FCD account with Krungsri

[jphasia]

Does anyone has experience having an FCD account with Krungsri bank?

I have been working in neighbor countries for years now and about to start a new contract. Always been paid in USD and been paid either by bank transfer to my Thai bank account (THB) or cash in USD which I brought by plane to Thailand.

I am using 3 different banks in Thailand: Bangkok Bank, SCB and Krungsri.

Been talking with Krungsri today and as I have 2 saving account (THB) already with them, no issue to open an FCD (USD) with them.

500 USD minimum deposit (as well as minimum balance), 0.25% fees for deposit by wire transfer, 1% fee for cash deposit, free transfer online (mobile) from FCD to THB saving, debit card available if required.

I didn't talk so far with Bangkok Bank and SCB.

 

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[thedivezone]

No personal experience with KrungSri FCD, but looked into it several months ago and found the fees rather hefty.

Ended up opening a Transferwise borderless account and never looked back. Easy online application and approval and zero deposit fees, minimal transfer fees. Check it out.

[jphasia]

No personal experience with KrungSri FCD, but looked into it several months ago and found the fees rather hefty.
Ended up opening a Transferwise borderless account and never looked back. Easy online application and approval and zero deposit fees, minimal transfer fees. Check it out.

I don't know Transferwise. Will have a look but to make it clear:
I am getting paid by a foreign company in USD to any account in Thailand. To avoid having the USD automaticaly converted and credited in THB in Thailand, I am looking for FCD account.
Example: they send 1,000USD, i will get 1,000USD credited (minus fees of course), not 30,000 THB (or as per exchange rate).
This is to keep USD in Thailand.

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[thedivezone]

18 minutes ago, jphasia said:

I don't know Transferwise. Will have a look but to make it clear:
I am getting paid by a foreign company in USD to any account in Thailand. To avoid having the USD automaticaly converted and credited in THB in Thailand, I am looking for FCD account.
Example: they send 1,000USD, i will get 1,000USD credited (minus fees of course), not 30,000 THB (or as per exchange rate).
This is to keep USD in Thailand.

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Understood all that, you can open transferwise accounts in US$, GB£ , € and a multitude of other currencies and get the Banc acct no. and a physical bank address.

Leave the money in the account in $ and transfer to a Thai Baht nominated or a US $ nomimated account as needed. The only thing you can't do is withdraw cash over the counter. They do issue credit cards but you would need a physical address outside of Thailand for this, they don't send them to Thailand.

Read their FAQs , it will become clear.

[dimitriv]

56 minutes ago, jphasia said:

I don't know Transferwise. Will have a look but to make it clear:
I am getting paid by a foreign company in USD to any account in Thailand. To avoid having the USD automaticaly converted and credited in THB in Thailand, I am looking for FCD account.
Example: they send 1,000USD, i will get 1,000USD credited (minus fees of course), not 30,000 THB (or as per exchange rate).
This is to keep USD in Thailand.
 

 

>> 0.25% fees for deposit by wire transfer, 1% fee for cash deposit, free transfer online (mobile) from FCD to THB saving, debit card available if required.

 

Fees fees & fees... 

 

The credit card will allow you to get Bahts at Krungsri ATM's with a bad exchange rate. That is the only thing you can do with that debit card. You cannot use it abroad. You cannot use it online. You cannot get USD. Only baht with a bad exchange rate. When you transfer USD to your Baht account you will pay. Not with fees but again with a bad exchange rate. You want to save money by receiving it on a USD account and not converting it to Baht? But at the end you will have to do that anyway.

 

I investigated the same idea and made the conclusion that every bank account abroad is better than any Thai FCD account to save your money.

 

I am also afraid for what can happen after a while. What if you want to leave?  Taking money out of Thailand is already not easy. And they can change that in any way they want.

 

 

Edited September 10, 2019 by dimitriv

[dimitriv]

31 minutes ago, thedivezone said:

Understood all that, you can open transferwise accounts in US$, GB£ , €

 

 

I love Transferwise. But you have to keep in mind that Transferwise is not a bank. And your money is not guaranteed. It is ok for a couple of thousands. But I would not keep all my money there.

 

Quote:

 

The main difference with the protection offered by TransferWise in comparison with a bank is that, because TransferWise is an Electronic Money Institution and not an official deposit taking Banking Institution, your money is not guaranteed by Financial Services Compensation Scheme (FSCS). 

This means that in the event that the bank itself where we store the funds were to become insolvent, you may not be guaranteed the return of your funds, whereas you are normally guaranteed up to a value of 75-85k GBP with FSCS.

 

[thedivezone]

19 minutes ago, dimitriv said:

 

I love Transferwise. But you have to keep in mind that Transferwise is not a bank. And your money is not guaranteed. It is ok for a couple of thousands. But I would not keep all my money there.

