New bank account change of rules

[Anythingleft?]

Hi, has anyone any details on the apparent new rules for opening a bank account. At my branch (Kasikorn) yesterday and they told me that to open a new account now requires a one year visa which is now a new law for all banks

Was unable to define the one year visa type so maybe its is any one year visa? Asking as I was hoping to open another account with a different bank in the near future and get very mixed answers from the bank staff who are often not that helpful or maybe just don't know

[Pib]

Gosh, I see a similarly worded post every few months.  There is no new "law."   Opening a bank account is based upon the policies the bank you apply at have in effect.   And even branches with the same bank family will vary as to how receptive they are to opening accounts for foreigners....seems some branches just don't want farang accounts.    Try another K-bank branch....try a branch with another bank....just keep trying different branches but don't mention a previous branch turned you down.

 

 Just to quote from the Bangkok Bank webpage as to foreigner account opening requirements which generally reflect he polices of all Thai banks:

 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/SpecialServices/ForeignCustomers/Pages/Openinganaccountnew.aspx

 

[norbra]

I recently applied to open a kasikorn account and was told no way without a work permit,I asked to see the manager but he was unavailable,I then spoke with a customer service rep and she also was asking for a work permit,I suggested she call head office to confirm this. Head office asked to speak with me,I confirmed that I held a 1year permission to stay based on retirement,she then advised the staff member to open the account. Hope this is helpful for you

[brewsterbudgen]

Different branches have different rules.

[Minnehaha]

6 minutes ago, brewsterbudgen said:

Different branches have different rules.

 

And as usual Thai staff at any given branch may not know the branch rules but ask someone else who works in the same branch who tells them something they think is true and then suddenly there is a new rule being told to a customer. 

 

It is always a crapshoot with Thai banks. As has been suggested, if you dont like what you are told, go to another branch, wash, rinse and repeat. 

[KhunBENQ]

40 minutes ago, norbra said:

I recently applied to open a kasikorn account and was told no way without a work permit,I asked to see the manager but he was unavailable,I then spoke with a customer service rep and she also was asking for a work permit,I suggested she call head office to confirm this. Head office asked to speak with me,I confirmed that I held a 1year permission to stay based on retirement,she then advised the staff member to open the account. Hope this is helpful for you

That is a typical life story.

Half knowledge or complete incompetence and not willing to get informed.

That's why different branches/different rules.

 

Due to the Bangkok Bank rules you don't even need a one year extension nor a WP to open a savings account (without credit and no internet access).

Now go to some hillbilly branch and tell them

The will probably only know about current account with WP needed and 10'000 Baht initial deposit.

 

Then walk into a major Kasikorn branch in Pattaya/Jomtien and you are out in 20 min with your new bank book for savings account.

 

An off topic:
Last week I went to my hillbilly branch of SCB to change my passport number (new passport). Blank stare.

???

Took a reasonable consultation to get it done (hopefully).

At home I accidentally noticed that my internet access is useless because phone number for OTP has been purged.

Tomorrow will be my third visit to the branch to get that fixed when hopefully the manager is on site. Only she can do

Bangkok and Kasikorn: no problem.

Edited September 20, 2016 by KhunBENQ

[Pib]

Unfortunately at some Thai bank branches, when a farang walks in asking to open a bank account the customer service rep spins a wheel.   If the wheel stops on No or Maybe, just ask a different rep to spin the wheel and it may come up Yes.  If that don't work, go to the next branch to have another spin at the wheel.

 

[Anythingleft?]

Okay well thanks for all the responses, it was the main Kasikorn in Pattaya as it goes and the lady said that if I was wanting to open an account now things had changed,  my account was opened several years ago on a tourist visa with them as they were willing to do this at that time

It would seem the regulations are actually in place but not really adhered to, possibly becoming more so now

Shall get my shoes on and do some walking around

[Richard Hillis]

Sent from my SM-G920F using Tapatalk

[BaiLao]

Bangkok Bank in Silom.

In the unlikely event of that failing try SCB, also in Silom.

Take your passport and any other photo I. D. you may have (e.g. driving licence etc).

