Prompt pay doesn't have any fees, the fee was added by the bar.

really ?

 

I don't know enough about it to conclude who charged 15baht, I always leave a 20baht tip, need to look further into it, food for thought

[pomchop]

"tink too mutt"..."talk too mutt"

 

Should we put this idea on the long list of proposals that get people all stirred up and go nowhere? 

 

When and IF it is all actually put into law and when and IF such laws were ever widely enforced then I will see when and IF it will have any impact on my life AND then maybe i will worry about it.

[ronnie50]

I see nothing in the article that refers to 'uncertainty' for existing retiree bank accounts. Did I miss something?

[Robert_Smith]

Glad I opened my 4 Thai bank accounts when I did, many moons ago.

 

I've been offered a credit card multiple times but turned them down.

 

I prefer cold, hard cash.

 

Best regards,

Bob.

[Tropicalevo]

3 hours ago, webfact said:

New regulations slated for April 2025 will require biometric authentication, like facial recognition, for opening accounts.

 

I thought that the facial recognition thing came out a while back.

It was supposed to be for old and new accounts but the banks struggled to sort their side of it out.

[lordgrinz]

1 minute ago, Robert_Smith said:

I prefer cold, hard cash.

 

So does my daughter before heading out to school, I prefer the digital route 🤪

[Robert_Smith]

1 minute ago, lordgrinz said:

I prefer the digital route

You a fan of track & trace then?

 

Cash is, and always will be, King.

 

Best regards,

Bob.

[Tropicalevo]

3 minutes ago, Robert_Smith said:

Glad I opened my 4 Thai bank accounts when I did, many moons ago.

 

I've been offered a credit card multiple times but turned them down.

 

I prefer cold, hard cash.

 

Best regards,

Bob.

 

Damn - I have forgotten where the 'ignore' button is.

[lordgrinz]

Just now, Tropicalevo said:

 

I thought that the facial recognition thing came out a while back.

It was supposed to be for old and new accounts but the banks struggled to sort their side of it out.

 

I've got to go to the bank soon to get paperwork for my extension, plan to ask them what they need based on this latest news. However, I think I had my wife ask them last year, and they didn't need anything, so not sure if it's an issue, or not. My SIM comes from the True account that my wife started for our cable, the package comes with one free SIM, that I have used since I got here.

[Robert_Smith]

Just now, Tropicalevo said:

 

Damn - I have forgotten where the 'ignore' button is.

What have I said on this thread that is worthy of you slamming that ignore button??

 

Best regards,

Bob.

[flexomike]

59 minutes ago, smedly said:

speaking of Thai banks and charges, I used a QR payment from Bangkok bank the other day to pay for a 250baht bar bill (just to try it out) well it worked ok but I was charged 15baht for the pleasure, Thai people think cashless is something to brag about, they may need to think again if banks are going to charge like this for every transaction and it might be 15baht now  (which IMO should be free)  but when you have no option for cash these charges are going to go up because you will simply have no alternative, the banks really will have you by the $$$$$.  I am personally 100% against cashless - there is only one winner  and it ain't us. 

was this out of the provence your bank is?

[lordgrinz]

7 minutes ago, Robert_Smith said:

You a fan of track & trace then?

 

Cash is, and always will be, King.

 

Best regards,

Bob.

 

Not sure I am worried about them tracing my purchase of an ice cream cone for my daughter at a local vendor. But hey, to each their own.

[KireB]

1 hour ago, smedly said:

speaking of Thai banks and charges, I used a QR payment from Bangkok bank the other day to pay for a 250baht bar bill (just to try it out) well it worked ok but I was charged 15baht for the pleasure, Thai people think cashless is something to brag about, they may need to think again if banks are going to charge like this for every transaction and it might be 15baht now  (which IMO should be free)  but when you have no option for cash these charges are going to go up because you will simply have no alternative, the banks really will have you by the $$$$$.  I am personally 100% against cashless - there is only one winner  and it ain't us. 

I buy several items a day and have never been charged. Try using PromptPay.

[Robert_Smith]

4 minutes ago, lordgrinz said:

 

Not sure I am worried about them tracing my purchase of an ice cream cone for my daughter at a local vendor. But hey, to each their own.

What about when transferring some money to a local brass??

 

Best regards,

Bob.

[hotsun]

I keep my life savings stashed under my bed like the rest of thais

[bkk6060]

I have never been charged a qr fee with Bangkok Bank.   But,  I do not go to bars maybe the bar added the fee.

[ronnie50]

17 minutes ago, Tropicalevo said:

 

I thought that the facial recognition thing came out a while back.

It was supposed to be for old and new accounts but the banks struggled to sort their side of it out.

I seem to recall the banks had no facility to do the face recognition for foreigners (because they could only enter Thai ID numbers, not passports into their facial recognition system). Maybe they worked it out. Dunno.

[ronnie50]

5 minutes ago, hotsun said:

I keep my life savings stashed under my bed like the rest of thais

The Thai-Chin families driving around in Benz's usually bury it in the garden.... so I'm told. Imagine all that burried treaasure 🙃

[Old Croc]

I opened a new bank account yesterday.

A simple statement, but it ivolved months of endeavour, disappointment, at least six trips to the local town and about about 12 hours of mine and my wifes time. Most of the latter involved interminable sitting, as the main curiosity, in various office waiting areas or watching a clerk dressed as Admiral of the fleet painstakingly writing on endless amounts of forms. Most of these had to have my signature emblazed on the bottom. My arthritic fingers had a workout comparable to an Immigration extension visit.  I had to give details of my long dead parents and make up an address in my home country from whence  I left permanently 15 years ago.

The new acount was needed because the bank I had used for 14 years doesn't have a branch nor ATM within 120 kms and updated security measures necessitaed a closer relationship.

The bank insisted I had to get some sort of quasi recognition by getting a pink ID card and my own personal coloured house book. I'm not worthy of inclusion on the real one despite my considerable contribution to the building of such.

This involved the local orbitors office and took some time and several visits because, inadvertantly, I first fronted on Valentines day. This is apparently a big deal for marriages. I did wonder at the many young couples flooding in. The Admiral had taken a day off and his replacement was loud and incompetant and eventually told us to go away and come back tomorrow after we had spent hours waiting. The boss probably got his splendid uniform because he's clever enough to know when to have a day off. 

With this new documentation the bank relented and allowed me an account, albeit restricted in amounts transferred because I'm over 75 and not to be trusted with my own money.

[lordgrinz]

4 minutes ago, Old Croc said:

With this new documentation the bank relented and allowed me an account, albeit restricted in amounts transferred because I'm over 75 and not to be trusted with my own money.

 

Maybe the "Admiral of the fleet" is hoping you'll kick the bucket before you spend it all, so he can then commandeer your bank account 🤪