Is it possible to open a foreign currency bank account in thailand?

[Sandman77]

In U.S. dollar pounds or any other currency?

How high are the yearly fees in thailand?or is it not possible?

[topt]

Yes - here is most recent thread - http://www.thaivisa.com/forum/topic/786679-foreign-currency-accounts/?p=8866055&hl=%2Bforeign+%2Bcurrency+%2Bdeposit+%2Baccounts

If you do a search it comes up fairly often

[jacko45k]

Yes it is possible.

[rotary]

Lots of past post on this but be warned with the hassle and extra cost it may not be worth it.

[richardlg]

I opened an AUD foreign currency account with Kasikornbank late last year but haven't used it.

Interest rate at the time was 2.3% pa.

Fees were 1% on deposits + 1% on withdrawals + the standard 15% of interest earned.

Reason I haven't used account is as follows:

Deposit $100 for 1 year and earn interest of $2.30

fees deposit $1.00

withdraw $1.00

Tax .36 (15% of $2.30)

Total fees $2.36

Add to that the falling value of the AUD and I decided to give it a miss.

[LALes]

I have a US dollar account with Bangkok Bank. I also have a baht account. I can move money from one to the other

with the click of a mouse on the internet. When the exchange rate is good, I move some dollars over to baht.

I don't keep much in the Dollar account (a few thousand) because they charge 1% to take out or put in.

There is a minimum 500 baht per transaction. I need to have access to some USD when I go to the States and this

works for me. Also, you can only withdraw USD from the major branch on Silom in BKK and 2nd Road in Pattaya.

[Postmaster]

Like LALes, I have an International Account with the Bangkok Bank to receive £ Sterling from England. However it is laying dormant and I have not used it for the same reason as richardlg has outlined : the charges. Bangkok Bank have a branch in London, UK and I find it more convenient just to do a UK interbank sterling transfer from my RBS Account in the UK to the Bangkok Bank in London who deposit it within 24 hours in my Thai Bangkok Bank Branch here in Thai Baht. The total charges are no more than £25 Sterling in total and the Bangkok Bank's bank exchange rate, though not as good as the best Exchange companies is still reasonable/acceptable.

[doublephil]

My experience is that although - in theory - it is relatively easy to open a FCD account - in practice - finding a branch that is capable of opening one is difficult - and finding a branch where you can actually make a deposit or withdrawal is almost impossible. For example - Kasikorn website lists 3 branches in Chiang Mai with FCD facilities - but only 1 branch is actually capable - as my son found out recently - and he had to go to 5 of the listed branches in BKK to find one that was actually capable. I have similar experience with Bangkok Bank. The problem is staff ignorance and lack of training - as well as mis-information on the banks' websites

[IMA_FARANG]

Yes it is possible, but be sure you talk to someone at the bank BEFORE you decide to open such an account about any restrictions on taking money out of Thailand in Dollars.

There may be restrictions on taking money out in Dollars with such an account, so be sure you ask first about tax regulations.

In other words be absolutely sure dollars you bring in as dollars are not subject to a fee in taking them back out of country as dollars before you deposit your money.

[Pib]

I have a US dollar account with Bangkok Bank. I also have a baht account. I can move money from one to the other

with the click of a mouse on the internet. When the exchange rate is good, I move some dollars over to baht.

I don't keep much in the Dollar account (a few thousand) because they charge 1% to take out or put in.

There is a minimum 500 baht per transaction. I need to have access to some USD when I go to the States and this

works for me. Also, you can only withdraw USD from the major branch on Silom in BKK and 2nd Road in Pattaya.

It's only 1% to deposit or withdraw foreign notes/coins, right? Like you hand carried the money over and then went to the bank to deposit or withdraw foreign currency.

But for a wired/SWIFT deposit it's less. According to the Bangkok Bank FCD fee schedule at this Link it 0.25% (Bt200 min, Bt500 max) to receive wired/SWIFTed funds into the foreign currency account (i.e., the standard receiving fee) and then a withdrawal fee for converting to baht a fee of 0.25% with a minimum of Bt500 and no limit on the max. Partial quote from the Link below.

Seems actually having the foreign currency "in-hand" is when the 1% fee bites you. But if just having a foreign currency account to wire funds into and then convert to baht when the rates are good then the fee structure is much lower, right?

[nahkit]

I opened a US$ account at my local Bangkok Bank branch without any problems but was told I would have to wait for about a week to receive the passbook as the paperwork had to be sent to Bangkok. I said no problem but as I work outside the country I may not be around to pick it up for a while. No problem says the bank employee.

That was in July. In late October, I went to pick the passbook up and after 45 minutes of rooting around and coming up with nothing I was told that I needed to speak to the employee who did the original paperwork and that he was at lunch.

I came back an hour later, talked to the employee and he said maybe they posted it to my house and it had gone missing. I had specifically asked that it be collected and not posted (and he agreed and said that was noted on my application) but that was the only reason he could think of. He then said he would order a replacement passbook.

I finally got my passbook on November 28th and it showed my $2,000 initial deposit as having been made on the 27th of November despite my having a deposit receipt slip showing I opened the account on the 15th of July.

