Answereda year ago
What are the latest developments regarding the freezing of bank accounts in Thailand due to visa type issues?
Good news and possibly bad news. It looks like accounts with wrong visa type may still be frozen or closed. Let's see the full outcome.
This below from Pattaya News
"The Bank of Thailand resolved in a meeting today with commercial banks that accounts frozen must be unblocked within four business hours if the holder provides proof they aren't tied to scammers. Additionally, only funds believed used or connected to scams should be frozen and not the entire account. However this may take until the end of the month to implement.
Additionally, this is only if the account is flagged or frozen for potential scams or ties to mule accounts, not if it is flagged for Know Your Customer violations like suspected incorrect visa for foreigners, sim card, or other incorrect information used to set up and register.
However, it's a start. Full article later."
This below from Pattaya News
"The Bank of Thailand resolved in a meeting today with commercial banks that accounts frozen must be unblocked within four business hours if the holder provides proof they aren't tied to scammers. Additionally, only funds believed used or connected to scams should be frozen and not the entire account. However this may take until the end of the month to implement.
Additionally, this is only if the account is flagged or frozen for potential scams or ties to mule accounts, not if it is flagged for Know Your Customer violations like suspected incorrect visa for foreigners, sim card, or other incorrect information used to set up and register.
However, it's a start. Full article later."
Answer summary
Recent discussions indicate that bank accounts in Thailand, particularly those flagged for potential scams, must be unblocked within four business hours if proof of legitimacy is provided. However, accounts flagged for having incorrect visa types will remain frozen, affecting foreigners, including those on tourist visas. The broader implications of these regulations are causing concern across various sectors, with many retailers halting scan payments to avoid freezing of their accounts. There's also frustration about the practicality of maintaining a bank account in Thailand under these circumstances.
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Anonymous ******************
The solution is onboarding Thai merchants to USDC on Solana. It's not like the yields on THB were worth holding the currency for anyway, and Thai people (with bank accounts) can easily convert in between. Everyone happy.
Donna ******
Anonymous participant 414 Or they can just allow payment providers to actually provide a usable service, like other countries (even Malaysia and Laos) do.
Anonymous ******************
Even a Thai friend of mine got her bank account frozen. It really is a clown 🤡 show at the moment.
Anonymous ******************
Not sure why people want a bank account in Thailand on tourist visa. I’ve heard the argument of convenience of QR payments. But how convenient is it now? Cash is king. Transfer for rent.
I’ve also heard a complaint about ATM fees or limits. That’s part of living in a foreign country.
I’ve also heard a complaint about ATM fees or limits. That’s part of living in a foreign country.
Donna ******
Anonymous participant 897 Because large transfers don't always go smoothly. I had my son's school threatening to not hold his place, because their bank rejected my transfer. Just because it doesn't fit your circumstances, doesn't mean there aren't many reasons why a local account is more convenient for some people. (I've also heard of tax complications if money is directly transferred to other people, or jointly-owned companies, from abroad.)
