Thailand Banking Change

[jafo]

@jafo What is the real legal status of an airport transit area?

-> ref what is covered in:
https://www.thephuketnews.com/russian-woman-arrested-at-phuket-airport-on-fraud-charges-90438.php
-> That's not the first, there have been numerous, a sharp incline.

100% this! In the transit area, those with heavy artillery make the rules. Any rule! Putin is 100% correct, but this is akin to how grifters disguised as legal scholars love to dress up failed "men" as "trans women" and write a memorandum of law to "CON"vince the gullible & uninitiated that these are now "the REAL soft & delicate women" as defined in biology pre-2000

 

[wellington]

Both, Cambodia and Laos are non CRS. Opening an account in Cambodia and Laos was very easy before, now it's still not a problem, but requires a long term visa and documents.
I'd be careful with Laos though,the country is extremely indebted right now, with a roaring inflation and foreign exchange restrictions / fixed exchange rate and restrictions on maximum that can be converted from Lao Kip to USD. I don't know if there are any restrictions regarding bank transfers/swift right now, but I wouldn't be surprised if there were some already or are going to be introduced in the near future.

In theory -> Not that I Am Advising It.

A resident in Thailand could utilise it as a passthrough.

1. Funds deposited into Cambodia/Laos (which ever one is CRS non-compliant).
   1. Either Fiat Bank Transfer.
   2. As crypto via an exchange there.
2. Withdraw at a ATM/Spend on Card Or Cross border and take below the threshold.

Would be able to continue to live in Thailand tax free if the money was in the same year (via tax evasion/avoidance -> not sure what ever it is).

I know there was discussions (i observed) around doing this with the old shuttle flight to KL and back (morning->afternoon) in the various groups last month.

Obviously the recent news changes a lot of things.

100% this! In the transit area, those with heavy artillery make the rules. Any rule! Putin is 100% correct, but this is akin to how grifters disguised as legal scholars love to dress up failed "men" as "trans women" and write a memorandum of law to "CON"vince the gullible & uninitiated that these are now "the REAL soft & delicate women" as defined in biology pre-2000

So basically, i don't really understand the legality of it.

But i will give you a play by play.

X Russian Woman -> Heads to Airport -> Heads to Customs/Immigration -> Gets Stamped Out -> Passes Through To Airport Lounge Waiting -> Thai Immigration Detain -> Legally She's Exited -> Exit Stamp In Passport -> Redirect Without Stamp (incoming) -> To Local Police Station -> Charged -> Sent To Detention Centre -> Go To Court -> Extradited To X Country or Deported To X Country.

How is that 'legal' under any country or even International Law? or even where's the legality authority to then extradite to x country rather than deport to home country? How can they illegally be pushed back into the country after getting a exit stamp?

but I wouldn't be surprised if there were some already or are going to be introduced in the near future.

Reportedly they've (vast % of nations) have rejected OECD -> Would surely mean CRS will dissolve, except for the west which will enact something similar to FACTA to replace.

 

[jafo]

So basically, i don't really understand the legality of it.

But i will give you a play by play.

X Russian Woman -> Heads to Airport -> Heads to Customs/Immigration -> Gets Stamped Out -> Passes Through To Airport Lounge Waiting -> Thai Immigration Detain -> Legally She's Exited -> Exit Stamp In Passport -> Redirect Without Stamp (incoming) -> To Local Police Station -> Charged -> Sent To Detention Centre -> Go To Court -> Extradited To X Country or Deported To X Country.

How is that 'legal' under any country or even International Law? or even where's the legality authority to then extradite to x country rather than deport to home country? How can they illegally be pushed back into the country after getting a exit stamp?

There is no "legality" to this. They do as they please. I'm only familiar with it when they cancel a stay/overstay/visa or deny an entry at port, so they don't have to deal with the courts. They are expelling the target from their countries. They claim, and courts have upheld, that it is NOT their fault if on their way home to e.g. Russia the defendant does a stopover on e.g. US soil.

The X Russian woman is technically NO longer in Thailand. She "left the country". Now, she is waiting to be expelled back to Russia...with a layover in the US

 

[unth72]

Bangkok, SCB do. Unsure about Kasikorn and Attaya as i just keep those accounts dormant/open.

Interesting, I only use Kasikorn and did a 500k Baht payment just over a week ago to upgrade my 5 year Elite membership to a 20 year one.

I had to increase the payment limit in the app and wait until the next day but it didn't do any kind of photo or liveness scan, maybe it's coming in the future though!

