What would happen if Thailands stops allowing US citizens to

[phuketrichard]

open bank accounts in Thailand,

it could happen,

With thousands of banks in the world it is impossible to keep track of the changes taking place. But it will probably become a rule-of-thumb that international banks simply do not accept US clients in fact, most banks we deal with at <link to commercial website removed> do not accept US clients.

Most information we receive just comes from US passport holders who have recently had their accounts closed down or were denied application. The future is clear: banks are no longer accepting Americans because of FATCA. From Europe to Asia to the Caribbean the same is true.

The decision is simple for banking institutions. In fact, it is merely an issue of the bottom line. It is not worth it to track and report the data they are now required to under FATCA.

http://www.pakalertpress.com/2014/03/27/us-citizen-no-foreign-bank-account-for-you/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+pakalert+(Pak+Alert+Press)

This could really screw up lots of us here that need to show XXX amount of thai baht in a bank account.

[ubonjoe]

The one bank here I would not worry about would be Bangkok Bank because they have a branch in New York.

I think most banks here will agree to the reporting requirement. Thailand is not exactly known as a tax haven like some other countries.

[ubonjoe]

I moving this topic to the business forum,

[Pib]

This topic has been beaten to death in other threads.

[Suradit69]

This topic has been beaten to death in other threads.

O/P:Use the search function and visit the numerous other threads on this same subject.

Seriously, what is the point of dragging this onto the stage over and over again? Why not worry about what will happen if a meteor hits Phuket just to change the Chicken Little manta a little bit.

Edited March 27, 2014 by Suradit69

[thrilled]

Believe what ya want.I believevA few countries will ignore the U.S. Russia is one of them.China is another.Of course North Korea.

The U.S. Is trying to make their own laws all over the world.With the money several countries could lose.I could see them telling America stick it up their A--.

[hml367]

The one bank here I would not worry about would be Bangkok Bank because they have a branch in New York.

I think most banks here will agree to the reporting requirement. Thailand is not exactly known as a tax haven like some other countries.

Is this still valid:

Kasikorn Bank

Los Angeles International Branch

350 South Grand Avenue Suite 3050 Los Angeles ,CA. 90071, U.S.A.

Tel.(1)(213) 680-9331-7

Fax.(1)(213) 620-9362

Edited March 28, 2014 by hml367

[realenglish1]

Really easy for me I am on my American Passport as I have duel citizenship . If they stop accepting Americans I will leave Thailand and enter on my other nationality and live that way

[recycler]

The one bank here I would not worry about would be Bangkok Bank because they have a branch in New York.

I think most banks here will agree to the reporting requirement. Thailand is not exactly known as a tax haven like some other countries.

Agree from personal experience 10 years ago already!

I had some pension savings fund money paid out here and within about a month the Thai revenue department contacted me and they even had a full copy of the policy available!

[Pib]

The one bank here I would not worry about would be Bangkok Bank because they have a branch in New York.

I think most banks here will agree to the reporting requirement. Thailand is not exactly known as a tax haven like some other countries.

Is this still valid:

Kasikorn Bank

Los Angeles International Branch

350 South Grand Avenue Suite 3050 Los Angeles ,CA. 90071, U.S.A.

Tel.(1)(213) 680-9331-7

Fax.(1)(213) 620-9362

Appears so from a little googling I did, but it don't sound like they are involved in retail/common guy off the street financial transactions based on the second weblink given below. Appears Krung Thai also has a branch in the U.S. for some type of financial activity. However, as far as I know, Bangkok Bank is the only one with an ACH routing number which allows low cost funds transfer for the retail/common man customer.

http://www.thaiinthailand.com/bank/usa-branches.html

http://www.worldwide-fxc.com/Business_nm_Kasikorn~Bank~Los~Angeles~California~International~Branch_nr_B20110516150549-8023MMC-11-0201151201-ST.html

[CMBob]

The OP says: "Most information we receive just comes from US passport holders who have recently had their accounts closed down or were denied application."

Dear OP, could you advise of the number of US passport holders you've received information from regarding any closures or denials in Thailand? I do trust you've received at least some information about denials or closures to US citizens in Thailand or you certainly wouldn't be saying it will probably happen here now, would you?

[tiffanystoyz]

I use citibank both here and in the states.

