Foreign Currency Deposit (FCD)

[jayceenik]

I would like to open a EURO FCD in Thailand.

I'm a locally married Belgian and a long-time 800k-one-year-extension resident. No WP.

I have a EURO Savings account in SIN but I'd like to move it to Thailand for ease of inheritance for my Thai wife.

I have two questions for AN members:

# 1 Has anybody here been able to open an FCD with only a 800k-extension and no WP?

# 2 In case I can do it are UOB and Bangkok Bank good for expat FCD?

 

I live in NE Isaan and asking bank branches in Ubon is fruitless as already Krung Thai has told me "No FCD for farangs".

There are two old (2017 and 2019) AN threads on this subject but there are archived and I didn't find if a WP was needed or not.

 

[UWEB]

Have a FCD with Bangkok Bank, was not problem to open it while having an Extension. But had to go to Bangkok for as my local Branch had no idea where I was talking about.

[lopburi3]

If you have not read this topic you may want to take a glance - any type of bank account in your name will take months to transfer to wife upon your passing due to laws here requiring probate court process.  Not sure if that type of account might make it even more of an issue.

 

[retarius]

1 hour ago, UWEB said:

Have a FCD with Bangkok Bank, was not problem to open it while having an Extension. But had to go to Bangkok for as my local Branch had no idea where I was talking about.

Did you go to the HQ or just a branch of Bangkok bank? I need this urgently. 

[UWEB]

7 minutes ago, retarius said:

Did you go to the HQ or just a branch of Bangkok bank? I need this urgently. 

I went to the Headquarter, but have called them before to find out what they need for paperwork (Resident Certificate etc.)

[BenStark]

1 hour ago, lopburi3 said:

If you have not read this topic you may want to take a glance - any type of bank account in your name will take months to transfer to wife upon your passing due to laws here requiring probate court process.  Not sure if that type of account might make it even more of an issue.

 

 

Only not the subject of the topic

[KannikaP]

1 hour ago, UWEB said:

Have a FCD with Bangkok Bank, was not problem to open it while having an Extension. But had to go to Bangkok for as my local Branch had no idea where I was talking about.

Did mine at Bkk Bank in Pattaya , near Immi. 5 years ago . No WP, retirement extn. And can be used for 800k purposes. But watch the exchange rate if you are on the edge of 800. Make it 900k to be on safe side.

[BenStark]

1 hour ago, jayceenik said:

I would like to open a EURO FCD in Thailand.

I'm a locally married Belgian and a long-time 800k-one-year-extension resident. No WP.

I have a EURO Savings account in SIN but I'd like to move it to Thailand for ease of inheritance for my Thai wife.

I have two questions for AN members:

# 1 Has anybody here been able to open an FCD with only a 800k-extension and no WP?

# 2 In case I can do it are UOB and Bangkok Bank good for expat FCD?

 

I live in NE Isaan and asking bank branches in Ubon is fruitless as already Krung Thai has told me "No FCD for farangs".

There are two old (2017 and 2019) AN threads on this subject but there are archived and I didn't find if a WP was needed or not.

 

 

 

Most commercial banks offer FCD, no work permit needed. I have FCD with Kasikorn.

 

If your money is in Singapore possibly with Citibank, I suggest ask UOB first, as I understand they took over the Citibank branches in Thailand, as in my guess that would be the easiest option to move the funds.

 

Edit: FCD witjh Kasikorn only available in selected branches, and I guess it will be same for other banks

[brianthainess]

Are you aware that FCD are not covered by the govt. guarantee of up to 1m if the bank goes tits up? Its just something to bear in mind. 

[KannikaP]

1 hour ago, jayceenik said:

I live in NE Isaan and asking bank branches in Ubon is fruitless as already Krung Thai has told me "No FCD for farangs".

Ask them how many Thais need/want a FC Account.

Try another bank.

[lopburi3]

14 minutes ago, BenStark said:

 

Only not the subject of the topic

But "ease of inheritance" was stated as the objective in OP - as most posting in link are interested in.

[Isan Farang]

2 hours ago, jayceenik said:

I would like to open a EURO FCD in Thailand.

I'm a locally married Belgian and a long-time 800k-one-year-extension resident. No WP.

I have a EURO Savings account in SIN but I'd like to move it to Thailand for ease of inheritance for my Thai wife.

