Opening A Bank Account In Thailand

[duchovny]

Is it possible? I've heard the is a bank that overlooks some of the formalities.

Also, does the Australian government/tax man have any rights to inspect such an account?

[JohnGotti]

y

[Jungian]

Short answer no not legally you can not. However; I suppose there are banks that will do it if you have enough money.

[duchovny]

y

Bank accounts are used to store money in a somewhat safe and secure manner. There are many advantages to putting your money in Bank accounts such as having access to your money almost anywhere in the world (via ATMs) without having the risk of carrying all of it on you in the form of cash and in some cases the Bank will pay you interest on your money. This means it will pay you a percentage of the money in your account annually as a "thankyou" for having your money with them. Why? They use your money to lend to other people/businesses/etc at a higher rate, that's how they make their money.

Modern Western economic and financial history is usually traced back to the coffee houses of London. The London Royal Exchange was established in 1565. At that time moneychangers were already called bankers, though the term "bank" usually referred to their offices, and did not carry the meaning it does today. There was also a hierarchical order among professionals; at the top were the bankers who did business with heads of state, next were the city exchanges, and at the bottom were the pawn shops or "Lombard"'s. Some European cities today have a Lombard street where the pawn shop was located.

After the siege of Antwerp trade moved to Amsterdam. In 1609 the Amsterdamsche Wisselbank (Amsterdam Exchange Bank) was founded which made Amsterdam the financial centre of the world until the Industrial Revolution.

Banking offices were usually located near centers of trade, and in the late 17th century, the largest centers for commerce were the ports of Amsterdam, London, and Hamburg.

Modern Western economic and financial history is usually traced back to the coffee houses of London. The London Royal Exchange was established in 1565. At that time moneychangers were already called bankers, though the term "bank" usually referred to their offices, and did not carry the meaning it does today. There was also a hierarchical order among professionals; at the top were the bankers who did business with heads of state, next were the city exchanges, and at the bottom were the pawn shops or "Lombard"'s. Some European cities today have a Lombard street where the pawn shop was located.

After the siege of Antwerp trade moved to Amsterdam. In 1609 the Amsterdamsche Wisselbank (Amsterdam Exchange Bank) was founded which made Amsterdam the financial centre of the world until the Industrial Revolution.

Banking offices were usually located near centers of trade, and in the late 17th century, the largest centers for commerce were the ports of Amsterdam, London, and Hamburg. Individuals could participate in the lucrative East India trade by purchasing bills of credit from these banks, but the price they received for commodities was dependent on the ships returning (which often didn't happen on time) and on the cargo they carried (which often wasn't according to plan). The commodities market was very volatile for this reason, and also because of the many wars that led to cargo seizures and loss of shipse lucrative East India trade by purchasing bills of credit from these banks, but the price they received for commodities was dependent on the ships returning (which often didn't happen on time) and on the cargo they carried (which often wasn't according to plan). The commodities market was very volatile for this reason, and also because of the many wars that led to cargo seizures and loss of ships.

Around the time of Adam Smith (1776) there was a massive growth in the banking industry. Within the new system of ownership and investment, the State's intervention in economic affairs was reduced and barriers to competition were removed at all times.

In the 1970s, a number of smaller crashes tied to the policies put in place following the depression, resulted in deregulation and privatization of government-owned enterprises in the 1980s, indicating that governments of industrial countries around the world found private-sector solutions to problems of economic growth and development preferable to state-operated, semi-socialist programs. This spurred a trend that was already prevalent in the business sector, large companies becoming global and dealing with customers, suppliers, manufacturing, and information centres all over the world.

Global banking and capital market services proliferated during the 1980s and 1990s as a result of a great increase in demand from companies, governments, and financial institutions, but also because financial market conditions were buoyant and, on the whole, bullish. Interest rates in the United States declined from about 15% for two-year U.S. Treasury notes to about 5% during the 20-year period, and financial assets grew then at a rate approximately twice the rate of the world economy. Such growth rate would have been lower, in the last twenty years, were it not for the profound effects of the internationalization of financial markets especially U.S. Foreign investments, particularly from Japan, who not only provided the funds to corporations in the U.S., but also helped finance the federal government; thus, transforming the U.S. stock market by far into the largest in the world.