[Jingthing]

The general topic still lives because we are now in the middle of the process where we will start to learn how this is going to shake out for expat Americans in Thailand (and globally). It's something we need to watch. I reckon by this time next year, we'll know a lot more.

[bluebluewater]

I get the proof of income letter from the US embassy once a year for my extensions of stay and use a Schwab debt card for ATM transfers (all ATM fees worldwide are reimbursed).

I don't keep a dime in a Thai bank and can't see any need to do so.

Answer to the question: Nothing will happen if Thai banks refuse to open accounts for Americans.

[Jingthing]

I get the proof of income letter from the US embassy once a year for my extensions of stay and use a Schwab debt card for ATM transfers (all ATM fees worldwide are reimbursed).

I don't keep a dime in a Thai bank and can't see any need to do so.

Answer to the question: Nothing will happen if Thai banks refuse to open accounts for Americans.

To you, that sounds true.

Funny though, I hadn't realized we had a member here who was all Americans in Thailand.

[Pib]

I get the proof of income letter from the US embassy once a year for my extensions of stay and use a Schwab debt card for ATM transfers (all ATM fees worldwide are reimbursed).

I don't keep a dime in a Thai bank and can't see any need to do so.

Answer to the question: Nothing will happen if Thai banks refuse to open accounts for Americans.

To you, that sounds true.

Funny though, I hadn't realized we had a member here who was all Americans in Thailand.

@ bluebluewater: Oh my goodness, I would definitely want to have a Thai bank account....internet banking to pay bills (running to 7-11 or some payment center to pay your bills gets old), transfer money free of charge in many cases, being able to ACH/SWIFT transfer funds to my Thai bank account from the U.S., and not having to worry about will my foreign debit/credit card be working today or be blocked out of the blue. And of course its nice to have a safe place to keep that money you pull from the ATM...like in a local bank account versus keeping it under your mattress. And "if" you are just visiting Thailand or in-and-out several times per year based on your job being some where else, I can understand how having a Thai bank account may not rate as much of a need for you.

I have a Schwab debit card also and it was blocked once about 6-9 months ago after using it in Thailand for several years...had to call Schwab to get it unblocked...yeap, nice Schwab reimburses ATM fees but I just wonder if a lot of Bt150-180 ($5-$6) reimbursement fees per month from an individual can make that individual a money loser for Schwab and they find a way to off load you....I don't want to be part of killing the Golden Reimbursement Goose. I also use to do that $50 embassy letter thing, but got tired of paying $50 (Bt1600) and doing that embassy run once a year; much prefer going to my Bangkok Bank branch in the same building as immigration on the day of my yearly retirement extension of stay applicaton and only spending 5 minutes and paying Bt100 ($3) to get the bank letter to show I have at least Bt800K in my fixed account which earns me around 3% interest and also serves as my emergency money pot of money...and each year a simple one page interest refund application gets me a full refund for the 15% tax withholding on interest earned on that fixed account. I also have several regular savings accounts with debit cards which makes financial life much easier.

Oh no, a Thai bank account can make living in Thailand easier with fewer financial headaches & worries...by all means keep your home country bank accounts/cards, but a Thai bank account is a definite big plus and I would really say an important need....some might say a requirement. Nope, I don't want to solely rely on doing ATM withdrawals with a foreign card for my money needs in Thailand since I live here full time.

[Lancelot]

@Pib, agreed that having a Thai bank account is important for those of us living here. Keeping 800k would probably make the account profitable, but that's just a hunch.

I too have wondered when Schwab might drop the hammer and shut down some accounts with numerous B150 ATM with drawl fees, but so far so good Thanks to Schwab and Fidelity, my cost to access cash has been 0

As more Baby Boomers retire and some relocate abroad, maybe some of this US foreign banking nonsense will diminish.

We live in hope

[Pib]

@Pib, agreed that having a Thai bank account is important for those of us living here. Keeping 800k would probably make the account profitable, but that's just a hunch.

I too have wondered when Schwab might drop the hammer and shut down some accounts with numerous B150 ATM with drawl fees, but so far so good Thanks to Schwab and Fidelity, my cost to access cash has been 0

As more Baby Boomers retire and some relocate abroad, maybe some of this US foreign banking nonsense will diminish.

