Stricter Rules For Foreigners Bank Accounts , More Documented....

[david555]

More documented & reasons for it...

http://pattayatoday.net/news/latest-edition/stricter-rules-for-foreigners%e2%80%99-bank-accounts/

[Pib]

No doubt documentation requirements will increase to open a bank account, but hopefully the requirements will be reasonable. But since we currently have some bank managers at individual branches that seem to avoid foreign account holders at all costs, these new regulations will just make it easier for them to deny an account. I also expect (guess) the new documentation requirements will make it a little harder (more of a pain in the arce) for those on short term visas like a tourist visa or Visa On Arrival stays. Then again, it may be nothing more than completing another form or two, checking a block as to why you need a bank account, etc., and 15 minutes later you are walking out the bank door with your new passbook and debit card in hand.

[takatukaland]

Another sign,they really don't want us here

[Jingthing]

Another sign,they really don't want us here

Why should we expect that they do? Who invited (most) of us? We invited ourselves and thus most of us are suspects as long as we are here.

[takatukaland]

Another sign,they really don't want us here

Why should we expect that they do? Who invited (most) of us? We invited ourselves and thus most of us are suspects as long as we are here.

Suspects is probably the right term

[PattayaPhom]

Try opening a bank account in the UK!!!...its bad enough being a UK resident/passport holder.....dont think foreigners stand a chance there...Thailand may have its woes but the banking system certainly isnt one of them.

[skippybangkok]

Another sign,they really don't want us here

Nah, just you

[KamnanT]

"Police Colonel Seehanat said that the new rules were proof of Thailand’s commitment to tackling money laundering acts. A spokesman for AMLO added that foreigners wanting to open a bank account would need a personal file providing proof of their lawful intentions as well as an interview with bank officials."

Of course, Thais would never launder money or support terrorism.

[yourauntbob]

i certainly dont agree with all the red tape but in their defense how easy is it for thai's to open a bank account in a western country?

[NHJ]

in belgium, it is the law to allow anyone to open a bank account, of course some banks might refuse you but just go to the other one and it'll be fine.

opening a bank account should be as easy as buying a prepaid debit card.

[david555]

in belgium, it is the law to allow anyone to open a bank account, of course some banks might refuse you but just go to the other one and it'll be fine.

opening a bank account should be as easy as buying a prepaid debit card.

True , but you forgot to mension , that you can not have a bankacount if not living in Belgium & legally having an adress , i mean inscribed by the communal administration (rijksregister..; )

Edited August 14, 2012 by david555

[Lifer]

Nothing to do with most of the negative poster's comments above. Has to do with the worldwide efforts to stop money laundering. Follow the rules and you'll get your account, but don't let them see your negative comments about how bad Thailand is or "They don't want us here" comments.

[simple1]

Another sign,they really don't want us here

Nope, requirements are for compliance with anti money laundering legislation required internationally by USA government. Non compliance will force up the cost of money for Thai banks as well as restrictions on loans from the likes of the World Bank & international financial transactions.

Edited August 15, 2012 by simple1

[takatukaland]

Try opening a bank account in the UK!!!...its bad enough being a UK resident/passport holder.....dont think foreigners stand a chance there...Thailand may have its woes but the banking system certainly isnt one of them.

Well in Uk,Aus and US it might be like that,has to do with the sep.11th paranoia,in most europe countries u go to the bank and open a bank account if u have the right visa,easy as that,but maipenrai Im happy most farang are the money launderers and involved in mafia activities.If Thailand is not changing it's racist attitude it will run into big problems after 2015[ASEAN}

[TongueThaied]

Don't blame the banks or the Thai government. It's the long cock of Uncle Sam that's driving all this. Have you looked at all the trouble the US FATCA law is causing non-US financial institutions. This is what's driving all this. And you US people out there will have to provide SS numbers to you Thai banks within the next couple of years, as they will have to report on you to the US Treasury. In the beginning the requirement is only to report on "large" depositors, but over the next five years, it ratchets down to include everybody. Even half way around the globe I can't seem to get Uncle Sam's cock pulled out of my ass.

