Can a foreigner open an US Dollar deposit/ bank account?

[topswijaya]

Dear all,  

 

Can a foreigner open an US Dollar deposit/ bank account?

 

Thanks

[Thailand]

Yes

[Jai Dee]

Topic moved to Banking Forum.

 

/Moved.

[NativeBob]

Yes, some banks require min. deposit. Bangkok Bank asked $10K, HSBC also. FYI BBK sucks at customer support.

[GypsyT]

I was thinking opening USD account at Bangkok Bank. They only ask $ 1000 minimum. But also a "letter" from somebody "important" as recommendation.

The other thing is they don't list transfers in USD to any place on earth possible. Only "to THB account".

 

I already have regular Saving Account with "stone age" paper book. It has been dormant (Covid) for 3 years. Don't know if there's money and I still can get them out. Nobody answers to my Emails.

 

So, any way to get USD account from overseas? Or just go and ask at the branch?

 

USD account Requirements which I don't have:

Passport and one of the following documents:

A reference letter issued by one of the following institutes or organizations

• Embassy or international organization
• International institution, e.g. pension certificate issued by overseas organization
• An overseas bank where the customer holds an account sent via SWIFT
• Trusted individuals such as a Bangkok Bank staff member or customer, government officer, director of a private company, government or private educational institutes located in Thailand trusted by the Bank
• Trusted companies, e.g., an employment letter from the company if the customer is in the process of applying for a work permit.

[VocalNeal]

Just a note about USD accounts. The money is held in USD but if you want to transfer any they convert to Thai Baht first. 

[dj230]

On 6/28/2022 at 3:56 PM, VocalNeal said:

Just a note about USD accounts. The money is held in USD but if you want to transfer any they convert to Thai Baht first. 

This is for all banks or just yours? 

[indyo]

Wise should be ok for you

[VocalNeal]

8 hours ago, dj230 said:

This is for all banks or just yours? 

All retail banks in Thailand????

[peterfranks]

On 6/28/2022 at 3:56 PM, VocalNeal said:

Just a note about USD accounts. The money is held in USD but if you want to transfer any they convert to Thai Baht first. 

Yes it is a strange process.

 

They claim they can't transfer abroad directly from a foreign currency account, so they convert it first to Thai baht, then back to foreign currency, because Thai baht can not be transferred out of Thailand.

[wordchild]

9 hours ago, peterfranks said:

Yes it is a strange process.

 

They claim they can't transfer abroad directly from a foreign currency account, so they convert it first to Thai baht, then back to foreign currency, because Thai baht can not be transferred out of Thailand.

exactly true, foreign currency accounts are really pointless (with a Thai bank). I have looked at this ,in the past,  and they are cumbersome and expensive to operate.

 Much better, and likely  much less costly, to retain non THB currency in accounts outside Thailand and transfer in as needed.

As was explained to me , by one Thai bank, many years ago,  even if they agreed to transfer (eg USD) directly to my Sing bank USD a/c, they would still need to charge me 1.5  percent plus, as a fee, because they would be "missing out" on the profit they could make on the currency transfer!

 

Thai Banks ehh!

Certainly no advanced economy would allow its banks to operate in this fashion.

 

 

Edited July 23, 2022 by wordchild