Opening a dollar account, easiest way.

[Maramook]

I need to open a dollar account in a bank and get a card for it. What is the most foreign-friendly bank for it?

I have no WP no visa, only a stamp for now If it's really needed, I could apply for a tourist or study visa, but if possible I'd like to avoid that and open a $ account as easy as possible. I also have a baht account in Kasikorn.

[sas_cars]

There are no ATM/Debit cards given for foreign currency accounts in Thailand. And about whether you can open a foreign currency account without a WP or not, I think it's highly unlikely. I heard somebody able to open such an account with Bangkok bank, which in my case some branches won't even a Baht account without a WP, let alone the foreign currency account. Anyways, it's better to go and chat with the banks whether they are willing to do it or not.

IMHO, the foreign currency accounts are a joke in thailand anways, about the functionality they offer and the restrictions which are imposed on them, and not mentioning the high costs of each and every transactions you made on them.

[Maramook]

I'm aware of the fact that There are no ATM/Debit cards given for foreign currency accounts in Thailand. I'm not going to use a card in Thailand or in Thailand only.

[Naam]

I'm aware of the fact that There are no ATM/Debit cards given for foreign currency accounts in Thailand. I'm not going to use a card in Thailand or in Thailand only.

I need to open a dollar account in a bank and get a card for it.

? ?

[nongmai07]

HSBC in Singapore is the easiest to open , you need to keep a minimum 1000 usd in there at all times, but you get an atm card sent to you by post and can use it any ATM anywhere in the world but the cash will be dispensed in the local currency...

[AlanL1275]

I had a dollar account with Kasikorn Bank.

You have to go to one of their business branches. Usually open until 3:30 or 4:00 pm. Monday to Friday also I think. (not a mall branch)

Good luck with their requirements.

[stoli]

There are no ATM/Debit cards given for foreign currency accounts in Thailand. And about whether you can open a foreign currency account without a WP or not, I think it's highly unlikely. I heard somebody able to open such an account with Bangkok bank, which in my case some branches won't even a Baht account without a WP, let alone the foreign currency account. Anyways, it's better to go and chat with the banks whether they are willing to do it or not.

IMHO, the foreign currency accounts are a joke in thailand anways, about the functionality they offer and the restrictions which are imposed on them, and not mentioning the high costs of each and every transactions you made on them.

I don't know about the "high costs of each and every transaction you make on them". I can go into my Bangkok Bank dollar account whenever I want, move money into my baht account, and it costs me nothing. Yes, it does cost you to take it out in dollars (1%), but just don't do that. There are far cheaper ways such as converting to baht when you feel the exchange is great, and then pay a small fee to exchange for dollars. No big deal. They are providing a service so a fee of some sort is justified.

[rotary]

There are no ATM/Debit cards given for foreign currency accounts in Thailand. And about whether you can open a foreign currency account without a WP or not, I think it's highly unlikely. I heard somebody able to open such an account with Bangkok bank, which in my case some branches won't even a Baht account without a WP, let alone the foreign currency account. Anyways, it's better to go and chat with the banks whether they are willing to do it or not.

IMHO, the foreign currency accounts are a joke in thailand anways, about the functionality they offer and the restrictions which are imposed on them, and not mentioning the high costs of each and every transactions you made on them.

I have had a business dollar account and later on, as I am a slow learner, a personal US$ acct in Thailand. Without going into a long message here forget it. It is useless with their policy on deposits/withdrawals, no ATM card, only at main bank,etc. You are wasting your time, or thats at least what I found out.

[rotary]

HSBC in Singapore is the easiest to open , you need to keep a minimum 1000 usd in there at all times, but you get an atm card sent to you by post and can use it any ATM anywhere in the world but the cash will be dispensed in the local currency...

Beware HSBC. Years ago I looked at their fees charged for various services. Higher than normal, at least at that time. Also I worked for a company that used HSBC for certain reasons and they fleeced us a couple of times I thought in their fee's. This might not be correct now but at least compare their fee's with Standard Charted Singapore and other banks.

[johnthompson]

You still pay 1% every time you deposit and if they are not transparent about their exchange rate then most likely its way below market rate. Seems to me that its just not worth it

There are no ATM/Debit cards given for foreign currency accounts in Thailand. And about whether you can open a foreign currency account without a WP or not, I think it's highly unlikely. I heard somebody able to open such an account with Bangkok bank, which in my case some branches won't even a Baht account without a WP, let alone the foreign currency account. Anyways, it's better to go and chat with the banks whether they are willing to do it or not.

