Foreign currency accounts

[JohnnyBD]

Does anyone know if SCB or Kasikorn allows you to convert the USD that's in your Thai bank FCD account to your THB acct online, without having to go into the bank, or without having to phone them? I was with Citibank, and I could always convert online, but my accounts were transferred to UOB last week, and they said I would have to come into the bank each time, or do it by phone. UOB doesn't allow online currency conversions. Thanks. 

 

 

[CANSIAM]

11 minutes ago, JohnnyBD said:

Does anyone know if SCB or Kasikorn allows you to convert the USD that's in your Thai bank FCD account to your THB acct online, without having to go into the bank, or without having to phone them? I was with Citibank, and I could always convert online, but my accounts were transferred to UOB last week, and they said I would have to come into the bank each time, or do it by phone. UOB doesn't allow online currency conversions. Thanks. 

 

 

I'm in the same situation, you will have to go to the bank now ( any UOB ) to transfer from your FCD to Thai Baht account, also I'm waiting for a new PIN from headquarters for my Citi/UOB debit card - doesn't work, annoying. Glad I'm with SCB as well.........cannot have a FCD with SCB without a work permit and it's come to the branch as well for FCD transfers to Thai baht account. 

Edited April 26 by CANSIAM

[JohnnyBD]

1 hour ago, CANSIAM said:

I'm in the same situation, you will have to go to the bank now ( any UOB ) to transfer from your FCD to Thai Baht account, also I'm waiting for a new PIN from headquarters for my Citi/UOB debit card - doesn't work, annoying. Glad I'm with SCB as well.........cannot have a FCD with SCB without a work permit and it's come to the branch as well for FCD transfers to Thai baht account. 

Thanks. That saves me a trip to SCB. I hope Kasikorn will allow online conversions. I will try to open FCD with Kasikorn since me & wife already have THB accts there. If successful, we will close our accts with UOB. Too many accts to report each year to FBAR.

[Middle Aged Grouch]

Another absurd rule to ask for work permit in order to open a foreign currency account. Totally absurd as many of the retirees who come over to Thailand for 4 to 5 months in winter bring in lots of foreign currency that they would not always want to exchange to THB. The result is that they only change on a weekly basis and take back home what's left of the foreign exchange. All to the loss of thailand.

[gamb00ler]

1 hour ago, CANSIAM said:

 Glad I'm with SCB as well.........cannot have a FCD with SCB without a work permit and it's come to the branch as well for FCD transfers to Thai baht account. 

 

35 minutes ago, JohnnyBD said:

Thanks. That saves me a trip to SCB.

I recommend that you call the SCB (027777777) customer help line and ask them if a foreigner on a retirement visa can have an FCD account.   Tell them you aren't allowed to work so obviously no work permit.  I checked SCB's web site and they make no reference to a work permit being required.

 

There are so many stories on AN about bank staff giving incorrect information for whatever reason!

 

SCB weren't going to allow me (on retirement extension) to open any bank account without a work permit.  I told them I can't have a work permit and that I had checked SCB's website and no such restriction was mentioned.  I ended up getting two accounts with no further problem due to no work permit.

[JohnnyBD]

54 minutes ago, gamb00ler said:

I ended up getting two accounts with no further problem due to no work permit.

Thanks for the advice. Did you end up getting a FCD foreign currency account? If so, do you have to go to the bank to convert your FC to THB? I was converting mine online at Citibank, but UOB took over and now they say I have to go to the bank to convert it.

[gamb00ler]

I wasn't trying to get an FCD account... I was seeking the EZ Savings account @1.5% rather than using fixed deposit accounts.  It's a lot more flexible and no need to bother with renewal at end of FD term.

[Sigmund]

Never take No for an answer in Thailand as each clerk behind the counter makes up his own daily rules and regulations, no matter what type of uniform he or she is wearing. Just try to come back the next day and chose a different counter and employee.

[CANSIAM]

8 hours ago, gamb00ler said:

 

I recommend that you call the SCB (027777777) customer help line and ask them if a foreigner on a retirement visa can have an FCD account.   Tell them you aren't allowed to work so obviously no work permit.  I checked SCB's web site and they make no reference to a work permit being required.

 

There are so many stories on AN about bank staff giving incorrect information for whatever reason!

 

SCB weren't going to allow me (on retirement extension) to open any bank account without a work permit.  I told them I can't have a work permit and that I had checked SCB's website and no such restriction was mentioned.  I ended up getting two accounts with no further problem due to no work permit.

I'll do that, thanks....... 

