Foreign Currency Accounts At Thai Bank Acceptable?

[wpcoe]

I recently read on another forum that Bank of Ayuthya offers foreign currency savings accounts (including US$, which is what I would be using) that bear 4% interest and permit on-the-spot THB withdrawals (i.e. not a term deposit account that must remain untouched for a set period of time).

If that information were true, it would make my upcoming annual SWIFT transfer of funds to Thailand much less painful, in light of the low USD-THB exchange rate at the moment.

Would such an account be acceptable by Thai Immigrations to qualify for retirement (or Thai wife, though that's not my case) extensions in Thailand? All the regulations I've read mention THB only, but I wonder if a USD equivalent would be acceptable. Has anybody successfully (and recently) used a foreign currency account in a Thai bank for a visa extension?

[lopburi3]

You would have to ask the specific office involved. Some have reported it being accepted.

[rainman]

I believe it needs to be in THB.

[rgs2001uk]

on my last extension, bangkok suan plu office accepted a letter from my bank that stated the total of foreign currency converted using the exchange rate of the day to give a total in thai baht.

i went to my bank and had the standard letter made up as well as a copy of the bank book to show immigration.

as has been mentioned before, not only does it depend on the office you use, it also depends on the individual officers involved, seems to depend on the particular mood the officers are in on the day you go.

[wpcoe]

Thanks for the feedback.

My original enthusiasm has been dampened a bit, as it appears the Bank of Ayudhya account *is* a time deposit account. It still might work to my benefit, but I'm more inclined to stick with my current arrangements with SCB.

My plan has been to SWIFT transfer to Thailand one time per year the funds I anticipate I will need to live on for the next year, and to coordinate the timing of that transfer so that it also satisfies the bank deposit requirements for the retirement extension. Due to the low THB-USD rate now, maybe I'll transfer in only what is needed to meet the retirement extension. Who knows. I've often heard you can never win when playing a game with foreign currency exchange rates.

[Badbanker]

Transfering in the money by swift annually is a good idea.  However please remember to ensure the money arrives in your bank account 3 months before you need to show it to immigration for your extension as this is a requirement!

BB

Thanks for the feedback.

My original enthusiasm has been dampened a bit, as it appears the Bank of Ayudhya account *is* a time deposit account. It still might work to my benefit, but I'm more inclined to stick with my current arrangements with SCB.

My plan has been to SWIFT transfer to Thailand one time per year the funds I anticipate I will need to live on for the next year, and to coordinate the timing of that transfer so that it also satisfies the bank deposit requirements for the retirement extension. Due to the low THB-USD rate now, maybe I'll transfer in only what is needed to meet the retirement extension. Who knows. I've often heard you can never win when playing a game with foreign currency exchange rates.

[ProThaiExpat]

A recent BOT announcement was to the effect that foreign currency accounts would be permitted at any bank to ease the pressure on the baht to appreciate.

[deejah]

A recent BOT announcement was to the effect that foreign currency accounts would be permitted at any bank to ease the pressure on the baht to appreciate.

does this mean that it is not necessary to transfer money into thailand?

[lopburi3]

No. It has absolutely nothing to do with immigration requirements.

[ProThaiExpat]

Perhaps I should have been clearer in my post. My point was that if in fact Thai banks are permitted by the BOT to have non Thai accounts in foreign currencies for both falang and Thai, perhaps immigration will permit dollar denominated deposits in Thai banks to act as "funds on deposit" for purposes of immigration financial requirements?

There may be a word in the Thai version of the financial qualifications issued by immigration for a retirement that uses the word Baht ie. "There must be on deposit in a Thai bank the sum of 800 Baht". This wording could be interpreted strictly and not permit foreign currency accounts to qualify or the opposite, depending on the officer in question?