Keeping foreign currency in a Thai bank?

[Shurup]

Is it possible to open a foreign currency account in a Thai bank? In particular the CAD. Need to be able to withdraw the same currency. Any of the Thai banks does this?

The issue I'm having is the exchange rates. My business invoices are in USD, I keep the USD in the USD account and transfer to CAD account when exchange rate is good (and it's good now), but when it gets better, the CAD to THB gets worse.

I always bring cash CAD on my frequent travels back to Canada. My wife keeps it and exchanges at Vasu when exchange rate is good, then we keep it in our THB account. If it's not good we only change as much as we need for our immediate needs and keep the rest in CAD.

Needless to say the CAD to THB rates were bad for a little while now and by the look of it, it's not getting better soon. We have a sum of CAD accumulated on us and I don't feel it's safe to keep it under the pillow or carry it in the wife's bag all the time so looking for an option of keeping the CAD in a bank in Thailand, then withdraw and exchange when it's convenient.

Another option would be a safety deposit box. Which bank in Thailand have that and how safe are they here?

Sent from a Nuclear Submarine.

[Misterwhisper]

You can open a foreign currency account in most major currencies at Kasikorn Bank provided you have a work permit, retirement visa or residency permit.

It's possible to receive CAD into that account and also withdraw CAD in cash (if you withdraw from a small bank branch they may have to order the cash from the HQ first, though). However, it is NOT possible to deposit Thai Baht into such an account and have it converted into CAD.

[Shurup]

Thanks, no I wasn't planning to deposit THB and withdraw CAD from that account, only CAD in - CAD out. My wife and I already have an account in Kasikorn bank so we will ask the manager next time us or her are in.

Any comments on the safety deposit boxes?

[sas_cars]

The foreign currency accounts in Thailand are a Joke. To deposit CAD cash in a CAD account, you have to pay 1 % of actual depositing amount as a fee, and same fees goes when you withdraw your CAD in CAD. So effectively, by depositing and withdrawing your CAD, you lose 2 % of them. Safety deposit box maybe a better bet for you, I guess major branches of major banks will surely have those.

[Dork]

As sas_cars says FCD accounts at Thai banks are clunky and expensive. It's also very irritating to have funds transferred into your account from abroad and then have the bank demand various documents to send your money out again.

Not sure whether it would be workable for you to have your customers pay into a HK account but it might be a good option for you. If you open a multi currency account at HSBC in HK, any transfers that you receive remain in the sending currency. You can then switch currencies instantly online.

Any time you need some THB in Thailand, just make an online transfer to your Kasikorn account. If you make the transfer in the morning the funds will be available in your KBank account within a couple of hours - sometimes as little as 20 minutes.

[h90]

The foreign currency accounts in Thailand are a Joke. To deposit CAD cash in a CAD account, you have to pay 1 % of actual depositing amount as a fee, and same fees goes when you withdraw your CAD in CAD. So effectively, by depositing and withdrawing your CAD, you lose 2 % of them. Safety deposit box maybe a better bet for you, I guess major branches of major banks will surely have those.

I actually have a lot customer paying in USD or Euro and I pay a lot invoices in Euro.

Could our company open an Euro account and transfer Euro from it without some crazy fees?