Frozen Thai bank accounts

[Jun]

don't use online banking

That's fine when there are plenty of physical banks and the customer is happy to travel there.
In a few decades time, a certain person's bank might just have one branch left in Pattaya & he might no longer be driving.

Also, in many cases, anyone not using online banking may well be paying more. For instance, using Wise is obviously online.

That's the last I have to say on the matter, until someone else brings it up. My "green" bank account is still not frozen.

[Gaybutton]

In a few decades time, a certain person's bank might just have one branch left in Pattaya & he might no longer be driving.

I think so too, but I also think it will be much sooner than a few decades. Thailand is already headed in that direction. In my area several bank branches have already closed despite there is much more population now than when they first opened. At Big-C Extra there used to be a Bangkok Bank branch. It has been gone a couple years already.

It seems obvious to me that the handwriting is on the wall. Thailand has made it quite clear they are trying to move toward a cashless system. That will eventually mean banking will be virtual and physical banks will mostly become obsolete. If that happens I hope there will be effective safeguards in place so that freezing bank accounts won't have to happen anymore.

I'm not getting any younger, but I won't be surprised if it comes to that, or at least close, within what's left of my lifetime. Now the only reason I am ever in bank branches is when I need a new debit card and the bank letter for immigration. And if and when cashless happens, there won't be a pressing need for debit cards at all anymore. Maybe for international travel when using a foreign ATM, but I can't think of much else.

While I understand why some are skeptical of online banking, I believe the time will come when there won't be much choice.

[Jun]

I think so too, but I also think it will be much sooner than a few decades.

I also think most of the banks will be gone in under a decade.
The other component of the argument was the one a few decades ahead (for politeness).

I'm not getting any younger, but I won't be surprised if it comes to that, or at least close, within what's left of my lifetime. Now the only reason I am ever in bank branches is when I need a new debit card and the bank letter for immigration. And if and when cashless happens, there won't be a pressing need for debit cards at all anymore. Maybe for international travel when using a foreign ATM, but I can't think of much else.

As I already said, my mother's nearest bank branch is 30 miles away. Debit cards arrive through my letterbox in the UK. Recently, I've opened a different credit card and different bank account, without leaving this chair. The identity checks are still quite robust.
I don't think I have set foot in a UK bank for my own business for over 3 years.

Thailand is on the same path, although, of course, people are fond of brown envelopes, which must make cashless a challenge.
I suppose you would want a "mule" account that's not traceable to the person operating it to take bribes in a cashless society .

I'm glad I have to go to the branch to get my debit card in Thailand, as I don't have an address in Thailand (yet).

Cashless in store payments in Europe are quite different to cashless in Thailand.
In Europe, it's almost always by card. Which is much faster, but Mastercard or Visa cream off their 0.2~0.3%.

Thailand chooses other methods with phones, but they are painfully slow when the user in front is often clueless. However, presumably no payment to Mastercard or Visa, so it's cheaper.
The banking app & QR code reader is clearly more important in Thailand.

While I understand why some are skeptical of online banking, I believe the time will come when there won't be much choice.

Exactly.
I think some already retired board members will see that day.

[Gaybutton]

people are fond of brown envelopes, which must make cashless a challenge.

Not necessarily. People who are looking to be paid tea money always manage to find a way. The means is already at hand. Bank apps offer personal QR codes so people can put money directly into a recipient's bank account via smartphone. Probably much of that is already being done.

These days when I receive a message with a plea for money, it is getting more and more common for the message to include a personal QR code.

I think the technology will soon improve so that paying via smartphone will become just as easy as tapping a card. I don't think we will have to wait particularly long before that begins to happen.

If that does happen, I will be among those who like it, so Freeze THIS!

[Dodger]

Prior to retirement everything I did was on-line for the mere fact that I didn't have time to do it any other way. I appreciated these conveniences including mobile and internet banking...paid for everything using a credit card and can fully understand why others appreciate these conveniences as well. One thing I had as an advantage were outstanding security systems and a very savvy secretary who knew how to keep my transactions (business and personal) secure.

