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How do expats manage their bank accounts when forced to move financial assets to Thailand?

Banking in ThailandExpat Financial ManagementInternational BankingVisa and Residency IssuesCurrency InvestmentsRetirement Planning in ThailandBank Account Closure by Foreign BanksInvestment Options in ThailandNon-resident Banking Restrictions
Jan 22, 2024
10 months ago
Sam ********
ORIGINAL POSTER
Have any of you been forced to shut down your bank account in your home country (because you're no longer a resident) and move all your financial assets to a Thai bank?

If so, were you able to invest for retirement with the Thai bank as you normally would back home? And is that only in THB or could you also invest in other hard currencies (USD, EUR, etc.) with a Thai bank?
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TLDR : Answer Summary
This discussion revolves around expats who have faced the necessity of shutting down their bank accounts in their home countries due to residency issues, particularly in the UK, Australia, and Canada. Participants share their experiences and solutions, such as using international banks like Revolut or Saxo Bank for investment opportunities and managing assets across different currencies. Concerns are raised about the safety of funds in Thai banks and the difficulty non-residents face in maintaining accounts back home, prompting a broader conversation about how to navigate the complexities of banking and investing while living in Thailand.
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Bernie *************
Unfortunately one sometimes has to stretch the truth in order to keep safe and feel safe about your assets.
9 months ago
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Bart **************
I've indeed had an account shut down. At another bank I changed my address and it was ok. Some other accounts I do not dare to change the address (even though it's officially required) because I don't want to risk losing them.
10 months ago
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Mike ******
I am from the US and the answer to your questions are No and No.
10 months ago
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Ken *******
Try Bitcoin!
10 months ago
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Steve ********
No, I have not but have heard of it happening here in the USA. Best to have an address and if ever asked you are traveling. Never say you have moved out of the country, fast way to get account closed and no I would never move my assets to Thailand or any other country for that matter. Just transfer what you need when you need it.
10 months ago
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Ron **********
@Steve *******
 good advice.
10 months ago
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Ron **********
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Don *********
Back to the actual question…

As a Thailand resident you can open an account with Saxo Bank in Singapore, who offer a wide selection of equities, ETFs, bonds, money market funds, managed funds etc from most countries you would be interested. Multiple currencies available. If you have any issues opening an account ping me and I have a contact there.