[Kabula]

After living here and having a Kasikorn bank account for ten years I was told months ago by the bank representative if I close the savings account they would not open another without a work visa.  I've had a retirement extension for many years here. At age 69, I don't even qualify for a work permit!

 

A very difficult time for seniors without family worldwide.

 

And people wonder why we are angry?

 

Today, Distric 1, denied my retirement extension over seasoning of funds even doing the combination with foreign income with the Embassy letter. I was two weeks short.  They said to come back.  Oh...and demanded the bank savings book be updated the same day as the application.  How does one do that when the banks are closed when you have to get there at 7 am to get in line?

 

 Disgusting. 

[lopburi3]

28 minutes ago, Kabula said:

After living here and having a Kasikorn bank account for ten years I was told months ago by the bank representative if I close the savings account they would not open another without a work visa.  I've had a retirement extension for many years here. At age 69, I don't even qualify for a work permit!

 

A very difficult time for seniors without family worldwide.

 

And people wonder why we are angry?

 

Today, Distric 1, denied my retirement extension over seasoning of funds even doing the combination with foreign income with the Embassy letter. I was two weeks short.  They said to come back.  Oh...and demanded the bank savings book be updated the same day as the application.  How does one do that when the banks are closed when you have to get there at 7 am to get in line?

 

 Disgusting. 

If you are talking about Bangkok there is no need to get there at 0700 and never has been.  Also they have bank branch offices one floor down that can and will provide required documents for most people with very little wait.  

[Pib]

What do  you mean by "two weeks short?"

 

Since your immigration office is Chaeng Wattana just go downstairs to the many bank branches (every major bank in Thailand has a branch downstairs) and slide  your passbook into a passbook update machine or go into a branch and ask them to do it.

 

Now some banks may not reflect an update with "today's date" if the balance has not change....to get around that just add or deduct Bt100 inside the branch, Cash Deposit Machine or ATM....and then update  your passbook...it will show the balance update and today's date.  That's what Krungsri required me to do a last month when getting my bank letter from them for my annual extension of stay.

 

And at Bangkok Bank they don't require such a deposit/debit as they just force a balance forward entry that does give a today's amount.  I've done bank letters with them also so I know their process.

 

I always go get my bank letter "after" I get my queue number at Chaeng Wattana....I don't stand in line starting at 7am.  I just get there at 8:30am when the banks and immigration open, go to the bank first to get my letter (takes about 15 minutes) and then go up to immigration (line all gone now) and get my queue number.  Every year within 30 to 60 minutes my queue number is called and 30 minutes later I done....got another extension of stay.

 

 

[Jackie66]

So if this was indeed a new rule how would anybody be able to do a one year extension based on marriage or retirement if they can not open a bank account without a work permit and they need to keep money in bank for few months before getting the 1 year extension?

[KhunBENQ]

Catch 22 in Absurdistan?

Sounds like I have to be thankful for being early?

I read with great surprise that now even in Pattaya such replies are given.

 

Edited September 20, 2016 by KhunBENQ

[louse1953]

4 hours ago, brewsterbudgen said:

Different branches have different rules.

No,different branches don't know the rules.

[nrasmussen]

Catch 22 in Absurdistan?

Sounds like I have to be thankful for being early?

I read with great surprise that now even in Pattaya such replies are given.

 

Catch 22, indeed! I arrived last year on a tourist visa, unfortunately shortly after this rule had been made.

I went to several banks, but got the same reply everywhere: "No work permit, no account!" Didn't even help that I told them what I needed the account for (extension of stay based on retirement), and that I were going to give them THB 800,000. Nothing they could do about it, because it was a directive coming directly from Bank of Thailand.

So I asked at my local immigration office what I should do. They said I should go to a neighboring country and get a non-O visa, and that I should be able to open a bank account with that. They were correct; I finally managed to get an account when I showed the bank the non-O visa and told them why I needed an account.

