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

[Jingthing]

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!

You mean all month? A lot of retired people are getting older. I don't want anyone on the barroom circuit to start spreading dangerously false info that they can get retirement extensions based on non-Thai banked money.

[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!

You mean all month? A lot of retired people are getting older. I don't want anyone on the barroom circuit to start spreading dangerously false info that they can get retirement extensions based on non-Thai banked money.

You need a vacation my lad, get your stresses under control and all that. Nobody mentioned any such thing as you've described, poster Elecktrified and myself were both describing our respective initial applications from overseas!

[Jingthing]

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!

You mean all month? A lot of retired people are getting older. I don't want anyone on the barroom circuit to start spreading dangerously false info that they can get retirement extensions based on non-Thai banked money.

You need a vacation my lad, get your stresses under control and all that. Nobody mentioned any such thing as you've described, poster Elecktrified and myself were both describing our respective initial applications from overseas!

Incorrect. Somebody mentioned it on this very thread, which is actually the origin of people talking about this topic (bank account location for retirement visas/extensions) on this thread:

http://www.thaivisa....25#entry5444992

Edited July 1, 2012 by Jingthing

[chiang mai]

Incorrect. Someday mentioned it on this very thread, which is actually the origin of people talking about this topic (bank account location for retirement visas/extensions) on this thread:

http://www.thaivisa....25#entry5444992

In that case, take the subject poster to task for what he/she may have written, not me for something I didn't!

[Jingthing]

Incorrect. Someday mentioned it on this very thread, which is actually the origin of people talking about this topic (bank account location for retirement visas/extensions) on this thread:

http://www.thaivisa....25#entry5444992

In that case, take the subject poster to task for what he/she may have written, not me for something I didn't!

Give it a rest. It was all part of the natural flow of the thread. A lot of people get confused all the time about the difference between an O-A visa and retirement extensions. So when people report that they didn't need money in a Thai bank account for a bank qualifying O-A visa in the CONTEXT of a thread flow talking about "news" that Thai banked money was no longer needed for retirement in Thailand, the obvious impression that is going to make on some people (mistakenly assuming that applies to extensions as well) needs to be strongly corrected. Edited July 1, 2012 by Jingthing

[chiang mai]

Incorrect. Someday mentioned it on this very thread, which is actually the origin of people talking about this topic (bank account location for retirement visas/extensions) on this thread:

http://www.thaivisa....25#entry5444992

In that case, take the subject poster to task for what he/she may have written, not me for something I didn't!

Give it a rest. It was all part of the natural flow of the thread. A lot of people get confused all the time about the difference between an O-A visa and retirement extensions. So when people report that they didn't need money in a Thai bank account for a bank qualifying O-A visa in the CONTEXT of a thread flow talking about "news" that Thai banked money was no longer needed for retirement in Thailand, the obvious impression that is going to make on some people (mistakenly assuming that applies to extensions as well) needs to be strongly corrected.

OK

[mosan]

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.

The money does not have to be in a Thai bank to get a retirement extension of stay. I have been here for 10 years and it's always been the case that you can maintain your money in your home country, or any other account/investment vehicle for that matter. The only thing you need is "PROOF" of said funds. Meaning they can call the entity on the phone and verify your account and the amount. Alternately, have a authenticated letter (which I use) with a phone number and contact names from the company or investment firm that holds your funds. Your mileage may vary depending on your local immigrations officer, but this is covered by the immigrations rules.

[metisdead]

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?

There is and has been a pinned topic running for a long time about opening bank accounts:

http://www.thaivisa.com/forum/topic/260738-opening-a-new-bank-account-in-thailand/

[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?

There is and has been a pinned topic running for a long time about opening bank accounts:

http://www.thaivisa....nt-in-thailand/

I was not refering to the mechanics of how to open a bank account but instead the various savings products that banks offer from time to time and these change without notice or much advertising. For example, most expats want to get at least some return on their accumulated savings but knowing where to get the best value is down to a matter of visiting each bank to ask what savings products they now have, how much interest for how many months.

Such products change at least weekly which when multiplied by the number of banks makes for a lot of constant exerise! There was a recent post about a new account offered by BAY that offers 2.8% instant access and this caught the attention of many people who subsequently opened an account, if we could establish a thread where people could post such details as they spot them I feel certain that many would benefit.

[jjczap]

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

Bangkok bank right now 3.25% 5 months

[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

Bangkok bank right now 3.25% 5 months

Cool, thanks, but if we had all posts such as yours in a single place then perhaps other posters could manage to reference them easily!

[Darrel]

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

Bangkok bank right now 3.25% 5 months

Both beaten by CIMB 5-month 3.3%

[chiang mai]

And TMB has a 3% instant product also but it expires in two months time so don't get taken in by the advertising! But again the point is, a central repository for these tid-bits would be really helpful, I think I have to go lay down now, my head's starting to hurt from hitting it against solid objects so much!

[flying]

The thing that caught my eye about the Ayudha 2.9% account is it is a savings.

Not Fixed Account like the 2.62 I have at BKB

As such it should ( according to the research here in the visa section ) be accepted

as proof of funds for 1 year visa extensions....Which I have one coming up in August

I was told by some posters here that a fixed account is sometimes rejected.....

I did not see why since you can still liquidate but thought I would play it safe

Also the fact you can pull funds twice a month without penalty seems a nice feature.

Actually you can pull more than twice if the need arises...again with no penalty but a paltry 50 THB charge

pretty nice I think

http://www.krungsri....il.aspx?did=572

Edited July 1, 2012 by flying

[afx]

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.

Your friend got lucky and obviously picked the right branch. I was told by KBANK in Chitlom & MBK "cannot open without a work permit".

