Opening a bank account for a retirement visa?

[giddyup]

A friend from Australia recently arrived and wanted to open a bank account for depositing his 800,000 baht to be eligible for a retirement visa, and also to be able to transfer money to buy a condo here. I took him to my branch of the Siam Commercial Bank and they asked him if he had a work permit, he said he wanted an account for the reasons I specified, and they told him they can't do it.

What's the procedure for opening an account? Surely you must be able to open one if you wish to retire here.

[beachproperty]

Not an expert on the subject...but had the same experience at Siam Bank years ago....

Just went to another bank ...Kasikorn ...NO problem...they opened an account for me. Sometimes just have to go to different banks or branches ...some will do ...others ...not

Edited January 10, 2014 by beachproperty

[giddyup]

Not an expert on the subject...but had the same experience at Siam Bank years ago....

Just went to another bank ...Kasikorn ...NO problem...they opened an account for me. Sometimes just have to go to different banks or branches ...some will do ...others ...not

Nope, tried three banks with the same answer. Apparently the rules on opening a bank account for foreigners changed about a year ago.

[chiang mai]

There's loads of similar stories on this subject on this site, the answer is always the same, keep trying different banks and different branches, we all succeed eventually and we've all been there, be patient.

[beachproperty]

Not an expert on the subject...but had the same experience at Siam Bank years ago....

Just went to another bank ...Kasikorn ...NO problem...they opened an account for me. Sometimes just have to go to different banks or branches ...some will do ...others ...not

Nope, tried three banks with the same answer. Apparently the rules on opening a bank account for foreigners changed about a year ago.

Soooo.....did they TELL you the rules? or did you ask?

[giddyup]

Not an expert on the subject...but had the same experience at Siam Bank years ago....

Just went to another bank ...Kasikorn ...NO problem...they opened an account for me. Sometimes just have to go to different banks or branches ...some will do ...others ...not

Nope, tried three banks with the same answer. Apparently the rules on opening a bank account for foreigners changed about a year ago.

Soooo.....did they TELL you the rules? or did you ask?

I couldn't get an explanation from anyone, but I suspect it may have something to do with money laundering.

[giddyup]

There's loads of similar stories on this subject on this site, the answer is always the same, keep trying different banks and different branches, we all succeed eventually and we've all been there, be patient.

I can't believe they are making it that difficult for potential retirees. I tried three different banks in the same shopping centre and they all said the same thing. I don't fancy having to spend my time driving all over Pattaya in the hope that some bank hasn't been made aware of the new rules.

[chiang mai]

I couldn't get an explanation from anyone, but I suspect it may have something to do with money laundering.

Soooo.....did they TELL you the rules? or did you ask?

Nope, tried three banks with the same answer. Apparently the rules on opening a bank account for foreigners changed about a year ago.

Not an expert on the subject...but had the same experience at Siam Bank years ago....

Just went to another bank ...Kasikorn ...NO problem...they opened an account for me. Sometimes just have to go to different banks or branches ...some will do ...others ...not

It's really not that, it's because the national banks here don't train their staff very well and they all have different rules about what the corporate or national rules are on this subject. It's a very real problem and I advocate that anyone who has had an account opening declined, to push the matter forcible with the branch manager and escalate the issue to Head Office.

[Gsxrnz]

Anecdotal evidence and comments in other threads lead me to believe that Kasikorn is the easiest to open an account with. Just make sure you take your passport, proof/evidence of your address, and the cash. Don't take a cheque or bank draft, have the FX or at worst, traveller's cheques.

I must have advised a dozen friends on this, one as recently as last month and all accounts opened with no problems. The work permit stuff is utter rubbish in terns of "law", but some banks have idiotic rules and use this as a reason. Hey, TIT and all that. Rock up to a K Bank in a tourist area who have English language skills and you'll be sweet. Taking a Thai speaker with you means the staff will be more inclined to be less obstructive if they were ever going to be.

[beachproperty]

Not an expert on the subject...but had the same experience at Siam Bank years ago....

Just went to another bank ...Kasikorn ...NO problem...they opened an account for me. Sometimes just have to go to different banks or branches ...some will do ...others ...not

Nope, tried three banks with the same answer. Apparently the rules on opening a bank account for foreigners changed about a year ago.

