Open A New Bank Account .

[Phuketliving]

Anybody has experienced new requirments in opening a New Bank account , I have heard that certain Banks are putting new requirments ( They say new policy from the '' central bank '') , anybody experiences ( Afther 2 November 2012 ) .

New requirments can ( could be ) , 1 year Visa , work permit - work permit and 1 year Visa , etc..... .

Intresting to get an Inventory down per Bank ,

[petercallen]

If you want accurate information check with the banks, in Patong most have a branch in Jungceylon

[NomadJoe]

When I did this 4 years ago when I didn't have a work permit I had to go to 4 different branches of Bangkok Bank before one would allow me to open an account, and that was only on the promise that I would produce a work permit shortly or else they would close the account. My boss in Bangkok, a wealthy businessman that employed dozens of foreigners all over Thailand swore up and down I could open an account without a WP, and that people do it all the time. Perhaps it's harder in Phuket for some reason. My only experience was with Bangkok Bank.

[stevenl]

I also remember reading somewhere that since a few months there are new rules in place, making the opening of an account more difficult. My experience is from too long ago to be of any value, have heard though that the last few years in general Kasikorn is easiest. Take into account though that different branches can have different requirements.

[watcharacters]

If the Thai government decides to require a work permit for opening a Thai bank account, that'll certainly have an impact on retirees meeting the retirement visa requirements.

Is there talk about a way around this for the immigration department?

[Shot]

I thought it depended on your visa type, not a work permit. I opened one at Siam with a business visa, and another at K Bank with an O. No problems at all.

Edited November 21, 2012 by Shot

[LivinginKata]

All depends on the bank and bank manager. One of our guests just opened an account with the Kbank. Used his rent contract and the bank phoned his landlady (my wife) for verbal confirmation. No problem.

[falkan]

they do not want people who have lived here for a short time to open account, if you have a workpermit then no np..

if you have lived here more than a year, no problem

[JetsetBkk]

they do not want people who have lived here for a short time to open account, if you have a workpermit then no np..

if you have lived here more than a year, no problem

Wow! How times have changed

I opened my first Krung Thai account while I was on holiday in Bkk with a deposit of 3,000 baht. But that was 12 years ag.

[petercallen]

I thought it depended on your visa type, not a work permit. I opened one at Siam with a business visa, and another at K Bank with an O. No problems at all.

I have never had a work permit and have no problems opening bank accounts with a non O visa the same as you

[Jimi007]

I opened an account at Siam Commercial Bank and Bangkok Bank over six years ago. They both said a work permit was required. I showed them my O-A retirement visa, which said employment prohibited right on it. They discussed it and let me open an account. I had tried the year before on a 30 day visa and they said no. I don't really see what has changed. And as said, it seems it is up to the branch manager. But they can be overruled, as I found out after getting into an argument with one...

[petercallen]

If the Thai government decides to require a work permit for opening a Thai bank account, that'll certainly have an impact on retirees meeting the retirement visa requirements.

Is there talk about a way around this for the immigration department?

Retirees do not have work permits just a non O retirement visa that plus 800K baht in a bank account for 3 months is all you need

You can also show proof of a certain amount of income and they will except that as

Edited November 21, 2012 by petercallen

[LivinginKata]

A Thai Driving Licence often is good enough.I well remember years ago we (joint account with Thai wife) tried to open a Krung Thai Bank account. and they put every roadblock in the way. Do you have long stay visa - yes, do you have Work Permit - yes, are you married to a Thai - yes. They examined very carefully and for a long time all my documents to prove this. I was becoming annoyed and was ready to knock it on the head. At last after a very long time they grudgingly agreed to us opening an account. When they asked for my name & address I thought it easier to hand over my Thai driving licence with all those details. A big smile from the bank officer - he said I should have shown that at the beginning to save the bank the time to wade through all my papers ....

