AUSTRALIAN BANK ACCOUNT FOR THAI

[Prakhonchai Nick]

At Coffee's suggestion I have started a thread with posts from shoutbox.

1. Question for Aussie members..........Is there any way for a Thai to open an Australian bank account without being physically present in Australia?. 1.6 milion baht to be held in trust for a child.
2. Today at 10:47 - Wombat:
   In a nutshell, I don't know. Sorry. Surin may know. I'll have a snoop around the internet to try to find out.
3. Today at 10:51 - Wombat:
   Just checked with my bank and it seems that you have to be an Australian resident to open an account with them
4. Today at 10:52 - Prakhonchai Nick:
   Have emailed ANZ bank in Bangkok...awaiting reply. Will wait and see if Surin picks up this shout.
5. 20 minutes ago - Coffee:
   Why not commence a thread for other members to keep an eye on and add ? Answers in the Shoutbox are lost for future use. Just a thought.

 

[Prakhonchai Nick]

The specifics here are that the account needs to be opened by 2 Thai Trustees on behalf of an Australian child living with his Thai mother here in Thailand. The Trustees could I imagine be Australian (the lawyer involved could be used) but their fees to date suggest there won't be any money left when the kid is 18

 

[Night Stroker]

I doubt it as the applicant must produce 100 points of identification in the from of passport (60), driver's licence (30), credit card (30), birth certificate (30). I am not certain of the values posted. One method may be for you to open the account in your name but give the Thai authority to operate the account. However, I think this would require both parties to present to visit the bank.

 

[Rice]

but their fees to date suggest there won't be any money left when the kid is 18

Not given the current term deposit rates.


Company Interest Paid 1 year term advertised rate Est. interest earned for 1 year term on $50,000
Advance Notice Term Deposit Annually 1.60% $800.00
Term Deposit Annually 1.55% $775.00
Term Deposit Annually 1.40% $700.00
Term Deposit Annually 1.35% $675.00
Term Deposit Annually 1.05% $525.00

I do not know for sure but I believe you have to be in the country to open an account. Non citizens can open an account

I found this site if it is of any help. They say you can do it over the phone.

https://www.finder.com.au/foreigners-open-a-bank-account-in-australia

PS I wanted to open a UK bank account a few years back remotely. I was told to bugger off.

PSS I am a citizen!

I was going to park some of my retirement funds there to hedge off the AUD fall. Just as well I did not. It is parked in Thailand instead where funny enough after using the account for 4 years for living expenses when I am there, if I now returned the money to Australia. It would be the same value I originally sent.

 

[Yorky]

PS I wanted to open a UK bank account a few years back remotely. I was told to bugger off.

About 3 years ago I had no end of problems trying to keep a UK bank account because I lived overseas. Eventually I jumped through the correct hoops and now still have the account (Isle of Man/Jersey).

 

[Prakhonchai Nick]

Not given the current term deposit rates.


Company Interest Paid 1 year term advertised rate Est. interest earned for 1 year term on $50,000
Advance Notice Term Deposit Annually 1.60% $800.00
Term Deposit Annually 1.55% $775.00
Term Deposit Annually 1.40% $700.00
Term Deposit Annually 1.35% $675.00
Term Deposit Annually 1.05% $525.00

I do not know for sure but I believe you have to be in the country to open an account. Non citizens can open an account

I found this site if it is of any help. They say you can do it over the phone.

https://www.finder.com.au/foreigners-open-a-bank-account-in-australia

PS I wanted to open a UK bank account a few years back remotely. I was told to bugger off.

PSS I am a citizen!

I was going to park some of my retirement funds there to hedge off the AUD fall. Just as well I did not. It is parked in Thailand instead where funny enough after using the account for 4 years for living expenses when I am there, if I now returned the money to Australia. It would be the same value I originally sent.

Thanks for the link Rice

I will ask HSBC if they can assist