4 ms·

I live in Thailand, many expat accounts have been closed down, making it very hard to pay bills etc. in the country. That will form part of the 3 million. Huge

by fryry 1y ago

I live in Thailand, many expat accounts have been closed down, making it very hard to pay bills etc. in the country. That will form part of the 3 million. Huge overreaction that will dent the economy and will no doubt be flip-flopped on in a few months time.

JumpCrisscross 1y ago
> will no doubt be flip-flopped on in a few months time As emergency measures usually are.
alephnerd 1y ago
[flagged]
- baobabKoodaa 1y ago
  > good ???
- cobertos 1y ago
  Can you elaborate on the kind of expats that are undesirable? I don't know what specific types of people you might be referring to
  - alephnerd 1y ago
    1. The kind that is looking at visiting Thailand as a cheap way to booze, party, smoke weed, and do other stuff. They do not spend enough money to move the needle economically in a country where the majority of the economy is connected to automotive and electronics manufacturing 2. The kind that try to reside in Thailand long term but don't want to file for immigration, so using various loopholes like the "Visa dash" or paying for Thai language classes with no attendance or requirements to attend the class. Lots of drop shippers are doing this and are dodging incorporation taxes in Thailand 3. The kind that come to only train Muay Thai or BJJ, but don't contribute to the rest of the economy (I'm guilty of this). Living and training exclusive at a Fairtex or a Sityodong isn't percolating capital in the rest of Thailand. All 3 of these types of expats and tourists are barely spending $500/mo in Thailand after rent or hotel spend, and simply don't contribute to the Thai economy to the same degree the other sectors of the economy are. The only reason those 3 types of tourists are tolerated is because the businesses they patronize are overwhelmingly owned by local politicians and give them pocket change, but aren't actually useful from an economic perspective, because it has depressed wages, and exacerbated organized crime. Heritage and upscale tourism is a separate story, because the premiums that can be demanded and the wages and skills needed incentivize upskilling as well as building a white money local ecosystem.
    - somenameforme 1y ago
      This is tangential but relevant - Thailand's current fertility rate has fallen to 1, substantially less than Japan even. And this fertility collapse happened long enough that they've already entered into the population decline phase - with accelerating declines over the past 4 years. It's still the early stages, but Thailand is going to unavoidably be entering into demographic collapse over the coming decades. So tourism, especially when it results in attracting lawful/educated/etc long-term residents, provides more than however much money people can spend. Of course Thais themselves just need to start having a lot more babies, but it's not looking like that's going to happen. The whole world is going to look so different in 50 years, even if literally nothing whatsoever changed from a technological POV. Fertility issues are going to radically reshape the entire world and the balance of powers, perspectives, even religions, and much more.
    - lovelyfarang 1y ago
      Don't sex tourists contribute the most? Fall for the girl, "save her", build a house in Isan, fund her new business, then she ditches him and keeps it all because farang by law limited to 49% equity.
      - Muromec 1y ago
        That isn't always a scam actually. A lot of old fa^W men retire and marry a citizen to secure rights to the land under their house. I have seen a lot of that (entire gated communities) and it all seemed long-term and high-commitment and in a good faith. Ones on the younger side of their 60ies mostly have a business of some sort and kids together too. I don't know how much love is there in these marriages and don't draw any judgement either.
    - logicchains 1y ago
      >They do not spend enough money to move the needle economically in a country where the majority of the economy is connected to automotive and electronics manufacturing That's incorrect; services represent around 56% of the economy while manufacturing only represents around 35% of the economy: https://www.statista.com/statistics/331893/share-of-economic-sectors-in-the-gdp-in-thailand/ https://www.statista.com/statistics/331893/share-of-economic... .
bjcy 1y ago
It’s important to note that many of the expat accounts have been closed down due to the laxity of individual bank branches in enforcing their own policies, which were taken advantage of by nefarious actors. Many expats attempt to open bank accounts on tourist visas (which include the recently popular Destination Thailand Visa for digital nomads) without proper identification, and though allowed in the past, is now being restricted. One can argue about the classification of visas and the dissonance between economic goals and immigration policy, but for Thais, this is a long overdue enforcement action especially as it regards to scams targeting an older generation. Yes, it significantly impacts honest expats looking to stay beyond the short-term, but there is a way to doing things in Thailand that requires guests to adapt to their hosts, of which accepting the reality of Thailand’s political situations is an important part.
- rwarfield 1y ago
  Foreigners on DTVs are allowed to stay for five years. To prohibit someone living in Thailand for such a long period from opening a bank account - often necessary for paying rent and other necessities - is insane. And sanctimony about "guests adapting to their hosts" doesn't make it any less so.
deleted 1y ago
[deleted]
digianarchist 1y ago
Sounds like a feature not a bug. Thailand doesn't want foreigners holding accounts. They've cranked up the requirements over time. It used to be possible to open an account as a tourist and now you're lucky to be able to get one on any visa that isn't attached to a work permit or PR.

