New requirements for opening accounts with one of Thailand's largest banks, Bangkok Bank, may prove challenging for foreign travellers and short-term visa holders. From January 2025, the bank began implementing stricter rules aimed at strengthening the fight against financial fraud and improving cyber security.

Key changes

The main change is that the bank now only opens new accounts for foreign nationals with long-term visas or other documents confirming their long-term stay in the country. This means that tourists and short-term visa holders, including the Destination Thailand Visa (DTV), will no longer be able to open accounts with Bangkok Bank.

Impact on foreign residents

The new rules may create difficulties for many foreign residents and travellers who now need to prove long-term reasons for banking services. This could be particularly problematic for digital nomads, long-term travellers and newly arrived residents who may not have the necessary documentation.

Reasons for the tightening

Bangkok Bank attributes the changes to the need to strengthen cybersecurity and combat financial fraud, especially so-called ‘mule accounts’ - bank accounts used by criminal groups for various fraudulent schemes.

Central Bank support

The Bank of Thailand (central bank) has supported the tightened regulations, emphasising the need for stricter verification procedures for foreign customers. The central bank is also working on new digital fraud guidelines that will oblige banks to improve know-your-customer (KYC) and customer due diligence (CDD) measures.

Recommendations for foreign nationals

Foreign nationals living or travelling in Thailand should be aware of the new realities:

1. Go to a Bangkok Bank branch with your passport and bank book to check the status of your account.
2. If the account is blocked, you will be offered a cash withdrawal before the account is closed.
3. Make sure your phone number is in your name and matches your account details to avoid problems with mobile banking.
4. Having a long-term visa (e.g. work, pension or family visa) can help you maintain access to banking services.
5. Do not try to arrange a bank card ‘for money’

PS: Bangkok Bank will be followed by other financial institutions.

Bangkok Bank's measures are part of a broader trend to tighten financial controls in Thailand. While these measures are designed to protect the banking system from fraud, they also create inconvenience for foreign customers. If you are a foreigner in Thailand and plan to use local banking services, it is important to prepare documents in advance to prove your long-term reasons for staying or to consider alternative banks and fintech solutions.