 

[TheCryptoAnt]

Both, Cambodia and Laos are non CRS. Opening an account in Cambodia and Laos was very easy before, now it's still not a problem, but requires a long term visa and documents.
I'd be careful with Laos though,the country is extremely indebted right now, with a roaring inflation and foreign exchange restrictions / fixed exchange rate and restrictions on maximum that can be converted from Lao Kip to USD. I don't know if there are any restrictions regarding bank transfers/swift right now, but I wouldn't be surprised if there were some already or are going to be introduced in the near future.

in addition to this, opening an acc at VietcomBank in VN can be done with passport only at both Da Nang and Nha Trang (confirmed, but probably all over the country)

You get a VND *AND* a USD acc opened on the spot. You also get an internal debit card, but you can request a VISA too (monthly fees apply).

 

[cryptofriendly]

in addition to this, opening an acc at VietcomBank in VN can be done with passport only at both Da Nang and Nha Trang (confirmed, but probably all over the country)

You get a VND *AND* a USD acc opened on the spot. You also get an internal debit card, but you can request a VISA too (monthly fees apply).

I can confirm that, I have opened an account with Vietcombank in HCMC (Saigon) in 2018 with a passport only as well. VN doesn't exchange any info as well.
I am a little bit surprised they still don't need any additional info, as all the neighbors made it a little harder.

https://www.oecd.org/tax/transparency/AEOI-commitments.pdf
It seems that in SEA, Laos (they don't even list it in the country list, lol), VN, and Cambodia are easy choices for non-reporting accounts.
In Europe, Georgia was the best, but as they are joining the reporting now, bank accounts in places like North Macedonia and Bosnia seem to be not bad alternatives (haven't tried it myself yet).

 

[Mercury]

@cryptofriendly @TheCryptoAnt

VietcomBank: so it seems you were able to open local accounts with local address? or is it non-resident?

Is this bank ok with US$ 5 or 6 figures wire transfers from crypto platforms (Nexo, Kraken, ...)?

 

[TheCryptoAnt]

@cryptofriendly @TheCryptoAnt

VietcomBank: so it seems you were able to open local accounts with local address? or is it non-resident?

They didnt even ask me where I was staying, in the docs I got the branch address appears in my info page.

Is this bank ok with US$ 5 or 6 figures wire transfers from crypto platforms (Nexo, Kraken, ...)?

They are cool with Nexo (USD) and Binance (back then in VND). You can use ADVCash for VND now.

This country is very (VERY) corrupt, specially the immigration dept. Everything can be done there for some lunch money.

Ive got a mate whos been in Da Nang since before covid paying 2M dong ($80ish) every 3 months to get a new visa stamped in his passport, obvs without leaving... so take this to your advantage.

 

[ncracy]

They didnt even ask me where I was staying, in the docs I got the branch address appears in my info page.



They are cool with Nexo (USD) and Binance (back then in VND). You can use ADVCash for VND now.

This country is very (VERY) corrupt, specially the immigration dept. Everything can be done there for some lunch money.

Ive got a mate whos been in Da Nang since before covid paying 2M dong ($80ish) every 3 months to get a new visa stamped in his passport, obvs without leaving... so take this to your advantage.

May I ask you which Vietcombank branch in Da Nang you used? I'm going to fly to Da Nang to open a bank account in a few days and will later post in this thread the outcome.

 

[TheCryptoAnt]

May I ask you which Vietcombank branch in Da Nang you used? I'm going to fly to Da Nang to open a bank account in a few days and will later post in this thread the outcome.

https://maps.app.goo.gl/Mw1gQuKV4dJ55iq1A
i dont think it matters tho

 

[wellington]

One rule is never to publicise lives hacks.

 

[TheCryptoAnt]

One rule is never to publicise lives hacks.

word but it seems unlikely that an entire country's banking sector would alter its policy based on what some ant said in a forum.

 

[Why]

Both, Cambodia and Laos are non CRS. Opening an account in Cambodia and Laos was very easy before, now it's still not a problem, but requires a long term visa and documents.
I'd be careful with Laos though,the country is extremely indebted right now, with a roaring inflation and foreign exchange restrictions / fixed exchange rate and restrictions on maximum that can be converted from Lao Kip to USD. I don't know if there are any restrictions regarding bank transfers/swift right now, but I wouldn't be surprised if there were some already or are going to be introduced in the near future.

