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

[flying]

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!

I do understand that aspect & do not see this as a conspiracy at all.

Also I know I may come off as bashing the US but I assure you I am not.

But I do see a difference between the *USA/American People* & the governments actions at times.

Speaking out against ones government when they do not uphold what they are elected to protect

should not be seen as bashing or unpatriotic...quite the opposite actually IMHO

But as I said the checks & balances have long since been in place.

What happens in Thailand's or any other countries banks is in essence none of their business.

Of course the US has every right to police what comes & goes from the USA & they do.

As I said the checks & balances have long since been on place

You cannot transfer money easily to the US even from Thailand unless you show

where it originated.

Then if you transfer more than 10K in or out of the US again a flag is raised.

Even within the US you cannot walk into a bank with 10+K in cash without raising a flag.

At the end of each year the totals are again reported to the IRS/Fed Govt so again

no secrets at all exist. They know exactly what each & every account holds & how it got there

where it came from & where it went if it left that account in any sizable amount whether by cash or wire.

Edited July 1, 2012 by flying

[TongueThaied]

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.

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.

Beware. Under the new FATCA law (US), foreign (non-US) financial intitutions are required to solicit US tax ID information from US citizen customers and provide it to the US IRS. For those US citizen customers that refuse to provide the information, the institution will be required to withhold 30% of the customers accounts. Foreign institutions must comply or suffer international sanctions placed by the US. You cannot escape the long dick of Uncle Sam.

Also, many banks ARE requiring work permits, even though they may be misinformed. I recently tried to open one of those "no fee" accounts at TMK Bank. They told me I needed a work permit. I said I was retired. They said I needed a work permit or no account. I sat down with a supervisor explained that a retired British friend of mine just opened an account there just a few weeks earlier. He then called somebody on the phone and explained the situation. When he finished, he told me, "Sorry, you need a work permit."

Remembering where I was, I left and went to another branch of TMB. This time, I went in, asked for the mangager, bowed, scraped and smiled a lot and spoke my best Thai. He opened the acount for me.

I recently read a news item that in light of all the new US reporting requirements, non-US HSBC Bank offices were refusing to open new accounts for US citizens.

Edited July 1, 2012 by TongueThaied

[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!

I do understand that aspect & do not see this as a conspiracy at all.

Also I know I may come off as bashing the US but I assure you I am not.

But I do see a difference between the *USA/American People* & the governments actions at times.

Speaking out against ones government when they do not uphold what they are elected to protect

should not be seen as bashing or unpatriotic...quite the opposite actually IMHO

But as I said the checks & balances have long since been in place.

What happens in Thailand's or any other countries banks is in essence none of their business.

Of course the US has every right to police what comes & goes from the USA & they do.

As I said the checks & balances have long since been on place

You cannot transfer money easily to the US even from Thailand unless you show

where it originated.

Then if you transfer more than 10K in or out of the US again a flag is raised.

Even within the US you cannot walk into a bank with 10+K in cash without raising a flag.

At the end of each year the totals are again reported to the IRS/Fed Govt so again

no secrets at all exist. They know exactly what each & every account holds & how it got there

where it came from & where it went if it left that account

The timming of our respective posts was unfortunate in that it made my post appear as though I was taking a shot at yours, which wasn't the case. But yes I agree that Americans are treated somewhat differently in the international community when it comes to banking and that's unfortunate, readers should not however make the connection between this legislation in Thailand and the treatment of American citizens resulting from American legislation because I don't believe a direct link is appropriate, that was my only point.

[PattayaParent]

SCB have upped what you need already ,as they are looking for a work permit . .

They've been asking for a work permit for years.

[flying]

The timming of our respective posts was unfortunate in that it made my post appear as though I was taking a shot at yours, which wasn't the case. But yes I agree that Americans are treated somewhat differently in the international community when it comes to banking and that's unfortunate, readers should not however make the connection between this legislation in Thailand and the treatment of American citizens resulting from American legislation because I don't believe a direct link is appropriate, that was my only point.

Thanks CM & to be clear I did not feel your post was taking a shot at mine

Also to be clear I agree with what you say here & as a US citizen have always been a law abiding

tax paying individual.

It is just at times I resent the overreach of my elected government & what it wastefully spends doing it.

