Foreign Currency Deposit Accounts In Thailand

[exbelg]

Hi all European ex-pats and visitors, this question is for you :

is there a bank in Thailand that gives you a 'normal' return for your money on your Foreign Currency Deposit Account ?

I was shocked to find out after one year, that I got 0.15% interest on my account with Kasikorn Bank.

I previously had sold my house in my home country and brought over the money to Thailand (first mistake, right)

as I moved here officially and had no longer and option to keep my money in my home country.

But now my euros give me no return (or how can you call 0.15% ???)

Converting my euros to baht seems out of the question as I would lose more than 20% as the Euro suddenly dropped +- 20% (from 48 till 39, recent climb to 42, but for how long)

So, is there any Thai Bank that would give me more (already happy with 1%) on my Foreign Currency Deposit Account ?

Or are there option in other countries (Singapore / Hong Kong ?) ... They all seem to love dollars, but I will not exchange my euros into even more fluctuating dollars..

Any advice dearly appreciated...

Also what is your opinion about the value of the Euro / Baht in the next couple of months ? It was an extreme low but now an increase from 38-39 to now temporarly 42 ....

[Pib]

This links shows the Bangkok Bank deposit interest rates.

http://www.bangkokbank.com/Bangkok%20Bank/Web%20Services/Rates/Pages/FCD%20Rates.aspx

[exbelg]

thank you for the info

this is 6x more (1% compared to 0.15%) than I got now and I will be heading to Bangkok Bank asap on monday !

[jombom]

Of the main high street banks, Thanachart appear to offer one of the highest for Thai baht. You can Google under Bank of Thailand for deposit rates in Thailand

Thanachart is also controlled by a Canadian bank (bank of nova scotia). It might be worthwhile talking with them.

Deutsche bank also have a big operation in BKK. You might be able to purchase a Eurobond at 3%, for example.

IMHO leaving a large amount of Euro on deposit in Thailand, is not a great idea.

When you are talking with Bangkok Bank, make sure to ask about charges for opening and closing account. Some banks charge 1% for each, which means 2 years interest is for the privilege of opening and closing.

Please let us know what you decide. I have a bunch of Euros in Europe coming to maturity later this year and am trying to decide what to do with it.

[jombom]

Soooo. What happened ?????

[Aromaz]

Keeping money in a bank and expect to gain something; well not such wise choice. Buy gold or silver, keep it in your safe.

I bet you will make more profit in one month than interest from bank in 5 years. Some of my gold I bought back in 2001 at Tb 4,800 per Baht (Gold weight) now it is worth 21,800+

Also don't be fooled by Rate board - some have charges and above all - the Withholding tax too. Then comes the 30% odd income tax.

Gold is a much better deal on short to long term. But buy from a good trusted store to ensure correct certification.

[svtbg]

ExBelg, try Bangkok bank, they offer foreign currency accounts. I don't know what interest rate they will give you but I highly doubt that the rate will be much higher than that of Kasikorn bank.

You can also check with Citibank, Standard Chartered, HSBC, etc. There are many foreign banks here.

I don't know what will happen to the euro in the future but looking at the debt problems in Greece, Ireland, Portugal and Spain, the euro won't go high soon.

[ianguygil]

At Bangkok Bank we have the following foreign currency accounts, I think the largest in the industry here:

• US Dollar (USD)
• Euro (EUR)
• British Pound (GBP)
• Japanese Yen (JPY)
• Singapore Dollar (SGD)
• Hong Kong Dollar (HKD)
• Australian Dollar (AUD)
• New Zealand Dollar (NZD)
• Swiss Franc (CHF)
• Canadian Dollar (CAD)
• Danish Krone (DKK)
• Norwegian Krone (NOK)
• Swedish Krone (SEK)

This is the link to learn more

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

PM me please if I can help. Thanks

Ian

[fletchsmile]

At Bangkok Bank we have the following foreign currency accounts, I think the largest in the industry here:

• US Dollar (USD)
• Euro (EUR)
• British Pound (GBP)
• Japanese Yen (JPY)
• Singapore Dollar (SGD)
• Hong Kong Dollar (HKD)
• Australian Dollar (AUD)
• New Zealand Dollar (NZD)
• Swiss Franc (CHF)
• Canadian Dollar (CAD)
• Danish Krone (DKK)
• Norwegian Krone (NOK)
• Swedish Krone (SEK)

This is the link to learn more

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

PM me please if I can help. Thanks

Ian

Bangkok Bank's range is good. However, to answer OP's original question, most banks in Thailand give "sub-normal rates" and hit you with "excessive fees" on foreign currency accounts.

Much better for the average foreigner to open an account in say Singapore. Virtually any bank will offer better rates than any Thai bank, and fees will be lower on foreign currency deposits in Sinagpore compared to Thailand.

