Opening A New Bank Account In Thailand

[marcusarelus]

17 hours ago, onera1961 said:

You have to do FBAR reporting for IRS if you keep more than 10K USD in a foreign bank.

Sent from my moto g(7) using Thailand Forum - Thaivisa mobile app
 

You must not be a Yank.  FBAR does not go the the IRS.  

[MikeN]

Having just moved to rural Ubon Ratchathani where the only bank in town is Krungsri, and not wanting to pay 15/20 baht for every ATM transaction on my Bangkok Bank account in Bangkok, I thought I would try my luck at opening an account.

 Went in with the missus as she already had an account there, first thing they said was “you need a work permit”. Politely asked them to check with Head Office who told them I needed a long stay visa and the missus’s tabien baan. Opened my passport at my current retirement extension to make it easy, but she flicks through my passport back to an old tourist visa ....”no good, Mai dai”

(grit teeth and force a smile) flick back to last page ...”No, this is my current visa, see, done last month” She seemed confused because it was just a rubber stamp not a pretty sticker taking up an entire page, don’t think she had seen many passports before. Faxed a copy off to Head Office to check, yes that’s ok. But no tabien baan, so come back the next day ....

 Came back the next day with the tabien baan and that staff member is not there, repeat entire process with staff #2 .....just call Head Office, they will talk you through it.

 The missus had to write on the tabien ban copy that I was living there, but no actual proof of address required, no embassy letter or certificate of residence.

 After about 40 minutes I walk out with passbook and ATM card but later that afternoon we get a phone call ....can I go back tomorrow and sign the right forms ? Apparently there was a special application form for foreigners that had to be used !

 So over the 3 days it took about 90 minutes to open the account, but on the plus side I received an SMS with a temporary password for the online/mobile banking quickly and automatically, something I gave up on doing this with Bangkok Bank because they could never update the visa info required for online access....talk about incompetence.

 

[inThailand]

On 6/12/2019 at 4:25 PM, Date Masamune said:

So what?

The US government won’t seize your assets unless you commit crimes, hide income, or lie on your tax return.

 

Doing the online FBAR report takes me about 10 minutes.

Actually, they will seize your money. The penalty for not doing FBAR reporting is they will take 50 percent of your money. And you still need to report any interest earned on your annual 1040 tax return

[Date Masamune]

Yes, just as I said but The FBAR is a piece of cake. Not reporting the interest earned on a bank account is a crime tantamount to hiding income. But a US Bank won’t even send a 1099-INT form unless you earn $100 in a year. For a pittance of interest , don’t worry. Follow the rules and no problem with the FEDS asset forfeiture.

 

[yang123]

Opened a joint savings account with SCB earlier this week - very smooth process.

We took:

For me:

UK passport (with current extension to retirement visa & TM30 slip);

Yellow book & Thai foreigners' ID;

For 'er indoors:

Thai ID.

 

Also took our house blue book, but it was not asked for.

 

The only (very slight hiccup) was when we were asked for sight of our UK wedding certificate.  Swerved that by pointing out that we had the same surname - see ID cards etc - and that was accepted.

 

Overall, the process took around 45 minutes, after which we left with a new account, passbook and ATM card.

 

Simple stuff compared with opening a Krungsri savings account in my name only (see post 982 above).  No attempt to to sell insurance.

 

 

[ravip]

Are all savings accounts taxed, immaterial of the balance therein?

 

[mahjongguy]

" Are all savings accounts taxed, immaterial of the balance therein? "

 

They are potentially taxable if the total of your income earned in Thailand exceeds ~ 230,000 baht.

 

Taking out 15% of your interest and sending it to the government isn't taxation, it's withholding. 

[phungo]

I have a 1 year Non O Visa (based on marriage, im from USA) and would like to open a bank account.

I went to Bangkok Bank with my wife. They said I cannot open a bank account unless i have a letter from embassy. We asked what letter, she said embassy will know. Why doesn't she know what letter the bank she works for required? argh!

Does someone here know what letter Bangkok Bank need from the US Embassy?

[dimitriv]

1 hour ago, phungo said:

They said I cannot open a bank account unless i have a letter from embassy.

 

 

I needed a copy of my passport with a couple of stamps from my embassy confirming that the copy was made of a real passport. 

