No new accounts at TMB for Americans

[richsilver]

A friend of mine tried to open a new savings account at a TMB branch in Pattaya yesterday and they told him they were no longer opening new accounts for Americans because of the reporting requirements from the US.

I hope this is not going to extending to existing American account holders.

[yoshiwara]

You might be advised to make alternative arrangements in anticipation.

[KittenKong]

"I hope this is not going to extending to existing American account holders."

It seems very likely to me. It also seems very likely that it will extend to other Thai banks who have little to gain from having US customers when one considers the extra work and general hassle involved in obeying the new US requirements, not to mention the possible penalties if the bank gets it wrong.

A very ill-conceived idea indeed.

[isawasnake]

I don't know if it is related, but I was recently denied the ability to open a long term mutual fund at UOB bank.... I have work permit and the whole nine yards.

[JSixpack]

No new accounts for Americans at Tisco Bank, too.

[kurnell]

What next? No service in bars? It will certainly be much quieter.

[Suradit69]

I don't know if it is related, but I was recently denied the ability to open a long term mutual fund at UOB bank.... I have work permit and the whole nine yards.

Investment style accounts have been a problem for awhile because of the US regulations.

For standard savings account, it's probably best to stick to banks that have an actual presence in the US, like Bangkok Bank.

[moradave]

Not good news for the US$. Good news for most other currencies and BitCoins.

[el jefe]

That some Thai banks, but not all, will not accept accounts from US citizens will have exactly zero affect on the US$.

[puyaidon]

I think the Thai banks are getting paranoid over the reporting requirement. If you look at the reporting requirements for the taxpayer, if you are single, you have to report on Form 8938 the total value of all assets over $200,000.00 at the end of the year or assets of $300,000.00 anytime during the year. Joint accounts are $400,000.00 and $600,000.00 respectively. There is a reporting threshold of $50,000.00 which I can't understand as it differs from the higher amounts.

As I am single, I would have to have over 6 million baht in financial institutions here in Thailand. I can't ever conceive of any day having 6 million baht. Anyone who is having a problem with opening an account should talk to someone about the reporting requirement amounts. The summary of FATCA reporting for US taxpayers is available from the IRS web site.

[mamypoko]

Not that I care much...but, I'd like to see them put that in writing.

[puyaidon]

I think the Thai banks are getting paranoid over the reporting requirement. If you look at the reporting requirements for the taxpayer, if you are single, you have to report on Form 8938 the total value of all assets over $200,000.00 at the end of the year or assets of $300,000.00 anytime during the year. Joint accounts are $400,000.00 and $600,000.00 respectively. There is a reporting threshold of $50,000.00 which I can't understand as it differs from the higher amounts.

As I am single, I would have to have over 6 million baht in financial institutions here in Thailand. I can't ever conceive of any day having 6 million baht. Anyone who is having a problem with opening an account should talk to someone about the reporting requirement amounts. The summary of FATCA reporting for US taxpayers is available from the IRS web site.

I think this is something that our US ambassador should be involved with. She might be the only one that can be the convincing authority for those of us who are US taxpayers. I can't see the IRS going after my bank just based on my very small deposits here in Thailand. It would cost more for the paperwork than what they would be get out of me.

Summary of FATCA Reporting for US Taxpayer.pdf

Edited October 30, 2013 by puyaidon

[dave_boo]

I think the Thai banks are getting paranoid over the reporting requirement. If you look at the reporting requirements for the taxpayer, if you are single, you have to report on Form 8938 the total value of all assets over $200,000.00 at the end of the year or assets of $300,000.00 anytime during the year. Joint accounts are $400,000.00 and $600,000.00 respectively. There is a reporting threshold of $50,000.00 which I can't understand as it differs from the higher amounts.

As I am single, I would have to have over 6 million baht in financial institutions here in Thailand. I can't ever conceive of any day having 6 million baht. Anyone who is having a problem with opening an account should talk to someone about the reporting requirement amounts. The summary of FATCA reporting for US taxpayers is available from the IRS web site.

I think this is something that our US ambassador should be involved with. She might be the only one that can be the convincing authority for those of us who are US taxpayers. I can't see the IRS going after my bank just based on my very small deposits here in Thailand. It would cost more for the paperwork than what they would be get out of me.

Summary of FATCA Reporting for US Taxpayer.pdf

Isn't the IRS known for throwing away 100K going after a taxpayer's 100?

[Ticketmaster]

What next? No service in bars? It will certainly be much quieter.

This has nothing to do with discrimination against Americans. It is the result of an overreaching US Government that is trying to force every bank in the world to bend to its will, and do a lot of expensive and burdensome paperwork without recompense. I can't say I blame the banks. Just no accounts for Americans, and no problem.

It was all so predictable when the US passed FATCA.

