Ayudhya Bank Foreign Currency Account

[thaimate]

went into the bank of ayudhya today as i have an account with them and thought that i would hold a foreign currency account (sterling) as well .

young lady explains that every time you put money in we charge 1% also when you take it out ,charge 1% also must put in a minimum of 500 dollars or equvalent every month or there is a charge .

so my question to her was ,do you have many depositors ,with a smile she replies none, cant wonder why ,such a good account but then hey T.I.T.

[Soutpeel]

Considering the "restrictive" banking practices in Thailand and the inability at times for the banks to under taken even the simplest instructions, I am amazed that someone would even think about opening a foreign currency account with a Thai based bank.

Granted for a business it may be needed, but for the indivdual, there are far easier places to set this up/operate

[tommet]

Only depositiing or withdrawing foreign banknotes into the account incurs a 1 percent fee.

See the KrungSri (Ayudhya) website: Foreign Currency Deposits

It specifies foreign currency deposit accounts incur a 0.25 percent charge for USD, and 0.5 percent for other currencies, on deposits by SWIFT, to a maximum of 500 baht - and a similar charges on SWIFT transfers out of the account (but no maximum)

It also specifies there is no charge (only TT exchange rates) for money you deposit or withdraw from the account in Thai baht, from ATM or over the counter, or from another BoA/KrungSri account held under the same name in the same branch (ie your Thai baht account)

Try sending some foreign currency by Swift into a bank in the UK sometime, and see if you get away with anything much less than 3 percent of the transaction, when all is said and done.

> also must put in a minimum of 500 dollars or equvalent every month or there is a charge .

No, you must maintain a balance of 500 dollars equivalent or incur a charge - a whole 10 dollars, about a fifth of what a Singapore or HK bank will sting you for if you don't keep a minimum balance of several thousand dollars.

Edited June 18, 2010 by tommet

[tommet]

Granted for a business it may be needed, but for the indivdual, there are far easier places to set this up/operate

How and where, exactly?

HK and Singapore offshore banks use almost exactly the same charging structure (fee in lieu of commission) on foreign currency deposits and have much stricter application requirements, minimum deposits, far higher fees on much larger minimum balances, etc. And an offshore account will be far more expensive to operate than a Thai FCD account - by way of transfer fees and commissions on each transaction that you make in and out of Thailand.

Also the KrungSri BoA requires only a passport to set up an account, but Singapore banks require much more paperwork and HK banks require you to apply in person.

I am amazed that someone would even think about opening a foreign currency account with a Thai based bank.

There are more things in heaven and earth, Horatio, than are dreamt of in your philosophy.

In my case I need to season 400k baht for a Visa application. I could put it in a Thai Baht account, pay the same amount in commission, and yet risk the exchange rate tanking because of some random crisis. Or I could put it in a cheap and simple FCD account, and not worry about it.

Ideally I suppose I'd be a millionaire and not have to worry about money at all.

Edited June 18, 2010 by tommet

[thaimate]

Only depositiing or withdrawing foreign banknotes into the account incurs a 1 percent fee.

See the KrungSri (Ayudhya) website: Foreign Currency Deposits

It specifies foreign currency deposit accounts incur a 0.25 percent charge for USD, and 0.5 percent for other currencies, on deposits by SWIFT, to a maximum of 500 baht - and a similar charges on SWIFT transfers out of the account (but no maximum)

It also specifies there is no charge (only TT exchange rates) for money you deposit or withdraw from the account in Thai baht, from ATM or over the counter, or from another BoA/KrungSri account held under the same name in the same branch (ie your Thai baht account)

Try sending some foreign currency by Swift into a bank in the UK sometime, and see if you get away with anything much less than 3 percent of the transaction, when all is said and done.

> also must put in a minimum of 500 dollars or equvalent every month or there is a charge .

No, you must maintain a balance of 500 dollars equivalent or incur a charge - a whole 10 dollars, about a fifth of what a Singapore or HK bank will sting you for if you don't keep a minimum balance of several thousand dollars.

To clarify ,i was informed by the young lady after she phoned head office that you MUST deposite at least 500 dollars a month or incure a fee.

sorry thats what i was informed.

