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Foreign currency accounts - retirement extension

yumyai
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yumyai Apprentice Member

yumyai

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Trying to find out if the Immigration Bureau allows all or part of the THB 800,000 to be in foreign currency accounts held in a Thai bank. Euro and GBP are so weak against THB so it’s not a great time to change.

 

Does anyone know if it’s possible to use foreign currency accounts and, if so, whether any paperwork is needed from the bank (on exchange rates etc)?

 

 

Sent from my iPhone using Thailand Forum - Thaivisa mobile app

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elviajero Ruby Member

elviajero

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Yes, they allow foreign currency accounts, and they should allow the 800K held in two accounts.

 

You would need a letter form the bank confirming the balance plus an updated passbook, and immigration will use the prevailing Bangkok Bank exchange rate on the day you apply.

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yumyai Apprentice Member

yumyai

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4 minutes ago, elviajero said:

Yes, they allow foreign currency accounts, and they should allow the 800K held in two accounts.

 

You would need a letter form the bank confirming the balance plus an updated passbook, and immigration will use the prevailing Bangkok Bank exchange rate on the day you apply.

Many thanks! 

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Baht Simpson Gold Member

Baht Simpson

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I'd be bit twitchy about having a foreign exchange account equivalent of the baht funding requirement. Unless you transfer a substantial amount above the required minimum you would run the risk of the equivalent balance being in shortfall. It might not be a terrible risk when rates are steady but a major event like a no deal Brexit could see a drop below the limit, even if only temporarily.

 

I'm not sure how immigration would calculate the maintained equivalent over the term  of the permit to stay. It would be mighty complicated.

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yumyai Apprentice Member

yumyai

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I'd be bit twitchy about having a foreign exchange account equivalent of the baht funding requirement. Unless you transfer a substantial amount above the required minimum you would run the risk of the equivalent balance being in shortfall. It might not be a terrible risk when rates are steady but a major event like a no deal Brexit could see a drop below the limit, even if only temporarily.
 
I'm not sure how immigration would calculate the maintained equivalent over the term  of the permit to stay. It would be mighty complicated.

Very good points!
Thanks!


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buick Silver Member

buick

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i'm not sure what immigration office you use, i use CW in bangkok.  i use two accts at bangkok bank to support the 800,000thb, one is a USD acct and the other is a THB account.  the bangkok bank branch at CW will not issue the bank letter for the USD acct, i have to go to their silom branch where the acct was opened.  their branch at CW will update the bank book for the USD acct (but no letter).  CW immigration is okay with the USD bank letter being dated the day before i go to immigration for my extension.

 

 

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The Theory Gold Member

The Theory

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37 minutes ago, trd said:
56 minutes ago, The Theory said:
Does it get interest as much as Thai baht account ?

No way. Interest on a FCD account is very low. Lower than the bank you transferred it from.

That would be the down side for long term keeping funds in foreign currency. ????

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Jip99 Platinum Member

Jip99

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17 hours ago, Baht Simpson said:

I'd be bit twitchy about having a foreign exchange account equivalent of the baht funding requirement. Unless you transfer a substantial amount above the required minimum you would run the risk of the equivalent balance being in shortfall. It might not be a terrible risk when rates are steady but a major event like a no deal Brexit could see a drop below the limit, even if only temporarily.

 

I'm not sure how immigration would calculate the maintained equivalent over the term  of the permit to stay. It would be mighty complicated.

 

 

If you are that concerned, Brits could use a USD currency account.

 

Whatever currency the account is domiciled in, it is only beer tokens until you move it into Baht.

Edited by Jip99
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sometimewoodworker Ruby Member

sometimewoodworker

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21 hours ago, yumyai said:

Trying to find out if the Immigration Bureau allows all or part of the THB 800,000 to be in foreign currency accounts held in a Thai bank. Euro and GBP are so weak against THB so it’s not a great time to change.

 

Does anyone know if it’s possible to use foreign currency accounts and, if so, whether any paperwork is needed from the bank (on exchange rates etc)?

Some immigration offices are not happy with an FCD account, many are OK.

