Hello,

An acquaintance from the USA wishes to open a savings account in Thailand. Right now, he is on a tourist visa, with hopes of retiring here once he reaches the age requirement. He does not work, but wishes to establish himself in Thailand. I went with him to 2 different banks/branches along Sukumvit in BKK yesterday. Both banks insisted on a work permit, documentation that he was purchasing a condo/house.

In the past, as recently as early 2015, I was able to open a bank account with only a passport.

The insistence of a work permit seems pointless. I know most of the farang here in Thailand do not have work permits. Similarly, most farang rent, rather than own property.

Is this a new requirement? Do all banks adhere to the policy?

Thanks

• It's nothing new.

Banks and branches have different policies. You just have to keep asking until one says yes.

No it is NOT a requirement.

However, it is becoming more difficult for a U.S. person to open a bank account in Thailand.

That is partly due to the way the U.S. government requires Thai banks to comply with U.S. government practices on transfer of funds from the U.S.to overseas accounts.

Thai banks are being forced to comply with U.S, anti money laundering rules and to register accounts from U.S. nationals in Thailand with the U.S. banking authorities.

Due to the extra paperwork this entails, many Thai banks would rather not get involved with opening an account for a U.S. citizen..... especially if that U.S. citizen does not already have a retirement or long stay visa.

I myself, have two Thai bank accounts, both properly declared to the U.S. banking authorities.

It is much easier to open a bank account in Thailand, if you get a valid Thai retirement visa BEFORE you enter Thailand.

That shows the Thai bank that you are serious about staying long term in Thailand.

The Catch 22 here now is that often in order to get a valid retirement visa from a Thai consulate in the U.S. now it is often necessary to show a Thai bank account first.

I am a retiree with a Social Security pension which is sent via direct deposit to a Thai bank.(Bangkok Bank)

That can be arranged through the nearest Social Security office which is in the U.S. embassy in Manila.

Just for info, both my Thai bank accounts were opened, the last in 2015 at the Bangkok bank branch near soi 43 on Sukhumvit road.

It is possible to do....but it is often along involved process....I repeat mainly due to the U.S. regulations on transferring money outside of the U.S. passed by the U.S. congress.

As I always say.....everything has a Pro and a Con side.....and in the U.S. we have both a Progress and Congress also.

No harder for a U.S. person to open a Thai bank account than any other foreign nationality. I'm a U.S. person and open two accounts over approx the last 12 months...I have an retirement extension of stay. Nothing new about what happened to the OP....policy varies from branch to branch even within the same bank company. But it does seem it may be getting a little harder for farangs (any nationality) with no long stay visa/extension of stay to find a branch that wants to open an account unless they can prove long term residency like with a long stay visa/extension of stay or getting a certificate of residence from their home country embassy or Thai immigration. Just keep trying...you'll find a branch that will open an account.

Try Kasikorn Thai bank ( the green one) I've never had any problems with them.