[Soutpeel]

Granted for a business it may be needed, but for the indivdual, there are far easier places to set this up/operate

How and where, exactly?

HK and Singapore offshore banks use almost exactly the same charging structure (fee in lieu of commission) on foreign currency deposits and have much stricter application requirements, minimum deposits, far higher fees on much larger minimum balances, etc. And an offshore account will be far more expensive to operate than a Thai FCD account - by way of transfer fees and commissions on each transaction that you make in and out of Thailand.

Also the KrungSri BoA requires only a passport to set up an account, but Singapore banks require much more paperwork and HK banks require you to apply in person.

I am amazed that someone would even think about opening a foreign currency account with a Thai based bank.

There are more things in heaven and earth, Horatio, than are dreamt of in your philosophy.

In my case I need to season 400k baht for a Visa application. I could put it in a Thai Baht account, pay the same amount in commission, and yet risk the exchange rate tanking because of some random crisis. Or I could put it in a cheap and simple FCD account, and not worry about it.

Ideally I suppose I'd be a millionaire and not have to worry about money at all.

I actually use a US$ account out of Singapore and dont pay any fees, and in fact the only fee's I do get hit with are the THB 150 Thai withdrawal fee this end when I have used the ATM here.

Singapore banks (international banks) only require a copy of your P/P and literally 1 hour ,if you go in person, havent had an offshore account in HK for many years so cant comment on what the requirements are these days.

[tommet]

I actually use a US$ account out of Singapore and dont pay any fees, and in fact the only fee's I do get hit with are the THB 150 Thai withdrawal fee this end when I have used the ATM here.

I think you are fortunate to have a FCD account in Singapore that doesn't charge any fees. HSBC in Singapore charges 0.75 percent of FC deposits (fees in lieu of commission), while Citibank Singapore charges a number of flat fees for remittances to and from the bank, usually 10- 20 USD a pop. Both accounts require a minimum initial deposit of 5000 dollars and that you maintain a balance of 2000 dollars.

As for ATM withdrawals in baht, BoA/KrungSri doesn't for charge those either - only inward/outward SWIFT and for withdraws/deposits in the foreign cash.

Singapore banks (international banks) only require a copy of your P/P and literally 1 hour ,if you go in person, havent had an offshore account in HK for many years so cant comment on what the requirements are these days.

As far as I can tell (having looked at this over recent weeks) all Singapore banks now also require letters of introduction from employers or other banks, or an introducer resident in Singapore.

And if the person who wants to open an FCD account is already in Thailand, then it seems to me that flying down to Singapore to open a bank account would be more complex than rocking up to a KrungSri office in Thailand.

I appreciate that you may have good reason not to have faith in banks in Thailand, but from what I can see Singapore and HK banks are not strictly an "easy" option either. The KrungSri FCD account seems a cheap and cheerful alternative that may be useful to some.

Edited June 18, 2010 by tommet

[tommet]

Only depositiing or withdrawing foreign banknotes into the account incurs a 1 percent fee.

See the KrungSri (Ayudhya) website: Foreign Currency Deposits

It specifies foreign currency deposit accounts incur a 0.25 percent charge for USD, and 0.5 percent for other currencies, on deposits by SWIFT, to a maximum of 500 baht - and a similar charges on SWIFT transfers out of the account (but no maximum)

It also specifies there is no charge (only TT exchange rates) for money you deposit or withdraw from the account in Thai baht, from ATM or over the counter, or from another BoA/KrungSri account held under the same name in the same branch (ie your Thai baht account)

Try sending some foreign currency by Swift into a bank in the UK sometime, and see if you get away with anything much less than 3 percent of the transaction, when all is said and done.

> also must put in a minimum of 500 dollars or equvalent every month or there is a charge .

No, you must maintain a balance of 500 dollars equivalent or incur a charge - a whole 10 dollars, about a fifth of what a Singapore or HK bank will sting you for if you don't keep a minimum balance of several thousand dollars.

To clarify ,i was informed by the young lady after she phoned head office that you MUST deposite at least 500 dollars a month or incure a fee.

sorry thats what i was informed.

Maybe you could print out the page from their website that I linked and ask them to explain it. It specifies a minimum monthly balance, not a minimum monthly deposit.