[Sooo Upto Me]

15 hours ago, norbra said:

I recently applied to open a kasikorn account and was told no way without a work permit,I asked to see the manager but he was unavailable,I then spoke with a customer service rep and she also was asking for a work permit,I suggested she call head office to confirm this. Head office asked to speak with me,I confirmed that I held a 1year permission to stay based on retirement,she then advised the staff member to open the account. Hope this is helpful for you

 

I bet cust service girl lost a huge amount of Face. 

 

[Pib]

9 hours ago, nrasmussen said:

 

Catch 22, indeed! I arrived last year on a tourist visa, unfortunately shortly after this rule had been made.

I went to several banks, but got the same reply everywhere: "No work permit, no account!" Didn't even help that I told them what I needed the account for (extension of stay based on retirement), and that I were going to give them THB 800,000. Nothing they could do about it, because it was a directive coming directly from Bank of Thailand.

So I asked at my local immigration office what I should do. They said I should go to a neighboring country and get a non-O visa, and that I should be able to open a bank account with that. They were correct; I finally managed to get an account when I showed the bank the non-O visa and told them why I needed an account.

 

Refer to post #2....you will see Bangkok Bank will open a bank account for folks with a tourist visa with the associated supporting doc(s)...and a work permit is not one of the docs.  Other banks will do the same.   Usually that other supporting document that satisfies the bank is a Certificate of Residence from Thai immigration or your home country embassy.  And some branches just don't want to have farang accounts...that's most likely caused by that branch manager attitude towards farangs.

[Seraphina]

19 hours ago, Jackie66 said:

So if this was indeed a new rule how would anybody be able to do a one year extension based on marriage or retirement if they can not open a bank account without a work permit and they need to keep money in bank for few months before getting the 1 year extension?

 

You're right. You know that. We know that. Unfortunately, there's no use trying to persuade an uninformed person by using logic or deduction, particularly a blue collared worker. It's like making love to a hedgehog. One pr*ck against thousands.

[rickudon]

Tried opening an account at GSB yesterday and today at different branches (6 years on long stay or extensions, have a Kasikorn account). Took the wife, marriage certificate, passport but still no joy. They just wouldn't do it - even spoke to a neighbour who works there, she couldn't do it. Pity, there interest rates were a lot higher.

[Ronuk]

It's now normal procedure for all Thai banks to want a work permit or a long term visa in order to open an account. If you think it's hard here, try opening an account in the UK which is any use.

[Pib]

10 hours ago, rickudon said:

Tried opening an account at GSB yesterday and today at different branches (6 years on long stay or extensions, have a Kasikorn account). Took the wife, marriage certificate, passport but still no joy. They just wouldn't do it - even spoke to a neighbour who works there, she couldn't do it. Pity, there interest rates were a lot higher.

GSB is a govt owned bank...as is KrungThai Bank.   Based on numerous posts I've read they are not very receptive to opening accounts for farangs.  Now I'm sure some farangs have accounts with them but I expect few...always the exceptions.

 

Probably best to try banks such as Bangkok Bank, K-Bank, Krungsri, SCB.   I"m on a a long stay retirement extension for 8 years now...have accounts with Bangkok Bank and Krungsri Bank....never had a problem opening an account with them....off the top of my head around 10 accounts over the years with a half dozen or so being fixed accounts.  They would always ask the, "Do you have a work permit question?", but I would just say no and point out  my long stay visa and they continued on in opening the account.  And they didn't have an issue with me being a U.S. citizen either....they just had me fill out their two related (and easy) FATCA forms.   Accounts opened in Bangkok.   Your results may (will) vary.

Edited September 22, 2016 by Pib

[jacko45k]

On 20/09/2016 at 3:33 PM, norbra said:

I recently applied to open a kasikorn account and was told no way without a work permit,I asked to see the manager but he was unavailable,I then spoke with a customer service rep and she also was asking for a work permit,I suggested she call head office to confirm this. Head office asked to speak with me,I confirmed that I held a 1year permission to stay based on retirement,she then advised the staff member to open the account. Hope this is helpful for you

Try a bank/branch where the manager does come to work and will give you the time of day!

[KhunBENQ]

48 minutes ago, Pib said:

And they didn't have an issue with me being a U.S. citizen either....they just had me fill out their two related (and easy) FATCA forms.

