Frozen Thai bank accounts

[SP55]

I almost always agree with this guy, a lawyer in Bangkok. I think he sums up the subject very well in this 15 minutes video.

[SP55]

It took me two days of visiting the bank three times

When you went to the bank, what did they tell you?

First attempt, overcrowded bankoffice about 60 numbers ahead of me. I overheard many people had their accounts frozen or only same as in my case had had their mobile banking turned off - without the account frozen. After waiting more than two hours, and only 2-3 numbers expedited, I realized the bank will close before they get to my number. So I had to take a taxi to another branch of the same bank.

Waiting there for 2-3 hours, informed I need to visit Truemove to "verify my number".

The day was already over, so next day on to Truemove, put money on my account to get a reciept with name and telephonenumber.
Back to the bank, wait again, show reciept, wait more, than told my mobile banking will be in function again in 3-5 days.

All this despite:
1. Everyone has to show passport when getting a thainumber
2. I had this telephonenumber for years, and it was already confirmed with the bank when I got mobile banking
3. The mobile bank app has detection of number so they know already my number and if I had changed number the app would automatically know that.

Nevertheless as I understand it, the bank just decided to close thousands of peoples mobile banking and force them to '"verify" that their phonenumbers really were registered on them yet again.

[Jun]

Nevertheless as I understand it, the bank just decided to close thousands of peoples mobile banking and force them to '"verify" that their phonenumbers really were registered on them yet again.

Was there any advance warning of this ?

[SP55]

Nevertheless as I understand it, the bank just decided to close thousands of peoples mobile banking and force them to '"verify" that their phonenumbers really were registered on them yet again.

Was there any advance warning of this ?

No warning, I just noticed one day that the app couldn't open and there was a message in the app saying it had been suspended and I could contact the bank. No mentioning of why.

Btw the staff at Truemove office said they had many people lately - both thais and foreigners - with the same issue, getting their mobile banking turned off and need to get a reciept from Truemove to prove that they are the registered owner of the number. The guy at Truemove who handled it for me said he can't understand why, since you have to prove your number already when you first register for mobile banking - so why do it now again?

[Jun]

No warning, I just noticed one day that the app couldn't open and there was a message in the app saying it had been suspended and I could contact the bank.

Thank you.
Had they only suspended mobile app access ?
Or also ATM access, card payments & browser based online banking ?

Sorry for asking so many questions, but these things may matter for anyone else who may be affected. This also affects risk assessment. Just having mobile banking blocked is bad, but not as bad as being entirely cut off from access to funds via other means.

The guy at Truemove who handled it for me said he can't understand why, since you have to prove your number already when you first register for mobile banking - so why do it now again?

Banks & related finance legislation are not always logical.
I currently deal with financial entities in the UK, the US and Singapore who periodically request information they already have received before.
So Thailand would not be an exception. However, suspending access to a service without prior warning would be quite unusual AND unprofessional.

[SP55]

However, suspending access to a service without prior warning would be quite unusual AND unprofessional.

Not would be, is, since that is what they did.

[Gaybutton]

I'm sorry, but I thought I made it clear in an earlier post - viewtopic.php?p=118984#p118984 - that I am not going to permit specific banks to be named. I just edited two posts above that did name specific banks. The bank names have been edited out of the posts.

Folks, I'm sorry, but I am not going to take even minor risks. Posts that name banks on this topic are going to be edited or possibly deleted, no matter what the context.

Please comply with my wishes so that I don't have to take action and cause anyone to be angry. People don't like it when their posts get edited or deleted and I don't like doing it.

[Rocket]

I have two bank accounts with two different banks. At one point I had three different accounts with three different banks.i bought two condos and I had to use the banks of the builder.

I have no apps, bank cards or any kind of internet access. I just withdraw cash when I need it a couple times a week. I’m thinking of getting the apps this trip. Thailand is much more cashless than the USA and is heading more in that direction.

I did have a credit card with one bank but never used it. I thought it might be a good idea in case I was incapacitated and needed hospitalizations. Maybe I’ll get another one but one major bank had a bad hack on its system a few years back and I was relieved that I can’t be hacked with just a pass book.

For my coming trip I’m going to wire money bank to bank. I ran out of money last year. Usually I spend a bit more than a million baht over the 5 months I’m there. I’m thinking of being a bit more conservative with my spending this coming trip.

As far as phone numbers, I use an ais SIM card but switch my numbers more than I’d like. I have a dual eSIM phone and sometimes use google fi. When they ask me to write down my numbers on the withdrawal slip, sometimes I’ll just make up a number if I can’t recall it. Maybe I better be more accurate with that but the problem is using your phone, not a paper transaction.

[Gaybutton]

I did have a credit card with one bank but never used it. I thought it might be a good idea in case I was incapacitated and needed hospitalizations.

Don't you have medical insurance?

[Dodger]

I'd quite like to know if the problems are almost entirely at the one bank.

Not entirely, but there's one very large bank that's standing center-stage right now, and ironically, it's the same bank that reportedly has the highest level of involvement with visa agents. Go figure!

It only makes sense that all banks will be going through this same rigorous account review process at some stage, but at least the Central Bank is involved to help shorten the lead times on frozen accounts.

I think the days where visa agents can wheel-and-deal under the table with the banks are coming to a close. That said, it would behoove foreigners who use visa agents for this purpose to apply some risk management going forward. At least I would.