bhorn Posted May 20, 2011 Share Posted May 20, 2011 Does anyone know if there is possible to open a bank account in USD in Thailand ? Link to comment Share on other sites More sharing options...
beano2274 Posted May 20, 2011 Share Posted May 20, 2011 You can do at the main branch of Bangkok Bank with the correct documents including valid Non Immigrant Visa. Standard Chartered are another one that do. Why not try offshore? Link to comment Share on other sites More sharing options...
powderpuff Posted May 20, 2011 Share Posted May 20, 2011 I opened mine at a Branch of BKK Bank. Bangna Complex to be exact. Link to comment Share on other sites More sharing options...
Mrjlh Posted May 20, 2011 Share Posted May 20, 2011 At Bangkok Bank its all in Baht. An Internet account can be English or Thai but currency is always in Baht. ATMs are the same. Don't know about the others. Link to comment Share on other sites More sharing options...
InterestedObserver Posted May 20, 2011 Share Posted May 20, 2011 (edited) At Bangkok Bank its all in Baht. An Internet account can be English or Thai but currency is always in Baht. ATMs are the same. Don't know about the others. A USD foreign currency deposit account at Bangkok Bank is held in U.S.Dollars. Edited May 20, 2011 by InterestedObserver Link to comment Share on other sites More sharing options...
powderpuff Posted May 20, 2011 Share Posted May 20, 2011 At Bangkok Bank its all in Baht. An Internet account can be English or Thai but currency is always in Baht. ATMs are the same. Don't know about the others. That is incorrect. Link to comment Share on other sites More sharing options...
givenall Posted May 20, 2011 Share Posted May 20, 2011 i have one in Kbank Link to comment Share on other sites More sharing options...
Mrjlh Posted May 20, 2011 Share Posted May 20, 2011 At Bangkok Bank its all in Baht. An Internet account can be English or Thai but currency is always in Baht. ATMs are the same. Don't know about the others. A USD foreign currency deposit account at Bank Bank is held in U.S.Dollars. Never heard of Bank Bank???? Money deposited shows up in Thai Baht. Link to comment Share on other sites More sharing options...
Mrjlh Posted May 20, 2011 Share Posted May 20, 2011 At Bangkok Bank its all in Baht. An Internet account can be English or Thai but currency is always in Baht. ATMs are the same. Don't know about the others. That is incorrect. If this is "incorrect" then please enlighten us. Link to comment Share on other sites More sharing options...
InterestedObserver Posted May 20, 2011 Share Posted May 20, 2011 At Bangkok Bank its all in Baht. An Internet account can be English or Thai but currency is always in Baht. ATMs are the same. Don't know about the others. That is incorrect. If this is "incorrect" then please enlighten us. From the Bangkok Bank website: With a foreign currency deposit account you can hold your funds in any of 13 currencies. This enables you to manage your foreign currency payments more effectively by minimizing risks from fluctuations in foreign currencies. A foreign currency account can be a savings, fixed deposit or current account and can be managed easily via Bualuang iBanking - you can use Bualuang iBanking to transfer funds into your baht account whenever you want. Link to comment Share on other sites More sharing options...
Mrjlh Posted May 20, 2011 Share Posted May 20, 2011 Thank you! Never knew that. Now I'll have to talk to them to get more details. Link to comment Share on other sites More sharing options...
maxman71 Posted May 20, 2011 Share Posted May 20, 2011 Citi and BofA have branches in BKK. I think they offer USD accounts. Link to comment Share on other sites More sharing options...
