Wissanu Rebuts Allegations of Assisting Thaksin's Hospital Stay

[Berkshire]

Just read this article and wonder if it could be a concern in Thailand:

http://money.cnn.com/2013/09/15/news/banks-americans-lockout/index.html?hpt=hp_t3

Excerpt from the article:

[Americans, take your money elsewhere!

That's what banks around the world have been telling their U.S. customers, as they try to avoid having to comply with a new tax law due to come into force next year.

Jimmy Sexton, an American, was forced to close his checking account at Volksbank in Austria earlier this year. And Genevieve Besser, an American living in Germany, was given two months notice last year to close her securities account at ING-Diba, the German arm of Dutch bank ING (INGVF).

The U.S. Foreign Account Tax Compliance Act, which requires businesses to report all assets held by Americans, aims to recoup the hundreds of billions the U.S. says it loses each year from tax evasion. But it's also leading global banks big and small to dump U.S. customers rather than wrestle with the complicated law.]

[asiaexpat]

Should banks in Thailand take the same approach as European banks have taken, many Americans will find it impossible to maintain a visa or extension of stay. Since funds in a Thai bank are a requirement for most types of extensions of stay, I believe some banks will profit by setting up expat departments to service Americans, for a fee of course.

[Berkshire]

Should banks in Thailand take the same approach as European banks have taken, many Americans will find it impossible to maintain a visa or extension of stay. Since funds in a Thai bank are a requirement for most types of extensions of stay, I believe some banks will profit by setting up expat departments to service Americans, for a fee of course.

Good point. My guess is that there may be some banks who take the Euro route, but there will be others who will pick up the slack. And yes, probably for a fee. This is one of those wait-and-see situations, I guess.

[Jingthing]

Bangkok Bank has a U.S. presence, so that's probably a better bet for Americans.

I would also be surprised if SCB stops servicing Americans.

[Phronesis]

Yep.

I opened an offshore account with Citibank Singapore last year. The very first question on the form was: Are you an American citizen? If you ticked yes you are were then advised not to complete the form as applications were not accepted from Yanks.

[gosompoi]

Bangkok Bank will still accept Americans and fully complies with the new tax codes. The others.... this is thailand so probably mai pen rai!

[thrilled]

What I've been hearing, with A price some banks in Thailand will hide bank accounts that are American.Who is the us government think they are? Thinking they can tell foreign banks what they can and cannot do.

[Jingthing]

What I've been hearing, with A price some banks in Thailand will hide bank accounts that are American.Who is the us government think they are? Thinking they can tell foreign banks what they can and cannot do.

American "exceptionalism" didn't you know?

Edited September 16, 2013 by Jingthing

[Pib]

What I've been hearing, with A price some banks in Thailand will hide bank accounts that are American.Who is the us government think they are? Thinking they can tell foreign banks what they can and cannot do.

Which bar(s) did you hear that in?

Sent from my GT-I9100 using Thaivisa Connect Thailand mobile app

[maxman71]

This topic has been discussed several times on TV in the past several months. There have been numerous articles in the Thai press concerning whether Thailand will abide by FATCA. Go Google "Thailand FATCA compliance" and you'll learn something. I've posted extensive explanations and links to such articles in the past on TV and I don't have the time to do it now. Quick takeaway is if you are a US citizen/US green card holder with offshore accounts and you have not been reporting them if required to do so, you will sooner or later be in for a world of hurt, regardless of whether some foreign banks accept US accounts or not. Do your homework.

[maxman71]

Should banks in Thailand take the same approach as European banks have taken, many Americans will find it impossible to maintain a visa or extension of stay. Since funds in a Thai bank are a requirement for most types of extensions of stay, I believe some banks will profit by setting up expat departments to service Americans, for a fee of course.

Agreed; I surmised the same thing when news of FATCA implementation started setting in about a year ago. Question is how much are they going to charge??? I have been reporting all my accounts so I could care less about that. Why I don't want is to get gouged by a Thai banker in the process.

[Suradit69]

What I've been hearing, with A price some banks in Thailand will hide bank accounts that are American.Who is the us government think they are? Thinking they can tell foreign banks what they can and cannot do.

