The expected Bank Update

DailyLunatic

DailyLunatic

Surin Legend
Well, that was a waste of time.

Friday I got the expected text from one of my banks saying that I needed to come to one of their branch offices and update my account. Apparently, it is not compliant with "Common Reporting Standard (CRS) and the Foreign Account Exchange Compliance Act (FATCA)" that we've been hearing about for months.

URGENT: Please contact your nearest or most convenient Krungthai Bank Branch as soon as possible to update your accounts maintained with us. As required by the Common Reporting Standard (CRS) and the Foreign Account Exchange Compliance Act (FATCA), after review of your account information, you may be a tax resident of a CRS participating and/or reportable jurisdiction or a United States person under FATCA or the information submitted by you to the Bank contains incorrect and/or incomplete information in accordance with CRS and/or FATCA requirements. For more information, please contact the Krungthai Contact Center at +662-111-1111

I called ahead to ensure a good time to arrive, and what, if anything, I'm supposed to bring with me. If it's anything like the visa renewals every branch will want something different. According to the person I spoke with on the phone (I assume main branch - Bangkok) I'm supposed to go in, show passport, bank book, Yellow Book, another form of ID, and fill out a form. Simple, right? NOT!

First, I was advised to go in after the bank's lunch break. This branch (Sikhoraphum) is closest at about 45minutes away so not having to rush out the door this morning sounded like a blessing (...and was as there was a minor issue with flooding that needed to be address first thing this morning.) We took lunch at KFC (real food, if not the best food) and I was waiting at the door of the bank when they opened at 13:00. Took a number and waited. Waited for 2 hours! I was in the 'B' queue. The one they use for special issues. There were 12 numbers ahead of me, apparently held over from the morning's rush (I won't be coming in after lunch again). At first, I was thinking there must be a lot of foreigners getting the same text at the same time, but when I looked around to check, there were no other obvious foreigners waiting. On the other hand, people in the 'A' queues were streaming though left and right. Frustrating.

Finally, our number comes up. We show the lady the text I had received, a translation of the text, and all documentation described above.
"What do you want me to do?"
"Uh... Your bank texted me. They asked me to come here. I don't know what needs to be done." Showed her the text again.

Calls someone on the phone. Hangs up. Checks some data on the computer. Refers to text. Calls someone on the phone. Refers to text again. Checks data on computer. Excuses herself and comes back with another person and a form. (Yay!) Form is not for me. (Boo.) Back and forth for 55 minutes. Now, it's closing time. She photocopies everything and tells us she needs to do research, can we please come back in 2 or 3 days? (Like I have a choice.)

Then my car is blocked in and I have to wait another 30 minutes until someone that works at the back comes and lets me out. -le sigh-

Banks have been grinding through all the foreigner accounts for months and this branch had not seen even one until I walked in. (Lucky me)

I have a second bank. I hope I don't get a repeat performance.

I'll update again in '2 or 3 days'.

Here's hoping y'all don't run into similar issues. Good Luck.

-sterling
 
It's been a week and no call from KrungThai. I took initiative and called Main Branch today at about 10:30 am, with transfer to Sikhoraphum Branch after a brief discussion (There had been no answer at the number Sikhoraphum Brach had given me.) On hold for 10 minutes with Main Branch picking up twice to apologize for the delay, before someone with limited English picked up. Wife took over and was told to call back in another 2 - 3 days as they were still working on the issue. Total time 15 minutes.

(An aside - I will NOT allow Wife in room during the next call and have told her as much to her face. She tends to take over saying, "Easier for me to speak to them", and it IS, but she does not include me in any of the conversation during the call. She's not there to give me a synopsis after the fact. Plainly she does not understand the concept of, 'Back-and-Forth', or being 'Included' in a call. Something we had literally discussed just moments before. Rant over. Sorry.) :rage:

Anyway, the Main Branch is now aware of the delays though they feign confusion saying, "They would have been consulted if that had happened" (they were, see above). Hopefully, someone gets a tap on the shoulder and advised that ignoring the issue will not make it disappear. (Though, I doubt it.)

All nice and in pleasant tones, but I am getting a little concerned. I'd prefer them to not shut down my Visa fund account unexpectedly.

