Opening a bank account for a retirement visa?

[andyww]

Having opened an account at Kasikorn I have found a drawback. When certain actions are done on Internet banking such as transferring money, a code is sent via mobile phone. This is not going to work unless I am in Thailand at the time, which I may not always be. So I had to change the mobile number on the account to my sister in laws number who is always here.

I am also wondering what will happen if I do what I planned for the account and transfer a shed load of cash into it when the Baht drops lower, then maybe take some back out again to the UK if and when it rises. I fear big alarm bells might go off in K banks HQ and all kinds of checks will be made. I am not worried about the checks themselves but about the hassle and inconvenience this may cause. Also are there any rules about making large transfers out of Thailand?

[Aussieroaming]

I opened mine at Kasikorn with a passport and I work off shore for a Mauritian based company

[theoldgit]

Having opened an account at Kasikorn I have found a drawback. When certain actions are done on Internet banking such as transferring money, a code is sent via mobile phone. This is not going to work unless I am in Thailand at the time, which I may not always be. So I had to change the mobile number on the account to my sister in laws number who is always here.

I was in Europe late summer and needed to make a transaction but my Thai phone number wouldn't receive SMS's, I called Kasikorn and whilst they wouldn't do the transaction over the phone they set my account to receive a code via email. The staff were on the ball and the process worked.

[wym]

Having opened an account at Kasikorn I have found a drawback. When certain actions are done on Internet banking such as transferring money, a code is sent via mobile phone. This is not going to work unless I am in Thailand at the time, which I may not always be. So I had to change the mobile number on the account to my sister in laws number who is always here.

I am also wondering what will happen if I do what I planned for the account and transfer a shed load of cash into it when the Baht drops lower, then maybe take some back out again to the UK if and when it rises. I fear big alarm bells might go off in K banks HQ and all kinds of checks will be made. I am not worried about the checks themselves but about the hassle and inconvenience this may cause. Also are there any rules about making large transfers out of Thailand?

For SMS only, not that big a deal to bring your Thai SIM overseas and pay the roaming, just don't do voice calls, even answering the phone gets expensive very fast. Otherwise email notifications work just fine.

No problems bringing in, but sending out need to fill out forms, explain your reasons and sources, basically show that it was money you brought in, not earned here.

People earning here legally can send a certain percentage out monthly to cover e.g. mortgage bills.

Currency speculation won't be good reason.

Keep all records of large sums brought in if you think you want to sent it back in.

In general, usually best to keep significant sums out of the country, only bring in what you want to spend.

Edited January 11, 2014 by wym

[simple1]

OP: In case you are interested in the background, there were new identity regulations required by AMLO for foreigners to open Thai banks accounts as Thailand was on the Financial Action Task Force (FATF) watch list that resulted in some foreign banks refusing cross border transactions with Thai banks and sanctions were in the pipeline if non compliance continued. As said above AMLO instructions have a mixed level of policy implementation from Thai banks that creates some confusion. Thailand was removed from the FATF watchlist in June 2013.

http://www.nationmultimedia.com/politics/Thailand-fully-withdrawn-from-FATFs-Public-Stateme-30209111.html

Edited January 11, 2014 by simple1

[thailiketoo]

So, Giddyup did the guy open a bank account yet?

[thailiketoo]

edit

Edited January 11, 2014 by thailiketoo

[giddyup]

So, Giddyup did the guy open a bank account yet?

Not yet. He's going to try again on Monday.

[NoshowJones]

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.

You should be OK with the Kasikorn Bank in Pattaya.

[partington]

So, Giddyup did the guy open a bank account yet?

Not yet. He's going to try again on Monday.

Just to let you know, as others have pointed out here, there are NO new rules about needing a work permit for a foreigner to open a bank account in Thailand.

For as long as I can remember reading about it, dating back at least five years, people trying to open bank accounts have reported difficulties occurring often, with the most typical one being the claim that it is a 'new rule' that you must now have a work permit to open an account.

This is mostly because bank staff are not trained properly to know the real rules; that those who are wary about their english speaking ability will often say something is not possible just to avoid an awkward situation, or one in which they might make a mistake; and because different branches of the same bank operate different policies depending on what the manager decides to allow. This does not have to be consistent with what the rules really are.

This same problem with insistence on a work permit being necessary was definitely occurring three years ago when I opened my account here with Kasikorn, because the week after I opened it , with a long term visa only, a poster reported that he had gone into the same branch of Kasikorn bank as I had used, just a week earlier, and was told that, yes, "he needed a work permit, or it was not possible to open an account for a foreigner"!

When I had been in the previous week, a work permit was not even mentioned!

To further demonstrate that no such requirement, or 'new rule' about work permits actually exists, here is a quote from Bangkok Bank's website, online right now, http://www.bangkokbank.com/BangkokBank/PersonalBanking/SpecialServices/ForeignCustomers/Pages/Openinganaccountnew.aspx

informing foreigners how to open a bank account:

In Thailand for a short time?

Staying for a longer time?

Even if you are only visiting Thailand for a relatively short period of time, you can open asavings 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.

[Eddie01]

Hi

You can try K bank at the Avenue plaza on 2nd road always been very helpful although they say now you need a one year visa to open an account (non immigrant B or O ) this was told to a mate of mine only a few days ago. No issues about not having a work permit.

Sent from my iPhone using Thaivisa Connect Thailand