In comparison the Thai banks seem to offer retail products with horrendous hidden sales commissions, very Thailand oriented investments and of course a VIP card that gets you a special parking space at Central 😂😂
10 months ago
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Sam ********
ORIGINAL POSTER
@Don ********
 thank you (for answering the actual question!) 🙂 When selling/realizing capital gains, do you pay the gains tax in Singapore or Thailand?
10 months ago
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Sam ********
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Av **********
U know money vanishes in tthai banks. Happens a lot to both thais and farangs. I'd think real hard about moving all ur money to a Thai bank lmao
10 months ago
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Sam ********
ORIGINAL POSTER
@Av *********
 Yep, that's why I ask. There are so many retirees in Thailand and I have to assume some have been forced to close on their accounts back home. They might have had no choice but to move their assets to a Thai bank or move back home, or move assets to a 3rd country.
10 months ago
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Sam ********
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Bill ********
No
10 months ago
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Sam ********
ORIGINAL POSTER
@Bill *******
 Yes
10 months ago
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Sam ********
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Joe ******
Alot bank account closed in uk if you are not paying tax.
10 months ago
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Ally ************
Uk centric comment but likely to apply to many other countries.. firstly, people need to understand there is a difference between domicile and residency.. anybody born in the Uk for instance will be Uk domiciled for their entire lifetime.. meaning you are entitled to a Uk passport and will remain a Uk citizen forever.. unless of course you take action to renounce your citizenship.. eg. upon applying for citizenship in another country that does not allow dual nationality.. but your domicile entitles you to live in said country without having to apply for 'permission'.. irrespective of how long you may have resided outside your home country.. residency however is where you choose to live (or have been allowed to live) your life on a day to day basis.. and is determined by an individuals choice.. you can't choose your domicile you are born with it.. and you can never change it.. but you can choose your residency.. which many people connect solely with their tax status.. since most countries have tax rules related to time spent in said country that determines your tax position there.. but one's real residency is the address you nominate as your permanent home.. in whichever country that may be.. and whilst living longer in one country (eg. working there) may make you tax resident.. it doesn't automatically mean you are necessarily resident there.. and when it comes to banking you are within your rights to nominate a Uk address that is a family property (eg. owned by another family member) that you deem to be your home when in the Uk.. provided you have your relative's agreement of course.. and the govt or your bank cannot prevent you from using this address for all communication / correspondence purposes.. and in reality would never know you spend most of your time overseas.. unless you choose to tell them or try and register an overseas address on your account.. which is not recommended.. because as many people have already found out.. globalist companies like banks will then persecute you.. better to humour them by maintaining your Uk presence.. which extends to having at least one Uk telephone number on record with them.. such as an active mobile number that you can retrieve messages from.. which is easy enough with services such as 'expatfone' available for this very purpose.. in the end banks don't care until you give them a reason to dig into your affairs.. and outside of some quirky rules (such as the Aussie govt superannuation criteria) most govts don't either.. so you do what works best for you.. there is no illegality involved in maintaining an address in your home country provided it can be verified (eg. by a relative) when needed.. and one of the easiest ways to do this is to have your Uk driving license registered to it.. since you will then carry Uk ID that contains your Uk address.. should you need to evidence your address to any other Uk institution!
10 months ago
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Mark *********
@Ally ***********
 Have I got this right that we can right this mess by using a relative's UK address and substantiating that by driving licence connected to the same address. So in other words the only thing people do wrong is arranging with friends re address, driving licence, etc, etc, etc. From that point our only issue becomes UK telephone number - which I must admit seems harder to crack than I thought, especially as messaging on movements on bank accounts occur so much these days. Have you any comments on that? In fact any comments would much appreciated. I'd be happy to private message if you'd be happy with that, my financial position possibly being slightly unusual.
10 months ago
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Ally ************
@Mark ********
 Happy for you to PM me Mark 👍
10 months ago
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Mark *********
@Ally ***********
 message sent against all warnings that we're not friends. We'll see - Facebook seems to have been coing with that a bit better recently.
10 months ago
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Mark *********
Thanks so much
@Ally ***********
 will do today.
10 months ago
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Mark *********
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Ally ************
@Joe *****
 How does your bank know your tax status?
10 months ago
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Joe ******
@Ally ***********
 Good question.
10 months ago
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Joe ******
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Chris ****
The banks in Thailand aren’t targeting investors for growth. It’s for service. Thais invest in real estate. So for growth I suggest keeping your western account.
10 months ago
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Brown ********
Why on earth would you be forced to shut down your account just because you've moved abroad
10 months ago
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Jarek ************
In Canada if you decide to drop your residency you need to close off all bank accounts, give up driving license etc... Fcking shit hole 😜
10 months ago
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Andrew *******
@Jarek ***********
 that's terrible!! It's as tho they are intentionally trying to make it difficult for people. In Australia you have to reside 2 years prior or after recieving pension !! Even if you've worked continuously for 40 years it's *""'''*#disgraceful what govts are allowed to get away with
10 months ago
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Jarek ************
@Andrew ******
 Yap, then they wonder why people are moving their business and banking offshore... F them and their criminal friends, let other idiots support them while they send more money to Zelensky so he can buy more Villas 😂😂
10 months ago
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Andrew *******
@Jarek ***********
 crazy times that just seem to be getting more difficult ....at a stage of life where you hoped things would get easier
10 months ago
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Andrew *******
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Sam ********
ORIGINAL POSTER
@Jarek ***********
 I have 2 bank accounts with 2 Canadian banks even though I dropped my residency 26 years ago. But yes, it is a shit hole!
10 months ago
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Mitchell *******
@Sam *******
 I just recently had my RBC account blocked because they couldn't tell. I was a resident when I went to university 30 years ago. Had the account ever since, as I travel to Canada often. I had to prove my residency was not canadian before they unblocked it.