Anonymous ******************
@Donna *****
you should not be allowed a bank account in a foreign country with a tourist visa. Convenient or not. It’s a touristGreg ********
OP@Donna *****
Yes - basically a lower level LTR would be good. Less barriers to entry but still enought for money and growth into the Thai economy through taxation and spending. The SP could be for as long as course running. That is basically what the Thais were talking about. They were pissed off about Visas and vists to the West though. :-) :-) I understand their point. I have not taken my Thai friends to weddings in USA and UK over the visa thing.Donna ******
@Greg *******
That would make much more sense! I'd have gone for the LTR if it weren't for time constraints and waiting for the BOI approval. The truth is the DTV overall is still less hassle if one travels regularly. But the whole making payments thing can be a small mare at times.Greg ********
OP@Donna *****
Without getting into the whole banking thing it is obvious the DTV was a rush job and badly implemented. The Thais in my office were all talking about it when initiated and came up with better options over lunch. This included min income brought into Thailand so it could be taxed but with benefits like bank accounts and maybe even Social Security ( I thought thst a bridge too far). They would have separated the Soft Power and Workaytion completely. The main complaint was about too easy to get and they have to jump through hoops to get visas elsewhere. These were professional Thais earning a decent salary.Donna ******
Anonymous participant 897 So you have some better insider insight as to the intentions of the Thai government? 6 months is hardly the same as an METV. And judgy much? Some people just want an extended timeout or cultural experience and have the means to do so. Most visas don't have a path to residency or citizenship. Just because circumstances don't apply to you or you don't agree with them, doesn't mean people don't have perfectly valid reasons for their stays. Constructive conversation... 🙄
Anonymous ******************
@Donna *****
DTV was a visa intended to travel in and out of Thailand. If not, why have the rule of leaving every 6 months. We disagree but it’s fine. I don’t think tourist visa should be allowed local bank accounts. But I also don’t agree with people getting DTV and then adding there whole family to the visa then moving to Thailand and think they are residents of Thailand. DTV doesn’t have a pathway to residency or citizenship. What will people do if changes were to be made on DTV? Plus a large % of DTV are 6 month soft power classes not working remotely. I disagree with the spending more. People on a 2 or 3 week vacation are going to go on tours, shop more and spend more at restaurants.Donna ******
Anonymous participant 897 Why not? And why stop there? By what standard do you formulate this blanket opinion? There are plenty of things people can argue shouldn't be allowed. But if the primary purpose of a longer tourist visa is to encourage people to stay, work remotely, and spend more, even invest and in theory be subject to taxation, there ought to be reliable methods to accomplish these objectives - direct transfers into, and payments from, payment providers, for example. The reality is that the Thai banking and payments systems and regulations have not caught up with modern standards, so these latest hiccups are a knee-jerk reaction for failure to implement proper AML measures.
Douglas ********
Anonymous participant 897 it is more convenient to have a bank account.
It is also possible to work around not having one.
It also sucks to have had one and had the funds frozen and it taken away.
And it really sucks when this is all rolling down hill from problems that other people created.
All of these things can be true. Let people rant. And stop hiding behind anon accounts and throwing rocks.
It is also possible to work around not having one.
It also sucks to have had one and had the funds frozen and it taken away.
And it really sucks when this is all rolling down hill from problems that other people created.
All of these things can be true. Let people rant. And stop hiding behind anon accounts and throwing rocks.
Andi ***********
@Douglas *******
True, convenience is the biggest plus of a local account, but you can work around it as you say. The main thing is people not going to lose money from their locked account.Anonymous ******************
@Douglas *******
well I agree. Really sucks if assets frozen but hopefully people kept money somewhere else too and this gets resolved quickly
Biff *******
Lots of small retailers are not accepting scan payments at the moment as they’re worried their accounts will be frozen.
Greg ********
OP@Biff ******
This has been handled atrociously and by one bank in particular. No idea of the processing time and clear guidelines it is quite obvious.Biff *******
@Greg *******
gf just told me she had to draw cash to pay at the pharmacy and small flower stall, food stall too. It may be that they’re overreacting but it’s definitely having an effect. Many Thai people also have accounts that were opened in different provinces so they’re being hit by withdrawal fees at the ATM as well. They’re not happy!
Andy **********
@Biff ******
use the cardless withdrawal feature in your banking app, No out of Provence ATM fees 😉Greg ********
OP@Biff ******
in any crisis an overcorrection is required. That response must be planned and at the correct level. They do not even seem to have calculated volumes involved and processing time. This is leading to the unintended consequences we are seeing.
Lisa ***************
key info : not including those with the incorrect visas ! No DTV visa holders!