[skatewash]

3 hours ago, phungo said:

I have a 1 year Non O Visa (based on marriage, im from USA) and would like to open a bank account.

I went to Bangkok Bank with my wife. They said I cannot open a bank account unless i have a letter from embassy. We asked what letter, she said embassy will know. Why doesn't she know what letter the bank she works for required? argh!

Does someone here know what letter Bangkok Bank need from the US Embassy?

My understanding is that it is basically an address verification.  An example of the content: "Joe Citizen lives at this address in Thailand".  The underlying purpose is that the US Embassy is verifying that the person has a valid US passport.  From the bank's perspective who better to know if the passport of a US citizen is valid?

[Nyezhov]

4 hours ago, phungo said:

I have a 1 year Non O Visa (based on marriage, im from USA) and would like to open a bank account.

I went to Bangkok Bank with my wife. They said I cannot open a bank account unless i have a letter from embassy. We asked what letter, she said embassy will know. Why doesn't she know what letter the bank she works for required? argh!

Does someone here know what letter Bangkok Bank need from the US Embassy?

Use Krungsri, great except for the transferwise issue

[phungo]

12 hours ago, skatewash said:

My understanding is that it is basically an address verification.  An example of the content: "Joe Citizen lives at this address in Thailand".  The underlying purpose is that the US Embassy is verifying that the person has a valid US passport.  From the bank's perspective who better to know if the passport of a US citizen is valid?

What paperwork do I need to bring to do this (besides my passport and an appointment confirmation) ?

Do I fill this Affidavit document out? https://th.usembassy.gov/u-s-citizen-services/local-resources-of-u-s-citizens/notaries-public/affidavit/

[skatewash]

18 minutes ago, phungo said:

What paperwork do I need to bring to do this (besides my passport and an appointment confirmation) ?

Do I fill this Affidavit document out? https://th.usembassy.gov/u-s-citizen-services/local-resources-of-u-s-citizens/notaries-public/affidavit/

I was hoping someone else would be along to answer or confirm my answer to your question.  I have not been down this route.  I was able to open a Bangkok Bank account without such a letter but that was 7 years ago.

However, my understanding of what sort of letter from the embassy is required does come from a good source:

https://forum.thaivisa.com/topic/1073627-embassy-letter-to-open-bank-account/?do=findComment&comment=13657880

 

The reason I responded is that the bank letter that Bangkok Bank lists as a requirement says something like reference letter.  But it's not like the US Embassy is saying you are a good person, have good credit, they would trust this person with their firstborn child or something like that.  Again, my understanding is that the embassy letter is much simpler than that.  It is basically a case where you state your address at which you reside in Thailand, being sure to mention that is where you reside in Thailand, you sign it before the embassy official, the embassy official needs to see your passport, stamps the affidavit and you're out a $50 fee for services rendered. 

It's not like the embassy asks to see any evidence of where you live.  It's role is that of a notary (sort of) saying that this person showed me a valid US passport, submitted this affidavit, swore to its truthfulness , and signed it in my presence.  That's it.  It's basically a CYA process for the bank should anyone question them in the future they can say that the customer showed a letter stamped by the US Embassy, so that's why they opened the account.  If it turns out your passport was fraudulent, the bank can say not our fault, the customer's own embassy confirmed it was legit.  Who would know better?

How I have avoided needing this letter is that when I need such an address confirmation I simply go to my local immigration office and for a fee of 300 baht (much less than $50) the immigration office will issue me a certificate of residence that states my address is such and such.  That's basically all the bank is asking for (either a certificate of residence from Thai Immigration or an affidavit of your address from your embassy), but for some reason they see fit to call it a "reference" letter (which sounds more significant than it really is).

Here's where you might be in a Catch-22 situation.  While the bank would be perfectly happy (probably) with a certificate of residence from your Thai Immigration office you may not be able to get such a letter from your local Thai Immigration office because you may not already have a long-term extension of stay issued by the immigration office and some offices won't do a certificate of residence for you unless you have one and are filing 90-day reports with them.

