Thailand CRS UPDATE (Sep 2023)

[churumbelo]

Mercury said:
Not my experience. For each bank account I opened in Thailand in different banks they all have asked an address in Thailand + supporting docs.

You mean bank recorded your friend's address abroad? If so, then this account will be reported.
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In Thailand there is no black and white. Everything is grey. The same bank, let's say Bangkok Bank, you go to a branch and they would require you to provide XYZ documents and ask different questions, then you go to a different branch and they require different things or nothing at all.

I do not know what country they are reporting his account to. I was not with him during the whole process he was with the banker, but I know he only needed his passport (European) and pay for the insurance, and they opened the account for him right away. In some branches even with lease contract + resident certificate (without work pernit), and so on, they do not open it for you unless you buy the insurance. If you buy the insurance, they do not require anything besides your passport. In others they do not try to sell you the insurance, like in my case, and just wirh the lease country and certified copy of my passport was enough.

He did not have any address in Thailand and actually he was leaving the country a couple of days later. So I guess he gave them his address in Europe. He was staying in hotels or serviced aparrments.

I will tell you, the branch he went to was Bangkok Bank at Siam Paragon (ground floor I think). Also if you pay an agent around the same amount the insurance costs, they can open accounts for you too.

Last edited: Sep 12, 2023

 

[wellington]

churumbelo said:
I easily opened a bank account on a two-months tourist visa with a lease contract and certified copy of my passsport from my embassy.
I also went with a friend to another branch, and only with the passport he could open an account paying a health insurance that costs 4-5k THB. No questions asked.

It is very easy to open a bank account there if you know what branches to go.
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Back in the day i easily opened a account with my passport and 50,000 THB deposit lol.

 

[cryptofriendly]

Time to cross a border and open an account in Laos, Vietnam or Cambodia. No CRS, or any of that gimmicks.

churumbelo said:
In Thailand there is no black and white. Everything is grey. The same bank, let's say Bangkok Bank, you go to a branch and they would require you to provide XYZ documents and ask different questions, then you go to a different branch and they require different things or nothing at all.

I do not know what country they are reporting his account to. I was not with him during the whole process he was with the banker, but I know he only needed his passport (European) and pay for the insurance, and they opened the account for him right away. In some branches even with lease contract + resident certificate (without work pernit), and so on, they do not open it for you unless you buy the insurance. If you buy the insurance, they do not require anything besides your passport. In others they do not try to sell you the insurance, like in my case, and just wirh the lease country and certified copy of my passport was enough.

He did not have any address in Thailand and actually he was leaving the country a couple of days later. So I guess he gave them his address in Europe. He was staying in hotels or serviced aparrments.

I will tell you, the branch he went to was Bangkok Bank at Siam Paragon (ground floor I think). Also if you pay an agent around the same amount the insurance costs, they can open accounts for you too.
Click to expand...

I tell all of you a secret here. You can cancel that insurance and get a refund up to two weeks after signing the contract, according to Thai customer protection laws.
Of course you'll keep the bank account without any issues.

 

[Mercury]

churumbelo said:
In Thailand there is no black and white. Everything is grey. The same bank, let's say Bangkok Bank, you go to a branch and they would require you to provide XYZ documents and ask different questions, then you go to a different branch and they require different things or nothing at all.

I do not know what country they are reporting his account to. I was not with him during the whole process he was with the banker, but I know he only needed his passport (European) and pay for the insurance, and they opened the account for him right away. In some branches even with lease contract + resident certificate (without work pernit), and so on, they do not open it for you unless you buy the insurance. If you buy the insurance, they do not require anything besides your passport. In others they do not try to sell you the insurance, like in my case, and just wirh the lease country and certified copy of my passport was enough.

He did not have any address in Thailand and actually he was leaving the country a couple of days later. So I guess he gave them his address in Europe. He was staying in hotels or serviced aparrments.

I will tell you, the branch he went to was Bangkok Bank at Siam Paragon (ground floor I think). Also if you pay an agent around the same amount the insurance costs, they can open accounts for you too.
Click to expand...

I agree that anything can happen in Thailand but in 2023 a branch from the top 3 banks, especially in one of the main luxury mall in Bangkok, not being compliant is pretty weird and marginal to say the least.

For obvious reporting reasons, I personally would never open a bank account without providing a documented address, and without truly knowing either the account is resident or non-resident.

 

[churumbelo]

cryptofriendly said:
Time to cross a border and open an account in Laos, Vietnam or Cambodia. No CRS, or any of that gimmicks.


I tell all of you a secret here. You can cancel that insurance and get a refund up to two weeks after signing the contract, according to Thai customer protection laws.
Of course you'll keep the bank account without any issues.
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Thank you. Good to know. Although I opened the account without insurance. It was my friend who opened paying that insurance.

Mercury said:
I agree that anything can happen in Thailand but in 2023 a branch from the top 3 banks, especially in one of the main luxury mall in Bangkok, not being compliant is pretty weird and marginal to say the least.

