Opening A Euro & Dollar Accounts With Bangkok Bank

[russianrobert]

Anyone know if it's possible to open dollar and euro accounts with Bangkok bank? I already have a baht account with them, so i'm presuming it would be easier than trying with another bank. I'm a British citizen and a resident in Thailand

I am currently outside Thailand and plan to do it when i return, so not really possible to contact Bangkok bank now direct and ask myself.

Thanks for any help

[JohnC]

A friend opened an account in aus $ a few weeks ago here at in Pattaya with Bangkok Bank and was told he could have it in any currency he wished, he deposited baht and they converted it at the rate that day.

[aurelius]

There seems to be several foreign currency accounts available for foreigners..

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transaction%20Accounts/Foreign%20Currency%20Account/Pages/Default.aspx

I think the HO branch or one of the main branches that has foreign currency services is probably better equipped to help than one of the smaller locations. I've seen ads here that suggest it can also be accessed via the internet banking as well.

[personchester]

Yes they do, but this is not regarded as advantages for expats since the bank pay's no interest, and should interest be paid in the future, then there will be a tax charge of 15% (automatically deducted)

Therefore it is recommended that expats open an offshore account in EUR & USD (also GBP)... there will be interest payments, and no tax charges.

Transfers to a Thai bank A/c can be done within one day via one's "online" banking site.

[jimmym40]

YES you can open USD and several other currencies with BBank. No problem. BUT, there is a service charge of one percent upon deposit and any other future deposits or withdrawals. 5,000 USD minimum deposit.

[asiawatcher]

I went down this road with SCB and Bangkok Bank. I would suggest you go HSBC in HK not Rama IV. Far more intelligent people LOL

[ianguygil]

As AURELIUS said it is very possible and easy to do. We offer a good range of currencies and definitely have EURO and USD accounts. And as AURELIUS said you can access them on iBanking and transfer from them to THB online when you need to.

Please PM me if you have any more specific questions you want ot ask and I can handle them offline (amounts, how much you want to fund, where you will transfer the funds from etc.). I can arrange for an appointment if that will help. As AURELIUS said the Head Office deals with large numbers of such accounts, so that is a good bet to get this done quickly.

[fletchsmile]

Robert,

As you're travelling outside Thailand, I would recommend you seriously consider opening your EUR and USD accounts somewhere outside Thailand while you are at it.

Thailand can be a good place to hold THB. It is not the best place to hold foreign currencies for non-Thai nationals. Foreign currency bank accounts are relatively new in Thailand, and hence attract high transaction fees and are less easy to use and more restrictions, than say opening with an international bank in Singapore or HK. You'll also get poorer rates in Thailand due to supply/demand. i.e less demand for them here.

Edited October 18, 2010 by fletchsmile

[russianrobert]

Robert,

As you're travelling outside Thailand, I would recommend you seriously consider opening your EUR and USD accounts somewhere outside Thailand while you are at it.

Thailand can be a good place to hold THB. It is not the best place to hold foreign currencies for non-Thai nationals. Foreign currency bank accounts are relatively new in Thailand, and hence attract high transaction fees and are less easy to use and more restrictions, than say opening with an international bank in Singapore or HK. You'll also get poorer rates in Thailand due to supply/demand. i.e less demand for them here.

Thanks for all the replies.

fletch, i already have offshore accounts but i'm currently in Russia on business and will be returning with some dollars and/or Euros. I don't particularly want to buy Bhat at these crazy levels!

Cheers all.