kyb789 Posted November 29, 2012 Share Posted November 29, 2012 Last week I went to sign up for another investment fund at Kasikorn. No problem, got my bank book. Today went to buy some shares and the transaction was refused. The call center told me it was due to the new U.S law regarding disclosure of U.S citizen funds. They are not accepting fund investments from U.S. citizens. Anyone else had problems with their banks? Link to comment Share on other sites More sharing options...
Popular Post Soutpeel Posted November 29, 2012 Popular Post Share Posted November 29, 2012 One could suggest the problem is nothing to do with your bank....Thank your goverment/IRS...they have caused the problem.....there are similar issues for US citizens trying to open "offshore accounts" in Singapore...the banks will not touch them for the most part, it seens Thailand is catching up with the rest of the region in this regards... 3 Link to comment Share on other sites More sharing options...
BlackPuddingBertha Posted November 29, 2012 Share Posted November 29, 2012 I am not particularly surprised. I suspect that many banks and financial institutions outside the US would prefer to just stop dealing with US citizens rather than kowtow to the US government's demands that they comply with some rather foolish laws emanating from a jurisdiction which is not their own. 1 Link to comment Share on other sites More sharing options...
givenall Posted November 29, 2012 Share Posted November 29, 2012 we should all write to the congress and white house complain. if enough masses get envolve may be something will change Link to comment Share on other sites More sharing options...
kyb789 Posted November 29, 2012 Author Share Posted November 29, 2012 we should all write to the congress and white house complain. if enough masses get envolve may be something will change I like your idea. However I would suspect there are not enough compaining expats to even register on the Congress radar, and citizens living within the boarders probably could care less about our problems. Link to comment Share on other sites More sharing options...
Jingthing Posted November 29, 2012 Share Posted November 29, 2012 (edited) we should all write to the congress and white house complain. if enough masses get envolve may be something will change I like your idea. However I would suspect there are not enough compaining expats to even register on the Congress radar, and citizens living within the boarders probably could care less about our problems. There is a lobbying organization which focuses on these kinds of issues. It ain't the NRA but it's better than nothing!http://americansabroad.org/ Edited November 29, 2012 by Jingthing 1 Link to comment Share on other sites More sharing options...
maxman71 Posted November 29, 2012 Share Posted November 29, 2012 I bank with Krung Thai, and so far, I have had no problems conducting routine banking transactions. But I do not engage in any investment transactions. I am looking into setting up accounts with a Citi branch in Bangkok, pending confirmation they will comply with the US FATCA law, which is the new law passed by Congress and the White House that is causing the problems stated by the OP. I would think a US bank with a branch in Thailand would be complying with FATCA, but I need to verify. 1 Link to comment Share on other sites More sharing options...
maxman71 Posted November 29, 2012 Share Posted November 29, 2012 I just contacted Citi bank in Thailand and also looked through their promo materials online for Banking and Wealth Management services they provide. According to the promo literature, Wealth Management services, i.e. investment funds are not available to "US persons" which I take to mean US Citizens. The same promo materials made no mention of restrictions to US citizens for their standard checking/savings account services. When I called them, the lady told me US citizens can open a bank account so long as they have a passport and work permit OR a retirement visa. Minimum starting deposit is THB 100,000. The lady couldn't answer my question concerning whether US citizens are excluded from opening a Wealth Management account. So it appears to me the Thai banks are getting stricter about the requirements for foreigners (or maybe just US citizens) to open standard bank accounts but also refusing investment accounts to US citizens. Link to comment Share on other sites More sharing options...
TPI Posted November 29, 2012 Share Posted November 29, 2012 Could it be because of the financial transaction reporting criteria in effect in the US and the fact that Thailand is on the world financial black list that any money transaction to or from the US would be so restrictive as to be virtually impossible? Just a thought! Link to comment Share on other sites More sharing options...
Jingthing Posted November 29, 2012 Share Posted November 29, 2012 This issue isn't going away. Americans are going to have to watch it closely. It is possible for some of us it has the potential to mess up our situation in Thailand entirely. First things first, clearly INVESTMENTS need to be separated from basic savings bank accounts. It seems that some banks who are stopping American investments may still allow the bank accounts. Then there is the issue of allowing NEW accounts vs. leaving old accounts alone. This is unpleasant, but this is going to be a long haul trying to figure out how this is shaking out and the resource here to SHARE reports can be very valuable. Link to comment Share on other sites More sharing options...