We live in hope

Yea, new laws/regulations almost always get a lot of hype with sometimes a lot of gloom & doom associated with it, but it rarely turns out to be nearly as bad...and sometimes no real impact for the common man except maybe another form or two fill out...or having to swear to some statement that you are not being a bad boy. Time will tell.

And Bt800K in a Thai bank fixed savings account at around 3% is definitely better than U.S. savings account which pay something south of 1%. And unfortunately unless expats continue to vote...I expect most don't....expats don't have much pull with their elected representatives other than trying to convince their family & friends who do still live in the U.S. and vote, to vote against those elected representatives which seem to do things that hurt expats.

Edit: forgot to mention...I haven't used my two debit cards (Schwab and St Farm) which charge no foreign transaction fee and reimburse fees since AEON ATMs started charging a Bt150 foreign card use fee very recently. Turns out doing a counter withdrawal in a bank with my PenFed credit card which has no cash advance fee (one of the few cards in the U.S. with this feature), no foreign transaction fee, and I pay immediately/same day of the withdrawal via PenFed ibanking to avoid any interest charge is working good for me. And I can draw as much in "one" transaction ($2,000) using the PenFed credit card as I can if using both my debit cards, each of which has a $1,000 daily withdrawal limit. Plus, while at the bank counter I have the withdrawal deposited to my Thai bank account...no need to go running to a Cash Deposit machine or a bank counter to deposit the money I just got from the ATM. Turns out at the bank branch I use they will gladly do a counter withdrawal for a credit card, but not for a debit card--they just point you to their ATM. But as seen in other threads some folks have been successfully doing counter withdrawals with their foreign debit cards...a lot depends on which branch you use...kinda like some of these "different results" posts we see about trying to open a bank account...one branch refused a person...he then walked down the soi to the next branch and they opened an account no problem. Yeap, so far the counter withdrawal method is working good and I have a nearby branch in a mall to go do it at...until some banker somewhere decides they just can't allow such service to continue.

Edited March 28, 2014 by Pib

[hawker9000]

The opener is just a one-sentence distillation of the pakalert link provided by the OP. Pakalert terms itself an "alternative" news publisher, and a "research project". It's also reporting that MH370 is NOT missing, and that together with war which could break out any day, is part of a master plan to ratchet up world chaos and roll out the New World Order. Now FATCA's just one of those things that lends itself easily to being sensationalized. There's definitely no shortage of this kind of thing these days. 'Saw today at the grocery that the Obamas are in the final stages of a particularly loud & bitter divorce. 'Look hard enough, and I'm sure you can find articles reporting Elvis appearances, that there's evidence the US shot down MH370, that the earth is really flat, that warm beer cures cancer, that UBL is alive & running a bar in Pattaya, etc. etc. etc... Now I know the odd thai bank branch makes it difficult or even impossible for US expats to open bank accounts, and one or two guys have reported receiving "letters" requiring this & that, etc.: arbitrary things happen to foreigners all the time in Thailand, no doubt about it. And who knows what sort of crackdown is currently taking place in Phuket. But tell me when thai FATCA-born refusal to accept cash on deposit in Thailand becomes universal or even widespread, and if you can show evidence of it, I'll be more interested. My account hasn't been affected (yet...; not that it's a particularly fat account...), and my home financial institution doesn't seem to be having any problems whatsoever transferring cash there (again, I don't transfer jaw-dropping amounts) and the only significant expense I encounter doing so really is the bank's spread on the exchange rate (which is competitive).

Yeah - anything can happen. FATCA certainly gives expats plenty to flap their gums about. But I don't find this article very convincing evidence of it happening now in Thailand. Further, I think Thailand is infatuated with these money flows, and perhaps eager to see them continue.

[akentryan]

Happened to me already in Singapore. I had a NZ Dollar account for years but closed it when I went back to the USA for a few years. When I returned they would not take my money. Said the reporting requirements were too much trouble.

[nithisa78]

The one bank here I would not worry about would be Bangkok Bank because they have a branch in New York.

I think most banks here will agree to the reporting requirement. Thailand is not exactly known as a tax haven like some other countries.

