Foreign Currency Deposit Account

[breadbin]

Friends, can anyone assist or advise please?

Tried (MIL) to open a foreign deposit account at Bangkok Bank with 4 million baht converted to GBP,

All ok until they told her the fee to open such an account was 179,000bt.

Has anyone any experience or comment on this?

The account was not opened!

Cash still in fixed account in THB

Thanks

[topt]

Certainly not clear from their web site - http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/FCDFees.aspx

at the bottom of which it says -

Notes:
1. No fee for changing THB into a foreign currency and depositing it into a Foreign Currency Deposit Account when
funds are sourced domestically (DFCD and DSFCD) including non resident customers.
2. No fee for withdrawing funds from a Foreign Currency Deposit Account and changing it into THB.

Click here (2.02 MB) to donwload Deposit and Withdrawal Fees for Foreign Currency Deposit Account (available in Thai only)

I would get someone to ring their head office FX dept. and check it out.

[breadbin]

Thanks for your reply.

I agree that the website is unclear, I went through it again yesterday and can't see where the fees come in, especially 179k!!!!

I'll ask the wife to call tomorrow morning but its one of those Thai mysteries!!!

Thanks again

[marcusd]

I live in Chiang Mai.

I took my passport and opened the account in AUD (Australian dollars) with NOTHING TO START in 15 minutes.

They copied all the usual forms in the passport like Entry Stamp, Immigration card and so forth, but NEVER was I asked for any money.

They told me to wait a few days get the number and then send some money to the account which I must say was smooth as silk.

Bangkok Bank Chiang Mai at Kad Suan Kaew and I have friends who have same accounts at Bangkok Bank Bangkok so Go see another Branch.

[breadbin]

Thanks for your reply.

My wife is going to phone BKK bank tomorrow and see what is going on.

I am not sure what they wanted the 179k BT for!!!

It's a lot of money for starters!

Anyway, I'll report back when she's phoned them to get to the bottom of it.

We want. GBP account.

Thanks again

[fvdv]

A few weeks ago, I was told that normally no interest were paid on foreign currency accounts? Does anyone know anything about that please? Thanks.

[topt]

A few weeks ago, I was told that normally no interest were paid on foreign currency accounts? Does anyone know anything about that please? Thanks.

Nothing unusual in that.

Also with $£€ interest rates all so low even many offshore accounts from those places pay zero or very little.

[breadbin]

I am also told no interest is payable but I do believe that there are foreign currency accounts that pay interest.

Is 5.38 am here and the wife is about to phone the bank in Udon.

I'll let you know what they say and I'll make sure I get the persons name!

Regards and fingers crossed.

[silverhawk_usa]

I live in Chiang Mai.

I took my passport and opened the account in AUD (Australian dollars) with NOTHING TO START in 15 minutes.

They copied all the usual forms in the passport like Entry Stamp, Immigration card and so forth, but NEVER was I asked for any money.

They told me to wait a few days get the number and then send some money to the account which I must say was smooth as silk.

Bangkok Bank Chiang Mai at Kad Suan Kaew and I have friends who have same accounts at Bangkok Bank Bangkok so Go see another Branch.

Very much the same experience at the Chanklan, Chiang Mai branch a few days ago. They did tell me that I had to maintain a minimum of $250 in the account. They then said I could not get a bank book or online banking until I deposited 'some little' money, and it had to be by international transfer. i transferred $500 dollars to make sure all was correct. I then received a call saying I had to transfer at least $1.000 the first time to initiate the account. Could I please transfer at least &500 more. This meant I now had to pay transfer fees from my home bank twice. They did not give me any printed information regarding fees or the account conditions. I will demand this when I return to get my book.

[topt]

I live in Chiang Mai.

I took my passport and opened the account in AUD (Australian dollars) with NOTHING TO START in 15 minutes.

They copied all the usual forms in the passport like Entry Stamp, Immigration card and so forth, but NEVER was I asked for any money.

They told me to wait a few days get the number and then send some money to the account which I must say was smooth as silk.

Bangkok Bank Chiang Mai at Kad Suan Kaew and I have friends who have same accounts at Bangkok Bank Bangkok so Go see another Branch.

Very much the same experience at the Chanklan, Chiang Mai branch a few days ago. They did tell me that I had to maintain a minimum of $250 in the account. They then said I could not get a bank book or online banking until I deposited 'some little' money, and it had to be by international transfer. i transferred $500 dollars to make sure all was correct. I then received a call saying I had to transfer at least $1.000 the first time to initiate the account. Could I please transfer at least &500 more. This meant I now had to pay transfer fees from my home bank twice. They did not give me any printed information regarding fees or the account conditions. I will demand this when I return to get my book.

I hope you read Thai then? Unless they print it off the internet I would be surprised if they had it in English be interested to hear.....