I will be posting e-mail to main branch later today so that I have dated, documented evidence that I have tried to reach out to them. I'm not certain how much weight an e-mail would have, or of the timeline to get this resolved.

Should it not get resolution by next week, I will plan a trip to Surin proper and take care of it there. Sans Wife.

Then have a drink at AAA Fantasy afterwards. They have Carabao! Woot! As a bonus, I can get a 'double' order of the Wasabi Dumplings at the Japanese Noodle House across the parking lot from there -hold the nagging. ;;red heart;;

-sterling
 
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Finally,

They called this afternoon and said to come in tomorrow morning. Gonna be there bright and oily.

I think they just forgot about me.

-sterling
 
Wow. I am out of the country and I received that same text as you from Krung Thai bank. Nothing much I can do about it from here.
Thanks for documenting your progress. That Bank in Sikhor is terrible that's why I have never transferred from my branch in Bangkok where I used to live.
You got trapped in that car park. Always going to happen if your not careful. You parked close to the building it happens there all the time.
Was that KFC in Sikhor?. Well that is slop as well.
 
DailyLunatic said:
Well, that was a waste of time.

Friday I got the expected text from one of my banks saying that I needed to come to one of their branch offices and update my account. Apparently, it is not compliant with "Common Reporting Standard (CRS) and the Foreign Account Exchange Compliance Act (FATCA)" that we've been hearing about for months.

URGENT: Please contact your nearest or most convenient Krungthai Bank Branch as soon as possible to update your accounts maintained with us. As required by the Common Reporting Standard (CRS) and the Foreign Account Exchange Compliance Act (FATCA), after review of your account information, you may be a tax resident of a CRS participating and/or reportable jurisdiction or a United States person under FATCA or the information submitted by you to the Bank contains incorrect and/or incomplete information in accordance with CRS and/or FATCA requirements. For more information, please contact the Krungthai Contact Center at +662-111-1111

I called ahead to ensure a good time to arrive, and what, if anything, I'm supposed to bring with me. If it's anything like the visa renewals every branch will want something different. According to the person I spoke with on the phone (I assume main branch - Bangkok) I'm supposed to go in, show passport, bank book, Yellow Book, another form of ID, and fill out a form. Simple, right? NOT!

First, I was advised to go in after the bank's lunch break. This branch (Sikhoraphum) is closest at about 45minutes away so not having to rush out the door this morning sounded like a blessing (...and was as there was a minor issue with flooding that needed to be address first thing this morning.) We took lunch at KFC (real food, if not the best food) and I was waiting at the door of the bank when they opened at 13:00. Took a number and waited. Waited for 2 hours! I was in the 'B' queue. The one they use for special issues. There were 12 numbers ahead of me, apparently held over from the morning's rush (I won't be coming in after lunch again). At first, I was thinking there must be a lot of foreigners getting the same text at the same time, but when I looked around to check, there were no other obvious foreigners waiting. On the other hand, people in the 'A' queues were streaming though left and right. Frustrating.

.

Here's hoping y'all don't run into similar issues. Good Luck.

-sterling
Click to expand...
Where did the letter originate from, Thailand ?

I have not received any letters, pretending to (CRS) and the Foreign Account Exchange Compliance Act (FATCA).

Amazing Thailand !
Is what I tell myself with multiple frustrating things in Thailand.

Having money in Thai Banks, and as a US citizen is required to file a FBAR every year stating how many foreign bank account I have and amount of money in them,
I comply.
FBAR it Separate from US income tax US citizens are obligated to file depending upon earnings per year.

I have not received any letters, pretending to this.
 
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Rice said:
Wow. I am out of the country and I received that same text as you from Krung Thai bank. Nothing much I can do about it from here.
Thanks for documenting your progress. That Bank in Sikhor is terrible that's why I have never transferred from my branch in Bangkok where I used to live.
You got trapped in that car park. Always going to happen if your not careful. You parked close to the building it happens there all the time.
Click to expand...

Nah. I was in the spot all the way in the back by the Sprit House/Shrine. All the parking was taken, so they just parked in the middle of the lot in front of the Shrine, blocking me in. Got there earlier today and got a spot near the middle.

Update: Just got back from KrungThai. Didn't have to take a number. We were directed straight to one of the Windows/Stalls/Desks? They went through the whole shpeel about why they needed the information, then repeated the gist of it just before every question. Irritating, but I kept a pleasant demeanor.

