Seeking Input - New Thai Bank Rules

[Indo-Siam]

I'm just doing a "reality check" here. One of my clients just married a Thai, obtained a Class O visa in Penang, and is working to get everything set up to qulaify for a long-term Class O entry permit extension. Unremarkable.

Until yesterday. He went to a bank to open a passbook savings account, into which he planned to wire money to qualify for the long-term extension. They refused him, saying that a new rule effective 17 October made it a requirement to have a work permit to open ANY type of account for a foreigner.

He reported this to me - and this scenario sounded very unlikely to me (as in - how can someone qualify for a retirement visa - which specifically prohibits you from having a work permit, but does require a hefty bank balance?).

So - I had my office mananger call her friend who works at Bangkok Bank - and I'll be damned if the friend didn't confirm that a work permit is now required to open a passbook savings account.

I still find this impossible to believe - particularly for someone holding a non-immigrant Class O entry permit. When I opened my account three years ago, with a Class O entry permit and no work permit - it took maybe eight minutes. And I know several pepople who opened accounts with just 30 day "walkers" entry permits - and they were just living at a hotel.

I already know that Thai banks are a crapshoot under any circumstances - if you try enough banks, you can find a branch (or a manager) that will allow almost anything.

But - what is the norm these days? Has anyone opened a passbook account within the past two weeks without a work permit? Has anyone else had problems? If you have a report, please identify bank name and branch location.

Thanks!

Indo-Siam

[TRIPxCORE]

Hey Steve, I was in-country over this past Halloween which is obviously after the October 17th date you mentioned. I opened a regular savings account at the Bangkok Bank on Sukhumvit-Soi 11. Thats not the exact Soi but its right across the street from the Ambassador hotel. Went in with only my passport which had only a 30 day stamp in it which they didnt even look at. No problems at all. 10 minutes max.

[pnustedt]

Try: http://www.hsbc.co.th/th/personal/default.htm

Previous posters have said that they have not had any problems with using them for financial qualification on visa applications. Only problem is just the one branch (I understand Thai regulations!)

I have heard so many horror stories about Thai banks and their service is certainly like something out of the ark!

I use hsbc in HK, one of the benefits is that you can have deposits in several different currencies to suit your requirements and your statement will be given in local currency.

[CMexpat]

The latest I heard, but this is an un-confirmed rumour, is that only with a work-permit you can receive interest on a Thai Bank account.

Like said before, different banks, different managers, different interpretations.

[bmanly]

I opened a Be 1st. Visa Electron account at Bangkok Bank on 6th. October. This is well before the date you said I know. But doing a check on their website it clearly says anyone can apply for such an account. My ex pat friend emailed me last week and he did say that it was on the news last week that farang owned accounts will now not accrue interest and that most farangs were pulling out of Thai bank accounts and opening ones up in Singapore. I can't see the point in that as for me the whole purpose is being able to transfer money into Thai currency when the rate looks good. Here is the BBL link:

http://www.bbl.co.th/Bangkok+Bank/Personal...l+Me+More.htm#5

[Nam Kao]

Just another step in "Ruling out the Foreigner"

[morphic]

Would anyone like to hazard a geuss as to possible steps taken against accounts currently held by foreigners? I mean, if there is a crackdown against account opening then should we not expect one against existing accounts?

The things I am thinking of are not just the witholding of interest, but of accounts being frozen and assets seized. The excuse might be just that the foreigner does not have a work permit and has therefore opened the account under false pretences, even though at the time a work permit was not asked for. I know this sounds utterly Kafkaesque and stupid, but we are dealing with a country that is desperate for revenue and unscrupulous as to how they obtain it.

Things are certainly looking bleaker and bleaker for us foreigners, aren't they.

[Nam Kao]

I opened an acount a few years back at Bangkok Bank, just put 500bt

in it. I checked it a year later as i was in the US and the money was gone.

I asked when was it taken out etc, they said so solly, me no know, no records

[dr_Pat_Pong]

A guy I know just opened a SCB (Head Office) account with substantial funds. He has a Multi O and is applying for the extension. Had no problem. T i T

[Hog Head]

I just opened a joint account with my Thai GF last week. I came in on a tourist visa and it was a simple, but a bit protracted form filling excercise.

Bangkok Bank, Chiangmai.