TongueThaied Posted May 20, 2011 Share Posted May 20, 2011 I have a USD foregn currency account at Bangkok Bank. But I would urge you to think twice about this.<BR><BR>I don't know if you keep up with world economic news, but the dollar has a lot of problems, as does the entire Western monetary system. Asia, on the other hand is doing relatively well. When I opened my USD foreign currency account a couple of years ago (March 2009), the exchange rate was a $1 = 36 ThB. Today, it is about $1 + 30 ThB. I lost 16%! I DO NOT see this trend changing in the future. Every new move by the FED is cosmetic, a seeming attempt to put off the inevitable. Housing prices in the US are still falling, unemployment reamins at a record high. I am no economist, but it looks like to me that there is no "recovery." Like every fiat monetary unit before it, the dollar is doomed. Will it survive 10, 20 30 years? Who knows, but it will eventually collapse and when it does, everybody holding that green paper will lose it all.<BR><BR>I have some savings in the US and, since I am committed to stay here, I am thinking strongly of bring everything over and converting to Thai baht. Had I converted what I brought over to Thai baht instead of putting it in a USD account, I would have been ahead today by 20%! I can't make that in interest in the US (or anywhere). I finally faced reality of what I was doing and the current future trend, bit the bullet and converted to Thai baht.<BR><BR>Just my two cents ('bout all I have left!). Link to comment Share on other sites More sharing options...
InterestedObserver Posted May 21, 2011 Share Posted May 21, 2011 When I opened my USD foreign currency account a couple of years ago (March 2009), the exchange rate was a $1 = 36 ThB. Today, it is about $1 + 30 ThB. I lost 16%! I DO NOT see this trend changing in the future. How did you lose anything, you still have your USD in the foreign currency account? USD in, USD out. The cost of living in Thailand and the value of the USD is an entirely different subject. Link to comment Share on other sites More sharing options...
jfchandler Posted May 21, 2011 Share Posted May 21, 2011 No.... BofA doesn't have a "branch" in BKK.... They have an office that does NO consumer or retail banking or services.... On the other hand, Citi's HQ at Asoke and Sukhumvit is a regular bank operation, and may indeed offer U.S. $ accounts in addition to the Thai banks such as BKK Bank. Citi and BofA have branches in BKK. I think they offer USD accounts. Link to comment Share on other sites More sharing options...
jfchandler Posted May 21, 2011 Share Posted May 21, 2011 More broadly, I don't have a U.S. $ account, but I have looked into them with BKK Bank and others... What I found was all kinds of rules and fees that made the whole process unappetizing.... It seemed like the Thai banks wanted a fee for virtually everything. Link to comment Share on other sites More sharing options...
Pib Posted May 21, 2011 Share Posted May 21, 2011 What I found was all kinds of rules and fees that made the whole process unappetizing.... It seemed like the Thai banks wanted a fee for virtually everything. Thai banks just follow the standard set by Bank of America (a.k.a., Fees R Us) Link to comment Share on other sites More sharing options...
jimmym40 Posted May 21, 2011 Share Posted May 21, 2011 More broadly, I don't have a U.S. $ account, but I have looked into them with BKK Bank and others... What I found was all kinds of rules and fees that made the whole process unappetizing.... It seemed like the Thai banks wanted a fee for virtually everything. You are exactly correct. I'm surprised no other above posters mentioned all the FEES involved in having your money in USD in Bangkok Bank. I checked on it around a year ago and when I reviewed all the details, I kindly said NO THANK YOU... Sorry, I do not remember all the fees, but I believe there was a minimum amount of deposit and then monthly fees, don't quote me on this. Link to comment Share on other sites More sharing options...
