Answered2 years ago
What are the recent challenges foreign expats face when opening bank accounts in Thailand?
FYI, looks like some kind of squeeze is on.
Answer summary
Recent discussions indicate that banks in Thailand are tightening regulations on bank account openings for foreigners, particularly those on tourist visas. This is attributed to concerns over scams and money laundering. To open a bank account and apply for a retirement visa, foreigners typically need to establish a residence certificate, which requires residing at a permanent address for at least three months. As a result, many foreigners find it difficult to open accounts due to their visa status and the banks' new compliance requirements.
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Rok ********
If TikTok cannot do it no other agency can. They are a bunch of very hardworking and well connected girls.
Henrik *****
Banks in Thailand are like everywhere in the world, interested in having good stable custormers, that have a permanent address, a steady easy traceable income, and use the account all year round.
That is why the banks are reluctant to give accounts to people on short time ( read: tourist ) visas, and who only spend part of the year in Thailand.
Don’t expect to get a residence certificat, until you have stayed at a permanent adress in at least 3 month, since that is what the residence certificat should confirm.
Furthermore the added attention on whitewashing of money, is an added burden on the banks, so reluctant depositing large amounts isn’t a guaranteed way to open an account.
The value of a resident certificat, had gone down, since Immigration Officers are giving them to people that are not on a longterm visa, or have stayed severel months at 1 adress in Thailand, so even if it is a formal requirement, the bank make up their own assesment of the stability of the want-to-be customer.
That is why the banks are reluctant to give accounts to people on short time ( read: tourist ) visas, and who only spend part of the year in Thailand.
Don’t expect to get a residence certificat, until you have stayed at a permanent adress in at least 3 month, since that is what the residence certificat should confirm.
Furthermore the added attention on whitewashing of money, is an added burden on the banks, so reluctant depositing large amounts isn’t a guaranteed way to open an account.
The value of a resident certificat, had gone down, since Immigration Officers are giving them to people that are not on a longterm visa, or have stayed severel months at 1 adress in Thailand, so even if it is a formal requirement, the bank make up their own assesment of the stability of the want-to-be customer.
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9-thailand-to-implement-stringent-compliance-regulations-for-new-bank-accounts?Sean *******
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Wannikea *********
OP@Sean ******
So banks and credit/debit card issuers benefit with massive fees and forex rate for ATM withdrawals, Thai banks don't have to deal with administrative costs for opening and maintaining a bank account for basically a tourist with likely low balances. Another win/win for bankers.
Glenn **********
Yea, there was a column in the Bangkok Post about it a few weeks ago.
Sean *******
It's because of scammers. They will also check that everyone's Thai SIM card has the same registered name as the account holder.
Tommy ***********
@Sean ******
it's true, I got this message from my SCB app recently. Which is weird because my SIM card does match my Bank account name, both required the same passport to get it... 🤷🏻 Oh well I'll go see them when I'm back and see what it's all aboutSean *******
@Tommy **********
That is strange. I'm on my third SIM card since I opened my bank account. The first two numbers are dead but were in my name. I haven't been notified yet. Krungthai bank.
Ben **********
@Sean ******
who will check? Where? How?Sean *******
@Ben *********
The banks will check their records and phone numbers. They will notify people who's don't match before the 1st April. And might freeze account which don't.Greg ********
I posted that too. Will delete the duplicate. TikTok have been around a long time and they are very well connected.
AllSabai ******
@Greg *******
welcome if needed 😊🙏David ************
I hope drivers licenses become the same. Where applicants actually have ro do the tests and prove they have the skill and knowledge to use a car or bike in thailand.
I know I am dreaming
I know I am dreaming
Stefan ******
@David ***********
Even if the govt was willing, most Thais just don't have the money that would be needed to get a proper theoretical and practical education. So yeah, that's not gonna happen.
Alex *******
@Da***
I think you are definitely dreaming cause most Thai people don't even have a license 🙂
Jon **********
@David ***********
afaik all these ads that claim you don’t need to attend are just scams who steal your deposit 🤷♂️Greg ********
@Jon *********
Correct.Greg ********
@David ***********
The overwhelming majority of those ads are scams. The Department of Land Transport has issued notices about it.David ************
@Greg *******
boys. I have mates who never even went to DMV. Sadly it's a truism.more farang road kill
Steve *******
@Jon *********
they are exactly that. Always posted by profiles with photos of light skinned skinny women, because that's what works for scamming Thais and old white men.You have to physically be at a training facility for 15 hours to get your license, legally.
Greg ********
@David ***********
With TikTok you actually have to go to the test centre etc. They just take people to a less busy one and facilitate queue length.
Yaowalak ********
right now very strictly for some nationality maybe can do again round April
David ************
Team can I suggest you look at a wise bank account. Keeps ypur money offshore. Automaticslly comverts to thsi naht at good rates. Get up to 5% interest on money in it. I don't bring banking into thailsnd. Just cash and wise.
May help in future with tax issues if ypu don't use deposits system. DTV is a tourist/soft visa so your not a resident. Do your own research.
No benefit for me.
May help in future with tax issues if ypu don't use deposits system. DTV is a tourist/soft visa so your not a resident. Do your own research.
No benefit for me.
Koin ******
@David ***********
for retirement visa thai account is mandatory
Lachlan **********
@David ***********
until they cancel you for no reason and no recourse.David ************
@Lachlan *********
honestly never had a problem. Only problems I have heard are guys not providing ID trying to aVoid tax. Guess until proven wrong.Lachlan **********
@David ***********
You have to be VERY careful about where money comes from going into the "account" and who you send it to. They have no obligation to provide a service and if anything they perceive as putting their business model at risk or increases compliance requirements comes in contact with your "account" - then they will close it.
Dany ********
@David ***********
not a good idea to have large amount of money in Wise if we consider all the negative reports about accounts beeing locked overnight and people struggling for months with the support to access their money again. Its great for quick transfers but i would just only use it like that and only have small sums in their bank.
Paul *******
@Dany *******
Agreed. I have backups for Wise, in case of issues
Jason *******
@David ***********
not great mine got frozen and closedLachlan **********
@Jason ******
it's a super common problem
Hasan ***********
@Jason ******
Would suggest Revlout on the upgraded metal plan in this scenario
Han *****
@Jason ******
Same for me.
Riccardo ************
@David ***********
how do you withdraw from wise if you don't transfer to a bank account?Wannikea *********
OP@Riccardo ***********
Wise debit card for those that have one.Dany ********
@Wannikea ********
with the usual 220 baht atm feeRiccardo ************
@Wannikea ********
yeah I just checked and they don't give it to me haha
Salah *********
I heard it s because of the scams and underground lottery apps using Thai bank accounts with foreigners names.
So mainly it s a bank account problem, and if you can t open a bank account you simply can’t apply for a retirement visa in thailand, as you can’t open an account on a tourist visa anymore, bo matter what
So mainly it s a bank account problem, and if you can t open a bank account you simply can’t apply for a retirement visa in thailand, as you can’t open an account on a tourist visa anymore, bo matter what
Joe *********
@Salah ********
yeah its gotta be
Jordi *******
I opened my bank account on a tourist visa 5 months ago
Greg ********
@Salah ********
For Reitirement you get an initial 90 Day O based on retirement. You open bank account with this and seed the money. Then after 90 days you get a 12 month extension once money has been in bank for the qualifying period. No need to open account on tourist visa.Greg ********
@Salah ********
Scams, money laundering etc are definitely a major issue as is the CRS reporting overheads. Is it commercially viable for a branch to open accounts for non-Thai.Activity
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