Greg ********
OP@Lisa **************
It is a wait and see right now. :-)Anonymous ******************
Lisa ***************
@Greg *******
it doesn't say that! It clearly says ONLY frozen accounts flagged for potential scams or ties to mule accounts ! NOT if you have violated registration rules like incorrect visa ! There is no "wait and see" about visa violationsGreg ********
OP@Andi **********
I was in King's Cross quite a bit a couple of years ago. The new buildings and investment around there fantastic. However look at my old sector Life Sciences. Billions pulled out in last week from AZ and MSD. These were 1000's of high quality jobs toether with the clusters thst build up around these centres. 2017 to 2023 FDI down 58% in the sector. Life Science ie Pharma and Biotech were once of the crown jewels of the UK economy. A certain vote in 2016 has fecked this. I still talk regularly to quite senior people in the industry. They are not seeing sunlit uplands and prancing Unicorns for the industry in the UK. Pals I do know who I worked with in Singapore and the region have bought very nice houses in North London. Access to university and hospitals in the centre plus out to the Silicon Glen's where their HQs are.Andi ***********
@Greg *******
London no longer downmarket with the recent Google AI investment of £5B which Mr T will take the credit for, no doubt.Donna ******
@Greg *******
Could I have the link for the seminar too please, if it pops up again?Donna ******
@Andi **********
Happy to help where I can! 🙏🏼Greg ********
OP@Andi **********
last time I used it was to London lolAndi ***********
@Greg *******
😂 which downmarket locations?Greg ********
OP@Andi **********
I do have a Samsonite Laptop backback but only for downmarket locations. My usual is Tumi or the Silicone Valley five Waterfield. It have 3 Rimowa suitcases too. :-) Had to have the look when working across Asia. Company car and driver for aroubd Bangkok and to the factories :)Andi ***********
@Greg *******
Lord Snootish does not mix with Samsonite luggage owners then?Greg ********
OP@Andi **********
Online. Keeps popping up in my feed. Will try and find it.Andi ***********
@Greg *******
Where is the seminar?Greg ********
OP@Andi **********
There is a free seminar on KYC in Asia on Thursday. It is aimed at lenders but should be of interest :-) :-)Andi ***********
@Donna *****
Agreed...so you the one to go for KYC questions then 😊Greg ********
OP@Donna *****
Oh I do not talk to him. Just know who it is and his background. I am a bit Lord Snooty who I mix with here lolDonna ******
@Greg *******
I hope you've given them hell for it.Greg ********
OP@Donna *****
I know who it was who wrote it. LolDonna ******
@Greg *******
Yeah, I get that. Not disagreeing with you. 😉Greg ********
OP@Donna *****
It was an initial report from Pattaya News. If they said the sky was blue I would look out the window to checkDonna ******
@Andi **********
I agree. The publication quoted incorrectly stated that the "wrong type of visa" is a "KYC 'violation'" - it's not. (I work in KYC.) KYC is an identity verification process for anti-money laundering measures, so I can see how that could be misread.Andi ***********
@Greg *******
Many do not know the details of KYC, i see how she misunderstood ,
Malcolm *****
@Greg *******
exactly 👍Greg ********
OP@Lisa **************
PS: Did you also read this want an initial report from The Pattaya News? Not exactly a news source of record. FFSGreg ********
OP@Malcolm ****
There were never any laws about which visas were allowed to open bank accounts. It was up to each bank and often delegated down to branch level. Some banks now seem to be changing their own rules which they can do.Greg ********
OP@Lisa **************
KYC is different to "Visa Violations" Do keep up at the back. Do I need to explain it to you?Malcolm *****
@Lisa **************
ok, so it visa violations. You’re talking about where the bank allowed and facilitated an account to be opened with the incorrect visaLisa ***************
@Malcolm ****
Know Your Customer violations like the incorrect visa for foreignersLisa ***************
@Greg *******
can you not read your own post ?????? Additionally, this is only if the account is flagged or frozen for potential scams or ties to mule accounts, not if it is flagged for Know Your Customer violations like suspected incorrect visa for foreigners, sim card, or other incorrect information used to set up and register.Greg ********
OP@Lisa **************
That is a preliminary report. What do you mean about "Visa Violations". Not even mentioned.Malcolm *****
@Lisa **************
“visa violations??”Activity
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