Bank Deposit Account for Foreigners...

[BillStrangeOgre]

Hi,

i saw today in Bangkok Bank that they are offering Bank Deposit Accounts for Foreigners, particularly £'s Sterling accounts. I made enquiries and they said without a work permit i would need a letter from my embassy. Anyone know what form that letter takes and cost? Also does anyone have any experience of opening/using one of these accounts and can comment about costs etc?

 

Any info gratefully received

Cheers

[KittenKong]

Most Thai banks seem to offer something along these lines, and Bangkok Bank dont appear to be any better than the others.

 

Charges are usually described quite fully on the banks' websites, and opening requirements also. Some, like Krungsri, seem to require less than Bangkok Bank.

 

I have no idea what the embassy letter could be. Cost will depend on the country in question, and the UK is usually top of the heap for such charges.

[Chassa]

On 7/31/2018 at 10:40 PM, KittenKong said:

Most Thai banks seem to offer something along these lines, and Bangkok Bank dont appear to be any better than the others.

 

Charges are usually described quite fully on the banks' websites, and opening requirements also. Some, like Krungsri, seem to require less than Bangkok Bank.

 

I have no idea what the embassy letter could be. Cost will depend on the country in question, and the UK is usually top of the heap for such charges.

And Australia.

[sirmud63]

try a diferent branch . 

i got a bkk bank account just with a pasport .

 there all diferent .

[paul greenwood]

hi hope this is of help , I needed a bank acc as I am buying a condo so I need to send money over from England. I went into all the banks had a contract of buying a condo  everything they wtd  yet no they wouldn't open one.  even a letter from the embassy about 1200 baht will not guarantee, then I walked intobangkok bank soi bukaow pattaya, ..  and after a conversation the girl said if I take out a insurance policy with them at a cost of 6500 baht they will open one straight away, that was in may .  I paid  and it was all open in about a hour . debit card and bank book , next day I sent my money from England  on the Thursday they phoned me to tell me it arrived and to call in to have my book updated.  hope this is of help

[HHTel]

The OP is talking about a 'sterling account'.  Quite different from your ordinary savings account and a few hoops to jump through.

[henry15]

It took me 5 minutes to open an EURO FCD account at my local Kasikorn branche

[Henricus]

5 min with KTB

 

[HHTel]

33 minutes ago, henry15 said:

It took me 5 minutes to open an EURO FCD account at my local Kasikorn branche

 

28 minutes ago, Henricus said:

5 min with KTB

 

When was this and what was required.  I've tried recently at a few banks and was told that I needed a 'yellow book' or a letter from my embassy.  Although I have friends that have opened foreign currency accounts very easily but quite some time ago.

 

[smotherb]

3 hours ago, sirmud63 said:

try a diferent branch . 

i got a bkk bank account just with a pasport .

 there all diferent .

I did the same at SCB

[worrab]

Are you talking about a Foreign Currency Deposit Account? If so, I have one of these with Bangkok Bank that my pension is paid into in Sterling. Very easy to open and no requirements for work permit or Embassy letter. All that is required is that you hold a normal (savings) account and have an extension to stay permit.   

[NoshowJones]

Yes, I am, I have two Thai bank accounts, but don't see the need for to debit cards.

[NoshowJones]

All banks make up their own rules, maybe you will just have to try other branches of the Bangkok Bank.

The first one I tried to open an account with wanted a letter from the British Embassy, but they wanted around 4000 Baht for it. No way. I got an account no problem without that letter.

[HHTel]

2 hours ago, worrab said:

Are you talking about a Foreign Currency Deposit Account? If so, I have one of these with Bangkok Bank that my pension is paid into in Sterling. Very easy to open and no requirements for work permit or Embassy letter. All that is required is that you hold a normal (savings) account and have an extension to stay permit.   

I've been with Bangkok Bank for 17 years and they won't entertain a foreign currency account without a yellow book or embassy letter.  They tell me that it's 'new rules' and that was 6 months ago.

However, now that transfers from my UK bank are within the hour, the need to have one isn't there anymore.

