Can I Open A Savings Account In Us Dollars At Thai Bank?

[jesimps]

Grateful to know if its possible to open a dollar savings account at Kasikorn Bank? The reason being that I want to hedge against the pound/baht exchange rate. I need to transfer pounds from my bank in Uk to buy the dollars, do I have to change them to baht first or can I do a straight pound/dollar conversion here?

Please excuse my niaivity, I just have a feeling that the baht is going to go much stronger against the pound, but weaker against the dollar. I could be wrong, but it's good to know that I'm making an effort!

[tb86]

Grateful to know if its possible to open a dollar savings account at Kasikorn Bank? The reason being that I want to hedge against the pound/baht exchange rate. I need to transfer pounds from my bank in Uk to buy the dollars, do I have to change them to baht first or can I do a straight pound/dollar conversion here?

Please excuse my niaivity, I just have a feeling that the baht is going to go much stronger against the pound, but weaker against the dollar. I could be wrong, but it's good to know that I'm making an effort!

try bangkok bank the main office, i use them for some foriegn currency accounts, but you will need to have your visa, ect ect ect

[lannarebirth]

It is possinle to open a $USD account at Kasikorn Bank but I would implore you not to do it. My doing so led to my single greatest outburst of anger since moving to Thailand. Who needs that. Look anywhere else.

[jesimps]

It is possinle to open a $USD account at Kasikorn Bank but I would implore you not to do it. My doing so led to my single greatest outburst of anger since moving to Thailand. Who needs that. Look anywhere else.

Are you willing to elaborate as I'm thinking of doing the deal tomorrow morning and it may make me have a rethink. I'm not well up on currency exchange, but it does seem that the pound still has a way to fall against the dollar and therefore the baht. Any info gratefully accepted.

[lannarebirth]

It is possinle to open a $USD account at Kasikorn Bank but I would implore you not to do it. My doing so led to my single greatest outburst of anger since moving to Thailand. Who needs that. Look anywhere else.

Are you willing to elaborate as I'm thinking of doing the deal tomorrow morning and it may make me have a rethink. I'm not well up on currency exchange, but it does seem that the pound still has a way to fall against the dollar and therefore the baht. Any info gratefully accepted.

During the breif tenure of my USD account at Kasikorn Thai bank they instituted a few new policies.

1) They charge a 1% "commission" to withdraw any funds in the currency of the account. No commission if withdrawn in baht, but of course that's not what you got the account for, is it?

2) Not all branches are capable of writing international bank drafts.

3) In order to send an international bank draft, say in $USD, you must first convert those dollars to baht and then back to dollars (with associated exchange fees). Why should you ever have to do that you may ask (as I did). "We are a Thai bank, all transactions must be in baht". So, now you're wondering what the $USD account offering is all about, right? Well, so was I and until you brought this subject up I thought I was over it, but I can feel my blood pressure rising, even now.

Edited November 16, 2008 by lannarebirth

[dotcom]

If I were doing it I would try CITI or Bank of America.

Not sure they accept foreign currency but that is the place to start. HSBC are here too.

[yogi]

forget it,dont open an account,its useless and time consuming with lot of paper work,and these bank officials are so lame and unexperienced,u will have to wait for atleast an hour to get just 1 simple transaction,

just go to some money exchange and play with currency up downs,

super rich is best option,its opposite central world.

[Hairy]

I would be extremely wary of doing this. Look at what happened in Argentina during their crisis a few years ago: dollar-denominated accounts were frozen, converted to local currency AT THE PRE-COLLAPSE PEGGED RATE even though done AFTER the collapse had occured, and then disbursed. People who thought they were holding safe USD didn't just suffer the 50% devaluation, they also weren't allowed to access their money for days or weeks. No withdrawals, no transfers, no lubricant.

If you were going to hold a USD-denominated account, I would strongly recommend doing so at a major international bank. Flights to Singapore are cheap, and several Swiss banks have branches there. They may have account minimums larger than what you want to move, however.

[Naam]

I would be extremely wary of doing this. Look at what happened in Argentina during their crisis a few years ago: dollar-denominated accounts were frozen, converted to local currency AT THE PRE-COLLAPSE PEGGED RATE even though done AFTER the collapse had occured, and then disbursed. People who thought they were holding safe USD didn't just suffer the 50% devaluation, they also weren't allowed to access their money for days or weeks. No withdrawals, no transfers, no lubricant.

If you were going to hold a USD-denominated account, I would strongly recommend doing so at a major international bank. Flights to Singapore are cheap, and several Swiss banks have branches there. They may have account minimums larger than what you want to move, however.

Hairy is right. forget thai banks and forget the swiss (and german) banks in Singapore as they demand minimum holdings value 1 million Dollars. but there are dozens of local banks which will be happy to accept your dough.

by the way, as of october 16th Singapore guarantees all private deposits without any limitexcept for the time limit which is presently december 31st, 2010.

[thaihome]

You claim to know nothing about the FOREX trade, but nevertheless you think you have a plan to use USD to hedge pounds against the baht? And, you are going to us a USD account in Thai bank to do this?

How much are going to bet on this scheme ? How much do you expect to gain?

TH

[jesimps]

You claim to know nothing about the FOREX trade, but nevertheless you think you have a plan to use USD to hedge pounds against the baht? And, you are going to us a USD account in Thai bank to do this?

How much are going to bet on this scheme ? How much do you expect to gain?