I still cant help wondering if it was all just a genuine mix-up or whether he pocketed my money thinking I might not come back for it when I told him I worked abroad.

[glasswort]

Quite simply, Yes. Just go into a bank and find out. Why do people keep asking the same old, often inane, questions on T.V.?

[glasswort]

I opened a US$ account at my local Bangkok Bank branch without any problems but was told I would have to wait for about a week to receive the passbook as the paperwork had to be sent to Bangkok. I said no problem but as I work outside the country I may not be around to pick it up for a while. No problem says the bank employee.

That was in July. In late October, I went to pick the passbook up and after 45 minutes of rooting around and coming up with nothing I was told that I needed to speak to the employee who did the original paperwork and that he was at lunch.

I came back an hour later, talked to the employee and he said maybe they posted it to my house and it had gone missing. I had specifically asked that it be collected and not posted (and he agreed and said that was noted on my application) but that was the only reason he could think of. He then said he would order a replacement passbook.

I finally got my passbook on November 28th and it showed my $2,000 initial deposit as having been made on the 27th of November despite my having a deposit receipt slip showing I opened the account on the 15th of July.

I still cant help wondering if it was all just a genuine mix-up or whether he pocketed my money thinking I might not come back for it when I told him I worked abroad.

".....whether he pocketed my money thinking I might not come back for it when I told him I worked abroad".

A quantum leap and a very serious accusation!!!

[Sandman77]

Thx for info!

Is it possible to open a account in any foreign currency?

Or only pounds euro or dollar?

We have only Bangkok bank here so I have to find out the fees similar to kasikorn?

[Anon999]

YES BKK bank have them in various currencies: http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

[HerbalEd]

Quite simply, Yes. Just go into a bank and find out. Why do people keep asking the same old, often inane, questions on T.V.?

They do so because they are new to the TV.com and it's a commonly asked question. If the subject is so "inane" then why do you take the trouble to read it and post your "inane" comment. You don't have to, you know. When you see the subject just move on.

[akentryan]

Experienced a pleasant wire transfer from the USA. I have an account with Chase in the USA. I had previously registered Bankok Bank as an External Account. Went on-line at Chase and transferred $15K to my Bangkok Bank account. The money was in my Bangkok Bank account at 10:00 am today. The exchange rate was 32.34 baht (net) to the dollar which I consider pretty good. Money transferred in less than 24 hours. I think Chase charges a flat rate of $20 per transfer.

[nickcar]

I have a US dollar account with Bangkok Bank. I also have a baht account. I can move money from one to the other

with the click of a mouse on the internet. When the exchange rate is good, I move some dollars over to baht.

I don't keep much in the Dollar account (a few thousand) because they charge 1% to take out or put in.

There is a minimum 500 baht per transaction. I need to have access to some USD when I go to the States and this

works for me. Also, you can only withdraw USD from the major branch on Silom in BKK and 2nd Road in Pattaya.

It's only 1% to deposit or withdraw foreign notes/coins, right? Like you hand carried the money over and then went to the bank to deposit or withdraw foreign currency.

Capture2.JPG

But for a wired/SWIFT deposit it's less. According to the Bangkok Bank FCD fee schedule at this Link it 0.25% (Bt200 min, Bt500 max) to receive wired/SWIFTed funds into the foreign currency account (i.e., the standard receiving fee) and then a withdrawal fee for converting to baht a fee of 0.25% with a minimum of Bt500 and no limit on the max. Partial quote from the Link below.

Capture.JPG

Seems actually having the foreign currency "in-hand" is when the 1% fee bites you. But if just having a foreign currency account to wire funds into and then convert to baht when the rates are good then the fee structure is much lower, right?

Correction. There is no charge for transferring money from your foreign account into your baht account. This is certainly true for my australian dollar account. I was puzzled at your remarks so checked with the bank. No charge. Converted at their exchange rate.

[topt]

Quite simply, Yes. Just go into a bank and find out. Why do people keep asking the same old, often inane, questions on T.V.?

They do so because they are new to the TV.com and it's a commonly asked question. If the subject is so "inane" then why do you take the trouble to read it and post your "inane" comment. You don't have to, you know. When you see the subject just move on.

Don't disagree with the generalisation - except the OP here has been around for a number of years......

[topt]

I have a US dollar account with Bangkok Bank. I also have a baht account. I can move money from one to the other

with the click of a mouse on the internet. When the exchange rate is good, I move some dollars over to baht.

I don't keep much in the Dollar account (a few thousand) because they charge 1% to take out or put in.

There is a minimum 500 baht per transaction. I need to have access to some USD when I go to the States and this

works for me. Also, you can only withdraw USD from the major branch on Silom in BKK and 2nd Road in Pattaya.

It's only 1% to deposit or withdraw foreign notes/coins, right? Like you hand carried the money over and then went to the bank to deposit or withdraw foreign currency.

Capture2.JPG

But for a wired/SWIFT deposit it's less. According to the Bangkok Bank FCD fee schedule at this Link it 0.25% (Bt200 min, Bt500 max) to receive wired/SWIFTed funds into the foreign currency account (i.e., the standard receiving fee) and then a withdrawal fee for converting to baht a fee of 0.25% with a minimum of Bt500 and no limit on the max. Partial quote from the Link below.