[Ticketmaster]

I think the Thai banks are getting paranoid over the reporting requirement. If you look at the reporting requirements for the taxpayer, if you are single, you have to report on Form 8938 the total value of all assets over $200,000.00 at the end of the year or assets of $300,000.00 anytime during the year. Joint accounts are $400,000.00 and $600,000.00 respectively. There is a reporting threshold of $50,000.00 which I can't understand as it differs from the higher amounts.

As I am single, I would have to have over 6 million baht in financial institutions here in Thailand. I can't ever conceive of any day having 6 million baht. Anyone who is having a problem with opening an account should talk to someone about the reporting requirement amounts. The summary of FATCA reporting for US taxpayers is available from the IRS web site.

I think this is something that our US ambassador should be involved with. She might be the only one that can be the convincing authority for those of us who are US taxpayers. I can't see the IRS going after my bank just based on my very small deposits here in Thailand. It would cost more for the paperwork than what they would be get out of me.

Summary of FATCA Reporting for US Taxpayer.pdf

And who is our ambassador supposed to "convince"? The Thai banks or the US Government? As you say, you don't have much in the Thai bank. Why should it take a gamble with the US Government just to have your business? If I were a Thai banker, I'd do the same thing, or, maybe require Americans to maintain an average balance of 5 million baht or more to make the reporting worthwhile.

[puyaidon]

I think the Thai banks are getting paranoid over the reporting requirement. If you look at the reporting requirements for the taxpayer, if you are single, you have to report on Form 8938 the total value of all assets over $200,000.00 at the end of the year or assets of $300,000.00 anytime during the year. Joint accounts are $400,000.00 and $600,000.00 respectively. There is a reporting threshold of $50,000.00 which I can't understand as it differs from the higher amounts.

As I am single, I would have to have over 6 million baht in financial institutions here in Thailand. I can't ever conceive of any day having 6 million baht. Anyone who is having a problem with opening an account should talk to someone about the reporting requirement amounts. The summary of FATCA reporting for US taxpayers is available from the IRS web site.

I think this is something that our US ambassador should be involved with. She might be the only one that can be the convincing authority for those of us who are US taxpayers. I can't see the IRS going after my bank just based on my very small deposits here in Thailand. It would cost more for the paperwork than what they would be get out of me.

Summary of FATCA Reporting for US Taxpayer.pdf

And who is our ambassador supposed to "convince"? The Thai banks or the US Government? As you say, you don't have much in the Thai bank. Why should it take a gamble with the US Government just to have your business? If I were a Thai banker, I'd do the same thing, or, maybe require Americans to maintain an average balance of 5 million baht or more to make the reporting worthwhile.

The ambassador is supposed to be the link between the US government and Thailand but she is also one of us. How many of us are there that would lose our ability to use the banking system over here? Some places will not take a US credit card.

This is not just about one or two people. There are a lot of us over here. The FATCA law is mainly designed to catch tax evaders who might be laundering money, avoiding taxes on their assets, and just breaking the law. Do you honestly think the IRS is going to audit the Thai banks just to find small bank users? How many tax evaders are from other countries? We see on this web page the number of foreigners getting sent back to their home countries for all kinds of crime including tax evasion.

[Langsuan Man]

Maybe Thai Visa might want to stop taking ads from TMB if this is really going to be a problem.

With some of the problems that some members report on opening bank accounts in Thailand this my be a one off situation with one TMB bank, time will tell

[SteveCNX]

This could be a good thing. Banks that have failed to ramp-up their accounting standards may not be as helpful to Americans needing international transfers and other services. Once QE-III is over the dollar will regain strength and straggling banks will scramble to hold onto market share.

[Naam]

This could be a good thing. Banks that have failed to ramp-up their accounting standards may not be as helpful to Americans needing international transfers and other services. Once QE-III is over the dollar will regain strength and straggling banks will scramble to hold onto market share.

banks have not failed concerning accounting standards. banks don't want to carry out labour intensive FATCA rubbish. that even applies to U.S. clients who hold seven or eight digit asset values with foreign banks.

"struggling banks will scramble..." = keep on dreaming!

[jbrain]

What next? No service in bars? It will certainly be much quieter.

No Americans to sit down here, we respect your beliefs that is why .........................

Think I saw signs like this 20 years ago in Pattaya bars

[kblaze]

No new accounts for Americans at Tisco Bank, too.

Can you elaborate? Savings accounts or LTF/RMFs?

I opened a savings at Tisco about 6 months ago

[bender92]

All foreign banks have to report total of $50,000 or more. Most guys on here have nothing to worry about.

[hansnl]

What next? No service in bars? It will certainly be much quieter.

This has nothing to do with discrimination against Americans. It is the result of an overreaching US Government that is trying to force every bank in the world to bend to its will, and do a lot of expensive and burdensome paperwork without recompense. I can't say I blame the banks. Just no accounts for Americans, and no problem.

It was all so predictable when the US passed FATCA.

Every bank in the world;

Indeed, why must my bank in NL bend to the will of the bloody US and report to them ALL transfers I make to my bank in Thailand.

I don't want that.

It is time the US gets the lid on it's nose for prying into everybody's business.

