Kbank Wants Info for I.R.S

[Jun]

I got to this via the Kasikorn app:

https://www.kasikornbank.com/th/Downloa ... ate-en.pdf

[Gaybutton]

I got to this via the Kasikorn app:

The first 3 words in the statement tell me what I want to know: "KBank is responsible" Yes, K-Bank is responsible. I'm not. If they want something from me, fine. Drop by and get it. And while you're here please explain why you are the only bank trying to get this information from people.

[Jun]

I had some compliance related questions from a bank in the UK. An online multiple choice questionnairre.

Occupation was a problem, since they didn't offer "Retired" or even "Investor" as an option.
So I didn't complete it, at least not until they stopped access to my online banking.

I contacted customer services, who told me I could select "Pension". Two problems. Pension is not an occupation and I'm not yet claiming one either.

However, I presume Kasikorn could follow a similar tactic of blocking access to services if the compliance data is not received.

[Dodger]

However, I presume Kasikorn could follow a similar tactic of blocking access to services if the compliance data is not received.

This is what Kasikorn Bank says about this in the FAQ FATCA/CRS that you posted:

Question:
" If the customer does not complete the form, what impact will it have, and can they still use the bank's services?

Answer:
Customers can still conduct transactions related to their accounts through all channels as usual.
However, the information provided to foreign tax authorities may be incomplete since the bank will
not have the necessary data to generate the report for submission to tax authorities for international
information exchange."

If KBanks records are screwed up because half of their customers don't even reside in Thailand (which violates their own banks policy) then that's their problem. Yes, they will not be able to generate the data needed for intl information exchange for all of their customers...which is again their problem. What they would never want to do is lose a customer over this.

Takes me back to around 2008 when someone told me that I couldn't open a bank account in Thailand unless I resided here...BUT, if you talk to the right person at Kasikorn Bank you can do it.

[Jun]

Takes me back to around 2008 when someone told me that I couldn't open a bank account in Thailand unless I resided here...BUT, if you talk to the right person at Kasikorn Bank you can do it.

That was about the time I opened my account. The first branch said I need a work permit. The second opened my account.

As for the forms mentioned on Aseannow, well at least 2 are American. I've filled in the W8-BEN several times before for my UK stockbrokers, supposedly to get a reduced US witholding tax on my US stocks. I can't imagine that applies here.

I shall complete what's necessary when I receive the request.

[Gaybutton]

However, I presume Kasikorn could follow a similar tactic of blocking access to services if the compliance data is not received.

There is the option of closing the K-Bank account and putting your money into another Thai bank which is not asking for this paperwork - and to the best of my knowledge, that is every other Thai bank.

What are all the other banks doing that K-Bank can't seem to do without customer paperwork?

[Jun]

There is the option of closing the K-Bank account and putting your money into another Thai bank which is not asking for this paperwork - and to the best of my knowledge, that is every other Thai bank.

What are all the other banks doing that K-Bank can't seem to do without customer paperwork?

For non-residents, this is no longer easy. Also, let's see what the other banks do this month.

[Gaybutton]

For non-residents, this is no longer easy.

I think it is best if you're not living in Thailand, but want to hold a Thai bank account, it is best to hold at least 2 different bank accounts.

The visa agents still say they can get bank accounts for farang. That may be the only choice these days.

I really don't have much sympathy for people who knew they sooner or later would need a Thai bank account, but never got one. For years I kept encouraging people to get a Thai bank account while it was still relatively easy. Now it is very difficult, if not impossible. It's not going to get easier, but at least the visa agents can get it for you. Those who still are going to put it off might wake up one morning and find that even the visa agents can't do it for you anymore. That could happen. If you need a Thai bank account, or anticipate needing a Thai bank account later on, don't wait. Get your account while you still can.

For those contemplating retiring in Thailand and want the retirement visa, the Catch-22 is you can't get the visa without holding a Thai bank account and now most banks won't permit a foreigner to open an account without the retirement visa or other long term visa.

[Dodger]

The visa agents still say they can get bank accounts for farang. That may be the only choice these days.

I think you're right.

They really tightened the screws in 2020 to combat money laundering and tax evasion, but before that it was just a matter of going door-to-door until a bank agreed to open an account ...like I had to do did years ago.

I still haven't received a message from either of my banks (KBank or BKK Bank) and starting think I won't either.

I could be wrong (and probably am) but I'm starting think that the farang who are receiving these messages have been flagged in someone's system for some reason. These financial systems, including the IRS, all use algorithms to flag peoples accounts for auditing purposes and maybe that's what's at play here. Who knows.

[Jun]

For those contemplating retiring in Thailand and want the retirement visa, the Catch-22 is you can't get the visa without holding a Thai bank account and now most banks won't permit a foreigner to open an account without the retirement visa or other long term visa.

Yes. That's a problem easily solved by handing over enough tea money to an agency. Anyone could be forgiven for thinking that's the whole reason for the restrictions.