Nevertheless, in recent years, the dominance of U.S. financial markets has been disappearing and there has been an increasing interest in foreign stocks. The extraordinary growth of foreign financial markets results from both large increases in the pool of savings in foreign countries, such as Japan, and, especially, the deregulation of foreign financial markets, which has enabled them to expand their activities. Thus, American corporations and banks have started seeking investment opportunities abroad, prompting the development in the U.S. of mutual funds specializing in trading in foreign stock markets.

Such growing internationalization and opportunity in financial services has entirely changed the competitive landscape, as now many banks have demonstrated a preference for the "universal banking" model so prevalent in Europe. Universal banks are free to engage in all forms of financial services, make investments in client companies, and function as much as possible as a "one-stop" supplier of both retail and wholesale financial services.

Many such possible alignments could be accomplished only by large acquisitions, and there were many of them. By the end of 2000, a year in which a record level of financial services transactions with a market value of $10.5 trillion occurred, the top ten banks commanded a market share of more than 80% and the top five, 55%. Of the top ten banks ranked by market share, seven were large universal-type banks (three American and four European), and the remaining three were large U.S. investment banks who between them accounted for a 33% market share.

This growth and opportunity also led to an unexpected outcome: entrance into the market of other financial intermediaries: nonbanks. Large corporate players were beginning to find their way into the financial service community, offering competition to established banks. The main services offered included insurances, pension, mutual, money market and hedge funds, loans and credits and securities. Indeed, by the end of 2001 the market capitalisation of the world's 15 largest financial services providers included four nonbanks.

In recent years, the process of financial innovation has advanced enormously increasing the importance and profitability of nonbank finance. Such profitability priorly restricted to the nonbanking industry, has prompted the Office of the Comptroller of the Currency (OCC) to encourage banks to explore other financial instruments, diversifying banks' business as well as improving banking economic health. Hence, as the distinct financial instruments are being explored and adopted by both the banking and nonbanking industries, the distinction between different financial institutions is gradually vanishing.

Hope that answers the question why and provides you with a little understanding?

I'd also like to hide some cash in Thailand so I don't pay tax on it to a country that I no longer live in which has an incompetent government at the present time who will squander it anyway.

[Mali1964]

Opening a bank account in Thailand is easy the best for the lack of little rules is Kasikorn, only passport with non resident visa is preferred i opened one in 20 minutes with 300 baht charge for the card & pin number which is given there & then, i only deposited 500 baht that day & this caused no problems.

[ubonjoe]

You can open an account. You may have to keep trying different banks and branches until you find one that will.

[hhgz]

"Hope that answers the question"

You can copy-and-paste with the best of them!

[chiangmaibruce]

Read this thread (and/or any of dozens of earlier threads on the exact same topic) and this will answer your question

http://www.thaivisa.com/forum/Opening-Bank...nt-t260738.html

[duchovny]

Kasikorn it is.

Thanks

[PattayaParent]

Opening a bank account in Thailand is easy the best for the lack of little rules is Kasikorn, only passport with non resident visa is preferred i opened one in 20 minutes with 300 baht charge for the card & pin number which is given there & then, i only deposited 500 baht that day & this caused no problems.

You can open an account in Kasikorn with only a 30 day stamp on arrival.

[duchovny]

Opening a bank account in Thailand is easy the best for the lack of little rules is Kasikorn, only passport with non resident visa is preferred i opened one in 20 minutes with 300 baht charge for the card & pin number which is given there & then, i only deposited 500 baht that day & this caused no problems.

You can open an account in Kasikorn with only a 30 day stamp on arrival.

Sweeeeeeet

[Mali1964]

Opening a bank account in Thailand is easy the best for the lack of little rules is Kasikorn, only passport with non resident visa is preferred i opened one in 20 minutes with 300 baht charge for the card & pin number which is given there & then, i only deposited 500 baht that day & this caused no problems.

You can open an account in Kasikorn with only a 30 day stamp on arrival.

Yes i know note i stated preferred as this is not always the case in every branch some will some won't TIT, the rules do require the visa though but if your wallet is bulging i'm sure they will oblige & break them.

[PattayaParent]

Opening a bank account in Thailand is easy the best for the lack of little rules is Kasikorn, only passport with non resident visa is preferred i opened one in 20 minutes with 300 baht charge for the card & pin number which is given there & then, i only deposited 500 baht that day & this caused no problems.

You can open an account in Kasikorn with only a 30 day stamp on arrival.

Yes i know note i stated preferred as this is not always the case in every branch some will some won't TIT, the rules do require the visa though but if your wallet is bulging i'm sure they will oblige & break them.

The minimum of 500 Baht will do it.