For obvious reporting reasons, I personally would never open a bank account without providing a documented address, and without truly knowing either the account is resident or non-resident.
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It happens in more branches, not only that one. You pay insurance they open bank account only with passport. It is Thailand. At least in the beggining of this year it was still like that.

Last edited: Sep 12, 2023

 

[zzzzzz]

@churumbelo does your bank statements shows your Thai address? Regarding address documents, do they want to see Tm30 or residence certificate or lease agreement?

 

[Clank]

zzzzzz said:
@churumbelo does your bank statements shows your Thai address? Regarding address documents, do they want to see Tm30 or residence certificate or lease agreement?
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To get my account open a couple of months ago all banks asked for residency certificate and 30 days left on the visa.

You can get the residency certificate at immigration with the TM30 from the hotel or Airbnb.

 

[zzzzzz]

Jbb1 said:
To get my account open a couple of months ago all banks asked for residency certificate and 30 days left on the visa.

You can get the residency certificate at immigration with the TM30 from the hotel or Airbnb.
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Here they say https://thailand-elite.com/what-is-a-residence-certificate-and-how-to-get-it/ that you also have to stay 90 days, do one reporting, and have lease agreement in order to get residence certificate?

 

[Clank]

zzzzzz said:
Here they say https://thailand-elite.com/what-is-a-residence-certificate-and-how-to-get-it/ that you also have to stay 90 days, do one reporting, and have lease agreement in order to get residence certificate?
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TM30 is enough for residency certificate.

 

[wellington]

cryptofriendly said:
Time to cross a border and open an account in Laos, Vietnam or Cambodia. No CRS, or any of that gimmicks.


I tell all of you a secret here. You can cancel that insurance and get a refund up to two weeks after signing the contract, according to Thai customer protection laws.
Of course you'll keep the bank account without any issues.
Click to expand...

Interesting, wasn't aware of this, not that i mind CRS, i just disagree with the surveillance state, and everything being presumed guilt before proven innocent.

I've never visited Camboida, or Laos, been to Vietnam a few times, I'd imagine it can be difficult to open accounts directly in or ven remotely.

 

[Clank]

wellington said:
Interesting, wasn't aware of this, not that i mind CRS, i just disagree with the surveillance state, and everything being presumed guilt before proven innocent.

I've never visited Camboida, or Laos, been to Vietnam a few times, I'd imagine it can be difficult to open accounts directly in or ven remotely.
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Maybe you can open through HSBC Vietnam remotely.

 

[cryptofriendly]

wellington said:
Interesting, wasn't aware of this, not that i mind CRS, i just disagree with the surveillance state, and everything being presumed guilt before proven innocent.

I've never visited Camboida, or Laos, been to Vietnam a few times, I'd imagine it can be difficult to open accounts directly in or ven remotely.
Click to expand...

I opened an account with bankcard and onlinebanking at SMBC bank in HCMC, Vietnam in 20 minutes with a tourist visa 4 years ago,
ABA bank with Visa debit on a 30 days ordinary visa and
Prasac Microfinance (they offered 14% on USD deposit) on a 6 months ordinary visa extension and a rental contract (I had to go to a second branch for that, the first wanted to see a work permit).

Nowadays, Cambodia got a bit stricter and they don't give bank accounts so freely, you should have at least 6 months extension, but as in Thailand, it all depends on the branch,

 

[Berti]

wellington said:
Just been informed, from next month CRS will move forward in Thailand, it appears 'residents' will also have their information bundled and shared with their home country even if non-resident.

Data (transactions) go-back-to 2023 year, for some 2022.

All automated, every transaction (they can't be asked to break down to the basic requirements - sending everything).
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Just been informed? Who did inform you?

 

[AtMo]

Jbb1 said:
TM30 is enough for residency certificate.
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Could I get the residency certificate without a long term visa please?

 

[Clank]

AtMo said:
Could I get the residency certificate without a long term visa please?
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Yes, you can, you only need 30 days left on your visa and a TM30.

If you don't want to do it by yourself you can hire a visa agent and they take care of it for 1-2K BHT.

 

[AtMo]

Jbb1 said:
you can hire a visa agent and they take care of it for 1-2K BHT.
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Thank you for sharing, do you know where I can find a visa agent please?

 

[Clank]

AtMo said:
Thank you for sharing, do you know where I can find a visa agent please?
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Where are you located? Bangkok?

 

[AtMo]

Jbb1 said:
Where are you located? Bangkok?
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I'm not in Thailand yet, I would prefer Bangkok or Chiang-mai.

 

[Clank]

AtMo said:
I'm not in Thailand yet, I would prefer Bangkok or Chiang-mai.
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For Chiang Mai you can use this one, I have worked with them previously.

Napa Visa: Napa Visa

 

[Reawake]

@churumbelo Can you recommend a branch in BKK to open an account on a tourist visa? I found an agency which helps to open a bank account here, but they basically want my firstborn in exchange.