Answered2 years ago
What is the current situation regarding opening bank accounts for expats in Thailand?
Tim Newton of Tim Newton Today upped intell three hours ago re the bank account drama.
TLDR: He strikes a more positive vibe and in essence it’s “hold tight” as the situation is developing. His sources indicate it might blow over in as little as a few weeks.
He does state that reports are correct that there’s no “goverment decree” ban but that tightened diligence is effectively banning new accounts.
Personally this will deeply affect me. My last several visits (VoA) I’ve been too busy to open an account. I now regret my procrastination. For me it’s about quality of life - easier and cheaper access to transferred funds, ability to use QR, easier online shopping through Thai websites (ever had your non-Thai card rejected?), easier and cheaper transfers to help my girlfriend’s sick buffalo, etc. I’m a very cashless person too.
TLDR: He strikes a more positive vibe and in essence it’s “hold tight” as the situation is developing. His sources indicate it might blow over in as little as a few weeks.
He does state that reports are correct that there’s no “goverment decree” ban but that tightened diligence is effectively banning new accounts.
Personally this will deeply affect me. My last several visits (VoA) I’ve been too busy to open an account. I now regret my procrastination. For me it’s about quality of life - easier and cheaper access to transferred funds, ability to use QR, easier online shopping through Thai websites (ever had your non-Thai card rejected?), easier and cheaper transfers to help my girlfriend’s sick buffalo, etc. I’m a very cashless person too.
Answer summary
The recent discussions indicate a tightening of procedures for foreigners trying to open bank accounts in Thailand, attributed to heightened scrutiny aimed at preventing criminal activity. Current reports suggest that while there isn't an official ban, these measures effectively restrict new account openings. Some expats express concern over the impact this has on their financial dealings, with alternatives such as using cash being discussed as a less favorable option. Comments highlight potential ways for long-term residents, such as retirees or those with Thai spouses, to still access banking services through agents. Overall, the situation appears dynamic, with hopes that it could improve in the coming weeks.
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Phil ******
@Chris ******
here's a post I did tonightTin Kwuk Lo very very difficult to open bank accounts now let alone specify a bank. Re dtv visa apply in your home country please as not able to do inside Thailand
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Paul *********
Maybe use cash then.
Chris *******
OP@Paul ********
so many reasons not too as I already outlined.Extra one: I feel extra safe knowing that if I get sh!t faced in a bar and then walk back to my hotel, perps can see I’ve paid with card and my wallet is empty. They can roll me in a dark Soi but they’ll need to not damage my face too much so they can activate my phone 🤣🤣. But seriously… online shopping so easier with a local card. Can earn loyalty points too. Grab too. List goes on. I’m quite old but I’ve moved with the times!
Jason ******
It's only usual in any country that has an influx of Russians moving in 😂 nothing bias against Russians but there's always a large percentage of dodgy money stuff linked to them and there accounts ,theres one going problems also in Bali and Vietnam with them 🙏🏽
Chris *******
OP@Jason *****
it just takes a few bad ones to condemn all the others of the same ethnic group. There’s a viral video online of drunken Aussies beating up security over a bill dispute.Jason ******
@Chris ******
yes correct ,not every Irishman is IRA and not every American a red neck of course ,but there are quite a lot of Russians moving suspect money for sure ,but there's also lots of decent Russians about as well 🙏🏽
Bradley **********
You lot worry too much 😂 give it a month and it will be back to normal
Chris *******
OP@Bradley *********
they’ll finesse it for sure. Stop the dodgy call centre related stuff but keep us real tourists/shoppers happy too 😊
Nongnuch ********
I bet you never did your recent visits by VoA. You rather came visa-exempt and got the free stay permit stamp
Chris *******
OP@Nongnuch *******
I used incorrect terminology I guess. You’re correct. I just arrive at the airport, do a wai and I’m on my way. They certainly make it easy for tourists!!!Jennifer ******
It's simple. Ask yourself if your home country allows tourists to open bank accounts.
