What Banks Have Usd Accounts

[HC82]

Currently I keep my USD with HSBC but would like to open up a second account, with a leading Thai bank or financial institution.

I do all of my day-to-day banking through Thai banks, in Baht, so I wont need to use the bank often. Just as a safe long term place to keep USD, in Thailand.

Thanks for any recommendations.

Edited August 24, 2010 by HC82

[JoePai]

Stay with HSBC - the best ! Ask to open a USD account with HSBC in Thailand if you not already have.

[HC82]

Stay with HSBC - the best ! Ask to open a USD account with HSBC in Thailand if you not already have.

I have been with them a long time and I will stay with them, but I also need a secondary account that will allow me to keep money in USD.

What are my options? Do any of the Thai banks allow this?

[chiang mai]

Most of the larger Thai banks offer USD or multiple foreign currency accounts accounts, I suggest you have a chat with Kasikorn or Bangkok Bank. Bangkok Bank may suit you since they have branches in New York and London which makes international transfers easier. As for keeping currency in USD in Thailand: unless you have a work permit here you will need to open a non-resident account vs a resident account, best talk to the banks for their individual requirements and latest up to date BOT rules on this. In the case of HSBC Thailand a non-resident account allows foreign currency to be imported and stored, converted to THB at a later date if needed or transferred back overseas, however, you will be unable to deposit THB into any linked non-resident THB account. Resident accounts by contrast present difficulties in sending foreign currency out of the country unless a very narrow and specific set of conditions are met - I personally find it easier to maintain a resident and a non-resident account but at different banks.

Edited August 24, 2010 by chiang mai

[BB1950]

The main office for Bangkok Bank has USD accounts. I suspect other major Thai banks like Siam Commercial and Kasikorn also have USD accounts.

[HC82]

Great news, thanks!

From BangkokBank.com

1. What is a Foreign Currency Deposit (FCD) account?

A FCD account is a deposit account which accepts funds in 13 major foreign currencies. You can withdraw, deposit or transfer funds without converting them into Thai baht.

Edited August 24, 2010 by HC82

[HC82]

From BangkokBank.com...

1. What is a Foreign Currency Deposit (FCD) account?

A FCD account is a deposit account which accepts funds in 13 major foreign currencies. You can withdraw, deposit or transfer funds without converting them into Thai baht.

[HC82]

Most of the larger Thai banks offer USD or multiple foreign currency accounts accounts, I suggest you have a chat with Kasikorn or Bangkok Bank. Bangkok Bank may suit you since they have branches in New York and London which makes international transfers easier. As for keeping currency in USD in Thailand: unless you have a work permit here you will need to open a non-resident account vs a resident account, best talk to the banks for their individual requirements and latest up to date BOT rules on this. In the case of HSBC Thailand a non-resident account allows foreign currency to be imported and stored, converted to THB at a later date if needed or transferred back overseas, however, you will be unable to deposit THB into any linked non-resident THB account. Resident accounts by contrast present difficulties in sending foreign currency out of the country unless a very narrow and specific set of conditions are met - I personally find it easier to maintain a resident and a non-resident account but at different banks.

I've been told many times by many people never to bring any money into Thailand that I do not intend to spend - and to never invest any money here that I am not willing to lose.

Keeping with those principles, it seems having only a resident account would work out fine. Anything above what I intend to spend (or invest) in LOS, I'll keep in another country. Once the money gets here, it stays here.

[chiang mai]

Most of the larger Thai banks offer USD or multiple foreign currency accounts accounts, I suggest you have a chat with Kasikorn or Bangkok Bank. Bangkok Bank may suit you since they have branches in New York and London which makes international transfers easier. As for keeping currency in USD in Thailand: unless you have a work permit here you will need to open a non-resident account vs a resident account, best talk to the banks for their individual requirements and latest up to date BOT rules on this. In the case of HSBC Thailand a non-resident account allows foreign currency to be imported and stored, converted to THB at a later date if needed or transferred back overseas, however, you will be unable to deposit THB into any linked non-resident THB account. Resident accounts by contrast present difficulties in sending foreign currency out of the country unless a very narrow and specific set of conditions are met - I personally find it easier to maintain a resident and a non-resident account but at different banks.

I've been told many times by many people never to bring any money into Thailand that I do not intend to spend - and to never invest any money here that I am not willing to lose.

Keeping with those principles, it seems having only a resident account would work out fine. Anything above what I intend to spend (or invest) in LOS, I'll keep in another country. Once the money gets here, it stays here.

You'll forgive me but those are the words typically spoken by barstool experts! Your funds are just as safe in a Thai bank as anywhere else so I wouldn't worry too much about risk on that front. Secondly, anyone who had transferred their funds from overseas accounts, into THB around two years ago would be looking at a handsome profit today, in the case of GBP it would be some 20%. Finally, if you do some research you'll find that there are a number of high quality investment companies in Thailand that produce good returns for clients, in case you've missed it the capital inflows into Thailand over the past couple of years have been substantial and continue to be so, that's not without reason!