IMA_FARANG Posted May 21, 2011 Share Posted May 21, 2011 (edited) Yes it is. I had a Chase Manhatten Bank (New York) account in Thailand many years ago, but I believe that is no longer possible now. However Bangkok Bank has in their brochure that is possible for a foriegn resident in Thailand to open a USD account (they call it an account denominated in a foriegn currency, I believe). You may to have to go to the main branch here in Bangkok on Silom Road to open such an account. There are a number of stipulations however, so be SURE that type of account is what you really want before you open one. You will almost certainly need a long term visa...they will probably ask for a Non O multi-entry visa at the very least. A marriage or retirement visa extension will also probably be o.k. You can DEPOSIT money in USD, but any withdrawals in Thailand MUST be in Baht. If you do bring money into the country in USD, be SURE you get the transfer reciept and KEEP it for your records. When you close the account, you MAY have problems with the Thai tax people. You will have to prove that the funds you brought in are the source of the funds...i.e. none of the monsy was earned in Thailand and is therefore eligible for Thai Tax. That's why you need to keep that incoming transfer reciept. And the basic rule...don't bring into Thailand in USD any money that you can't afford to leave here if you need to leave the country. Even if you have the reciepts to prove it was transferred into country...it may be hard for the Thai tax people to accept that. ESPECIALLY if you do work in Thailand or have any other possible source of income in Thailand. The bank will know all the rules. If they agree to let you open that USD accunt, ask them about all those rules in detail. Nothing could be worse than to bring a large amount of USD into Thailand, expecting to be able to take it out later in USD, and then find out the bank says no, because it is against Thai law or the Thai tax office won't let you take it back out and is claiming you owe Thai taxes on it. Edited May 21, 2011 by IMA_FARANG Link to comment Share on other sites More sharing options...
jfchandler Posted May 21, 2011 Share Posted May 21, 2011 It seems to be something that many people, including myself, think might be a good thing and have advantages... But when you begin digging into the details, the fees and restrictions, and potential problems, it tends to become less interesting... I'll keep waiting for someone to explain a situation where it's a good idea and makes economic sense given the way the Thai banks handle those accounts... Link to comment Share on other sites More sharing options...
powderpuff Posted May 21, 2011 Share Posted May 21, 2011 I have a USD foregn currency account at Bangkok Bank. But I would urge you to think twice about this.<BR><BR>I don't know if you keep up with world economic news, but the dollar has a lot of problems, as does the entire Western monetary system. Asia, on the other hand is doing relatively well. When I opened my USD foreign currency account a couple of years ago (March 2009), the exchange rate was a $1 = 36 ThB. Today, it is about $1 + 30 ThB. I lost 16%! It is really very simple. Walk into your branch, fill out a withdrawal slip & asked to be paid in dollars. Eureka - you have lost zero percent. Change it to rupiah, rupees, won, kat, yuan, pesos, dong - Bob's you're uncle. You are in charge. Coulda shoulda woulda. Link to comment Share on other sites More sharing options...
TongueThaied Posted May 22, 2011 Share Posted May 22, 2011 I have a USD foregn currency account at Bangkok Bank. But I would urge you to think twice about this.<BR><BR>I don't know if you keep up with world economic news, but the dollar has a lot of problems, as does the entire Western monetary system. Asia, on the other hand is doing relatively well. When I opened my USD foreign currency account a couple of years ago (March 2009), the exchange rate was a $1 = 36 ThB. Today, it is about $1 + 30 ThB. I lost 16%! It is really very simple. Walk into your branch, fill out a withdrawal slip & asked to be paid in dollars. Eureka - you have lost zero percent. Change it to rupiah, rupees, won, kat, yuan, pesos, dong - Bob's you're uncle. You are in charge. Coulda shoulda woulda. How did you know Bob was my uncle??? One could debate whether there was a "loss in dollars" or a "loss of wealth." I suppose it depends on one's future intentions. Of course there was no loss in dollars (except for the exhorbitant fees mentioned by others). Since I have a finite amount of "wealth," most of it is measured in dollars, I have no present intention of ever returning to the US, I intend to consume the "wealth measured in dollars" in Thailand, I have sustained a "loss of wealth" that I cannot now consume anywhere. Now days, my "consumable wealth" must be measured in baht, not dollars, since I live in the Land of Baht. The foreign currency account has caused a loss of "consumable wealth" for me. As other posters have suggested, it is simply not sensible to open a foriegn currency account for US dollars. You can open a Charles Schawb dollar account in the US, get a Visa debit card and you can make all the transfers you want to anywhere in the world free (Schwab reimburses any and all ATM or other "transfer" fees). Also, did you know that if you aske BKK Bank to give you your dollars in dollars, they charge a 5% fee? that's right, ask to withdraw $5,000 and they take $250! That's not zero percent! I had to do a direct conversion to baht to avoid this fee. On top of the fees and hassle of a foreign currency account, don't forget that if all your foreign bank accounts added together at any point during the year total more than $10,000US, you also have to report all of those accounts to the US Government (Foreign Bank Account Report), so more paperwork. Like I said, I did it and what a big headache coupled with "loss of wealth" -- for me. Link to comment Share on other sites More sharing options...