IMHO, the foreign currency accounts are a joke in thailand anways, about the functionality they offer and the restrictions which are imposed on them, and not mentioning the high costs of each and every transactions you made on them.

I don't know about the "high costs of each and every transaction you make on them". I can go into my Bangkok Bank dollar account whenever I want, move money into my baht account, and it costs me nothing. Yes, it does cost you to take it out in dollars (1%), but just don't do that. There are far cheaper ways such as converting to baht when you feel the exchange is great, and then pay a small fee to exchange for dollars. No big deal. They are providing a service so a fee of some sort is justified.

[slipperylobster]

I did it wrong.... I tried to start a monthly direct deposit to the Bank of Bangkok, here in Udon. My allotment was started and I gave the proper routing number for BBK in New york....and my account number for a dollar account here. There was some advice online not to tell your bank in Thailand that you want to do this. Fortunately, I tested the theory with only one hundred dollars. After two months, I called up the pay center in the U.S. .... The allotment went through, the money was sent, but it was stopped by BBK in New York. The money was returned, and finally deposited in my stateside account instead (3 months later). I believe banking laws in the USA are pretty stringent, especially when moving money to Thailand. Might be a simple thing for another country. I cannot see any cheap way of avoiding fees, other than exchanging dollars to baht before I leave the USA, and then depositing it in BBK New York before withdrawing it (in baht) here. ATM fees perhaps.

[Tocher]

I have a GBP account with Krungsri Bank and they offer an ATM card for withdrawals in THB. The likelyhood is that a card would also be offered for a USD account.

[hellodolly]

I did it wrong.... I tried to start a monthly direct deposit to the Bank of Bangkok, here in Udon. My allotment was started and I gave the proper routing number for BBK in New york....and my account number for a dollar account here. There was some advice online not to tell your bank in Thailand that you want to do this. Fortunately, I tested the theory with only one hundred dollars. After two months, I called up the pay center in the U.S. .... The allotment went through, the money was sent, but it was stopped by BBK in New York. The money was returned, and finally deposited in my stateside account instead (3 months later). I believe banking laws in the USA are pretty stringent, especially when moving money to Thailand. Might be a simple thing for another country. I cannot see any cheap way of avoiding fees, other than exchanging dollars to baht before I leave the USA, and then depositing it in BBK New York before withdrawing it (in baht) here. ATM fees perhaps.

Do you feel that exchanging dollars for bahts in the States will get you a better rate than doing it here?

[hellodolly]

If you are in Cambodia your ATM card will get you American dollars.

[ekamaihouse]

I have a US$ and GBP accounts with UOB, Sukhumvit 25

Not sure of the requirements coz I opened them over 10 years ago..

[sas_cars]

There are no ATM/Debit cards given for foreign currency accounts in Thailand. And about whether you can open a foreign currency account without a WP or not, I think it's highly unlikely. I heard somebody able to open such an account with Bangkok bank, which in my case some branches won't even a Baht account without a WP, let alone the foreign currency account. Anyways, it's better to go and chat with the banks whether they are willing to do it or not.

IMHO, the foreign currency accounts are a joke in thailand anways, about the functionality they offer and the restrictions which are imposed on them, and not mentioning the high costs of each and every transactions you made on them.

I don't know about the "high costs of each and every transaction you make on them". I can go into my Bangkok Bank dollar account whenever I want, move money into my baht account, and it costs me nothing. Yes, it does cost you to take it out in dollars (1%), but just don't do that. There are far cheaper ways such as converting to baht when you feel the exchange is great, and then pay a small fee to exchange for dollars. No big deal. They are providing a service so a fee of some sort is justified.

The fees I meant are Deposit and Withdrawal in foreign currency fees, Outgoing wire transfer fees which are not fixed, but in percentage amount of the total transfer amount. If you just need an account to hedge your foreign currency and convert in Baht to and fro, then that's alright, but other than that, every transaction costs a lot.

[scobie redux]

Fly to Phnom Penh and open a USD account at any bank - simple. If you want to earn some interest too, you can get a USD term deposit paying 7-8% for two years, or have a THB account for 6-7%.

The Microfinance institutions like Prasac are offering even more - up to 9% for USD for twelve months, 9.75 for riel or 8% for THB.