It's not telling them what to do. It's telling them they can comply, or if they choose not to comply, they'll be taxed on certain US sourced transactions.

Unless otherwise exempt, FFIs [Foreign Financial Institutions] that do not both register and agree to report face a 30% withholding tax on certain U.S.-source payments made to them.

It's a cost of doing business in the US or with US customers. They can decide whether or not to deal with it as they would decide about any other business expense or import/export duty on trade.

Obviously it's an arm-twisting situation, but some countries and some businesses are in a better position to twist arms effectively.

[NeverSure]

What I've been hearing, with A price some banks in Thailand will hide bank accounts that are American.Who is the us government think they are? Thinking they can tell foreign banks what they can and cannot do.

I'm an American. I don't like it either. I don't like all the other snooping the US government is doing and in fact consider it unconstitutional.

US Constitution, Bill of Rights, 4th Amendment:

"The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."

In other words, the authorities must have "probable cause" to ask for a warrant to search someone's "things" as described. They have to be able to convince a judge that a crime has been committed, and they have to be able to articulate that reasonable belief, and describe what they expect to find.

For all of my life up until recently this has been strictly adhered to.

How can the US government force this on Thailand? Because the US is the world's largest economy by far, and the dollar is the international unit of trade.

If a Thai bank refused to comply, then the US government would make it illegal for any dollars to be transferred through that bank, and for any baht to be exchanged in the US with US banks.

Thailand imports and exports so much with the US, and needs dollars to engage in trade, that if a bank was cut off, it and its customers couldn't do business with the US at all. That includes not only expats, but big businesses. If all of them are cut off, Thailand's trade crashes.

Again as a law abiding citizen who pays his taxes and obeys the law, I HATE this intrusion and bullying. I don't know what has happened to my country. We need a whole new government, for several reasons. We need to get back to basics and stop meddling.

[Arkady]

What I've been hearing, with A price some banks in Thailand will hide bank accounts that are American.Who is the us government think they are? Thinking they can tell foreign banks what they can and cannot do.

I'm an American. I don't like it either. I don't like all the other snooping the US government is doing and in fact consider it unconstitutional.

US Constitution, Bill of Rights, 4th Amendment:

"The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."

In other words, the authorities must have "probable cause" to ask for a warrant to search someone's "things" as described. They have to be able to convince a judge that a crime has been committed, and they have to be able to articulate that reasonable belief, and describe what they expect to find.

For all of my life up until recently this has been strictly adhered to.

How can the US government force this on Thailand? Because the US is the world's largest economy by far, and the dollar is the international unit of trade.

If a Thai bank refused to comply, then the US government would make it illegal for any dollars to be transferred through that bank, and for any baht to be exchanged in the US with US banks.

Thailand imports and exports so much with the US, and needs dollars to engage in trade, that if a bank was cut off, it and its customers couldn't do business with the US at all. That includes not only expats, but big businesses. If all of them are cut off, Thailand's trade crashes.

Again as a law abiding citizen who pays his taxes and obeys the law, I HATE this intrusion and bullying. I don't know what has happened to my country. We need a whole new government, for several reasons. We need to get back to basics and stop meddling.

My understanding is that a country's banks could face a tax on any remittances from the US if that country doesn't sign an agreement to oblige its banks to comply with the US reporting requirements. Thailand is obviously going to agree to this after seeing what happened when it got blacklisted for a year for refusing to pass the required money laundering legislation in time. Some banks would accept any documents notarised in Thailand during that period which meant that certain transactions could not be done.

Apart from the bothersome reporting requirements Thailand doesn't care about this anyway because it is not an offshore banking centre that makes money from foreigners' wealth management accounts like Hong Kong and Singapore. Most wealthy Thais salt their ill gotten gains elsewhere. There probably will be some banks that refuse accounts to Americans who can't show a work permit but that happens anyway from time to time. Logically it makes no sense for them to refuse because they are going to have to report your account to the US authorities and have nothing to lose by doing that.