exbelg Posted May 22, 2011 Share Posted May 22, 2011 better exchange all to THB if you want to live here long (rest of your life)... did the same mistake with EURO... held it here in an foreign currency account you get 0.15% intrest !!! I should have exchanged 2 years ago, when it was 50 THB / EURO now I only got about 42 so i lost 20% !!!! (aka millions of bahts....) Link to comment Share on other sites More sharing options...
AmericaninBKK Posted May 22, 2011 Share Posted May 22, 2011 We just moved to Bangkok from the US and planned to open a local account at Citi. The only reason we were going to open a local account was to avoid the farang fees on ATM withdrawls, but I feel rather foolish that we didn't consider bank fees. Are all local accounts fee heavy? Link to comment Share on other sites More sharing options...
aurelius Posted May 22, 2011 Share Posted May 22, 2011 Local accounts (i.e. in Baht) are not fee heavy; most regular banking transactions are free, no minimum balance requirements and no monthly fees. Charges may apply for bill payments and transfers to accounts at other banks; fees to transfer between provinces via ATM (BKK to upcountry for example) have recently been reduced by common agreement among all banks. Internet banking is generally free; ATM cards attract a joining fee and annual fee (generally 200bt). Citibank doesn't have the same reach in terms of bill payment services, atm access or inter-bank transfer connectivity as the local banks. Link to comment Share on other sites More sharing options...
jfchandler Posted May 22, 2011 Share Posted May 22, 2011 (edited) We just moved to Bangkok from the US and planned to open a local account at Citi. The only reason we were going to open a local account was to avoid the farang fees on ATM withdrawls, but I feel rather foolish that we didn't consider bank fees. Are all local accounts fee heavy? We're talking about two different things here... The subject of the thread was Thai bank accounts denominated in foreign currency such as U.S. $.... That's a special, different kind of account from the normal Thai bank account held by a foreigner where the account in in BAHT... the common situation. And it's not the kind of account suited for routine living expense spending. The foreign currency accounts do have a lot of fees and requirements... The local Thai baht accounts less so... As for opening a local Thai baht account at Citi... that may or may not be the best idea... Citi, as a foreign bank, is only allowed one branch location and ATM location in Thailand, being at Asoke and Sukhumvit road. They don't have bank branches or ATMs anywhere else in the country. You'd need to check with Citi BKK as to how their Thai account ATM cards are handled in terms of fees if you try to use them in the Thai banks' ATMs around the country, like those belonging to BKK Bank, SCB, Ayudthaya, etc... If you happen to have a U.S. Citi account ATM card, unless it's a CitiGold or higher, you don't want to use it in Thai bank ATMs... Because, AFAIK, you'll get charged the standard 150 baht Thai bank ATM fee for foreign cards and Citi in the U.S. will charge you a 3% foreign currency fee, plus possibly a $2 flat fee, on ATM withdrawals, and a 3% foreign currency fee on POS purchases... As a fellow American, I say one of the most important considerations is where is your income originating from... If you're earning income here in Thailand, then having it deposited to and using a local Thai bank account is the right way to go... And their account terms are pretty similar by and large... BKK Bank, Kasikorn and SCB all have a lot of locations, ATMs, online banking, etc. But if your funds are coming from the U.S., then it's a whole different ballgame... In that scenario, generally there are two good alternatives and a lot of bad ones: A: get a no foreign currency fee U.S. bank account that also reimburses other banks' ATM fees (including foreign ones), like Charles Schwab, State Farm and some others... Then, pull your U.S. funds fee-free from any Thai bank ATM... Or even better, use AEON ATMs that don't charge the 150 baht fee in the first place... B: have your U.S. funds deposited into a U.S. bank account that enables free outgoing domestic ACH transfers. Then use that account to ACH transfer funds to Bangkok Bank's New