There was a LOT of confusion on what information they wanted. Most of the questions were convoluted and twisted to the point I could not make heads nor tails of them even with the translator. Eventually she got frustrated and handed me the form (questions were in both Thai and English.

What town and country were you born?

What? Was that what the paragraph and a half query meant? Seriously? So I told them City, State, USA. Confusion from her (and Wife) on why I included State. She refused to listen to me on why it is necessary to include State, waving me down saying, "I only need Town" (I kept quiet about multiple places with same name.) I gave them the information.

What is your Tax ID Number?

This was also asked in a similar very convoluted way until I read the straightforward phrasing in the form. I gave them my pink card on reading the written question and asked which number on the card was the Tax ID? They clarified that neither were a Tax ID, and that they needed my Foreign Tax ID Number. I explained that the US does not have a National ID Number, nor a National Tax Number.

10] We use our Social Security Number instead, is that what you are looking for?
20] What is Social Security Number?
30] It's like our pension number.
40] No, We need Tax ID Number.
50] Goto 10

Round and round for twenty minutes until she calls HQ, then turns to me and says she needs Social Security Number. -sigh-

Do you reside in the USA? No

List all countries where you resided and Tax ID Number for that country, I put Thailand, but I do not and never have had a Tax ID (unless it's on the pink card, which they say it is not.) Eventually left blank to her frustration. I also assumed this to mean, 'In the last year' but it did not specify.

Signed form, got the Green Light and boogied out of there.

In truth, I think the signed form is really all they wanted. I expect I will hear from them again if there is an issue. If there is an issue, I may take a long weekend and visit Bangkok to get a more experienced agent. This lady was nice but had to ask HQ two questions for every one I asked.

My Advice, go to the largest branch you can find, and in a locale frequented by Farang. They made it more difficult that it had to be.

Rice said:
Was that KFC in Sikhor?. Well that is slop as well.
Click to expand...

Yeah, and sadly overcooked chicken pops with instant mashed potatoes to dip them in were the best food I've had all month (that I didn't cook myself, that is). :cry:

lightfoot said:
Having money in Thai Banks, and as a US citizen is required to file a FBAR every year stating how many foreign bank account I have and amount of money in them,
I comply.
FBAR it Separate from US income tax US citizens are obligated to file depending upon earnings per year.
Click to expand...

Learned about FBAR just this month. Been here three years. I always had my taxes done by my accountant in the US, so never saw Schedule B with that requirement. I looked; Schedule B was never even included.

Now I know and am nervous. Does FBAR want exact figures from the Bank, or will a rough approximation suffice? If exact, what is the best way to get that information from the Bank(s)?

-sterling
 
So what are they going to do if you don't comply with their new form ?

I have never been much into compliance. Bye the way here is the message they sent out.

URGENT: Please contact your nearest or most convenient Krungthai Bank Branch as soon as possible to update your accounts maintained with us. As required by the Common Reporting Standard (CRS) and the Foreign Account Exchange Compliance Act (FATCA), after review of your account information, you may be a tax resident of a CRS participating and/or reportable jurisdiction or a United States person under FATCA or the information submitted by you to the Bank contains incorrect and/or incomplete information in accordance with CRS and/or FATCA requirements. For more information, please contact the Krungthai Contact Center at +662-111-1111

Just as well I am in Australia as I would of had no access to my Australian Tax file number as if that is what they want. I mean FFS they don't pay me any interest to file in Australia. If not for the Immigration money I don't believe any of us would have a Thai bank account. I certainly would not.
 
The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information (AEOI) regarding financial accounts on a global level, between tax authorities, which the Organisation for Economic Co-operation and Development (OECD) developed in 2014. Its purpose is to combat tax evasion.

The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments.
 
Rice said:
The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information (AEOI) regarding financial accounts on a global level, between tax authorities, which the Organisation for Economic Co-operation and Development (OECD) developed in 2014. Its purpose is to combat tax evasion.

The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments.
Click to expand...

...thwiip...

lookit that there dang thang dun gone whey overt my hed. Whut U 'spose it means?

means revinuers commin. Get in da bushes. We'll get 'em as they coms bye.

-sterling
 
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