If You Intend Opening A Thai Bank A/C Do So Now .

[anto]

Saw in todays Bangkok Post ,that it will be much harder after 21 st of August .They are putting in extra checks to stop money laundering .SCB have upped what you need already ,as they are looking for a work permit . .

[elektrified]

I am told that at some point it will be extremely difficult for a foreigner to open a brokerage account as well. Money laundering checks are already in place but will be tightened soon.

[jjczap]

checked bangkokpost.com just now and could not find anything on the topic - I know my reading eyesight is not what it used to be - can you please be more specific as to what was actualy said versus speculation - I was at Bangkok bank today renewing a fixed deposit and as always I ask them many questions about what they know is changing - the only thing they knew was as of Aug 11 the BOT has changed the bank insurance rules that only 1 million Bhat is insured per bank - so for those fortunate to have more than that be aware you are now at risk

[silverhawk_usa]

It will be pretty difficult to keep the minimum amount for a retirement visa in the bank if you can't open a bank account without a work permit.

[MESmith]

It will be pretty difficult to keep the minimum amount for a retirement visa in the bank if you can't open a bank account without a work permit.

New retirees will be expected to keep their 800,000 baht in a Thai national's account

[flying]

the only thing they knew was as of Aug 11 the BOT has changed the bank insurance rules that only 1 million Bhat is insured per bank - so for those fortunate to have more than that be aware you are now at risk

I recently read they may not reduce the insurance....

Deposit Protection Will Not Be Reduced As Planned

[chiang mai]

Agreed with Flying above, also:

this anti-money laundering legislation has been hovering over us for quite some time and it's only now that the international banking community has effectively given Thailand a deadline by which it must shore up it's funds transfers rules/legislation, it's not a new phenomena although it will likely cause lots of frustration as changes/rules are implemented. Also, there is no such requirement that new or existing account holders must have a work permit, utter rubbish.

[TommoPhysicist]

Someone starts a post like this every week.

Usually cos the manager of the branch they went into to open a new account is having a bad day.

Edited June 30, 2012 by TommoPhysicist

[anto]

checked bangkokpost.com just now and could not find anything on the topic - I know my reading eyesight is not what it used to be - can you please be more specific as to what was actualy said versus speculation - I was at Bangkok bank today renewing a fixed deposit and as always I ask them many questions about what they know is changing - the only thing they knew was as of Aug 11 the BOT has changed the bank insurance rules that only 1 million Bhat is insured per bank - so for those fortunate to have more than that be aware you are now at risk

Did you just check on line ?because i have a hard copy of todays paper .Its on the front page ,all down the right hand side .Its written by king oua laohong and Somruedi Banchongouang.

Quote of start of it ,

''Anti money laundering Chief Seehanat Prayoonrat said yesterday the office has asked the Justice Ministry to issue a regulation requiring commercial Banks to thoroughly check the backgrounds of people who pen bank accounts ""

" From Aug 21,banks must demand necessary documents authenticating the identity of account applicants.The documents will be strictly checked before the accounts can be opened ""

"" After Aug 21 ,opening a bank a/c will not be easy Pol.Col.Seehanat said ""

[ripstanley]

In Australia it is a little difficult to open a bank account for a tourist. This link gives what is needed http://en.wikipedia.org/wiki/100_point_check

[flying]

I think the truth behind the anti money laundering is just another case of the IRS looking under every stone

for revenues.

Same as they pulled with the Swiss accounts awhile back.

[anto]

In Australia it is a little difficult to open a bank account for a tourist. This link gives what is needed http://en.wikipedia....100_point_check

Its off topic but i was in Perth Aus. recently on Holiday and i could have opened a Bank a/c on a tourist visa with just my passport and a current Thai credit card that had my name printed on it .( i only had a Debit card and my name was not printed on it so i could not open an a/c )

[TommoPhysicist]

In Australia it is a little difficult to open a bank account for a tourist. This link gives what is needed http://en.wikipedia....100_point_check

No problem at all

passport 70, Thai driving license 25, rent agreement from hotel 25 = 120 points

[hellodolly]

Just wondering if they will update the whole industry. When I go in to my SCB and try to take money out on my ATM (Canada) card they can't do it. I have to go to the machine and it will not give me more than ten thousand baht even though the ATM bankcard allows me $1,000 a day. They tell me That the SCB machine will only allow me 20,000 baht a day and I must do it in two transactions.

I need more than that for a month and I don't mind the 150 baht charge but twice for less than I need is ridicules so I go inside use my Visa for all that I need and transfer the money on line from my savings account to my Visa who in turn charge me a money advance fee.