You were faster

I (not a US citizen) opened another fixed deposit account at an upcountry SCB micro branch yesterday.

I already have account(s) with them for four years.

But still a huge pile of paperwork as I just fell from heaven (all from scratch).

One of them was propably this "FATCA form", checking about a dozen "NO"s.

I had a big grin after a couple of questions like "do you have a US telephone number" .

One form in Thai language only seemingly also about US tax payer?

About 40 min or so for a simple fixed deposit

 

I suspect some branches will try to shy away US citizens because the "YES" ticks might cause more effort?

 

 

Edited September 22, 2016 by KhunBENQ

[Blue bruce]

I opened an account at Bangkok Bank in Buriram 2 months ago . I Was never asked for a work permit or anything besides my passport.

 

[Pib]

9 hours ago, KhunBENQ said:

You were faster

I (not a US citizen) opened another fixed deposit account at an upcountry SCB micro branch yesterday.

I already have account(s) with them for four years.

But still a huge pile of paperwork as I just fell from heaven (all from scratch).

One of them was propably this "FATCA form", checking about a dozen "NO"s.

I had a big grin after a couple of questions like "do you have a US telephone number" .

One form in Thai language only seemingly also about US tax payer?

About 40 min or so for a simple fixed deposit

 

I suspect some branches will try to shy away US citizens because the "YES" ticks might cause more effort?

 

 

 

Expect one FATCA-related form was the bank's in-house developed questionnaire  to determine if you hold U.S. citizenship/resident alien status even if you provide another countries passport of say UK, Germany, or wherever.   This questionnaire is developed in house at each bank...I sure know the Bangkok Bank and Krungsri Bank questionnaires were different but still basically asked the same thing in trying to determine if  you held U.S. citizenship and then had you sign the form certifying  you are being truthful. 

 

And the other FACTA related from was if you did identify yourself as holding U.S. citizenship/resident alien status was an Internal Revenue Service (IRS) W-9 form which is nothing more than your name, address and your all important social security number/employee identification number used for U.S. tax purposes plus a bunch of other things.

 

But both FACTA related forms only take about 5 minutes to read/complete/sign based my account signup experiences.  During my Bangkok Bank and Krungsri Bank account openings that has occurred.  

 

Now, all the other forms the bank flips out for completion whether you are Thai or farang, well that's a different story.   They do seem to have a lot of forms, but my experience has been they will complete a lot of the forms for you, ask you a few questions during completion about options on the forms you can select, and then sign your name.  But I expect if you go to a branch where they want a person to complete all the form blocks themselves it could indeed take a while....and several of the forms seems to be asking for the same thing again and then you sign it again.  Seems Thai govt agencies and banks just love paper-based forms....more the better.

 

 

 

 

[JB300]

On 21/09/2016 at 1:13 AM, nrasmussen said:

 

Catch 22, indeed! I arrived last year on a tourist visa, unfortunately shortly after this rule had been made.

I went to several banks, but got the same reply everywhere: "No work permit, no account!" Didn't even help that I told them what I needed the account for (extension of stay based on retirement), and that I were going to give them THB 800,000. Nothing they could do about it, because it was a directive coming directly from Bank of Thailand.

So I asked at my local immigration office what I should do. They said I should go to a neighboring country and get a non-O visa, and that I should be able to open a bank account with that. They were correct; I finally managed to get an account when I showed the bank the non-O visa and told them why I needed an account.

 

In the same situation myself, can I ask which country/Embassy you visited & how did you meet their proof of funds requirement (I.e. Did they accept proof from your own country & what proof did you use)?

 

 

Thanks 

 

 

JB

[nrasmussen]

In the same situation myself, can I ask which country/Embassy you visited & how did you meet their proof of funds requirement (I.e. Did they accept proof from your own country & what proof did you use)?

Penang, Malaysia. I did not supply any proof of funds.

[JB300]

Penang, Malaysia. I did not supply any proof of funds.

Not doubting you, but every site I've read about getting a non-o for retirement from Penang says you have to have the 800k in a Thai bank account (hence the catch-22 situation ).