Foreign Currency (usd) Accounts

[Boon Mee]

This is an old question that I don't see readily addressed on the forum - might need updating anyhow:

Which banks in Thailand allow foreign currency accounts?

I used to have a dollar-denominated account with BofA years ago. Currently, are there any financial institutions that still allow USD to stay as dollars until withdrawal?

Cheers,

BM

[IMA_FARANG]

This is an old question that I don't see readily addressed on the forum - might need updating anyhow:

Which banks in Thailand allow foreign currency accounts?

I used to have a dollar-denominated account with BofA years ago. Currently, are there any financial institutions that still allow USD to stay as dollars until withdrawal?

Cheers,

BM

When I first came to Thailand in 1977 I had a dollar denominated account with Chase Manhatten Bank in Bangkok. I was able to deposit dollars into the account but withdrawals in Thailand were only in Baht. There were restrictions on being able to move the money out of Thailand also, and moving money that had been deposited in dollars out of Thailand required approval from the Thai tax authorities. I'm not sure if such a thing exists any longer, however.

P.S. The advantage of the dollar denominated account then was that I could transfer money from my CMB New York account to my CMB Bangkok account with no wire fee/transfer fee. Was a monthly service charge however. ( A few dollars each month).

Edited January 25, 2009 by IMA_FARANG

[Boon Mee]

^

That's what I'm trying to accomplish now but thus far, haven't learned of any Banks that allow such accounts.

Haven't given up yet.

[rott]

^

That's what I'm trying to accomplish now but thus far, haven't learned of any Banks that allow such accounts.

Haven't given up yet.

On other threads people have definitely spoken of foreign currency accounts at Kasikorn and Bangkok Bank, not sure of TMB, SCB or Krung Thai but suspect they also have them.

I think theoretically you need a work permit, anyone know if a tourist or non. imm. visa would suffice?

[Firefan]

You can open at BKK Bank with simply an address cerficate (from your embassy) and PP. Not sure they checked what visa I had.

Other banks are even less strict as saw ad from Bank Of ayudhya wanting only PP (and no mention of visa).

Cheers!

[Naam]

^

That's what I'm trying to accomplish now but thus far, haven't learned of any Banks that allow such accounts.

Haven't given up yet.

On other threads people have definitely spoken of foreign currency accounts at Kasikorn and Bangkok Bank, not sure of TMB, SCB or Krung Thai but suspect they also have them. I think theoretically you need a work permit, anyone know if a tourist or non. imm. visa would suffice?

it all depends on the branch and its manager. SCB opened last year accounts for friends of mine who were in Thailand on 30day visa waiver. no problem to open Baht or foreign currency account. but for the latter the initial deposit has to be a minimum of $ or € 20k.

[tutsiwarrior]

not to get too far off topic but would showing the foreign currency equivalent of 400,000 baht in a thai bank for 60 days do for the present non-imm 'O' visa extension requirement at immigration...has anybody tried?

[Thailand]

not to get too far off topic but would showing the foreign currency equivalent of 400,000 baht in a thai bank for 60 days do for the present non-imm 'O' visa extension requirement at immigration...has anybody tried?

I know that you can use the US$ equivalent (800K) baht for the retirement visa if it is in a Thai bank. We have a US$ account at Bangkok Bank- easy to remit money overseas in US$, easy to receive.

Has to be changed to baht if sent to a local bank account.

[Farlooker]

I started a passbook savings account at Kasikorn Bank in 2007 with my Passport and residence address. No work permit was required. I received 2 "debit"cards that allowed me to deposit or withdraw money at any of the Kasikorn branches or "money vending machines". No only that; my wife and daughter were able to withdraw money from my Bangkok account from California with NO Transaction Fee at all! I am now back in California and can log-in to my account anytime and transfeer or withdraw funds as needed. I just read an article here that Citi-Bank International is in the process of setting up "multi-country" accounts to do exactly what I just wrote about and yes Thailand is one of the "approved" countries. Transfeering funds is quick, easy and no transaction fees. Sure beats Western Union or Moneygram.

[johnefallis]

^

That's what I'm trying to accomplish now but thus far, haven't learned of any Banks that allow such accounts.

Haven't given up yet.

Try Citibank (Citi group)

[aurelius]

http://www.bangkokbank.com/Bangkok+Bank/Pe...ns+and+Fees.htm

[rott]

I started a passbook savings account at Kasikorn Bank in 2007 with my Passport and residence address. No work permit was required. I received 2 "debit"cards that allowed me to deposit or withdraw money at any of the Kasikorn branches or "money vending machines". No only that; my wife and daughter were able to withdraw money from my Bangkok account from California with NO Transaction Fee at all! I am now back in California and can log-in to my account anytime and transfeer or withdraw funds as needed. I just read an article here that Citi-Bank International is in the process of setting up "multi-country" accounts to do exactly what I just wrote about and yes Thailand is one of the "approved" countries. Transfeering funds is quick, easy and no transaction fees. Sure beats Western Union or Moneygram.

Farlooker is this a baht account or a US$ account?