Is it possible to open a £ sterling account in Thailand?

[BillStrangeOgre]

Hi, i'm wondering if it's possible to open a sterling account in a bank here in Thailand?

If it is, are there any restrictions, like a work permit etc?

Thanks in advance

Bill

[Mac Mickmanus]

Info here 

 

Link didn't work, just do a websearch for "Bangkok Bank Pound account" and click on the first result 

Edited February 10, 2023 by Mac Mickmanus

[Longwood50]

It is my understanding that several banks offer multi-currency accounts. They include Citibank and Bangkok bank being two I am aware of. 

With that said.  I have a multi-currency account with Wise.  I currently have USD, Canadian, Australian, New Zealand, Yen, and Indonesian.  

When I travel I have a Wise debit card.  If I am in Australia it deducts in AUD.  If I take a trip and convert some USD to lets say Yen and have Yen left in my account, I merely convert it back to USD, no wasted change. 


So you could open a Wise acount, have Sterling.  Maintain it in Sterling and convert a portion of it to Baht if and when you wanted to and then tranfer the baht to the bank here in Thailand.  You get a far better exchange rate and a lot more options doing so. 

[Negita43]

Just now, Longwood50 said:

With that said.  I have a multi-currency account with Wise.  I currently have USD, Canadian, Australian, New Zealand, Yen, and Indonesian.  

Not being nosey but where (ie what country) would such an account be registered and would that be the country of the persons residence?

[Longwood50]

Just now, Negita43 said:

Not being nosey but where (ie what country) would such an account be registered and would that be the country of the persons residence?

Wise main banking account is a New York bank.  They "may" also use banks in the U.K. for their customers but I don't know that.  My thai GF has a Wise account and likewise her transfers sent to Wise go to a U.S. bank.  

 

[Negita43]

A word of warning - I can't say if it was just a problem with my branch or a general one but:

I had a foreign currency account (Euros) with Kasikorn. When I wanted to close the account and repatriate money , even though I supplied all the relevant info (swift codes etc) the bank could not make the transfer and ended up giving me several thousands of Euros in CASH.

Caused me no end of issues as my UK Euro account would only accept bank transfers.

Fortunately, I like Spain and used the money on my regular trips there (although even then I had to change the 500 Euro notes which were not well liked in shops at banks first).

Anyway down to my last couple of hundred Euros now so a big drag but at least I was able to get my money out..

Edited February 10, 2023 by Negita43

[VocalNeal]

Do foreign transfers still have to be done in baht. So even if it is a sterling account the bank will convert to baht then transfer. I used to have a US dollar account and had to convert to baht before transferring dollars to Brazil. So 2 conversions for 1 transfer.

Edited February 10, 2023 by VocalNeal

[bradiston]

6 hours ago, Longwood50 said:

Wise main banking account is a New York bank.  They "may" also use banks in the U.K. for their customers but I don't know that.  My thai GF has a Wise account and likewise her transfers sent to Wise go to a U.S. bank.  

 

For $ accounts maybe. For sterling accounts they use a UK bank. And I guess the same applies to all currencies. If you have a Wise account, you can find all your account details, sort codes, swift, IBAN etc if you click on "Manage/Account details".

[windas]

Hi guys

I have a sterling account with Bangkok bank. I just emptied it into my Thai baht account. The reason I don't want it anymore is that they now give no interest currently and charge 2% to pay sterling into the account. Yes they charge 2% to pay into the account.. . 

Robbing barstewards.

 

[nigelforbes]

7 hours ago, VocalNeal said:

Do foreign transfers still have to be done in baht. So even if it is a sterling account the bank will convert to baht then transfer. I used to have a US dollar account and had to convert to baht before transferring dollars to Brazil. So 2 conversions for 1 transfer.

You can't transfer Baht out of Thailand, it must be converted to another currency first. In your example, your USD was converted to Baht and then converted again into Rial's.

[nigelforbes]

OP - you can open a multi-currency account that includes Sterling but there are limitations. The first decision to make is whether you want a Resident or Non-Resident Multi-Currency Account. The latter allows you to transfer currency at will, without limit, without paperwork or approvals but the account will not earn interest and you cannot deposit THB cash into the same account.

 

A resident multi-currency account MAY charge you an annual fee at some banks, others only charge you if you repatriate the currency and don't exchange it for THB. 

[sammieuk1]

I have a pound and euro account with Kasikorn bank use them to receive small pensions one thing to remember is you have no online access to FCD accounts and the bank rate for changing is always half a baht less than Wise for example .

 

Its the 19th century passbook and branch update and withdraw only a pain but just bearable as long as no more closed borders for covid and being on the wrong side of it for 19 months with no access to your account ????

[Tish 2]

9 hours ago, Negita43 said:

Not being nosey but where (ie what country) would such an account be registered and would that be the country of the persons residence?

Sorry but you are being nosey.Its just another word for inquisitive,but like you i'm interested in this type of account.

[VocalNeal]

3 hours ago, nigelforbes said:

You can't transfer Baht out of Thailand, it must be converted to another currency first. In your example, your USD was converted to Baht and then converted again into Rial's.

OK that makes it clearer. I was trying to point out the double conversion if OP manages to open open a GBP account

[sandyf]

11 hours ago, Negita43 said:

Not being nosey but where (ie what country) would such an account be registered and would that be the country of the persons residence?

Yes. The account can only be opened in certain countries and Thailand is not one of them. You would need an address and a bank account in the country you wish to register.

https://wise.com/help/articles/2968915/can-i-get-the-wise-card-in-my-country

[topt]

4 hours ago, windas said:

Hi guys

I have a sterling account with Bangkok bank. I just emptied it into my Thai baht account. The reason I don't want it anymore is that they now give no interest currently and charge 2% to pay sterling into the account. Yes they charge 2% to pay into the account.. . 

Robbing barstewards.

 

Yes but I am presuming you mean if you pay in cash?

Has always been that way although only 1% for USD - see charges link here -

https://www.bangkokbank.com/-/media/files/personal/other-services/view-rates/table5/feesfcd_table5_1feb2022_en.pdf?la=en&hash=2E5AA1DFFA37F8B63B97D492A84E5DF4E9FEBC6A

[topt]

12 hours ago, BillStrangeOgre said:

If it is, are there any restrictions, like a work permit etc?

This for Bangkok Bank. Have a read through their requirements -

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/FCD-Account-for-Non-residents

 

SCB also offer and have links if you search.

[Freddy42OZ]

14 hours ago, Negita43 said:

Not being nosey but where (ie what country) would such an account be registered and would that be the country of the persons residence?

Wise Debit cards are not available in Thailand, so if you open your account here you can't get the card. 

Open your Wise account using an Address in the UK, Australia, US etc or anywhere that that cards are available. 

You can open it whilst in Thailand, just don't use your Thailand address etc.  
 

[BillStrangeOgre]

Guys, thanks for all the answers. Lots to contemplate there ????

[Brick Top]

Yes , Foreign Currency Account , most bank here have them , I have one with Krungsri and SCB