No new bank accounts for old men?

[55Jay]

DEAR OP,

I have a similar situation, if you are from the U.S. , some banks, ie: TMB would not open any new accounts for U.S. expats due to the new reporting rules(IRS in the U.S.), they stated I could keep my accounts but also could not open any new accounts.

You are quite right that the Banks are now refusing to open accounts due to "America World Police" wanting the banks to fill in multiple forms everytime they open an account for any foreigner not just Americans. They also have to fill out forms on every transaction over a certain amount as the US is targeting money launderers, terrorists and the like. I have a Bangkok Bank Account, a mutual fund account and several time deposits. Three months ago I tried to open a new 4 month time deposit and was refused until I threatened to go to one of my friend who is a Director of Bangkok. The employee then told me that because of all the paperwork and reporting to the America World Police they tried to avoid the cost against opening and maintaining the account. We filled out 4 forms for the Americans even though I am British. Who do the Americans think they are!

I also had an account for many years with HSBC Thailand but HSBC decided to close down their retail banking operations due to the cost of reporting to the Americans every transaction over a certain amount. So it is not just U.S. Expats that the U.S. are causing problems to. Their are noises from the UK government that they may also require reporting in the future.

Are you saying that even if you are not an American, the American government still tracks your accounts worldwide?

I do not believe this! They simply don't have the right to do so!

Look buddy, I filled the forms out for the IRS at the Bank. The forms ask you what nationality you are, but even if you are not American, they insist that you give them all your information the same as for Americans, there is no getting around The World Police.

Estrada, which IRS form did you fill in? W9, W8BENE or the W7-UKPEN?

Edited September 27, 2014 by 55Jay

[55Jay]

I'm not your buddy!

The 'World Police'?

I think you look too many movies

I have never filled out any form other than the form to apply for either a bank account, a cc or a car finance.

You will do next time. I opened 2 deposit accounts a couple of weeks ago and had to complete an "I am not, have never been and don't want to be an American" form for each account.

You need to fill in a form that says that you "don't want to be an American" to open a bank account in Thailand? Sorry, but I still think this is bs.

Why would they request you to do so, since you need to identify yourself with your passport, which duh, states you are not an American (that is if you ARE not an American of course)!

In the coming weeks I will open some more savings accounts just for the fun

It's true. Banks have come up with their own questionnaire forms to determine your nationality, current and past tax status and, depending on your answers, you might have to fill in an actual IRS form.

I wouldn't think it's fun, certainly not fun for your Thai bank manager.

[Nuddy]

It seems that once you have one account it is easier to open another one at the same place.

Mind you that was not OP's experience.

The trouble I have is that I have so many books due to different fixed interest rate terms and joint and single accounts.

The Bank staff get really upset if you want to close one so now when I invest in a different fixed term requiring a new book I leave the accumulated interest in the original one.

I have been here 10 years and never been refused by the Bank to open an account.

[Pib]

Apologies if this is seen as a hijack, but it is bank related.

What if a non resident with a bank account, no Thai dependants, dies intestate. What happens to the dosh? Do you nominate next of kin, say in the UK, for the money to be transferred back? Or does the bank get to keep the money?

Go to this post which gives info on what Bangkok Bank would require...expect other Thai banks would be very similar.

[BangkokHank]

It seems that once you have one account it is easier to open another one at the same place.

Mind you that was not OP's experience.

The trouble I have is that I have so many books due to different fixed interest rate terms and joint and single accounts.

The Bank staff get really upset if you want to close one so now when I invest in a different fixed term requiring a new book I leave the accumulated interest in the original one.

I have been here 10 years and never been refused by the Bank to open an account.

I have been here for 19 years, and I had never been refused by a bank to open an account - until yesterday. My point is that something appears to have changed.

[Cheops]

It's true. Banks have come up with their own questionnaire forms to determine your nationality, current and past tax status and, depending on your answers, you might have to fill in an actual IRS form.

