Foreign currency account

[notrub]

I have a Euro account with the main office of Bangkok bank.  I can use this as proof of funds for my visa extension as it is in a Thai bank and they just get their calculators out when I apply for my 1 year's extension.  My local branch gives me a letter that shows my local bank THB balance and my Euro balance.  I have a passbook for each.   I can easily transfer money for major purchases etc. without an international charge.  I did pay a one time charge when I opened the account.  I can also easily withdraw or transfer the money out of Thailand as euros.

[DrJack54]

19 minutes ago, notrub said:

I have a Euro account with the main office of Bangkok bank.............

Do you actually have a question? 

[notrub]

No question, just a comment.  I have friends who transfer money every month and pay a lot.  It is an easy way to keep money here in Thailand and to be able to get it out again.

[vinny41]

I am sure that your Bank advised you

Protected Deposits

Thai Baht Deposits only i.e. Current Deposits, Savings Deposits, Fixed Deposits, Certificates of Deposit, and Deposit Receipts

https://www.bangkokbank.com/en/Personal/Tips-and-Insights/Save-and-Invest/Practical-advice-on-deposit-protection

FCD accounts = no protection

[federicoP]

" I have a Euro account with the main office of Bangkok bank......"

 

Many years ago I asked a SCB branch in Phuket about foreign currency account, and they said me that, for sending abroad euros, it was necessary first to change euros in baht, and again change bath in euros to be able to send them abroad !!!!!!!!!
It was a very stupid, and expensive, procedure, I hope it is no longer valid.

Do you know anything about it ?

[JoseThailand]

3 hours ago, notrub said:

I have friends who transfer money every month and pay a lot. 

Swift transfer from Krungsri is just 250 baht, regardless of the amount.

[JoseThailand]

3 hours ago, notrub said:

No question, just a comment.  I have friends who transfer money every month and pay a lot.  It is an easy way to keep money here in Thailand and to be able to get it out again.

How much is "a lot"? And what's the benefit of having a Euro account, besides the fact that there is no currency conversion when sending money?

[ukrules]

Is the balance of a foreign currency account subject to the usual taxation rules?

Considering it seems to lie in some kind of no mans land between being in Thailand and not being in Thailand, does anyone know what would happen if someone transferred a relatively large amount of USD into a USD account, lets say US$500k for example.

Is it best to do this at the beginning of January due to the 'money earned during the current year' regulation?

 

I suspect it would be better to keep it outside of Thailand but it's worth checking...

Edited November 12, 2021 by ukrules