I agree that this legislation is not American specific but I tend to think they carry a lot of weight on

demanding its implementation.

[falang07]

SCB have upped what you need already ,as they are looking for a work permit . .

They've been asking for a work permit for years.

Well, not from me.

[PattayaParent]

SCB have upped what you need already ,as they are looking for a work permit . .

They've been asking for a work permit for years.

Well, not from me.

First thing they asked my wife when she went to open a bank account with them, same with Bangkok Bank and TMB.

[Darrel]

I have several bank accounts, opened at various times over the last couple of years and including one opened last month with Ayudha.

All the banks I have accounts with required either a WP or a long visa, with the exception of Kbank. Kbank also opened an account two weeks ago for a friend with just a 30-day tourist stamp.

It does depend on the individual branch though and I have found that branches with lots of farang customers are notably more helpful than those in predominantly Thai areas.

A passport is perfectly satisfactory ID and it makes no difference to the validity of that whether you have a WP or a long visa or indeed no visa, so any particular visa/WP requirements are probably designed more to weed out people who just want an account for a few weeks use, who may not be cost-effective for the bank.

[Javabear]

I've got accounts at both SCB and Bangkok Bank and I opened both on 30 day tourist visas.

[thaigold]

Tempest in a tea-pot folks. Trillions of dollars whirl around this planet daily and the experts claim that 85% of this money storm is speculative dollars chasing imaginary profits. Don't worry. The poor little foreigner with 100K doesn't even show as a blip in the game. Just stay within the 'yellow lines' and you'll have no problem. Take this to the bank.

[exeter]

The goalposts are always moving but I supect that this is more about the US IRS pressurizing Thailand for information about their ( US ) citizens so they can extract more. The US will then view Thailand in a favourable light ( NOT to be placed on any terrorist list etc ). It also happens to fit in well with anti-money laundering requirements, how it pans out locally and at different banks remains to be seen. We have to use the banks so what are the chances of a Thai Bank colapsing? Pretty remote I would guess, it would scare off tourists big time and Thailand cannot live without tourists, particularly now that Burma is now emerging into a competitive option.

Edited July 1, 2012 by exeter

[TommoPhysicist]

The goalposts are always moving but I supect that this is more about the US IRS pressurizing Thailand for information about their ( US ) citizens so they can extract more. The US will then view Thailand in a favourable light ( NOT to be placed on any terrorist list etc ). It also happens to fit in well with anti-money laundering requirements, how it pans out locally and at different banks remains to be seen. We have to use the banks so what are the chances of a Thai Bank colapsing? Pretty remote I would guess, it would scare off tourists big time and Thailand cannot live without tourists, particularly now that Burma is now emerging into a competitive option.

I'm thinking they'll do what they normally do.

The Thai government will agree to anything the US government demands ...... nobody in Thailand will change or enforce anything.

[asiamint]

When money is deposited in a checking account, the depositor still thinks of that money as his, though legally it is the bank's. The depositor owns no money in the bank; he is merely a creditor of the bank as a private corporation.

Irving Fisher's 100% Money

A passport should be more than enough id to loan your money to the bank. Look back to the Reagan era with his war against drugs, laws were put in place to tackle drug king pins, or so we the public were told. But these laws were 99% of the time used to go after doctors, dentists and not drug king pins.

[BWPattaya]

SCB have upped what you need already ,as they are looking for a work permit . .

They've been asking for a work permit for years.

A couple of years ago I sold a house and went with the buyer to get the monay. This was at an SCB branch. They asked what I wanted to do with the money and I told them to give it to me and I would take it to my Kasikorn branch nearby. They said they didn't like the thought of me carrying a load of cash a few hundred metres and suggested that I open an account with them. I said "Sorry, I haven't got my passport with me". They said never mind, have you got a driving licence? So, they opened an account straight away. I took my passport in the next day for them to copy. Nothing else required at all.

[anto]

SCB have upped what you need already ,as they are looking for a work permit . .

They've been asking for a work permit for years.

Well, not from me.

First thing they asked my wife when she went to open a bank account with them, same with Bangkok Bank and TMB.

I also opened a/cs with SCB and Thai military Bank and no WP asked for .