Is this still valid:

Kasikorn Bank

Los Angeles International Branch

350 South Grand Avenue Suite 3050 Los Angeles ,CA. 90071, U.S.A.

Tel.(1)(213) 680-9331-7

Fax.(1)(213) 620-9362

Yes. SWIFT CODE #KASITHBK

[OMGImInPattaya]

Just have to cross that bridge when and if it ever happens. People will adjust...I can see many opening Thai corporate accounts as one possibility. High net worth accounts may be allowed because profitable but the low value accounts closed or rejected by the banks. This would affect american businesses and government agencies too so don't see how they could have a blanket rejection of all " American" bank accounts.

[ggt]

The opener is just a one-sentence distillation of the pakalert link provided by the OP. Pakalert terms itself an "alternative" news publisher, and a "research project". It's also reporting that MH370 is NOT missing, and that together with war which could break out any day, is part of a master plan to ratchet up world chaos and roll out the New World Order. Now FATCA's just one of those things that lends itself easily to being sensationalized. There's definitely no shortage of this kind of thing these days. 'Saw today at the grocery that the Obamas are in the final stages of a particularly loud & bitter divorce. 'Look hard enough, and I'm sure you can find articles reporting Elvis appearances, that there's evidence the US shot down MH370, that the earth is really flat, that warm beer cures cancer, that UBL is alive & running a bar in Pattaya, etc. etc. etc... Now I know the odd thai bank branch makes it difficult or even impossible for US expats to open bank accounts, and one or two guys have reported receiving "letters" requiring this & that, etc.: arbitrary things happen to foreigners all the time in Thailand, no doubt about it. And who knows what sort of crackdown is currently taking place in Phuket. But tell me when thai FATCA-born refusal to accept cash on deposit in Thailand becomes universal or even widespread, and if you can show evidence of it, I'll be more interested. My account hasn't been affected (yet...; not that it's a particularly fat account...), and my home financial institution doesn't seem to be having any problems whatsoever transferring cash there (again, I don't transfer jaw-dropping amounts) and the only significant expense I encounter doing so really is the bank's spread on the exchange rate (which is competitive).

Yeah - anything can happen. FATCA certainly gives expats plenty to flap their gums about. But I don't find this article very convincing evidence of it happening now in Thailand. Further, I think Thailand is infatuated with these money flows, and perhaps eager to see them continue.

Tried to open an account with TMB...was told they would no longer accept clients from America...why? I asked...it seems the US...requirement for foreign banks to report on US citizens banking activity...was more of a hassle than they were willing to put up with...so YES...US...BS...regulations on foreign banks...does have an impact...

[JSixpack]

OK, we've been beatin' around the bush here and not givin' the OP what he wants.

What will happen? Most Americans in Thailand will jump off balconies or throw themselves into the sea. Banks will start to fail as global confidence erodes.

The great global financial Armageddon, then, will start in Thailand, spread to the USA, and then throughout the world. Panic, food shortages, and riots will follow. Gold will be immediately outlawed as a medium of exchange--sorry, midas. Millions will starve. North Korea, Russia, China, and even Iran will unleash the nukes; the USA will retaliate.

What little there remains of humanity will begin again from survivalists' strongholds in the Rocky Mountains.

In other words, it's the long-anticipated, long-prophesied (on TV forums) DOOM. It's THE END.

To get a better sense of what this means, watch The Day After Tomorrow

https://www.youtube.com/watch?v=w_1VnGp8Lls

So, prepare yourselves a la the classic movie On The Beach:

I trust you have "Waltzing Matilda" memorized.

And there you have it! Not much time left! PREPARE FOR DOOMSDAY!!!

Good 'nuff for ya?

Edited March 28, 2014 by JSixpack

[55Jay]

OK, we've been beatin' around the bush here and not givin' the OP what he wants.

What will happen? Most Americans in Thailand will jump off balconies or throw themselves into the sea. Banks will start to fail as global confidence erodes.

The great global financial Armageddon, then, will start in Thailand, spread to the USA, and then throughout the world. Panic, food shortages, and riots will follow. Gold will be immediately outlawed as a medium of exchange--sorry, midas. Millions will starve. North Korea, Russia, China, and even Iran will unleash the nukes; the USA will retaliate.

What little there remains of humanity will begin again from survivalists' strongholds in the Rocky Mountains.