[pagallim]

I think it also important to differentiate between types of account. A basic savings account (ATM card, bank book, no cheque book) should be fairly easy to obtain. Proof of residence (copy of rental agreement for example) USED to be all that was required (at least 5+ years ago when I opened my SCB account, and at the time I had only visa on entry (30 day) each time in my passport.

I remember at the time being told by someone that I couldn't buy a car with only a 30 day visa (I did, again only requiring proof of residence).

[NomadJoe]

I have also heard Kasikorn is the easiest.

[challenger99]

I never had any problem. First saving account at Bangkok Bank Phetchaburi, only Passport with O-retiervisa. Got visa electronic ATM card plus Bankbook. 5 month later moved to Chiang Mai and went to Bangkok Bank to change address, no problem with Passport and Bankbook opened a new account = I had 2. Later in Hua Hin same proceeder = had 3 Visa Electronic and 3 Bankbook. To get a Visa credit card they ask 100'000 THB deposit. Also open i-Banking no problem. Because Airasia ask Credit Card or SCB debit card I walk in in SCB 4 month ago and they opened me immediatly a Saving Account with Master Card electronic - debit card and i-Banking. Now I can move my money easy to this account where I need money!

Passport with O-retirement visa is good, if you have a confirmation of residence more safe but I never needed, a friend did similar with only 3 month tourist visa. Go in the bank, if they don't want go to the next even same only other Branch!

[Semper]

A Thai Driving Licence often is good enough.I well remember years ago we (joint account with Thai wife) tried to open a Krung Thai Bank account. and they put every roadblock in the way. Do you have long stay visa - yes, do you have Work Permit - yes, are you married to a Thai - yes. They examined very carefully and for a long time all my documents to prove this. I was becoming annoyed and was ready to knock it on the head. At last after a very long time they grudgingly agreed to us opening an account. When they asked for my name & address I thought it easier to hand over my Thai driving licence with all those details. A big smile from the bank officer - he said I should have shown that at the beginning to save the bank the time to wade through all my papers ....

You should have left the bank right after they started asking for their requirements. After all, you are the one giving them free use of your money. They should be crawling on their knees as to please you.

[LivinginKata]

A Thai Driving Licence often is good enough.I well remember years ago we (joint account with Thai wife) tried to open a Krung Thai Bank account. and they put every roadblock in the way. Do you have long stay visa - yes, do you have Work Permit - yes, are you married to a Thai - yes. They examined very carefully and for a long time all my documents to prove this. I was becoming annoyed and was ready to knock it on the head. At last after a very long time they grudgingly agreed to us opening an account. When they asked for my name & address I thought it easier to hand over my Thai driving licence with all those details. A big smile from the bank officer - he said I should have shown that at the beginning to save the bank the time to wade through all my papers ....

You should have left the bank right after they started asking for their requirements. After all, you are the one giving them free use of your money. They should be crawling on their knees as to please you.

That was my initial reaction to just get up and walk out, but it became a challenge to me to get our application accepted, so i wanted to wear them out ... and I did

[stevenl]

All very nice these ancient history stories, but you are forgetting the new rules in effect since August 2012. Of course, how they are implemented could be a different story:

"

AMLO or Anti Money Laundering Office new measures

According to the new regulations Banks shall from the 21 August 2012

Pre-Screening

• Thoroughly check the backgrounds of people who open bank accounts and must demand necessary documents authenticating the identity of account applicants. The documents will be strictly checked before the accounts can be opened.
  
• Also the account may not be activated immediately as they used to be.
  
• Note also that Banks which fail to carry out a background check of account applicants will be fined 500,000 baht for each account it did not vet. Therefore you may expect that the Banks will take this new measure seriously
  

Post-Screening

• The banks must monitor to see if account owners’ professions, as stated in the account registration forms, correspond to the amounts of money coming in and leaving the accounts.
  
• For example a student or a person who declare no profession but has transactions of several millions on its account will be red flagged and the account may be deactivated."
  

