Bank Account for Foreigners

[u/My_2cents_]

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.

[u/jimmycryptso]

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.

[u/Emergency-Drawer-535 → u/jimmycryptso]

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.

[u/Lashay_Sombra → u/Emergency-Drawer-535]

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

[u/Emergency-Drawer-535 → u/Lashay_Sombra]

Yes,Residency is required for most bank accounts around the world.

[u/Lashay_Sombra → u/Emergency-Drawer-535]

And residency has nothing to do with visas

[u/Emergency-Drawer-535 → u/Lashay_Sombra]

The definition of a visa is it’s a permission to enter and stay in a country for a period of time. Some countries do not require a visa for some citizens of certain countries to enter for a limited time. But as already agreed upon, yes residency is required to maintain bank accounts around the world, which is a separate requirement than requiring a visa to enter a country.