Foreign Currency Deposit account options

[Tanoshi]

1 minute ago, Peterw42 said:

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

Your local branch can still issue the letter confirming name and account details.

[lelapin]

14 hours ago, Tanoshi said:

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

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

 

I opened a sterling one year a/c @ 0.9% last week at a Pattaya Bangkok bank and was told that they will issue me a certificate not a book in about a week. This is similar to the previous 2 I have opened in the past 12 months. I was wondering if this would be accepted at immigration and how would I show the current balance even if I had withdrawn no money.

[Tanoshi]

1 hour ago, lelapin said:

I opened a sterling one year a/c @ 0.9% last week at a Pattaya Bangkok bank and was told that they will issue me a certificate not a book in about a week. This is similar to the previous 2 I have opened in the past 12 months. I was wondering if this would be accepted at immigration and how would I show the current balance even if I had withdrawn no money.

I expect Immigration would want a bank statement for the account, which you can request, along with the required letter. Not sure if your branch could print the statement or whether they would have to request it from HQ.

[Tanoshi]

21 hours ago, Kerryd said:

I have a FCD account with Bangkok Bank. I opened it a couple of months ago.

 

21 hours ago, Peterw42 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.)

It appears you have a FC Savings account (0.15%) for which a Passbook is issued.

 

The FC 1 year Fixed term account (0.9%) doesn't offer a Passbook, instead you are issued a certificate.

 

If your using an FC account for Immigration purposes, then put it in a Fixed Term account to achieve the better interest rate.

[jayceenik]

Thanks to Kerryd for a very detailed FCD Bangkok Bank info posting.

It will be of much help to me when I decide to open a BB Euro FCD.

Thanks to everybody else also for sharing what they know on this tread.

I have a Euro account in SIN with Citibank. I have made a legal Will with a SIN lawyer for her to inherit this account when I die.

But it'd much easier for her to get that money if I transferred it to an FCD at the Bangkok Bank here in Ubon where we live (yes, I know the account will be based at HQ in BKK). I already have a Thai Will (made by a Thai lawyer) for my Thailand bank accounts.

My bank in Ubon is KrungThai but FCD fees are higher than BB.

[lelapin]

2 hours ago, Tanoshi said:

I expect Immigration would want a bank statement for the account, which you can request, along with the required letter. Not sure if your branch could print the statement or whether they would have to request it from HQ.

Picked up my certificate this morning from Bangkok Bank and asked the girl if I could get a letter for immigration from the bank based on this account. She said no and if I wanted to use a sterling account I could only use my sterling deposit account which with its low interest rate I have no intention of keeping the equivalent of 800,000 baht in.

[Tanoshi]

3 minutes ago, lelapin said:

Picked up my certificate this morning from Bangkok Bank and asked the girl if I could get a letter for immigration from the bank based on this account. She said no and if I wanted to use a sterling account I could only use my sterling deposit account which with its low interest rate I have no intention of keeping the equivalent of 800,000 baht in.

The girl is wrong!

[likerdup1]

47 minutes ago, Tanoshi said:

The girl is wrong!

Yes, I've found that depending on who you talk to, some of them either don't understand your request or are just not well informed or just possibly even lazy. This has happened to me on numerous occasions. I tried to open a FCD at the downtown Pattaya branch of my bank where I originally opened my Baht account and the rep said I would need a letter from immigration or I could buy their health insurance...<deleted>?? .... so even at banks here the reps seem to feel free to scam you or just do whatever they want without fear. I went to another branch and opened an FCD account with only my Baht passbook and my passport.

 

My advice, try a different branch or different rep at the branch in question.

 

I finally found a gal at one of my banks branches who is very knowledgeable so I only do this kind of business with her if at all possible. There is another gal at the same branch who gave me pushback on even a simple request to change my phone number on the account.... how do they say it? Your Mileage May Very.

Edited September 11, 2019 by likerdup1

[STALINGRAD]

Anyone have an experience of closing a FD account and withdrawal of all funds.My local branch is very small.I imagine asking to close a $30k account and withdrawal the funds may be a few day process.

[Tanoshi]

43 minutes ago, STALINGRAD said:

Anyone have an experience of closing a FD account and withdrawal of all funds.My local branch is very small.I imagine asking to close a $30k account and withdrawal the funds may be a few day process.

List of withdrawal fees and availability as cheque, travellers cheques, or cash, dependant on the currency, from Bangkok bank as an example.

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

 

A small branch may require advance notice.

[ThePioneer]

53 minutes ago, STALINGRAD said:

Anyone have an experience of closing a FD account and withdrawal of all funds.My local branch is very small.I imagine asking to close a $30k account and withdrawal the funds may be a few day process.

For withdrawal into Thai Baht there is usually a fee of maximum 500 Baht.

 

Withdrawal in foreign currency notes will be 1%

[STALINGRAD]

Thank you Tanoshi.

[Nowisee]

On 9/10/2019 at 11:54 PM, 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 

Good info.  Thanks.
Last week I opened an FCD account, but haven't made the initial deposit yet.  

Thinking I asked all the right questions.  The account I saw in the FCD section for "Non Residents" was the one I thought available to me it was only the Savings FCD.  
Looking closely after reading this, I do see a Special FCD Account and a Special Savings FCD Account, but the wording in the FAQ refers savings only not fixed and to "Thai citizen" and "Thai person". 

I'll be inquiring about this tomorrow as the only reason I'm opening it is for immigration 800k purposes and the difference between 2.5% and 0.15% is enough to make the change.  

 

To clarify:
Immigration accepts the certificate only?  Or do you also provide the statement and how does that work since it's mailed to you?

 

 

 

 

Edited September 15, 2019 by Nowisee

[ThePioneer]

3 minutes ago, Nowisee said:

I'll be inquiring about this tomorrow as the only reason I'm opening it is for immigration 800k purposes and the difference between 2.5% and 0.15% is enough to make the change.  

The 2.5% will most likely be an FCD in AUD, most other currencies pays next to nothing

 

https://kasikornbank.com/en/rate/Pages/FCD.aspx

[Nowisee]

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.

After reading your posts and going back to check out BKB website and their FCD Account rates it makes a lot of sense now.

The 6 month and 12 month fixed term accounts do seem like the way to go.  And they all seem like completely different accounts.  
Since I have not yet funded the FCD Savings account I just opened, I'm going to go this route.  Probably will <deleted> off the lady that opened the account.  

 

 

 

Edited September 15, 2019 by Nowisee

[Alotoftravel]

Is this correct , if I opened a USA currency fcd, 

1) can it be funded by giving the bank counter USA cash and will there be a fee?

2) when I withdraw USA dollars from the fcd, I will be charged 1 percent with no currency conversion ?

 

[Jack Mountain]

Opened this week a Savings Foreign Currency Account (euro) at Bkk Bank => no sweat.

[winnifred]

I just got a one year retirement visa by using foreign currency account (Equivalent to 80K requirement). I want to know that can I convert the money to my another thai baht saving account any time even not enough 90days? 

[vinny41]

Foreign currency accounts are NOT covered under the Deposit Protection scheme For anyone opening this type of account suggest you check with your Bank