[thenervoussurgeon]

i certainly dont agree with all the red tape but in their defense how easy is it for thai's to open a bank account in a western country?

Very easy ,my wife has two ,but she also has a ni number that may help. she now runs her accounts online from here .

[pault17]

Makes a lot of sense to me.

[Naam]

Mummy, Mummy... they don't want us here

[Naam]

Try opening a bank account in the UK!!!...its bad enough being a UK resident/passport holder.....dont think foreigners stand a chance there...Thailand may have its woes but the banking system certainly isnt one of them.

Well in Uk,Aus and US it might be like that,has to do with the sep.11th paranoia,in most europe countries u go to the bank and open a bank account if u have the right visa,easy as that,but maipenrai Im happy most farang are the money launderers and involved in mafia activities.If Thailand is not changing it's racist attitude it will run into big problems after 2015[ASEAN}

in most countries in Europe opening a bank account is a piece of cake... in your wet dreams!

[stefb1964]

in belgium, it is the law to allow anyone to open a bank account, of course some banks might refuse you but just go to the other one and it'll be fine.

opening a bank account should be as easy as buying a prepaid debit card.

Indeed, it's all to easy here. At many things Belgium is acting opposite to Thailand. Foreigners abroad see Belgium as the land of milk and honey. Social security, replacement salary for the unemployed, housing rights and support, relatively cheap medical care here, every foreigner can own land and buildings here, any foreigner can do nearly any kind of job here (not army, police and some others, but nothing like the prohibited listings existing in Thailand), bank accounts...

See how far one gets in Thailand...

[Jingthing]

Well, it is definitely easier to open a bank account in Thailand as a foreigner than it is to open one in the USA as a citizen. That's one reason I suggest Thailand based U.S. expats to open multiple USA bank accounts BEFORE they leave. (Banks tend to close these days.)

[SamMunich]

It certainly is the work of U.S. government and revenue pressure on banks around the world. And the localization of this pressure comes through AMLO.

On the other hand it shows the stupidity of those people making these (new) rules, as it hurts them themselve.

I was recently researching the possibility of opening a bank account (Savings, with ATM card) at several branch offices around my place. Reason being, that foreign retirees might want to set up a base here, either full time or during the cold months in the West. Certainly having a bank acount is a sine qua non condition, if I would want to stay here for a couple of months. Making it impossible for those retirees to open an account will mean loosing the money they will bring in to spend in the local economy.

It seems, it is still very much a matter of personal attitude of each branch manager. Another point is, that bringing a Thai friend along might also help.

What I found out though, is that Bangkok Bank, Krung Thai Bank, UOB and CIMB require the applicant to have a work-permit, TMB and K-Bank said either a work-permit or a proof of residing in Thailand. Thai Panich wanted a passport with a non-im visa, Bank of Ayuttaya just wanted to see any visa.

Now this is a random sampling! But what none of the people I asked could explain was, how a retiree (or early retiree) can provide a work-permit... A clear case of TIT...

Sam

[samran]

Another sign,they really don't want us here

You obviously haven't travelled very much then.

Opening an account in the UK, as an Australian, was neigh next to impossible.

[Mobi]

We have yet to see the precise regulations - if indeed we ever do - but from what has been published, the additional requirements do not seem to be too onerous.

In the past, there was this ridiculous situation where, according to the official rules, you had to have a work permit in order to open a bank account.

As we all know, there were some banks (branches) who strictly enforced this rule, but most banks took a much more pragmatic attitude and opened bank accounts for almost anyone who asked.

The work permit rule never made much sense when there werer thousands of Farangs here on retirement, marriage and educational 1 year extensions etc., who would clearly need to have bank accounts in their country of (temporary?)residence.

It seems that the new rules will actually make things easier for these long term residents to open accounts, as they would have no problems in providing the necessary documentation to establish their status here.

But why should foreigners, who come to Thailand as tourists,be allowed to open bank accounts here? Their motives to do so may be highly questionable, and the new regs seem fair to me. If you go on a extended holiday to another part of the world, would you expect to open a bank account while you were there? I think not.

