Sterling Account In A Thai Bank

[factseeker]

Hi,

Wife and I looking to a retirement in Thailand.

There was no problem in getting the Thai Bank Account - figure to use my Pension for the 800K lump sum.

But the 'one time' figure that will get transferred from the Pension would be above the 800K.

So I would like to have a Sterling Account to hold the 'overflow'.

However when I asked the Bank for a Sterling Account that seemed to cause them some concern although I could not tell why.

I did explain my reasons but they just passed me some notes ref the rules and regs etc.

Does anyone have any information ref any problems in holding a Sterling Account in Thailand??

Rgds.

FS.

Edited January 31, 2012 by factseeker

[nongsangcity]

hi there....i bank with the bank of ayudhya and they have accounts where you can deposit sterling, iam not sure if they any interest on these accounts ?...but you can keep your sterling in there for a rainy day, or on the off chance the pound was to increase in value ( dont hold your breath) you could draw your money out and change in to thai baht at the new rate........

[Maestro]

I believe the HSBC will gladly give you a GBP account. Another point: some immigration offices accept foreign currency accounts with a Thai bank as proof of meeting the financial requirements for a one-year extension.

[RubbaJohnny]

Yes but check the fees for deposits withdrawals etc

[rawhod]

Kasikorn have FCD (Foreign Currency Deposit) accounts for Resident and Non-resident accounts.

http://www.kasikornb...entAccount.aspx

http://www.kasikornb...entAccount.aspx

[lopburi3]

I suspect bank regulations/reporting/oversight/(non ability to use funds?) on non baht accounts is likely the reason most banks to not want anything to do with them for normal customers. Believe most have the attitude "why?" and you become suspect. But this is better in the banking forum as seems to be about accounts rather than visas.

[JoePai]

I believe the HSBC will gladly give you a GBP account. Another point: some immigration offices accept foreign currency accounts with a Thai bank as proof of meeting the financial requirements for a one-year extension.

Errrr you think HSBC will open a new accout ................................

[Daveroc]

Not sure what the reluctance would have been to open the accounts. Perhaps a small branch and knowledge not so good on the topic. Cannot speak for other banks but BBL will open in up to 14 different currencies.

The charges you need to be aware of relate to the withdrawing of the funds. If you transfer to your Thai baht account in due course there are no fees. If you remit the funds back overseas without converting to Thai Baht there will be a charge of .25% of the amount transferred in addition to the SWIFT transfer fees.

The only other charge would be if the account dropped below the minimum required amount to keep the account open which is around the STG180

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

[nontabury]

Siam Commercial allows farangs to hold an account in GBP, not sure about other currencies

[pnustedt]

Forget opening an a/c in Thailand which is flexible with foreign currnency, I understand that HSBC is about to withdraw from Thailand, so forget them too.

I have an HSBC a/c in HK and transfer what I need, as and when, to an SCB a/c in my home town of Sisaket. Some of my friends have similar arrangements with HSBC in Singapore and Kasiporn.

Banking in Thailand is a nightmare, rules change at the whim of a cashier - only bank here what you have to!