Transcript of the above video: 

As the title of this video suggests, we are discussing the issue surrounding digital banking. For those who are unaware, this has been a major point of contention, concern, consternation in the expat sphere here in Thailand. I know there are a lot of expats out there that are very concerned about banking right now. As we have discussed in other videos, one thing we have seen is folks who do not hold a non-immigrant Visa are having a lot of problems with banking even to the point where they are closing bank accounts.

So let me be clear, there are scenarios right now, depending on your visa status, we heard it anecdotally, we have dealt with some people one to one here at the firm who have seen their bank account closed or threatened to be closed because they were not in a Non-immigrant Visa. And to understand what I mean by that, a Non-immigrant Visa is a Visa like a Retirement Visa, Business Visa, Marriage Visa, that is Non-immigrant. It's different from a Tourist visa or another tourist type Visa like the Destination Thailand Visa, as well as Visa Exemption status or Visa-on-arrival status where you get whatever your status is just by coming into the country with your passport, either having a Visa applied and then stamped in, or just stamped in in exempt status. Again folks in those type of statuses are having issues keeping their bank account. 

But the point of this video is to distinguish that phenomenon from folks who are in Non-immigrant Visa status, have a Bank Account but are having issues with their digital banking oftentimes because they are being told, "your SIM card’s information does not align with the documentation we have on file regarding the bank account," which as I have discussed in other videos, it is my opinion that this is frankly a byproduct of really terrible World Economic Forum pushed policies as well as OECD, the Organization of Economic Cooperation and Development. I think a lot of this is coming about because of those organizations and frankly undue outside influence from places afar that are having an impact here in Thailand, I'll put it that way. I'm hoping some of this will get rolled back at least on a policy level as cooler heads prevail hopefully moving forward. 

Just real quick, I do get into analysis of that in our paid news service. For those who are interested in that, you can get on the email mailing list, [email protected] is where to email us if you want to get on the paid news service list. I talk about banking, taxes, immigration matters pertaining to expat land, as well as local Thai politics, international Thai politics, geopolitics, international banking, international finance and economics and how all of that interacts to have an impact on expats here in Southeast Asia. So again, [email protected] for that. While I'm talking my book real quick, also my better half and I have set up a restaurant here in downtown Bangkok. Pancake Palace. Breakfast anytime, as well as American Diner style food; link is in the description below if you want to come check us out at the Pancake Palace. That said, back to the original point of the video.

Distinguishing between the issue of banking that is being shut down because someone is not in a Non-immigrant Visa versus someone's digital banking being blocked because their SIM card for example doesn't match up with the information in the bank account. That is a different issue. You are not necessarily seeing your bank account being shut down, only the digital functions associated with facilitating banking on a digital platform. Now I know those who are very used to digital banking - by the way I am not one of those folks - I don't really partake of digital banking very much but I am aware of it and I am aware that many - especially younger folks - are very dependent on it. They are very used to it, that’s what they do; that's how they do everything is via digital banking channels and to have your digital banking system sort of blocked is akin to effectively having your banking abilities effectively shut down. But understand, it's not the same thing; it is not the same thing as having your bank account closed. They are just simply saying, "hey you need to come update your information in order to get it in line with what we have on file here at the bank". 

Now in my opinion, again this isn't very good. We are also hearing anecdotal information of folks who go in, fix all of this and then two days later get shut down again. Personally I think the banks need to wind their necks in and stop this and I think that really nobody in Thailand in much benefiting from any of this. I don't see any purpose behind it other than just a bunch of neo-Soviet kind of bureaucracy. That said, we deal with the situations we have to deal with and we will certainly be keeping people updated on this channel as the situation evolves.