There is currently no official ban on Thai banks opening accounts for foreign tourists. But it’s clear that the government’s latest attempts to reduce call center scamming and flight-prone cryptocurrency deals are having a very marked effect. In a separate announcement, the beginning of April 2025 will see new accounts subject to further bureaucracy such as biometric authentication via facial recognition and the restriction for each account to be linked to a single registered device. It’s certainly possible that accounts may then become easier for short term tourists to open provided they have sound reasons, for example purchasing a condominium unit or applying for a long stay visa or financing a dowry. Whatever.
In the meantime, some thwarted tourists may have alternatives. Some embassies are still willing to confirm regular income (even if not transmitted to Thailand) and may have authority to issue letters of guarantee to more than one nationality. Richer wannabe expats may reexamine alternative visas such as Elite or Long Term Residence, neither of which demands a Thai bank account at application. Not to mention the Destination Thailand Visa which, in some Thai embassies, has multiple options for proving the 500,000 baht (US$19,000) baseline requirement. Of course, each of these visa choices has its pluses and minuses, so individual research is crucial.
Another option is to forget about permits for now and opt for a border run giving 60 days visa exempt on entry with an automatic extension at local immigration for a further month. The extension fee is a standard 1,900 baht (US$54) provided the paperwork is in order. But fines may apply if address verification (TM30) or the 90 days address notification (TM47) has been overlooked. Although it is true that foreigners cannot reside in Thailand forever on visa exempt entries, the route may provide a temporary reprieve whilst opening bank accounts remains uncertain.
For the future, it is possible that other government agencies may be able to confirm the income of expat individuals: for example, foreigners registering with the Thai Revenue Department (TRD) and submitting a tax return on overseas transfers. These individuals will have a receipt showing the amount they transferred in the previous calendar year and the tax paid. When submitting a tax return, expats do not provide any income documentation or personal wealth information: they simply write the appropriate amount on the form. The point here is that the receipt will have the government logo at the heading.
There is no suggestion here that it is, or should be, compulsory for all expats to report to the TRD. Many live on historic savings and others may have exemption because of specific detail in double taxation treaties and a host of other factors too complex to discuss here. However, for those who do feel it necessary to obtain a tax identification number based on overseas transfers, this route could conceivably provide the necessary authority to open a Thai bank account. The current system of retiree permits, especially the “O” non-immigrant visa with annual extensions, has been basically the same for 30 years apart from larger cash requirements. The assumption that nothing much will change in the next 30 is unduly optimistic.
