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

[Suradit69]

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.

So true. I sometimes wonder if all the moaners live in the same Thailand I do.

Another sign,they really don't want us here

I have a suspicion that THEY includes a lot more people than just those in Thailand and that US is a more exclusive group than you think. Could you define THEY and US a little more specifically?

I assume you believe there's some place on earth that would be overjoyed if only you'd relent and go there ... because they just can't party without you???

Edited August 19, 2012 by Suradit69

[Unkomoncents]

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.

So what about retirees on retirement visas? Certainly they'd need a Thai bank account but wouldn't have a work permit. A work permit cannot be the sole requirement for opening a bank account in Thailand.

[Suradit69]

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.

Reminiscent of Tony Blair and George W.

[Unkomoncents]

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.

I expect that many, if not most, Thai banks will stop allowing Americans to open accounts if the US Federal Government doesn't modify its position. The alternative is to offset the costs of doing such business onto the American account holders, so perhaps they will simply begin charging exorbitant annual fees for service for American expatriates.

Also, just a slight correction: Barack Obama does not make the laws in America. He signs them, but he does not generate them, as that's Congresses job. I think you'll find that the as#holes behind the recent expatriate tax legislation in America are bi-partisan and the legislation itself was dreamed up and spearheaded by parochial American Congressman and Senators who are afraid of wealthy Americans who take their money and live abroad.

[Maestro]

Most posters writing negative comments probably do not realise that it is not not "Thailand" nor the "Thai government" or any of its agencies that has prevented some bank employees from opening of a bank account for some foreigners. If "new rules" are going to be introduced by Thailand's AMLO I hope that they will be published and that they will spell out clearly what information and documents a bank needs to collect, nothing vague but an exhaustive list of all requirements, for the opening of which type of bank account.

Anybody who was ever told by a bank that a work permit is needed, that is the law, and asked for a photocopy of the relevant section of the law will have drawn a blank; no such copy was produced. The closest to it I got – and this was still far a way from a law – was the copy of a page of what appears to be an internal manual or guide of Siam Commercial Bank. I posted about this in December 2006 and attach here again a copy of that page, which unfortunately is in Thai:

The manual of Siam Commercial Bank seems to make a distinction between residents and non-residents, which is not unreasonable, and the last paragraph on the attached page makes reference to the tourist visa, but I do not know in which context. For all I now, the rumoured "new rules" are the same as Siam Commercial Bank already had in its internal manual in the year 2006. It is quite possible that the bank's internal rules were based on recommendations given in 2006 in a circular letter from a government agency, perhaps the Bank of Thailand, to the banks, but if such circular letter did in fact exist I have never seen a copy of it on this forum or anywhere else on the Internet.

[Keesters]

Another sign,they really don't want us here

With comments like that I don't want you here either.....

[TallGuyJohninBKK]

If "new rules" are going to be introduced by Thailand's AMLO I hope that they will be published and that they will spell out clearly what information and documents a bank needs to collect, nothing vague but an exhaustive list of all requirements, for the opening of which type of bank account.

Anybody who was ever told by a bank that a work permit is needed, that is the law, and asked for a photocopy of the relevant section of the law will have drawn a blank; no such copy was produced.

That's been the problem in Thai banking with this kind of stuff all along -- total lack of any uniformity or consistency from bank to bank and even from branch to branch within the same banking company.

I understand why the U.S. feds are pursuing the approach they're pursuing with foreign banks -- because income for U.S. citizens in taxable by the U.S. worldwide, whether we Americans like it or not. And there's been a huge problem with wealthy Americans (and folks from other countries too) sheltering their funds in foreign bank accounts. Others can debate the rights and wrongs of that here.

But the point is, if Thailand is going to have a modern international banking system, the rules for account holders (Thai and foreign alike) ought to be clearly established and spelled out for all to know and see. And the rules shouldn't be stupid and counterproductive, like making a work permit mandatory to open a bank account when Thailand has and encourages non-working foreign retirees, many of whom must meet their extension of stay financial requirement through deposits in a Thai bank account.

[chiang mai]

Most posters writing negative comments probably do not realise that it is not not "Thailand" nor the "Thai government" or any of its agencies that has prevented some bank employees from opening of a bank account for some foreigners. If "new rules" are going to be introduced by Thailand's AMLO I hope that they will be published and that they will spell out clearly what information and documents a bank needs to collect, nothing vague but an exhaustive list of all requirements, for the opening of which type of bank account.

Anybody who was ever told by a bank that a work permit is needed, that is the law, and asked for a photocopy of the relevant section of the law will have drawn a blank; no such copy was produced. The closest to it I got – and this was still far a way from a law – was the copy of a page of what appears to be an internal manual or guide of Siam Commercial Bank. I posted about this in December 2006 and attach here again a copy of that page, which unfortunately is in Thai:

The manual of Siam Commercial Bank seems to make a distinction between residents and non-residents, which is not unreasonable, and the last paragraph on the attached page makes reference to the tourist visa, but I do not know in which context. For all I now, the rumoured "new rules" are the same as Siam Commercial Bank already had in its internal manual in the year 2006. It is quite possible that the bank's internal rules were based on recommendations given in 2006 in a circular letter from a government agency, perhaps the Bank of Thailand, to the banks, but if such circular letter did in fact exist I have never seen a copy of it on this forum or anywhere else on the Internet.

The "resident/non-resident" aspect is from the BOT regulations and relates to taxation and foriegn currency controls, I have never seen any written definition anywhere of what constitutes resident foriegners, in a banking context.

