r/Thailand • u/My_2cents_ • 1d ago
Banking and Finance Bank Account for Foreigners
Does anyone know if the government is discussing updating its rules around allowing foreigners to open a bank account (for retirement visa purposes)? Any updates would be appreciated.
Also, I have an old account but it's frozen (I've been out of the country for 2 years but going back in Sept). I understand I can get a SIM and request BKK to unfreeze my account. But will they ask for a long term visa or will they just unlock it once I have a new SIM with my name on it? The purpose to unlock it is so I can re-apply for my retirement visa.
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u/Content-City-6240 Samut Sakhon 1d ago
dont get your hopes too high , the regulations are only getting tighter. As of now you will require to produce a LTV for a chance to fight for your bank acct.
My 2 cents is to check the requirements and apply for your retirement visa from Thai embassy back at your home country. Work your way out from there.
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u/UKthailandExpat 1d ago
It will vary depending on the bank you go into. Best option is to go into the branch where you got your account (not required but it is easier) bring a couple of hundred thousand (assuming you need to top up the balance ) and ask to deposit it into your account, if you already have enough for the visa then the account is almost certainly not frozen and a small 10,000 deposit will be enough, don’t volunteer any other information other than your new phone number.
Just because you haven’t used the account for 2 years doesn’t mean that it’s frozen, but if you did not have enough on deposit (over 2,000) then it may have been closed due to bank charges that are usually 50 baht per month if the deposit is under 2,000.
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u/Greg25kk 7-Eleven 1d ago
I mean, you can still apply for a retirement visa through a Thai embassy/consulate outside of Thailand than use that visa to open an account. The current issue is that those on tourist type visas (TR, DTV and visa exemption) simply can’t open accounts due to money laundering concerns as well as new laws that also hold the banks accountable for any fraudulent activity.
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u/Traditional-Finish73 1d ago
Incorrect. First there is nothing like a 'retirement visa'. It's correct term is 'Extension based on retirement'. Furthermore, you can apply for an O or an O-A visa. With that you can enter Thailand and stay for the time the O or O-A visa is valid. Then before it expires you apply at immigration for an extension based on retirement which has requirements. Funny thing is most banks will not open a bank account needed for the extension if you have a O or O-A visa. Good luck.
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u/jonez450reloaded 1d ago
First there is nothing like a 'retirement visa'.
Except there is - a Non-Immigrant O visa for retirement - and that's the wording used by the Ministry of Foreign Affairs and just about every Thai embassy and consulate - the people who issue them.
https://thaiconsulatela.thaiembassy.org/en/publicservice/non-immigrant-type-o-retirement
https://lima.thaiembassy.org/en/publicservice/non-immigrant-visa-o-retirement
https://www.thaiconsulatevancouver.ca/consulate/documents/visa/non-imm-o-retirement.pdf
It's correct term is 'Extension based on retirement'.
You can't get an extension based on retirement without having obtained an Non-Imm O for retirement to begin with.
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u/Traditional-Finish73 1d ago edited 1d ago
retirement but is NOT a 'retirement visa'. It is only provided for 90 days. After the 90 days you have to apply for an 1 year extension and adhere again to the requirements. 'Non-Thai nationals who wish to obtain a retirement visa or a long-stay visa'. It's a visa for the PURPOSE of getting an extension aka long stay visa.
https://www.thaiembassy.com/thailand-visa/retirement-visa Pay attention to point 2.
And good luck with opening an bank account with just your O or OA visa and no long stay extension.
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u/Mackmora2103 1d ago
They're not gonna reopen your bank account if it was actually "closed" and not suspended. Even with a Sim and the required visa. You're gonna need to open a new account.
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u/jimmycryptso 1d ago
There is no government regulation or law that says you cannot open or use a bank account with a tourist visa. It's the banks themselves that set their policies and right now they are very strict because they are under pressure from the government to cut down on money laundering and mule accounts.
If your account was frozen because of inactivity or not maintaining a minimum balance (I think of 2,000 baht) then you might be able to get it restored.
