Bangkok Bank issuing forms for CRS

[anchadian]

Bangkok bank have now started to send out forms for compliance information under the common reporting standard (CRS) and FACTA.

 

https://www.expattaxthailand.com/wp-content/uploads/2025/02/CRS-Bkk-Bank.pdf

 

 

[bamnutsak]

3 hours ago, anchadian said:

Bangkok bank have now started to send out forms for compliance information under the common reporting standard (CRS) and FACTA.

 

Do you know how these are being sent? email? Thai Post? notification/link from mobile app?

 

Was there a cover letter detailing the requirements, process, and timeframes?

[BenCrew]

Received this from ExpatTax this morning:

 

As part of our Tax Alert Service, we’re dedicated to keeping you informed about key developments. Last year, we alerted you that Kasikorn Bank (KBank) began issuing emails requesting compliance information under the Common Reporting Standard (CRS) and FATCA (for US citizens). We predicted other Thai banks would follow suit—and now, we’ve received reports that some expat clients of Bangkok Bank have received similar requests. Example here.

We want to reassure you that this is a standard procedure, in line with Thailand’s commitment to global tax transparency regulations. To help you navigate this, we’re directing you to our comprehensive resource: Thai Banks CRS/FATCA Compliance. This article includes a detailed video explanation, step-by-step guidance on completing the forms, and answers to common questions.

What Does This Mean?

Bangkok Bank is complying with CRS and FATCA regulations:

• For Americans: FATCA requires banks to report account details to US tax authorities.
• For Non-Americans: CRS ensures tax residency information is shared with international tax authorities to prevent tax evasion.

This is not unique to you or your bank—all Thai banks are required to implement these measures following Thailand’s adoption of the CRS agreement in 2020.

Why Are These Requests Happening?

Under CRS rules, banks must:

• Confirm the tax residency of all account holders.
• Identify any connections to other countries for tax purposes.
• Share financial account details with local tax authorities, who may exchange this information internationally if needed.

This ensures overseas income and assets are properly declared. While this may feel new in Thailand, it’s a standard practice globally. Switching banks won’t avoid these requests, as compliance is mandatory across all Thai financial institutions.

What Should You Do?

• Stay calm—there’s no immediate rush.
• Check your request for the specific deadline 
• The advice from Bangkok Bank is to complete the form and take it to your local branch. 
• You can direct questions to Bangkok Bank's helpline 1333 (Extension 2 for English).
• Refer to our guidance: Visit this article for detailed instructions and a helpful video.

 

 

[JimGant]

21 minutes ago, BenCrew said:

Bangkok Bank is complying with CRS and FATCA regulations:

• For Americans: FATCA requires banks to report account details to US tax authorities.

Actually, banks report "US identified individuals", not to US tax authorities, but to Thai tax authorities, who are then tasked with forwarding that info on to the US -- but only if the "US individual" had $50,000 of amalgamated bank assets at end of year -- or $75,000 at any time during the year.

 

25 minutes ago, BenCrew said:

Under CRS rules, banks must:

• Confirm the tax residency of all account holders.

Oh, barf burgers. How's a bank to know if Joe Farang spent over 180 days of the tax year in Thailand? Maybe they would just assume, if Joe Farang had a TIN, that he was a Thai tax resident. But why would the bank know if he had a TIN, or not -- unless he provided a TIN to preclude that 15% withholding at source of his bank interest? And assuming that someone with a TIN is automatically a tax resident -- is bonkers. No, banks aren't in the business of identifying whether their customers are here for 180 days per calendar year, or not.

 

Anyway, Bencrew is just quoting Expatthaitax -- who has a polished presentation, but I've found many stupid errors in their reporting, particularly in their FAQ reporting.

 

Be that as it may -- as a Yank, I have absolutely no problem having the Thais tell Uncle Sam what my annual interest is on my amalgamated Bangkok Bank savings accounts (they're well over $50,000, so probably reported). This interest requires me to file a Schedule B atch to my 1040 -- which also has me attest to knowing about my FBAR filing requirement. I've no problem with any of this -- but where I also atch a Schedule 3 to get a tax credit for the Thai taxes on same interest.

 

Don't know much about CRS, except they supposedly imitated a lot from FATCA. But, hey, it's all part of this new world, where now that we've solved the problem of "no double taxation" -- it's now time to address "no no taxation."

 

I hope Bangkok Bank's new requirements don't cause us to rehash what we beat to death when KBank issued same type information requests?

[quake]

1 hour ago, BenCrew said:

What Should You Do?

• Stay calm—there’s no immediate rush.

 

Ok no worries.

What a clucking mess it all is.

 

[Moonlover]

Not just Thailand's banks either. I had to complete a tick box questionnaire regarding my tax situation from my UK bank recently. 

 

It presented a bit of a catch 22 problem. If I declared myself 'tax resident' in Thailand, which technically I am, it went to ask which country I paid tax in. The correct answer is, of course the UK, but it didn't offer that choice!

 

So I backed away from that and answered UK and UK! Fortunately I have not registered with TRD for a TIN as I don't owe any tax anyway.

 

And I think that this is a damn good reason NOT to register with the TRD unless one has to.

[Etaoin Shrdlu]

38 minutes ago, JimGant said:

 

Oh, barf burgers. How's a bank to know if Joe Farang spent over 180 days of the tax year in Thailand? Maybe they would just assume, if Joe Farang had a TIN, that he was a Thai tax resident. But why would the bank know if he had a TIN, or not -- unless he provided a TIN to preclude that 15% withholding at source of his bank interest? And assuming that someone with a TIN is automatically a tax resident -- is bonkers. No, banks aren't in the business of identifying whether their customers are here for 180 days per calendar year, or not.

 

 

 

The CRS forms that banks are asking accountholders to complete require that the accountholder self-declare their tax residence.

[JimGant]

3 minutes ago, Etaoin Shrdlu said:

The CRS forms that banks are asking accountholders to complete require that the accountholder self-declare their tax residence.

Not quite the same as what I was responding to -- my response was from this, from Expattax:

Quote

Under CRS rules, banks must:

• Confirm the tax residency of all account holders.

Maybe a little word salad here, but having the bank "confirm the tax residency" of the account holder is not quite the same as having the account holder "self-assess" his tax residency status.

 

My point is that Expattax is quite often off-the-mark in their attempt to explain this new tax goulash. My first clue was when they, in their FAQ listing, advised me that I had to file a Thai tax return, even tho' my foreign remitted income was tax exempt -- because I hold a LTR-WP visa. Anyway, just advising a "heads up" on Expatthai's smoothly delivered utterances.

 

 

[Etaoin Shrdlu]

1 minute ago, JimGant said:

Not quite the same as what I was responding to -- my response was from this, from Expattax:

Maybe a little word salad here, but having the bank "confirm the tax residency" of the account holder is not quite the same as having the account holder "self-assess" his tax residency status.

 

My point is that Expattax is quite often off-the-mark in their attempt to explain this new tax goulash. My first clue was when they, in their FAQ listing, advised me that I had to file a Thai tax return, even tho' my foreign remitted income was tax exempt -- because I hold a LTR-WP visa. Anyway, just advising a "heads up" on Expatthai's smoothly delivered utterances.

 

 

 

Yes, a number of firms have given out what I think is inaccurate or misleading advice.

 

I am especially leery of any firm that advised US taxpayers that their traditional IRA withdrawals were not taxable by the US because of the US-Thai tax treaty. 

[KhunHeineken]

For all those members with Kasikorn accounts, who have already been through it, only to be laughed at by those who are with other Thai banks, grab some popcorn.