TH

Haven't done anything as yet, mainly because, as I've said, I know nothing about the foreign exchange trade and keep bottling it. However, I have all my savings in Nationwide in the UK and have been seeing the pound fall steadily against the baht and nothing I have read has convinced me that this isn't about to change in the near future. If you think what I plan to do is wrong ie buying dollars to hedge against the pound falling further against the dollar and the baht, please let me know and save me trouble and expense. I wasn't thinking of MAKING lots of money, just trying to ensure I get a reasonable rate of exchange. If this is totally the wrong way to go about it, I should be grateful if you would suggest a scheme that is more appropriate, bearing in mind that my pension and savings are all in pounds and have to be changed to bahts.

Grateful no high handed comments please, I already know that I'm financially stupid (lifetime building society saver) I just need some sensible advice.

Cheers

[thaihome]

I understand your frustration, as an American it was only a few months ago you Brits were gloating when the dollar went to almost 2 to the pound and the end of the dollar was widely forecasted [here]. This should give you a strong hint that these things go in cycles and for people like us, there is not much you can do except try to keep your pound to baht transactions to a bare minimum and wait it out.

TH

[henryalleman]

You claim to know nothing about the FOREX trade, but nevertheless you think you have a plan to use USD to hedge pounds against the baht? And, you are going to us a USD account in Thai bank to do this?

How much are going to bet on this scheme ? How much do you expect to gain?

TH

Haven't done anything as yet, mainly because, as I've said, I know nothing about the foreign exchange trade and keep bottling it. However, I have all my savings in Nationwide in the UK and have been seeing the pound fall steadily against the baht and nothing I have read has convinced me that this isn't about to change in the near future. If you think what I plan to do is wrong ie buying dollars to hedge against the pound falling further against the dollar and the baht, please let me know and save me trouble and expense. I wasn't thinking of MAKING lots of money, just trying to ensure I get a reasonable rate of exchange. If this is totally the wrong way to go about it, I should be grateful if you would suggest a scheme that is more appropriate, bearing in mind that my pension and savings are all in pounds and have to be changed to bahts.

Grateful no high handed comments please, I already know that I'm financially stupid (lifetime building society saver) I just need some sensible advice.

Cheers

I'm in the same position but not in Sterling but EUROS, But in another topic gave me the correct advise not to open an Foreign currency account, because its no use.

look mail from kasikorn

Referring to your email;When you make a cash withdrawal

from my FCD account in Thai Baht, will it be the changing rate of banknotes. For fee of withdrawal from my FCD account will charge 1% from the amount money you withdraw

(The minimum 1,000 baht).

Therefore you can contact K-Contact Center at Tel. (66) 2888 8800 press0 press3

"Account Services and Banking Services" to ask our representative directly at all time 24 hours.

Should you need further information, please do not hesitate to contact K-Contact Center at Tel. (66) 2888 8800 or e-mail: [email protected]

Best Regards,

KASIKORNBANK PCL.

Chayada Tantipas

so every time you take money out it will cost you 1000 Baht. You calculate by yourself howmuch £ Sterling this is.

[henryalleman]

You claim to know nothing about the FOREX trade, but nevertheless you think you have a plan to use USD to hedge pounds against the baht? And, you are going to us a USD account in Thai bank to do this?

How much are going to bet on this scheme ? How much do you expect to gain?

TH

Haven't done anything as yet, mainly because, as I've said, I know nothing about the foreign exchange trade and keep bottling it. However, I have all my savings in Nationwide in the UK and have been seeing the pound fall steadily against the baht and nothing I have read has convinced me that this isn't about to change in the near future. If you think what I plan to do is wrong ie buying dollars to hedge against the pound falling further against the dollar and the baht, please let me know and save me trouble and expense. I wasn't thinking of MAKING lots of money, just trying to ensure I get a reasonable rate of exchange. If this is totally the wrong way to go about it, I should be grateful if you would suggest a scheme that is more appropriate, bearing in mind that my pension and savings are all in pounds and have to be changed to bahts.

Grateful no high handed comments please, I already know that I'm financially stupid (lifetime building society saver) I just need some sensible advice.

Cheers

I'm in the same position but not in Sterling but EUROS, But in another topic gave me the correct advise not to open an Foreign currency account, because its no use.

look mail from kasikorn

Referring to your email;When you make a cash withdrawal

from my FCD account in Thai Baht, will it be the changing rate of banknotes. For fee of withdrawal from my FCD account will charge 1% from the amount money you withdraw

(The minimum 1,000 baht).

Therefore you can contact K-Contact Center at Tel. (66) 2888 8800 press0 press3

"Account Services and Banking Services" to ask our representative directly at all time 24 hours.

Should you need further information, please do not hesitate to contact K-Contact Center at Tel. (66) 2888 8800 or e-mail: [email protected]

Best Regards,

KASIKORNBANK PCL.

Chayada Tantipas

so every time you take money out it will cost you 1000 Baht. You calculate by yourself howmuch £ Sterling this is.

I forgot to mention that you get the banknote rate and not the telex rate, ad on this the recipient fees and is not a good idea to have an FCA.

[tomallison]

I understand your frustration, as an American it was only a few months ago you Brits were gloating when the dollar went to almost 2 to the pound and the end of the dollar was widely forecasted [here]. This should give you a strong hint that these things go in cycles and for people like us, there is not much you can do except try to keep your pound to baht transactions to a bare minimum and wait it out.

TH

Very sound advice.