[iSabai]

Some banks, or maybe some branches of some banks, will allow you to open an account even on a short-term visa. But as a short-timer (or tourist) you may not be getting interest on that account. Be sure if you are a long-term resident or retiree, that you make them understand that you want an account that pays you interest.

Edited November 22, 2012 by iSabai

[Phuketliving]

Thanks steve ,

Its gooing to be a bigg mess again , nothing clear .

'' The banks must monitor to see if account owners’ professions, as stated in the account registration forms, correspond to the amounts of money coming in and leaving the accounts.''

This means a lot and nothing , No ......?? .

Beside this the account registration form is in Thai - and you got the '' Sign here '' and dissapeares afther 2 seconds - NO COPY for costumers.

Curious how this is gooing to work , You can not even know if somoene pay's you in the account from who it is comming ? .

Let see ,

[NamKangMan]

All very nice these ancient history stories, but you are forgetting the new rules in effect since August 2012. Of course, how they are implemented could be a different story:

"

AMLO or Anti Money Laundering Office new measures

According to the new regulations Banks shall from the 21 August 2012

Pre-Screening

• Thoroughly check the backgrounds of people who open bank accounts and must demand necessary documents authenticating the identity of account applicants. The documents will be strictly checked before the accounts can be opened.
  
• Also the account may not be activated immediately as they used to be.
  
• Note also that Banks which fail to carry out a background check of account applicants will be fined 500,000 baht for each account it did not vet. Therefore you may expect that the Banks will take this new measure seriously
  

Post-Screening

• The banks must monitor to see if account owners’ professions, as stated in the account registration forms, correspond to the amounts of money coming in and leaving the accounts.
  
• For example a student or a person who declare no profession but has transactions of several millions on its account will be red flagged and the account may be deactivated."
  

In relation to pre-screening, when they mean "background check" do they mean criminal history check or credit history check, or both? The fees for these checks are not cheap, and no doubt they will be passed onto the customer opening the account as an "account establishment fee." These checks can take up to 21 days for a result, probably longer because it's a request by a foreign bank.

In relation to post screening, if your profession is "retired" many of these customers will be selling assests like houses, businesses etc and moving very large amounts into their account, yet they have no job. Not sure how they will implement that one.

I hope it's not retrospective legislation, that will be a pain for all of us.

Edited November 22, 2012 by NamKangMan

[pagallim]

All very nice these ancient history stories, but you are forgetting the new rules in effect since August 2012. Of course, how they are implemented could be a different story:

"

AMLO or Anti Money Laundering Office new measures

According to the new regulations Banks shall from the 21 August 2012

Pre-Screening

• Thoroughly check the backgrounds of people who open bank accounts and must demand necessary documents authenticating the identity of account applicants. The documents will be strictly checked before the accounts can be opened.
  
• Also the account may not be activated immediately as they used to be.
  
• Note also that Banks which fail to carry out a background check of account applicants will be fined 500,000 baht for each account it did not vet. Therefore you may expect that the Banks will take this new measure seriously
  

Post-Screening

• The banks must monitor to see if account owners’ professions, as stated in the account registration forms, correspond to the amounts of money coming in and leaving the accounts.
  
• For example a student or a person who declare no profession but has transactions of several millions on its account will be red flagged and the account may be deactivated."
  

Don't doubt the authenticity Steven, but where did you get this from, and have the AMLO measures been adopted by Thailand? I've had a cursory look through the website of my own Thai bank, and can't find any similar information or indeed mention in their 'news' sections.

[stevenl]

All very nice these ancient history stories, but you are forgetting the new rules in effect since August 2012. Of course, how they are implemented could be a different story:

"

AMLO or Anti Money Laundering Office new measures

According to the new regulations Banks shall from the 21 August 2012

Pre-Screening

• Thoroughly check the backgrounds of people who open bank accounts and must demand necessary documents authenticating the identity of account applicants. The documents will be strictly checked before the accounts can be opened.
  
