Opening A Bank Account in Thailand

[Guest ReneThai]

Last December I tried to open a bank account at K Bank Silom , in Zuellig Building.  I brought my house rent contract , my passport .

Sir , do you have a working permit ?  No I dont have , I am retired. Sorry we cannot help you.

 

A 200 meters further down on Silom Road inside the CP Tower , the same experience.

[Guest scottishguy]

For clarification - are K Bank and Kasikorn Bank the same or different?

[Guest]

Same.

 

http://www.kasikornbank.com/EN/Personal/Pages/Personal.aspx

[mahjongguy]

"I know of no bank that requires a work permit."

 

The Government Savings Bank (GSB) requires a work permit to open their most popular form of account, which is a savings account that pays very attractive interest and yet has no withholding. 

 

Other banks are now offering these hybrid fixed/savings accounts and they too might require a work permit. My guess is that the government, since they are not withholding 15% on these accounts, requires a work permit to increase the likelihood that the foreign owner will be filing a Thai tax return.

[Gaybutton]

"I know of no bank that requires a work permit."

 

The Government Savings Bank (GSB) requires a work permit to open their most popular form of account .......

 

Now I know of a bank that requires a work permit . . .

 

Is that their only type of savings account?

 

Also, above ReneThai couldn't open a savings account with K-Bank (yes, K-Bank is short for Kasikorn Bank) because he didn't have a work permit.  He went to another branch and got the same story.  Meanwhile, many of us were able to open an account with K-Bank without a work permit and had no trouble at all.  When I opened mine, a work permit wasn't even mentioned.  I was in and out in ten minutes and, as I said in an earlier post, my online banking was even in place by the time I went home.  Go figure.  Since many of us do have accounts with K-Bank, then it's yet another case of getting different answers at different branches. 

 

Why is that?  Why does one branch tell you one thing and another branch tells you something entirely different?  Obviously you can open an account with K-Bank without a work permit.  Maybe different branches get to set their own policies.  Maybe the branches ReneThai went to were simply mistaken.  Maybe the branches that did allow farang to open an account were mistaken.  Who knows?  It's clear that something is screwed up, and it isn't just K-Bank.  The same kind of thing happens to people at just about any Thai bank.

 

You could always call K-Bank's main office and ask what the requirements are for a farang to open a savings account.  The number is 02 888 8800.  If the representative tells you a work permit is not necessary, then if you're in a branch where you're told it is necessary, if it were me I'd call that number again, right then and there, and let them work it out.

 

This is why I keep urging everyone who is a regular visitor to Thailand, especially those who anticipate retiring in Thailand or spending lengthy amounts of time in Thailand, to open at least one Thai bank account while you can. 

 

Many use their foreign debit cards at Aeon, where that 150 baht fee is not assessed.  Meanwhile, can you really be certain they won't eventually change their policy and also start charging the 150 baht fee? 

[Bob]

The same kind of thing happens to people at just about any Thai bank.

 

No doubt.  A decade+ ago, I had an account at Bangkok Bank (opened up with only the 30-day visa deal) and later, when I asked about using their online banking, my particular BB branch told me I couldn't do that because I didn't have a work permit.  So, I then went and opened up an account (again, only had the 30-day exemption visa at the time) at SCB and got my ATM and internet access the same day. 

 

If somebody wants to open up a Thai bank account and wants to use that bank's online services, it can be done as just about every falang I know in Thailand has done it.  But maybe some particular branch of any given bank on any given day might say "no"; if so, keep going to other branches until you get what you want.

[mahjongguy]

"Now I know of a bank that requires a work permit . . .

Is that their only type of savings account?"

 

No, not at all, they offer ordinary savings accounts as well. You were correct to advise that it's smart to open a Thai account and if a bank says "no" just move on to another bank or another branch. I only mention these hybrid accounts because I would really like to get the high interest rate w/ no withholding and so it frustrates me. 

[Gaybutton]

keep going to other branches until you get what you want.

 

Sometimes you don't even have to do that.  I know of a few times when a farang didn't get the answer he wanted and later returned to the very same branch, spoke to someone else, and did get what he wanted.

 

Welcome to Thailand, folks . . .

[Guest Devint6669]

Supplementing GB's comments:

(1)  If your total foreign financial (bank, stock, etc.) accounts (those in Thailand and elsewhere) exceed $10,000 in value at any one moment during the tax year, you need to file the FBAR report with the US Treasury (not with your tax return) by June 30th following the involved tax year.

 

(2)  If your total foreign financial accounts exceed $50,000 in value (although I've heard this number may be changed) at any moment during the tax year, you do need to file another form with your income tax return.

 

If your total foreign financial accounts never get to the point of being worth $10,000 during the tax year, you need to report nothing; however, you are obviously required to report interest income on your tax return.

I would like know if you are a Canadian is it the same rule

[Bob]

I would like know if you are a Canadian is it the same rule

 

Eh?!? I have no clue what the Canadian rules might be.

[2lz2p]

I would like know if you are a Canadian is it the same rule

The two reports are based on US law and applicable to US Citizens/residents.

[Guest Devint6669]

I got that but i wanted to know if some know about the Canadian rule.