Bangkok Bank

[WilliamCave]

Hello. has anybody have any experience with the bangkokbank in regards to a FCD account?

Any pros or cons I should know about?

thanks ahead

[lannarebirth]

I would not use Thai banks for foreign currency deposits. If you need one use a foreign bank such as Citibank or HSBC. Thais do not seem to understand what they are actually offering and charge you exchange rates on your FCD everytime you have a transaction. Don't get me started.

[phraxos5]

I recently inquired about this but decided against it. Here is how it works. The money comes into Thailand but is not converted into Baht. The account is similar to a savings account but with no ATM or Check Card. You can hold the money with the bank in this account and convert it to dollars anytime you want at the TT window at that time. For that matter, you could just leave the money in your (usa?) account and watch the rate and transfer it into your thai savings account when you need the money. I am able to order a transfer at 9:00 pm BKK time and the money is already converted to thai baht the next am at 9:00. It hits my bankok bank account before 12:00 noon. I would suggest figuring out the how much you need then bringing it over in 1,999,999 increments(every few days) as the baht is in an upward trend. With the dollar account you cannot access the funds unless you convert them. Remember, they already have your money, so it doesnt matter to them if you never convert to baht. Why not hold your own money then folow the tt rate and move it over yourself. If the baht gains ground then they are not going to give you a better rate than at the TT window that moment. This is what I decided to do. I do have a long standing personal relationship in private wealth management at one bank in the US. This is crucial because you dont want to have any delays or paper work to hold your transfer up coming out of the US if you are racing to get a position in Baht. I suggest sitting down with both Bank managers to discuss the technicals. I did and decided that there weren't any advantages to having this type of account.

[phraxos5]

I recently inquired about this but decided against it. Here is how it works. The money comes into Thailand but is not converted into Baht. The account is similar to a savings account but with no ATM or Check Card. You can hold the money with the bank in this account and convert it to Baht anytime you want at the TT window at that time. For that matter, you could just leave the money in your (usa?) account and watch the rate and transfer it into your thai savings account when you need the money. I am able to order a transfer at 9:00 pm BKK time and the money is already converted to thai baht the next am at 9:00. It hits my bankok bank account before 12:00 noon. I would suggest figuring out the how much you need then bringing it over in 1,999,999 increments(every few days) as the baht is in an upward trend. With the dollar account you cannot access the funds unless you convert them. Remember, they already have your money, so it doesnt matter to them if you never convert to baht. Why not hold your own money then folow the tt rate and move it over yourself. If the baht gains ground then they are not going to give you a better rate than at the TT window that moment. This is what I decided to do. I do have a long standing personal relationship in private wealth management at one bank in the US. This is crucial because you dont want to have any delays or paper work to hold your transfer up coming out of the US if you are racing to get a position in Baht. I suggest sitting down with both Bank managers to discuss the technicals. I did and decided that there weren't any advantages to having this type of account.

Sorry about the typo!

[alantheembalmer]

William

I have a sterling foreign currency deposit account with Bangkok Bank on a one month basis, which is automatically renewable every month. I find the interest rate to be broadly comparable to a similar account I have in England with regard to accessibility. The question you need to ask yourself is "why do I want this account?"

The reasons I have it are twofold; firstly to cover my retirement extension financial requirement with immigration, and secondly in case of a medical emergency or if I need to get at my funds very quickly and without fuss, particularly if you remember that when you are in the middle of an emergency you don't always think too clearly, and you want the simplest procedure possible to get to your money.

I have had this account for 4 years, and it works for me. By the way, it is also helpful when you require other services from the bank, eg. a baht account or credit card. Best regards.