[UWEB]

11 hours ago, JohnnyBD said:

Does anyone know if SCB or Kasikorn allows you to convert the USD that's in your Thai bank FCD account to your THB acct online, without having to go into the bank, or without having to phone them? I was with Citibank, and I could always convert online, but my accounts were transferred to UOB last week, and they said I would have to come into the bank each time, or do it by phone. UOB doesn't allow online currency conversions. Thanks. 

 

 

I have THB and FCD with Bangkok Bank, no problems to make a Transfer online.

[PJ71]

I could do it online with BKK bank, not sure about SCB.

 

Also, did not need anything to open FCD a/c with BKK Bank.

[JohnnyBD]

1 hour ago, UWEB said:

I have THB and FCD with Bangkok Bank, no problems to make a Transfer online.

Thank you. Does Bangkok Bank charge 500B incoming wire fee like UOB, SCB, and others? Citibank didn't charge incoming fees, so I could make as many wire xfers as I wanted. Now, I'm going to make larger, but less xfers.

[PJ71]

Another thing with these FCD is there's quite a high charge to actually physically remove the foreign currency you hold the account in.

[jayceenik]

55 minutes ago, PJ71 said:

I could do it online with BKK bank, not sure about SCB.

 

Also, did not need anything to open FCD a/c with BKK Bank.

I live in Isaan. KTB in Ubon (where I have a THB savings account already) said no FCD for foreigners. KungSri didn't know what I was talking about. BKK Bank Ubon said the person in charge of opening FCD is not working there anymore and they couldn't do FCD. I contacted BKK Bank on their website and they immediately sent me all the info. I need 1} my valid Belgian passport, 2} my valid Non-Imm O visa (stay extension), 3} current Certificate of Residence (issued by Immigration Ubon}. I must also deposit equivalent €770 in THB for opening a Euro FCD account which I'll do at the BKK Bank HQ Silom BKK in the next couple weeks (have to fly there!).

Like previous posters said banking in Thailand is all dependant on the particular branch and employees you're dealing with 😊

 

 

[Mike Lister]

Too many members fail to understand all the possible charges associated with these accounts, banks are in the business of selling products that make money, nothing is for free, even if it seems that way.

 

The model that most members seem to have in their minds is that they will deposit foreign currency into a FCY account and then when the exchange rate looks promising, convert those funds into THB and spend them. But what if the exchange rate never looks right and the funds just sit there, is there an annual charge and what about the loss of interest that would otherwise have been earned? And what if your circumstances change and you want to send that foreign currency back overseas, can you and at what cost and, as we heard from one member, does it have to be exchanged into THB first and then foreign currency purchased again, before it can be remitted! As for withdrawing foreign currency in cash, USD or GBP or similar, what is the process the bank goes through and what is the cost, even if the currency in the first place!

[PJ71]

5 minutes ago, Mike Lister said:

Too many members fail to understand all the possible charges associated with these accounts, banks are in the business of selling products that make money, nothing is for free, even if it seems that way.

 

The model that most members seem to have in their minds is that they will deposit foreign currency into a FCY account and then when the exchange rate looks promising, convert those funds into THB and spend them. But what if the exchange rate never looks right and the funds just sit there, is there an annual charge and what about the loss of interest that would otherwise have been earned? And what if your circumstances change and you want to send that foreign currency back overseas, can you and at what cost and, as we heard from one member, does it have to be exchanged into THB first and then foreign currency purchased again, before it can be remitted! As for withdrawing foreign currency in cash, USD or GBP or similar, what is the process the bank goes through and what is the cost, even if the currency in the first place!

Also a point to bear in mind is you'll be dealing with bank Ex rates for everything, which are historical a total rip off.

[Mike Lister]

1 minute ago, PJ71 said:

Also a point to bear in mind is you'll be dealing with bank Ex rates for everything, which are historical a total rip off.

Yes you will but no they are not, at least not in my opinion. The Thai bank charges for the spread between buy and sell  on most currencies, historically, has always been far better than anything found in the West. That spread for paper money is always going to be large because if capitalises on tourists who want to exchange cash. But the TT rates are significantly better. 

 

USD paper money buy = 36.49

USD paper money sell = 37.22

 

USD TT rate buy = 36.82

USD TT rate sell = 37.12

 

As you can see, the total spread for paper money is 0.73 whilst the total spread on the TT rate is only 0.30.

 

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

[PJ71]

16 minutes ago, Mike Lister said:

Yes you will but no they are not, at least not in my opinion. The Thai bank charges for the spread between buy and sell  on most currencies, historically, has always been far better than anything found in the West. That spread for paper money is always going to be large because if capitalises on tourists who want to exchange cash. But the TT rates are significantly better. 