[MESmith]

Just wondering if they will update the whole industry. When I go in to my SCB and try to take money out on my ATM (Canada) card they can't do it. I have to go to the machine and it will not give me more than ten thousand baht even though the ATM bankcard allows me $1,000 a day. They tell me That the SCB machine will only allow me 20,000 baht a day and I must do it in two transactions.

I need more than that for a month and I don't mind the 150 baht charge but twice for less than I need is ridicules so I go inside use my Visa for all that I need and transfer the money on line from my savings account to my Visa who in turn charge me a money advance fee.

Try Bangkok Bank. I don't have an account with them, but I get over the counter withdrawals on my UK atm card of 30,000 no problem.

[elektrified]

I think the truth behind the anti money laundering is just another case of the IRS looking under every stone

for revenues.

Same as they pulled with the Swiss accounts awhile back.

I concur. Swiss banks now hand U.S. citizens U.S. tax forms to sign. Pathetic.

I might add...my brokerage firm here recently handed me a U.S. tax form to sign. I asked "what's this?" She said she wasn't sure but the Bangkok main office sent it for me to sign. I politely refused and it was never mentioned again.

Edited June 30, 2012 by elektrified

[maxman71]

For US citizens and US permanent residents (green card holders) who have foreign accounts, the IRS Noose is getting tighter. These new ID requirements for new accounts is just another step in the IRS' efforts to flush out US citizens' overseas accounts that have not been reported via the FBAR form when required to do so.

First steps were the two recent partial amnesty programs the IRS conducted in 2009 and 2011. The results of these programs was limited in terms of getting at real big fish the IRS believes are still out there that have not come forward, as well as a lot of smaller fish.

Next step is getting overseas banks to collect more data on US citizens opening accounts.

Further step is implementing and enforcing a bill enacted by the US Congress in 2010 that requires foreign banks to hand over ID and account info on all US citizen/green card holders who have accounts with foreign banks. Implementing and enforcing this step is bit tricky in getting the foreign banks to comply given the obvious cost and hassle involved. The foreign banks can either refuse to take on US citizen/green card holder accounts, or knuckle under the pressure from not only the US gov't, but also the int'l banking cartels. If this step gets implemented and enforced, and ultimately I think it will, those who have not reported their accounts via the FBAR form when required to do so, are in a heap of trouble. And, if the US account holder also has signatory authority over a foreign corp (i.e. Thai Ltd. co), is an officer/Director, or has at least 10% stock ownership in a foreign co., they are required to file form 5471, which is a real bear to fill out the first couple of times.

[hellodolly]

Just wondering if they will update the whole industry. When I go in to my SCB and try to take money out on my ATM (Canada) card they can't do it. I have to go to the machine and it will not give me more than ten thousand baht even though the ATM bankcard allows me $1,000 a day. They tell me That the SCB machine will only allow me 20,000 baht a day and I must do it in two transactions.

I need more than that for a month and I don't mind the 150 baht charge but twice for less than I need is ridicules so I go inside use my Visa for all that I need and transfer the money on line from my savings account to my Visa who in turn charge me a money advance fee.

Try Bangkok Bank. I don't have an account with them, but I get over the counter withdrawals on my UK atm card of 30,000 no problem.

Thanks I will give them a go.

[jjczap]

checked bangkokpost.com just now and could not find anything on the topic - I know my reading eyesight is not what it used to be - can you please be more specific as to what was actualy said versus speculation - I was at Bangkok bank today renewing a fixed deposit and as always I ask them many questions about what they know is changing - the only thing they knew was as of Aug 11 the BOT has changed the bank insurance rules that only 1 million Bhat is insured per bank - so for those fortunate to have more than that be aware you are now at risk

Did you just check on line ?because i have a hard copy of todays paper .Its on the front page ,all down the right hand side .Its written by king oua laohong and Somruedi Banchongouang.

Quote of start of it ,

''Anti money laundering Chief Seehanat Prayoonrat said yesterday the office has asked the Justice Ministry to issue a regulation requiring commercial Banks to thoroughly check the backgrounds of people who pen bank accounts ""

" From Aug 21,banks must demand necessary documents authenticating the identity of account applicants.The documents will be strictly checked before the accounts can be opened ""

"" After Aug 21 ,opening a bank a/c will not be easy Pol.Col.Seehanat said ""

Thanks I will try to find a hard copy == but for me I don't see anything new -- Bangkok bank required me to have my passport and they made copies of the front page with picture and a copy of my visa page -- so maybe other banks are not doing this

From Aug 21,banks must demand necessary documents authenticating the identity of account applicants.The documents will be strictly checked before the accounts can be opened ""

like I said they know who I am where I live and more - sounds like Bangkok Bank has been doing their job - so I don't see any change for me

[anto]

checked bangkokpost.com just now and could not find anything on the topic - I know my reading eyesight is not what it used to be - can you please be more specific as to what was actualy said versus speculation - I was at Bangkok bank today renewing a fixed deposit and as always I ask them many questions about what they know is changing - the only thing they knew was as of Aug 11 the BOT has changed the bank insurance rules that only 1 million Bhat is insured per bank - so for those fortunate to have more than that be aware you are now at risk

Did you just check on line ?because i have a hard copy of todays paper .Its on the front page ,all down the right hand side .Its written by king oua laohong and Somruedi Banchongouang.