[Snow Leopard]

I am confused as to why you would want to open a foreign currency account in Thailand. I see no reason for it. Maybe the OP or anyone else could elaborate on the reasons why because maybe i am missing something here.

 

I see a few posts here on opening a Thai Baht bank account.

My experience, I went into Bangkok Bank last week. Rama 4. Across from Big C - Near K Village. 

 

Day 1 - I had my passport 1 year O&A. Needed a letter from Thai Immigration at Chaeng W to get a Driving Licence. Took 4 hours.

Day 2 - Thai Driving License - 2 Year. Took 4 hours with the usual reaction and eye test.

Day 3 - Bank Account. Passport, Driving Licence and a notarised copy of my condo lease contract. (I needed this to get my visa issued outside Thailand in the first place). I could not get a letter from my countries embassy due to the fact that they work on an appointment system and there were no available slots for 2 months.

 

This letter i believe from the embassy is proof of residence in Thailand. So i would have need the property lease contract i guess at the embassy. Anyway i managed to get what i needed done without the embassy letter. Bank account Took 30 mins. Bank book and card issued.

 

Notarised copy of the lease contract cost - 1500B

Embassy letter posted on their website - 2300B

[HHTel]

28 minutes ago, Snow Leopard said:

I am confused as to why you would want to open a foreign currency account in Thailand. I see no reason for it.

Because you have instantaneous conversion when you feel the time is right.  You can have an ATM card attached to the account.

There are no transfer fees and you don't have to take hit and miss on transfer delays from your own country.  

All in all, a more convenient way of holding sterling (or dollars).

[Henricus]

15 hours ago, HHTel said:

 

When was this and what was required.  I've tried recently at a few banks and was told that I needed a 'yellow book' or a letter from my embassy.  Although I have friends that have opened foreign currency accounts very easily but quite some time ago.

 

was end off April, Only need Passport

[Snow Leopard]

15 minutes ago, HHTel said:

Because you have instantaneous conversion when you feel the time is right.  You can have an ATM card attached to the account.

There are no transfer fees and you don't have to take hit and miss on transfer delays from your own country.  

All in all, a more convenient way of holding sterling (or dollars).

Okay HHTel just asking so do you can draw out money from a sterling, dollar or Euro account via an ATM in the foreign currency or in Thai Baht without any charges? I haven't seen any ATM's in Thailand that give out foreign currency. So if its in Thai Baht you have to take the banks exchange rate?

 

I want to see if this works for me. I think it can work in some cases but not in all. If you are getting a once a month payment say a pension then i can see it working. If there are no charges from a UK Sterling transfer ex UK to Thailand account in UK Sterling.

[HHTel]

Drawing from a foreign currency account, it's converted to baht using the current exchange rate.

 

[BillStrangeOgre]

Thanks for all the replies, interesting points raised.

 

as for why the need for a Stirling Account in Thailand? Simply an offshore account solution. 

[worrab]

21 hours ago, HHTel said:

I've been with Bangkok Bank for 17 years and they won't entertain a foreign currency account without a yellow book or embassy letter.  They tell me that it's 'new rules' and that was 6 months ago.

However, now that transfers from my UK bank are within the hour, the need to have one isn't there anymore.

I did not need to show my yellow book or Embassy letter. I opened this account March 2018 and all that was required was my passport in order to photocopy the extension of stay, the Non -Immigrant O visa and the departure card.

[Blue bruce]

i have several accounts at BKK bank. MY social security check is deposited into one of my accounts every month. Have had this service for the past 8 years, no problems with Bangkok bank. Highly recommend them

[unblocktheplanet]

On 8/2/2018 at 12:10 AM, paul greenwood said:

 if I take out a insurance policy with them at a cost of 6500 baht 

What sort of insurance? If accident/medical, how old might you be? TIA!

[KittenKong]

On 8/2/2018 at 2:10 PM, paul greenwood said:

and after a conversation the girl said if I take out a insurance policy with them at a cost of 6500 baht they will open one straight away,

It's wonderful how motivating the prospect of commission can be.