Thai Banks Foreign Currency Accounts?

[zeekgarcia]

Looking into the thai banks foreign currency accounts I have some questions:

1. Does each branch keep foreign currency on hand or do you have to let the branch know when you are going to make a withdraw in the foreign currency to get it? Because usually you can get a better exchange rate somewhere else.

2. If each branch does not keep foreign currency on hand then do they have a regional or national bank office that keeps it or do they get it from the thai government or order it from somewhere?

If the individual banks have their own regional or national office where they keep their own supply of foreign currency does anyone know where these offices are and if you can go there directly and withdraw the foreign currency there?

3. Does anyone know what the fees are at the major thai banks for a foreign currency account?

4. Does anyone have a foreign currency account in another currency than your home country and how do you get it into that currency?

5. Any other things I should know?

[stoli]

I can answer #3. Last week I checked into opening a US dollar account with Bangkok Bank. They fill out the paperwork and give you an account number, but if you don't put money into it within 30 days they close it.

They charge .25% fee for incoming money. They pay .5% interest. Minimum balance is $1100.

Hope this helps.

[Ticketmaster]

I had a foreign currency account at BKK Bank (US dollars). I can't remember all the fees, but there were so damned many of them, coming, going, depositing withdrawing, that I closed it. If I wanted to take out Thai baht, I had to pay a conversion fee and got the lousy exchange rate. Much better and cheaper to keep dollars in a US account, then transfer as needed.

[1kate1]

You can go into a branch of Bangkok Bank and purchase foreign currency straight away no need to order...i just purchased Sterling and US Dollars

[Aland]

I have a quick question, as to requirements listed by Bangkok Bank, along with passport they state a driving license with address. Are they asking for a Thai driving license or will my US driving license suffice?

[sas_cars]

I had a foreign currency account at BKK Bank (US dollars). I can't remember all the fees, but there were so damned many of them, coming, going, depositing withdrawing, that I closed it. If I wanted to take out Thai baht, I had to pay a conversion fee and got the lousy exchange rate. Much better and cheaper to keep dollars in a US account, then transfer as needed.

This is absolutely correct. I second it.

[AyG]

I can answer #3. Last week I checked into opening a US dollar account with Bangkok Bank.

They charge .25% fee for incoming money. They pay .5% interest. Minimum balance is $1100.

The 0.25% fee is subject to a maximum of 500 Baht for incoming payment by SWIFT.

For full details of fees &c. see

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/FCDFees.aspx

and

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/ConditionsandFees.aspx

For interest rates see:

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FCDRates.aspx

(Currently a magnificent 0.1% for USD savings account.)

[chiang mai]

Different branches accumulate foreign currency more quickly or slowly than other branches, branches in the tourist areas will gather it more quickly. But each branch tends to send their foreign currency to head office within days, especially if they gather beyond a certain limit. If you want small to medium amounts of currency from a branch in a tourist area, that shouldn't be a big problem, elsewhere and for larger amounts you need to give them notice so that they can collect it from the different branches and from head office.

The cost of foreign currency accounts varies from bank to bank, typically there is an annual cost for storing the currency and a second charge if you withdraw the currency in anything other than THB. FCY accounts tend not to be very cost effective if the currency is not converted into THB but it's not a bad place to hold currency in anticipation of eventual currency exchange rate swings.

I keep SGD and HKD in a FCY in Thailand account although my Sterling remains offshore, both currencies were acquired in their home countries and transferred here.