Foreign Currency Deposit account options

[STALINGRAD]

With the strength of the baht, I am looking to deposit USD to meet immigration requirements on my extension of stay (Retirement).Bangkok bank offers minimal interest .15% annually and 1% on withdrawls. I am curious if anyone else uses this method with better returns or fees. I would prefer Citibank in Bkk ,but living far from Bkk paper work might be a burden to satisfy immigration in a timely way. I plan to survey the Thai banks for their fees etc.,but welcome the experiences of the forum members.Thank you.

[likerdup1]

I use a USD FCD account to keep my 800k THB requirement for immigration. I just renewed my retirement visa extension last week with a letter and bank book copies no problem at all. Immigration is used to doing currency conversions as they had to do it when using Embassy Income letters in the past. Works no problem. You are smart to not convert to THB right now. I am waiting for it to go up myself before I do any large scale conversions of USD. I however have not looked to closely at any other banks than mine for high interest rates etc.. Bangkok bank does charge 1 percent to withdrawl dollars but do not charge anything if you withdraw and convert to THB. They do not charge anything other than the usual wire transfer fees and .25% if one needs to wire the money back to a US bank.

 

I hope that helps.

Edited September 8, 2019 by likerdup1

[Tanoshi]

Bangkok Bank offer 0.9% interest on foreign currency accounts, where did you get the 0.15% figure from.

[STALINGRAD]

My local branch gave me a .15% interest quote.Thank you for the reply,I will check another bkk branch.

Edited September 8, 2019 by STALINGRAD

[landosmiles]

5 hours ago, Tanoshi said:

Bangkok Bank offer 0.9% interest on foreign currency accounts, where did you get the 0.15% figure from.

Based on https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Currency-Deposit it appears that a savings account offer 0.15%, while a 12 month account offers 0.90%. @Tanoshi do you have a 12 month account?

[Tanoshi]

1 hour ago, landosmiles said:

Based on https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Currency-Deposit it appears that a savings account offer 0.15%, while a 12 month account offers 0.90%. @Tanoshi do you have a 12 month account?

1 year fixed term account, yes.

If it's the OP's intention due to the exchange rates, to put sufficient foreign currency to cover Immigrations financial requirements for an extension in a Thai bank, then it would be fruitless to put that amount of funds in a Savings type account.

[likerdup1]

7 minutes ago, Tanoshi said:

1 year fixed term account, yes.

If it's the OP's intention due to the exchange rates, to put sufficient foreign currency to cover Immigrations financial requirements for an extension in a Thai bank, then it would be fruitless to put that amount of funds in a Savings type account.

Well, not necessarily, if the OP wants to use the money after the 5 month lock up so to speak a regular savings account is the right choice. He could withdrawl money, move some back to USA etc.. which is why I have a regular savings account. But of course if he doesn't need to do that then a fixed term account makes sense IF that type of account is OK with immigration.

 

Anybody have experience using fixed term or even investment accounts, such as mutual funds etc.. for meeting the Immigration financial requirements?

[Tanoshi]

8 minutes ago, likerdup1 said:

Well, not necessarily, if the OP wants to use the money after the 5 month lock up so to speak a regular savings account is the right choice. He could withdrawl money, move some back to USA etc.. which is why I have a regular savings account. But of course if he doesn't need to do that then a fixed term account makes sense IF that type of account is OK with immigration.

Then put the equivalent of 400K THB in a 6 month fixed term and the other equivalent of 400K THB in a 1 year fixed term.

[jayceenik]

I'm thinking of moving my Euro account in SIN to a FCD in a bank in BKK.

BangkokBank seems a good choice for me. My KrungThai bank'fees are higher.

If I could use it inlieu of my extension-mandated THB800k so much the better. 

I was just wondering if at my death the account can be closed by my inheritor, the Euro amount changed in THB and transferred to her local account.

[likerdup1]

1 hour ago, Tanoshi said:

Then put the equivalent of 400K THB in a 6 month fixed term and the other equivalent of 400K THB in a 1 year fixed term.