Cambodia offers around 7% interest rates on USD, but you must be living in the country for at least 6 months, have a long stay visa and a rental agreement in order to open a bank account.

 

[jafo]

Cambodia offers around 7% interest rates on USD, but you must be living in the country for at least 6 months, have a long stay visa and a rental agreement in order to open a bank account.

Damn! Might be worth it, but I wonder if one's principal would be at risk if it is above the insured limit. On US$5M that is US$350K per year in interest. Is the interest-bearing account tax-free? If not, how much (%) are the taxes?

 

[cryptofriendly]

Damn! Might be worth it, but I wonder if one's principal would be at risk if it is above the insured limit. On US$5M that is US$350K per year in interest. Is the interest-bearing account tax-free? If not, how much (%) are the taxes?

I f you shop around, you might find even higher rates. I have been getting 12% on USD fixed term deposit at Prasac MF there.
There are also offers like these, PANDA COMMERCIAL BANK PLC (7.3% non-term, with daily withdrawal possible),
but you must judge the deposit risk by yourself. I wouldn't put any money in microfinance deposits in Cambodia anymore, they lent out far too much money,
and there is a real risk of not getting the principal back now. The banks might be safer, but Panda bank sounds a little dodgy, check the offerings of ABA or Canadia bank,
they should be far safer. RHB Bank (Malaysian) has some branches in Cambodia as well. I don't know if there is an insurance scheme for bank accounts by the government, though
there wasn't any bank failure in Cambodia for 30 years.

Tax on interest is 6 percent for residents (you can get that with long term visa), for non residents it's something like 16 or 19 percent.

 

[jafo]

12% on USD fixed term deposit at Prasac MF there.

Thank you for this info! I have to swing by there in January to visit a supplier, so I'll drop in the bank and try my luck. Thank you for sharing!

 

[ncracy]

https://maps.app.goo.gl/Mw1gQuKV4dJ55iq1A
i dont think it matters tho

So, long story short - no, one cannot open a bank account in Vietnam without a 12-month visa at the moment.
Full story:
In every bank they first of all ask how long you stay in Vietnam. If your visa is less than 12 months, then usually it is game over. However, Vietcombank offers special accounts for those with shorter visas. These are severely limited bank accounts, basically akin to digital wallets.
First of all, no plastic card can be attached to them. Not even local ATM card can be issued. No cash deposits/withdrawals whatsoever. Top up only via internal bank transfers or from overseas. Inward SWIFT works fine, I checked. In theory, outward SWIFT is possible, but guess what - it is not available online, one has to go to a bank branch in person and do some paperwork to initiate a SWIFT (or whatever else) overseas transfer.
Overall, those Vietcombank accounts are OK for long stay tourists who want to pay for services in Vietnam, but for those who live outside Vietnam, these are basically useless at the moment.
If some time in the future Vietcombank added support for online overseas remittance to their mobile app, that would be great though. I keep both my VND and USD accounts for now, athough chances they ever become useful are slim.

 

[TheCryptoAnt]

So, long story short - no, one cannot open a bank account in Vietnam without a 12-month visa at the moment.
Full story:
In every bank they first of all ask how long you stay in Vietnam. If your visa is less than 12 months, then usually it is game over. However, Vietcombank offers special accounts for those with shorter visas. These are severely limited bank accounts, basically akin to digital wallets.
First of all, no plastic card can be attached to them. Not even local ATM card can be issued. No cash deposits/withdrawals whatsoever. Top up only via internal bank transfers or from overseas. Inward SWIFT works fine, I checked. In theory, outward SWIFT is possible, but guess what - it is not available online, one has to go to a bank branch in person and do some paperwork to initiate a SWIFT (or whatever else) overseas transfer.
Overall, those Vietcombank accounts are OK for long stay tourists who want to pay for services in Vietnam, but for those who live outside Vietnam, these are basically useless at the moment.
If some time in the future Vietcombank added support for online overseas remittance to their mobile app, that would be great though. I keep both my VND and USD accounts for now, athough chances they ever become useful are slim.

Hey sorry trading got in the way,

idk man what you are saying contradicts my experience and of people I know who opened an account recently. We werent asked any questions and opened them in different locations so it wasnt a one branch thing.

If the asked you 'how long you stay in Vietnam' then just say you are waiting for your business visa approval or something idk, maybe offer to make a deposit?

Mines (and of all the people I know) came with an internal swipe card and we can get a debit VISA too. Internal transfers and SWIFT works no problem.

Try different branchs/banks/dress differently maybe?

Best of luck.