From the site:

- USD10 charge will be applied if the average balance per month is less than specified amount (Non Resident account only)

So I wonder if there may be a misunderstanding over language. It's common for FCD accounts to require a minimum monthly balance, but I've not encountered a required minimum monthly deposit before, and it doesn't appear to be the case with other FCD accounts at Thai banks.

Edited June 18, 2010 by tommet

[Soutpeel]

As far as I can tell (having looked at this over recent weeks) all Singapore banks now also require letters of introduction from employers or other banks, or an introducer resident in Singapore.

And if the person who wants to open an FCD account is already in Thailand, then it seems to me that flying down to Singapore to open a bank account would be more complex than rocking up to a KrungSri office in Thailand.

I appreciate that you may have good reason not to have faith in banks in Thailand, but from what I can see Singapore and HK banks are not strictly an "easy" option either. The KrungSri FCD account seems a cheap and cheerful alternative that may be useful to some.

No you dont need a letter from an employer, other bank or Singapore resident, A collegue of mine just got an account with Citibank last week based on my introduction and I am none of the above..

Secondly you dont need to fly down to Singapore, on line application, send copy of PP to Singapore, transfer minimum balance, a bout a week later ATM card in the post, so dont need to "rock up" anywhere.

Added advantage can hold multiple currencies under my main US$ account and the most important advantage to me, they actually know what they are talking about and when you give an instruction it is carried out correctly and if there is a query they contact you and actually beleive in good service, not mai pen rai....

Thai banks are ok for basic transctions, once it get to something more than that, then generally in my 9 years of dealing with Thai banks, the sh*t hits the fan and something is c*cked up...

[Naam]

As far as I can tell (having looked at this over recent weeks) all Singapore banks now also require letters of introduction from employers or other banks, or an introducer resident in Singapore.

And if the person who wants to open an FCD account is already in Thailand, then it seems to me that flying down to Singapore to open a bank account would be more complex than rocking up to a KrungSri office in Thailand.

I appreciate that you may have good reason not to have faith in banks in Thailand, but from what I can see Singapore and HK banks are not strictly an "easy" option either. The KrungSri FCD account seems a cheap and cheerful alternative that may be useful to some.

No you dont need a letter from an employer, other bank or Singapore resident, A collegue of mine just got an account with Citibank last week based on my introduction and I am none of the above..

Secondly you dont need to fly down to Singapore, on line application, send copy of PP to Singapore, transfer minimum balance, a bout a week later ATM card in the post, so dont need to "rock up" anywhere.

Added advantage can hold multiple currencies under my main US$ account and the most important advantage to me, they actually know what they are talking about and when you give an instruction it is carried out correctly and if there is a query they contact you and actually beleive in good service, not mai pen rai....

Thai banks are ok for basic transctions, once it get to something more than that, then generally in my 9 years of dealing with Thai banks, the sh*t hits the fan and something is c*cked up...

Soutpeel is correct, i checked it out recently. but to the best of my knowledge the easy way in Singapore is limited to Citi. all other banks require personal attendance or in case you are a "client of interest" a banker will visit you on demand in your home and you can apply for an account in the comfort of your living room. most multinational SIN and HK banks have anyway one (some more than one) employee travelling once a month to Thailand to visit "clients of interest" to discuss personal investment strategies.

[tommet]

Soutpeel is correct, i checked it out recently. but to the best of my knowledge the easy way in Singapore is limited to Citi. all other banks require personal attendance or in case you are a "client of interest" a banker will visit you on demand in your home and you can apply for an account in the comfort of your living room. most multinational SIN and HK banks have anyway one (some more than one) employee travelling once a month to Thailand to visit "clients of interest" to discuss personal investment strategies.

With due respect to Soutpeel, his friend did require a letter of introduction (from Soutpeel) - and Citibank Singapore's remittance fees/minimum balance/ etc are quite a bit higher than KrungSri bank's. HSBC Singapore also seems to allow "remote" applications, but the conditions are similar to Citibank.

As for being a "client of interest" I'm pretty sure I wouldn't qualify; nor would a lot of people of only moderate finances.

