Answereda year ago
What are the new reporting requirements for bank transactions in Thailand according to KBank's T&C?
KBank sent there new T&C through some 30 pages, however, asked a AI chat to find a summary, part of which was interesting.
Banks and financial institutions are required to report to the Revenue Department if a customer’s accounts have 3,000 or more deposit/transfer transactions in a year, or 400 or more transactions totaling 2 million baht or more, to ensure tax compliance.
Large cash transactions (e.g., 2 million baht or more) must be reported to the Anti-Money Laundering Office (AMLO).
Banks and financial institutions are required to report to the Revenue Department if a customer’s accounts have 3,000 or more deposit/transfer transactions in a year, or 400 or more transactions totaling 2 million baht or more, to ensure tax compliance.
Large cash transactions (e.g., 2 million baht or more) must be reported to the Anti-Money Laundering Office (AMLO).
Answer summary
KBank's new terms and conditions highlight that banks are required to report to the Revenue Department if a customer has 3,000 or more deposit/transfer transactions in a year, or if there are 400 or more transactions totaling 2 million baht or more. Additionally, large cash transactions of 2 million baht or more must be reported to the Anti-Money Laundering Office (AMLO). This has prompted reactions from community members discussing similar practices in other banks and the implications for expats.
30 repliesnewest first
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Johnny *********
⁶p
Jeremy ********
All those street stall food sellers are going to be in for a rude awakening at tax time this year
I hope my ฿30 fried rice doesn’t increase in price
I hope my ฿30 fried rice doesn’t increase in price
Steve ***********
How about hit the atm multiple times and self deposit
Dwayne ********
If retirement, wouldn’t worry, that money isn’t taxable.
Pete *******
@Dwayne *******
not true, retirement doesn’t give you a tax free statusDwayne ********
@Pete ******
right, mine does but those are investments & SS is taxless.Dwayne ********
@Pete ******
yesPete *******
@Dwayne *******
everyone’s situation is unique.Dwayne ********
Seems normal, same America. Banks want to track your money & report case you’re eligible to be taxed by your home country.
Clifford **********
Bangkok bank has refused a transfer of 26k from a bank in Dubai.
Marcel *******
@Clifford *********
26 k in which currency ?Clifford **********
Colin **********
OP@Clifford *********
its always worth a call, I had a problem and found out the account names were different, I contact the sending bank and they updated the info and it was processed ok. BKK bank told me they hold on for payments for a few days and if not corrected there sent back.Clifford **********
Baht
Colin **********
OP@Clifford *********
did you contact the receiving bank and ask why?Pete *******
Nothing new, just KBank catching up with the rest of the market.
Colin **********
OP@Pete ******
indeed, however, it was the reporting requirements that was new to me, I've never seen it in writing.Stuart *********
Don’t know about KBank but SCB have stopped transfers over 50k for foreigners.
Ant ******
@Stuart ********
50k what baht or foreign currencyColin **********
OP@Ant *****
As i understand it, below 50kthb no face verificationis needed (this limit can be set in your app, but cant exceed 50kthb). Over 50kthb you need face verification, the total daily limit is 200kthb. I'm not sure if there is a per transaction limit for face verification other than the 200kthb daily limit.
Rodrigo *********
@Stuart ********
Do you mean that I can't send more than 50,000 baht to anyone, or that I can't even receive an international money transfer of more than 50,000 baht?Stuart *********
@Rodrigo ********
They used to offer a waiver where you could do transfers over 50k (face recognition is only for Thai nationals) but that’s now stopped. It might be replaced with another option but currently there isn’t any.Stuart *********
@Rodrigo ********
Sorry I should have qualified it. It’s transfers from your account using their mobile banking app.Stuart *********
@Nongnuch *******
Yes you can do in branch. It’s all about the app and face recognition. As foreigners don’t have access to the face recognition system (no idea why) then they limit transfers out of you account. In person at a branch with a passport you can do what you like.
Nongnuch ********
@Stuart ********
can't you transfer more than 50,000 THB if you show up inyour bank and do it directly? Since if you show up in person with your passport, it's all only about proper identificationRodrigo *********
@Stuart ********
so if i am receiving about 3k usd every month from usa , is there any problem with that?
Simon *********
@Stuart ********
Krungthai did that a year ago... Apparently
Zin ************
@Stuart ********
Yeah they also do not let Foreigners to register face scan yet.And yesterday I wanted to login into my new phone and it do not let me in beacuse it require face scan. 🤔
Chris *******
@Zin ***********
Krungsri started face scan about a year ago, for foreigners also. Anything over 50k on the app requires it for me now.Zin ************
@Chris ******
Yeah the same for SCB and I did register face scan 2 years ago. But recently they cancel for all foreigners.Activity
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