Is it possible to open a U.S. Dollar account in Thailand

[buck99]

I would like to open a U.S. Dollar account in Thailand. Is it possible? If so, where?

[mesquite]

Yes. Look at the Bangkok Bank website for details.

[chiang mai]

All the major banks offer mutli-currency accounts of one type or another, Bangkok Bank certainly offers USD accounts.

But be aware these accounts come at a cost. There is no charge to deposit USD or to convert the USD to THB but there is a charge if the funds are left in USD or transferred out as USD - there is also an annual charge.

[ubonjoe]

Move to the business and banking forum.

[IMA_FARANG]

Many years ago I had a U.S. dollar account in Thailand through the then Chase Manhattan Bank of New York branch here in Bangkok..

Don't think that is possible now with any bank.

Anyhow, there were and probably still would be restrictions on withdrawing funds in Thailand in dollars.

As I recall (it was a long time ago) I could deposit funds in dollars but only withdraw funds in Thailand in Thai baht.

And any funds I wanted to transfer out of country needed a tax form from the Thai government to transfer out of country.

That was a long time back though, 1990 or 1991.

[chiang mai]

Many years ago I had a U.S. dollar account in Thailand through the then Chase Manhattan Bank of New York branch here in Bangkok..

Don't think that is possible now with any bank.

Anyhow, there were and probably still would be restrictions on withdrawing funds in Thailand in dollars.

As I recall (it was a long time ago) I could deposit funds in dollars but only withdraw funds in Thailand in Thai baht.

And any funds I wanted to transfer out of country needed a tax form from the Thai government to transfer out of country.

That was a long time back though, 1990 or 1991.

The rules have been liberalized since then, it's now quite straight forward to move currency in and out and exchange at will, the only question is the cost. But actually, it's quite cost effective and very efficient for an American say to transfer USD from the US via Bangkok Bank New York using ACH and have those funds deposited in Thailand in a USD account, as long as they don't plan to transfer USD back out again.

Edited September 29, 2014 by chiang mai

[AyG]

The Krung Sri foreign deposit accounts come with a card which can be used to make withdrawals (in local currency) at ATMs. I believe this is the only Thai bank which offers this facility.

[buck99]

Many years ago I had a U.S. dollar account in Thailand through the then Chase Manhattan Bank of New York branch here in Bangkok..

Don't think that is possible now with any bank.

Anyhow, there were and probably still would be restrictions on withdrawing funds in Thailand in dollars.

As I recall (it was a long time ago) I could deposit funds in dollars but only withdraw funds in Thailand in Thai baht.

And any funds I wanted to transfer out of country needed a tax form from the Thai government to transfer out of country.

That was a long time back though, 1990 or 1991.

The rules have been liberalized since then, it's now quite straight forward to move currency in and out and exchange at will, the only question is the cost. But actually, it's quite cost effective and very efficient for an American say to transfer USD from the US via Bangkok Bank New York using ACH and have those funds deposited in Thailand in a USD account, as long as they don't plan to transfer USD back out again.

My thoughts were to transfer dollars in and take dollars out. But after reading the BKK Bank web site and the replays here, it doesn't sound that it works that way. Do all withdraws need to be in Thai Baht?

[chiang mai]

Many years ago I had a U.S. dollar account in Thailand through the then Chase Manhattan Bank of New York branch here in Bangkok..

Don't think that is possible now with any bank.

Anyhow, there were and probably still would be restrictions on withdrawing funds in Thailand in dollars.

As I recall (it was a long time ago) I could deposit funds in dollars but only withdraw funds in Thailand in Thai baht.

And any funds I wanted to transfer out of country needed a tax form from the Thai government to transfer out of country.

That was a long time back though, 1990 or 1991.

The rules have been liberalized since then, it's now quite straight forward to move currency in and out and exchange at will, the only question is the cost. But actually, it's quite cost effective and very efficient for an American say to transfer USD from the US via Bangkok Bank New York using ACH and have those funds deposited in Thailand in a USD account, as long as they don't plan to transfer USD back out again.

My thoughts were to transfer dollars in and take dollars out. But after reading the BKK Bank web site and the replays here, it doesn't sound that it works that way. Do all withdraws need to be in Thai Baht?

Conversion from USD to THB is the most cost effective, you can of course convert to any other currency but that would probably be a double exchange since you would have to convert to THB first. And if you do decide to withdraw USD, you will pay a fee in lieu of the exchange rate as well as the annual fee.

[Pib]

Well, I was almost ready to ask what exchange rate is used when doing the USD to THB conversion from a FCD account because after a few minutes of surfing on the Bangkok Bank website I couldn't find the answer. But just before hitting the post button to ask the question I found the answer on the Bangkok Bank website where it says:

Which rate does the bank use to convert foreign currencies to baht?
Bangkok Bank uses the “Buying TT Rate” as shown on the table of our daily’s exchange rate. To see the latest exchange rate, please click here.

So, the same rate is used as for incoming wire transfers. Just FYI in case anyone else was wondering. And here's the Bankgok Bank webpage that provides some frequently asked questions about their FCD. Link The Q&As at the link do a pretty job of covering the associated fees.

Edited September 29, 2014 by Pib

[Misterwhisper]

I opened a USD account a few years ago at my house bank KasikornBank without any problems. But I could present a valid work permit. I'm not sure if it would've been so easy without one.