Chris *******
OP@Jennifer *****
not following your direction sorry. But the answer is yes, very much soJennifer ******
@Chris ******
money laundering will be rampant if anyone is allowed to open a bank account.Jennifer ******
@Elías *******
not my job to educateChris *******
OP@Elías *******
I agree Elias. In my OP I could have spelt out that I have no problem providing all manner of ID.Perhaps the government can allow special falang accounts with a rather low in/out flow per annum. Say USD 10,000 - totally unattractive to money launderers but sufficient for a budget tourist. Maybe more than 10k dunno
Elías ********
@Jennifer *****
it's not anyone. They have a copy of your passport and other personal information, including your country of citizenship national ID card. Truly wonder how would anybody be able to do money laundering while offering all of their personal information details to the bank.Elías ********
@Jennifer *****
How does it has any relation with Thailand's decision? I mean, it's totally up to them what to allow or not, but, as a matter of fact, many many countries in the world do allow tourists to open bank accounts. They need some documents and might have some restrictions vs residents or nationals accounts, but it's pretty possible (there might be no restrictions at all depending on the documents or intended use).Elías ********
And the restrictions can be easily lifted if one later (at any time) produces a valid visa/Korean ID card.
Jennifer ******
@Elías *******
which ones?Jennifer ******
@Elías *******
there are costs involved in opening and maintaining these accounts. Even if they lie dormant for years because the tourist did not return, they will still incur a cost for the bank. Does not make business sense for the bank especially if it has a minimal amount in the account.Elías ********
@Jennifer *****
Yes, last one last year. But, it is true that accounts opened with just a passport have a lot of restrictions (that regular accounts don't) and very very low daily limits for withdrawals. But still, it's possible. As somebody elsed suggested, Thailand could also implement daily (or monthly or yearly) limits for accounts opened by tourists, making their usage for ilicit activities virtually impossible.Jennifer ******
@Robert ******
yup neither would my home country.Jennifer ******
@Elías *******
did any of your tourists friends manage to open an account recently ?Elías ********
@Jennifer *****
You tell me. I'm the one living in Korea since 15 years ago and who have acompannied many people, including my family members (they're tourists, I'm not) to open bank accounts. You do not need a visa to open an account. I could send you the real requirments, from the bank website themselves, but they're all writen in Korean. Still cand do it, if you want. A random website that has no relation whatsoever with a Korean bank or the Korean goverment means nothing.
Robert *******
@Elías *******
sure not in The Netherlands or Germany there you need local adres registration as also tax number.For the Netherlands I could not even give my wife access to my account as she even with tin had no fiscal binding with the Netherlands….. in Germany it was less a problem as she worked there so needed a bank account.
I can fully understand the Thai banks
Jennifer ******
@Elías *******
according to this 2025 article, you need proof of Korean residential address and a valid visa. ********************************************************************************
%20and%20corporate%20bank%20accounts%20can%20be%20set%20up%20in%20Korea.&text=Yes%2C%20foreign%20citizens%20must%20have%20a%20valid%20Korean%20address.&text=No%2C%20Korean%20banks%20do%20not%20allow%20remote%20bank%20account%20openingsElías ********
@Jennifer *****
can vouch only 100% for my two countries: Costa Rica and South Korea. But my friends have opened accounts as tourists in many European countries, also.
Nelly ******
Still some agents opening accounts it seems. Pm me if you need to know more.
Ivan ***********
In BKK?
Nelly ******
@Ivan **********
not bkkChris *******
OP@Nelly *****
I’m coming mid May. Thanks for the offer. Noted. Hoping it’ll blow over. If not, I’ll be in touch
Jan ******************
If your passed 50 years, come on a long stay visa and have a long term lease minimum 6-12 months, yellow house book or a Thai wife with a permanent residence, it’s still possible to open bank accounts with assistance from an agent as I’ve told. (from an agent). There’s no formal ban, just a crackdown initiated for stopping accounts used to criminal activity.
Chris *******
OP@Jan *****************
exactly. The mule accounts that agents used for opening accounts for holders of any visa are affected. I wouldn’t wanna be an agent with my mule accounts locked up with a stack of Baht in them. Scary!
Stephen *********
Poor sick buffalo!
Chris *******
OP@Stephen ********
had to throw that one in there. We all know the drill 🤣Stephen *********
@Chris ******
the things I paid for!Activity
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