Sterling account

[Griff4114]

Hello all

 

is it possible to open a sterling or doller account at Bangkok Bank. And if so how do you go about opening one..

 

Many thanks for any information.

[CharlieH]

MOVED to Banking forum.

[Oxx]

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/FCD-Account-for-Non-residents

[wordchild]

all the major banks have them; however they are usually expensive to operate and somewhat inflexible. A multi currency account with one of the Sing banks would possibly be something to consider.

[Sumarianson]

Yes! I done it in Bangkok Bank. The charges are too much though.

[Percy P]

23 hours ago, CharlieH said:

MOVED to Banking forum.

 No problem I have a foreign currency acc FCAcc with Bkk Bank and a Thai Baht account the I can change money into it from FCAcc.

[Bangkok Barry]

Why not ask the bank instead of us? The bank might have more information to give you.

[lelapin]

I have with Bangkok Bank an immediate access sterling account which allows me to transfer funds to my Thai baht account in seconds online. I also have a fixed term Sterling account which gives me 0.9% interest.

[Jaxxper]

3 hours ago, Sumarianson said:

Yes! I done it in Bangkok Bank. The charges are too much though.

What are the charges out of interest ? Do you mean when transferring Sterling in ?

[Pib]

7 minutes ago, Jaxxper said:

What are the charges out of interest ? Do you mean when transferring Sterling in ?

Review "both" links.

 

https://www.bangkokbank.com/-/media/files/personal/other-services/view-rates/table6/feesfcd_table6_1oct2018_en.pdf?la=en&hash=29CB55A5BCC43A2CDE176AA6583648EF0B419DEC

 

 

https://www.bangkokbank.com/-/media/files/personal/other-services/view-rates/table5/feesfcd_table5_1oct2018_en.pdf?la=en&hash=79B20040E93B7E09A24DB64299A9F4BF96D48EAB

 

Edited July 10, 2019 by Pib

[DaRoadrunner]

4 hours ago, Bangkok Barry said:

Why not ask the bank instead of us? The bank might have more information to give you.

With the value of the Baht being too strong I wanted to keep my 800k in US$. Ubon Joe assures me Immigration will accept. You will visit Da Roadrunner in Immigration jail won't you Joe?

 

As I found, every bank branch will likely tell you a different story. Only certain branches can do it. Exasperated, I went to Silom Head Office where it took 2 hours and a stack of paper to open a US$ Savings Account. You can also have it in other currencies. There is also a FCD account. They provide a paper showing the different accounts. There are fees, but acceptable.

 

They want copy of passport plus a letter from your embassy if you have no work permit.

 

So, doable, but the usual Thai headache. The first time you try to do something new in Thailand expect all sorts of barriers / stamps / papers etc.

 

One drawback is, I was told you have to go back to the same branch to make any transaction.

 

The rest of the world has gone online banking, the Thais still have person to person with passbook.

[dlclark97]

53 minutes ago, DaRoadrunner said:

With the value of the Baht being too strong I wanted to keep my 800k in US$. Ubon Joe assures me Immigration will accept. You will visit Da Roadrunner in Immigration jail won't you Joe?

 

As I found, every bank branch will likely tell you a different story. Only certain branches can do it. Exasperated, I went to Silom Head Office where it took 2 hours and a stack of paper to open a US$ Savings Account. You can also have it in other currencies. There is also a FCD account. They provide a paper showing the different accounts. There are fees, but acceptable.

 

They want copy of passport plus a letter from your embassy if you have no work permit.

 

So, doable, but the usual Thai headache. The first time you try to do something new in Thailand expect all sorts of barriers / stamps / papers etc.

 

One drawback is, I was told you have to go back to the same branch to make any transaction.

 

The rest of the world has gone online banking, the Thais still have person to person with passbook.

I have Bangkok Bank ATM and USD accounts.  Other than normal paperwork such as passport, no hassle opening either.  Can transfer USD to ATM via computer access.  This does need to be done during banking hours so correct exchange rate can be applied.  Also can transfer on line to my wife and others payees I have added.  Water and electric paid by direct debit, I top up my Mpass/Easy pass at any time, others could be done as well.  Absolutely no problems.

[DaRoadrunner]

5 minutes ago, dlclark97 said:

I have Bangkok Bank ATM and USD accounts.  Other than normal paperwork such as passport, no hassle opening either.  Can transfer USD to ATM via computer access.  This does need to be done during banking hours so correct exchange rate can be applied.  Also can transfer on line to my wife and others payees I have added.  Water and electric paid by direct debit, I top up my Mpass/Easy pass at any time, others could be done as well.  Absolutely no problems.

They did mention the Thai Baht ATM account that can be used back to back with your US$ account, but after the 2 hours it took to open the first account I wasn't up for another 2 hours of paperwork.

 

They told me updating  the US$ account has to be done in person at the branch I opened it at... can't be done online or at any other branch.

 

 

[davidst01]

15 hours ago, Bangkok Barry said:

Why not ask the bank instead of us? The bank might have more information to give you.

Its a public forum. Op can ask whatever he wants. I hope this lack of control that you have over him doesnt annoy you

[Bangkok Barry]

9 minutes ago, davidst01 said:

Its a public forum. Op can ask whatever he wants. I hope this lack of control that you have over him doesnt annoy you

If you want to know what service a bank offers then it is blindingly obvious that the first port of call should be to ask the bank itself. Asking others who may or may not know what they are talking about (so often the case on these forums) can result in confusion. Okay with you? Or do you make a point of asking total strangers about financial matters? Of course, as you say, you/he can ask whoever you/he wants, but surely the most sensible option is to ask those whose business it is to know, the real experts.

