Thailand’s financial landscape is undergoing big changes as the Bank of Thailand (BoT) introduces new regulations to enhance the security and efficiency of mobile banking. Let’s talk about how these affect non Thai nationals with support from our legal partners at Anglo Siam Legal.
These updates, driven by multiple factors including concerns on call center scams that have dominated headlines, aim to protect users. For tourists, foreigners, and expats, these changes can have both positives and negatives.
Recent and Upcoming Changes in Mobile Banking Regulations
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One Account, One Device Rule: As of recent announcements, mobile banking services will now be limited to one account per device for each bank. This aims to reduce the risk of fraud. Users must register their device, and switching or upgrading devices requires re-authentication with the bank, often in person.
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Enhanced Biometric Authentication: The BoT has mandated biometric verification, such as facial recognition, for certain mobile banking transactions.
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Stricter Know Your Customer (KYC) Requirements: Financial institutions are tightening KYC processes, particularly for electronic transactions. Foreigners and non-residents may face more rigorous identity verification, especially when opening accounts or conducting high-value transfers. This is reportedly already causing issues with foreigners who need to open bank accounts required for certain visas, like retirement, and it is unclear what the solution is currently.
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Transaction Limits and Monitoring: To combat money laundering and fraud, the BoT has introduced limits on mobile banking transactions, with stricter monitoring for large or frequent transfers. Users may need to verify their identity for transactions exceeding certain thresholds.
Mobile SIM card changes
In Thailand, new mobile banking rules will require the name on your mobile banking account to match the name of the SIM card holder registered with your bank. This is to combat online scams, particularly those using “mule” accounts.Key Details:-
Verification Deadline: You must confirm your identity with your mobile service provider by April 30, 2025. If not, your mobile banking services may be suspended.
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Notifications: Banks will notify you via their mobile banking apps if you need to verify. No notifications will be sent through other channels to prevent fraud. If you do not get a notification, you are ok.
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Scope: Over 120 million SIM cards may eventually need verification. Authorities are initially focusing on 2 million SIMs with mismatched names, including some with no registered owner.
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Exemptions: SIMs registered under government agencies or organizations for employee use may be exempt.
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Impact: If suspended, you can still use traditional banking channels, but mobile banking will be restricted until the mismatch is resolved.
If you receive a notification, contact your bank and mobile provider to update your details before the deadline.
Impact on Tourists, Foreigners, and Expats
While these regulations enhance security, they can pose challenges for non-residents. Below is an overview of how different groups may be affected:
Tourists
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Limited Access to Mobile Banking: Tourists, who typically stay for short periods, may find it difficult to open a Thai bank account due to stricter KYC requirements. Many banks require proof of residence or a non-immigrant visa, which tourists on visa exemptions or short-stay visas may not have. Ironically, as stated, many long term visas require a Thai bank account. It is unclear what the immediate solution is but Thai authorities are reportedly aware of this issue.
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Device Restrictions: The one account, one device rule can be inconvenient for tourists who rely on multiple devices for banking. If they need to switch devices, they must re-authenticate, which can be challenging without consistent access to Thai phone numbers or bank branches.
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Transaction Limits: Tourists using international banking apps or transferring funds to Thailand may encounter restrictions on transaction amounts. This could affect their ability to pay for accommodations, tours, or other expenses, especially if they exceed the BoT’s thresholds.
Foreigners and Non-Resident Expats
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Account Opening Challenges: Foreigners without long-term visas or proof of residence may struggle to open accounts, particularly in banks with strict policies. While some banks are known for being more foreigner-friendly, branch-specific policies can vary.
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Biometric Verification: Non-residents may face difficulties with biometric authentication if their facial recognition data is not registered with the bank. This could delay access to mobile banking services, especially for those who opened accounts before the new rules were implemented.
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Foreign Currency Accounts: Expats dealing with multiple currencies may need foreign currency accounts, which often require higher minimum balances. The new regulations could complicate transfers to and from these accounts, especially if additional verification is required.
Long-Term Expats
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Device Management: Long-term expats who frequently travel or use multiple devices may need to plan ahead to ensure their primary device is registered for mobile banking. Switching devices could disrupt access to funds, especially if they are abroad and cannot visit a branch.
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International Transfers: Expats relying on services like Wise or Revolut for international transfers may need to adjust their strategies. The BoT’s transaction limits and monitoring could affect the timing and cost of transfers, particularly for large sums.
For tourists, foreigners, and expats, these updates can impact access to banking services, transaction flexibility, and compliance with tax laws. This information, as always, is subject to change but all of this information is correct as of press time.
Consider reaching out to Anglo Siam Legal for assistance with any problems you may have had or questions regarding banking rules and laws.
Contact Anglo Siam Legal
Call Them: 0610184790
Visit Them: 565/103-104, Moo 10, Nongprue sub-district, Opposite Big C South Pattaya
This guide is for informational purposes only and does not constitute legal advice.
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