3 hours ago, FritsSikkink said:

Looks like they had enough of the agents fiddling money around.

Why? When it's so profitable for them?

I think that's just wishful thinking from people who are envious of people who use agents such as myself who is too ill to do all the running around required. My agent is really helpful and I'm grateful to them for their services.

39 minutes ago, cgros said:

I was at the Chiang Mai Mae Hai branch of Bangkok Bank today

This has hit like a bomb. 

Bolt from the blue seems good description. 

Perhaps some guys using agents can post updates of advice from their agent. 

18 minutes ago, cgros said:

 

Really hope other banks don’t follow suit and only Bangkok Bank is going rogue 

1 hour ago, 0ffshore360 said:

It occurs to me that the new policy from Bangkok Bank ( if it really is ) may be a reaction to those who deposit last minute  to establish evidence of compliance with Immigration from accounts  identifiable as a temporary transfer for the purpose?

Financial transfers either international or local are more than likely very observable/ trackable  as a result of increasing developments in IT banking systems in which Banking businesses need avoid any accusations of complicit activities .

There is a much bigger picture to all of this if you've been reading and watching current news over the last 3 months.

 

There was the issue of the 'call centre' scams operating in Myanmar and Cambodia, amongst other identified scams, many of which were setting up Thai bank accounts using fraudulent ID, in order to launder money. These call centres and scams were being run by foreigners.

Thai banks are tightening restrictions on foreign nationals opening and maintaining bank accounts primarily to combat financial fraud, particularly the use of "mule accounts" in scams. This crackdown aims to prevent criminals from using bank accounts for illicit activities. 

 

Bangkok bank is the biggest bank in Thailand and a leading bank in SE Asia, with an extensive International network.
I believe they've been hit harder due to more fraudulent accounts being opened with them than other banks.

 

As usual the criminal element now makes it harder for the genuine honest foreigners to now open a bank account.

As usual, these policies are only going to make life difficult for the people doing it correctly.  I doubt agents will have any issues since they are greasing the right palms and it will be business as usual.

2 hours ago, DrJack54 said:

Find the last sentence in the notice from Bangkok Bank very  concerning. 

"Please ensure that the money in your account belongs to you personally.DO NOT BRING MONEY FORM OTHER TO PUT IN THE BANK ACCOUNT"

 

Especially the last sentence which is in Caps. 

Big News (to me) 

'Mule' accounts Jack.

1 minute ago, Liquorice said:

'Mule' accounts Jack.

Indeed.... And your previous post.. 

"There is a much bigger picture to all of this if you've been reading and watching current news over the last 3 months." 

 

Is excellent point. Hopefully some folk using agents can update first hand experience. 

Hopefully not collateral damage. 

@ThaiVisaCentre any advice/comment? 

1 hour ago, DrJack54 said:

This has hit like a bomb. 

Bolt from the blue seems good description. 

Nothing to really be concerned about, in my opinion.

 

Using the 800K funds method for retirement, the 800K has to remain in the account for 5 months anyway.

If using the 400K funds method for Thai family, then the 400K has to be in the account for 2 months and for the under consideration period, which is dated 30 days after the 90 day permission of stay from entry with a Non O = 4 months.

26 minutes ago, Liquorice said:

Using the 800K funds method for retirement, the 800K has to remain in the account for 5 months anyway.

The thread does not concern folk meeting financial compliance to Extensions (in the main retirement) 

 

It's of concern to those using agents to "avoid" Financial requirements. 

8 hours ago, DrJack54 said:

It's of concern to those using agents to "avoid" Financial requirements. 

Déjà vu situation.

Corrupt officials feeling the pinch from corrupt and illicit practices.

 

9 hours ago, Liquorice said:

Nothing to really be concerned about, in my opinion.

 

Using the 800K funds method for retirement, the 800K has to remain in the account for 5 months anyway.

If using the 400K funds method for Thai family, then the 400K has to be in the account for 2 months and for the under consideration period, which is dated 30 days after the 90 day permission of stay from entry with a Non O = 4 months.

No it’s two months prior and then just the under consideration period, so that’s three months. 
 

but now you need to have it in 4 months before you apply, and then you keep it in during the under consideration period, so that’s 5 months total. 
or

2 months before as per immigrations policy, but if you want the letter, you need to sign a form and then your money will stay in an additional 4 months…. 6 months total. 
 

so now this ties up peoples money at least an extra 2 months. 

20 hours ago, Equatorial said:

 

It is completely irrelevant what they have to say on this topic. It's the IO that enforces the immigration rules, not the bank. 

this doesnt have to do with immigration - the bank can make up their own rules regarding the money you hold there. and now they want your money for atleast 4 months if they are going to write you a letter for immigration, otherwise you arent getting a letter.