In other words, it's the long-anticipated, long-prophesied (on TV forums) DOOM. It's THE END.

To get a better sense of what this means, watch The Day After Tomorrow

So, prepare yourselves a la the classic movie On The Beach:

I trust you have "Waltzing Matilda" memorized.

And there you have it! Not much time left! PREPARE FOR DOOMSDAY!!!

Good 'nuff for ya?

But it WILL NOT negatively impact tourism. In fact, tourist arrivals would be expected to increase!

Edited March 28, 2014 by 55Jay

[IsaanUSA]

What happens to your funds when the bank closes your account?

[Jingthing]

I was told today by a Kasikorn bank clerk that starting in April they will have a LETTER to give to Americans with accounts there. No form to fill out. I don't know what is in the letter. I was told they will NOT be contacting Americans in any way about this letter that they have for them. They're just supposed to KNOW to pick it up. Sounds like really questionable information, but believe me, we ARE going to start hearing a lot more about these changes, and likely SOON.

If it's just a letter saying something like, we are sharing everything about your account with the U.S. government, DUH, we expect that now, that's the law. It sounds really fishy to me. How many Thai bank accounts have our social security numbers, etc.? So we get a letter and they aren't even asking for more information about us? Hmm.

Edited March 28, 2014 by Jingthing

[Jingthing]

What happens to your funds when the bank closes your account?

This I wouldn't worry too much about. I wouldn't be so paranoid as to think they would steal the funds. Close would likely mean freeze, and then you go in and get the money somehow. I also don't really think there are going to mass closures at most Thai banks. But something is going to happen, I'm just not clear what yet.

[Jingthing]

The opener is just a one-sentence distillation of the pakalert link provided by the OP. Pakalert terms itself an "alternative" news publisher, and a "research project". It's also reporting that MH370 is NOT missing, and that together with war which could break out any day, is part of a master plan to ratchet up world chaos and roll out the New World Order. Now FATCA's just one of those things that lends itself easily to being sensationalized. There's definitely no shortage of this kind of thing these days. 'Saw today at the grocery that the Obamas are in the final stages of a particularly loud & bitter divorce. 'Look hard enough, and I'm sure you can find articles reporting Elvis appearances, that there's evidence the US shot down MH370, that the earth is really flat, that warm beer cures cancer, that UBL is alive & running a bar in Pattaya, etc. etc. etc... Now I know the odd thai bank branch makes it difficult or even impossible for US expats to open bank accounts, and one or two guys have reported receiving "letters" requiring this & that, etc.: arbitrary things happen to foreigners all the time in Thailand, no doubt about it. And who knows what sort of crackdown is currently taking place in Phuket. But tell me when thai FATCA-born refusal to accept cash on deposit in Thailand becomes universal or even widespread, and if you can show evidence of it, I'll be more interested. My account hasn't been affected (yet...; not that it's a particularly fat account...), and my home financial institution doesn't seem to be having any problems whatsoever transferring cash there (again, I don't transfer jaw-dropping amounts) and the only significant expense I encounter doing so really is the bank's spread on the exchange rate (which is competitive).

Yeah - anything can happen. FATCA certainly gives expats plenty to flap their gums about. But I don't find this article very convincing evidence of it happening now in Thailand. Further, I think Thailand is infatuated with these money flows, and perhaps eager to see them continue.

Tried to open an account with TMB...was told they would no longer accept clients from America...why? I asked...it seems the US...requirement for foreign banks to report on US citizens banking activity...was more of a hassle than they were willing to put up with...so YES...US...BS...regulations on foreign banks...does have an impact...

That's interesting.

Happily TMB is not one of the more popular expat banks, like SCB is.

I wonder if they also will be closing existing American's accounts there, or perhaps even just closing the non-profitable ones?

If this is true about TMB, it's more writing on the wall, and at the very least this will happen at other less major Thai banks.

For fresh expats, I would say as others have suggested, look at BANGKOK BANK as they have the New York presence.

[Jingthing]

...

And there you have it! Not much time left! PREPARE FOR DOOMSDAY!!!

...

Funny funny funny.

Ha ha ha.

But you know dude, this is quite a sober and serious matter for many Americans in Thailand.

We are dealing with a lot of uncertainty now about this.