BANGKOK, THAILAND – Thousands of foreign residents across Thailand lost access to their bank accounts in 2025 after new government-mandated security rules linked account access to locally registered SIM cards.
Thousands Affected After Sudden Account Suspensions
On 21 May 2025, police in Pattaya, Chonburi province, arrested four Bangkok Bank employees accused of opening 15 illicit accounts for foreigners on tourist visas. Investigators said over 100 million baht (US$2.7 million) passed through those accounts, with total damages reaching 2.2 billion baht (US$59 million). The arrests triggered nationwide compliance crackdowns.
From May 2025, Bangkok Bank, Thailand’s largest lender, began freezing or closing accounts held by foreigners lacking long-term visas or compliant SIM registration. Similar actions by other major banks soon followed. Between 40,000 and 50,000 Russian nationals in Thailand faced suspensions, most in Phuket and Pattaya.
Mandatory SIM Card Verification
Under new security rules approved by the Ministry of Digital Economy and Society and enforced from 1 June 2024, every Thai bank account must be linked to a phone number registered under the same legal name. Those whose SIM cards were registered through friends, agents, or partners saw their accounts locked without warning.
Banks required clients to visit branches in person with valid visas and passports to reactivate access. No guarantee was offered for immediate reactivation. Lawyers in Bangkok reported hundreds of daily requests from stranded expatriates seeking temporary financial solutions.
Restricted Banking Access for Foreigners
Since January 2025, Thailand’s largest institutions including Bangkok Bank, Kasikornbank, and Siam Commercial Bank have stopped opening new accounts for short-term visitors. Eligible foreigners now include holders of long-stay non-immigrant visas B, O, O-A, O-X, ED, and Elite. Tourists, Destination Thailand Visa holders, and visa-exempt visitors are excluded regardless of income or property ownership.
The “Dormant Accounts” Draft Law
Parallel to the banking freeze, a draft law on dormant accounts, discussed since 2017, proposes transferring unclaimed funds from accounts without transactions for 10 years to the Ministry of Finance. The Bank of Thailand estimated about 10 billion baht (US$270 million) in such inactive deposits.
If enacted, banks will contact account holders or heirs at year-end; without response, balances would move to the state ledger. Though funds would remain theoretically reclaimable, legal experts questioned the feasibility for foreigners no longer residing in Thailand.
Government Justification and Compliance Drive
Authorities justified the rules as part of international Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. The Bank of Thailand, in cooperation with the Anti-Money Laundering Office (AMLO), confirmed that over 1.8 million mule accounts were permanently closed nationwide in 2024.
“Thailand must fully comply with global AML standards to avoid grey-listing risks.”
said Bank of Thailand spokesperson, Office for Financial Compliance
Critics described the new measures as indiscriminate, affecting thousands of retirees and small business owners living legally in Thailand. Seasonal residents risk dual penalties — deactivation for documentation issues and eventual repossession under dormant-account provisions.
Impact on Tourism and Property Markets
Realtors in Phuket reported suspended property purchases since May 2025, citing buyers’ inability to open local accounts for maintenance payments. Tourism analysts warned that Thailand’s competitive position in the regional retirement market could weaken if banking restrictions persist into 2026.
“Our members report clients leaving Thailand because basic financial transactions have become impossible.”
said Chaiwat Ratanakul, Chairman, Phuket Tourism Association
Government Push for Digital Verification
The Bank of Thailand announced biometric verification requirements from April 2025, binding every customer profile to a registered device. The measure aims to prevent impersonation but complicates account recovery for foreigners without Thai-registered devices.
Meanwhile, transfers through international services such as Wise now remain capped at 500,000 baht (US$13,500) per transaction, accepted by only six Thai banks as of May 2025.
Preventive Actions for Account Holders
Authorities and financial consultants in Bangkok advised expatriates to:
– Register Thai SIM cards under their own passports and visa status.
– Perform at least one transaction per year, preferably more.
– Update visa and address data annually with banks.
– Retain documents proving account usage for reactivation claims.
Outlook for 2026
The government under Prime Minister Anutin Charnvirakul signaled continued tightening of financial regulations. Analysts at the Thailand Institute of Economic Studies predicted intensified oversight in 2026, prioritizing AML compliance over foreign convenience.
The experience of Klaus M., 67, a retiree from Vienna, typifies the ordeal. After three weeks of visits to branches in Pattaya, he recovered his frozen savings only after re-registering his Thai SIM card and submitting updated visa records. He later initiated funds transfer to Austria, reflecting widespread distrust among foreign retirees.
Editor’s note: Conversions used an exchange rate of 37 baht per euro. Legal measures regarding dormant accounts remained under draft review as of November 2025. Readers are advised to consult local legal specialists for case-specific guidance.