by fryry 1y ago

JumpCrisscross 1y ago

> will no doubt be flip-flopped on in a few months time As emergency measures usually are.

alephnerd 1y ago

[flagged]

baobabKoodaa 1y ago
> good ???
cobertos 1y ago
Can you elaborate on the kind of expats that are undesirable? I don't know what specific types of people you might be referring to
- alephnerd 1y ago
  1. The kind that is looking at visiting Thailand as a cheap way to booze, party, smoke weed, and do other stuff. They do not spend enough money to move the needle economically in a country where the majority of the economy is connected to automotive and electronics manufacturing 2. The kind that try to reside in Thailand long term but don't want to file for immigration, so using various loopholes like the "Visa dash" or paying for Thai language classes with no attendance or requirements to attend the class. Lots of drop shippers are doing this and are dodging incorporation taxes in Thailand 3. The kind that come to only train Muay Thai or BJJ, but don't contribute to the rest of the economy (I'm guilty of this). Living and training exclusive at a Fairtex or a Sityodong isn't percolating capital in the rest of Thailand. All 3 of these types of expats and tourists are barely spending $500/mo in Thailand after rent or hotel spend, and simply don't contribute to the Thai economy to the same degree the other sectors of the economy are. The only reason those 3 types of tourists are tolerated is because the businesses they patronize are overwhelmingly owned by local politicians and give them pocket change, but aren't actually useful from an economic perspective, because it has depressed wages, and exacerbated organized crime. Heritage and upscale tourism is a separate story, because the premiums that can be demanded and the wages and skills needed incentivize upskilling as well as building a white money local ecosystem.
  - somenameforme 1y ago
    This is tangential but relevant - Thailand's current fertility rate has fallen to 1, substantially less than Japan even. And this fertility collapse happened long enough that they've already entered into the population decline phase - with accelerating declines over the past 4 years. It's still the early stages, but Thailand is going to unavoidably be entering into demographic collapse over the coming decades. So tourism, especially when it results in attracting lawful/educated/etc long-term residents, provides more than however much money people can spend. Of course Thais themselves just need to start having a lot more babies, but it's not looking like that's going to happen. The whole world is going to look so different in 50 years, even if literally nothing whatsoever changed from a technological POV. Fertility issues are going to radically reshape the entire world and the balance of powers, perspectives, even religions, and much more.
  - lovelyfarang 1y ago
    Don't sex tourists contribute the most? Fall for the girl, "save her", build a house in Isan, fund her new business, then she ditches him and keeps it all because farang by law limited to 49% equity.
    - Muromec 1y ago
      That isn't always a scam actually. A lot of old fa^W men retire and marry a citizen to secure rights to the land under their house. I have seen a lot of that (entire gated communities) and it all seemed long-term and high-commitment and in a good faith. Ones on the younger side of their 60ies mostly have a business of some sort and kids together too. I don't know how much love is there in these marriages and don't draw any judgement either.
  - logicchains 1y ago
    >They do not spend enough money to move the needle economically in a country where the majority of the economy is connected to automotive and electronics manufacturing That's incorrect; services represent around 56% of the economy while manufacturing only represents around 35% of the economy: https://www.statista.com/statistics/331893/share-of-economic-sectors-in-the-gdp-in-thailand/ https://www.statista.com/statistics/331893/share-of-economic... .

bjcy 1y ago

It’s important to note that many of the expat accounts have been closed down due to the laxity of individual bank branches in enforcing their own policies, which were taken advantage of by nefarious actors. Many expats attempt to open bank accounts on tourist visas (which include the recently popular Destination Thailand Visa for digital nomads) without proper identification, and though allowed in the past, is now being restricted. One can argue about the classification of visas and the dissonance between economic goals and immigration policy, but for Thais, this is a long overdue enforcement action especially as it regards to scams targeting an older generation. Yes, it significantly impacts honest expats looking to stay beyond the short-term, but there is a way to doing things in Thailand that requires guests to adapt to their hosts, of which accepting the reality of Thailand’s political situations is an important part.

rwarfield 1y ago
Foreigners on DTVs are allowed to stay for five years. To prohibit someone living in Thailand for such a long period from opening a bank account - often necessary for paying rent and other necessities - is insane. And sanctimony about "guests adapting to their hosts" doesn't make it any less so.

deleted 1y ago

[deleted]

digianarchist 1y ago

Sounds like a feature not a bug. Thailand doesn't want foreigners holding accounts. They've cranked up the requirements over time. It used to be possible to open an account as a tourist and now you're lucky to be able to get one on any visa that isn't attached to a work permit or PR.