The joke is I already have a KBANK account that I opened in Phuket and use the branch all time, however my account cannot be moved and a new one cannot be opened. A one year non imm visa and passport are insufficient to open an account at both of these branches.

Care to share which KBANK your friend opened an account with ?

[partington]

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.

.

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.

Just to mention that this point is rather nonsensical--green card holders by very definition do not EVER possess US passports!

It is however worth pointing out that no bank has any way of telling if you have a green card or not, so green card holders can rest easy about these new rules...

[nong38]

2 things.

1st the topic seems to have shot off down a side road about what is required to open an account when the opening remarks were about something completely different, go back and have a look!

2nd I like Chiang Mai's idea about a central theme for bank offerings with better interest rates, this benefits all and we can also put extra into the local economies, so mods how about it, you can do?

[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.

.

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.

Just to mention that this point is rather nonsensical--green card holders by very definition do not EVER possess US passports!

It is however worth pointing out that no bank has any way of telling if you have a green card or not, so green card holders can rest easy about these new rules...

Sorry for the confusion.... It was because I was replying to a post that was written as

"US citizen/green card holder accounts"

My wife for instance was a greencard holder but is now a US Citizen...with a US passport

Yet she is still a Thai citizen with that passport & govt ID as well.

It is her choice to open/maintain her accounts here in the country of her birth with her

Thai citizenship.

That is what I meant

Edited July 1, 2012 by flying

[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.

The money does not have to be in a Thai bank to get a retirement extension of stay. I have been here for 10 years and it's always been the case that you can maintain your money in your home country, or any other account/investment vehicle for that matter. The only thing you need is "PROOF" of said funds. Meaning they can call the entity on the phone and verify your account and the amount. Alternately, have a authenticated letter (which I use) with a phone number and contact names from the company or investment firm that holds your funds. Your mileage may vary depending on your local immigrations officer, but this is covered by the immigrations rules.

Are you getting your extensions based on the income method (letter from embassy/consulate), the 800K bank method, or the combo method? It sounds to me that you are using the INCOME method. Again, I am CERTAIN the rules for methods needing banked money (800K bank method or combo method) that the banked portion MUST be in a Thai bank account and that you need a letter from the THAI banks as well. Edited July 1, 2012 by Jingthing

[kcore]

Nothing new here. No news just PR.

[chiang mai]

2 things.

1st the topic seems to have shot off down a side road about what is required to open an account when the opening remarks were about something completely different, go back and have a look!

2nd I like Chiang Mai's idea about a central theme for bank offerings with better interest rates, this benefits all and we can also put extra into the local economies, so mods how about it, you can do?

If you're interested in this perhaps you can lobby the Mods directly, my request/messages are being ignored?

[exeter]

2 things.

1st the topic seems to have shot off down a side road about what is required to open an account when the opening remarks were about something completely different, go back and have a look!

2nd I like Chiang Mai's idea about a central theme for bank offerings with better interest rates, this benefits all and we can also put extra into the local economies, so mods how about it, you can do?

If you're interested in this perhaps you can lobby the Mods directly, my request/messages are being ignored?

Perhaps they are considering the position and will come back to you, I think its a good idea but would it be time consuming for the mods or relatively easy? I see there is a forum for flights on the travel forum.

[flying]

I think its a good idea but would it be time consuming for the mods or relatively easy? I see there is a forum for flights on the travel forum.

Very Easy & I agree a very good idea.

A pinned topic just means it stays at the top of the forum & does not get buried in other topics.

A simple pinned topic called something like...Current Thai Bank Interest Rates On Offer

[PattayaParent]

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.

Your friend got lucky and obviously picked the right branch. I was told by KBANK in Chitlom & MBK "cannot open without a work permit".

The joke is I already have a KBANK account that I opened in Phuket and use the branch all time, however my account cannot be moved and a new one cannot be opened. A one year non imm visa and passport are insufficient to open an account at both of these branches.

Care to share which KBANK your friend opened an account with ?

This is nothing new. Bank employees do not know the rules and just opt for the easiest solution for them.

I have an existing account in TMB and wanted to open another one which you might think is easy with already having a 5 years history with the bank but was still told 'cannot, you need a work permit'.

My mate opened an account at Kbank Royal Garden Plaza Branch with only a 30 day visa on entry so you just have to keep trying until you find one that actually knows the rules.

[thenervoussurgeon]

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

WHAT! you mean you dont have to? where are you lek? , come here this minute

Edited July 2, 2012 by thenervoussurgeon

[Darrel]

Care to share which KBANK your friend opened an account with ?

Central Festival Pattaya. Same branch I opened my account in a couple of years ago.

[flying]

...deleted

Edited July 2, 2012 by flying

[chiang mai]

It looks as though the desire for a pinned thread has seen light of day, see here:

Many thanks to Flying, Rimmer and others.

[4evermaat]

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.

I have done the bangkok bank counter withdraw twice with no problem. There are also branches where the staff is unfamiliar with the process and will refuse to do it. But since I discovered AEON atm method (up to 40,000 baht per withdrawal, no 150 baht atm fee, usually best exchange rate), I never looked back. If you pass by an Aeon Atm somewhat regularly, this might be the simplest option.

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.

Were you still able to open account after you politely refused the tax form?

Edited July 2, 2012 by 4evermaat

[maxman71]

If the indigenous Thai banks, i.e. Bangkok Bank, Siam Commercial, TMB, etc. start to refuse US citizens' accounts, another alternative is CIti or Bank of America; they both have branches in BKK. I would assume they will comply with the FATCA reporting requirements. If my Thai bank (Krung Thai) decides to nix my account, even though I have no issue with providing them with the required info, I'll head to either Citi or BofA. I've been sending in my FBAR's, 5471's, etc. for years now; the IRS has a virtual blueprint of my assets/finances in the LOS, so there's nothing else for them to find.