Edited June 19, 2010 by tommet

[Soutpeel]

With due respect to Soutpeel, his friend did require a letter of introduction (from Soutpeel) - and Citibank Singapore's remittance fees/minimum balance/ etc are quite a bit higher than KrungSri bank's. HSBC Singapore also seems to allow "remote" applications, but the conditions are similar to Citibank.

As for being a "client of interest" I'm pretty sure I wouldn't qualify; nor would a lot of people of only moderate finances.

Not exactly a letter of introduction either...email to my Citi RM, "contact "X" he wants a US $ account, Thanks Soutpeel"

Actually in re-reading your posts, it seems we are not comparing apples with apples anyway, you are talking about relatively small amounts ie US$ 5k, and the Citi account I am taking about, and guess our esteemed Klingon is talking about requires a minimum balance of US$ 25k for free banking.

As regards which is an easier place to do banking....Singapore... by a long shot IMHO...

[tommet]

Not exactly a letter of introduction either...email to my Citi RM, "contact "X" he wants a US $ account, Thanks Soutpeel"

Heh, maybe you could run a little business offering Citibank introductions to forum members

I am sure you are correct - if I had more money to stash away then Singapore or HK would certainly be a better place for it.

Edited June 19, 2010 by tommet

[Soutpeel]

I will gladly refer any Thaivisa member for a price, but seeing as this is a Thailand based forum, is customary in Thailand to have a double pricing structure in place.

Therefore Thai price for referral email is US$ 50 and for Farangs its US$ 100 as we have to accept that Thai's dont have as much money to put in an offshore account as a Farang has.

[Naam]

Actually in re-reading your posts, it seems we are not comparing apples with apples anyway, you are talking about relatively small amounts ie US$ 5k, and the Citi account I am taking about, and guess our esteemed Klingon is talking about requires a minimum balance of US$ 25k for free banking.

As regards which is an easier place to do banking....Singapore... by a long shot IMHO...

if you refer to what i wrote concerning "clients of interest for multinational banks" in Singapore then i have to disappoint you twice. firstly there is no free banking and secondly we are talking about net assets exceeding 2 million Swiss Francs, alternatively 2 million US-Dollars. two or three of the afore-mentioned banks have even an "official" but not necessarily practiced threshold of 5 million.

one of the reasons is that these banks are not interested in clients with a lower net asset worth but the main reason are the legal requirements by MAS (Monetary Authority of Singapore) which does not allow these banks to go into the "retail" business and only allows them to accept "accredited investors". about a year ago MAS requirements were considerably lowered but they are still rather stiff and the average Bill, Buck, Hank or Joe might not qualify:

"An accredited investor is classified by the MAS as an individual whose net

personal assets exceed in value SGD 2 million (or its equivalent in a foreign

currency); or income in the preceding 12 months is not less than SGD 300,000 (or

its equivalent in a foreign currency)."

[tommet]

Actually in re-reading your posts, it seems we are not comparing apples with apples anyway, you are talking about relatively small amounts ie US$ 5k, and the Citi account I am taking about, and guess our esteemed Klingon is talking about requires a minimum balance of US$ 25k for free banking.

As regards which is an easier place to do banking....Singapore... by a long shot IMHO...

if you refer to what i wrote concerning "clients of interest for multinational banks" in Singapore then i have to disappoint you twice. firstly there is no free banking and secondly we are talking about net assets exceeding 2 million Swiss Francs, alternatively 2 million US-Dollars. two or three of the afore-mentioned banks have even an "official" but not necessarily practiced threshold of 5 million.

one of the reasons is that these banks are not interested in clients with a lower net asset worth but the main reason are the legal requirements by MAS (Monetary Authority of Singapore) which does not allow these banks to go into the "retail" business and only allows them to accept "accredited investors". about a year ago MAS requirements were considerably lowered but they are still rather stiff and the average Bill, Buck, Hank or Joe might not qualify:

"An accredited investor is classified by the MAS as an individual whose net

personal assets exceed in value SGD 2 million (or its equivalent in a foreign

currency); or income in the preceding 12 months is not less than SGD 300,000 (or

its equivalent in a foreign currency)."

I think he's just referring to Citibank Singapore's practice of waiving its fees if you keep over 25K USD in the account.

Edited June 20, 2010 by tommet