 

with that to say - i do not know how that is actually enforced. if they totally freeze your account, which they cant do. or not allow the limit to go down past the 400k/800k mark which is more probable. 

 

either way, i'd recommend switching banks, unless one has the means to hold their money for atleast 3 months longer per year.

49 minutes ago, homemade514 said:

with that to say - i do not know how that is actually enforced. if they totally freeze your account, which they cant do.

If you read above, they have you sign a form agreeing to freeze the funds for 4 months.

 

51 minutes ago, homemade514 said:

either way, i'd recommend switching banks, unless one has the means to hold their money for atleast 3 months longer per year.

From reading previous posts, it appears agents are now using Krungsri bank, suggesting they've had issues with the other banks.

I suspect BOT will be issuing directives to all banks to scrutinise opening new accounts.

10 hours ago, DrJack54 said:

It's of concern to those using agents to "avoid" Financial requirements. 

A further excuse for agents to raise their prices.

21 hours ago, Equatorial said:

 

It is completely irrelevant what they have to say on this topic. It's the IO that enforces the immigration rules, not the bank. 

While you are correct I have a friend that banks with Bangkok bank and they would not issue the bank statement because the money had not been in for 4 months.

9 minutes ago, hereforgood said:

While you are correct I have a friend that banks with Bangkok bank and they would not issue the bank statement because the money had not been in for 4 months.

Have you not read page 1 of this thread.

They will issue it providing he signs the Pledged Deposit form.

 

 

 

11 hours ago, Liquorice said:

There is a much bigger picture to all of this if you've been reading and watching current news over the last 3 months.

 

There was the issue of the 'call centre' scams operating in Myanmar and Cambodia, amongst other identified scams, many of which were setting up Thai bank accounts using fraudulent ID, in order to launder money. These call centres and scams were being run by foreigners.

Thai banks are tightening restrictions on foreign nationals opening and maintaining bank accounts primarily to combat financial fraud, particularly the use of "mule accounts" in scams. This crackdown aims to prevent criminals from using bank accounts for illicit activities. 

 

Bangkok bank is the biggest bank in Thailand and a leading bank in SE Asia, with an extensive International network.
I believe they've been hit harder due to more fraudulent accounts being opened with them than other banks.

 

As usual the criminal element now makes it harder for the genuine honest foreigners to now open a bank account.

You're 100% correct to point out these recent stories, can also add that Chonburi bank incident that happened a couple of months ago, which was a Bangkok Bank branch..

My wife works at Bangkok Bank in anti-money laundering, she knows a lot about the changes - even went to both Cambodia and Myanmar border town branches last month. 

The bank is caught between conducting business as usual and legal problems from the Thai Central Bank, they are facing massive fines.  She recognized the form @Tod Danielsposted an image of.  The bank is making changes to avoid legal problems and massive fines is the background story.

Will the policy change, no telling.
 

15 minutes ago, expat_4_life said:

My wife works at Bangkok Bank in anti-money laundering, she knows a lot about the changes - even went to both Cambodia and Myanmar border town branches last month. 

The bank is caught between conducting business as usual and legal problems from the Thai Central Bank, they are facing massive fines.  She recognized the form @Tod Danielsposted an image of.  The bank is making changes to avoid legal problems and massive fines is the background story.

I suspect Bangkok Bank is not unique or alone in facing these problems.
The Bank of Thailand will be instructing all banks to overview their policies with regard to stamping out 'mule' accounts and opening/closing bank accounts in an effort by the criminal element to launder funds.

 

Whilst agents aren't laundering money, just reusing the same funds multiple times, their activities of opening, depositing, withdrawing and closing accounts for multi applicants will be viewed as suspicious in the current climate, and the banks will want to step away from those situations.

25 minutes ago, expat_4_life said:

My wife works at Bangkok Bank in anti-money laundering, she knows a lot about the changes - even went to both Cambodia and Myanmar border town branches last month. 

The SIL is an assistant branch manager at a large Krungthai bank branch, and although not directly involved with anti-money laundering, she has been well aware of the issues Thai banks have been facing for some time. According to her, it's the Bank of Thailand that is instructing the banks to review their policies particularly in regard to opening new accounts and the checks they make.

19 minutes ago, Liquorice said:

The SIL is an assistant branch manager at a large Krungthai bank branch, and although not directly involved with anti-money laundering, she has been well aware of the issues Thai banks have been facing for some time. According to her, it's the Bank of Thailand that is instructing the banks to review their policies particularly in regard to opening new accounts and the checks they make.

Yeah, contrary to the narrative that this is all aimed at expats trying to get new accounts using agents, it is a much bigger picture when viewed from 40,000 feet.  This type of policy change could spread to other banks too.  Hopefully they can figure out and adjust policy to make it more workable for expats caught-up in the fray.