As ever, it will be the 'visa-runners' who will suffer the most, but this is just one more nail in the coffin in the government's drive to try to discourage such people setting up homes here; and clearly this is the most likely group who may be involved in illegal activities.

All in all, I bet it will still be easier to open an account here than in most parts of the world, and it seems to me that the only reason the authorities are taking this action at all is to get their country off the black list of countries that have lax rules on money laundering.

A bit of a storm in a tea cup if you ask me.

[Naam]

if they really clamp down seriously on opening accounts (which i doubt) how will that affect the poor sods who repeatedly post "they don't like us. they want our money and then we are supposed to leave!"

[Jingthing]

if they really clamp down seriously on opening accounts (which i doubt) how will that affect the poor sods who repeatedly post "they don't like us. they want our money and then we are supposed to leave!"

No impact. They will say (correctly) our money is mainly wanted for us to SPEND (and then go home).

[Naam]

if they really clamp down seriously on opening accounts (which i doubt) how will that affect the poor sods who repeatedly post "they don't like us. they want our money and then we are supposed to leave!"

No impact. They will say (correctly) our money is mainly wanted for us to SPEND (and then go home).

that only applies to poor Farangs foreigners when they haven't got any additional money to spend and it applies to foreigners in any country.

[TongueThaied]

It certainly is the work of U.S. government and revenue pressure on banks around the world. And the localization of this pressure comes through AMLO.

On the other hand it shows the stupidity of those people making these (new) rules, as it hurts them themselve.

I was recently researching the possibility of opening a bank account (Savings, with ATM card) at several branch offices around my place. Reason being, that foreign retirees might want to set up a base here, either full time or during the cold months in the West. Certainly having a bank acount is a sine qua non condition, if I would want to stay here for a couple of months. Making it impossible for those retirees to open an account will mean loosing the money they will bring in to spend in the local economy.

It seems, it is still very much a matter of personal attitude of each branch manager. Another point is, that bringing a Thai friend along might also help.

What I found out though, is that Bangkok Bank, Krung Thai Bank, UOB and CIMB require the applicant to have a work-permit, TMB and K-Bank said either a work-permit or a proof of residing in Thailand. Thai Panich wanted a passport with a non-im visa, Bank of Ayuttaya just wanted to see any visa.

Now this is a random sampling! But what none of the people I asked could explain was, how a retiree (or early retiree) can provide a work-permit... A clear case of TIT...

Sam

Work permit or no work permit? Often it is a case of the person in charge at the bank not knowing his or her ass from page eight. Also, once a Thai has said "we can't," they usually won't change their mind, pehaps because they loose face.

I had no problem opening a bank account without a work permit at Bangkok Bank. Then I had a Brit friend (retired) who told me about the lower fee situation he experienced at TMB. So I went to the SAME branch, but they now insisted I had to have a work permit and would give no ground. Okay, thanks, I said, and just went down the road to a different TMB branch with different people and opened the account without a hitch.

The moral of the story is that you should not decide a bank's policy based on a single experience. The employees often do not know the rules, but will never admit it. I have encountered this problem over and over here.

[billd766]

Over the past 10 years as a UK citizen I have opened (and closed) accounts in Germany, UK, the Channel Islands, Thailand and New Zealand. I have complied with the banks requirements and have had no problems.

Lately though I have had emails about my 3 different bank accounts in the UK which is a little suspicious as I onlt had one at LloydsTSB and I closed that last year..

Filed under spam, junk and deleted.

[necronx99]

Well, much to my regret I just opened an account at Kasikorn.

On a tourist visa.

They said if no WP they require a Thai national referee to sign that you are who you say you are and verify address.

All I had to show was my passport.

Here's what they gave me........

I shit you not, I had no say in the matter, that's what they had.

Kasikorn is apparently hiring 12 year old girls to fill it's marketing slots.....

Edit: Apart from the plethora of forms that need signing this was considerably easier than opening an account in Australia as a resident national where a passport alone is not enough ID.

Edited August 16, 2012 by necronx99