[slipperylobster]

I did it wrong.... I tried to start a monthly direct deposit to the Bank of Bangkok, here in Udon. My allotment was started and I gave the proper routing number for BBK in New york....and my account number for a dollar account here. There was some advice online not to tell your bank in Thailand that you want to do this. Fortunately, I tested the theory with only one hundred dollars. After two months, I called up the pay center in the U.S. .... The allotment went through, the money was sent, but it was stopped by BBK in New York. The money was returned, and finally deposited in my stateside account instead (3 months later). I believe banking laws in the USA are pretty stringent, especially when moving money to Thailand. Might be a simple thing for another country. I cannot see any cheap way of avoiding fees, other than exchanging dollars to baht before I leave the USA, and then depositing it in BBK New York before withdrawing it (in baht) here. ATM fees perhaps.

Do you feel that exchanging dollars for bahts in the States will get you a better rate than doing it here?

not at all...and not the point... it is the atm fee when i try to withdraw from the usa using an atm here. plus a lower exchage rate..at the atm here. sorry you got confused

[Tocher]

That's interesting, two hours ago I posted that Krungsri Bank offer ATM cards on foreign curreny accounts which is exactly what the OP wanted and in contradiction of the many posts stating or repeating that no ATM or Debit cards are available for such accounts.

[abrahamzvi]

There are no ATM/Debit cards given for foreign currency accounts in Thailand. And about whether you can open a foreign currency account without a WP or not, I think it's highly unlikely. I heard somebody able to open such an account with Bangkok bank, which in my case some branches won't even a Baht account without a WP, let alone the foreign currency account. Anyways, it's better to go and chat with the banks whether they are willing to do it or not.

IMHO, the foreign currency accounts are a joke in thailand anways, about the functionality they offer and the restrictions which are imposed on them, and not mentioning the high costs of each and every transactions you made on them.

If you have no WP or a retirement via, or another type of residency permit (marriage etc.) then it is easier to open a foreign currency account than a Baht one. You can't get a Credit card or an ATM card in a foreign currency in Thailand.

As far as the foreign currency account is concerned, you won't have any difficulties at the foreign Department at the HQ of the Bangkok bank in Bangkok

[phitsanulokjohn]

All the banks here seem to differ on their policies and visa requirements regarding foreign deposit accounts.Quiet confusing.

[spambot]

I have a GBP account with Krungsri Bank and they offer an ATM card for withdrawals in THB. The likelyhood is that a card would also be offered for a USD account.

That's really good info - thanks for posting - I have been trying to find a buffer account for my GBP (so as to have easy access prior to conversion - to satisfy retirement extension at immigration) - Because its difficult to identify the actually amount you might spend over a 3 month seeding period I end up converting 3 or 4 thousand GBP too much just to ensure I'm good to satisfy requirements (and at the wrong rate).

Question: Is there any Interest paid on these GBP accounts / deposits?

[Tocher]

krungsri pays the same interest as Uk banks. Therefore at the moment it's p*** poor.

I use my THB account with Krungsri as my retirement extension requirement but in the letter for Imm. they included the GBP account as well but with the balance expressed in THB.

I haven't tested it yet but I THINK Imm. will accept the GBP account for the required funds. The funds in the account are immediately available so they could. Doesn't mean they will of course.

If they do you can keep the GBP funds in tact and only convert funds to THB when you really need to. Hopefully when the THB is back to 1998 levels.......(that's the sound of me NOT holding my breath.

Im in Samui so I'll try to ask Imm. on my next extension visit.

[spambot]

Fly to Phnom Penh and open a USD account at any bank - simple. If you want to earn some interest too, you can get a USD term deposit paying 7-8% for two years, or have a THB account for 6-7%.

The Microfinance institutions like Prasac are offering even more - up to 9% for USD for twelve months, 9.75 for riel or 8% for THB.

Wow! - Really.

How can they offer these rates when US bank rates are a fraction of this?

All currency rates are set by the country central bank that the currency is from - in this case USA - So there should be (in theory) no advantage to any bank anywhere in the world collecting currency on deposit - Hence there should be very little difference between US and Cambodia rate - I am eager to understand how I can get to use this advantage i.e any web url links to the info on this advantageous rate?

Thanks in Advance.

[sas_cars]

Fly to Phnom Penh and open a USD account at any bank - simple. If you want to earn some interest too, you can get a USD term deposit paying 7-8% for two years, or have a THB account for 6-7%.