Soooo.....did they TELL you the rules? or did you ask?

I couldn't get an explanation from anyone, but I suspect it may have something to do with money laundering.

Well....as Chiang Mai aptly said ...keeping trying ....maybe in a branch not inside downtown Bangkok (or central Pattaya)

Edited January 10, 2014 by beachproperty

[Prbkk]

Don't try to open an account with the express purpose of depositing 800,000. Just go for a savings/passbook with a nominal deposit( say 2,000). You might be asked for a local address. The money laundering questions come at a later stage in the process...Australian banking legislation requires notification /approval of certain amounts ( as does the Thai side). It is not a problem when the purpose for the transfer is known..and legal, eg purchase of condo

[Prbkk]

Try K Bank Surawongse

[giddyup]

Anecdotal evidence and comments in other threads lead me to believe that Kasikorn is the easiest to open an account with. Just make sure you take your passport, proof/evidence of your address, and the cash. Don't take a cheque or bank draft, have the FX or at worst, traveller's cheques.

I must have advised a dozen friends on this, one as recently as last month and all accounts opened with no problems. The work permit stuff is utter rubbish in terns of "law", but some banks have idiotic rules and use this as a reason. Hey, TIT and all that. Rock up to a K Bank in a tourist area who have English language skills and you'll be sweet. Taking a Thai speaker with you means the staff will be more inclined to be less obstructive if they were ever going to be.

Kasikorn was one of the banks I tried today, the first thing they asked was "do you have a work permit", and that was it, a flat NO. I took my friend to my bank (Siam Commercial) first where I know a couple of the staff quite well. The lady who opened my account 4 years ago said the rules have changed for ALL banks. She suggested going to immigration and getting some kind of letter from them, so that might be my friends next step.

[Gsxrnz]

Anecdotal evidence and comments in other threads lead me to believe that Kasikorn is the easiest to open an account with. Just make sure you take your passport, proof/evidence of your address, and the cash. Don't take a cheque or bank draft, have the FX or at worst, traveller's cheques.

I must have advised a dozen friends on this, one as recently as last month and all accounts opened with no problems. The work permit stuff is utter rubbish in terns of "law", but some banks have idiotic rules and use this as a reason. Hey, TIT and all that. Rock up to a K Bank in a tourist area who have English language skills and you'll be sweet. Taking a Thai speaker with you means the staff will be more inclined to be less obstructive if they were ever going to be.

Kasikorn was one of the banks I tried today, the first thing they asked was "do you have a work permit", and that was it, a flat NO. I took my friend to my bank (Siam Commercial) first where I know a couple of the staff quite well. The lady who opened my account 4 years ago said the rules have changed for ALL banks. She suggested going to immigration and getting some kind of letter from them, so that might be my friends next step.

Where are you? BKK? Pattaya? I'll be seeing a bloke tonight that was talking of opening an account with Kbank in Jomtien a few days ago - I'll see how he got on.

[giddyup]

Anecdotal evidence and comments in other threads lead me to believe that Kasikorn is the easiest to open an account with. Just make sure you take your passport, proof/evidence of your address, and the cash. Don't take a cheque or bank draft, have the FX or at worst, traveller's cheques.

I must have advised a dozen friends on this, one as recently as last month and all accounts opened with no problems. The work permit stuff is utter rubbish in terns of "law", but some banks have idiotic rules and use this as a reason. Hey, TIT and all that. Rock up to a K Bank in a tourist area who have English language skills and you'll be sweet. Taking a Thai speaker with you means the staff will be more inclined to be less obstructive if they were ever going to be.

Kasikorn was one of the banks I tried today, the first thing they asked was "do you have a work permit", and that was it, a flat NO. I took my friend to my bank (Siam Commercial) first where I know a couple of the staff quite well. The lady who opened my account 4 years ago said the rules have changed for ALL banks. She suggested going to immigration and getting some kind of letter from them, so that might be my friends next step.

Where are you? BKK? Pattaya? I'll be seeing a bloke tonight that was talking of opening an account with Kbank in Jomtien a few days ago - I'll see how he got on.

