Bangkok Bank’s policy shift: Why the change of heart?
Thousands of Russian accounts frozen amid newly imposed restrictions
Bangkok Bank, Thailand’s largest commercial bank and one of Southeast Asia’s most prominent financial institutions, has begun freezing accounts and blocking cards belonging to Russian nationals, triggering confusion and concern among the expat and tourist communities across the country.
The drastic move, which reportedly began around May 25, follows a newly enforced policy that limits access to banking services for foreigners who do not meet strict eligibility requirements.
According to both direct reports and coverage by Espreso Global, affected customers are being told they must withdraw their funds immediately or risk being locked out of their accounts entirely.
Under the updated policy, only foreign account holders who:
- Possess long-term visas (such as retirement or business visas),
- Are legally married to Thai nationals, or
- Own property in Thailand,
Will be permitted to maintain their accounts and continue using Bangkok Bank-issued debit and ATM cards.
The change marks a sharp departure from Bangkok Bank’s historically open approach, which allowed even short-term visitors to open accounts — a practice that had made it especially popular among digital nomads and long-stay tourists.
Thousands of Russian nationals are now reportedly affected, many of whom had opened accounts on tourist visas and now find themselves unable to access cash or use payment cards. Long lines have formed at Bangkok Bank branches across tourist hotspots, with frustrated customers demanding answers.
Why the policy change?
Since January, Bangkok Bank and most other commercial banks have ceased opening accounts for foreign tourists, including holders of the Destination Thailand Visa (DTV), citing a rise in online fraud as the impetus for this policy change.
Although the bank has not issued a direct public statement clarifying whether the measure targets only Russian citizens, speculation is growing that similar enforcement may soon apply to other nationalities lacking permanent or semi-permanent residency status.
The development appears linked to growing global pressure on financial institutions to comply with sanctions against Russia and to curb money laundering activities. However, the move has blindsided many, raising serious concerns about the stability and accessibility of banking services for the broader foreign population in Thailand.
Urgent advisory
Foreign account holders with Bangkok Bank who do not meet the new eligibility criteria are strongly advised to contact their branch immediately to clarify their account status and arrange fund withdrawals if necessary.
Apart from a Bangkok Bank spokesperson, who confirmed to Russian news agency TASS, stating “The policy applies to all tourists, regardless of nationality,” there has been no other official comment from headquarters.
The situation remains fluid, and further updates are expected in the coming days.
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