York branch, which has its own U.S. ABA/routing number, and then they'll send along your funds to your local BKK Bank account in Thailand, where you can withdraw them in baht without any fee. The BKK Bank New York route is less expensive than almost any wire transfer options, but more expensive than the no fee ATM approach in A above.. The New York branch charges a few bucks sliding scale handling fee, and the BKK Bank end in Thailand charges a 0.25% commission, minimum 200 baht and maximum 500 baht. For me, using the 0 foreign currency fee U.S. ATM cards, along with accounts that reimburse foreign ATM fees and/or using AEON ATMs that don't charge them, is the best way to go... But ATMs also have per day and per transaction amount limits, usually $500 to $1000 per day on the U.S. end... If you need to pull larger amounts, then the BKK Bank ACH transfers are the way to go... And unfortunately, to the best of my knowledge, none of the other Thai banks have a comparable setup... The others just handle traditional wire transfers, and you'll pay for it. BTW, if you happen to be living/staying her the Citi HQ at Asoke and Sukhumvit, as an American, you can use your U.S. Visa or MC logo ATM card in their ATMs there are not be charged a 150 baht fee by Citi Thailand. However, your home country bank still may charge you a fee, depending on that bank's policy for foreign ATM use. Edited May 22, 2011 by jfchandler Link to comment Share on other sites More sharing options...
12DrinkMore Posted May 22, 2011 Share Posted May 22, 2011 Yes it is. I had a Chase Manhatten Bank (New York) account in Thailand many years ago, but I believe that is no longer possible now. However Bangkok Bank has in their brochure that is possible for a foriegn resident in Thailand to open a USD account (they call it an account denominated in a foriegn currency, I believe). You may to have to go to the main branch here in Bangkok on Silom Road to open such an account. There are a number of stipulations however, so be SURE that type of account is what you really want before you open one. You will almost certainly need a long term visa...they will probably ask for a Non O multi-entry visa at the very least. A marriage or retirement visa extension will also probably be o.k. You can DEPOSIT money in USD, but any withdrawals in Thailand MUST be in Baht. If you do bring money into the country in USD, be SURE you get the transfer reciept and KEEP it for your records. When you close the account, you MAY have problems with the Thai tax people. You will have to prove that the funds you brought in are the source of the funds...i.e. none of the monsy was earned in Thailand and is therefore eligible for Thai Tax. That's why you need to keep that incoming transfer reciept. And the basic rule...don't bring into Thailand in USD any money that you can't afford to leave here if you need to leave the country. Even if you have the reciepts to prove it was transferred into country...it may be hard for the Thai tax people to accept that. ESPECIALLY if you do work in Thailand or have any other possible source of income in Thailand. The bank will know all the rules. If they agree to let you open that USD accunt, ask them about all those rules in detail. Nothing could be worse than to bring a large amount of USD into Thailand, expecting to be able to take it out later in USD, and then find out the bank says no, because it is against Thai law or the Thai tax office won't let you take it back out and is claiming you owe Thai taxes on it. Misinformation. You can open a USD or, indeed, any foreign currency account in the around 12 currencies that the BKK bank and also other Thai banks offer. This can be done at most branches. You do not need long term visas; a passport and a photo ID with you address on it is adequate. You do not need to take out the money in THB, you can take out nice crispy USD's. I am unaware of any issue in closing the account and either converting to THB or taking out crispy USD's. I have never had any issue in electronically transferring money out of Thailand up to around 800,000 Baht. Maybe you are dealing with far higher amounts. You have obviously had a far different experience to mine. Link to comment Share on other sites More sharing options...
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