I'm in Pattaya. I went to the three banks at Tesco Lotus near the corner of Sukhumvit and Thepprasit.

[Gsxrnz]

Anecdotal evidence and comments in other threads lead me to believe that Kasikorn is the easiest to open an account with. Just make sure you take your passport, proof/evidence of your address, and the cash. Don't take a cheque or bank draft, have the FX or at worst, traveller's cheques.

I must have advised a dozen friends on this, one as recently as last month and all accounts opened with no problems. The work permit stuff is utter rubbish in terns of "law", but some banks have idiotic rules and use this as a reason. Hey, TIT and all that. Rock up to a K Bank in a tourist area who have English language skills and you'll be sweet. Taking a Thai speaker with you means the staff will be more inclined to be less obstructive if they were ever going to be.

Kasikorn was one of the banks I tried today, the first thing they asked was "do you have a work permit", and that was it, a flat NO. I took my friend to my bank (Siam Commercial) first where I know a couple of the staff quite well. The lady who opened my account 4 years ago said the rules have changed for ALL banks. She suggested going to immigration and getting some kind of letter from them, so that might be my friends next step.

Where are you? BKK? Pattaya? I'll be seeing a bloke tonight that was talking of opening an account with Kbank in Jomtien a few days ago - I'll see how he got on.

I'm in Pattaya. I went to the three banks at Tesco Lotus near the corner of Sukhumvit and Thepprasit.

I have mine with Kbank in Central Plaza. I've dealt with the Jomtien branch for bank statements and letters for renewing a visa and replacement cards many times. If there are new laws/rules that they're enforcing, I'd be bloody surprised. Maybe because you're mentioning 800k they are baulking - take a Thai speaker with you and deposit 2k and see if that solves their possible laundering concern.

[giddyup]

Gsxrnz

The new rules were introduced around a year ago, and unless you were just arriving and trying to open an account you wouldn't be aware of them. The 800K wasn't mentioned initially, only the wish to open an account for retirement purposes. I don't know why you're surprised that they're enforcing new rules, I've just said that 3 banks knocked my friend back today, so obviously they are.

Edited January 10, 2014 by giddyup

[Gsxrnz]

Gsxrnz

The new rules were introduced around a year ago, and unless you were just arriving and trying to open an account you wouldn't be aware of them. The 800K wasn't mentioned initially, only the wish to open an account for retirement purposes. I don't know why you're surprised that they're enforcing new rules, I've just said that 3 banks knocked my friend back today, so obviously they are.

I'm surprised they're enforcing rules on the simple basis that "this is Thailand" where rules are made up, enforced, or forgotten on the spot and depending if the bank teller had enough som-tum at lunchtime or likes/dislikes the way you might be dressed or if your smile is big enough, or your sa-wat-dee krup is polite enough.

I just found a thread that you should look at as well as a link that explains why you're experiencing what has happened to your friend. Based on the article which is a little vague on what the rules actually are, it seems they probably want a proof of address document from Immigration, plus proof of a long term visa. Anyway, read the article/thread and see what you can glean from it. A Thai speaker in these situations is always helpful.

I'll report back tomorrow if I can find the chap tonight that had planned, to open an account a few days ago.

http://www.thaivisa.com/forum/topic/577113-stricter-rules-for-foreigners-bank-accounts-more-documented/

Edited January 10, 2014 by Gsxrnz

[simple1]

OP: had an Australian friend in the same situation and I called kasikorn H.O. They stated that now bank policy to open a savings account for a foreigner is they must have a Work Permit, permanent address in Thailand / married to a Thai. She went on to say that some Branches comply to the policy, some do not! so just shop around...

[giddyup]

OP: had an Australian friend in the same situation and I called kasikorn H.O. They stated that now bank policy to open a savings account for a foreigner is they must have a Work Permit, permanent address in Thailand / married to a Thai. She went on to say that some Branches comply to the policy, some do not! so just shop around...

I just don't get it. How does someone get on if they wish to buy a house/condo and retire here?

[chiang mai]

I just don't get it. How does someone get on if they wish to buy a house/condo and retire here?