 

You need to ask your office what their policy is to be reasonably sure.

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trd Silver Member

trd

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Some immigration offices are not happy with an FCD account, many are OK.
 
You need to ask your office what their policy is to be reasonably sure.
I can confirm that an FCD is accepted by Phuket immigration. I don't know about other regions.
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trd Silver Member

trd

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Yes, the main reason for considering this at all is that the THB rates against both the GBP and EUR are currently exceptionally bad. It may be the wrong time to do a conversion into Baht


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I don't want to convert GBP into Thai baht because of the extremely bad exchange rate. That's why I'm using an FCD for my retirement visa.
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dabhand Gold Member

dabhand

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You need to build a sufficient buffer in case of future exchange rate falls, particularly the GBP.

 

Currently in the 37's and who knows how much further it will drop. A year back £19k would have been sufficient, now you would be looking at not far off £22k. Even £25k (32 rate) may not be sufficient over the next few months or so. :shock1:

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Enzian Gold Member

Enzian

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What relevant Thai banks offer FCD accounts? I'm trying to decide which to use.

I have a baht acct at K-Bank, but they want US10K cash to open a FCD account, wire transfer not ok. I'm trying to do Bangkok Bank, but Chase in CA is being difficult about providing the required recommendation letter. Looks like someone above mentioned Siam Commercial Bank; do they offer FCD? Can anyone suggest any others to check out? Thanks in advance.

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jacko45k Star Member

jacko45k

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18 hours ago, The Theory said:

That would be the down side for long term keeping funds in foreign currency. ????

Is it also true that for a Thai based FCD, you can only draw the money out in local currency? 

 

 

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CM4Me Senior Member

CM4Me

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For my FCA with Bangkok Bank I have a 'saving account', which in my case has a min amount of 360.00AUD for which there is NO maintenance fee. For this account the bank issues a burnt orange coloured book, but the balances are also available online if one has their internet banking.

 

I transfer my $ into this account from overseas (at the TT Rate - their highest) for which I'm charged 0.25% with the minimum being 200Bht and the maximum being 500Bht per tranaction.

 

I watch the daily fluctuations in the exchange rate and when I think that's it to my advantage I go online and transfer my requirements to a Bht account, which is done immediately, at NO charge.

I think there is a charge if one withdrawals in a foreign currency.

 

The 800K Bht equivalent held in a 'fixed deposit account' is NOT charged any fees and I receive 2.5% interest (less tax). NO bankbook is issued for this account but am in possession of a bank certificate to this effect. At visa time I present a letter from the bank and a copy of the certificate, but they always need to sight the original.

 

For both the 'savings account' and the 'fixed deposit account' I receive a snail mail statement monthly. 

 

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UKresonant Silver Member

UKresonant

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18 hours ago, jacko45k said:

Is it also true that for a Thai based FCD, you can only draw the money out in local currency? 

 

 

Krungsri FCD savings, branch in a province, specific member of staff would not order £ banknotes for a small withdrawal, grinned and said I would have to go to Bangkok!

Account has that specific facility for a fee.

Other than that happy with the account so far ( and everyone else in the branch very nice and helpful).

Shall we say, they have a strong preference for it to be withdrawn in Baht.

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UKresonant Silver Member

UKresonant

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On 7/29/2019 at 10:24 PM, Enzian said:

Can anyone suggest any others to check out?

Krungsri https://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/ForeignCurrencyDeposit.html

No bankbook, electronic card.  

Branch in the provinces could print 12 months transactions in a few minutes, with the correct codes, so I presume they could put it in a letter easily.

Debit card you use in Krungsri ATMs, withdrawing at the web TT rate.

Good transfer facility from my UK account with SWIFT transfer code reflected on the FCD print offs, loss of approx 1.5% in fees to get it there.

Generally happy with the account so far, but I've set it up to potentially use it for Marriage extension in the future by income method, not for holding 800k.

Minimum average balance 500$ us or equiv. so about £410 ish, opened account with about 45k baht equiv. in nice crisp bank notes.

 

 

Edited by UKresonant
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