I wouldn't think it's fun, certainly not fun for your Thai bank manager.

keep-calm-and-don-t-shoot-the-messenger-3.png

Well, the Thai do like their forms. I don't know what they do with all their forms, so they could have wel invented a new form, but my point was that for sure you do not need to fill in an IRS form if you are not an American. That would be a direct invading of your privacy, which I will not accept! When did you guys experience this? Since 3 weeks ago I didn't need to fill in any of this kind of forms.

[Pib]

It seems that once you have one account it is easier to open another one at the same place.

Mind you that was not OP's experience.

The trouble I have is that I have so many books due to different fixed interest rate terms and joint and single accounts.

The Bank staff get really upset if you want to close one so now when I invest in a different fixed term requiring a new book I leave the accumulated interest in the original one.

I have been here 10 years and never been refused by the Bank to open an account.

I have been here for 19 years, and I had never been refused by a bank to open an account - until yesterday. My point is that something appears to have changed.

Expect there is just a different manager in charge of the branch now compared to when you opened your other account many years ago...or if living in a small town maybe where most of the local branch managers get together occasionally to take policy, fees, etc....you just know they do it.. Scanning through your posts in this thread I didn't see where you mentioned which bank this was and maybe where...like Bangkok Bank or K-Bank or ???? in location XYZ...do you mind saying?

[ldnguy]

Not sure why this post title mentions old men as that didn't have anything to do with the refusal to open a bank account.

[Tony125]

Policy can differ from branches of same bank. I am from USA was told by Citi Bank branch at Central World that I could not open any account, went to their branch near Asok station and said with work permit or retirement and 100,000 baht deposit could open an account.

Bangkok Bank said I also could open an account with retirement visa but sometimes you have to try a few branches.

[Gumballl]

It's true. Banks have come up with their own questionnaire forms to determine your nationality, current and past tax status and, depending on your answers, you might have to fill in an actual IRS form.

I wouldn't think it's fun, certainly not fun for your Thai bank manager.

keep-calm-and-don-t-shoot-the-messenger-3.png

Well, the Thai do like their forms. I don't know what they do with all their forms, so they could have wel invented a new form, but my point was that for sure you do not need to fill in an IRS form if you are not an American. That would be a direct invading of your privacy, which I will not accept! When did you guys experience this? Since 3 weeks ago I didn't need to fill in any of this kind of forms.

The bank (and/or teller) is not there to determine whether your are a US citizen or not. That job is left to other people. Some people, surprising as it seems, actually hold dual citizenship -- one perhaps being with the US. How is a bank supposed to know whether a person is truly a non-US citizen? Hence the reason everyone fills out the form(s) -- and later the identity of the person is sorted out.

[55Jay]

Well, I guess this was just about one guy and his bank account problem.

There is a thread running about this FATCA bank form issue.

http://www.thaivisa.com/forum/topic/761752-america-is-making-citizens-of-all-countries-fill-out-a-form-when-creating-a-new-account/

[mango66]

From one of the well known banks in Thailand.

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.

Correct !

I have opened 2 accounts like this in BKB Ratcheda; just extensian stamp;

Lasr year I asked one head branch in Sathorn, they said same , 2 ducuments which show my home adress,

and a thai adress would be genuine;

[BangkokHank]

Not sure why this post title mentions old men as that didn't have anything to do with the refusal to open a bank account.

Because they wouldn't let me open a bank account on a retirement visa.

[Phillip Sell]

Ezzra, I sure hope as I grow older that my views aren't as callous and pessimistic as yours are now.....

[BangkokHank]

It seems that once you have one account it is easier to open another one at the same place.

Mind you that was not OP's experience.

The trouble I have is that I have so many books due to different fixed interest rate terms and joint and single accounts.

The Bank staff get really upset if you want to close one so now when I invest in a different fixed term requiring a new book I leave the accumulated interest in the original one.

I have been here 10 years and never been refused by the Bank to open an account.

I have been here for 19 years, and I had never been refused by a bank to open an account - until yesterday. My point is that something appears to have changed.

