Foreign Currency Savings Account.

[Cloud]

Hi everybody.

I need to open a Foreign Currency Savings Account, and I would like to know which bank would be my best option. I've been browsing and contacting different banks and overall they all offer the same (a slight difference with HSBC charging 0.50% per deposit-withdraw against 1% from other Thai banks). I also would like to know any key facts that I would have to consider in the opening of my account... I'm relatively new on this so any help would be much appreciated.

Thanks.

[tariq786]

Hi

UOB is another option.

Have a look at

http://www.uob.co.th/business/trade-financ...sit-account.htm

Tariq

[thaibear1]

Hi everybody.

I need to open a Foreign Currency Savings Account, and I would like to know which bank would be my best option. I've been browsing and contacting different banks and overall they all offer the same (a slight difference with HSBC charging 0.50% per deposit-withdraw against 1% from other Thai banks). I also would like to know any key facts that I would have to consider in the opening of my account... I'm relatively new on this so any help would be much appreciated.

Thanks.

maybe you try with Bangkok Bank http://www.bangkokbank.com/Bangkok+Bank/main.htm . I have one since 3 years and fully satisfied. Also easy between 1-2 hrs you can refill your THB account from any other Bangkok Bank by Faxorder etc. Also Bangkok Bank have well experience in all international deals.

[Cloud]

Thanks for your help...

I'll consider your suggestions.

[Pattaya46]

Hi,

Does anyone know if you can open such an account (in USD or EUR) in Pattaya ?

I tried yesterday at my bank (Kasikorn, Pattaya tai) but not possible if you don't have a Work Permit .

I tried too at Bangkok-Bank and Ayudhya-Bank : same : No WP => No foreign currency account

Is it easier at Bangkok than at Pattaya ?

I read on this forum that it's possible with HSCB at Bangkok.

Do you know other banks ?

Thanks

[Soutpeel]

Hi,

Does anyone know if you can open such an account (in USD or EUR) in Pattaya ?

I tried yesterday at my bank (Kasikorn, Pattaya tai) but not possible if you don't have a Work Permit .

I tried too at Bangkok-Bank and Ayudhya-Bank : same : No WP => No foreign currency account

Is it easier at Bangkok than at Pattaya ?

I read on this forum that it's possible with HSCB at Bangkok.

Do you know other banks ?

Thanks

And you are going to find the same everywhere in Thailand, with a foreign currency account...No WP cannot.... ..this is not a THB savings acount you are trying to open..

Why dont you open your foreign currency account offshore in Singapore or Hong Kong...a lot easier and more user friendly...I know I have one..

[Pattaya46]

Why dont you open your foreign currency account offshore in Singapore or Hong Kong...a lot easier and more user friendly...I know I have one..

I will have to go to Singapore in 2 months ;

I think I will visit HSCB there then... (and will of course contact them before by email )

Can you tell me which bank you have choose ?

Thanks

[Soutpeel]

Why dont you open your foreign currency account offshore in Singapore or Hong Kong...a lot easier and more user friendly...I know I have one..

I will have to go to Singapore in 2 months ;

I think I will visit HSCB there then... (and will of course contact them before by email )

Can you tell me which bank you have choose ?

Thanks

Personally I wouldnt touch HSBC with a barge pole ( I was with them for many years and the customer service I received got progressively worse)

I changed my accounts over to Citibank International Personal Banking in Singapore and they are excellent to deal with.

[khunphilip]

Hi,

Does anyone know if you can open such an account (in USD or EUR) in Pattaya ?

I tried yesterday at my bank (Kasikorn, Pattaya tai) but not possible if you don't have a Work Permit .

I tried too at Bangkok-Bank and Ayudhya-Bank : same : No WP => No foreign currency account

Is it easier at Bangkok than at Pattaya ?

I read on this forum that it's possible with HSCB at Bangkok.

Do you know other banks ?

Thanks

you do not need a WP to open a foreign currency account with Bangkok- bank if you have a problem go to Bangkok-bank website and e-mail them they will give you the procedure to open an account

[monty]

Hi,

Does anyone know if you can open such an account (in USD or EUR) in Pattaya ?

I tried yesterday at my bank (Kasikorn, Pattaya tai) but not possible if you don't have a Work Permit .

