Bank accounts in foreign currency for visa purposes

[Petchou]

For practicality and because the exchange rate was lower than usual, I choose to transfer money to a thai foreign currency bank account and exchange only when the rate is back to normal.  Another reason, is when you transfer dollars to thai account the bank give you a rate that is so baf whatever the situation of exchange rate.

 

Most thai banks charges two times fees and taxes on their meegre interest rate too.

 

What is astonishing is, all over the world, banks are extremely happy to get dollars into an account, which contribute to the central banks reserve in currency for international trade etc...   Most banks in other countries will not charge you any fees or extremely small fixed amount.Thai banks, charge from 1 to 1.5% when you make the transfer.  Let's say you transfer 50000 dollars. At 1.5% charge, they take  25,315.50 baht 

it never ends, when you make a withdrawal, they charge you same 1 to 1.5%.  at the end after you withdraw your money, you have paid 25,315.50 for withdrawals the total of fees is finally 50,601.00 bahts.

 

just for comparaison.  A known bank in Malaysia charge 241 baht for deposit and 32 baht for withdrawals.can't even compare.

 

I don't really understand the rational behind these insane practices in Thai banking system.  Did anyone have same experience or have alternatives banks that don't have these <deleted> up rules

.

 

[ChaiyaTH]

Guess your new to Thailand, its all about the money and not the logic. Get street smart or pay are the only options.

[Petchou]

13 minutes ago, ChaiyaTH said:

Guess your new to Thailand, its all about the money and not the logic. Get street smart or pay are the only options.

I have probably been in Thailand longer than you.  But this is not the subject.  I have never dealt with this situation in the past, and I am just sharing with positive people who may be facing dame.  Keep your negativity for yourself if you have nothing useful to say.  

Edited October 3, 2021 by Petchou

[KannikaP]

Yes, a foreign Currency Account can be used for Immigration purposes, but it is the value/balance in THB on the day you go which they will take into account.

[ChaiyaTH]

31 minutes ago, Petchou said:

I have probably been in Thailand longer than you.  But this is not the subject.  I have never dealt with this situation in the past, and I am just sharing with positive people who may be facing dame.  

You are a slow learner then, as there are plenty of ways to avoid it, that was what I meant with street smart.

[topt]

2 hours ago, Petchou said:

Thai banks, charge from 1 to 1.5% when you make the transfer.  Let's say you transfer 50000 dollars. At 1.5% charge, they take  25,315.50 baht 

You don't say which bank/banks but definitely not my experience. See here showing Bangkok Banks charges - 500 baht max for SWIFT transfer and .25% for withdrawal....

https://www.bangkokbank.com/-/media/files/personal/other-services/view-rates/table5/feesfcd_table5_1sep2021_en.pdf?la=en&hash=8ED639F1D8074618807B99016797AF59F2B39483

 

I have used SCB as well and never been charged the amounts you mention.

 

Are you sure you are not including your sending fees and or an intermediary/correspondent bank fee - which depending on where the $ come from can catch people out?

 

If you then change the foreign currency into baht and put in your Thai baht account then there are no extra commission charges.

Exchange rates are published multiple times per day so should be no surprise what you get especially for 50k where you can usually negotiate slightly better than the bank's current published or offered exchange rate.

 

If you want to pull that foreign currency out in foreign cash then yes they will charge you for the pleasure. They are banks after all ????

 

All the above is from personal experience not anecdotal so if you really have been paying what you mentioned something is being lost in translation........

YMMV

Edited October 3, 2021 by topt
changed link

[KannikaP]

5 hours ago, Petchou said:

positive people who may be facing dame

See my next reply.

Edited October 3, 2021 by KannikaP

[KannikaP]

4 hours ago, ChaiyaTH said:

who may be facing dame. 

Which Dame would that be please?    555

Read what you have typed before hitting the SUMBIT RELPY button.