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

[KarstenBoAndersen]

Stupid comments as always !

They not want people with dirty money !!!!!!!!!!!!

All who live a normal life, hav a normal income and is not involved in crininal activities is welcome !

So these comments "they not want us" is correct, if you are criminal and use dirty money, noboy want you !

I am sure i will be able to open bank accounts in all banks next month as well !

[Jimi007]

When I opened my account years ago they wanted a work permit or one year visa. Different branches of the same bank seemed to and still do have different requirements to open an account. Sounds like they are trying to make the requirements the same at all banks now, even though they haven't quite decided what those requirements will be.

[david555]

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.

Eva have even Airplaines painted in & out in Hello Kitty

[apalink_thailand]

This is no doubt due to Thailand being listed on the International Grey List of money laundering countries. Those on B and O visas will no doubt have to show some more documentation however those on Tourist visas will not be able to open accounts. As others correctly stated, tourists do not open bank accounts here, or anywhere. As far as I knew, you HAD to have a work permit to open an account but some branches have been more lenient in the past.

[BeforeTigers]

I was told I had to wait to get my Non-B and work permit before I could open an account. After I got those squared away I just went in with my Thai coworker and smiled politely while signing on the dotted line. Voila. K-bank savings account. No sweat.

You know, if it weren't for ThaiVisa.com forums, I would have no idea Thailand is a particularly racist, unfriendly and xenophobic society. Which is to say, I don't think it is.

Edited August 16, 2012 by BeforeTigers

[Naam]

This is no doubt due to Thailand being listed on the International Grey List of money laundering countries. Those on B and O visas will no doubt have to show some more documentation however those on Tourist visas will not be able to open accounts. As others correctly stated, tourists do not open bank accounts here, or anywhere. As far as I knew, you HAD to have a work permit to open an account but some branches have been more lenient in the past.

as opposed to the incorrect statement "tourists do not open bank accounts here, or anywhere"

i know a number of tourists who have opened accounts, keep the accounts and use the accounts.

and as i know Thailand and Thai banks i am convinced that tourists will be able to open accounts in future too

without providing "more documentation".

Edited August 16, 2012 by Naam

[Psych01]

You only have to look at the history of a particular bank, to see how that originally got started.

[Firelily]

When I opened my accounts, I had a WP and a non-B, now I'm on 30-day visa-free entry stamps whenever I go to Thailand, can I expect any problems with my savings in Thailand?

I work in Burma at the moment and I am not a fan of stacks of dollars under my mattress, the only possibility over here. I hope I can keep my accounts running, keep using internet banking and debit cards, it's an essential lifeline.

[Seismic]

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.

Not sure where you live, but 22 days ago I opened an account in yorkshire, showed them my passport and driving licence and gave two bills for my mothers address and 20 mins later it was all done.

[Naam]

When I opened my accounts, I had a WP and a non-B, now I'm on 30-day visa-free entry stamps whenever I go to Thailand, can I expect any problems with my savings in Thailand?

I work in Burma at the moment and I am not a fan of stacks of dollars under my mattress, the only possibility over here. I hope I can keep my accounts running, keep using internet banking and debit cards, it's an essential lifeline.

existing accounts won't have any problems!

[davejones]

Another sign,they really don't want us here

If they didn't want us then why do they make it so easy for us to live here. Of course they want us.

Tray opening an account in the UK if you're a foreigner. Much more difficult than here, even if you're British. It was easier for me to open my bank account in Thailand than it was to open one in the UK. And I'm British! So maybe the British don't want other British people to live there.

[davejones]

Another sign,they really don't want us here

I can certainly see why they wouldn't want you.

[davejones]

This is no doubt due to Thailand being listed on the International Grey List of money laundering countries. Those on B and O visas will no doubt have to show some more documentation however those on Tourist visas will not be able to open accounts. As others correctly stated, tourists do not open bank accounts here, or anywhere. As far as I knew, you HAD to have a work permit to open an account but some branches have been more lenient in the past.