Expect there is just a different manager in charge of the branch now compared to when you opened your other account many years ago...or if living in a small town maybe where most of the local branch managers get together occasionally to take policy, fees, etc....you just know they do it.. Scanning through your posts in this thread I didn't see where you mentioned which bank this was and maybe where...like Bangkok Bank or K-Bank or ???? in location XYZ...do you mind saying?

I initially tried at the Bank of Ayudhya (the yellow bank), where I had the original account.. After they refused me, I went to about ten other banks in the malls near my home, Seacon Square and Paradise Park. I think I asked at every major bank (except Bangkok Bank, which was crowded at the time), as well as a few minor ones, such as the Islamic Bank and the Government Savings Bank. One after another they told me that I needed a passport and a work permit to open an account, and they refused to budge on the work permit requirement. Eventually I found a bank that was willing to do it for me when the account opening guy used his head and concluded that I was not a tourist - not that I find anything wrong with a tourist having a bank account! I will go back again on Monday when it should be less crowded and ask at some of the remaining banks.

[Pib]

Thanks for that crossfeed.

I opened an account at the Krungsri (a.k.a.,, Bank of Ayudhya) branch in the Chaeng Wattana/Bangkok Immigration building just 3 to 4 weeks ago. I have a retirement extension of stay. When they saw my U.S. passport the bank rep mumbled FACTA with a smile, turned to her files and pulled out two forms...the form asking questions about citizenship and the W-9 IRS form. Completed those two forms along with the typical forms they have for a new account and within about 20 minutes I was walking out the door with a passbook, debit card, and ibanking logon credentials in hand...and the ibanking logon went fine when I got home.

[airconsult]

Just thought I'd add here - as I work here, and have had quite a lot to do with bank management over the years.

In Thailand, the branch managers are allowed to set policy over their branch (particularly on loans and accounts) - that is why you get inconsistent decisions.

Even in the case of BB - who I happen to have one account with - the decision over the rules to apply to foreigners is at the branch manager's discretion.

Incidentally - the CentralWorld branch of BB is foreigner-friendly, as is BB in Fortune Town, and of course their head office in Silom.

Edited September 27, 2014 by airconsult

[dotpoom]

I am on a retirement visa and have 3 bank accounts (used to have 4 but gave one up). Never had any problem opening one.

A week ago my main bank (TMB)persuaded me to open a second A/C, it's a savings one where you get a 2% interest rate. Am allowed to take out money 2 times for free (not sure monthly or yearly)and pay 50 Baht for further withdraws after that.

[SinCityGr8One]

DEAR OP,

I have a similar situation, if you are from the U.S. , some banks, ie: TMB would not open any new accounts for U.S. expats due to the new reporting rules(IRS in the U.S.), they stated I could keep my accounts but also could not open any new accounts.

You are quite right that the Banks are now refusing to open accounts due to "America World Police" wanting the banks to fill in multiple forms everytime they open an account for any foreigner not just Americans. They also have to fill out forms on every transaction over a certain amount as the US is targeting money launderers, terrorists and the like. I have a Bangkok Bank Account, a mutual fund account and several time deposits. Three months ago I tried to open a new 4 month time deposit and was refused until I threatened to go to one of my friend who is a Director of Bangkok. The employee then told me that because of all the paperwork and reporting to the America World Police they tried to avoid the cost against opening and maintaining the account. We filled out 4 forms for the Americans even though I am British. Who do the Americans think they are!

I also had an account for many years with HSBC Thailand but HSBC decided to close down their retail banking operations due to the cost of reporting to the Americans every transaction over a certain amount. So it is not just U.S. Expats that the U.S. are causing problems to. Their are noises from the UK government that they may also require reporting in the future.

Are you saying that even if you are not an American, the American government still tracks your accounts worldwide?

I do not believe this! They simply don't have the right to do so!

