Opening a bank account in Thailand

[krdowney]

I tried to open a bank account at Kasikorn today, and they said I needed to fill out an American W-9 form declaring my business...except I don't own a business. I teach. Do any Americans know if this form is necessary for a non-business owner (or anyone from anyone else for that matter). I never had to fill one out here before and I really don't like involving myself with the IRS any more than I have to.  Thanks!

[userabcd]

Should be in the banking forum.

 

From what I see W9, its a Fatca form. All financial institutions are required to get this info from account holders, particularly citizens of the US.

 

Even my Thai wife when opening a new account had to fill in and sign such a Fatca form a few weeks ago.

 

My understanding is if you are a green card holder or US citizen, your account info will be reported to the US authorities.

 

Others with more insight and experience of this can elaborate.

 

[krdowney]

Thanks! I'm sorry, I didn't see the banking forum, but I will repost it there now. If that's how it's being done now, that's fine. It's just couldn't understand what they were explaining to me (wish I was better at Thai language).  

[wirat69]

Yes. You will need to complete the form. It is an international requirement


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[KhunBENQ]

Moved to Banking forum.

 

EDITED thread title (removed remark about "right forum").

 

DO NOT repost. Thanks!

 

[KhunBENQ]

And every foreigner who is not US citizen and opening a bank account in Thailand has to sign an explicit form that he has no "relation" to the US (IRS).

Unticking all kind of stuff like:

 

"Do you have a US telephone number?". NO !

[balo]

Yes , just fill out the form , nothing to worry about. 

[krdowney]

Thanks everyone. I just didn't remember filling one out the last time I opened one 4 years ago. Could be my fading memory though. :)

[soisanuk]

On 1/28/2017 at 9:23 AM, krdowney said:

Thanks everyone. I just didn't remember filling one out the last time I opened one 4 years ago. Could be my fading memory though. :)

FACTA was implemented in stages, but if I recall correctly, it was 2014 when foreign financial institutions were required to start reporting on US residents (citizens, green card) - in order to do that, the Bank needs your Taxpayer ID number - individuals is usually their social security number and businesses have to apply for and receive a number from IRS.

 

Currently, foreign financial institutions are required to report accounts with balances of US$50,000 or it may be accounts with more than US$50,000 at the end of the calendar year. This could be lowered sometime in the future, but that remains to be seen.  Also, under FACTA, you are required to include a report on foreign financial assets with your US income tax return (if not required to file a return, the report is not required) - but there are thresholds depending on filing status - if you are single and not residing outside the USA for I believe it is more than 330 days, the threshold is foreign financial assets of US$50,000. If you have resided outside the USA for more than the stipulated number of days, the threshold increase to US$200,000 before you need to file the report with your income tax return.

 

Please don't confuse FACTA reporting with FBAR reporting.  FBAR relates only to bank accounts and is reported to FINCEN (a section of the US Treasury Department, but it is not part of the IRS) - the report is filed online and is required if at anytime during the calendar year you had an aggregate of more than US$10,000 in foreign bank accounts - FINCEN is the Financial Crimes Enforcement Network and the report, which has been required for many years by the US Money Laundering Laws.

Edited February 1, 2017 by soisanuk

[MANFROMBOCA]

On 1/27/2017 at 9:23 PM, krdowney said:

Thanks everyone. I just didn't remember filling one out the last time I opened one 4 years ago. Could be my fading memory though. :)

four years ago you didnt have to fill out this form its just a w-9 means nothing goes nowhere

[Khon Kaen Dave]

This thing about Americans and bank accounts.I remember that when we came to live in KK,i wanted to open an account with the SCB.Being married to a Thai national,it was relativity easy.I produced my passport,marriage certificate,and proof of address,They then gave me a form to fill out,it was like Saint Peter's denial of Christ.I had to state that i had no connections to any American Businesses,That i wasnt American by birth,I had no debt,outstanding or otherwise to the American IRS,did i know of any Americans that were involved in business over here that were not reporting it to the American IRS.Did i know any Americans working here in schools or any other form of Thai education.

