No Work Permit = No Foreign Currency Account?

[rainman]

I went to Bangkok Bank (my bank in Thailand for 3+ years; have multiple accounts there) today to ask them if it is possible to open a foreign currency account. Reason for this is I want to send a larger amount of money from overseas next week but do not want to change it yet into Thai Baht because of the currently bad rates.

Bangkok Bank, according to their website offers "Foreign Currency Deposit" accounts in all of the major currencies, like USD, GBP, Euro, etc. And their requirements for individual non-residents (which I am), according to their website as well, seem to be simple:

1. Passport and evidence declaring the source of funds together with a letter of recommendation.

2. Work permit (if any)

3. Any additional documents or reference which we may require.

So I went there today with all of the documents, except without the work permit (which according to the above seems optional), since I do not work in Thailand and I get my monthly funds from overseas companies I hold shares in. First thing they asked me was "do you have a work permit?". I tell them no and explain the above and that I am married in Thailand and simply living here.

Their response was that I need a work permit in order to open a foreign currency account because I am unable to receive foreign money to Thailand from a company without one. Excuse me?? I am receiving large amounts to my Bangkok Bank account every months for over 3 years in foreign income, which I also explain to them.

It absolutely doesn't make sense why you could not have a foreign currency account if you are receiving money from outside Thailand or working outside Thailand. People who work in Thailand (with or without a work permit) receive their funds in Thai Baht and mostly have no need for a foreign currency account. People who work outside Thailand and who are paid in foreign currencies are not able to get a work permit anyways. It just doesn't make sense.

Now, to my actual question. Does anyone know of a bank in Thailand that does allow foreigners, with an annual visa but without a work permit to open a foreign currency account?

[blizzard]

no work permit = no checking account and no credit card. i wonder if this is same like bank account, depend on where you go.

at least you have thai wife, open accounts in her name. she aint going anywhere she is your wife.

do you know something thats going to dramatically alter exchange rates within the next week. im always up for free financial advice......lol.

Edited June 14, 2007 by blizzard

[rainman]

no work permit = no checking account and no credit card. i wonder if this is same like bank account, depend on where you go.

at least you have thai wife, open accounts in her name. she aint going anywhere she is your wife.

do you know something thats going to dramatically alter exchange rates within the next week. im always up for free financial advice......lol.

No, I don't know of anything that would dramatically change. Just concerned about the exchange rates going down more and more, so I'm not changing anything to Thai Baht I don't need to.

And while I trust my wife, I prefer to keep a few million Baht in my name. Things change too quickly in this world

Edited June 14, 2007 by rainman

[observer21]

I went to Bangkok Bank (my bank in Thailand for 3+ years; have multiple accounts there) today to ask them if it is possible to open a foreign currency account. Reason for this is I want to send a larger amount of money from overseas next week but do not want to change it yet into Thai Baht because of the currently bad rates.

Bangkok Bank, according to their website offers "Foreign Currency Deposit" accounts in all of the major currencies, like USD, GBP, Euro, etc. And their requirements for individual non-residents (which I am), according to their website as well, seem to be simple:

1. Passport and evidence declaring the source of funds together with a letter of recommendation.

2. Work permit (if any)

3. Any additional documents or reference which we may require.

So I went there today with all of the documents, except without the work permit (which according to the above seems optional), since I do not work in Thailand and I get my monthly funds from overseas companies I hold shares in. First thing they asked me was "do you have a work permit?". I tell them no and explain the above and that I am married in Thailand and simply living here.

Their response was that I need a work permit in order to open a foreign currency account because I am unable to receive foreign money to Thailand from a company without one. Excuse me?? I am receiving large amounts to my Bangkok Bank account every months for over 3 years in foreign income, which I also explain to them.

It absolutely doesn't make sense why you could not have a foreign currency account if you are receiving money from outside Thailand or working outside Thailand. People who work in Thailand (with or without a work permit) receive their funds in Thai Baht and mostly have no need for a foreign currency account. People who work outside Thailand and who are paid in foreign currencies are not able to get a work permit anyways. It just doesn't make sense.

Now, to my actual question. Does anyone know of a bank in Thailand that does allow foreigners, with an annual visa but without a work permit to open a foreign currency account?

When did they change the rules.  I have a foriegn currecy account with BKK bank - opened it 5 or more years ago with just passport

come to think about it i opened residents account - but didnt need to prove residency othere than stating that i was

Open account as a resident

Edited June 14, 2007 by observer21

[rgs2001uk]

rainman

the more i hear about the bangkok bank and its policies only serves to reinforce my view that i made the correct descion to opt for the hsbc.

i hold a non resident account, in pounds sterling, you can also choose from us$ and maybe euros if i remember correctly.

to qualify as a premier customer i seem to recall a figure of 3 million baht being mentioned.

the hsbc is on pra ram 4, walk into the bank and take the escalator upstairs, you will be met by an english speaking receptionist.

she will take your details and introduce you to your own pesronal manager.

i am more than satisfied with the service i have been given.

i am in no way connected with the bank or its products.

however petty little bureaucrats operating their own personal fiefdoms arent for me, so i take my money elsewhere.

[Maestro]

...hsbc your own pesronal manager...

I figure that’s the problem with most other banks in Thailand: they don’t assign a personal consultant to you. Last night, as I was reading the OP, I was racking my brain for the name of a vice-president of BBL whom I might suggest to Rainman to contact, but all I knew have in the meantime retired. I must be getting old.

At BBL – and at other Thai banks – you queue in line and deal with a different clerk every time, who, when he/she is unsure about something, simply fobs you off with a “no can do”. Of course there is no law or ministerial regulation requiring a work permit to open any type of bank account. Misinterpreting a guideline of the Bank of Thailand or some department at the Ministry of Finance – unpublished and unavailable to us – each bank wrote up its own internal rules which are often far from what the BoT guideline probably said or intended.

--

Maestro

[rainman]

An update on this ...I went to another branch of Bangkok Bank on Friday afternoon and they promptly opened the account. I will be able to pick-up the bank book on Monday. I'll be sure to go to the branch that denied me the account, though, to show them

[A_Traveller]

An update on this ...I went to another branch of Bangkok Bank on Friday afternoon and they promptly opened the account. I will be able to pick-up the bank book on Monday. I'll be sure to go to the branch that denied me the account, though, to show them

Might be an idea to pass on the last point, especially if the second branch is smaller than the first, given hierarchy.

Regards

[cclub75]

An update on this ...I went to another branch of Bangkok Bank on Friday afternoon and they promptly opened the account. I will be able to pick-up the bank book on Monday. I'll be sure to go to the branch that denied me the account, though, to show them

You see... Bravo.

The problem with thai banks, and the famous "no can do" described by Maestro or "can not because BOT regulations", has been illustrated many times on the forum.

Your story should be "post-ited".

[jdinasia]

my USD account is with Siam Commercial ....

so yes it can be done

[Maestro]

An update on this ...I went to another branch of Bangkok Bank on Friday afternoon and they promptly opened the account.

I am happy to hear this, Rainman. It’s not how one would expect a major bank to run its business, ie arbitrarily refuse you an account at some branches, and I am glad you did not have to hunt around too long to get the desired foreign-currency account.

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Maestro