I have a Canadian daughter, as well as good friends, so I was there often.
10 months ago
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Mitchell *******
(I wasn't paying any kind of income or land tax etc)
10 months ago
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Mitchell *******
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Jarek ************
@Sam *******
 you're lucky :) my friend just got hit with an audit cause he didn't close his even though he has been gone for over 5 years. Last time I asked rev canada about it they told me that's the only way.
10 months ago
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Jarek ************
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Tyler *******
Get Wise
10 months ago
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Sam ********
ORIGINAL POSTER
I ask because some banks in some countries don't allow non-residents to have bank accounts. In my case, Nordea in Finland shut down my bank account for this reason. I do have another bank account in Canada but this situation got me wondering about how others have handled it.
10 months ago
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Maxim ***********
@Sam *******
 I've been out of Canada for over 10 years, no problem.
10 months ago
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Julane *******
@Sam *******
 Switzerland banks don't allow non resident account holders either. Even if you are Swiss.
10 months ago
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Sue **********
@Julane ******
 not all of them, I still have my Swiss bank account and I am living in Thailand permanently, no issues
9 months ago
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Julane *******
@Sue *********
 I stand corrected. There seem to be Zurich and Geneva kantonal banks and UBS. But the monthly fees are quite high for Ausland account holders.
9 months ago
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Sue **********
@Julane ******
 yes its 30 Chf/month
9 months ago
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Sue **********
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Håkan *******
Everything to make it difficult for people.

I heard that they shutdown from people in Sweden
10 months ago
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Sam ********
ORIGINAL POSTER
@Håkan ******
 Yep, Nordea does it that way in Finland, so perhaps the same in Sweden.
10 months ago
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Håkan *******
@Sam *******
Yes it was Nordea for my friend
10 months ago
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Håkan *******
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Steve ********
Why close down your UK bank account?
10 months ago
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Andy **********
@Steve *******
 it is a recent thing with UK banks, some have started giving notice to close people accounts, that are non residents and living abroad, it is apparently to do with criminality and money laundering, so they say.....I believe Barclays bank are closing a lot down, not sure about the others, someone in this thread mentioned Santander.
10 months ago
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Steve ********
@Andy *********
 I guess it depends on how the banks determine someone is "non-resident". I don't know about the UK, but 45 days a year in Australia is sufficient for "tax residency"
10 months ago
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Andy **********
@Steve *******
 I'm not even sure myself to be honest, the first thing they are obviously looking at, is if you have a foreign address and/or phone number registered to your account, some have mentioned you should be on the electoral register with a UK address is the safest, or they are requesting utility bills for proof of address, the UK seem to say after 6 months of absence, your no longer a resident, I'm trying to keep track of what is going on, it's a bit of a minefield 🤷🙆😂
10 months ago
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Andy **********
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Nigel **************
@Steve *******
 The bank can close it down if you do not have a permanent address there.
10 months ago
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Jeff ******
@Nigel *************
 Interesting , they don't close down Russians Oligarch and Prince of Saudi Accounts but closed down their own citizens.
10 months ago
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Melissa *********
I still have bank accounts in Singapore and Oman and Portugal and Thailand and USA. But each has small balances so I guess none of them are worried that I am money laundering. I am not, btw. Hehe
10 months ago
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Steve ********
@Nigel *************
 Isn't it easy to just use a friend or relative's address?
10 months ago
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Nigel **************
@Steve *******
 yes if u have one but a lot of people will be wary of you using their address illegally. My friends won't do it
10 months ago
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Jeff ******
@Nigel *************
 Find new friends. Just an address. It is not like you are a drug dealer or serial killer.
10 months ago
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Steve ********
@Nigel *************
 Nice friends you have.
10 months ago
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Kim *********
@Steve *******
 we can't do that in Denmark where all about you is registered although some do. It is not enough to say you have an address somewhere - it has to be registered in a central register. And if you live permanently in let's say Thailand and have an address at a Danish friend and are on a pension and the pension authorities find out it is considered to be fraud and they will demand you pay back pension you were not entitled to (because you get more in pension if living in a Schengen country) - and that could be for several years and cost a lot.
10 months ago
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Steve ********
@Kim ********
 Other than Permanent Residents, no foreigner lives permanently in Thailand. It's a temporary stay. I distance myself from having too much attachment to Thailand. I will never own real estate here, I do not have a Thai driver's licence, I will not ever have a Pink Card, Blue Book, Yellow Book, or any other coloured document. If anyone needs to look at my life in Thailand, I'm on an extended holiday. I keep my credentials intact with Australia. I'm a tax resident of Australia, and my pension is a private scheme totally independent of any government controls. So I guess I'm in a different situation to many others
10 months ago
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Nigel **************
@Steve *******
 it's illegal mate. In Europe that is important
10 months ago
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Mitchell *******
@Nigel *************
 this is interesting. So, if you have mail going to a physical address (friend, child, etc), can't you just use that one?
10 months ago
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Steve ********
@Nigel *************
 I've maintained a bank account in the UK ever since I worked there about 20 years ago. Admittedly not a lot goes in and out, but I've never been questioned about it. I use my old business partner's address and elect to receive all communication by email. I'm sure there's thousands of people doing it, and whilst it may not be strictly legal I don't think it's a high priority for investigation. I just think it's handy to have.
10 months ago
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Nigel **************
@Steve *******
 yep I understand that mate. I was just trying to help answer the OP. I have no problems with my bank.
10 months ago
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Steve ********
@Nigel *************
 Yes I get your point, I just didn't think it would be difficult maintaining a bank account in the UK. The savings interest rates would be much higher than what a foreigner can get in Thailand, so it would be worthwhile trying to find a bank account suitable for someone who's on a "long holiday"?
10 months ago
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Peter *********
@Steve *******
 exactly 💯
10 months ago
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Peter *********
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Andy **********
@Nigel *************
 Check if the bank has expat services. Back in the day I moved my Natwest account to the Isle of Man when I worked in the US.
10 months ago
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Nigel **************
@Andy *********
 I am not asking the question
10 months ago
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Andy **********
@Nigel *************
***************************************************************
10 months ago
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Andy **********
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Keith ********
When Santander closed my UK account, I went Revolut. Many investment opportunities, including precious metals and crypto and can hold accounts in multiple currencies. Good exchange rates too. Currently paying 4% per day on my balance. Check it out or message me and I get £70 for introducing you. See here
************************
10 months ago
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Andy **********
@Keith *******
 why did Santander close your account??
10 months ago
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Keith ********
@Andy *********
 they do not have to give a reason and they didn't. Presumably because I have an overseas address. It is happening to many others in the UK I understand that Barclays are in the process of closing UK accounts in the same way
10 months ago
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Keith ********
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Malcolm *********
@Keith *******
 4% per day looks too good to be true
10 months ago
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Andy ********
@Malcolm ********
 Theres no way they are paying 4% per day
10 months ago
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Malcolm *********
@Andy *******
 Totally agree and that was my point but all cleared up now. Still not a bad rate though
10 months ago
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Andy ********
@Malcolm ********
 Yes, i also saw after it was edited to 4% p.a. Better than nithing but with UK inflation rate at 9% it still loses value
10 months ago
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James ********
@Andy *******
 that’s too simplistic… Sam is in Thailand so not having to involve himself in 9% Uk inflation…… By means of comparison talking to traders in Laos Jan last year , food was running at 17% inflation …. Thailand probably not so far behind that ….. just sayin’!
10 months ago
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Keith ********
@Andy *******
*******************************************************