OP: had an Australian friend in the same situation and I called kasikorn H.O. They stated that now bank policy to open a savings account for a foreigner is they must have a Work Permit, permanent address in Thailand / married to a Thai. She went on to say that some Branches comply to the policy, some do not! so just shop around...

It's not difficult really, only some branches of some banks behaing strangely, I have accounts with most of the major banks and I don't have a problem opening new ones when I need to.

[andyww]

I opened an account at Kasikorn in Royal Garden Plaza earlier this week with only an entry stamp in passport.

They did want me to take up an insurance policy which cost 2000 Baht which I assume they get commission on. Not sure if I could have insisted not to have it with some more perseverance but was not too bothered by this.

My sister in law is manager of a branch of Bangkok Bank and said that their rules expressly required a work permit and even she could not open an account for me there.

[thailiketoo]

Go to the main branch (2nd road) of the Bangkok Bank in Pattaya and they will open an account for you.

[theoldgit]

My sister in law is manager of a branch of Bangkok Bank and said that their rules expressly required a work permit and even she could not open an account for me there.

According to the Bangkok Bank's own website expatriates can open an account on production of a passport and work permit (if any).

With the Thai Immigration requirement of 800,000 Baht on deposit in a Thai bank, if not using the income method, I suspect most banks, including Bangkok Bank, would be falling over themselves to open such accounts.

I'm led to believe that many bank employees who will not open accounts for retirees don't fully understand their company's procedures, and are afraid to ask.

[theoldgit]

There has been a thread running on this subject for a number of years http://www.thaivisa.com/forum/topic/260738-opening-a-new-bank-account-in-thailand/

[giddyup]

There has been a thread running on this subject for a number of years http://www.thaivisa.com/forum/topic/260738-opening-a-new-bank-account-in-thailand/

How has a thread been running on this subject for a number of years when the new rules were only introduced a year ago?

[thailiketoo]

There has been a thread running on this subject for a number of years http://www.thaivisa.com/forum/topic/260738-opening-a-new-bank-account-in-thailand/

How has a thread been running on this subject for a number of years when the new rules were only introduced a year ago?

Because there are no new rules. 2nd time. Go to the main branch of Bank of Bangkok on 2nd road in Pattaya open an account there or find out why you can't and come back and tell us all about your new rules.

[Prbkk]

There has been a thread running on this subject for a number of years http://www.thaivisa.com/forum/topic/260738-opening-a-new-bank-account-in-thailand/

How has a thread been running on this subject for a number of years when the new rules were only introduced a year ago?

Because there has been a lack of clarity about the regulation ( or at least interpretations of the regulation). Some banks will, some won't. As others have suggested, different branches of the same bank vary from each other. The KEY thing is to get an account....bank doesn't matter much, branch neither...they can be changed later.

[thailiketoo]

There has been a thread running on this subject for a number of years http://www.thaivisa.com/forum/topic/260738-opening-a-new-bank-account-in-thailand/

How has a thread been running on this subject for a number of years when the new rules were only introduced a year ago?

Because there has been a lack of clarity about the regulation ( or at least interpretations of the regulation). Some banks will, some won't. As others have suggested, different branches of the same bank vary from each other. The KEY thing is to get an account....bank doesn't matter much, branch neither...they can be changed later.

Seems clear to me.

http://www.bangkokbank.com/BANGKOKBANK/PERSONALBANKING/SPECIALSERVICES/FOREIGNCUSTOMERS/Pages/Openinganaccountnew.aspx

Even if you are only visiting Thailand for a relatively short period of time, you can open a savings account and get a debit card to use for shopping and ATM withdrawals. All you will need to provide is your passport and one other official identification document – for example, your driver’s license or a reference letter from your embassy, your home bank or a person acceptable to the bank. (More details below)

You will also need to provide evidence of your address in Thailand as well as your regular address in your home country.

If you have a work permit, are a permanent resident, or hold a long-stay visa, you can apply for a wider range of services such as a cheque account, internet banking and online international funds transfer services.

[theoldgit]

I opened an account on Wednesday at Kasikorn Bank in Central on Pattaya Beach Road.

The young lady asked if I had a work permit but as I didn't just took,a copy of my passport, I was asked for an address but no proof was required.

The whole process was efficient and painless and took about ten minutes.