[stingray]

Opening a bank account in switzerland for my wife (Thai), was very easy, no qestions at all, even she have only a tourist visa.

So in case LOS not want my money, and things would go difficult (under american pressure) ,we have to move away from there. Simple as that!

[electau]

In Australia anyone can open a bank account providing they can prove the 100point indentification test and are resident in the country.

http://www.bankers.asn.au/smarter-banking/open-account.html

Thai requirements are certainly not consistent and basically all one requires for ID is your passport, plus your address ( not a hotel or guest house). This for a passbook savings account.

Of course one must find a bank willing to open an account for you. Being married to a Thai might make it easier in some cases.

[henrylao]

Hi is there any advantage to wait until I have my non Immigrat status until I open my bank account or are the conditions the same if I open it while I still have my tourist visa (My office tells me there is no difference and it is easy to get a bank account with tourist visa). Thanks for your advise

[JSixpack]

I understand why the U.S. feds are pursuing the approach they're pursuing with foreign banks -- because income for U.S. citizens in taxable by the U.S. worldwide, whether we Americans like it or not.

Yes, but more importantly it's not understandable why the income is taxable worldwide when other countries rationally don't so tax their citizens.

And there's been a huge problem with wealthy Americans (and folks from other countries too) sheltering their funds in foreign bank accounts. Others can debate the rights and wrongs of that here.

That's not a huge problem. In fact the cost of collection to both the USA and foreign countries will be far greater than any amount collected. Politics, politics.

Edited August 21, 2012 by JSixpack

[electau]

In Thailand (as in other countries) you pay income tax on the interest earned, this is deducted automatically from your account in Thailand. The money you transfer from other countries, ie your home country will have been taxed already and is your responsibility to declare all income to the tax authorities in that country.

Income you earn in Thailand will be subject to tax. Most countries including Thailand have dual taxation agreements, eg Thailand/Australia. so one does not have to pay tax twice.

Basically if you earn income you may be liable for income tax

Edited August 22, 2012 by electau

[Naam]

The money you transfer from other countries, ie your home country will have been taxed already and is your responsibility to declare all income to the tax authorities in that country....

...said the milkmaid because she was unaware that many people have income and capital gains which are not taxed in any country

[chiang mai]

In Thailand (as in other countries) you pay income tax on the interest earned, this is deducted automatically from your account in Thailand. The money you transfer from other countries, ie your home country will have been taxed already and is your responsibility to declare all income to the tax authorities in that country.

Income you earn in Thailand will be subject to tax. Most countries including Thailand have dual taxation agreements, eg Thailand/Australia. so one does not have to pay tax twice.

Basically if you earn income you may be liable for income tax

Income tax is only deducted at source from fixed rate/term accounts and/or from savings accounts where the interest paid during the tax year exceeds 20k Baht, the former is easily recoverable (up to the tax threshold of 149.999) via the tax system, the latter is not.

[Naam]

In Thailand (as in other countries) you pay income tax on the interest earned, this is deducted automatically from your account in Thailand. The money you transfer from other countries, ie your home country will have been taxed already and is your responsibility to declare all income to the tax authorities in that country.

Income you earn in Thailand will be subject to tax. Most countries including Thailand have dual taxation agreements, eg Thailand/Australia. so one does not have to pay tax twice.

Basically if you earn income you may be liable for income tax

Income tax is only deducted at source from fixed rate/term accounts and/or from savings accounts where the interest paid during the tax year exceeds 20k Baht, the former is easily recoverable (up to the tax threshold of 149.999) via the tax system, the latter is not.

there's a strange tax exemption in Thailand. most banks offer money market funds with either 3 or 6 months maturity. interest is fixed and paid gross at maturity without any tax deducted. neither Kasikorn nor Siam Commercial could tell me why income tax is not deducted.

[TallGuyJohninBKK]

Hi is there any advantage to wait until I have my non Immigrat status until I open my bank account or are the conditions the same if I open it while I still have my tourist visa (My office tells me there is no difference and it is easy to get a bank account with tourist visa). Thanks for your advise

Generally speaking, it's going to be easier for a farang to open a Thai bank account with some variety of non-immigrant visa status. It also may be a further advantage in terms of the bank also granting you access to online banking or other supplemental services.

However, it's also true that some Thai bank companies and some branches will offer regular savings accounts to those with tourist visas and some evidence of a residency address in Thailand of some variety (even a hotel address).

The practice on this varies widely from bank to bank, so it really depends on which bank and branch you're dealing with. But overall, across the board, having a non-immigrant visa status is going to improve your success rate.

BTW, the thing that virtually erases all Thai banking roadblocks is a Thai work permit.

Edited August 22, 2012 by TallGuyJohninBKK

[Maestro]

...

The manual of Siam Commercial Bank seems to make a distinction between residents and non-residents, which is not unreasonable, and the last paragraph on the attached page makes reference to the tourist visa, but I do not know in which context...

I'm a bit slow, but here is now the translation – kindly provided by the gurus in our Thai Language Forum – of paragraph 1.4. in the internal guidelines of Siam Commercial Bank that talks about tourist visa:

1. Type of account and basis for opening account for foreigners

1.4 He/she holding passportwith visa affixed of the type show below not permitted to open account

1.41 Visa type transit

1.42 Visa type tourist

However, as has been reported by members, it has been possible and continues to be possible to open a savings account at many bank branches even when one has entered Thailand with a tourist visa or visa-exempt, with chances apparently being better in areas where many foreign tourists live. It may have to do with the language ability of the bank staff.