[puyaidon]

From reading the instructions of the form that has to be submitted, you have to have over $10,000 of aggregate assets for reporting on the form. Reading the form, it only says to report the assets. Nothing about paying taxes. I think this is the same as reporting amounts over $10,000 when you leave the US.

I asked a customs agent in Dallas, TX when I was getting ready to leave for Thailand why we had to report the money. Mainly, if you report it and your name somehow comes up in an investigation, they will not pursue you if you reported as per US law. If you don't report it, you might have some problems.

If you made money legally, I think you have nothing to worry about but they are looking for the tax payers who are making money illegally or trying to hide the money offshore to avoid paying taxes.

I may be wrong but a lot of people are getting excited for nothing. I just read the instructions for the form 8957, the summary of FATCA Reporting for U.S. Taxpayers, and TD F 90-22.1 form, Report of Foreign Bank and Financial Accounts where it has most of the information for us as US taxpayers. They can be downloaded from the IRS web page.

[alfalfa19]

What I've been hearing, with A price some banks in Thailand will hide bank accounts that are American.Who is the us government think they are? Thinking they can tell foreign banks what they can and cannot do.

I'm an American. I don't like it either. I don't like all the other snooping the US government is doing and in fact consider it unconstitutional.

US Constitution, Bill of Rights, 4th Amendment:

"The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."

In other words, the authorities must have "probable cause" to ask for a warrant to search someone's "things" as described. They have to be able to convince a judge that a crime has been committed, and they have to be able to articulate that reasonable belief, and describe what they expect to find.

For all of my life up until recently this has been strictly adhered to.

How can the US government force this on Thailand? Because the US is the world's largest economy by far, and the dollar is the international unit of trade.

If a Thai bank refused to comply, then the US government would make it illegal for any dollars to be transferred through that bank, and for any baht to be exchanged in the US with US banks.

Thailand imports and exports so much with the US, and needs dollars to engage in trade, that if a bank was cut off, it and its customers couldn't do business with the US at all. That includes not only expats, but big businesses. If all of them are cut off, Thailand's trade crashes.

Again as a law abiding citizen who pays his taxes and obeys the law, I HATE this intrusion and bullying. I don't know what has happened to my country. We need a whole new government, for several reasons. We need to get back to basics and stop meddling.

Constitution? WHAT constitution? We don't need no steenking constitution!!

[BruceSmith]

From reading the instructions of the form that has to be submitted, you have to have over $10,000 of aggregate assets for reporting on the form. Reading the form, it only says to report the assets. Nothing about paying taxes. I think this is the same as reporting amounts over $10,000 when you leave the US.

I asked a customs agent in Dallas, TX when I was getting ready to leave for Thailand why we had to report the money. Mainly, if you report it and your name somehow comes up in an investigation, they will not pursue you if you reported as per US law. If you don't report it, you might have some problems.

If you made money legally, I think you have nothing to worry about but they are looking for the tax payers who are making money illegally or trying to hide the money offshore to avoid paying taxes.

I may be wrong but a lot of people are getting excited for nothing. I just read the instructions for the form 8957, the summary of FATCA Reporting for U.S. Taxpayers, and TD F 90-22.1 form, Report of Foreign Bank and Financial Accounts where it has most of the information for us as US taxpayers. They can be downloaded from the IRS web page.

"asked a customs agent in Dallas, TX when I was getting ready to leave for Thailand....."

Have any value?

I think not. Sorry

BS

[Berkshire]

From reading the instructions of the form that has to be submitted, you have to have over $10,000 of aggregate assets for reporting on the form. Reading the form, it only says to report the assets. Nothing about paying taxes. I think this is the same as reporting amounts over $10,000 when you leave the US.

I asked a customs agent in Dallas, TX when I was getting ready to leave for Thailand why we had to report the money. Mainly, if you report it and your name somehow comes up in an investigation, they will not pursue you if you reported as per US law. If you don't report it, you might have some problems.

If you made money legally, I think you have nothing to worry about but they are looking for the tax payers who are making money illegally or trying to hide the money offshore to avoid paying taxes.