[JonnieB]

morph,

Thailand is in the process of negotiating a FTA with the USA and possible other countries, including Japan, Australia, and Singapore, as well as with the other members of ASEAN. Thailand has also recently paid off (several years ahead of schedule) all it's billions of debt to the IMF secondary to the Crisis of 1997. Exports continue to surge and gov't revenues (tax collections) are rising. One can hardly argue therefore, that the gov't is desparate for money and may consider confiscating the financial assets of foreigners in the country. Even if it wanted too (which I am sure they don't...Thais may be that venal but the Sino-Thais in charge are not stupid), under many international treaties and practices this would be illegal. In purely practical terms, the bad press and liability of the Thai Gov't. in US courts would be immense and surely deter any such move. Nationalizations or confiscation of assets are steps taken by desparate government in desparate times. Surely not Thailand in 2003. The Cuban is still facing lawsuite and claims and judgments dating back to their taking of private assets after the Revolution.

[djinn]

I opened last week 2 saving accounts at Siam Commercial Bank Second Road branch in Pattaya .Took 1,5 hour to open+ATM +internet banking.No waiting time but their organization is "special".Everything hand written by them on thai documents and then encoded in 2 different computer programs

I am on tourist visa and had only a problem to let them understand I needed 2 acounts .1 for retirement visa and 1 for ATM (small amounts only).They have a good internet banking system

Rules depend from bank to bank.One friend was refused in another bank and accepted too by SCB.TIT

[bluebear]

Thailand has also recently paid off (several years ahead of schedule) all it's billions of debt to the IMF secondary to the Crisis of 1997. Exports continue to surge and gov't revenues (tax collections) are rising. One can hardly argue therefore, that the gov't is desparate for money.......

They paid off the external IMF loans with internal debt at a higher rate just so they could say we dont need any foreigners helping us.

Sound economic sense or political manouever? You tell me.

Of course they are desparate for money, they have to have something in the bank to pay for the 30B health care, cheap tvs, cheap computers, cheap housing, cheap...............

and almost forgot, they wont accept foreign aid now either.

Now back to the topic, last week my passbook with Bangkok Bank had run out of pages and despite it being opened over 18mths ago my branch wouldnt give me a new book ( note, not a new account) until I showed them my passport. It was only because I asked why and said that they had copies of all that stuff when I opened it that they eventually relented. They did not want to see the work permit but my visa.

[huski]

I opened an acount a few years back at Bangkok Bank, just put 500bt

in it. I checked it a year later as i was in the US and the money was gone.

I asked when was it taken out etc, they said so solly, me no know, no records

Don't you have a passbook when you opened the account, an ATM card, or at least a deposit slip?

The latest I heard, but this is an un-confirmed rumour, is that only with a work-permit you can receive interest on a Thai Bank account.

My Bangkok Bank account was showing interest deposits every passbook update but now is showing up exactly every 6 months.

I also have a Thai Farmers account that the interest stopped completely back in June 2002. Thai Farmers branch is in Jomtien Beach but isn't there anymore. Anyone know if its closed or at another location close by?

[lopburi3]

Now back to the topic, last week my passbook with Bangkok Bank had run out of pages and despite it being opened over 18mths ago my branch wouldnt give me a new book ( note, not a new account) until I showed them my passport.

And your passbook is your signature check for any withdrawal would think it normal to make sure it is you; IE check passport or other photo ID before giving out a new one. They have always checked and photo copied both mine and Thai wife's when getting a new book so don't believe anything new.

[monty]

The official Bangkok Bank rules on accounts for foreigners:

I am a tourist and want to deposit and withdraw cash while I am traveling in Thailand. Can I open an account at Bangkok Bank?

Yes, you can open a ‘Resident Baht Account’ and make transactions via any Bangkok Bank’s counter or you can apply for a Bualuang ATM card to use within Thailand. This account provides you with access to your funds from any ATM machine in the country however, you will not be able to access your funds from overseas.

If I am in Thailand as a tourist, can I use Bualaung iBanking or Bualuang Phone?

No, in accordance with Bank of Thailand’s regulations you must be a resident of Thailand or have a current work permit.

My spouse is a Thai national and I am a foreign national. Can we open a joint account?

Yes, you can go to any Bangkok Bank branch and open a resident baht joint account.

Can I apply for Bualuang iBanking, your online banking service? You can apply for Bualuang iBanking services if you hold a savings or current account and have a current work visa for Thailand. To apply, bring your passport and your work permit or a Certificate of Resident to any Bangkok Bank branch

More info : FAQ for foreigners