Good idea, I hadn't thought of that. I might just do that.

[riclag]

Is this a long process to start a FCD at Bkk bk? 

I already have a BKK  BK regular Thai account with my 400k in it

 

I have to bring $100k,USA over but I don't want to convert just yet 

 

[STALINGRAD]

Thank you for your replies.The fixed term rate would be right for me.Citibank Thailand does not offer interest on foreign currency accounts, so Bkk bank looks to be the best option.

[NancyL]

2 hours ago, riclag said:

Is this a long process to start a FCD at Bkk bk? 

I already have a BKK  BK regular Thai account with my 400k in it

 

I have to bring $100k,USA over but I don't want to convert just yet 

 

It's an easy process to open a FCD account at Bangkok Bank, at least it was for me at the same branch where I usually bank.  Same situation where I had a large sum coming in but didn't want to convert at the time.  Kinda wish I had in retrospect.

[riclag]

27 minutes ago, NancyL said:

It's an easy process to open a FCD account at Bangkok Bank, at least it was for me at the same branch where I usually bank.  Same situation where I had a large sum coming in but didn't want to convert at the time.  Kinda wish I had in retrospect.

About how many days from start to finish ?

[Tanoshi]

2 hours ago, riclag said:

About how many days from start to finish ?

A friend opened one recently, so I can only recount his experience.

All FCD accounts are held at the BKK HQ.

They don't issue a blue book anymore, they issue a certificate.

 

His branch obtained a bank account number from HQ, then he made the transfer.

He received his certificate about 10 days after making the first enquiry.

[Tanoshi]

6 hours ago, jayceenik said:

I'm thinking of moving my Euro account in SIN to a FCD in a bank in BKK.

BangkokBank seems a good choice for me. My KrungThai bank'fees are higher.

If I could use it inlieu of my extension-mandated THB800k so much the better. 

I was just wondering if at my death the account can be closed by my inheritor, the Euro amount changed in THB and transferred to her local account.

There are a number of ways to ensure that.

1. Make a Will.

2. It's possible to have an account in your sole name, but registered another authorised user access to the account.

 

I have a BKK Savings account and a BKK Fixed Term account.

Both are in my sole name, but the wife is a registered authorised user.

In the case of the Savings account, they even issued her with an additional debit card.

In the case of the Fixed term account she can sign.

I also have a Will in place.

 

Bank letters, statements, for Immigration purposes, just have my sole name on them.

[landosmiles]

6 hours ago, NancyL said:

... I had a large sum coming in but didn't want to convert at the time.  Kinda wish I had in retrospect.

@NancyL because of the current value of the baht or something else?

Edited September 9, 2019 by landosmiles
Provide more context in quote

[Kerryd]

I have a FCD account with Bangkok Bank. I opened it a couple of months ago.
As another poster mentioned, the accounts are "held" at the main office in Bangkok, so all the paperwork has to go there. The staff at my local branch had to contact the main branch to request a FCD account be opened. When that was approved (and the account number issued), they contacted me to come in as you have to make a minimum deposit into the new account. The amount varies depending on what currency you are using. (It might be the equivalent of 30,000 baht in whatever currency you wish to use, as it was in my case.)
 

I went to my local branch and signed the paperwork the girls prepared for me. I had to make a deposit of $1.300 Canadian just to open the account. (What they did was calculate the value in Thai baht at the current exchange rate, withdrew that much from my Savings Account, converted it to Canadian $$ and deposited that in the new account.)

(I'm not sure why they have such a high "minimum deposit" requirement in order to open a FCD. Maybe to discourage all the "cheap charlies". )

I didn't pay attention to how long it took, but a few days later the girls called me to let me know that my new Bankbook had arrived.

(Yes, they do issue a bankbook and for some odd reason, it is about an inch wider then their normal bank books so it juts out of the little plastic protector they put them in.)