I may be wrong but a lot of people are getting excited for nothing. I just read the instructions for the form 8957, the summary of FATCA Reporting for U.S. Taxpayers, and TD F 90-22.1 form, Report of Foreign Bank and Financial Accounts where it has most of the information for us as US taxpayers. They can be downloaded from the IRS web page.

The concern is not whether one is reporting offshore accounts to the IRS. The concern is foreign banks (e.g., Thailand) not wanting to accept American clients due to said requirements.

[yankee99]

They already stopped letting americans open mutual funds here....Now paying americans will have to find other ways to open accounts...These will surely avoid paying any usa taxes..

fyi at this point americans dont need a account for a visa as the embassy will provide a letter...At a price of course..

[Tomtomtom69]

What I've been hearing, with A price some banks in Thailand will hide bank accounts that are American.Who is the us government think they are? Thinking they can tell foreign banks what they can and cannot do.

I'm an American. I don't like it either. I don't like all the other snooping the US government is doing and in fact consider it unconstitutional.

US Constitution, Bill of Rights, 4th Amendment:

"The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."

In other words, the authorities must have "probable cause" to ask for a warrant to search someone's "things" as described. They have to be able to convince a judge that a crime has been committed, and they have to be able to articulate that reasonable belief, and describe what they expect to find.

For all of my life up until recently this has been strictly adhered to.

How can the US government force this on Thailand? Because the US is the world's largest economy by far, and the dollar is the international unit of trade.

If a Thai bank refused to comply, then the US government would make it illegal for any dollars to be transferred through that bank, and for any baht to be exchanged in the US with US banks.

Thailand imports and exports so much with the US, and needs dollars to engage in trade, that if a bank was cut off, it and its customers couldn't do business with the US at all. That includes not only expats, but big businesses. If all of them are cut off, Thailand's trade crashes.

Again as a law abiding citizen who pays his taxes and obeys the law, I HATE this intrusion and bullying. I don't know what has happened to my country. We need a whole new government, for several reasons. We need to get back to basics and stop meddling.

China's economy is just 3 trillion dollars smaller than that of the US, so the US isn't the biggest economy by FAR anymore. Some experts expect that as early as 2015, China's economy will eclipse that of the USA. Indeed, given nearly everything sold in the USA is made in China, Bangladesh, Honduras, Mexico, even Thailand etc. this shouldn't come as a surprise. What does America still make anymore that contributes to it's large economic size? All I can think of is banking, insurance, education and aircraft/defense manufacturing. Everyday consumer products apart from food are not manufactured in America anymore.

[yankee99]

What I've been hearing, with A price some banks in Thailand will hide bank accounts that are American.Who is the us government think they are? Thinking they can tell foreign banks what they can and cannot do.

I'm an American. I don't like it either. I don't like all the other snooping the US government is doing and in fact consider it unconstitutional.

US Constitution, Bill of Rights, 4th Amendment:

"The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."

In other words, the authorities must have "probable cause" to ask for a warrant to search someone's "things" as described. They have to be able to convince a judge that a crime has been committed, and they have to be able to articulate that reasonable belief, and describe what they expect to find.

For all of my life up until recently this has been strictly adhered to.

How can the US government force this on Thailand? Because the US is the world's largest economy by far, and the dollar is the international unit of trade.

If a Thai bank refused to comply, then the US government would make it illegal for any dollars to be transferred through that bank, and for any baht to be exchanged in the US with US banks.

Thailand imports and exports so much with the US, and needs dollars to engage in trade, that if a bank was cut off, it and its customers couldn't do business with the US at all. That includes not only expats, but big businesses. If all of them are cut off, Thailand's trade crashes.

Again as a law abiding citizen who pays his taxes and obeys the law, I HATE this intrusion and bullying. I don't know what has happened to my country. We need a whole new government, for several reasons. We need to get back to basics and stop meddling.