Having said that, my lifestyle, by design, is quite different now. I'm retired and living in a seaside town in Thailand where I rarely have any need for things like mobile banking, internet banking, cashless payments using QR codes, etc. because life is just too simple over here...just the way I like it. I actually enjoy going out and interacting with people when I have to pay a bill. I never had the chance to do that before.

Because of the way I manage my finances I have ZERO concerns about my bank accounts ever getting frozen, nor am I the least concerned about Thailand's movement to become cashless. I'll simply make whatever adjustments I have to make when (or if) Thailand does go completely cashless so life continues to be as simple and uncluttered as possible.

It would interesting to know just how many farang are having their bank accounts frozen, and the reasons why.

[Gaybutton]

It would interesting to know just how many farang are having their bank accounts frozen, and the reasons why.

Do you mean in total or board members? If you mean board members, only SP55 has reported having his account frozen. If you mean in total, I have no idea.

[Rocket]

I’m having tremendous problems with wiring my money from the USA to my account in Thailand.

I usually wire my money from my bank, however this time they needed to send a code from the bank to my cell phone. It worked one time out of about six attempts.
I successfully used my iPad to make the wire, but I was emailed that they were delaying it due to security concerns.I had to bring my identification to my bank branch. I was verified as me from the bank officer, she explained to the fraud division that it was me.
The fraud person asked to speak to me and asked me a security question, which I failed. I gave the right answer, I think they are either incompetent or are deliberately trying to prevent the wire. They also said I could lose everything with a wire transfer. I agreed but my information is correct and I did a similar wire one year ago.
It’s the weekend so I’m going Monday morning back to the bank and see if we can resolve this. It’s too late to set up a Wise. Zelle or any other type of service. I’m leaving in four days.

My alternative is to get a family member to wire me the money. Not sure if her bank does wires. My bank suggested a bank draft but I called my Thai bank and they don’t do that.

I could cancel my trip until I resolve this, probably lose my ticket and will have to cancel my Bangkok hotel reservations. Or take $10,000 in cash, I have about $8,000 available in one of my Thai bank accounts.That might last until my non-o visa expires in February.
I know I didn’t leave enough time to deal with this as I had no idea there would be a problem. I’ve been wiring money for twenty years. Lesson learned to use other services and will probably open a Schwab account as they reimburse atm fees.

But I hopefully will resolve this tomorrow.

[Jun]

1 Start a Wise transfer today. Unless the US has added layers of complication, it is likely to work.

2 I see nothing wrong with taking cash either. I've taken as much as £6000, but stopped doing this several years ago. I used to change that in Bangkok to get the best rate.
Superrich are usually good.
I used to pay the money directly into the Kasikorn account, either via the deposit machines or the branch in the Silom Complex, which I think is open until 8:00 pm.

[Gaybutton]

I’m having tremendous problems with wiring my money from the USA to my account in Thailand.

I hope you get this resolved, and quickly. This is the first time I've heard about a problem like this. I knew they freeze accounts trying to transfer money out, but I didn't know they make problems for people trying to transfer money in. I wonder what on earth made them suspicious considering you have done exactly the same thing before.

Once again, they are causing problems based on unfounded suspicion, but not based on evidence. They told you they were delaying the transfer due to security concerns. Did anyone bother to explain to you just what those concerns were?

They are really going much too far with this. If this happened to you, it probably happened to many more people too. What happened to making sure these kinds of things won't happen to innocent people?

[Jun]

I knew they freeze accounts trying to transfer money out, but I didn't know they make problems for people trying to transfer money in. I wonder what on earth made them suspicious considering you have done exactly the same thing before.

I might be wrong, but my interpretation of that was the problem is at the US bank ?

Now, as a US citizen, what method would you recommend for sending money to Thailand ?