• Also the account may not be activated immediately as they used to be.
  
• Note also that Banks which fail to carry out a background check of account applicants will be fined 500,000 baht for each account it did not vet. Therefore you may expect that the Banks will take this new measure seriously
  

Post-Screening

• The banks must monitor to see if account owners’ professions, as stated in the account registration forms, correspond to the amounts of money coming in and leaving the accounts.
  
• For example a student or a person who declare no profession but has transactions of several millions on its account will be red flagged and the account may be deactivated."
  

Don't doubt the authenticity Steven, but where did you get this from, and have the AMLO measures been adopted by Thailand? I've had a cursory look through the website of my own Thai bank, and can't find any similar information or indeed mention in their 'news' sections.

Internet search, because I remember there to be certain new rules. Sorry, don't remember exactly whic site, but there are more giving all more or less the same information. Does not apply to existing customers, only to new. This would e.g. mean that if a foreigner opens a new bank account as a student and millions are transferred in and out that would gibe a warning signal. I also remember reading that to open a bank account either a workpermit or a 1 year visa would be required.

But again, in Thailand there can be a big difference between new rules/laws and the implementation of those rules/laws.

[NamKangMan]

All very nice these ancient history stories, but you are forgetting the new rules in effect since August 2012. Of course, how they are implemented could be a different story:

"

AMLO or Anti Money Laundering Office new measures

According to the new regulations Banks shall from the 21 August 2012

Pre-Screening

• Thoroughly check the backgrounds of people who open bank accounts and must demand necessary documents authenticating the identity of account applicants. The documents will be strictly checked before the accounts can be opened.
  
• Also the account may not be activated immediately as they used to be.
  
• Note also that Banks which fail to carry out a background check of account applicants will be fined 500,000 baht for each account it did not vet. Therefore you may expect that the Banks will take this new measure seriously
  

Post-Screening

• The banks must monitor to see if account owners’ professions, as stated in the account registration forms, correspond to the amounts of money coming in and leaving the accounts.
  
• For example a student or a person who declare no profession but has transactions of several millions on its account will be red flagged and the account may be deactivated."
  

Don't doubt the authenticity Steven, but where did you get this from, and have the AMLO measures been adopted by Thailand? I've had a cursory look through the website of my own Thai bank, and can't find any similar information or indeed mention in their 'news' sections.

There was an article about this earlier in the year. It's in a publication that can not be named here. If you google "Thailand anti money laudering" it's 4th on the list.

Pressure was put on Thai banks to comply, or be blacklisted. It would appear that they are now complying.

Whether it actually works in practice will have to be seen.

[pagallim]

I may have found the actual Thai regulations here:

http://www.amlo.go.th/amlofarm/farm/en/files/MR%20CDD%202012%200812(2).pdf

[stevenl]

I may have found the actual Thai regulations here:

http://www.amlo.go.t...CDD 2012 0812(2).pdf

Link seems not to be working (404).

[pagallim]

I may have found the actual Thai regulations here:

http://www.amlo.go.t...CDD 2012 0812(2).pdf

Link seems not to be working (404).

OK, go to http://www.amlo.go.th

Then click on 'Laws/Regulations' in the Main Menu column on the left, and the .pdf is right at the bottom (Ministerial Regulation Prescribing Rules and Procedures for Customer Due Diligence B.E. 2555 Z2012

).

[LivinginKata]

I may have found the actual Thai regulations here:

http://www.amlo.go.t...CDD 2012 0812(2).pdf

Link seems not to be working (404).

The link was copied from the PDF download. The site is http://www.amlo.go.th/ select English and got0 the rules & regulations section.

edit ///pag beat me to it

[stevenl]

Ok, so now we have the official line thanks to good teamwork

Now, has anybody opened a new bank account since say June 2012 (publication date is 23 May 2012)? So we might get an idea about the real life effect of this, if any?