China's economy is just 3 trillion dollars smaller than that of the US, so the US isn't the biggest economy by FAR anymore. Some experts expect that as early as 2015, China's economy will eclipse that of the USA. Indeed, given nearly everything sold in the USA is made in China, Bangladesh, Honduras, Mexico, even Thailand etc. this shouldn't come as a surprise. What does America still make anymore that contributes to it's large economic size? All I can think of is banking, insurance, education and aircraft/defense manufacturing. Everyday consumer products apart from food are not manufactured in America anymore.

Really?

Autos

Auto parts

furniture

wood

steel

drugs

gasoline

The list is endless of things made in the usa

[Pib]

China's GDP is a little over half of the U.S.'s GPD regardless of which list you may want to use. Using the International Monetary Funds ranking for 2012 the U.S GDP was $15.6B and China's $8.2B.

[UbonOz]

People should get off the beaten track, reading the daily papers never tells what is really going on.

Start looking at Max Keiser and others which will give a bigger picture.

Start here - http://www.maxkeiser.com/

We are all being screwed by the banksters and governments.

Edited September 17, 2013 by UbonOz

[Obb]

China's GDP is a little over half of the U.S.'s GPD regardless of which list you may want to use.   Using the International Monetary Funds ranking for 2012 the U.S GDP was $15.6B and China's $8.2B.  

Trillions.

[canman]

What I've been hearing, with A price some banks in Thailand will hide bank accounts that are American.Who is the us government think they are? Thinking they can tell foreign banks what they can and cannot do.

I'm an American. I don't like it either. I don't like all the other snooping the US government is doing and in fact consider it unconstitutional.

US Constitution, Bill of Rights, 4th Amendment:

"The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."

In other words, the authorities must have "probable cause" to ask for a warrant to search someone's "things" as described. They have to be able to convince a judge that a crime has been committed, and they have to be able to articulate that reasonable belief, and describe what they expect to find.

For all of my life up until recently this has been strictly adhered to.

How can the US government force this on Thailand? Because the US is the world's largest economy by far, and the dollar is the international unit of trade.

If a Thai bank refused to comply, then the US government would make it illegal for any dollars to be transferred through that bank, and for any baht to be exchanged in the US with US banks.

Thailand imports and exports so much with the US, and needs dollars to engage in trade, that if a bank was cut off, it and its customers couldn't do business with the US at all. That includes not only expats, but big businesses. If all of them are cut off, Thailand's trade crashes.

Again as a law abiding citizen who pays his taxes and obeys the law, I HATE this intrusion and bullying. I don't know what has happened to my country. We need a whole new government, for several reasons. We need to get back to basics and stop meddling.

Obama happened to your country and yes I know that Bush set the stage by taking away so many rights under the pretext of protecting the homeland against terrorists.

[Time Traveller]

From reading the instructions of the form that has to be submitted, you have to have over $10,000 of aggregate assets for reporting on the form. Reading the form, it only says to report the assets. Nothing about paying taxes. I think this is the same as reporting amounts over $10,000 when you leave the US.

I asked a customs agent in Dallas, TX when I was getting ready to leave for Thailand why we had to report the money. Mainly, if you report it and your name somehow comes up in an investigation, they will not pursue you if you reported as per US law. If you don't report it, you might have some problems.

If you made money legally, I think you have nothing to worry about but they are looking for the tax payers who are making money illegally or trying to hide the money offshore to avoid paying taxes.

I may be wrong but a lot of people are getting excited for nothing. I just read the instructions for the form 8957, the summary of FATCA Reporting for U.S. Taxpayers, and TD F 90-22.1 form, Report of Foreign Bank and Financial Accounts where it has most of the information for us as US taxpayers. They can be downloaded from the IRS web page.

The concern is not whether one is reporting offshore accounts to the IRS. The concern is foreign banks (e.g., Thailand) not wanting to accept American clients due to said requirements.

You can use nominees to hold funds on your behalf

[Naam]

From reading the instructions of the form that has to be submitted, you have to have over $10,000 of aggregate assets for reporting on the form. Reading the form, it only says to report the assets. Nothing about paying taxes. I think this is the same as reporting amounts over $10,000 when you leave the US.

I asked a customs agent in Dallas, TX when I was getting ready to leave for Thailand why we had to report the money. Mainly, if you report it and your name somehow comes up in an investigation, they will not pursue you if you reported as per US law. If you don't report it, you might have some problems.

