Foreign Currency Accounts

[chris2004]

I did a quick search but just wondered what the current situation is regarding FCAs. I intend to transfer a largish sum in Sterling but obviously want the best baht rate i can get. 51 at the moment but maybe it will rise (ever the optimist). Can i transfer the Sterling now into a FCA and change to baht at some future date. What charges if any are applied (it seemed Kasikorn charges a lot) and what interest if any would one get on the deposit. I could leave it in the UK but can only get silly low interest.

Thanks for any information for current FCA users.

[Misterwhisper]

I hold an FCA in both USD and EUR at Kasikorn Bank. There are no charges for withdrawing THB (applying the exchange rate valid on the day). However, there are quite high charges for withdrawing cash USD or EUR (1,000 Baht minimum) and I have to notify my branch a couple of days in advance so they can order the banknotes from the head office. They currently only pay 2% interest on FCAs every 6 months.

[Simon1985]

I hold an FCA in both USD and EUR at Kasikorn Bank. There are no charges for withdrawing THB (applying the exchange rate valid on the day). However, there are quite high charges for withdrawing cash USD or EUR (1,000 Baht minimum) and I have to notify my branch a couple of days in advance so they can order the banknotes from the head office. They currently only pay 2% interest on FCAs every 6 months.

What's the minimum balances you need to keep in the USD and EUR Accounts without incurring a monthly charge?

[Misterwhisper]

The minimum balance of my USD account at Kasikorn Bank is $5,000. If it falls below that the bank charges a "maintenance fee" of $10 per month.

I am not sure about the EUR account. Never bothered to ask.

[Simon1985]

I hold an FCA in both USD and EUR at Kasikorn Bank. There are no charges for withdrawing THB (applying the exchange rate valid on the day). However, there are quite high charges for withdrawing cash USD or EUR (1,000 Baht minimum) and I have to notify my branch a couple of days in advance so they can order the banknotes from the head office. They currently only pay 2% interest on FCAs every 6 months.

When you go into the branch and exchange $US Dollars into Baht from your Foreign Currency Accounts, can you withdraw the Baht the same day.

[falang07]

It would be better not to withdraw Baht in cash but rather transfer to a Baht account since then you would get a better exchange rate.

[Simon1985]

It would be better not to withdraw Baht in cash but rather transfer to a Baht account since then you would get a better exchange rate.

That's what I planned to do, just interested to find out if you can withdraw Baht that day.

[Misterwhisper]

I hold an FCA in both USD and EUR at Kasikorn Bank. There are no charges for withdrawing THB (applying the exchange rate valid on the day). However, there are quite high charges for withdrawing cash USD or EUR (1,000 Baht minimum) and I have to notify my branch a couple of days in advance so they can order the banknotes from the head office. They currently only pay 2% interest on FCAs every 6 months.

When you go into the branch and exchange $US Dollars into Baht from your Foreign Currency Accounts, can you withdraw the Baht the same day.

Yes, you receive the exchanged Baht amount right away at the bank counter, just like you would withdraw cash from your local THB account.

Another poster noted that you'd receive a better exchange rate if you transferred an amount in Baht from your USD FCA to your THB account. That is not true. The same exchange rate is applied regardless whether you have the money transferred into your THB account or withdraw it in cash immediately. At least that's the case at Kasikorn Bank. Perhaps other banks follow a different policy. The exchange rate applied is the buying rate (the bank buys US$ from you in exchange for THB) displayed on the day of the transaction.

But another thing perhaps worth mentioning: I recently returned from an overseas trip and still had a lot of cash USD, which I wanted to deposit into my USD FCA. I was surprised that I was charged around THB 1,000 for that. I mean, it was CASH USD that I wished to deposit into my OWN account held in that exact same currency.

[Simon1985]

I hold an FCA in both USD and EUR at Kasikorn Bank. There are no charges for withdrawing THB (applying the exchange rate valid on the day). However, there are quite high charges for withdrawing cash USD or EUR (1,000 Baht minimum) and I have to notify my branch a couple of days in advance so they can order the banknotes from the head office. They currently only pay 2% interest on FCAs every 6 months.

When you go into the branch and exchange $US Dollars into Baht from your Foreign Currency Accounts, can you withdraw the Baht the same day.

Yes, you receive the exchanged Baht amount right away at the bank counter, just like you would withdraw cash from your local THB account.

Another poster noted that you'd receive a better exchange rate if you transferred an amount in Baht from your USD FCA to your THB account. That is not true. The same exchange rate is applied regardless whether you have the money transferred into your THB account or withdraw it in cash immediately. At least that's the case at Kasikorn Bank. Perhaps other banks follow a different policy. The exchange rate applied is the buying rate (the bank buys US$ from you in exchange for THB) displayed on the day of the transaction.

But another thing perhaps worth mentioning: I recently returned from an overseas trip and still had a lot of cash USD, which I wanted to deposit into my USD FCA. I was surprised that I was charged around THB 1,000 for that. I mean, it was CASH USD that I wished to deposit into my OWN account held in that exact same currency.

Thanks for the info.

[falang07]

Are you sure? Take a look at http://www.kasikornbank.com/EN/RatesAndFees/ForeignExchange/Pages/ForeignExchange.aspx, there is a big difference between the BANK NOTES and TELEX TRANSFER, almost one Baht in case of every USD.

Another poster noted that you'd receive a better exchange rate if you transferred an amount in Baht from your USD FCA to your THB account. That is not true. The same exchange rate is applied regardless whether you have the money transferred into your THB account or withdraw it in cash immediately. At least that's the case at Kasikorn Bank. Perhaps other banks follow a different policy. The exchange rate applied is the buying rate (the bank buys US$ from you in exchange for THB) displayed on the day of the transaction.

[falang07]

Also, make sure you check the withdrawal fees. Cash withdrawal from FCD in SCB Bank is 2%, transfer to another account is 0,5%, no maximum fee! Kasikorn is 50% cheaper (or SCB is 100% more expensive) at 1%/0.25%, no maximum fee either.

[Misterwhisper]

Are you sure? Take a look at http://www.kasikornbank.com/EN/RatesAndFees/ForeignExchange/Pages/ForeignExchange.aspx, there is a big difference between the BANK NOTES and TELEX TRANSFER, almost one Baht in case of every USD.

Another poster noted that you'd receive a better exchange rate if you transferred an amount in Baht from your USD FCA to your THB account. That is not true. The same exchange rate is applied regardless whether you have the money transferred into your THB account or withdraw it in cash immediately. At least that's the case at Kasikorn Bank. Perhaps other banks follow a different policy. The exchange rate applied is the buying rate (the bank buys US$ from you in exchange for THB) displayed on the day of the transaction.

And you think that I am really oh so concerned about an exchange rate difference of +/- 1 Baht for every USD? I am not. In my opinion the convenience to have funds in USD (or EUR) and withdraw cash in either THB or USd or EUR weighs up for this. I am not pinching every single Baht, but established my FCAs for convenience, and even if it costs me a little bit, it's still alright.

[Misterwhisper]

Also, make sure you check the withdrawal fees. Cash withdrawal from FCD in SCB Bank is 2%, transfer to another account is 0,5%, no maximum fee! Kasikorn is 50% cheaper (or SCB is 100% more expensive) at 1%/0.25%, no maximum fee either.

Last time when I withdrew 2,000 EUR for a business trip, Kasikorn Bank charged me around 1,200 Baht. That's less than 50 EUR for the convenience of taking EUR on my trip instead of THB. I am content.