Opening A Thai Bank Account

[Capealava]

I have been coming to Thailand for 6 years now on 60 day tourist Visa's. I stay about 5 to 6 months a year. I am a US nationality. With the large US dollar and Thai baht fluctuations I am thinking of opening a Thai Bank account. My questions is: Can I open a Thai bank account just having a 60 tourist visa and are there any problems I should be aware of in having a Thai bank account.

[Jingthing]

Some banks will open one for you with a tourist visa. some won't. Just keep trying. It would really help to being a Thai person to help out.

I suggest keeping the amount under 10K USD; otherwise you are required to report it to the treasury department every year with very severe penalties if you don't.

Ask for an international ATM card.

You will only be able to get a passbook savings account, no checking account for you.

Try to get online access. Sometimes you will need help from the bank with that because the online form might not accept your passport number as ID number, they are looking for a Thai ID number.

If its a large amount of money, open the inital amount in cash, and later wire it in, and then get documentation that you wired it in from the Thai bank.

I have been very happy with Siam Commercial Bank.

Edited December 19, 2007 by Jingthing

[nidge]

I suggest keeping the amount under 10K USD; otherwise you are required to report it to the treasury department every year with very severe penalties if you don't.

what penalties are there? I have had more than 10K in various banks for the past 6 years. I have never been told to report to anyone. Now you have me paranoid that the BIB are going to be bashing my door in!

[Jingthing]

You are toast. Sorry.

I don't think the Thailand BIB would care. However, the US treasury department cares alot. This is all part of the so called "war on terror".

http://www.irs.gov/businesses/small/articl...=148845,00.html

What is the statute of limitations for assessing civil penalties for violations of the FBAR requirements?

Civil penalties can be assessed anytime up to six years after the date of the violation.

How long should account holders retain records of the foreign accounts?

Records of accounts required to be reported on an FBAR must be retained for a period of five years. Failure to maintain required records may result in civil penalties, criminal penalties, or both.

What happens if an account holder is required to file an FBAR and fails to do so?

Failure to file an FBAR when required to do so may potentially result in civil penalties, criminal penalties, or both.

More?

Under Section 5321(a)(5), the prescribed civil penalty was the transaction amount or account value up to $100,000 (minimum $25,000). The government had to establish that the failure to file the report was willful. However, Section 5321(a)(5) was amended by AJCA Section 821 to impose penalties of up to $10,000 for a nonwillful failure to file the report or disclose foreign accounts.

Under Section 5321(a)(5)((ii), the penalty may be waived if there is reasonable cause. The AJCA also amended Section 5321(a)(5)© to increase the maximum potential civil penalty for a willful failure to disclose an interest in or authority over a foreign financial account, to the greater of (1) $100,000 or (2) 50% of the transaction amount (or balance in the account) at the time of the violation.

http://www.aicpa.org/pubs/taxadv/online/jun2005/jacobs.htm

For cases such as yours, non-filing due to ignorance, your obvious choices are to seek professional advise and come clean, or never file and hope it never comes to bite you.

The potential penalties are so outrageous that I suggest everyone comply with this law before they get into a dilemna like nidge. It is really easy to file this form, once a year, takes 5 minutes to fill out.

Edited December 19, 2007 by Jingthing

[retirednavyman]

Some banks will open one for you with a tourist visa. some won't. Just keep trying. It would really help to being a Thai person to help out.

I suggest keeping the amount under 10K USD; otherwise you are required to report it to the treasury department every year with very severe penalties if you don't.

Ask for an international ATM card.

You will only be able to get a passbook savings account, no checking account for you.

Try to get online access. Sometimes you will need help from the bank with that because the online form might not accept your passport number as ID number, they are looking for a Thai ID number.

If its a large amount of money, open the inital amount in cash, and later wire it in, and then get documentation that you wired it in from the Thai bank.

I have been very happy with Siam Commercial Bank.

Is there a form available for reporting it to the Treasury Dept or must it be reported to the IRS?

[nidge]

You are toast. Sorry.

Thanks for the link Jing.

Thankfully after quick perusal, not only am i not Toast, i'm not even slightly browned bread.

What is an FBAR?

An FBAR is a Report of Foreign Bank and Financial Account. The form number is TD F 90-22.1.

Who must file an FBAR?

Any United States person who has a financial interest in or signature authority, or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year

What is a United States person?