[commande]

Thai bank account, useless unless you live here and need a place to put your money or your involved with something illegal. Worried about taxes, open an account in the UAE, unfortunately you have to get a residency permit to open account there which means a job but once you have the account they won't close it down so if you leave the country and go home you have a foreign account that is NOT traced back to another country as the UAE government has told all foreign governments for now to piss off unless they have proof that there is corruption, drugs or other serious crimes taking place and they will notify the account holder of any request for your details prior so you know what is going on behind the scenes. As for taxes or taxation related to foreigners with UAE accounts, that is not a legal justification by UAE banking laws to disclose anything about the account ...

Edited July 1, 2012 by commande

[VisasPlus]

SCB have upped what you need already ,as they are looking for a work permit . .

They've been asking for a work permit for years.

Well, not from me.

First thing they asked my wife when she went to open a bank account with them, same with Bangkok Bank and TMB.

Well, maybe they just didn't want to open an account for her. I certainly wasn't asked either.

[chiang mai]

I now have accounts with all the Thai banks and I don't have a work permit, I've opened these accounts because it makes it easier to transfer funds as individual banks offer new products.

[flying]

I now have accounts with all the Thai banks and I don't have a work permit, I've opened these accounts because it makes it easier to transfer funds as individual banks offer new products.

Same here.....Right now Ayudhya with their 2.9% & two withdrawals allowed a month is nice.

BKB at 2.62% is not bad too albeit 4 month fixed.

SCB nothing special right now....

All have a nice web interface too that makes it easy to transfer from one another

[bangkok101]

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

I recall reading a few months ago that the banking rules have changed for foreigners on retirement visa's, in that the required funds (800,000 THB) can be maintained in a Thai OR foreign account of your choice. Can anyone very/confirm this?

[flying]

I recall reading a few months ago that the banking rules have changed for foreigners on retirement visa's, in that the required funds (800,000 THB) can be maintained in a Thai OR foreign account of your choice. Can anyone very/confirm this?

Best to ask in the Visa section someone like Lopburi will give you the straight story

As far as I know....the only time it can be in a foreign account is for your application in that country for your first visa obtained at a Thai Consulate

outside of Thailand

Once in Thailand & doing extensions etc then the money needs to be in a Thai bank & seasoned at least 2 months for your first extension

& three months there after

[Sateev]

I recall reading a few months ago that the banking rules have changed for foreigners on retirement visa's, in that the required funds (800,000 THB) can be maintained in a Thai OR foreign account of your choice. Can anyone very/confirm this?

Taking your post literally, RETIREMENT VISA applicants can use funds in an account outside Thailand (usually your home country) to obtain said visa. This visa must be applied for in your home country, NOT from within Thailand. It has been this way for a long time.

If you are talking about a retirement extension of stay, however, the money must be in a Thai bank.

Nothing new.

[elektrified]

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.

Thanks for posting the link mcgriffith. Interesting reading.

[Jingthing]

I recall reading a few months ago that the banking rules have changed for foreigners on retirement visa's, in that the required funds (800,000 THB) can be maintained in a Thai OR foreign account of your choice. Can anyone very/confirm this?

Taking your post literally, RETIREMENT VISA applicants can use funds in an account outside Thailand (usually your home country) to obtain said visa. This visa must be applied for in your home country, NOT from within Thailand. It has been this way for a long time.

If you are talking about a retirement extension of stay, however, the money must be in a Thai bank.

Nothing new.

Correct, there is no retirement rule change.

If you're intending to stay in Thailand long term on retirement extensions using with the bank account method or the combination method (mix of banked money and income) a THAI bank account is absolutely REQUIRED. Again, no change.

Edited July 1, 2012 by Jingthing

[chiang mai]

I now have accounts with all the Thai banks and I don't have a work permit, I've opened these accounts because it makes it easier to transfer funds as individual banks offer new products.

Same here.....Right now Ayudhya with their 2.9% & two withdrawals allowed a month is nice.

BKB at 2.62% is not bad too albeit 4 month fixed.

SCB nothing special right now....

All have a nice web interface too that makes it easy to transfer from one another

Can I prompt the Mods again to open a pinned link that allows members to post details of new bank account savings products as and when they find them, I really do think it would benefit many?

[elektrified]

I recall reading a few months ago that the banking rules have changed for foreigners on retirement visa's, in that the required funds (800,000 THB) can be maintained in a Thai OR foreign account of your choice. Can anyone very/confirm this?