There is a lot of shady things going on especially in the border towns from my wifes telling of her visits to the branches there.

Edited to add: it not only the Thai Central Bank but AMLO (Anti-Money Laundering organization) that is involved in regulatory enforcement, They have at least semi-annual meetings at which all the banks attend.

13 hours ago, Magictoad said:

Why? When it's so profitable for them?

I think that's just wishful thinking from people who are envious of people who use agents such as myself who is too ill to do all the running around required. My agent is really helpful and I'm grateful to them for their services.

How is some money in the bank for one day sooo profitable?

Nothing to do with people who use agents for the running around, it has to do with people not having the money in the bank all the time (which is much more profitable for the banks).

14 hours ago, BrandonJT said:

As usual, these policies are only going to make life difficult for the people doing it correctly.  I doubt agents will have any issues since they are greasing the right palms and it will be business as usual.

I think the opposite, as people who can meet the financial requirements, will have the money in the bank for an extended period already. The ones who use agents who do quick deposits and withdrawals of the money will be hit as the agents will lose access of the money required over a long period instead of days. This means they will need much more money to keep operating which will drive their pricing sky high or they will think they don't have a good business case anymore to keep operating.

19 minutes ago, FritsSikkink said:

I think the opposite, as people who can meet the financial requirements, will have the money in the bank for an extended period already. The ones who use agents who do quick deposits and withdrawals of the money will be hit as the agents will lose access of the money required over a long period instead of days. This means they will need much more money to keep operating which will drive their pricing sky high or they will think they don't have a good business case anymore to keep operating.

The agents will just continue to use their existing bank contacts or find new ones, and pay for the paperwork needed.  It won't change anything.

24 minutes ago, FritsSikkink said:

I think the opposite, as people who can meet the financial requirements, will have the money in the bank for an extended period already. The ones who use agents who do quick deposits and withdrawals of the money will be hit as the agents will lose access of the money required over a long period instead of days. This means they will need much more money to keep operating which will drive their pricing sky high or they will think they don't have a good business case anymore to keep operating.

 

You can't seriously believe that an agent will lend EACH OF THEIR CUSTOMERS 800,000 baht for 4 months to satisfy this requirement.

 

They'll find another way. If I had to guess, they'll omit or fake the bank paperwork outright and pay their immigration contact a bit more to overlook it. Cutting out the banks completely makes sense for both the agent and the IO.

15 minutes ago, Caldera said:

 

You can't seriously believe that an agent will lend EACH OF THEIR CUSTOMERS 800,000 baht for 4 months to satisfy this requirement.

 

They'll find another way. If I had to guess, they'll omit or fake the bank paperwork outright and pay their immigration contact a bit more to overlook it. Cutting out the banks completely makes sense for both the agent and the IO.

Bank fraud can get one in jail for a very long time.

20 minutes ago, FritsSikkink said:

Bank fraud can get one in jail for a very long time

 

You mean like bribery?

28 minutes ago, FritsSikkink said:

Bank fraud can get one in jail for a very long time.

I suspect that even with the current methods agents use, once the stamps are issued, the paperwork is miraculously conveniently 'misplaced' to prevent discovery in audits.

22 minutes ago, Liquorice said:

I suspect that even with the current methods agents use, once the stamps are issued, the paperwork is miraculously conveniently 'misplaced' to prevent discovery in audits.

The big difference will be at the current situation, the agent has little risk, the immigration officer could have made a mistake. With no bank statement at all, this mistake will look a bit different. When the agent creates phony bank statements, the agent will be at risk of jail time. Then there is the question can all the agents make those statements and if so are they willing to take the risk.

So business as usual is very doubtful. 

1 hour ago, BrandonJT said:

The agents will just continue to use their existing bank contacts or find new ones, and pay for the paperwork needed.  It won't change anything.

That’s what has been happening for the past few weeks (though the price went up by 3K) but since Monday it seems Bangkok Bank is no longer an option for the “assisted” 800K & guys are being told they need to open an account with an different bank. 
 

 

 

13 minutes ago, FritsSikkink said:

The big difference will be at the current situation, the agent has little risk, the immigration officer could have made a mistake. With no bank statement at all, this mistake will look a bit different. When the agent creates phony bank statements, the agent will be at risk of jail time. Then there is the question can all the agents make those statements and if so are they willing to take the risk.

So business as usual is very doubtful. 

 

Option A: The agent walks away from this line of business and only offers a hand-holding service to those who have the money in the bank in the future.

 

Option B: The agent, in collusion with their IO counterpart, will get creative and salvage the "no money in the bank" extension business.

 

We can only guesstimate how much money they would lose by choosing option A, but I'd daresay it's enough enticement to go with option B instead.

 

How exactly they'll do that to minimize their risk and maximize their profits remains to be seen, but I have little doubt about the outcome.