kyb789 Posted November 29, 2012 Author Share Posted November 29, 2012 we should all write to the congress and white house complain. if enough masses get envolve may be something will change I like your idea. However I would suspect there are not enough compaining expats to even register on the Congress radar, and citizens living within the boarders probably could care less about our problems. There is a lobbying organization which focuses on these kinds of issues. It ain't the NRA but it's better than nothing!http://americansabroad.org/ Thanks for the link. It looks like they are doing some good work. I want to recommend all Americans join their orgainization and participate as much as possible. I think this situation is horrible. U.S. companies actually get tax breaks by keeping their money over-seas, but U.S.citizens are condemned. 1 Link to comment Share on other sites More sharing options...
el jefe Posted November 30, 2012 Share Posted November 30, 2012 It's the same reporting requirements on new bank a/c's as existing a/c's so if Kasikorn is going to stop accepting new ones they are going to have to cancel old ones. Maybe it's just a branch by branch issue and some managers don't want to deal with the paperwork. Try another branch. Link to comment Share on other sites More sharing options...
kyb789 Posted November 30, 2012 Author Share Posted November 30, 2012 Here is the link to the petition being sent to Congress and President Obama. http://signon.org/sign/repeal-fatca?source=s.icn.em.cp&r_by=6294369 1 Link to comment Share on other sites More sharing options...
Soutpeel Posted November 30, 2012 Share Posted November 30, 2012 It's the same reporting requirements on new bank a/c's as existing a/c's so if Kasikorn is going to stop accepting new ones they are going to have to cancel old ones. Maybe it's just a branch by branch issue and some managers don't want to deal with the paperwork. Try another branch. or maybe they are going to start cancelling old accounts in the near future... Link to comment Share on other sites More sharing options...
Jingthing Posted November 30, 2012 Share Posted November 30, 2012 There are so many paranoid options and unfortunately who really knows whether this is paranoia or not until this all shakes out. For example there might be extra costs associated with American accounts so even banks that comply may try to get rid of low profit accounts. They could impose extra fees on Americans to cover the costs and I'd certainly rather pay that than not be able to bank in Thailand. 1 Link to comment Share on other sites More sharing options...
cloudhopper Posted November 30, 2012 Share Posted November 30, 2012 (edited) Here is the link to the petition being sent to Congress and President Obama. http://signon.org/si...cp&r_by=6294369 Good luck with that. Obama has already been reported to have decreed "mine the expats". Face it - we're an easy political target across the spectrum in the US; almost viewed as 'pseudo traitors', at the least viewed with envy and suspicion. Edited November 30, 2012 by cloudhopper Link to comment Share on other sites More sharing options...
Naam Posted November 30, 2012 Share Posted November 30, 2012 There are so many paranoid options and unfortunately who really knows whether this is paranoia or not until this all shakes out. For example there might be extra costs associated with American accounts so even banks that comply may try to get rid of low profit accounts. They could impose extra fees on Americans to cover the costs and I'd certainly rather pay that than not be able to bank in Thailand. i'm sure there'll be a way for U.S. citizens to hold a bread-and-butter current account without links to any investments except fixed deposits. anything beyond that is offshore already "rien ne vas plus!" Link to comment Share on other sites More sharing options...
brd Posted November 30, 2012 Share Posted November 30, 2012 One could suggest the problem is nothing to do with your bank....Thank your goverment/IRS...they have caused the problem.....there are similar issues for US citizens trying to open "offshore accounts" in Singapore...the banks will not touch them for the most part, it seens Thailand is catching up with the rest of the region in this regards... In Singapore banks open new account no more to Americans or other nationalities right now only to residents with a working permit in Singapore therefore de facto no longer an international financial hub as they were dreaming to become..... Link to comment Share on other sites More sharing options...
brd Posted November 30, 2012 Share Posted November 30, 2012 It's the same reporting requirements on new bank a/c's as existing a/c's so if Kasikorn is going to stop accepting new ones they are going to have to cancel old ones. Maybe it's just a branch by branch issue and some managers don't want to deal with the paperwork. Try another branch. Go to the bank Head Office no point to go to branches............. Link to comment Share on other sites More sharing options...
brd Posted November 30, 2012 Share Posted November 30, 2012 I bank with Krung Thai, and so far, I have had no problems conducting routine banking transactions. But I do not engage in any investment transactions. I am looking into setting up accounts with a Citi branch in Bangkok, pending confirmation they will comply with the US FATCA law, which is the new law passed by Congress and the White House that is causing the problems stated by the OP. I would think a US bank with a branch in Thailand would be complying with FATCA, but I need to verify. A US bank in Thailand is a Thai Bank...forget it thinking it is an american one...same all over the world...only the name is american.....see others Siam commerce bank bangkok bank etc.....better for your health and finances... Link to comment Share on other sites More sharing options...