I tried too at Bangkok-Bank and Ayudhya-Bank : same : No WP => No foreign currency account

Is it easier at Bangkok than at Pattaya ?

I read on this forum that it's possible with HSCB at Bangkok.

Do you know other banks ?

Thanks

Bank of Ayudhya was no problem for me (Pattaya).

http://www.krungsri.com/en/ourservice-cons...st.aspx?cid=124

Look at the requirements for non resident foreigners, only passport!

[raro]

Just been doing a research for a corporate USD account in Thailand. The conditions were ridiculous to say the least! We will do that in Singapore instead, internet banking works from any place in the world

[Pattaya46]

Bank of Ayudhya was no problem for me (Pattaya).

http://www.krungsri.com/en/ourservice-cons...st.aspx?cid=124

Look at the requirements for non resident foreigners, only passport!

Interesting . Thank's monty.

but clearly not what I was told... ??

I will print that page and will try to convince my bank with it

else I will return Ayhdhya Bank...

[thaihome]

Just been doing a research for a corporate USD account in Thailand. The conditions were ridiculous to say the least! We will do that in Singapore instead, internet banking works from any place in the world

My personal experience and everything I have read says you must have a Singapore address to open and account there. For corporate accounts the company must be registered in Singapore.

TH

[Soutpeel]

Just been doing a research for a corporate USD account in Thailand. The conditions were ridiculous to say the least! We will do that in Singapore instead, internet banking works from any place in the world

My personal experience and everything I have read says you must have a Singapore address to open and account there. For corporate accounts the company must be registered in Singapore.

TH

Personal account - dont need a Singapore address

Corporate account - Company Registered in Singapore and paying tax there

[THAIJAMES]

That is not correct, I just opened a Thai company bank account at HSBC Singapore last week. No problem, however all documents must be translated in English and certified. Contact them by email and they will send you a list of required documents, then you need to physically to there to open the account.

Just been doing a research for a corporate USD account in Thailand. The conditions were ridiculous to say the least! We will do that in Singapore instead, internet banking works from any place in the world

My personal experience and everything I have read says you must have a Singapore address to open and account there. For corporate accounts the company must be registered in Singapore.

TH

Personal account - dont need a Singapore address

Corporate account - Company Registered in Singapore and paying tax there

[Pattaya46]

Does anyone know if you can open such an account (in USD or EUR) in Pattaya ?

Bank of Ayudhya ...

Look at the requirements for non resident foreigners, only passport!

I will print that page and will try to convince my bank with it

Self answer to inform you that I asked again at KasikornBank (near Tukcom)

for an USD account, with mention that I could have one at Bank of Ayudhya ,

and no problem this time : they opened it immediately with my Passport and no WP.

Took about 15 minutes to fill/sign many papers, but went out with my USD passbook

Thank's Monty

[Naam]

Just been doing a research for a corporate USD account in Thailand. The conditions were ridiculous to say the least! We will do that in Singapore instead, internet banking works from any place in the world

My personal experience and everything I have read says you must have a Singapore address to open and account there. For corporate accounts the company must be registered in Singapore.

TH

Personal account - dont need a Singapore address

Corporate account - Company Registered in Singapore and paying tax there

wrong! i have four corporate accounts with two different banks in Singapore and recently ( a couple of weeks ago) opened one more corporate account with a third bank. my corporations are registered in Brunei and the British Virgin Islands. NO tax but a lot of paperwork.

[Naam]

Just been doing a research for a corporate USD account in Thailand. The conditions were ridiculous to say the least! We will do that in Singapore instead, internet banking works from any place in the world

Raro, most non-indigenous singaporean banks (swiss, german, french) do NOT provide internet banking although they are incorporated under singaporean law and as strictly supervised by the MAS as any other bank.

[pkrv]

OK I will bite. If you open a foreign currency account in Thailand you are clearly insane.

So far the poultry amount I have in THB in my Bangkok Bank savings account has increased in GBP terms by about 50% (OK originally 75 THB to GBP now around 56, but was 50 at one time) This is the point of having FX, and property assets.

And if the things go in the opposite direction, so what, you simply change direction.

Edited September 11, 2009 by pkrv

[raro]

Just been doing a research for a corporate USD account in Thailand. The conditions were ridiculous to say the least! We will do that in Singapore instead, internet banking works from any place in the world

Raro, most non-indigenous singaporean banks (swiss, german, french) do NOT provide internet banking although they are incorporated under singaporean law and as strictly supervised by the MAS as any other bank.

