Foreign currency account

[doodly]

Which is the best bank to open s foreign currency account I'm based in Kalasin .I just want to hold it there until the exchange rate goes up GBP 

Thanks

[topt]

Not all branches are able to do this - often only the main branches. Charges should all be similar but you may want to go online and check those that show them in English and then just go and see if you can open. Probably best to start with whoever you already have a baht account with - you do already have a Thai bank account? 

[doodly]

Yes I have an account with kasikorn Kalasin but they don't have foreign currency account 

[saengd]

14 minutes ago, doodly said:

Yes I have an account with kasikorn Kalasin but they don't have foreign currency account 

https://kasikornbank.com/en/personal/Account/Pages/foreign-currency.aspx

[saengd]

I stopped using foreign currency accounts in Thailand years ago so I may not be fully up to speed on this but there are charges:

 

there is a charge to transfer foreign currency into the account but the exchange rate to convert the currency into THB is usually the TT rate which is very good. BUT, there is an annual holding charge and the there is also a charge in case you want to transfer the foreign currency back overseas without first converting it to Baht. There is also a different set of charges between resident and non-resident accounts which oddly enough doesn't have anything to do with whether you are resident or non-resident in Thailand, it's more about tax treatment and freedom to expatriate funds. Also worth pointing out is that the interest rates on Foreign Currency savings are usually rubbish.

 

 

Edited January 4, 2020 by saengd

[doodly]

Thanks for the info , I will try Bangkok bank here in Kalasin as I believe they provide the service 

[EricTh]

It's not worth opening a foreign currency account if the amount is not huge because of following reasons

 

- the withdrawal charge fee 

- when you withdraw from your foreign currency account, it is in Thai baht and not GBP!

- poor bank exchange rate compared to super rich.

 

Ask all these questions first before opening.

 

It is best to keep under your pillow.

Edited January 4, 2020 by EricTh

[saengd]

I personally found it better and easier to hold my Pounds in the UK or IOM and then transfer it across as the need and the exchange rate dictated, that way you get a better rate of interest without paying bank fees. And of course if you hold Pounds in a FC account in Thailand and the exchange rate doesn't improve it will cost you even more to get your money out.

Edited January 4, 2020 by saengd