It is just for Americans with accounts, investments, etc. overseas. It is called FACTA or Foreign Account Tax Compliance Act. Read about it at: http://www.thailand-lawyer.com/thailand-attorney/thailand-signs-agreement-to-assist-us-in-tax-collection/

[affen02]

Very strange, i have a pension visa as we call it. Have several bank accounts in BB and even a Foreign currency account in same bank. I guess its true that each bankmanager can more or less make his own rules. Keep on trying different banks and good luck to you.

[stevie403]

I am 56 yo and opened a second account with kasikorn last week no problem at all no questions asked

[whaleboneman]

Not sure about this one, but you definitely need a work permit, or large deposit, to get a credit card from thai banks. Are you sure they knew that you did not want a credit card. I've never had any problems opening a bank account in many banks in thailand and I am on a retard visa.

Is that "retard visa" pretty easy to get?

[Bkungbank]

Pattaya banks have no problems, don't go to local village bank where they never seen a farang come to open account before.

[MrWorldwide]

KT Pattaya have been good to me - no 'retard visa' here but my extension of stay was on the back of a Tourist visa and 800k in the KT account, if that helps.

[Mudcrab]

Not sure about this one, but you definitely need a work permit, or large deposit, to get a credit card from thai banks. Are you sure they knew that you did not want a credit card. I've never had any problems opening a bank account in many banks in thailand and I am on a retard visa.

Is that "retard visa" pretty easy to get?

I understand George Dubya Gump applied for one - but got refused!! Couldn't meet the high standard apparently.

Edited September 28, 2014 by Mudcrab

[ldnguy]

Not sure why this post title mentions old men as that didn't have anything to do with the refusal to open a bank account.

Because they wouldn't let me open a bank account on a retirement visa.

Old men with work permits would have been ok, so nothing to do with being old.

[bangkoken]

Had a similar issue. I have a retirement visa for many years. I went to K Bank at the Paragon and they told me I needed a work permit. Went across the street to K Bank Siam Branch and had zero problems opening a new account.The service was excellent and they were happy to accommodate me. Different branches have different requirements. I have also found that some bank employees are not versed in what is required for a foreigner to open an account so they just say you must have a work permit.There are many foreign friendly branches,I'm sure you will find one.

[55Jay]

Not sure why this post title mentions old men as that didn't have anything to do with the refusal to open a bank account.

Because they wouldn't let me open a bank account on a retirement visa.

Old men with work permits would have been ok, so nothing to do with being old.

A bit disappointed. Thought it was a play on the movie title, "No country for old men".

http://www.imdb.com/title/tt0477348/

[BangkokHank]

Not sure why this post title mentions old men as that didn't have anything to do with the refusal to open a bank account.

Because they wouldn't let me open a bank account on a retirement visa.

Old men with work permits would have been ok, so nothing to do with being old.

A bit disappointed. Thought it was a play on the movie title, "No country for old men".

http://www.imdb.com/title/tt0477348/

In fact I did choose the title of my post with the name of that movie in mind. But my point was about being refused the possibility to open a bank account because I am on an extension of stay based on retirement and not on a work permit.

[55Jay]

A bit disappointed. Thought it was a play on the movie title, "No country for old men".

http://www.imdb.com/title/tt0477348/

In fact I did choose the title of my post with the name of that movie in mind. But my point was about being refused the possibility to open a bank account because I am on an extension of stay based on retirement and not on a work permit.

My faith is restored, I thought it was too much of a coninkadent.

I know you've gotten all sorts of good advice already and you are veteran in LOS, but I have to ask anyway.

Have you made it crystal clear up front - Non-O Visa? Didn't seem that way when you said (a while back) that one bank finally used their brain to figure out you aren't in tourist status. It occurred to me maybe you weren't being assertive or clear enough.

Like many guys, I had to play the initial "No" game at my branches of Bangkok Bank and KrungSi but ultimately prevailed once the branch manager was consulted. In the case of KrungSi, a very small office, the branch manager didn't know and had to call "Main Office" which, of course, said, "Yes, Non-O, OK, Can".