Thai banks not accepting American citizen’s money!

Re: Thai banks not accepting American citizen’s money!

Postby bigpicture on Thu Oct 17, 2013 10:46 am

Married to a Thai lady, one child, proper visa for 9 years. No problem opening an account at one bank some years back. For convenience I decided it would be convenient to open another savings acoount at a bank with closer 24 hour deposit machines. Live just outside of Korat proper very near to a new Lotus. SCB was my target. "Do I have a work permit? No, I am retired." Sorry, cannot. Went next door to TMB. First question was "have I lived in Thailand for six months?" Yes, and she started entering information from my passport and house papers. She seemed to hit a snag when submitting and called somone who I assume was a manager(wouldn't answer when I asked) and was told I could not open> Asked why, "bank policy" she said. "Where does it say that an American cannot open an account(have other nationality acquaintances who have opened ok)." Firm on the bank policy so I left it at that knowing full well that confrontation is not always good and many times there is simply no thinking. That is my 2 cents worth on the topic.
User avatar
bigpicture
 
Posts: 1
Joined: Sat Jan 14, 2012 3:36 pm

Re: Thai banks not accepting American citizen’s money!

Postby ftpjtm2 on Fri Oct 18, 2013 12:21 am

I am an American living in the US with my Thai wife of 23 years. We are nearing retirement and purchased a house near Pattaya last year. I eventually want a retirement Visa and know I need a Thai bank account in order to apply for one. So on the advice of the lawyer handling our real estate transaction I opened a checking account earlier this year. I was told by the lawyer that;

1) I can not open any interest bearing account (savings account), and;

2) Because I was in Thailand under a 30 day tourist visa, only Krungthai Bank would open a checking account for me. The other local Pattaya banks require other types of Visas and/or documentation. True to the lawyer's word, Krungthai Bank did open the account for me without any hassles.
User avatar
ftpjtm2
 
Posts: 1
Joined: Fri Oct 18, 2013 12:08 am

Re: Thai banks not accepting American citizen’s money!

Postby sirron on Fri Oct 18, 2013 1:35 pm

Have no problems with opening baht and dollar accounts, but have retirement visa (longstay) as other poster mentioned. No mention from bank about any problems or inquiries from US authorites. My US CPA has mentioned that IRS is now very strict on reporting all foreign bank accounts and monetary transactions overseas. :roll:
User avatar
sirron
 
Posts: 3
Joined: Fri Sep 17, 2010 11:36 pm

Re: Thai banks not accepting American citizen’s money!

Postby terryjc on Tue Oct 29, 2013 10:24 pm

I am not an American so I was a bit bewildered by the hassles that where in obtaining a bank account. I have three accounts from different banks and I did not have any dramas. Showed my house address, signed by thai owner, passport and visa status. BBK bank is my main account and the other banks where just as easy. Sorry you went through all the dramas. P S if you need to deposit a large amount feel free to put in my account ha ha
User avatar
terryjc
 
Posts: 1
Joined: Wed Feb 15, 2012 1:15 pm

Re: Thai banks not accepting American citizen’s money!

Postby Asian Hand on Wed Oct 30, 2013 10:39 am

Americans now have the increased benefit of being under the ever watchful eye of your IRS (and now the NSA). Under FACTA, a bill passed by the Bush Administration in the name of the war on terror, you will now find it much more difficult to execute financial transactions overseas. And the non-US financial institutions just don't want the hassle.
User avatar
Asian Hand
 
Posts: 15
Joined: Thu Jan 01, 1970 7:00 am

Re: Thai banks not accepting American citizen’s money!

Postby framptn1972 on Sun Nov 03, 2013 10:47 am

That's the privilege of being a US citizen. The IRS thinks it must have it's hand in ALL of YOUR $$. But for the bank, someone can't get the falong's money.
User avatar
framptn1972
 
Posts: 2
Joined: Thu Jan 01, 1970 7:00 am

Re: Thai banks not accepting American citizen’s money!

Postby mikesnow on Sun Nov 03, 2013 3:15 pm

I am an American living in Thailand now for 5 years and I have several bank accounts at several Thai banks. I have never needed anything other than my passport showing a current retirement visa, to open an account. The problem mentioned here may be similar to problems that I have had with other commercial institutions in Thailand. Often times the "rules" are whatever the person you are talking to, thinks that they are. I have gotten different answers to the same questions when I visit one bank branch compared to another branch of the same bank. Also, I have gotten different answers by telephone, to the same question, when talking to different customer service reps at the same company. The key is to check more than one source. The person that you ask my not always know the correct answer.
User avatar
mikesnow
 
Posts: 1
Joined: Sun Mar 10, 2013 11:19 am

Re: Thai banks not accepting American citizen’s money!

Postby BodhiTree on Mon Nov 04, 2013 3:14 am

Did any of you bother to to check if other nationalities are allowed to open accounts much more easily than Americans?

I think Thai banks are just as 'careful' in allowing any nationality to open an account.
User avatar
BodhiTree
 
Posts: 2
Joined: Thu Jan 01, 1970 7:00 am

Re: Thai banks not accepting American citizen’s money!

Postby Omystic on Tue Jan 21, 2014 4:13 pm

The money exchange centers are refusing US bills of $50 and $100 if they are dated before 1996....

Soon, they will change that to more severe restrictions, due to US pressure so anyone with bills before 1996, better start using them
User avatar
Omystic
 
Posts: 7
Joined: Tue Jan 21, 2014 1:47 pm

Previous

Return to Living in Thailand - adjusting + settling in

Who is online

Users browsing this forum: No registered users and 1 guest