Answered2 years ago
What are the new requirements for opening a bank account in Thailand next month?
Pretty hard now but the new rules are asking for even more checks on opening a bank account from next month.
Answer summary
Starting next month, new regulations in Thailand will impose stricter checks for opening bank accounts, particularly aimed at preventing scams. Banks will be required to verify applicants against lists of known scammers and mule account holders, a measure designed to protect customers and hold banks accountable for refunds in case of scam incidents.
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Xavier ********
Great… what next, preventing DTV holders from having a phone number ?
Greg ********
OP@Xavier *******
The Chinese say "Do not tempt the Gods" 🙂 🙂
Brandon ************
Nothing new to affect normal people here. The only thing this article says is that banks must check people applying for an account against the blacklist of known scammers and mule account holders. If they weren't already doing that, they will do it now because they banks will be responsible to refund scams if they don't check
Anonymous ******************
@Brandon ***********
What do you consider "normal people"? Aren't most DTV users normal people? Then why do so many get denied when trying to open an account?
Rico ***********
Anonymer Teilnehmer 305 DTV is a tourist visa, and Thais wonder why a tourist would need a bank account—that's the main issue. The law requiring banks to compensate victims of scams might also be a contributing factor.
Anonymous ******************
@Rico **********
Yes, agree. 👍Greg ********
OP@Brandon ***********
Obviously the article is not in depth but if you think that is the only extra checks then good luck with that.
Tim ***********
I hope they not freeze existing innocent bank accounts with no reason
Janina ******************
@Tim **********
I received a text from my bank ****
stating it was urgent I go to a branch and update my information. I went, had to fill out all new paperwork, check that my phone number was still the same. Took copies of my current visa and lease and I had to prove my identity with 3 pieces of ID. Passport, USA drivers license and birth certificate. Bank account is now secured.Greg ********
OP@Janina *****************
Did they update Country of Tax Residence and TIN?Janina ******************
@Greg *******
yes. I’m American so I had to fill out a new W9 form and a packet asking me questions about my citizenship.Greg ********
OP@Tim **********
As long as everything aligned then I doubt they will. I see 2 items to align 1) The CRS reporting so where are you tax resident and the TIN or reason for not having one. 2) a single validated mobile device and Sim against your passport. They seem to have gone quiet on number 1 and focus on 2 at the moment
Expat **********
Very good news. Far too many people losing money through scams here.
Jackie ********
Expat **********
@Jackie *******
Wasn’t it the US banks that caused the financial crisis in 2008? 🤭🤭Jackie ********
@Expat *********
true that!!!
Bastien ********
Is this related to all the recent arrest related to phone scam center and having Thai nominee companies ? I get lost
Greg ********
OP@Bastien *******
Yes, related to online scams and call centres mainly. They need mule accounts to transfer money through. One way they can then launder funds is to buy properties and rent them to tourists.Bastien ********
@Greg *******
it’s not bad then, these phone centers scam are HORRIBLE in France we used to have 4-5 call/daySo yeah for us it’s maybe a little harder but it’s for the best
Greg ********
OP@Bastien *******
I saw a recent figure of 500k calls a day in Thailand.Christopher ******
Get a gf.. get her to open one for you. Give you the card
Mark *********
@Christopher *****
that’s how the problems startChristopher ******
@Mark ********
You're dealing with manipulators then... the problem isn't them.. it's you for choosing the wrong people to help youAnonymous ******************
@Christopher *****
It's called a mule account, and the concept involves using someone else to hold your money. There's not much difference from your idea in terms of legality. You may use it for legitimate transactions, but you're still using someone to do it when you shouldn't.Anonymous ******************
@Christopher *****
And pray for no argument 😂 Tax liability and responsibilities fell to her, maybe not the best.Greg ********
OPAnonymous participant 305 Lol - that argument will come after a larger remittance. And how do you tie your passport to your SIM to that account?
Greg ********
OPAnonymous participant 305 And when she wants you out of the country she reports you for forcing her to open a mule account lol
Anonymous ******************
@Greg *******
Exactly. Plus she's a guaranteed tax resident, what may add some extra responsibilities. I can already hear the "That's my account not yours!".Greg ********
OP@Christopher *****
Aye right. Those mule accounts are the ones they are looking for.Christopher ******
@Greg *******
If you only use the card. what does it matter? Never walk into the bankGreg ********
OP@Christopher *****
No idea. I have not deleted anything lolChristopher ******
@Greg *******
Where's my comment?Greg ********
OP@Christopher *****
So no online banking or payments etc. All you want is an ATM card. Might be cheaper to just take 30k out at a time on home card and swallow the 220 Baht charge.Activity
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