 

My advice.  Find out if you can get a certificate of residence from your Thai Immigration office.  If yes, get one and use that to get your account opened at Bangkok Bank.  If no, then go the embassy route.  I don't think the letter has to be any more complicated than something like this:

I, Joe Blow, reside at the following address:

Number and Street

City, Province THAILAND Postal Code

[chado]

Which bank will open an account for a tourist now in 2019? Bangkok bank?

[kralledr]

On 10/12/2019 at 4:11 PM, chado said:

Which bank will open an account for a tourist now in 2019? Bangkok bank?

is still try and error...

[NAoZ]

What are some of the best banks for citizens?

[ravip]

If you mention in detail the precise requirements you are looking for, you may get very helpful answers.

[NAoZ]

Good access to ATMs and minimal fees.

I don't care much about interests but I heard some banks have lottery if you keep money with them. If its worth it then may be interested.

Just looking for overall good service and a safe place to keep my money.

This might be brach specific but my Thai ability is close to nonexistent so it would help if they can work in English too.

[kiever]

I used tik tok services in Pattaya to open bank account with online banking

[Caldera]

17 hours ago, kiever said:

I used tik tok services in Pattaya to open bank account with online banking

Can you elaborate on that, please? Is that an agent that assisted you with opening an account? Did you need anything besides your passport?

[topt]

On 12/3/2019 at 3:24 PM, kzyswd said:

Good access to ATMs and minimal fees.

All the major banks are pretty much the same.

[SteveK]

I tried to open a second bank account in Thailand to split my money amongst them. One for spending money and one for the 400k. Tried half a dozen branches before giving up. They all asked for a work permit, as I don't work and am under 50, they don't appear to know what to do so just want to get you back out the door.

[samsensam]

7 minutes ago, SteveK said:

I tried to open a second bank account in Thailand to split my money amongst them. One for spending money and one for the 400k. Tried half a dozen branches before giving up. They all asked for a work permit, as I don't work and am under 50, they don't appear to know what to do so just want to get you back out the door.

 

i'm a K bank customer in bangkok, no work permit, last year i opened two bank accounts; savings and fixed rate deposit, no problems whatsoever.

 

bangkok bank would give me an account if i got a letter from the uk embassy confirming i was a uk citizen.

 

so there's two options for you.

 

 

[PaulHamon]

2 hours ago, SteveK said:

I tried to open a second bank account in Thailand to split my money amongst them. One for spending money and one for the 400k. Tried half a dozen branches before giving up. They all asked for a work permit, as I don't work and am under 50, they don't appear to know what to do so just want to get you back out the door.

I was in KBank today (Cha-am) trying to open an account, I'm 47 and married to a Thai. I've been with KBank for about 13 years overall.

They told me new rule across all Branches (document was from 2019/2562, unsure on Month) only O-A (retirement visa) can open accounts with them now.

 

Managed to get this photo before they ripped it out of my hands and told me I cannot take photos, I wish I got the front cover it was obviously the guidelines name/date in full.

 

I had my existing Cha-am Bank passbook, my Tambien Bann (yellow book), my pink Thai (alien) ID card and my passport with me.

Now I have to walk around with a ATM card with a years worth of money on it, everywhere I go. All I wanted was to move a chuck of it to an account/card I don't have in my wallet, everyday!!!

The photos gives exact instructions of who can be given a bank account, it was full of all the nationalities, including ASEAN rules. People from ASEAN can get and account with Pink Card but I cannot, even thou I already have an account with them.
 

 

[SteveK]

China have made it almost impossible now for foreigners to open a bank account there - seems like this has trickled down to Thailand.

[Peter Denis]

1 hour ago, SteveK said:

China have made it almost impossible now for foreigners to open a bank account there - seems like this has trickled down to Thailand.

It would be madness to not allow foreigners opening a thai bank-account. 

IO requires that you have funds in a thai bank-account on your name when applying for a Non Imm O Visa, or extending your stay on an O or OA Visa.

[KhaoYai]

6 hours ago, samsensam said:

bangkok bank would give me an account if i got a letter from the uk embassy confirming i was a uk citizen.

Typical madness - what do they think a passport is?

[SteveK]

7 hours ago, Peter Denis said:

It would be madness to not allow foeigners opening a thai bank-account. 

IO requires that you have funds in a thai bank-account on your name when applying for a Non Imm O Visa, or extending your stay on an O or OA Visa.

Isn't that why they are doing it?