Some 'tourists' live here full-time, so probably need a bank account.There are other legitimate reasons to have a bank account in another country. I have bank accounts in 3 countries and all are legit. Nothing at all wrong with that.

[Greer]

Sadly I have to agree that there is definitely a randomness about opening accounts already. I have lived here for quite a long time, and only because I got an account many years ago, have I been able to use that leverage in openong any other account. I pointed out the stupidity of a bank requiring a work permit, when the Immigration Department need a retiree to have a bank account here with a certain minimum balance for about 4 months - an obvious conflict - but the manager at one place couldnt (didnt want to) see it at all, until I pointed out that I already had one account and just wanted to open another (actually for my kids).

At a different branch of the bank, there was no issue at all.... weird...

[lee808]

What about tourists who want to open an account to transfer money to buy property ? They will be stuffed !

[PoodMaiDai]

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.

You've been here too long mate. Their xenophobia is rubbing off on you.

People have migrated around the planet since the beginning of time. Why would free men and women have to be invited to share another piece of this rock that is flying through space that belongs to no one? Countries are nothing more than imaginary man made lines, which I may add were mostly drawn by Europeans. It is sad so many fall into this trap of thinking, where flags and imaginary lines divide us and we need to be invited to reside somewhere. Furthermore, there are probably just as many Thais living / working abroad as their are foreigners living in Thailand, so your point is invalid.

It is not our fault they have narrow minds and are xenophobic. Nor should we allow that to beat us down mentally, as if we are pets or sub-humans who must ask for permission to merely exist. It is a shame what some of you have become. I'm sure at one time in your life you used to be men.

[chiang mai]

All the documents described in the article are already required by most banks in the North so no change as far as I'm concerned.

[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.

You've been here too long mate. Their xenophobia is rubbing off on you.

...

HUH? I may have been here too long but Thai xenophobia hasn't rubbed off on me. Please take your dime story psychology and peddle it somewhere else. Cheers.

[4evermaat]

The article didn't provide any specific hard rules. If anything, it suggested that it will be up to each bank to determine what additional documentation is required...IF they even require any additional docs. Seemed like a face-saving, fear-mongering article designed to scare some casual tourists and visa runners. Similar to those articles from one popular embassy that change their rules on a particular visa paperwork and then everyone thinks the sky will now fall for all Thai embassies.

Was in Kasikorn last month. as another poster commented, got the full 'Hello Kitty' package when i got the accident insurance.

[simple1]

The article didn't provide any specific hard rules. If anything, it suggested that it will be up to each bank to determine what additional documentation is required...IF they even require any additional docs. Seemed like a face-saving, fear-mongering article designed to scare some casual tourists and visa runners. Similar to those articles from one popular embassy that change their rules on a particular visa paperwork and then everyone thinks the sky will now fall for all Thai embassies.

Was in Kasikorn last month. as another poster commented, got the full 'Hello Kitty' package when i got the accident insurance.

To repeat - the documentation is about AMLO compliance, required by US government internationally. It is not "to scare some casual tourists and visa runners"

[Felt 35]

In addition Thai Banks should demand documetation from where deposits comes from in country and abroad ......and then demand the same from their own citizens.

[theoldgit]

As far as I knew, you HAD to have a work permit to open an account but some branches have been more lenient in the past.

But that would make it very difficult for the retiree who applies for an extention of stay based on 800,000 Baht in a bank account, and of course isn't allowed to work.

[Barack]

What about tourists who want to open an account to transfer money to buy property ? They will be stuffed !

No problem. Just show your sales contract.

[maxman71]

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.

I think you hit the nail on the head; the US FATCA law IS driving a lot of this. And, ASEAN has agreed to comply, Thailand is part of ASEAN, ASEAN is scheduled to implement greater trade/financial integration in 2015, and Thailand's Cental Bank has indicated it will comply with FATCA as it wants to participate in this ASEAN integration, but is struggling to get their arms around how to comply with FATCA. Check out towards the middle of this article from The Nation that briefly addresses this: http://www.nationmultimedia.com/opinion/Thai-finance-faces-major-hurdles-uncertainty-ahead-30180121.html

I think the expats/farang that really need to worry about this development are those who have Thai bank accounts (as well accounts in other foreign banks), they have not been reporting them when required to do so via the FBAR and other forms (most recently the IRS form 8938 or 5471 if they have ownership in a Thai co. and/or have other assets besides bank accounts; i.e. real estate, boats, gold, etc.).

The requirement by FATCA to have Thai/foreign banks to collect US citizens' Social Security #'s as well as other info, is going to flush out those who are still not in compliance with the IRS' foreign accounts/assets reporting laws, despite two previous partial amnesty programs that are continuing. And that is EXACTLY a main reason the US Congress passed the FATCA law; the noose is getting tighter around those who have been trying to remain underground. If they can't keep their money in a Thai/foreign bank for fear of getting caught not reporting previously, they can't transfer the money back to the States without US banks reporting the transfer to the IRS, just what are they going to do???

It's going to get very interesting and tragic for many US citizens in the LOS and other foreign locales.

[TallGuyJohninBKK]

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.

That's the problem when some arm of the Thai government comes down with these kinds of pronouncements... You might think they'd actually decide on the real rules before going public with the changes, but no, let's talk about the policy change and leave the details either unknown or vague and left to future interpretation...

As things stand now, the various Thai banks and individual branches, as others have noted above, are all over the map, both in good and bad directions, in terms of how they respond to non-Thais who want to open Thai bank accounts. I tend to doubt this latest salvo is going to make the actual bank policies/practices and rules on the ground any more predictable or consistent.

[spidermike007]

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.

Absolutely spot on analysis. Many of the world's major banks are turning away American millionaires. The incredibly fascist laws that "Blundering Barry" has put into place, are intrusive beyond imagination. They are designed not only for taxation issues, but perhaps also to enforce an upcoming fascist agenda. Just a guess. But, many banks are considering the enforcement issues to be far more costly than the potential profits from holding an American account. The threat the Washington freaks are using is the withdrawal of any aid, or funding that a foreign government is getting, from the US, so you can bet they are getting full, and complete cooperation from the Thai Govt.

[Sateev]

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.

Absolutely spot on analysis. Many of the world's major banks are turning away American millionaires. The incredibly fascist laws that "Blundering Barry" has put into place, are intrusive beyond imagination. They are designed not only for taxation issues, but perhaps also to enforce an upcoming fascist agenda. Just a guess. But, many banks are considering the enforcement issues to be far more costly than the potential profits from holding an American account. The threat the Washington freaks are using is the withdrawal of any aid, or funding that a foreign government is getting, from the US, so you can bet they are getting full, and complete cooperation from the Thai Govt.

Please be specific, and quote any legislation that President Obama has unilaterally enacted during his tenure in office.

That's right, you can't. And if you got past your blind prejudice for a moment, you'd realize that all this is an outgrowth of Bush era, 9/11/2001 exploitation in the form of the Patriot Act, and others.

Not that I could or would Obama's performance in office, but such silly and overtly nonsensical statements as yours bring nothing to light.

The fact that the US is throwing its weight around is the REAL problem here, but we all know enough to follow the money...Thailand's on the teat, and wouldn't dare piss off the sow.

[Baerboxer]

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...

Belgium - land of milk and honey

[Naam]

Absolutely spot on analysis. Many of the world's major banks are turning away American millionaires. The incredibly fascist laws that "Blundering Barry" has put into place, are intrusive beyond imagination. They are designed not only for taxation issues, but perhaps also to enforce an upcoming fascist agenda. Just a guess. But, many banks are considering the enforcement issues to be far more costly than the potential profits from holding an American account. The threat the Washington freaks are using is the withdrawal of any aid, or funding that a foreign government is getting, from the US, so you can bet they are getting full, and complete cooperation from the Thai Govt.

not "many" but "all".

[Cardiff1963]

Why stay?

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