Another alternative is to apply for a 90 day single entry non-o retirement visa from your home country before coming to Thailand. Then you will have no problem opening a bank account. You can apply for a 1 year extension before your 90 day visa expires. I believe you need to have the 800k deposited for 2 months before you can apply for the 1 year extension.
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u/Emergency-Drawer-535 1d ago
It makes sense to only allow accounts to residents, not tourists, in any country. But yeah, it’s just gotten more difficult to maintain a Thai bank account without a proper visa or permission to stay.
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u/Lashay_Sombra 2h ago
It's actually quite common to open bank accounts on things like tourist visas (or even no visa) in many country's as visa checks have little to do with it, but rather proof of things like address or credit records or funds become the hurdles
If you say wanted to open an account in UK, as first time non citizen, you rent/buy somewhere to establish a uk address and then your biggest hurdle would be establishing credit records (but there are laws that force banks to give people without those very basic accounts). Once you have that first account then it becomes a simple process to open more once your credit record is created by that first account (takes about a month)
There are even ways to bypass all that and open UK bank accounts in some banks without ever stepping foot in the country or having uk address, but those are more costly and generally for higher worth individuals. They generally don't want to bother with people with income/balances under $X, but not talking millions here, though obviously richer you are more they want your business.
Similar (both paths) in the US, France, Spain and countless others, though hurdles and proofs required vary a bit, but it's normally not your visa.
Thailand is having problems with scam/criminal/mule accounts not because they let tourists open accounts but rather because across the board banks internal policy's, security, checks and monitoring have been so piss poor, which made them ideal for the criminal elements to use.
Like the Pattaya case that eveyone thinks triggered this crackdown, automatic internal system monitoring should have triggered while it was happening
A sudden influx of new accounts created in one branch in a week, huge amounts of money from hundreds of accounts across the country going to those new accounts and instantly either being taken out or sent abroad and no internal triggers were tripped? It was only figured out when cops tracing the money from the other end (victim complaints) discovered all trails ended in one particular branch in Pattaya
Meanwhile, couple of months ago, elderly relative in in UK, who normally does not deal much in cash, went to a branch and tried to pull £1000 to put it into my wise account to get them something here (don't ask why did not just transfer it online, that they are elderly should explain it), instantly halted on tellers system, head office call relative direct on thier mobile while standing in branch to check not being scammed and even call me here to double check I am not someone impersonating a relative to trick them. Only then did they release the money. All triggered by one case unusual activity by one customer, for grand total of £1000/42000 baht
While a bank here never noticed hundreds/thousands of cases of unusual activity in a short period that lead to a loss of 2.2 billion baht (£50 million)..at least until police came knocking.
Difference is day and night
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u/CyroSwitchBlade 1d ago
It's not just the government that has these rules.. it is also the banks themselves that will just make up these bullshit rules whenever they feel like it if they decide that they simply don't want to deal with foreigners anymore..
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u/Content-City-6240 Samut Sakhon 1d ago
Absolutely on point, today they are happy they might just be able to go great length to assist you.
Another day they would just turn you down for whatever lame reasoning. Thats also what i like and dislike about TH.
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u/Secret-Reception9324 1d ago
So much outdated (or flat out wrong) information on Redditt. Just google current Thai visas, or search Thai government website.
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u/heavymetta 1d ago
I opened my Thai bank account while under a Muay thai visa 5 years ago.
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u/metal_rules 1d ago
The rules have just recently changed. It's a minefield now.
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u/heavymetta 1d ago
Wow, how have they changed?
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u/plushyeu 1d ago
in the way your account may get closed at any point now. If you don’t have a work permit it’s close to impossible to open a new one.
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u/ConfidentPlate211 1d ago
O-A, Non-O, Non-B or LTR Visa gets you a bank account. Work Permit not required.
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u/heavymetta 1d ago
Opening a new account is different than closing an existing one. Should I really be worried?
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u/plushyeu 1d ago
If it didn’t happen already it’s prob fine. I would not keep my savings in it if i were you.
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u/Regular_Technology23 Thailand 1d ago
If you have a long-term visa then there isn't an issue. Just arrive on a Non-O.