You should be able to get it all from the link I put in post #2 - after a bit of digging.....

[breadbin]

Called BKK bank, wife spoke to them in Thai, don't understand, speak with my husband, I spoke to a lady, confirmed that for a Thai national living in Thai there is NO fee to open a foreign currency account, you just do the THB to GBP at whatever the rate is on the day and open an account.

I do believe that you have to maintain a balance and that there is tax to pay on any interest earned.

They had no idea what the 179k fee was.

So, asking mother in law to go again to open this account, a non interest bearing account in GBP at whatever the exchange rate is.

We'll see if they're going to try to charge again.

Probably on Monday so I'll report back again.

Thanks all

Regards

[silverhawk_usa]

I live in Chiang Mai.

I took my passport and opened the account in AUD (Australian dollars) with NOTHING TO START in 15 minutes.

They copied all the usual forms in the passport like Entry Stamp, Immigration card and so forth, but NEVER was I asked for any money.

They told me to wait a few days get the number and then send some money to the account which I must say was smooth as silk.

Bangkok Bank Chiang Mai at Kad Suan Kaew and I have friends who have same accounts at Bangkok Bank Bangkok so Go see another Branch.

Very much the same experience at the Chanklan, Chiang Mai branch a few days ago. They did tell me that I had to maintain a minimum of $250 in the account. They then said I could not get a bank book or online banking until I deposited 'some little' money, and it had to be by international transfer. i transferred $500 dollars to make sure all was correct. I then received a call saying I had to transfer at least $1.000 the first time to initiate the account. Could I please transfer at least &500 more. This meant I now had to pay transfer fees from my home bank twice. They did not give me any printed information regarding fees or the account conditions. I will demand this when I return to get my book.

I hope you read Thai then? Unless they print it off the internet I would be surprised if they had it in English be interested to hear.....

You should be able to get it all from the link I put in post #2 - after a bit of digging.....

Thanks, This looks like the link with the information I was looking for. It confirms the $1,000 minimum to open the account, a minimum balance of $250 thereafter.

Conditions and Fees for Foreign Currency Account

As for the OP. It sounds like you are really getting some wrong and misleading information.

[Soi105]

Thanks for your reply.

I agree that the website is unclear, I went through it again yesterday and can't see where the fees come in, especially 179k!!!!

I'll ask the wife to call tomorrow morning but its one of those Thai mysteries!!!

Thanks again

For most long term expats, this would not qualify as a Thai mystery

[Paul888]

I don't want to be rude here, but did you consider for a minute that the 179k fee was dreamed up by the mother in law as some form of compensation for her time in assisting you?

I would go there myself and ask for literature in English. It is a foreign currency account, of course they have the literature in English. If they do not, go to another bank.

[breadbin]

No mate, when they said the fee the mother in law rejected the account opening and put ALL the cash in a fixed interest for 4 months.

Been married a long time and trust the family in Thai 100%.

I I didn't I'd never ask them to do anything.

They have done quite a bit for me and always get paid. I see it as I earn, they earn. I'm fair, too generous but as I say they do what I ask and never complain, they don't have to do anything for me!!

Thanks for your comment but I'm not one of those slowly being shafted!!

[khman]

Hello,

I have education visa and I would like to open a foreign currency account.

Which bank should I go? Can you help, please.

Thanks

[breadbin]

Not Bangkok Bank, too many headaches.

[chiang mai]

A few weeks ago, I was told that normally no interest were paid on foreign currency accounts? Does anyone know anything about that please? Thanks.

Correct

[chiang mai]

OP - my best guess is that the difference of 179k baht comes from the spread bewteen the buy and the sell rate of THB/GBP, You have 4 mill THB that you want to convert to GBP and you probably have the current exchange rate in mind? That being the case there is a spread difference between the Buy and the Sell rate and the advertised exchange rates, e.g. buying Pounds = 45.20, selling Pounds = 46.20, current exchange rate is 45.80.

OP II - There's no charge to open an FCY account at Bangkok Bank or indeed at any other bank in Thailand the last time I checked. There is however a charge to operate the account once the funds have been deposited, typically that's about 0.5% of the funds that are withdrawn (in lieu of commission) regardless of whether that's a withdrawl or an account closure - no interest is paid on deposited funds, typically.

khman - any bank, just keep trying.

[swissie]

Why would any Farang open an account worth 4 Million Bht (in any currency) in favor of a mother in law ??? This is begging for a big WHY ?

Cheers.

[khman]

@chiang mai, thanks for your answer, if possible, I would like a feedback from someone.

Because not sure they accept student visa, also most of the time (I'm in Samui) they don t understand what I want...

[breadbin]

Swissie, it depends who you trust.

I trust mine 100%.