UK CPI inflation rate for December was 4.2%.
10 months ago
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Andy ********
@Keith *******
 I didn't think the latest figures werd out yet but vlearly are👍
10 months ago
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Andy ********
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Keith ********
@Malcolm ********
 check the link or search Revolut yourself. 35 million + customers worldwide
10 months ago
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Keith ********
@Malcolm ********
 sent you a screenshot of
10 months ago
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Malcolm *********
@Keith *******
 I think it is 4% per annum paid on a daily basis and not 4% per day. I thought you had found the unicorn of investing.
10 months ago
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Keith ********
I meant to say that it was paid daily
10 months ago
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Keith ********
@Malcolm ********
 yes it's per annum, but still worth having
10 months ago
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Andy ********
@Keith *******
 Thats more like it...
10 months ago
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Andy ********
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Kool *******
I've heard this is starting to happen to UK citizens living here full time.
10 months ago
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Phil ******
@Kool ******
 yes 12 months of no transactions rule. Applies in Australia too
10 months ago
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Paul *************
@Kool ******
 Yep me and my wife
10 months ago
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Paul *************
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To**
Not in Australia, just need postal address
10 months ago
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Phil ******
@To**
 and regular transactions otherwise they deactivate it
10 months ago
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To**
@Phil *****
 i get money from super into interest bearing and use regular for transfers to wise
10 months ago
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Phil ******
@To**
 ok. You have a regular payment into your bank account. No problem
10 months ago
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Phil ******
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