Bangkok Bank is Ok for onshore THB stuff. Fees for withdrawing your money are ridiculous on foreign currencues though. eg 1% if withdraw USD notes from your USD account, 2% from EUR, SGD, AUD etc, Source = Bangkok Bank's own website:

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transaction%20Accounts/Foreign%20Currency%20Account/pages/fcd%20fees.aspx

So better to open an account offshore, and when you need the money onshore in THB do a swift transfer to your bank here. I have a Bangkok Bank account which is Ok for THB stuff in Thailand, but until the market opens up, fees come down, and rates become internationally competitive, as a foreigner, I wouldn't touch their foreign currency accounts with a bargepole. Particularly in an age of internet banking

Edited February 10, 2011 by fletchsmile

[clinique]

My preference personally is Singapore. There are many international banks there who provide Private banking servcies including deposit accounts. Although some have minimum deposit amount requirements. Bcoz there are so many banks in Sing their rates are always competitive. Whilst i dont have all eggs in one basket, some of the best deposit rates ive had are at ICICI Singapore along with the best banking service ive had anywhere.(and before anyone jumps in, yes I am well aware it is an Indian bank, and also aware it is listed in NY)

[Isan Farang]

thank you for the info

this is 6x more (1% compared to 0.15%) than I got now and I will be heading to Bangkok Bank asap on monday !

You can check the following link http://www.angloirishbank.co.im/ not a good plan to have a lot of cash in a Thai bank.

[Naam]

thank you for the info

this is 6x more (1% compared to 0.15%) than I got now and I will be heading to Bangkok Bank asap on monday !

You can check the following link http://www.angloirishbank.co.im/ not a good plan to have a lot of cash in a Thai bank.

and neither is it a good plan to have a lot of cash in a semi-bankrupt bank where (part of) deposits are guaranteed by a semi-bankrupt country who's government is mulling the idea of closing the bank!

AngloIrish just (less than a month ago) screwed bondholders of subordinated bonds out of more than a billion pounds and is thinking aloud to screw bondholders of senior bonds too

to inform yourself google "news anglo irish" :jap:

[exbelg]

the problem is, my money is already here... had no more address in my home country, hard to leave all my money overthere

but i will ask wife to first inform about interbanking transfert costs

if it will cost me 1% on both ways and they only give 1% per annum, then indeed I fear of losing 2 years of intrest, which is not the idea

I hoped the euro would get back to over 45+ baht, but i guess i am dreaming outloud

Edited February 11, 2011 by exbelg

[Naam]

thank you for the info

this is 6x more (1% compared to 0.15%) than I got now and I will be heading to Bangkok Bank asap on monday !

You can check the following link http://www.angloirishbank.co.im/ not a good plan to have a lot of cash in a Thai bank.

and neither is it a good plan to have a lot of cash in a semi-bankrupt bank where (part of) deposits are guaranteed by a semi-bankrupt country who's government is mulling the idea of closing the bank!

AngloIrish just (less than a month ago) screwed bondholders of subordinated bonds out of more than a billion pounds and is thinking aloud to screw bondholders of senior bonds too

to inform yourself google "news anglo irish" :jap:

Statement by Anglo Irish Bank Corporation Limited

Anglo Irish Bank Corporation Limited (Anglo) has today (8th February 2011)

received a Direction Order from the High Court to;

(i) Begin a process, in accordance with EU State aid rules, to transfer deposits

and assets held by Anglo to a third-party financial institution or institutions;

and

(ii) Take the initial steps to implement the restructuring plan as submitted to

the European Commission at the end of January this year.

This Order facilitates the Minister’s plan to restructure Anglo, which is in

accordance with the provisions of the EU/IMF Programme of Financial Support for

Ireland.

The Direction Order was granted under the Credit Institutions (Stabilisation)

Act 2010.

Auction process

The NTMA will immediately commence an auction process to invite interested,

fully- regulated financial institutions to tender for Anglo’s deposits. It is

intended that this process will conclude as quickly as possible.

Restructuring Plan

The initial steps to implement the restructuring plan will involve the deposit

transfer process described above and the preparation of Anglo’s loan book for

its orderly work out, in a manner which minimises losses. The process will also

involve the amalgamation of Anglo and Irish Nationwide Business Society (INBS)

into a merged entity regulated by the Central Bank of Ireland, subject to EC

approval of the Restructuring Plan. The Direction Order begins the process of

restructuring Anglo as envisaged in the restructuring plan in a manner that

benefits from necessary legal protections and is recognised in other EU Member

States.

Depositors

Deposits will be transferred in a seamless manner and no action will be required

by depositors. It should be noted that the position of depositors in Anglo

remains fully secure and that any transfer will take place and be accepted by

another institution on the basis of the existing terms and conditions.

Depositors will also continue to have full access to their funds during and

after the auction process.