[AnnyLing]

To Chiang Mai,

there is no doubt that most forex brought to Thailand during the last few years yielded a handsome profit. However, moving funds out of Thailand degrades a Farang to the status of a beggar who is at the mercy of banks, stupid regulations and restrictions.

It is therefore a prudent move not to bring in any funds if the need might arise to move the funds out again.

By the way, I wouldnt trust any *high quality investment companies in Thailand* with an amount that exceeds the price of an excellent dinner for two and a good bottle of wine.

[AnnyLing]

Anything above what I intend to spend (or invest) in LOS, I'll keep in another country.

*****

A wise choice ! Why deal with an archaic banking system which does not provide any advantages ? Not to mention incompetent employees which in most cases do not possess even rudimentary knowledge of English.

[AnnyLing]

Secondly, anyone who had transferred their funds from overseas accounts, into THB around two years ago would be looking at a handsome profit today

*****

Thirdly, anyone who bought Thai Baht against most foreign currencies and kept those Baht offshore would be looking at the same profit. The big difference is that he can switch these Thai Baht into any other currency in less time than it takes buying a bowl of noodle soup from a street vendor if he so pleases. Try that in Thailand and weep !

[Tropicalevo]

Most of the larger Thai banks offer USD or multiple foreign currency accounts accounts, I suggest you have a chat with Kasikorn or Bangkok Bank. Bangkok Bank may suit you since they have branches in New York and London which makes international transfers easier. As for keeping currency in USD in Thailand: unless you have a work permit here you will need to open a non-resident account vs a resident account, best talk to the banks for their individual requirements and latest up to date BOT rules on this. In the case of HSBC Thailand a non-resident account allows foreign currency to be imported and stored, converted to THB at a later date if needed or transferred back overseas, however, you will be unable to deposit THB into any linked non-resident THB account. Resident accounts by contrast present difficulties in sending foreign currency out of the country unless a very narrow and specific set of conditions are met - I personally find it easier to maintain a resident and a non-resident account but at different banks.

I've been told many times by many people never to bring any money into Thailand that I do not intend to spend - and to never invest any money here that I am not willing to lose.

Keeping with those principles, it seems having only a resident account would work out fine. Anything above what I intend to spend (or invest) in LOS, I'll keep in another country. Once the money gets here, it stays here.

You'll forgive me but those are the words typically spoken by barstool experts! Your funds are just as safe in a Thai bank as anywhere else so I wouldn't worry too much about risk on that front. Secondly, anyone who had transferred their funds from overseas accounts, into THB around two years ago would be looking at a handsome profit today, in the case of GBP it would be some 20%. Finally, if you do some research you'll find that there are a number of high quality investment companies in Thailand that produce good returns for clients, in case you've missed it the capital inflows into Thailand over the past couple of years have been substantial and continue to be so, that's not without reason!

Sadly I am not a barstool expert, but 3 of my friends HAVE had money removed from their Thai bank accounts. Obviously by corrupt employees. One case is still at trial involving the theft of 26 m Baht. The other two cases were some years ago. So this suggests to me that "your funds are just as safe in a Thai bank etc" may not be so accurate. None of my friends have lost money in the other 4 countries that I have lived in.

HSBC in Bangkok will let you hold USD in a USD account. The funny bit was that when I went to close my account, I had to go back 4 days later. They did not have enough dollars! (26.000 USD)

[chiang mai]

All those things are true to a lesser or greater degree, the only point I try to make here is that the Thai banking and investment scene is not as primitive as it once was and whilst overall it does not yet match that of London or New York, it is easily possible to conduct safe secure banking and investments using Thai based banks. I also think however it takes a while for that concept to sink in, first of all a person has to understand that "good" doesn't have to equal the same standards they have been used to back home and older people tend not to be good at letting that happen. Secondly, it involves feeling comfortable in a culture where things are different to back home, people not speaking high quality English is a good example, they wouldn't of course since English is not the first language. So come on guys, give the place a break and experience it all first hand rather than listening too much to others (often exaggerated) tales of woe or reflecting too much on how much better the banking system is elsewhere.

BTW: moving money out of Thailand is not an issue and never really has been, if you know the rules, all the options and are prepared to put some effort in. Personally speaking, in nine years of living here I've never been ripped off by Thai banks, had funds withdrawn illegally from my account or lost money through local investment companies and I operate multiple accounts in a range of countries and currencies. On the contrary, I find Thai based banks far easier to deal with and more accommodating than any of their UK or US counterparts.

[HC82]

Thanks for all of the advice!