Why is it difficult for expats, especially US passport holders, to open bank accounts in Thailand?

Seems a lot of people replying have no idea what fatca is or what banks have to do about it

The Youtube guy is correct. The extra problems that US citizens/residents have is all to do with FATCA compliance, not CRS compliance. The USA isn't even a CRS country any more, thanks to his Great Orange Majesty.

On a more general note, some banks find it simpler just to have nothing to do with anyone who is not resident in the bank's country, but that's an individual decision made by very short-sighted banks.

As a non-resident I had a series of 5-year term deposits with a UK bank. That bank got taken over twice and each time the account was continued and renewed as normal. Then it got taken over by Nationwide who arbitrarily decided that they did not want non-resident customers. So they closed my account and paid me the full 5 years of interest even though the account had only been open for a year. So I got 25% interest for a one-year deposit and just moved the deposit to a less stupid UK bank. Morons.

Many countries if you're not an actual resident then u can't open a bank acc

The expats aren't complaining. They already have a Thai bank account, as they have permission to be there long-term.You mention the YouTuber and USA vs UK.GLOBAL money laundering is a huge deal nowadays, and many countries take it very seriously. Here in the States, for a long time now, if one deposits (or withdraws ?) $10K USD to/out of a bank, they have to file a form or 10. So, 800K Baht, being roughly $25K USD, is a pretty big deal. I'm not surprised there is a fair bit of paperwork/scrutiny.

The expats aren't complaining. They already have a Thai bank account, as they have permission to be there long-term.

You mention the YouTuber and USA vs UK.

GLOBAL money laundering is a huge deal nowadays, and many countries take it very seriously. Here in the States, for a long time now, if one deposits (or withdraws ?) $10K USD to/out of a bank, they have to file a form or 10. 🤣

So, 800K Baht, being roughly $25K USD, is a pretty big deal. I'm not surprised there is a fair bit of paperwork/scrutiny.

It has been an issue since FATCa was enacted. But it is still doable.

Most countries (120)in the world are part of the scheme where banks and financial institutions have to share information.known as common reporting standard)USA has its own FATCAT scheme..There are still a few non participating countries where you can hide your murky dealings... probably Iran,EL Salvador,and Serbia,and maybe North Korea

It's got nothing to do with being a US passport holder. In the UK unless you are UK resident its not easy to open a bank account as you need a UK address and the appropriate residential status. It's got nothing to do with being a US passport holder

It's got nothing to do with being a US passport holder. In the UK unless you are UK resident its not easy to open a bank account as you need a UK address and the appropriate residential status. It's got nothing to do with being a US passport holder

Holders of US Passworts may be denied accounts in many countries and this is going on for years.

The business about Thai banks being reluctant to open accounts for Americans is an old wives' tale. The Bank of Thailand signed an agreement with the US Treasury Department years ago that obligates all Thai banks to enforce US regulations, so every person applying for an account is required to fill out US forms stating whether they are or are not a "US person" for FATCA purposes. There is reporting on accounts held by US persons (a category that doesn't only include American citizens), but it's completely automated.

I believe that the reporting rules for Americans do create a little more work for the bank so I'd guess some bank managers prefer less work.

My bank wanted a years non O visa which you can't have without a bank account, so I went to the next town and had no problem, same bank.

My bank wanted a years non O visa which you can't have without a bank account, so I went to the next town and had no problem, same bank.

I am an American who has opened three bank accounts over the years. There clearly is a lot of paperwork involved with opening an account for me but none of the branches I have gone to to have not opened an account because of that.

Kasikorn refused to open an account because they didn’t recognize/understand my LTR visa. The next Kasikorn branch opened an account without questioning my visa.

If you have the correct visa, you can open a bank account. The issues arise because bank staff aren't properly trained, and some individual branch managers don't want to open accounts for foreigners. If you are in Bangkok, you will have more success opening an account at a head-office branch.

It's not difficult here. A visit to the bank and you get your account without hassle IF you have a visa allowing for it.

An expat won't have any issues opening a bank account in Thailand.

If you have the right Visa

And can follow instructions

As per the bank’s request

It’s no drama

It’s Easy for clickbait / views to talk about some

Bad / mixed experiences on social media

It's all to do with your visa.Tourist don't need a bank acc if they are truelly a tourist.South Africa you cannot get a bank acc or a mobile phone sim on a tourist visa.Australia was the same.

A long term visa, basically anything that's non tourist or even visa free, a passport, a Thai phone contract linked to a passport a Cerificate of Residence from the immigration office and usually a second form of ID from your own nation ie valid drivers licence which always works best ....and some money.

If you don’t hold the correct visa you can’t open a bank account what’s so hard to understand??

Not likely, its because Thailand has restricted banking accounts to people demonstrating they are long term in terms of visas and other thai documents.

There's no real difficulty opening bank accounts in Thailand if you're on an appropriate visa to allow you to do so and supply the bank with the required information. Almost all of the people who have difficulty are either on the wrong visa or haven't followed the correct process. It applies equally to all nationalities