Answered2 years ago
Which banks can expats with a DTV visa open an account in Thailand?
What bank can you open with a DTV visa?
Answer summary
The discussion revolves around which banks can be accessed by individuals holding a DTV visa in Thailand. CIMB bank is mentioned as accommodating, but the process of opening an account can be challenging and may often involve using agents, which some users view as sketchy. Recent changes influenced by the Common Reporting Standards (CRS) in 2023 are tightening the requirements for foreign nationals opening bank accounts. Comments reflect a mixture of experiences with banks, raising concerns about compliance and the risks involved, especially in light of recent crackdowns on dubious practices.
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Zaw ***********
CIMB bank ok
Anonymous *************
OP@Zaw **********
I can open a bank account with DTV visa?
Maximilian *******
Main requirements for establishing a bank in Thailand:
1. Licensing:
- Must obtain a commercial banking license from the Bank of Thailand (BOT)
- Need approval from the Ministry of Finance
2. Capital Requirements:
- Minimum registered capital of 20 billion Thai Baht (approximately $570 million USD)
- Must maintain adequate capital ratios as per BOT regulations
3. Legal Structure:
- Must be registered as a Public Limited Company under Thai law
- At least 75% of total issued shares must be held by Thai nationals, unless specially permitted by the BOT
4. Management Requirements:
- Board of directors must have Thai nationals comprising at least 75% of the board
- Key executives must have relevant banking experience
- Must pass BOT's fit and proper criteria
5. Operational Requirements:
- Detailed business plan
- Risk management framework
- IT systems meeting BOT standards
- Anti-money laundering (AML) procedures
- Know Your Customer (KYC) systems
6. Documentation:
- Feasibility study
- Financial projections
- Corporate governance policies
- Operational procedures manual
1. Licensing:
- Must obtain a commercial banking license from the Bank of Thailand (BOT)
- Need approval from the Ministry of Finance
2. Capital Requirements:
- Minimum registered capital of 20 billion Thai Baht (approximately $570 million USD)
- Must maintain adequate capital ratios as per BOT regulations
3. Legal Structure:
- Must be registered as a Public Limited Company under Thai law
- At least 75% of total issued shares must be held by Thai nationals, unless specially permitted by the BOT
4. Management Requirements:
- Board of directors must have Thai nationals comprising at least 75% of the board
- Key executives must have relevant banking experience
- Must pass BOT's fit and proper criteria
5. Operational Requirements:
- Detailed business plan
- Risk management framework
- IT systems meeting BOT standards
- Anti-money laundering (AML) procedures
- Know Your Customer (KYC) systems
6. Documentation:
- Feasibility study
- Financial projections
- Corporate governance policies
- Operational procedures manual
M **********
@Maximilian ******
😂😂😂😂😂
Thomas ********
@Maximilian ******
Failing hard at using ChatGPT to sound intelligent.Maximilian *******
@Thomas *******
I was aware that a question with this tone probably doesn’t involve founding a bank, just wanted to bring a bit of humor into the conversation. ;)Anonymous *************
OP@Maximilian ******
I’m not establishing a bank. I want to open a bank account in Thailand with a DTV visa.Maximilian *******
Anonymer Teilnehmer oh that was not clear to me sorry 😅
Da ****
trial and error… success chance very low with most bank branches… you could use an agent but its often expensive and i would call it sketchy as its not a normal way of opening the account. some banks even request 20-30k baht to open an account if at all. its just one crackdown away from getting shut down. same as they did with the house owners and nominees recently. its good until its not. ;)
Paul *******
@David *******
Nonsense. You're in denial. Break the law as a farang and suffer the consequences.David ********
@Paul ******
ah i see. You’re the type of person to get a vaccine for a disease that affects ****
of one percent of the population. A worry wart. Yah man get outside and enjoyPaul *******
@David *******
Huh? I'm totally against all vaccines.David ********
@Paul ******
Consequences? You mean baht? You’re delusional. Or you haven’t been here long.Paul *******
@David *******
It's quite clear you are. Break the law as a farang and experience the consequences for yourself. You're not Thai...as a farang you don't have the same sort of rights.
Tomasz ********
@Da ***
what do you mean that it is sketchy. I mean is obtaining a bank account by agent somehow illegalDa ****
@Tomasz *******
isnt it sketchy when you need an agent and cannot do it the official way? you are one stricter enforcement away from having the account locked. is it illegal in terms of the law? most likely not. but if the bank has rules and you circumvent them by using an agent then its called sketchy.
Anonymous ******************
@Tomasz *******
well you are handing all your personal details over to some 3rd party who you can never be to sure of.You also don't know what they are doing to achieve the result, are they lying, do they have a contact on the inside etc etc
David ********
@Da ***
lol they didn’t do anything with nominees. Just pr fluffPaul *******
@David *******
They most certainly have been cracking down on nominees.David ********
@Paul ******
rubbish. Get offline. You read too much.Paul *******
They have been finding nominees for years. Every now and then, there's a story about it. It's far more than 2 and it's a risky endeavor.
Da ****
@David *******
******************************************************************************************
*****
07-thailand-cracks-down-on-foreigners-using-thai-nominees/just recent news. good luck
David ********
@Paul ******
they “investigated” 26k and “found” like 2. Get real.
Greg ********
@Da ***
As Thailand signed CRS (Common Reporting Standards) in 2023 banks have become tighter in opening accounts. In a tax thread recently a bank branch asked for a TIN to open the account. If this becomes standard it might get tricky for many (Current account holders too). The TIN might not have to be for Thailand but it will have to be for somewhere. Banks having a TIN on an account makes their life much easier. Not saying this will happen but a provincial bank branch asking for a TIN came out of left field.Da ****
@Greg *******
thanks for the info… i guess i will look more into the tax situation next year. many countries have the DTT so it shouldnt be a big issue anyway and overblown discussion. i guess anxiety… i am just not sure how anyone will proof, how much money you brought into the country.Greg ********
@Da ***
I agree it is very much overblown. This is mainly due to financial advisors who have suddenly become international tax experts and bedwetters who have been taken in by them. I have been tax resident in 4 countries the last 20 years or so. The Thai Tax form is the easiest although the company I worked for paid tax advisors to do al foreigners returns. U cannot the form changing much for 2024 from 2023 except about the year remitted monies were earned. As you say with DTT's the money owed will be minimal plus this change in taxation rules is aimed at wealthy Thai's. No small fry foreigners.
Roberto ****
I went through an agent
Anonymous *************
OP@Roberto ***
with the dtv visa?
Wannikea *********
Down
Nawon *******
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