Quote of start of it ,

''Anti money laundering Chief Seehanat Prayoonrat said yesterday the office has asked the Justice Ministry to issue a regulation requiring commercial Banks to thoroughly check the backgrounds of people who pen bank accounts ""

" From Aug 21,banks must demand necessary documents authenticating the identity of account applicants.The documents will be strictly checked before the accounts can be opened ""

"" After Aug 21 ,opening a bank a/c will not be easy Pol.Col.Seehanat said ""

Thanks I will try to find a hard copy == but for me I don't see anything new -- Bangkok bank required me to have my passport and they made copies of the front page with picture and a copy of my visa page -- so maybe other banks are not doing this

From Aug 21,banks must demand necessary documents authenticating the identity of account applicants.The documents will be strictly checked before the accounts can be opened ""

like I said they know who I am where I live and more - sounds like Bangkok Bank has been doing their job - so I don't see any change for me

You dont even have to find a hard copy .I looked on line and brought up the front page for Saturday and it was there .I myself will be opening several a/c s this week as it shure they will be asking for more than your passport come the 21 st August .

[orang37]

It is still possible to open one of fourteen foreign-currency accounts at Bangkok Bank, even on a tourist visa, although that my disappear at any moment. In these account all money must be wired in from outside Thailand, and the money is kept in its own currency: until you withdraw: at which point it is converted to baht at the current exchange rate (and I wouldn't be surprised if there were a few little "extra" fees, as well.) To widthdraw you will need to personally go to the bank with passport, and passbook, and fill out documents: these accounts cannot have ATM-cards.

However, the now required minimum deposit to open one of these 14 currencyu foreign-exhange accounts is now equivalent to US $1000, and if the account is not opened in 30 days, it can be closed, and you'll have to re-apply all over again: and the paperwork is substantial.

My recommendation: Go to Bangkok Bank Pratu Chiang Mai Branch, and speak with Mr. Sombat, a very helpful person who speaks excellent. English

best, ~o:37

[Langsuan Man]

paraphrasing from the BP article (that is alowed MODs?) the article finishes with the statement from a Siam Commercial Bank

since last month, the SCB has requested foreign nationals seeking to open accounts with the bank to produce additional identification documents such as a work permit

Once again the right hand doesn't know what the left hand is doing since foreign retirees in Thailand are required to keep a certain amount of funds in a Thai bank account to renew their annual permission to stay. How much is dependent upon your marital status but is still required to be on deposit in a Thai Bank.

I assume this rules out Siam Commercial Bank for keeping your required balance, since persons on an extension of stay for purposes of retirement are not allowed to work, thus are not eligible for a work permit

[mcgriffith]

I read the article today.

It seems clear this is a policy directive for new accounts.

I doubt the work permit thing will be universal; probably other means of ID will be acceptable for retirees resident here.

As to maxman71's post, probably most US citizens are unaware of this legislation passed in 2010 called FATCA.

All foreign banks and financial services (such as brokerages) are required to report all American citizen account holders to the Treasury Dept. and the IRS. The deadline to comply was pushed up a bit, but eventually they will have to do it, or face sanctions. Serious ones.

For US citizens only, read this NY Times article:

http://www.nytimes.c...?pagewanted=all

elektrified, you'll probably be filing out that form you refused sometime in the next year or so, or possibly your account will be closed. Which I hope doesn't happen, as we are all in the same boat.

Time will tell.

As this topic is not Chiang Mai-specific, moved to the business/banking sub-forum, with a live link remaining on CM.

[PattayaPhom]

checked bangkokpost.com just now and could not find anything on the topic - I know my reading eyesight is not what it used to be - can you please be more specific as to what was actualy said versus speculation - I was at Bangkok bank today renewing a fixed deposit and as always I ask them many questions about what they know is changing - the only thing they knew was as of Aug 11 the BOT has changed the bank insurance rules that only 1 million Bhat is insured per bank - so for those fortunate to have more than that be aware you are now at risk

Did you just check on line ?because i have a hard copy of todays paper .Its on the front page ,all down the right hand side .Its written by king oua laohong and Somruedi Banchongouang.