The Dancer Posted November 30, 2012 Share Posted November 30, 2012 Going into the Kasikorn site to check my account an hour ago I was made to accept a service agreement which arrived in pdf in my mail soon after. Way below is this clause 15. If KBank is required to disclose financial information or transactions related to the use of the Service by any governmental or competent authorities per legal provisions, orders or regulations, the User agrees to allow KBank to disclose such information and/or if requested prepare any report on relevant information and/or financial transactions of the User for submission to those authorities. I don't know if it's only US citizens who are being forced through this hoop. If it is then it's got to do with the new disclosure law. Link to comment Share on other sites More sharing options...
brd Posted November 30, 2012 Share Posted November 30, 2012 we should all write to the congress and white house complain. if enough masses get envolve may be something will change I like your idea. However I would suspect there are not enough compaining expats to even register on the Congress radar, and citizens living within the boarders probably could care less about our problems. There is a lobbying organization which focuses on these kinds of issues. It ain't the NRA but it's better than nothing!http://americansabroad.org/ Thanks for the link. It looks like they are doing some good work. I want to recommend all Americans join their orgainization and participate as much as possible. I think this situation is horrible. U.S. companies actually get tax breaks by keeping their money over-seas, but U.S.citizens are condemned. USA is promoting free International trade..........as long as it remains american ! 1 Link to comment Share on other sites More sharing options...
Naam Posted November 30, 2012 Share Posted November 30, 2012 One could suggest the problem is nothing to do with your bank....Thank your goverment/IRS...they have caused the problem.....there are similar issues for US citizens trying to open "offshore accounts" in Singapore...the banks will not touch them for the most part, it seens Thailand is catching up with the rest of the region in this regards... In Singapore banks open new account no more to Americans or other nationalities right now only to residents with a working permit in Singapore therefore de facto no longer an international financial hub as they were dreaming to become..... incorrect information! Link to comment Share on other sites More sharing options...
chainarong Posted December 1, 2012 Share Posted December 1, 2012 HSBC , HK is also doing this and has been for sometime, US citizens only. Link to comment Share on other sites More sharing options...
NHJ Posted December 1, 2012 Share Posted December 1, 2012 The same does apply to most banks in belgium, culprit is the IRS. Link to comment Share on other sites More sharing options...
MikeOKitches Posted December 1, 2012 Share Posted December 1, 2012 Here is the link to the petition being sent to Congress and President Obama. http://signon.org/si...cp&r_by=6294369 Good luck with that. Obama has already been reported to have decreed "mine the expats". Face it - we're an easy political target across the spectrum in the US; almost viewed as 'pseudo traitors', at the least viewed with envy and suspicion. +1 Obummer wants to punish those of us who had the foresight to escape the imploding USSA. It's like we're slaves who ran away from the plantation. 1 Link to comment Share on other sites More sharing options...
kyb789 Posted December 1, 2012 Author Share Posted December 1, 2012 U.S government money would be better spent working on ways to encourage BUSINESS money back into the U.S. rather than incur the enormous cost of monitoring and chasing little expats all the time. But that would require our government to think. Link to comment Share on other sites More sharing options...
MikeOKitches Posted December 1, 2012 Share Posted December 1, 2012 U.S government money would be better spent working on ways to encourage BUSINESS money back into the U.S. rather than incur the enormous cost of monitoring and chasing little expats all the time. But that would require our government to think. Agree 100%! USSA needs to fund the allmighty War Machine and Welfare State, so they'll do their very best to hunt all of us expats down one by one to fleece what little money we have. 1 Link to comment Share on other sites More sharing options...
Rancid Posted December 1, 2012 Share Posted December 1, 2012 It is a complete mystery to me why so many Americans are giving up their citizenship these days, quite a spike in the chart apparently. Having the governmnet following your every step (except the really rich of course) from cradle to the grave just means they really care. Fortunately my country is yet to follow this fascist line (all for protecting your freedom, yeah right) and hopefuly it won't, bit I wouldn't bet on it. But until they do, America the land of free or land of the opressed and indentured serfs? Link to comment Share on other sites More sharing options...
kyb789 Posted December 1, 2012 Author Share Posted December 1, 2012 It is a complete mystery to me why so many Americans are giving up their citizenship these days, quite a spike in the chart apparently. Having the governmnet following your every step (except the really rich of course) from cradle to the grave just means they really care. Fortunately my country is yet to follow this fascist line (all for protecting your freedom, yeah right) and hopefuly it won't, bit I wouldn't bet on it. But until they do, America the land of free or land of the opressed and indentured serfs? I once had a Russian girlfriend who moved from the old communist Russia to the U.S. When I asked her, "How does it feel now to finally live in a free country?" Her face turned fiery red and eyes pulsing. She replied, "Free country??!! I just got a ticket taking my dog to the park because he wasn't on a leash!. Russia was a free country! I could do what I want" Link to comment Share on other sites More sharing options...
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