[sustento]

Maybe Thai Visa might want to stop taking ads from TMB if this is really going to be a problem.

With some of the problems that some members report on opening bank accounts in Thailand this my be a one off situation with one TMB bank, time will tell

TMB.png

That's a Google ad not a Thaivisa one.

[DagonKhan]

Maybe Thai Visa might want to stop taking ads from TMB if this is really going to be a problem.

Why? Because some of TV's members are from the U.S.?

What about everyone else who is not affected?

[Samaaw]

The AMERICAN DREAM finally paying off?? lol

[SanSaiExPat]

I think the Thai banks are getting paranoid over the reporting requirement. If you look at the reporting requirements for the taxpayer, if you are single, you have to report on Form 8938 the total value of all assets over $200,000.00 at the end of the year or assets of $300,000.00 anytime during the year. Joint accounts are $400,000.00 and $600,000.00 respectively. There is a reporting threshold of $50,000.00 which I can't understand as it differs from the higher amounts.

As I am single, I would have to have over 6 million baht in financial institutions here in Thailand. I can't ever conceive of any day having 6 million baht. Anyone who is having a problem with opening an account should talk to someone about the reporting requirement amounts. The summary of FATCA reporting for US taxpayers is available from the IRS web site.

There may be internal "bank to government" reporting requirements that are not being made public. Under the Anti Terrorist Home Land Security Act the US has imposed or tried to impose many secret reporting requirements on all international banks.

"On May 26, 2011, President Barack Obama signed the PATRIOT Sunsets Extension Act of 2011,^[2] a four-year extension of three key provisions in the USA PATRIOT Act:^[3] roving wiretaps, searches of business records (the "library records provision"), and conducting surveillance of "lone wolves"—individuals suspected of terrorist-related activities not linked to terrorist groups.^[4]"

Some or most, I should say, in Europe have caved to the pressure but many Asian banks are objecting and refusing to go along with the program. The Obama administration isn't exactly the most "transparent" US administration in history as promised.

http://en.wikipedia.org/wiki/Patriot_Act#Title_III:_Anti-money-laundering_to_prevent_terrorism

[northengr]

As an American I am surprised how many expats and lurkers of American breed that seem offended by the TMB having a little spine. I personally applaud them. The USA GOVERNMENT power grab on to all banks and telecom, is fantastically offensive and I applaud the few banks that stand up to them. USA, unlike most countries was famously founded on control of government, but we have LOST it. Good for TMB.

[Jeffrey346]

Most need not be concerned. These are the rules:

FATCA Information for Individuals

• U.S. citizens, U.S. individual residents, and a very limited number of nonresident individuals who own certain foreign financial accounts or other offshore assets (specified foreign financial assets) must report those assets

• Use Form 8938 to report these assets

• Attach Form 8938 to the annual income tax return (usually Form 1040)

• Taxpayers with a total value of specified foreign financial assets below a certain threshold do not have to file Form 8938

• If the total value is at or below $50,000 at the end of the tax year, there is no reporting requirement for the year, unless the total value was more than $75,000 at any time during the tax year

• The threshold is higher for individuals who live outside the United States

• Thresholds are different for married and single taxpayers

• Taxpayers who do not have to file an income tax return for the tax year do not have to file Form 8938, regardless of the value of their specified foreign financial assets.

• Penalties apply for failure to file accurately

Alert: The reporting requirement for Form 8938 is separate from the reporting requirement for the FinCen Form TD 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR”). An individual may have to file both forms and separate penalties may apply for failure to file each form. See theComparison of filing requirements for further information.

Third-party reporting: Foreign financial institutions may provide to the IRS third-party information reporting about financial accounts, including the identity and certain financial information associated with the account, which they maintain offshore on behalf of U.S. individual account holders.

Application to domestic entities: The IRS anticipates issuing regulations that will require a domestic entity to file Form 8938 if the entity is formed or used to hold specified foreign financial assets and the total asset value exceeds the appropriate reporting threshold. Until the IRS issues such regulations, only individuals must file Form 8938. For more information about domestic entity filing, see Notice 2013-10.

Page Last Reviewed or Updated: 13-Sep-2013

Related Items

• Treasury’s FATCA Resource Center
• FATCA News and Other Information
• Foreign Account Tax Compliance Act – Legal Documents and Notice Information

Related Links and Forms

• Form 8938, Statement of Foreign Financial Assets
• Summary of FATCA Reporting for US Taxpayer
• Do I need to file Form 8938, “Statement of Specified Foreign Financial Assets”?
• Types of Foreign Assets and Whether They are Reportable on Form 8938
• Basic Questions and Answers on Form 8938
• Comparison of Form 8938 and FBAR Requirements
• W-8BEN (Individuals)
• W-9

[attento]

US voters ( as in other "democracies") elect the government of their majority choice.

In 15-25 years time, it will be interesting to hear the US banks reaction to the world Financial order that will be arbitrarily imposed by the leading nation at that time: China, Russia, or whoever.