Opening A Us Dollar Account In Thailand

[Sumgmt]

Has any expat, foreigner or Thai national on Thaivisa opened a US dollar account with a Thai bank and if so what are the conditions and the positives and negatives involved?

Sue

[soione]

Has any expat, foreigner or Thai national on Thaivisa opened a US dollar account with a Thai bank and if so what are the conditions and the positives and negatives involved?

Sue

Go to HSBC bank - avoid Thai Banks at any cost

[Soutpeel]

Has any expat, foreigner or Thai national on Thaivisa opened a US dollar account with a Thai bank and if so what are the conditions and the positives and negatives involved?

Sue

Go to HSBC bank - avoid Thai Banks at any cost

I would go one step further and say dont even open an account with HSBC in Thailand. Open you account in somewhere like Singapore or Hong Kong, personally I wouldnt touch HSBC with a barge pole.

I assume your USD source is coming in from outside Thailand, so why bring into country ??

[Tawai]

Check the banks laughable conditions and will not open a foreign currency depot in Thailand. I personally know of one person who did open a FCD here, but he is nuts. Don't want to imply all of FCD holders in LOS are, but who in this world would want to pay a 1 % fee for depositing his cash and pay another 1 % when withdrawing ? Also even as a foreigner you would have to pay 15 % tax on your interest made.

As others already said: Bring it to a country with reasonable regulations/laws.

Enjoy spending the cash here,...

[TongueThaied]

Check the banks laughable conditions and will not open a foreign currency depot in Thailand. I personally know of one person who did open a FCD here, but he is nuts. Don't want to imply all of FCD holders in LOS are, but who in this world would want to pay a 1 % fee for depositing his cash and pay another 1 % when withdrawing ? Also even as a foreigner you would have to pay 15 % tax on your interest made.

As others already said: Bring it to a country with reasonable regulations/laws.

Enjoy spending the cash here,..

I opened a US dollar account at Krung Thai. Yes, the nipped me for 1%. They also charge 1% to take it out in dollars. But if I convert to baht, before taking it out, I just get the exchange rate, no fee. Now, I use this account for my 400K acct for marriage ext. They accept a dollar acount for this purpose, using the exchange rate on the day you go to immigration. Why Do I do this? Because the exchange rate sucked when I brought it over (33.6). Since I am just letting it sit there, I can wait to see if the rate will improve. If it goes to, say 38, that is a 13% increase, then I convert to baht immediately. In this scenario, the 1% doesn't look so bad.

As to how, these things have been established by law. The person you are talking to may have no idea about them. You just have to insist; tell them to call BKK. They eventually figure it out.

[monty]

Check the banks laughable conditions and will not open a foreign currency depot in Thailand. I personally know of one person who did open a FCD here, but he is nuts. Don't want to imply all of FCD holders in LOS are, but who in this world would want to pay a 1 % fee for depositing his cash and pay another 1 % when withdrawing ? Also even as a foreigner you would have to pay 15 % tax on your interest made.

As others already said: Bring it to a country with reasonable regulations/laws.

Enjoy spending the cash here,...

It's not that bad!

With bank of Ayudhya on inward transactions by swift you pay a 0.25% fee with a cap of 500 Baht (so amounts over 200,000 Baht are even cheaper percentage wise).

Indeed if you deposit with US$ banknotes they take 1%, in lieu of exchange fees. They still have to pay for the handling of foreign notes...

Travelers cheques also 0.25%, plus the regular traveler cheques fee (30 Baht + 3 Baht stamp).

Withdrawal in Baht is free and at the telex transfer rate of the day.

Outward swift is a fixed fee of 500 baht plus again the 0.25% fee (although with a minimum of 1000 Baht, so if taking out less then 400,000 Baht you end up paying more)...

So a round trip of 400,000 Baht costs you 2000 Baht here in Thailand, not too bad I would think, and only 500 Baht if you decide to convert to Thai Baht...

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