The form was very intrusive.I dont know if the form is still standard issue to would be account openers,but i really wasnt comfortable filling it out.I did have an American freind,when i had the bars,that used to work in real estate,and one day he was gone,lock.stock ,and barrell,never saw or heard of him again.Strange coincidence or was it really the Twilight Zone.?

[12DrinkMore]

On 1/27/2017 at 9:08 PM, wirat69 said:

Yes. You will need to complete the form. It is an international requirement
 

 

B0ll0x. It is a blasted US threatening the world requirement.

W9 is for Yankees.

 

W8-BEN is for foreigners with no connection to the US. I have just had to fill one in.

[SiSePuede419]

Why would someone complain about filling out a banking form unless they were involved in criminal activities? ?

[TallGuyJohninBKK]

The W-9 isn't a FATCA form, per se. Nor is it only for business entities.

 

It's a form that allows the Thai bank where you're planning to open the account to obtain and confirm your Social Security number with the U.S. IRS.   Since in recent years, there has been some financial account info sharing between the Thai banks and the U.S. government as a result of FATCA. And that obviously is keyed to the account holder's SSN/TIN.

 

[userabcd]

5 hours ago, 12DrinkMore said:

 

B0ll0x. It is a blasted US threatening the world requirement.

W9 is for Yankees.

 

W8-BEN is for foreigners with no connection to the US. I have just had to fill one in.

W-8BEN is for US nationals who have legally surrendered citizenship.

[12DrinkMore]

10 hours ago, userabcd said:

W-8BEN is for US nationals who have legally surrendered citizenship.

I have one in front of me.

 

"Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals). "

 

It is for non-US citizens with US derived income, which includes US nationals who have legally surrendered citizenship.

[Dan5]

Either this is just something this particular branch or branch employee wanted or it is something new. I'm an American citizen with 3 Thai bank accounts and I've never even heard of this form. Though you do have to report to the IRS (directly, not through the bank) if you have more than $10,000 in your foreign bank accounts. The report is due on the 15th of April every year same as your tax form.

[Dan5]

Just now, Dan5 said:

Either this is just something this particular branch or branch employee wanted or it is something new. I'm an American citizen with 3 Thai bank accounts and I've never even heard of this form. Though you do have to report to the IRS (directly, not through the bank) if you have more than $10,000 in your foreign bank accounts. The report is due on the 15th of April every year same as your tax form.

Forgot to say that one of my bank accounts is at K Bank.

[Dan5]

On 2/1/2017 at 2:26 PM, soisanuk said:

FACTA was implemented in stages, but if I recall correctly, it was 2014 when foreign financial institutions were required to start reporting on US residents (citizens, green card) - in order to do that, the Bank needs your Taxpayer ID number - individuals is usually their social security number and businesses have to apply for and receive a number from IRS.

 

Currently, foreign financial institutions are required to report accounts with balances of US$50,000 or it may be accounts with more than US$50,000 at the end of the calendar year. This could be lowered sometime in the future, but that remains to be seen.  Also, under FACTA, you are required to include a report on foreign financial assets with your US income tax return (if not required to file a return, the report is not required) - but there are thresholds depending on filing status - if you are single and not residing outside the USA for I believe it is more than 330 days, the threshold is foreign financial assets of US$50,000. If you have resided outside the USA for more than the stipulated number of days, the threshold increase to US$200,000 before you need to file the report with your income tax return.

 

Please don't confuse FACTA reporting with FBAR reporting.  FBAR relates only to bank accounts and is reported to FINCEN (a section of the US Treasury Department, but it is not part of the IRS) - the report is filed online and is required if at anytime during the calendar year you had an aggregate of more than US$10,000 in foreign bank accounts - FINCEN is the Financial Crimes Enforcement Network and the report, which has been required for many years by the US Money Laundering Laws.

Interesting. I've got 3 Thai bank account and none of them asked for this form. Maybe its because I opened them before 2014. Can't remember when I opened the last 2.