Foreign Currency Accounts In Thai Banks

[Tokay]

My apology if this has been discussed before but can anyone shed some light on the fees involved in using one of the Foreign Currency accounts offered in some of the Thai banks? I believe it is $500 to open and then $500 min balance, but what about monthly fees, ATM fees, incoming wires to the account and so on? The information sheet is a bit confusing. I have been round and round with the reps at the banks and can not get a straight answer from any of them other than "yes" and a smile. :-) God bless them.

Also, do you know of any banks in Thailand that have a Foreign Currency account option and allow banking in Yuan?

Thank you.

Edited April 2, 2009 by Tokay

[Seneque]

My apology if this has been discussed before but can anyone shed some light on the fees involved in using one of the Foreign Currency accounts offered in some of the Thai banks? I believe it is $500 to open and then $500 min balance, but what about monthly fees, ATM fees, incoming wires to the account and so on? The information sheet is a bit confusing. I have been round and round with the reps at the banks and can not get a straight answer from any of them other than "yes" and a smile. :-) God bless them.

Also, do you know of any banks in Thailand that have a Foreign Currency account option and allow banking in Yuan?

Thank you.

You can hold foreign currency accounts in thai banks. there is no minimum/maximum amount required. They give interests as well (based on currency denomination)

When you transfer from this account to thai baht ... no charge

when you transfer from overseas to your foreign currency account ... about 550 thai baht charge (or equivalent in currency)

Yuan ? i would not know

[Carmine6]

Can anyone hold yuan outside China? I thought that's restricted by the Chinese.

[pampal]

open an account in ICBC bank in Hong Kong

[Notariousus]

My apology if this has been discussed before but can anyone shed some light on the fees involved in using one of the Foreign Currency accounts offered in some of the Thai banks? I believe it is $500 to open and then $500 min balance, but what about monthly fees, ATM fees, incoming wires to the account and so on? The information sheet is a bit confusing. I have been round and round with the reps at the banks and can not get a straight answer from any of them other than "yes" and a smile. :-) God bless them.

Also, do you know of any banks in Thailand that have a Foreign Currency account option and allow banking in Yuan?

Thank you.

You can open a foreign exchange account in Bangkok Bank HEAD BRANCH in Bangkok. Not at a local branch office. Also Chase of Manhattan Bank in Bangkok will give you a foreign exchange account.

You must transfer the foreign funds into the account from overseas. You cannot walk in with a pocket full of cash Dollar and deposit them. You can however deposit a foreign bank draft.

[abdulrahman]

You must transfer the foreign funds into the account from overseas. You cannot walk in with a pocket full of cash Dollar and deposit them.

A pocket full?May be not.....A suitcase full?Yes,of course! It's called money laundering,Doesn't happen in Thailand only!

[Tokay]

Thank you all.

[12DrinkMore]

You must transfer the foreign funds into the account from overseas. You cannot walk in with a pocket full of cash Dollar and deposit them. You can however deposit a foreign bank draft.

I have several friends who have brought in over 1,000,000 Baht in cash and deposited the money in Thai Banks with no questions asked. Very welcome customers, in fact. Although I admit, that the money was converted to Thai Baht and not placed in a foreign currency account.

[IMA_FARANG]

My apology if this has been discussed before but can anyone shed some light on the fees involved in using one of the Foreign Currency accounts offered in some of the Thai banks? I believe it is $500 to open and then $500 min balance, but what about monthly fees, ATM fees, incoming wires to the account and so on? The information sheet is a bit confusing. I have been round and round with the reps at the banks and can not get a straight answer from any of them other than "yes" and a smile. :-) God bless them.

Also, do you know of any banks in Thailand that have a Foreign Currency account option and allow banking in Yuan?

Thank you.

Yes you used to be able to hold foriegn currency accounts in Thai banks...i haven't done it in years, so i don't know the latest info on that,

However, one thing you need to be sure of before you bring money in and deposit it. What about taking it out again if you want to.

Unless you intend to leave any money here in Thailand, be absoulutely sure you can take it out easily without problems, especially from the Thai tax people.

Many years ago, when I had a Chase Manhatten dollar account in bangkok, the problem was not brining money in, but getting money out when I wanted to. At that time I had to prove it was brought in, and not subject to Thai taxes, or pay Thai taxes.

There was also a restriction on converting money brought in as dollars to Thai Baht. I could convert money for my use, but changing dollars to Baht for a Thai was very restricted.

That was quite a few years ago, and I don't know the current rules.

Edited April 4, 2009 by IMA_FARANG

[d44]

You can open a foreign exchange account in Bangkok Bank HEAD BRANCH in Bangkok. Not at a local branch office.

I opened a EUR account at the Aree branch.