Taking your post literally, RETIREMENT VISA applicants can use funds in an account outside Thailand (usually your home country) to obtain said visa. This visa must be applied for in your home country, NOT from within Thailand. It has been this way for a long time.

If you are talking about a retirement extension of stay, however, the money must be in a Thai bank.

Nothing new.

I got my O-A visa in the USA using my funds held in Europe for the 800K THB requirement. All that was required was a letter of guarantee signed and stamped by a senior manager at the bank.

[Jingthing]

I recall reading a few months ago that the banking rules have changed for foreigners on retirement visa's, in that the required funds (800,000 THB) can be maintained in a Thai OR foreign account of your choice. Can anyone very/confirm this?

Taking your post literally, RETIREMENT VISA applicants can use funds in an account outside Thailand (usually your home country) to obtain said visa. This visa must be applied for in your home country, NOT from within Thailand. It has been this way for a long time.

If you are talking about a retirement extension of stay, however, the money must be in a Thai bank.

Nothing new.

I got my O-A visa in the USA using my funds held in Europe for the 800K THB requirement. All that was required was a letter of guarantee signed and stamped by a senior manager at the bank.

Yes, that is the policy. Nothing has changed. You can't stay for Thailand for life though on one O-A visa. Eventually, you'd need to get retirement extensions IN Thailand if you are using a bank account method and the bank account would need to be in Thailand. Of course, you could keep applying for new O-A visas in your home country indefinitely and avoid the retirement extension system in Thailand, but that is a very rare tactic for long term retired expats. What you have said is not contrary to what I said. Again, no rules changes about location of bank account either for O-A or retirement extensions.

[chiang mai]

I recall reading a few months ago that the banking rules have changed for foreigners on retirement visa's, in that the required funds (800,000 THB) can be maintained in a Thai OR foreign account of your choice. Can anyone very/confirm this?

Taking your post literally, RETIREMENT VISA applicants can use funds in an account outside Thailand (usually your home country) to obtain said visa. This visa must be applied for in your home country, NOT from within Thailand. It has been this way for a long time.

If you are talking about a retirement extension of stay, however, the money must be in a Thai bank.

Nothing new.

I got my O-A visa in the USA using my funds held in Europe for the 800K THB requirement. All that was required was a letter of guarantee signed and stamped by a senior manager at the bank.

I also got my first O-A visa the same way although the Embassy in the UK did point out that the funds should be in a Thai bank, it seems as though they are relaxed about this aspect during the initial application.

[Jingthing]

I recall reading a few months ago that the banking rules have changed for foreigners on retirement visa's, in that the required funds (800,000 THB) can be maintained in a Thai OR foreign account of your choice. Can anyone very/confirm this?

Taking your post literally, RETIREMENT VISA applicants can use funds in an account outside Thailand (usually your home country) to obtain said visa. This visa must be applied for in your home country, NOT from within Thailand. It has been this way for a long time.

If you are talking about a retirement extension of stay, however, the money must be in a Thai bank.

Nothing new.

I got my O-A visa in the USA using my funds held in Europe for the 800K THB requirement. All that was required was a letter of guarantee signed and stamped by a senior manager at the bank.

I also got my first O-A visa the same way although the Embassy in the UK did point out that the funds should be in a Thai bank, it seems as though they are relaxed about this aspect during the initial application.

Oh please. It has NEVER been a requirement for O-A visa applications using banked money method for the funds to be IN Thailand. No change at all. Nothing new. It has ALWAYS been a requirement for funds to be in a THAI bank account for retirement EXTENSION applications in Thailand using a bank account method. No change at all. I'm just trying to crush the false rumor posted here that there has been any change in policy in this matter, because there has NOT been any such change. Edited July 1, 2012 by Jingthing

[chiang mai]

Oh please. It has NEVER been a requirement for O-A visa applications using banked money method for the funds to be IN Thailand. No change at all. Nothing new. It has ALWAYS been a requirement for funds to be in a THAI bank account for retirement EXTENSION applications in Thailand using a bank account method. No change at all. I'm just trying to crush the false rumor posted here that there has been any change in policy in this matter, because there has NOT been any such change.

Why so excited JT, time of the month or something!