Quote of start of it ,

''Anti money laundering Chief Seehanat Prayoonrat said yesterday the office has asked the Justice Ministry to issue a regulation requiring commercial Banks to thoroughly check the backgrounds of people who pen bank accounts ""

" From Aug 21,banks must demand necessary documents authenticating the identity of account applicants.The documents will be strictly checked before the accounts can be opened ""

"" After Aug 21 ,opening a bank a/c will not be easy Pol.Col.Seehanat said ""

Passport is enough identity authentication. They may now require proof of residence, either through rental contract, yellow book etc but WP will not be required.

[Lifer]

Just wondering if they will update the whole industry. When I go in to my SCB and try to take money out on my ATM (Canada) card they can't do it. I have to go to the machine and it will not give me more than ten thousand baht even though the ATM bankcard allows me $1,000 a day. They tell me That the SCB machine will only allow me 20,000 baht a day and I must do it in two transactions.

I need more than that for a month and I don't mind the 150 baht charge but twice for less than I need is ridicules so I go inside use my Visa for all that I need and transfer the money on line from my savings account to my Visa who in turn charge me a money advance fee.

No trouble getting $3000 transfered inside the bank with my debit card. The limit of $5000 per transaction is my US banks limitation, not the Thai banks. Bangkok Bank told me there was no limit with transfering to their account.

[wimpy]

Passport is enough identity authentication. They may now require proof of residence, either through rental contract, yellow book etc but WP will not be required.

Source please.

[flying]

The foreign banks can either refuse to take on US citizen/green card holder accounts, or knuckle under the pressure from not only the US gov't, but also the int'l banking cartels.

Agree with all you wrote & it is a sad state of affairs being disguised as a counter terrorism measure.

As to what you say about green card holders.......Not to say one is rich & hiding money but.....green card holders do not usually open accounts in their home country (outside USA ) using their US passports. Why would they given all the hassle?

No, instead they use their Thai government ID card & I agree with that being the easier method.

As to banks knuckling under.....I think the ones that will accept this extra workload are the ones the US have leverage against like BKB only because they have a US counterpart in NY. If I remember correctly that was the leverage used by the US against Swiss Bank UBS....

ie: Hand over the info or be shut down within the US

As to what you say about International banking.....Yes I can imagine things like Visa/Mastercard being pulled...or perhaps wired funds being held up.

How far banks will go to avoid the additional work & what they may deem an invasion of privacy by complying I do not know. On the one hand it may be easier to just disallow US account holders unless they make up a sizable portion of that banks deposits.

Quite a mess actually when one considers the possibilities. If I am a foreign bank why do I want to comply with all this free labor requirements expected of my company?

Edited July 1, 2012 by flying

[simple1]

I think the truth behind the anti money laundering is just another case of the IRS looking under every stone

for revenues.

Same as they pulled with the Swiss accounts awhile back.

No, it's a requirement of the Patriot Act that any financial institution having business with US banks have to comply

[flying]

I think the truth behind the anti money laundering is just another case of the IRS looking under every stone

for revenues.

Same as they pulled with the Swiss accounts awhile back.

No, it's a requirement of the Patriot Act that any financial institution having business with US banks have to comply

Yes so we are told..........

The Patriot Act <sic> They came up with that name because who then would speak out against it?

What are you unpatriotic?

It is a sick twisted piece of work IMHO

I am not a rich person nor am I a crook. I have paid taxes all my life & they were many as I was always been

a self employed person.

Yet I am expected to report every dime for all my life. Even when it is already duly taxed & recored multiple times?

Anyone from the US knows you cannot transfer more than 10K abroad without it being reported already. So it is not like the

US govt does not already know what I have here in Thailand.

Mainly I see it as a huge infringement on my time & privacy. I am after all a citizen of the US not a subject.

They are my elected government not my masters.

They are so concerned about terrorism that they search us all ad nausea as we exit the US gates at airports

with groping & backscatter x-ray machines...yet they do not look twice at anyone coming into the US

Of course the main question in recent years at the airport exits has been.....Do you have more than 10k ?

Patriot Act <sic> IMHO

[chiang mai]

I'm not normally against a bit of US bashing but I think the current banking changes need to be viewed in a different light. The fact is that Thailand currently has virtually no checks and balances in place to deter the transfer of illegal funds into and out of the country and the international community knows this, in that respect Thai banks can be regarded as a safe haven for terrorist funds and those originating from all manner of illegal activities including drug and people trafficking - the new measures improve international banking safety measures and put Thai banks on a similar footing to others in the rest of the world and that can only be a good thing. But if readers want to believe this move is merely an extention of an existing American plot to remove the freedom of its citizens and is part of a larger conspiracy theory, that's OK too!