Foreigners wishing to open a Thai account face additional hurdles from Monday February 17. Even those who require a savings or current account to apply for a Destination Thailand Visa (with 500,000 baht) or for a non-immigrant “O” retirement permit (with 800,000 baht) are likely to find difficulties. Well-connected and popular agencies, such as Tik Tok based in Jomtien, have advised on social media that they will be unable to assist with opening bank accounts for foreign customers until further notice.
The Thai government, via the Bank of Thailand, has officially launched a renewed attack on mule accounts in Thailand aiming to curb financial fraud and money laundering. Freezing a staggering 1.8 million bank accounts suspected of being mule accounts, the Anti-Money laundering Office says that 2,500 account holders have actually been arrested during the past year. Police enquiries are now centering on telecommunications companies, digital platforms, e-wallet service providers as well as actual consumers.
The timing of the announcement likely reflects the Thai government’s allied campaign against scam call centers, especially those based in Myanmar and Cambodia. Thai electricity supplies have been cut in some areas with limited success. Meanwhile, attempts continue to ensure that Thai mobile banking accounts match with the SIM card holder’s name. That has already led to various difficulties, for example for foreigners using their wife’s name or for registered corporate accounts registered under the managing director’s personal phone number.
Government officials are reluctant to give a timescale for the latest crackdown on foreigners trying to open bank accounts in Thailand. Tellers at Thai banks told Pattaya Mail that the problem might last for several weeks whilst investigations continue into fake websites, messaging apps, social media and individuals suspected of involvement in banking criminality. Some bank staff say that the biggest single issue involves Asian tourists opening bank accounts to launder cash into capital-flight cryptocurrency which is hard to track.
https://www.pattayamail.com/latestnews/ ... own-490881
Foreign applicants for Thai bank accounts facing new crackdown
Foreign applicants for Thai bank accounts facing new crackdown
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Re: Foreign applicants for Thai bank accounts facing new crackdown
I was just getting my paperwork ready to open a Thai account for my visa, and now I’m not sure what to do. Has anyone managed to get an account recently? Maybe try one of the big banks in person-Bangkok Bank or Kasikorn-with your passport, visa, and proof of address.
Re: Foreign applicants for Thai bank accounts facing new crackdown
If you already have a non-immigrant visa it "should" be a little easier, if not you'll struggle. A friend recently had to pay an agent to open an account for him as the banks refused.
However, as with most things here, there is zero consistency, and it depends on the bank, branch, teller, province, day of the week, and phase of the moon. Good luck.
However, as with most things here, there is zero consistency, and it depends on the bank, branch, teller, province, day of the week, and phase of the moon. Good luck.
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Open a bank account without an address
I'm a Uk citizen and will be applying for a retirement visa soon, I plan on staying 6 to 8 months in Thailand each year staying in rented accommodation. How can I open a bank account without a permanent address there?
Re: Open a bank account without an address
You need a rental contract for the place you're staying and a copy of the ID card of the owner. But even then, it may not be possible without a non-immigrant visa. The banks have cracked down on foreigners opening accounts recently: viewtopic.php?t=42630
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Re: Foreign applicants for Thai bank accounts facing new crackdown
Foreigner debanking continues ...
Bangkok Bank cracks down on foreigners’ accounts amid scam fears
Bangkok Bank has adopted stricter requirements for opening new deposit accounts in Thailand for foreign customers, affecting tourists and potentially any expats who do not hold long-term visas.
The bank said the tighter conditions align with Thailand’s efforts to improve cybersecurity and combat financial scams.
It said new conditions apply to opening new accounts and applications for credit cards and mobile banking services. The aim is to prevent financial fraud, particularly the use of so-called mule accounts.
The adjustment could affect certain foreigners, it said, and clients experiencing difficulties with financial transactions are encouraged to contact the bank through any of its available channels.
“If a customer is classified as suspicious under regulatory requirements, identity verification with the bank is mandatory,” said a statement issued by Thailand’s largest bank by total assets.
Foreign customers of other commercial banks are also encouraged to contact them if they have any concerns about the status of their accounts, given the likelihood that they too will adopt the new standards.
https://www.bangkokpost.com/business/ge ... scam-fears
Bangkok Bank cracks down on foreigners’ accounts amid scam fears
Bangkok Bank has adopted stricter requirements for opening new deposit accounts in Thailand for foreign customers, affecting tourists and potentially any expats who do not hold long-term visas.
The bank said the tighter conditions align with Thailand’s efforts to improve cybersecurity and combat financial scams.
It said new conditions apply to opening new accounts and applications for credit cards and mobile banking services. The aim is to prevent financial fraud, particularly the use of so-called mule accounts.
The adjustment could affect certain foreigners, it said, and clients experiencing difficulties with financial transactions are encouraged to contact the bank through any of its available channels.
“If a customer is classified as suspicious under regulatory requirements, identity verification with the bank is mandatory,” said a statement issued by Thailand’s largest bank by total assets.
Foreign customers of other commercial banks are also encouraged to contact them if they have any concerns about the status of their accounts, given the likelihood that they too will adopt the new standards.
https://www.bangkokpost.com/business/ge ... scam-fears
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson