Sumgmt Posted August 19, 2009 Share Posted August 19, 2009 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 Link to comment Share on other sites More sharing options...
soione Posted August 19, 2009 Share Posted August 19, 2009 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 Link to comment Share on other sites More sharing options...
Soutpeel Posted August 20, 2009 Share Posted August 20, 2009 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 ?? Link to comment Share on other sites More sharing options...
Tawai Posted August 20, 2009 Share Posted August 20, 2009 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,... Link to comment Share on other sites More sharing options...
TongueThaied Posted August 20, 2009 Share Posted August 20, 2009 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. Link to comment Share on other sites More sharing options...
monty Posted August 21, 2009 Share Posted August 21, 2009 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 Link to comment Share on other sites More sharing options...
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