Foreigncurrencydeposit In Chiang Mai

[Tawai]

I tried to open a FCD account in some of CM's Banks, but failed because of various reasons.

Thai Panit ( Siam Comercial Bank ) - told me there are very high charges for depositing and withdrawing - cause I could not believe them, went to others

Thanarchat (the name gave the impresion that they should be able do deal with foreign clients) - the clerk informs me that there is no such thing ?!!!

K - Bank ( former Kasigorn ) - got it ! Interest rate for EURO 2,8 % for 3 and 6 month fixed deposit but only 2,1 % for 1 year. Sounds o.k. to me, BUT their charges for depositing money (!!!) are 1 % (down from 2% last year she tells me) AND 1 % for withdrawing !

That means a depositer pays for lending them money ( depositig 10,000 EURO for 6 month earning 140 EUR minus 21 EUR cause of 15 % tax but paying 200 for dep/withdr. ). Even the one year option is a shot into your own knee (cause of tax).

Could not resist the urge to ask clerk if there are any customers for this service then.

Anyhow K-Bank clerk told me all the banks give same/similar conditions on FCD.

My questions to any of you readers : Did anyone get a better deal at wich Bank ?

[chiang mai]

Try any of the major international banks in Hong Kong or Singapore, rates are far superior, there are no transaction fees and you pay no tax. As a farang in Thailand you will not find a good deal on FCD incountry.

[Bill97]

Siam Commercial FCD wire money in, convert to baht upon withdrawal and there were no 1% fees, only a small fee related to receiving the wire.

[Tawai]

Try any of the major international banks in Hong Kong or Singapore, rates are far superior, there are no transaction fees and you pay no tax. As a farang in Thailand you will not find a good deal on FCD incountry.

Hi Chiang Mai !

Thanks so much for your accurate info. Did search a few Singapore banks online and found that Standard Chartered has a 4,015 % for 3 month deposit WITHOUT any fees and charges. Why thai banks think they have to rip off their clients in order to make money is a riddle to me.

O.k. so it will a flight to SIN (will be paid for by interest gain within no time).

Bill 97 - thanks for reply, but just don't want to have converted my EUR into Baht after withdrawing.

Anyway I hope this thread is helping not only myself to some extra income, but also to other TV members. Also I feel a bit of som nam na towards Thai banking system and goverment for not being able to squeeze additional money out of us.

[chiangmaiexpat]

I tried this a couple of years ago in Bangkok. Even back then interest and conditions were quite unattractive compared to Singapore or Hong Kong. Given these conditions (which seemed to have worsened rather than improved in the meantime) one probably fares better with an EU, SG, or HK based account and with Internet banking and credit card link, there's hardly any convenience backdraw. Citibank HK even offers multi-currency accounts.

Cheers, CMX

[Ajarn]

I tried to open a FCD account in some of CM's Banks, but failed because of various reasons.

Thai Panit ( Siam Comercial Bank ) - told me there are very high charges for depositing and withdrawing - cause I could not believe them, went to others

Thanarchat (the name gave the impresion that they should be able do deal with foreign clients) - the clerk informs me that there is no such thing ?!!!

K - Bank ( former Kasigorn ) - got it ! Interest rate for EURO 2,8 % for 3 and 6 month fixed deposit but only 2,1 % for 1 year. Sounds o.k. to me, BUT their charges for depositing money (!!!) are 1 % (down from 2% last year she tells me) AND 1 % for withdrawing !

That means a depositer pays for lending them money ( depositig 10,000 EURO for 6 month earning 140 EUR minus 21 EUR cause of 15 % tax but paying 200 for dep/withdr. ). Even the one year option is a shot into your own knee (cause of tax).

Could not resist the urge to ask clerk if there are any customers for this service then.

Anyhow K-Bank clerk told me all the banks give same/similar conditions on FCD.

My questions to any of you readers : Did anyone get a better deal at wich Bank ?

I have some money on longterm deposit at this bank, and this year their top rate is 3.5 %, last year it was 3 %. Why do you consider it so good that Kasikorn deals with Foreign currency deposits??