A United States person is:

A citizen or resident of the United States

A domestic partnership

A domestic corporation

A domestic estate or trust

I checked the list and i am most definitely not a United States person. Phew!

[Jingthing]

Sorry nidge, I made an assumption. The OP is a US person so the rule applies to him, talking about the US treasury department, sorry about that. Funny really.

[Jingthing]

Some banks will open one for you with a tourist visa. some won't. Just keep trying. It would really help to being a Thai person to help out.

I suggest keeping the amount under 10K USD; otherwise you are required to report it to the treasury department every year with very severe penalties if you don't.

Ask for an international ATM card.

You will only be able to get a passbook savings account, no checking account for you.

Try to get online access. Sometimes you will need help from the bank with that because the online form might not accept your passport number as ID number, they are looking for a Thai ID number.

If its a large amount of money, open the inital amount in cash, and later wire it in, and then get documentation that you wired it in from the Thai bank.

I have been very happy with Siam Commercial Bank.

Is there a form available for reporting it to the Treasury Dept or must it be reported to the IRS?

Separate form. Goes to treasury. Not an IRS matter, but they know about it. Different deadline schedule than for IRS also.

http://www.irs.gov/pub/irs-pdf/f90221.pdf

You file in the current year for accounts over 10K USD in the previous year. Interesting factoid: if the account was over 10K even for one day, you are required to file.

Edited December 19, 2007 by Jingthing

[roskruge]

I was in Australia and going back to the early 90's their was financial transactions reporting by the banks, that is any transaction Aus10,000 or above is reported to a agency. While walking around Bangkok one day I walked past a government office that had a sign indication it was a similar type agency. Forget the name of government office but something to do with money laundering.

[pkrv]

Hi Just a few days ago I succeded in opening a Bangkok Bank passbook savings account on a tourist visa. The branch I used was the head office branch in Bangkok.

The LONG procedure required, which needs 2 half days to complete, is detailed in this thread:

http://www.thaivisa.com/forum/index.php?sh...25#entry1735189

[roskruge]

I was in Australia and going back to the early 90's their was financial transactions reporting by the banks, that is any transaction Aus10,000 or above is reported to an agency. While walking around Bangkok one day I walked past a government office that had a sign indicating it was a similar type agency. Forget the name of government office but something to do with money laundering.

AMLO Anti-Money Laundering Office. 422 Phayathai Rd., Patumwan District, Bangkok 10330

[dv2008]

The Bangkok Bank in Paragon is very lenient. Just take your passport with more than 30 days left in your visa and they should open a savings account for you.

You can request an international Be-first Visa card with the CCV numbers on the back. You can use this card abroad and for online shopping. They also offer free internet banking.

Pre approved clients can also make international transfers from their online banking account.

[thaistocks]

Some banks have lately asked for a work permit. Others not. Its not consistent.

They will ask for a Thai address, just give your hotel address but not the Hotel name. Thai banks never send statements anyway. Its all just updated on your passbook. But seemingly do require a Thai address, of some kind. To cash checks you will need a bank book, including Thai stock dividend checks. Never try to cash a (certfied or not) check in the US, in a foreign currency, they will look at you like you are from another planet.

[andy1308]

The Bangkok Bank in Paragon is very lenient. Just take your passport with more than 30 days left in your visa and they should open a savings account for you.

You can request an international Be-first Visa card with the CCV numbers on the back. You can use this card abroad and for online shopping. They also offer free internet banking.

Pre approved clients can also make international transfers from their online banking account.

And to add to the inconsistency I have found that same branch of Bangkok Bank to be extremely unhelpful. I have an account with them - at another Bangkok branch - and wanted a new passbook as my current one is full. I had my passport, old book and other identification but they refused and said I would need to go to my own branch. It really does depend on who you speak to and what side of the bed they emerged from that particular morning.

[Onnutrd]

I went into Bangkok Bank with my Thai boyfriend and, after waiting patiently directly in front of them for about 5 minutes, they said I was not allowed to open an account unless I had a work permit (pretty reasonable). My boyfriend spoke in Thai, and the fact that he was a university lecturer (ajarn) did'nt provide much influence either.

As with most things Thai, there tends to be no specific rule that individuals follow by. So it might be sound advice for you to just keep trying. I gave up coz I could'nt be bothered walking to the bank in the previous heat..

I now use my BF's account..(which btw, is much healthier than mine)..