Banking in Thailand

[Lancelot01]

I'm not sure where this query belongs but I would appreciate pertinent replies.

I have been trying to get answers from Krungsri Bank, my bank, regarding their Foreign Currency Account (FCA). 

I am currently in UK with little or no chance of returning to LoS in the near future. 

I usually reside in Hua Hin by way of permission to stay based on retirement. 

I would like to convert THB in my account to GBP and hold the proceeds in a FCA. This will enable me to hedge my funds for the next few months. 

Having looked at my account at the Krungsri online website I cannot see where such a transaction can be made. 

Has any member had a similar request? 

[metisdead]

Moving to the Banking forum. 

[dimitriv]

1 hour ago, Lancelot01 said:

in a FCA

 

Do you already have one?  If not you should first find out if you can open one from abroad. I remember I had to go there and had to make a first deposit.

 

[Lancelot01]

7 hours ago, dimitriv said:

 

Do you already have one?  If not you should first find out if you can open one from abroad. I remember I had to go there and had to make a first deposit.

 

No, I do not have one currently. 

What I would like to do is convert THB already in my savings account. 

[Henricus]

5 hours ago, Lancelot01 said:

No, I do not have one currently. 

What I would like to do is convert THB already in my savings account. 

That`s not possible savings account only in THB

 

FCA account they have in many currencies

[cnx355]

If you do not have a FCD account I think you cannot do it.

 

The last resort is to use your Krungsri ATM card in UK to get your money in GBP but the ATM fees may negate the advantage. of moving the money.

 

[Pib]

You would need to be in-Thailand to open a FCD acct or any Thai bank acct...must visit a branch to open.

 

While you could fund the FCD by converting THB to a foreign currency like GBP the exchange rate used will the the bank "TT Selling Rate" vs the TT Buying Rate used for incoming foreign transfers.  You can check their exchange rates at the bank exchange rate webpage.

[Max69xl]

8 hours ago, Lancelot01 said:

No, I do not have one currently. 

What I would like to do is convert THB already in my savings account. 

As far as I know you will not be able to open any type of account when you're out of the country. You can do what your banks website allows you to do. That's all. I might be wrong,but I don't think so. 

[CH1961]

Open a FCD (Foreign Currency Deposit) is only possible in Person at the Branch with Passport, Longtime Visa and Proof of Address. 

[windas]

Hi friends.

I have a sterling Bank account in Bangkok Bank and had to do the usual to open, passport, form filling etc. In Thailand only.

Originally they gave 4% interest, now they give 0% interest and charge 2% to put money in.

There is no means of drawing the money out other than by the book in branch.

I would imagine all banks have a similar attitude.

 

[Pib]

53 minutes ago, windas said:

Hi friends.

I have a sterling Bank account in Bangkok Bank and had to do the usual to open, passport, form filling etc. In Thailand only.

Originally they gave 4% interest, now they give 0% interest and charge 2% to put money in.

There is no means of drawing the money out other than by the book in branch.

I would imagine all banks have a similar attitude.

 

The 2% fee for some foreign currencies is when you deposit foreign notes/coins....that's the most expensive way to get funds into your FCD.   You should be transferring funds directly into the acct versus depositing notes.

 

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

 

Edited October 16, 2020 by Pib

[dimitriv]

2 hours ago, windas said:

Hi friends.

I have a sterling Bank account in Bangkok Bank and had to do the usual to open, passport, form filling etc. In Thailand only.

Originally they gave 4% interest, now they give 0% interest and charge 2% to put money in.

There is no means of drawing the money out other than by the book in branch.

I would imagine all banks have a similar attitude.

 

 

With Krungsri you can get a Visa Debit card that only works in Krungsri ATM's in Thailand. And of course you will get TBH when you use the card.

 

For everything there is a small fee, 1 % or so, not much. Exchange rates from TBH to EUR and back are often not the best. All these small charges add up, especially if you also do not get interest in the account.

 

Unless you really have very specific reasons to use this account (Like the OP)  it is usually better to keep your money abroad in a real bank account in your home country.

 

 

 

 

[Leaver]

11 hours ago, cnx355 said:

The last resort is to use your Krungsri ATM card in UK to get your money in GBP but the ATM fees may negate the advantage. of moving the money.

 

I think this is the only option available.  

 

As far as the ATM fees are concerned, I would rather pay the ATM fees, than risk losing the whole deposit.  

[Lancelot01]

Many thanks everyone for your useful comments. It seems I can 'drip feed' funds temporarily while I'm abroad. 

[fceligoj]

What about opening a Citibank Account there in the UK?  First, check with them if that UK account would be recognized in Thailand.  If so, you might be able to use your Citibank online service to transfer from your local Thai bank to the 'local' Citibank and get your money.

[userabcd]

On 10/16/2020 at 7:55 PM, dimitriv said:

 

With Krungsri you can get a Visa Debit card that only works in Krungsri ATM's in Thailand. And of course you will get TBH when you use the card.

 

For everything there is a small fee, 1 % or so, not much. Exchange rates from TBH to EUR and back are often not the best. All these small charges add up, especially if you also do not get interest in the account.

 

Unless you really have very specific reasons to use this account (Like the OP)  it is usually better to keep your money abroad in a real bank account in your home country.

 

 

 

 

Are you implying that a Thai bank account is not real?

 

By what criteria according to you constitutes a real bank account?

Edited October 18, 2020 by userabcd