A few weeks later I wired some money into the account from Canada. Worked like a charm (once the bank in Canada figured out how to do it as they'd never done an overseas wire transfer before using a SWIFT code).
Got back to Thailand, went to the bank and deposited some (Canadian) currency into the account. No problem.

 

The only issue I have really is that the book can't be updated in the normal Update machines because it is too wide to fit in the slot. I don't have a clue about what the interest rate is (though it occurs to me I should take the book in to be updated which will then (maybe) show what the interest rate is). Won't be anything worth worrying about I'm sure !

Oh and the girls set it up so it appears on my iBanking page. Looking at it now, it doesn't show an interest rate but it does show the (approx) exchange rate and how much the balance would be in baht based on that rate.

It didn't occur to me that I could use this account for my Immigration requirement. Some to think about for next year maybe. The way the Canadian $ has tanked, it may be a long time before I consider converting anything in that account into baht anyways !

One more thing. After any transaction on the account (deposit or withdrawal) the head office sends a statement in the mail. How long that takes to arrive depends on where you live of course !

 

[wgdanson]

14 minutes ago, Kerryd said:

One more thing. After any transaction on the account (deposit or withdrawal) the head office sends a statement in the mail. How long that takes to arrive depends on where you live of course !

I never got a letter for £12000 deposit in August. But I may have no paperwok clicked in my on-line banking. 

Phitsanulok Immigration confirmed today that this FCA is good to them for extension purposes. 

[Peterw42]

24 minutes ago, Kerryd said:

I have a FCD account with Bangkok Bank. I opened it a couple of months ago.
As another poster mentioned, the accounts are "held" at the main office in Bangkok, so all the paperwork has to go there. The staff at my local branch had to contact the main branch to request a FCD account be opened. When that was approved (and the account number issued), they contacted me to come in as you have to make a minimum deposit into the new account. The amount varies depending on what currency you are using. (It might be the equivalent of 30,000 baht in whatever currency you wish to use, as it was in my case.)
 

I went to my local branch and signed the paperwork the girls prepared for me. I had to make a deposit of $1.300 Canadian just to open the account. (What they did was calculate the value in Thai baht at the current exchange rate, withdrew that much from my Savings Account, converted it to Canadian $$ and deposited that in the new account.)

(I'm not sure why they have such a high "minimum deposit" requirement in order to open a FCD. Maybe to discourage all the "cheap charlies". )

I didn't pay attention to how long it took, but a few days later the girls called me to let me know that my new Bankbook had arrived.

(Yes, they do issue a bankbook and for some odd reason, it is about an inch wider then their normal bank books so it juts out of the little plastic protector they put them in.)

A few weeks later I wired some money into the account from Canada. Worked like a charm (once the bank in Canada figured out how to do it as they'd never done an overseas wire transfer before using a SWIFT code).
Got back to Thailand, went to the bank and deposited some (Canadian) currency into the account. No problem.

 

The only issue I have really is that the book can't be updated in the normal Update machines because it is too wide to fit in the slot. I don't have a clue about what the interest rate is (though it occurs to me I should take the book in to be updated which will then (maybe) show what the interest rate is). Won't be anything worth worrying about I'm sure !

Oh and the girls set it up so it appears on my iBanking page. Looking at it now, it doesn't show an interest rate but it does show the (approx) exchange rate and how much the balance would be in baht based on that rate.

It didn't occur to me that I could use this account for my Immigration requirement. Some to think about for next year maybe. The way the Canadian $ has tanked, it may be a long time before I consider converting anything in that account into baht anyways !

One more thing. After any transaction on the account (deposit or withdrawal) the head office sends a statement in the mail. How long that takes to arrive depends on where you live of course !

 

I open FCD account with Bangkok bank a couple of weeks ago, at the main branch in Pattaya. The account is held at that branch, there was nothing about being sent to Bangkok. The account was opened in 5-10 minutes and a bank book issued on the spot.