[Pib]

11 hours ago, DaRoadrunner said:

With the value of the Baht being too strong I wanted to keep my 800k in US$. Ubon Joe assures me Immigration will accept. .

Don't know why a person wants a FCD vs Thai baht account for extension of stay purposes due to the extra restrictions/fees associated with a FCD plus other factors. 

 

Other factors like:

- if a person deposits Bt800K he does not have to worry about that baht value changing from Bt800K to meet the immigration income requirement....but with a FCD if a person started off with exactly an amount that equated to the Bt800K based on the "current" exchange then a person must ensure the ever changing exchange rate still equates to Bt800K come extension of stay application time.  With the "stronger" baht that means a person would need to increase the amount in his FCD to equate to Bt800K.  So, be sure to watch that closely....ensure the exchange rate doesn't pull your foreign currency amount below the Bt800K equivalent.

 

- a FCD receives no deposit protection....only Thai baht accounts receive deposit protection.

 

- additionally, if a person every plans to send the money back to their home country and assuming the baht continues to slowly get stronger long term (which is the trend) then this means when you do send the money back to the home country you would be sending "more" USD/GBP/etc., back if the money was from a Thai baht account than if sending back from a FCD (excluding some minor fees).  You actually gained if the money had been setting in a Thai baht account....but you do not gain if it was setting in a FCD as you are sending back the same amount as sent over (excluding minor fees).

 

I can understand having a FCD if a person needs to frequently receive and payout foreign currency associated with a business/many payments;  but can't understand maintaining your money for extension of stay purposes in a FCD other than it giving you a false warm-fuzzy because you just like the feel of having your home country currency on deposit vs baht. 

 

If maybe wanting a FCD to make it easy to send the money out of Thailand later on compared to sending from a Thai baht account, well, sending from a Thai baht account is easy also as long as you got a Foreign Exchange Transaction type form when the money came in....or just getting a free Credit Advice from your Thai bank. Just some documentation to show the bank/refresh their memory that the amount you are sending back to the home country out originally came from the home country. 

 

[DaRoadrunner]

13 hours ago, Pib said:

Don't know why a person wants a FCD vs Thai baht account for extension of stay purposes

Baht is overvalued now. Though you appear to assume it will go higher yet? Long term I see Baht going down. (Especially in the case of the £..... once UK recovers from Brexit).

 

FCD does pay interest, as does US$ Savings Account (which is what I opened).

 

Too much risk keeping lots of loot in Thai Baht... I remember 1997!

[Naam]

6 hours ago, DaRoadrunner said:

Long term I see Baht going down. (Especially in the case of the £..... once UK recovers from Brexit).

please compare your statistical life expectancy with "long term".

[Pib]

10 hours ago, DaRoadrunner said:

Baht is overvalued now. Though you appear to assume it will go higher yet? Long term I see Baht going down. (Especially in the case of the £..... once UK recovers from Brexit).

 

FCD does pay interest, as does US$ Savings Account (which is what I opened).

 

Too much risk keeping lots of loot in Thai Baht... I remember 1997!

The causes of the 1997 Asian Financial Crisis were many which anyone can google about, but none of those reasons for Thailand was from bank failures/bankruptcies causing people to lose the deposits in the banks.  You didn't lose any....I didn't lose any. 

 

During that multi year financial crisis no one in Thailand woke-up to the news that Bangkok Bank, Kaiskorn Bank, SCB, Krungsri Bank, KrungThai Bank, TMB, etc....etc...etc., failed and deposits were loss.  Sure many individual's and companies went bankrupt due to the currency devaluation, credit drying up, loans being recalled, foreign loan repayments spiking, etc.  Hheck many businesses and individuals have always gone  bankrupt in any economy in every country.  But individuals in Thailand did not lose deposits due to banks going bankrupt.   Thailand's economy and financial system is night and day different today compared to 20 years ago which is a core reason the baht's strength has slowly increased.

 

Just because a FCD or regular Thai baht account pays interest doesn't have anything to do the stability of a currency.....that's the norm for bank accounts....most pay interest.  And when the economy is doing well, not overheated, the interest is usually low like it is now.

 

But one thing for sure while my Thai baht accounts are insured by the Thailand Deposit Protection Agency your FCD account is not.  As mentioned before foreign currency accounts at "not" insured....about the same as keeping your foreign currency stuffed in your mattress.

 

I really expect your opened the FCD simply because you wanted your main savings in Thailand to be in a certain foreign currency because for some reason it just makes you feel good....that's OK....that's fine....it's your money.  Or maybe you did it because you want to be able to exchange into baht at a moments notice....that's fine....thats OK.  But now days with the quick transfer of money across the globe capabilities like using Transferwise to get money with hours (or maybe minutes)...or even sliding your foreign debit card into a Thai ATM to get money into your hands immediately the quick exchange rate reasoning for a FCD even less.   And that money you are transferring over was setting in an "insured" bank account.

 

Just be fully aware of the associated fees and restrictions of a FCD, keep in mind it's not insured by the Thai Deposit Protection Program, and closely monitor the exchange rate throughout the year for extension of stay purposes if you have parked "only or just a little more than Bt800K equivalent" in foreign currency in your FCD because of the always changing exchange rate. 

 

Something you don't need to worry about with a Bt800K Thai baht account because Bt800K today will still be Bt800K tomorrow or a  year from now (well, keep a little more for the occasional fee like an annual debit card fee)....but your FCD amount will be constantly changing when converted to baht...and that trend has been downward.   Keep significantly more than Bt800K equivalent in your FCD to offset down ward exchange rate trends if using the FCD for extension of stay purposes.    

 

 

Edited July 12, 2019 by Pib