 

Quote:

 

The main difference with the protection offered by TransferWise in comparison with a bank is that, because TransferWise is an Electronic Money Institution and not an official deposit taking Banking Institution, your money is not guaranteed by Financial Services Compensation Scheme (FSCS). 

This means that in the event that the bank itself where we store the funds were to become insolvent, you may not be guaranteed the return of your funds, whereas you are normally guaranteed up to a value of 75-85k GBP with FSCS.

 

You're right and i should have mentioned that. 

But in a couple of years the Thai banks will only be guaranteeing deposits up to 1 Mio. so there is not much more security to a Thai bank acct. versus Transferwise. European banks, of course would offer more security, but since the OP was asking about Krung Sri . . .

[jphasia]

 
>> 0.25% fees for deposit by wire transfer, 1% fee for cash deposit, free transfer online (mobile) from FCD to THB saving, debit card available if required.
 
Fees fees & fees... 
 
The credit card will allow you to get Bahts at Krungsri ATM's with a bad exchange rate. That is the only thing you can do with that debit card. You cannot use it abroad. You cannot use it online. You cannot get USD. Only baht with a bad exchange rate. When you transfer USD to your Baht account you will pay. Not with fees but again with a bad exchange rate. You want to save money by receiving it on a USD account and not converting it to Baht? But at the end you will have to do that anyway.
 
I investigated the same idea and made the conclusion that every bank account abroad is better than any Thai FCD account to save your money.
 
I am also afraid for what can happen after a while. What if you want to leave?  Taking money out of Thailand is already not easy. And they can change that in any way they want.
 
 

Thanks for the details and agree on that but the way I see it:
I have been living in Thailand for 27 years already. I am married (actually not on papers) to a Thai and I have a son (from my Thai ex-wife). So I am not planning to leave Thailand at all.
I don't have any bank account outside Thailand and I have not been back to my original country (Europe) for the last 20 years.
So all my incomes are coming to Thailand. In USD from abroad and THB from business that my wife and myself are running in Thailand. I have very little expenses in Thailand (I owned my house). So basically, I don't need THB. The THB incomes generated by our business in Thailand + my savings in THB are more than enough for our expenses here.
Now, I used to get paid in USD by wire transfer to my THB account when the THB was at 40 per dollar, then 35 per dollar. Now it is 30 per dollar. So let's say that I am receiving on average 10k USD / month. Between few ago and now, my incomes have dropped between 40 to 35,000 THB / month.
Keeping my USD in a FCD account would at least give me the option to follow the exchange and convert whenever it suit me ot whenever I need cash.
0.25% fee for wire deposit for 10k usd amount makes 25USD (about 750 THB).
Agree with you about the Debit card, no much point as it let you withdraw only THB and only locally in Krungsri ATM. As I have internet banking with them, I can just transfer from FCD account to THB account.

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[jphasia]

You're right and i should have mentioned that. 
But in a couple of years the Thai banks will only be guaranteeing deposits up to 1 Mio. so there is not much more security to a Thai bank acct. versus Transferwise. European banks, of course would offer more security, but since the OP was asking about Krung Sri . . .

Thanks for your input but the purpose of my post was more to get feedback on the FCD account from various banks here.

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[trd]

 

 

 

 

  >> 0.25% fees for deposit by wire transfer, 1% fee for cash deposit, free transfer online (mobile) from FCD to THB saving, debit card available if required.

 

Fees fees & fees... 

 

The credit card will allow you to get Bahts at Krungsri ATM's with a bad exchange rate. That is the only thing you can do with that debit card. You cannot use it abroad. You cannot use it online. You cannot get USD. Only baht with a bad exchange rate. When you transfer USD to your Baht account you will pay. Not with fees but again with a bad exchange rate. You want to save money by receiving it on a USD account and not converting it to Baht? But at the end you will have to do that anyway.

 

I investigated the same idea and made the conclusion that every bank account abroad is better than any Thai FCD account to save your money.

 

I am also afraid for what can happen after a while. What if you want to leave?  Taking money out of Thailand is already not easy. And they can change that in any way they want.

 

Why would you want to get USD from a Thai ATM? When I stick my Krungsri FCD ATM card into a machine here I get Thai baht at the normal bank exchange rate, not a bad exchange rate, and without any fees.

 

You will have transferred the money in from abroad so you will be able to transfer it out.

[jphasia]

 
 
 
 

Why would you want to get USD from a Thai ATM? When I stick my Krungsri FCD ATM card into a machine here I get Thai baht at the normal bank exchange rate, not a bad exchange rate, and without any fees. 
You will have transferred the money in from abroad so you will be able to transfer it out.

Can you withdraw USD cash at the counter with the FCD?

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[trd]

Can you withdraw USD cash at the counter with the FCD?

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No. Only Thai Baht.