 

It was the case that any smaller branches, like a mall, would have to send to the main Pattaya branch but not to Bangkok.

[Percy P]

On 9/9/2019 at 9:54 AM, Tanoshi said:

Then put the equivalent of 400K THB in a 6 month fixed term and the other equivalent of 400K THB in a 1 year fixed term.

Correct. I keep all money in Pounds Stirling  then its converted into Thai Baht when needed into my Thai Baht Acc

[Onrai]

Bank of Bangkok will issue you a debit card when you open your bank account. Bangkok Bank charges me 15bhat (roughly $.50) to withdraw money from Bangkok ATM machines outside the province where I opened the account. If you withdraw within the province (Chang Wat) where you opened the account there is no withdrawal fee.

[wgdanson]

19 minutes ago, Onrai said:

Bank of Bangkok will issue you a debit card when you open your bank account. Bangkok Bank charges me 15bhat (roughly $.50) to withdraw money from Bangkok ATM machines outside the province where I opened the account. If you withdraw within the province (Chang Wat) where you opened the account there is no withdrawal fee.

I think most banks issue an ATM Debit card on opening a normal savings account, and charge for out of province withdrawals.

This thread is about Foreign Currency Accounts, for which you do not get a card, or even as some replies say, a bank book.

Nothing really confusing about that. It's true.

Edited September 10, 2019 by wgdanson

[Tanoshi]

4 hours ago, Kerryd said:

(Yes, they do issue a bankbook and for some odd reason, it is about an inch wider then their normal bank books so it juts out of the little plastic protector they put them in.)

Interesting, thanks, I'll pass on this information to my friend.

He requested a book but was advised they only issue certificates now.

 

[The Theory]

Perhaps it is a good idea for about 7 or 8 years ( for 800,000). Since there is no interest for currency account and other charges

[Toadie]

One thing might be worth mentioning. On my retirement application Immigration required a credit advise showing the money came from overseas. An actually letter for each amount. Not just a statement showing the transaction code.

 

This needed to come from the branch of the account. Any branch would not do it. Why? Stupid question...

 

I had once asked the bank if I needed to change branches on accounts. Silly question...

[CM4Me]

I am with BKK Bank.

 

Have 2 FCAs, one a 'savings' with an oversized bank book (which can be updated at any branch that offers a currency exchange service), no ATM card and a monthly 'statement' (by mail). From this account I can transfer $ to B via ibanking (and its immediate).

 

The 2nd account is a 'fixed term', no bank book but a certificate, and a monthly 'statement' by mail. In this account I keep the equivalent of B800,000 for my retirement visa (& have used this account for the last 3 years - no problems). This account pays 2.5%, but note every currency has a different rate 

[Fairynuff]

I looked into it last year and decided the fees charged outweigh any benefits (for me). I only my main bank Krungsri. I recently asked a Thai friend to do some research for me and after getting info from 4 other banks it still doesn’t seem worth it.

[JerseytoBKK]

7 hours ago, CM4Me said:

I am with BKK Bank.

 

Have 2 FCAs, one a 'savings' with an oversized bank book (which can be updated at any branch that offers a currency exchange service), no ATM card and a monthly 'statement' (by mail). From this account I can transfer $ to B via ibanking (and its immediate).

 

The 2nd account is a 'fixed term', no bank book but a certificate, and a monthly 'statement' by mail. In this account I keep the equivalent of B800,000 for my retirement visa (& have used this account for the last 3 years - no problems). This account pays 2.5%, but note every currency has a different rate 

I'm getting ready to bring over the equivalent of B800K. Is your rate a 12 month fixed term?

[Peterw42]

8 hours ago, CM4Me said:

The 2nd account is a 'fixed term', no bank book but a certificate, and a monthly 'statement' by mail. In this account I keep the equivalent of B800,000 for my retirement visa (& have used this account for the last 3 years - no problems). This account pays 2.5%, but note every currency has a different rate 

What do you show immigration with this account ? Bank statements, does the bank still give a letter ?