Foreign Currency Account at Bangkok Bank

[FatVern]

If I have a normal savings account and a dollar account may I transfer money between accounts at will to speculate on exchange rates?

 

 

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[WalkingOrders]

I don't think that would be a good idea. The turn could cost you in fees, depending on amounts. Maybe a better idea, to go with a reputable Forex broker (oanda.com as example), and place some funds there. That way you would have the tools to watch it and be accurate with what you are trying to accomplish... chart package and all. Also, you would be able to instantly open or close positions.

[wgdanson]

You can exchange your dollars for baht via Bkk Bank's internet banking, not on the App. The rate is quite a bit lower than the official one, but you pay no fees.

But the other way round, baht to dollars could be a problem.

[Mavideol]

7 minutes ago, wgdanson said:

You can exchange your dollars for baht via Bkk Bank's internet banking, not on the App. The rate is quite a bit lower than the official one, but you pay no fees.

But the other way round, baht to dollars could be a problem.

correct, did try it last year and converting bath back to usd was a loss with the fees involved

[JaiLai]

Yes

[Pib]

 

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

 

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

TT Buying Rate is the same rate used for incoming SWIFT/ACH transfers.   Various exchange rates shown at bank's website.

 

 

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

Now below talks the fee but not the exchange rate used. I expect the exchange rate used is the TT Selling Rate.  You can see TT Buying and Selling Rates at the bank's website.

 

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

[toolpush]

One problem I found is that the Bank of Thailand will not allow Thai banks to offer internet banking services with their Foreign currency bank accounts.

[longball53098]

17 minutes ago, toolpush said:

One problem I found is that the Bank of Thailand will not allow Thai banks to offer internet banking services with their Foreign currency bank accounts.

Not sure what you mean here. I have a BBL USD FCD account and I have I-banking and I move cash out of the FCD account into my BBL baht account anytime I need it. Get the current exchange rate posted.

[Pib]

52 minutes ago, toolpush said:

One problem I found is that the Bank of Thailand will not allow Thai banks to offer internet banking services with their Foreign currency bank accounts.

Sure you can....see below partial quote from the Bangkok Bank website.   

 

[Baerboxer]

I always send USD or GBP to my foreign currency accounts. I can then transfer to ThB to my baht savings account whenever I want using on-line banking.

 

Normally the rate is about 0.5 lower than the rate on Oanda. 

 

Never converted back into FC so can't advise you there other than my bank manager says it's not usually good because they charge a fee as well as earning on the e/r.

[captpkapoor]

9 hours ago, longball53098 said:

Not sure what you mean here. I have a BBL USD FCD account and I have I-banking and I move cash out of the FCD account into my BBL baht account anytime I need it. Get the current exchange rate posted.

Yes, so do I, but you can't do any foreign currency transfer to another country, from your USD account, via net banking 

[captpkapoor]

10 hours ago, toolpush said:

One problem I found is that the Bank of Thailand will not allow Thai banks to offer internet banking services with their Foreign currency bank accounts.

True

[Mavideol]

Just now, captpkapoor said:

Yes, so do I, but you can't do any foreign currency transfer to another country, from your USD account, via net banking 

please check post #9 above.... when opening the account such is also explained by the opening account person

[Mavideol]

3 minutes ago, captpkapoor said:

True

it's currency control... Thailand loves to control. maybe they don't know why but thy still do it

[mrwebb8825]

Could you not withdraw THB, take it to SuperRich, convert it to USD then deposit it into a foreign currency account at BKK bank?

Also curious if you deposit USD in cash using $10s and $20s do they go in at that exact amount? I know if you buy THB using $10s or $20 you get a lower rate than using $50s or $100s. So if you deposit $1,000 in $20s is it counted the same as depositing $1,000 in $100s?

If yes, it seems a person could withdraw 500,000 THB, buy $10s and $20s USD and make some money. ????