However, the fees are rather high.

When I withdrew USD2,000 in cash in early September, I was hit with a flat fee of 1,000 Baht.

When I deposited today about USD1,500 IN CASH, I again was charged a fee, this time 500 Baht.

The bank also charges a monthly maintenance fee, something that does not exist with a savings account in local currency.

Yet I still like the convenience of being able to withdraw cash USD when I need them for business trips abroad, etc.

[Naam]

I opened a USD account a few years ago at my house bank KasikornBank without any problems. But I could present a valid work permit. I'm not sure if it would've been so easy without one.

However, the fees are rather high.

When I withdrew USD2,000 in cash in early September, I was hit with a flat fee of 1,000 Baht.

When I deposited today about USD1,500 IN CASH, I again was charged a fee, this time 500 Baht.

The bank also charges a monthly maintenance fee, something that does not exist with a savings account in local currency.

Yet I still like the convenience of being able to withdraw cash USD when I need them for business trips abroad, etc.

deposit or withdraw peanuts and you are hit with a relatively high percentage of cost. that you need a work permit to open a foreign currency account with Kasikorn or Siam Commercia is a fairy tale.

[srchino]

Easy to open, easy to get milked by the bank where you put your USD

[stoli]

I have a USD account with Bangkok Bank. There is a charge for sending money into this account, which I believe is maxed out at 500 baht, so no big deal. However, to take USD out of this account will cost you 1%, which is ridiculous. Be careful on how you want to use it. If you just want to exchange USD to Thai baht at your leisure, it works well. I believe they just lowered their minimum from $1,000 to $500, but this may be temporary. As the Manager from Bangkok explained to me in Pattaya, and made my eyebrows rise, was "We are not in the money business". Obviously, she was telling me that they are in the profit business.

[Naam]

I have a USD account with Bangkok Bank. There is a charge for sending money into this account, which I believe is maxed out at 500 baht, so no big deal. However, to take USD out of this account will cost you 1%, which is ridiculous. Be careful on how you want to use it. If you just want to exchange USD to Thai baht at your leisure, it works well. I believe they just lowered their minimum from $1,000 to $500, but this may be temporary. As the Manager from Bangkok explained to me in Pattaya, and made my eyebrows rise, was "We are not in the money business". Obviously, she was telling me that they are in the profit business.

of course banks are in the "profit business". what do you expect? welfare? if you need Dollars then you need Dollars. period!

you either pay your 1% fee if you have a Dollar account which is not more than what you pay changing cash Baht into cash Dollars.

[ozsamurai]

Citibank Thailand offers this

[Pib]

I have a USD account with Bangkok Bank. There is a charge for sending money into this account, which I believe is maxed out at 500 baht, so no big deal. However, to take USD out of this account will cost you 1%, which is ridiculous. Be careful on how you want to use it. If you just want to exchange USD to Thai baht at your leisure, it works well. I believe they just lowered their minimum from $1,000 to $500, but this may be temporary. As the Manager from Bangkok explained to me in Pattaya, and made my eyebrows rise, was "We are not in the money business". Obviously, she was telling me that they are in the profit business.

of course banks are in the "profit business". what do you expect? welfare? if you need Dollars then you need Dollars. period!

you either pay your 1% fee if you have a Dollar account which is not more than what you pay changing cash Baht into cash Dollars.

Hard to escape many bank fees...trying to avoid fee X may cause fee Y to be charged instead...try to avoid fee Y and then fee Z gets you. Preaching to the choir I know.

It's almost like the Whac-A-Mole game...you are the mole trying to popup in a new hole to avoid a fee but the bank is waiting on your with their fee mallet.

Whac-A-Mole is a popular arcade redemption game invented in 1976 by Aaron Fechter of Creative Engineering, Inc..

A typical Whac-A-Mole machine consists of a large, waist-level cabinet with five holes in its top and a large, soft, black mallet. Each hole contains a single plastic mole and the machinery necessary to move it up and down. Once the game starts, the moles will begin to pop up from their holes at random. The object of the game is to force the individual moles back into their holes by hitting them directly on the head with the mallet, thereby adding to the player's score. The quicker this is done the higher the final score will be.

[ChomDo]

I noticed this topic is very old but my questions is that can a Thai person open an USD account or only foreigners? 

[drbeach]

On 9/29/2014 at 6:07 PM, Misterwhisper said:

I opened a USD account a few years ago at my house bank KasikornBank without any problems. But I could present a valid work permit. I'm not sure if it would've been so easy without one.

However, the fees are rather high.

When I withdrew USD2,000 in cash in early September, I was hit with a flat fee of 1,000 Baht.

When I deposited today about USD1,500 IN CASH, I again was charged a fee, this time 500 Baht.

The bank also charges a monthly maintenance fee, something that does not exist with a savings account in local currency.

Yet I still like the convenience of being able to withdraw cash USD when I need them for business trips abroad, etc.

Once the airports open up again for normal travel, I suggest you open an SCB account (just a normal THB account will do fine) and then you'll be able to withdraw USD, EUR or GBP from their ATMS in the airside section of the airport (at least Suvarnabhumi). No fees are applied, you get the same exchange rate as for cash at their exchange booths. Convenient option if you can't find the time to seek out a currency exchange booth before your travel.

Edited July 3, 2020 by drbeach