 

USD paper money buy = 36.49

USD paper money sell = 37.22

 

USD TT rate buy = 36.82

USD TT rate sell = 37.12

 

As you can see, the total spread for paper money is 0.73 whilst the total spread on the TT rate is only 0.30.

 

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

Interesting, i always remember the rates being poor and the charges being high.

 

For an account i seldom used it made sense for me just to close it.

[kuzie57]

Can't comment on BKK bank but unless rules have changed you do not need a work permit to open a FCA with SCB I have 2, US$ and AUD, but you can not trans to a baht account without visiting your branch.

[Tom Parkinson]

5 hours ago, Mike Lister said:

USD paper money buy = 36.49

USD paper money sell = 37.22

 

USD TT rate buy = 36.82

USD TT rate sell = 37.12

Certainly exchange rates in Thailand are better than those in the west. But bank TT rates are not necessarily the best. I walk by Siam Exchange in BKK (Sukhumvit near Soi 18) every day and note the USD:THB rates. The spread is typically only 0.18, sometimes as low as 0.14. 

[fittobethaied]

6 hours ago, JohnnyBD said:

Thank you. Does Bangkok Bank charge 500B incoming wire fee like UOB, SCB, and others? Citibank didn't charge incoming fees, so I could make as many wire xfers as I wanted. Now, I'm going to make larger, but less xfers.

Bangkok Bank charges a maximum of 500B on inbound wire transfers, but if you use Wise.com, there is no charge to your bank account. 

[Sydebolle]

On 4/26/2024 at 6:43 PM, JohnnyBD said:

Does anyone know if SCB or Kasikorn allows you to convert the USD that's in your Thai bank FCD account to your THB acct online, without having to go into the bank, or without having to phone them? I was with Citibank, and I could always convert online, but my accounts were transferred to UOB last week, and they said I would have to come into the bank each time, or do it by phone. UOB doesn't allow online currency conversions. Thanks. 

 

 

Yes, it works with commercial banks like those named or even Stonehenge Bangkok Bank. 

UOB is a different story; had a credit card for 30+ years by Citibank and since UOB took over, literally n nothing works anymore. Well, I had a fraud billing, announced by SMS with a phone number to call in case of fraud. After 17 minutes waiting a lady answered "no sapeak Thai" and cut the line. Went online onto the website; the first 
pop-up on their webpage are the numbers to call in case of fraud, one for Thai and one for English. 32 minutes into the waiting - phone got answered, card blocked and new card announced for "next month". 

No online statement viewable for the time being so it is "wait and see"; I for one would want to keep the card as the paperwork involved to get a credit card from another bank reminds me of Einstein's theories with an avalanche of papers, certificates, blue ink signed copies and hours at the bank. 

But to your question, I am using BKK Bank for a foreign currency deposit account, online through Bualuang Ibanking and it works flawlessly, real time BUT only during office hours of the bank (for whatever reason) ..... 

[gamb00ler]

I posted a notice in the Bank Savings Interest Rate topic a couple of weeks ago.

 

LH Bank info page:

https://www.lhbank.co.th/en/personal/deposits/foreign-currency-deposit-account/

 

 

 

 

Edited April 27 by gamb00ler

[jayceenik]

On 4/27/2024 at 8:23 AM, Mike Lister said:

Too many members fail to understand all the possible charges associated with these accounts, banks are in the business of selling products that make money, nothing is for free, even if it seems that way.

 

The model that most members seem to have in their minds is that they will deposit foreign currency into a FCY account and then when the exchange rate looks promising, convert those funds into THB and spend them. But what if the exchange rate never looks right and the funds just sit there, is there an annual charge and what about the loss of interest that would otherwise have been earned? And what if your circumstances change and you want to send that foreign currency back overseas, can you and at what cost and, as we heard from one member, does it have to be exchanged into THB first and then foreign currency purchased again, before it can be remitted! As for withdrawing foreign currency in cash, USD or GBP or similar, what is the process the bank goes through and what is the cost, even if the currency in the first place!

Due diligence will give you the bank FCD conditions and you will see the good and bad of a Thai bank FCD and judge if it's OK for you.

Me, I have a very satisfactory FCD in SIN but I'm thinking about ease of inheritance for my Thai wife.

I have a proper SIN lawyer-drafted Will but still she'll have a bothersome time to get to that SIN FCD.

Easier for her if I transfer that FCD to a Thai bank.

 

Edited April 28 by jayceenik