Banking in Thailand: Resident or non resident account?

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Banking in Thailand: Resident or non resident account?

Published: 25/11/2011 at 02:18 AM
Newspaper section: Business

As a foreigner in Thailand, you may wish to open a bank account in the country to accommodate your financial needs or investment portfolios. You may therefore wonder whether you can open a bank account in Thailand and what types of accounts are available to you.

There are two main types of bank accounts offered to foreigners, depending on their resident status in Thailand: a resident bank account and a non-resident bank account. This article will touch on the main differences between these account types and some other relevant conditions.

A resident bank account is, in theory, one owned by a person residing in Thailand for regular use within Thailand, while a non-resident bank account refers to one owned by a person having no presence or residence in Thailand.

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About the author

: Writer: Tilleke & Gibbins International Ltd; Position: Consultant company

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3rivers
Post : 33
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Discussion 2 : 25/11/2011 at 08:04 PM2
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Just to add to the fun, you only need a Thai bank account if you use a Thai stock broker. If you use a US stock broker, you don't have to have a Thai bank account, but you have a bigger problem. Anyone who uses a US broker automatically has any Thai shares registered in the name of a nominee, regardless of his or her's nationality or residency. It's different. But then, unless the local Thai Revenue Office has a different rule, the rule in Thailand is that you ar not eligiblke for the 3/7 of dividend rebate of the corporate level tax. This is true even though it is a violation of the US-Thai Doble Taxation Treaty's Non Discrimination Clause, in that a Thai national would never be presented this issue in filing a Thai tax return, because Thai SEC rulkes have jurisdiction. It's also a reminder that the word "foriegn investor" does not necessarily mean non-Thai nationals, but folks whose shares are registered in the name of a nominee, instead of their real names.
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paulren
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Discussion 1 : 25/11/2011 at 09:51 AM1
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Thank you for this insightfull article. It should also be mentioned that any foreigner wishing to invest in Thai stocks here, must have a Thai Bank account. This so to deposit or e-deposit their dividends. Yet, various Thai Banks -their branches- do not readily always welcome foreign visitors' new bank accounts. Many get send away. Banks ask for a Thai address or work permit etc...and so often send foreigners away and guessing. This creates the undesirable situation for the SET as then these legitimate foreigner investors have difficulty in collecting their dividends here. Only commercial Banks can endorse checks, not brokers.
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Banking in Thailand: Resident or non resident account? | Bangkok Post: business