Answered2 years ago
How will the recent changes to bank account regulations in Thailand affect existing account holders compared to new applicants?
With the new changes to bank accounts in Thailand, will that affect people that have existing accounts or just people trying to open new ones ?
Answer summary
The recent crackdown on bank accounts in Thailand primarily targets illegal activities such as mule accounts used for scams. This change is expected to affect both new account applications and existing bank accounts, with heightened Know Your Customer (KYC) requirements likely being implemented for current account holders. It is suggested that individuals need to ensure that their mobile phone numbers are registered under their own names and that other identification matches, or they may face issues with their banking services.
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Robert ********
I read an article that said they are looking into millions of accounts where the phone number‘s owner doesn’t match the account.
My feeling says, that many expats have their phone registered under the wife’s name because it’s sooo much easier.
And that is reason to suspect fraud or scam.
My feeling says, that many expats have their phone registered under the wife’s name because it’s sooo much easier.
And that is reason to suspect fraud or scam.
Matthew *********
@Robert *******
I got a new Thai number and I tried to change it on Bangkok bank app and it tells you must do it in person for change of phone number or service. Everything has to be complicated here. Thank God western countries don't follow suit. I think everyone else to much work to do rather than petty things. Next they will find a way to start confiscated people money.Robert ********
@Matthew ********
Kasikorn doesn’t have many of those. Bangkok bank on Monday: “I need a statement of the whole 2024”….. “ok we do it and you come back next week to pick it up”.
Kasikorn: 5 minutes and I had the statement 😂
But to be honest, I like the Thai banks more than European banks.
They don’t turn off their computers on the weekend. Or can you send money on the weekend? I can’t in Germany, Austria and Switzerland. (“Reason” of course is that every transaction must be checked for laundering and that can only be done by humans 🤥)
Brandon ************
@Matthew ********
Western countries have much better systems for tracking account use and ownership behind the scenes so they don't need all of these draconian measures.Matthew *********
@Brandon ***********
well put , draconian measures
Steve ********
As I stated before, it’s not the Thai government stopping you from getting a bank account. Thai banks are scared and that’s why they aren’t letting foreigners open accounts.
Michael ********
Your account and sim has to be in your name otherwise you will get this message.
Matthew *********
@Michael *******
I tried to update with Bangkok bank app in the settings and they tell you it must be done at bank. Frustrating
Werner ************
Really depends on the bank but most accounts would likely go under some sort of review for identification and visa compliance
Allan **************
It's more about having your sim card and phone number matching your bank account if you already have a thai bank account.
Donnie ***********
OP@Allan *************
well that’ll be a problem cause I’m in Canada and my Thai sim won’t work here. I still have the SIM card but that’s about itGraham ******
@Donnie **********
Why doesn't your Thai sim work in Canada? It should connect to a local network just as mine does in the UK (I have dozens of TrueMove and others sms in my inbox to prove it).Graham ******
@Dana ******
it is if your account is in credit
Dana *******
@Graham *****
Receive SMS, no problem. Calling or sending SMS, not possible.Matthew *********
@Dana ******
yep I forgot to do itGraham ******
@Dana ******
I have not activated it and make a point while in transit of switching my roaming to the correct sim ready for arrival. Although roaming is off I can still receive Thai sms ro my True inbox as it connects to the network but without data.Dana *******
@Graham *****
If one has not activated the international roaming at a True Office BEFORE leaving Thailand, one cannot roam outside Thailand. Most people forget to do it it seems.Allan **************
@Donnie **********
Yes it could be a problem for a lot of people .
Dave *****
First they block new account. Next they will increase KYC requirements on existing accounts.
Paul ***********
I would expect the next step will be they will ask existing account holders to supply tax numbers of the jurisdictions they fall under 👍
CjandBrigitte **********
@Paul **********
Kasikorn has already sent the mail out with the documents that had to be completed by December 20th. And this included your Tax number.
Scott *********
@CjandBrigitte *********
I have a couple kasikorn accounts and haven’t received that message. I
Just checked all my
Messages.
CjandBrigitte **********
@Scott ********
Yes we provided our home tax numberScott *********
CjandBrigitte **********
@Scott ********
I am sure everyone will get the mail eventually. And the other banks will follow soon as well I am sure.Brandon ************
@Paul **********
this has nothing to do with taxes. It's just the next step in shutting down the scammers after they cut the electricity to Myanmar.
Roberto *********
@Brandon ***********
Part of the whole BOT deal is also tax evasion. I was recently summoned to my bank at SBC to provide tax file number from overseasRoberto *********
@Brandon ***********
I was responding to @Paul **********
's post relating to banks and CRS requirements. You probably missed thisBrandon ************
@Roberto ********
if that was the case it would be every agent, everywhere. But it's not. It's only a few agents in Pattaya that open the most accounts. This is clearly only about scan bank accounts and will be back to normal in a few weeks.Roberto *********
@Brandon ***********
No, it's the wider ranging measures being introduced by BOT. The CRS implications go further than PattayaBrandon ************
@Roberto ********
that may be so, but it has nothing to do with the current situation with a few agents in Pattaya.Paul ***********
@Brandon ***********
😉... It's all to do with taxes and CRS, the scammers getting shut down is a consequence and bonus 👍Donnie ***********
OP@Paul **********
ok well I’m Canadian and we pay our fair share of taxes here so that should be easy enough to prove
Brad *******
@Donnie **********
I heard you have to have your embassy give you a document of proof that you paid taxes in your home country. US Embassy doesn’t do that nonsense.
Todd *********
@Donnie **********
180 days in Thailand and we are thai tax citizens also...Donnie ***********
OP@Todd ********
I was there for a year before the laws were implemented, but I don’t have plans to go back this year works to busy. Just worried about filling the account up for when I go back if there a chance they could just close it on me
Tin **********
Anyone opened kasikorn
Donnie ***********
OPI was there on a education visa a couple years back when I opened mine.
Tin **********
@Donnie **********
will try dtv 5yr 180d
Henrik *****
DTV and bankaccount don’t match.
Bankaccount then you need a proper long term visa, a permanent Thai adress for months, a long lease, and regular easy traceable income and a lot of luck even to get a acccount for depositing 400.000 - 800.000 baht for visa purposes.
Bankaccount then you need a proper long term visa, a permanent Thai adress for months, a long lease, and regular easy traceable income and a lot of luck even to get a acccount for depositing 400.000 - 800.000 baht for visa purposes.
Donnie ***********
OP@Tin *********
that’s who I bank with nowTin **********
@Donnie **********
hopefully can get 1Brandon ************
There are no "new changes" there is just a crackdown on illegal mule accounts used for scams. If your account isn't being used for illegal activity then it won't effect you.
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