Thailand recently announced new measures to regulate the financial transactions of foreigners who arrived in the country on tourist visas or ordinary entry stamps. From now on, foreign tourists are not allowed to open bank accounts within the country, including the previously loyal Bangkok Bank branch.

Previous account opening opportunities

• Previously, the opportunity was given to the following categories of persons:
• Buyers of real estate: In order to purchase housing, foreign citizens were required to present a purchase agreement and documentary proof of the deposit.
  Citizens over 50 years of age: Such persons could issue an invoice for the subsequent issuance of a pensioner visa.
• However, now the situation has changed dramatically, and the grounds listed above are no longer valid.

Restrictions for new bank account holders

How will the money transactions take place now?

• When buying real estate, foreign buyers are offered two options for transferring funds.:
• If the purchase is made from the developer, the funds are sent directly to the bank account of the construction company.
  When purchasing a secondary market property, payment is made through the legal account of realtors or real estate agencies.
• Income from renting out property is also subject to crediting exclusively to foreign accounts – local bank accounts cannot be used for these purposes.

Exceptional cases are allowed

• Despite the general trend of stricter regulations, some groups of foreign citizens can still exercise the right to open a bank account in Thailand.: Holders of a work visa ("Non-B") are provided that they live and work in the province where the relevant permit was obtained. Foreigners of retirement age who have a Thai pension visa and have issued a yellow house book. Participants of the Thailand Elite Elite card program who use the Elite Card concierge service. Citizens who have received a long-term resident visa (LTR) intended for a long stay in the country. However, it is important to keep in mind that the specific conditions and requirements depend on the region and the specific bank, so before opening an account, it is recommended to contact the local

What to expect next?

Probably, the Thai authorities intend to reconsider their position regarding certain categories of investors and entrepreneurs temporarily residing in the country. Perhaps some breaks will appear later. However, to date, innovations have significantly limited the financial freedom of action for all other travelers and vacationers.

Thus, the changes have a significant impact on the financial aspects of the lives of foreign visitors, forcing many to adapt to new conditions and look for alternative ways to manage their financial resources while in Thailand.