I have two questions for AN members:

# 1 Has anybody here been able to open an FCD with only a 800k-extension and no WP?

# 2 In case I can do it are UOB and Bangkok Bank good for expat FCD?

 

I live in NE Isaan and asking bank branches in Ubon is fruitless as already Krung Thai has told me "No FCD for farangs".

There are two old (2017 and 2019) AN threads on this subject but there are archived and I didn't find if a WP was needed or not.

 

 

You are receiving incorrect info, I opened a FCD with BB in Ubon, the bank had me sign all the papers in Ubon and then it was sent to Bangkok, after complete i was given the book at the Ubon branch.

[BenStark]

16 minutes ago, lopburi3 said:

But "ease of inheritance" was stated as the objective in OP - as most posting in link are interested in.

 

Everyone knows that inheritances take time and require procedures, that is the same in every country in the world, but I guess it will ease the burden for a Thai national if the money is in Thailand instead of in Singapore

[ezzra]

Dose the Immigration accept the 800K in FCD account the same as the regular 800K in Thai baht? I'm asking again

because i couldn't find a definitive and resolute yes or no in any of the discussions so far... 

[UWEB]

7 minutes ago, ezzra said:

Dose the Immigration accept the 800K in FCD account the same as the regular 800K in Thai baht? I'm asking again

because i couldn't find a definitive and resolute yes or no in any of the discussions so far... 

Have used the FCD Account at Jomtien Immigration for retirement Extension, fully accepted. They use the Exchange Rate at the day of Application.

[lopburi3]

29 minutes ago, ezzra said:

Dose the Immigration accept the 800K in FCD account the same as the regular 800K in Thai baht? I'm asking again

because i couldn't find a definitive and resolute yes or no in any of the discussions so far... 

Don't believe any would accept as rate of exchange could change.  The requirement is Thai Baht in a Thai bank account.

[lopburi3]

21 minutes ago, UWEB said:

Have used the FCD Account at Jomtien Immigration for retirement Extension, fully accepted. They use the Exchange Rate at the day of Application.

Should have read your post - but really hard to believe as requirement is for the year - not for the day - when using 800k method.  Is your current extension so based?  And done direct with immigration?

[Bill97]

23 minutes ago, lopburi3 said:

Don't believe any would accept as rate of exchange could change.  The requirement is Thai Baht in a Thai bank account.

I have used one without any issues

[lopburi3]

50 minutes ago, Bill97 said:

I have used one without any issues

That is suppressing (but very good to hear) with the new requirements of continual monitoring that amount does not go below the required amount at any time during the year as would be almost impossible for officer to check if amount anywhere near actual requirements.

[jayceenik]

21 hours ago, BenStark said:

 

 

Most commercial banks offer FCD, no work permit needed. I have FCD with Kasikorn.

 

If your money is in Singapore possibly with Citibank, I suggest ask UOB first, as I understand they took over the Citibank branches in Thailand, as in my guess that would be the easiest option to move the funds.

 

Edit: FCD witjh Kasikorn only available in selected branches, and I guess it will be same for other banks

Yes, my account is with CITI SIN.

I read about UOB taking over CITI in Thailand. That's why I thought of UOB.

Thank you.

[jayceenik]

Thanks to all the AN members who have voiced their info and opinion about my post.

Have all a great week.

Next time I go to Ubon I'll check with UOB and Bangkok Bank at their main offices in Ubon.

Wife definitely prefers a FCD in Thailand instead of SIN.

[BenStark]

19 hours ago, lopburi3 said:

That is suppressing (but very good to hear) with the new requirements of continual monitoring that amount does not go below the required amount at any time during the year as would be almost impossible for officer to check if amount anywhere near actual requirements.

 

You really don't like to be corrected, do you? Over the years there have been many posts from people who use an FCD for their extension, so maybe better give it a rest

 

https://aseannow.com/topic/1122423-foreign-currency-deposit-account-options/?do=findComment&comment=14550861

 

https://aseannow.com/topic/1301303-new-rayong-immigration-requirement-for-retirement-extensions-based-on-800k-in-the-bank/?do=findComment&comment=18237699

 

https://aseannow.com/topic/1274961-800k-for-retirement-visa-has-to-be-transferred-from-overseas-or-can-be-hand-carried/?do=findComment&comment=17670189

 

[DrJoy]

On 1/21/2024 at 3:05 PM, lopburi3 said:

Don't believe any would accept as rate of exchange could change.  The requirement is Thai Baht in a Thai bank account.

CW Immigration ( Bangkok ) accepts FCD accounts for all extensions (marriage or retirement)