The Microfinance institutions like Prasac are offering even more - up to 9% for USD for twelve months, 9.75 for riel or 8% for THB.

Wow! - Really.

How can they offer these rates when US bank rates are a fraction of this?

All currency rates are set by the country central bank that the currency is from - in this case USA - So there should be (in theory) no advantage to any bank anywhere in the world collecting currency on deposit - Hence there should be very little difference between US and Cambodia rate - I am eager to understand how I can get to use this advantage i.e any web url links to the info on this advantageous rate?

Thanks in Advance.

Yes. Even I was amazed to read this response. I did a quick google search and indeed the banks in Cambodia are giving much higher interest rates. Beats me how come it's possible? Maybe the banks in Cambodia really need liquidity so they are willing to give this outrageous interest

[spambot]

krungsri pays the same interest as Uk banks. Therefore at the moment it's p*** poor.

I use my THB account with Krungsri as my retirement extension requirement but in the letter for Imm. they included the GBP account as well but with the balance expressed in THB.

I haven't tested it yet but I THINK Imm. will accept the GBP account for the required funds. The funds in the account are immediately available so they could. Doesn't mean they will of course.

If they do you can keep the GBP funds in tact and only convert funds to THB when you really need to. Hopefully when the THB is back to 1998 levels.......(that's the sound of me NOT holding my breath.

Im in Samui so I'll try to ask Imm. on my next extension visit.

Good post!

I have been trying to work out if this is possible - but every time I ask the question here in BKK immigration - I get different answers (what a surprise) - And its difficult to actually test the theory out in practice - since if you come up short (they do not accept) - You have a big problem to deal with and being wise (after the even) is useful info gain - But would be better to be wise before the event - The question is...How is this possible - When the info is contradictory?

[Tocher]

I have a cunning plan but it does neccessitate having excess funds.

I will get two letters from the bank, one for the GBP a/c one for the THB a/c.

I'll offer the GBP one first and if they accept it and I get my extension, I'll go home a happy bunny.

If they don't I'll whip out the THB letter and go home a not quite so happy bunny and will have to move funds from my GBP a/c to my THB a/c before I would otherwise want to.

The only downside is a one off payment of 200 Bt for the additional letter from Krungsri.

I could easily make that back and much, much more if I delay converting funds 'til they reach the dizzying heights of 1998 again.

Why is everyone laughing???

[Tocher]

krungsri pays the same interest as Uk banks. Therefore at the moment it's p*** poor.

I use my THB account with Krungsri as my retirement extension requirement but in the letter for Imm. they included the GBP account as well but with the balance expressed in THB.

I haven't tested it yet but I THINK Imm. will accept the GBP account for the required funds. The funds in the account are immediately available so they could. Doesn't mean they will of course.

If they do you can keep the GBP funds in tact and only convert funds to THB when you really need to. Hopefully when the THB is back to 1998 levels.......(that's the sound of me NOT holding my breath.

Im in Samui so I'll try to ask Imm. on my next extension visit.

Good post!

I have been trying to work out if this is possible - but every time I ask the question here in BKK immigration - I get different answers (what a surprise) - And its difficult to actually test the theory out in practice - since if you come up short (they do not accept) - You have a big problem to deal with and being wise (after the even) is useful info gain - But would be better to be wise before the event - The question is...How is this possible - When the info is contradictory?

[Bababooey]

I have a situation where I'll be receiving a paper check in Thailand denominated in dollars or euros. This will happen once or twice a year and for rather small amounts, a few hundred dollars/euros.

I would like to deposit these checks into a baht account at Kasikorn.

It's fine with me if there is a long delay before my account is credited. I just need an easy way to cash these checks in Thailand with hopefully not a big service fee.

So, will I be able to deposit these checks in my Kasikorn baht account or must I look for an alternative solution?

[sas_cars]

I have a situation where I'll be receiving a paper check in Thailand denominated in dollars or euros. This will happen once or twice a year and for rather small amounts, a few hundred dollars/euros.

I would like to deposit these checks into a baht account at Kasikorn.

It's fine with me if there is a long delay before my account is credited. I just need an easy way to cash these checks in Thailand with hopefully not a big service fee.

So, will I be able to deposit these checks in my Kasikorn baht account or must I look for an alternative solution?

Yes, you should be able to deposit these in your baht account. Usually takes 3-4 weeks to clear and a nominal fee is charged. Guess maybe 200-300 THB.