I was looking at DBS, a friend of mine recommended them.

[raro]

So far the poultry amount I have in THB

investing in chicken?

[Naam]

Just been doing a research for a corporate USD account in Thailand. The conditions were ridiculous to say the least! We will do that in Singapore instead, internet banking works from any place in the world

Raro, most non-indigenous singaporean banks (swiss, german, french) do NOT provide internet banking although they are incorporated under singaporean law and as strictly supervised by the MAS as any other bank.

I was looking at DBS, a friend of mine recommended them.

should you refer to Deutsche Bank, Singapore i have to disappoint you. DB, Singapore does not provide internet banking, except looking at your account/portfolio via internet and send secure messages and instructions. DB (like most other non-indigenous banks) does not have the permission of MAS (Monetary Authority of Singapore) to take on "retail clients" whether they are natural persons or corporations and the threshold for "accredited investors/clients" is set quite high by the MAS.

quote:

The threshold for an individual to qualify as an "accredited investor" will be S$2 million of personal assets, or S$300,000 of annual income.

An "accredited investor" is also applicable for the following:

-a corporation with net assets exceeding S$10 million in value;

-the trustee of a trust of which all property and rights of any kind whatosever held on trust for the beneficiaries of the -trust exceed S$10 million in value;

-an entity (other than a corporation with net assets exceed S$10 million in value.

-a corporation, the sole business of which is to hold investments and the entire share capital of which is owned by one or more persons, each of whom is an accredited investor.

some of the banks which do not have the retail license from the MAS are bending the rule a bit by making you sign (obvious) false declarations to cover their butts. but if you want to open an account by transferring cash or assets in value less than 1 million USD or CHF you get "sorry sir, no can do".

if i were you i'd contact UOB. alternatives (that i know of) would be Standard Chartered and BNP. all three have "accredited and retail licenses". of course there are a dozen other banks which would suit your needs if you don't insist on a corporate account.

in case you would like me to find out more details please PM me. i have a dozen banker friends in SIN with whom i meet several times a year. we meet twice in Pattaya, next meeting is Loy Krathong, core days are 2./3. and 4th november. you are welcome if you would like to attend a day.

in your case it would be easiest to set up an account with UOB which also provides internet banking and has no minimum background requirements. BUT mind you! establishing a personal account is a breeze, establishing a corporate account requires a load of notarised documents.

Edited September 11, 2009 by Naam

[raro]

not DB...DBS a Singaporean bank

UOB would be also of interest....still exploring this, too busy with other stuff right now, but this must be resolved soon. I don't mind all the documents, it is well delegated.....

[dartvidar]

Hi,

Does anyone know if you can open such an account (in USD or EUR) in Pattaya ?

I tried yesterday at my bank (Kasikorn, Pattaya tai) but not possible if you don't have a Work Permit .

I tried too at Bangkok-Bank and Ayudhya-Bank : same : No WP => No foreign currency account

Is it easier at Bangkok than at Pattaya ?

I read on this forum that it's possible with HSCB at Bangkok.

Do you know other banks ?

Thanks

And you are going to find the same everywhere in Thailand, with a foreign currency account...No WP cannot.... ..this is not a THB savings acount you are trying to open..

Why dont you open your foreign currency account offshore in Singapore or Hong Kong...a lot easier and more user friendly...I know I have one..

I dont under stand this is a problem.

I have a US dollar account in Bangkok Bank in Phuket.

It took me 20 minutes, to open it and no questions.

I was there later with a friend to open the same type account, no problem exept they say they had new policy so they needed a Phuket address. That was one phone call to a friend to get his phuket address. Thats it.

Thats my experience

[pkrv]

So far the poultry amount I have in THB

investing in chicken?

Hmm I thought of all the responses yours was the best - paltry - Your future with chicken feed first, in order to explore? Or fully committed, up front, which could of course mean insanity?

But it did have me in hysterics

Edited September 16, 2009 by pkrv

[Pattaya46]

OK I will bite. If you open a foreign currency account in Thailand you are clearly insane.

Maybe it's true for UK guys, but if you are an European guy

THB has go down from 44 THB/EUR in January 2009 to 49 THB/EUR now

so it's far better to have our money on EUR account than an THB one