Foreign Currency Savings/Deposit Bank Accounts

[John9]

Am looking to open foreign currency GBP/Australian Dollar accounts (savings or deposit) in Thailand. However fees for outward 

transfer puts me off - saw Bank charging 0.5% with no maximum to transfer out which means losing some original capital brought in since they do not pay much interest. Any suggestions advice please. Name of Bank etc. Looked at Singapore but difficult to open ?  Any help advice will be apricated. Thanking in advance. AM from UK, British National living in Thailand most of the year and have Thai Tax Number.

[EricTh]

It's not advisable to open a foreign currency account in Thailand. Almost every transaction that you do comes with an exorbitant cost.

 

I cannot remember all the detailed charges but I think there is also a monthly maintenance charge even if there is no transaction during that month.

 

I gave up on that many years ago, just convert to Thai baht and open up a Thai bank account

Edited March 30, 2022 by EricTh

[Tom H]

plus account fees 10 USD per month….

[topt]

11 hours ago, John9 said:

Am looking to open foreign currency GBP/Australian Dollar accounts (savings or deposit) in Thailand. However fees for outward 

transfer puts me off

Simple question is why you would want to transfer it out once here which then leads to what purpose the account would have here?

I note you mention Singapore so have you considered UK offshore - Lloyds International/Standard Chartered or one of the others? Not sure if they do AUD however.

[Adumbration]

I have FCD with Krungsri.  AUD.  No ongoing fees.  When I opened it the interest rate was higher than available on Australia bank account.  Zero interest for last few years.

 

I also had FCD  AUD term deposits with Krungsri.

 

The information posted by other members above is ill informed .

 

Account is easy to open.  If you transfer in any large lump sums make sure you request by-rap-rong certificate in case you want to transfer the money back out.

 

I use the account for my NON O extension each year as well.

 

Bank letter for immigration costs 100 baht.

 

I did have account in Singapore with Citi.  I opened it remotely and never visited.  It was easy enough but took a while.  It did not have any onerous fees either, but there was a minimum balance of 500K usd or equivalent if I recall.

 

What type of balances are you looking to manage.  If sum not too large just open a Wise borderless account.  Much better and flexible option especially if there is no interest currently available on Thai FCD accounts.

[John9]

Thanks TOPT. To answer why I need to transfer it out is I had invested in India with Indian friend in his name. Getting it back from him  but if I send to UK there is likely to be unnecessary queries so wanted to transfer here or else and than transfer funds back to UK in small sums over time. As such am here in retirement extension so looking this side of Asian countries. Amount is around 230000 Australian Dollar which of course will also need to be exchanged in GBP as I transfer back.

 

Thanks Adumbration. I will look at requirement for Wise Borderless account. 

[dr mozzi]

Apology for my English.

Can I transfer 1 million from my THB account to my USD account AT ONCE (and vice-versa, same bank) ?

Or I have to transfer only 50k THB/month because my salary is 50k ?

I get salary into an account outside Thailand.