If you made money legally, I think you have nothing to worry about but they are looking for the tax payers who are making money illegally or trying to hide the money offshore to avoid paying taxes.

I may be wrong but a lot of people are getting excited for nothing. I just read the instructions for the form 8957, the summary of FATCA Reporting for U.S. Taxpayers, and TD F 90-22.1 form, Report of Foreign Bank and Financial Accounts where it has most of the information for us as US taxpayers. They can be downloaded from the IRS web page.

I may be wrong but a lot of people are getting excited for nothing.

you are not addressing but missing the actual problem. primarily it's not a matter of U.S. citizens/persons hiding assets or evading taxes but the additional workload and cost on banks as far as reporting each and every transactions as well as the results of these transactions to the IRS. most banks are not willing to comply with that rigmarole and refuse U.S. clients. as simple as that!

[Naam]

From reading the instructions of the form that has to be submitted, you have to have over $10,000 of aggregate assets for reporting on the form. Reading the form, it only says to report the assets. Nothing about paying taxes. I think this is the same as reporting amounts over $10,000 when you leave the US.

I asked a customs agent in Dallas, TX when I was getting ready to leave for Thailand why we had to report the money. Mainly, if you report it and your name somehow comes up in an investigation, they will not pursue you if you reported as per US law. If you don't report it, you might have some problems.

If you made money legally, I think you have nothing to worry about but they are looking for the tax payers who are making money illegally or trying to hide the money offshore to avoid paying taxes.

I may be wrong but a lot of people are getting excited for nothing. I just read the instructions for the form 8957, the summary of FATCA Reporting for U.S. Taxpayers, and TD F 90-22.1 form, Report of Foreign Bank and Financial Accounts where it has most of the information for us as US taxpayers. They can be downloaded from the IRS web page.

The concern is not whether one is reporting offshore accounts to the IRS. The concern is foreign banks (e.g., Thailand) not wanting to accept American clients due to said requirements.

You can use nominees to hold funds on your behalf

banks are very strict now as far as the disclosure of actual beneficiaries are concerned. only rather complicated structures which have the disadvantage of very high running cost and of course the danger that the nominees defraud the beneficiary.

[Gomyway]

Read this link from the G20 Declaration of Saint Petersburg and there scroll down to section 51 http://deutsche-wirtschafts-nachrichten.de/wp-content/uploads/2013/09/Saint_Petersburg_Declaration_ENG.pdf

[frankold]

From reading the instructions of the form that has to be submitted, you have to have over $10,000 of aggregate assets for reporting on the form.  Reading the form, it only says to report the assets.  Nothing about paying taxes.  I think this is the same as reporting amounts over $10,000 when you leave the US.  

 

I asked a customs agent in Dallas, TX when I was getting ready to leave for Thailand why we had to report the money.  Mainly, if you report it and your name somehow comes up in an investigation, they will not pursue you if you reported as per US law.  If you don't report it, you might have some problems.   

 

If you made money legally, I think you have nothing to worry about but they are looking for the tax payers who are making money illegally or trying to hide the money offshore to avoid paying taxes.

 

I may be wrong but a lot of people are getting excited for nothing.  I just read the instructions for the form 8957, the summary of FATCA Reporting for U.S. Taxpayers, and TD F 90-22.1 form, Report of Foreign Bank and Financial Accounts where it has most of the information for us as US taxpayers.  They can be downloaded from the IRS web page.

 

I may be wrong but a lot of people are getting excited for nothing.

 

you are not addressing but missing the actual problem. primarily it's not a matter of U.S. citizens/persons hiding assets or evading taxes but the additional workload and cost on banks as far as reporting each and every transactions as well as the results of these transactions to the IRS. most banks are not willing to comply with that rigmarole and refuse U.S. clients. as simple as that!

 

At least thats what they were planning on doing until the US started threatening sanctions against those banks which didn't comply.

As mentioned previously, almost all banks would find it very hard to completely do away with the US $ , so they are pretty much forced to comply.