Capture.JPG

Seems actually having the foreign currency "in-hand" is when the 1% fee bites you. But if just having a foreign currency account to wire funds into and then convert to baht when the rates are good then the fee structure is much lower, right?

Correction. There is no charge for transferring money from your foreign account into your baht account. This is certainly true for my australian dollar account. I was puzzled at your remarks so checked with the bank. No charge. Converted at their exchange rate.

Agreed - same for SCB and $US accounts

[Pib]

I have a US dollar account with Bangkok Bank. I also have a baht account. I can move money from one to the other

with the click of a mouse on the internet. When the exchange rate is good, I move some dollars over to baht.

I don't keep much in the Dollar account (a few thousand) because they charge 1% to take out or put in.

There is a minimum 500 baht per transaction. I need to have access to some USD when I go to the States and this

works for me. Also, you can only withdraw USD from the major branch on Silom in BKK and 2nd Road in Pattaya.

It's only 1% to deposit or withdraw foreign notes/coins, right? Like you hand carried the money over and then went to the bank to deposit or withdraw foreign currency.

Capture2.JPG

But for a wired/SWIFT deposit it's less. According to the Bangkok Bank FCD fee schedule at this Link it 0.25% (Bt200 min, Bt500 max) to receive wired/SWIFTed funds into the foreign currency account (i.e., the standard receiving fee) and then a withdrawal fee for converting to baht a fee of 0.25% with a minimum of Bt500 and no limit on the max. Partial quote from the Link below.

Capture.JPG

Seems actually having the foreign currency "in-hand" is when the 1% fee bites you. But if just having a foreign currency account to wire funds into and then convert to baht when the rates are good then the fee structure is much lower, right?

Correction. There is no charge for transferring money from your foreign account into your baht account. This is certainly true for my australian dollar account. I was puzzled at your remarks so checked with the bank. No charge. Converted at their exchange rate.

Yea, in those references above I wasn't talking "converting to baht" but when actually depositing/withdrawing "in the foreign currency" since at least one poster said he got the foreign currency for certain needs like when traveling. The Note at the Link I gave above says it's free to convert from the foreign currency to baht but that wasn't my question about fees and exchange rate.

But when the conversion to baht does occur a particular exchange rate will be used. I was curious as to what rate they used. Since various exchange rates apply depending on the money instrument or method of receipt, where you say "converted at their exchange rate" do you know if the used the TT Buying Rate or Notes Buying Rate....quite a bit of difference between the two rates like as of this posting their TT Buying Rate was 32.48/USD but the Notes Buying Rate 32.23/USD which is 0.75% lower than the TT Buying Rate used for wire transfers. Saying "converted at their rate" is not specific as to what rate they use.

If I had to guess I would guess the TT Buying Rate since it's basically an internal bank electronic transfer from the foreign currency account to a baht account compared to actually exchanging paper Notes to baht which is a manual process and a person gets a lower rate. I couldn't find on the Bangkok Bank website which said what exchange rate they used...TT Buying Rate, Notes Buying Rate, or maybe (but unlikely) even the Sight Bill Buying Rate, etc. That's the only question still unanswered in my mind....maybe the answer in on their website somewhere but I just can't find it...if it was a snake it would bite me. Cheers.

[salavan]

I have a US dollar account with Bangkok Bank. I also have a baht account. I can move money from one to the other

with the click of a mouse on the internet. When the exchange rate is good, I move some dollars over to baht.

I don't keep much in the Dollar account (a few thousand) because they charge 1% to take out or put in.

There is a minimum 500 baht per transaction. I need to have access to some USD when I go to the States and this

works for me. Also, you can only withdraw USD from the major branch on Silom in BKK and 2nd Road in Pattaya.

It's only 1% to deposit or withdraw foreign notes/coins, right? Like you hand carried the money over and then went to the bank to deposit or withdraw foreign currency.

Capture2.JPG

But for a wired/SWIFT deposit it's less. According to the Bangkok Bank FCD fee schedule at this Link it 0.25% (Bt200 min, Bt500 max) to receive wired/SWIFTed funds into the foreign currency account (i.e., the standard receiving fee) and then a withdrawal fee for converting to baht a fee of 0.25% with a minimum of Bt500 and no limit on the max. Partial quote from the Link below.

Capture.JPG

Seems actually having the foreign currency "in-hand" is when the 1% fee bites you. But if just having a foreign currency account to wire funds into and then convert to baht when the rates are good then the fee structure is much lower, right?

are you sure , when i convert pounds to baht its transfered to my baht saving account and i havent as yet had a fee

[nahkit]

I opened a US$ account at my local Bangkok Bank branch without any problems but was told I would have to wait for about a week to receive the passbook as the paperwork had to be sent to Bangkok. I said no problem but as I work outside the country I may not be around to pick it up for a while. No problem says the bank employee.

That was in July. In late October, I went to pick the passbook up and after 45 minutes of rooting around and coming up with nothing I was told that I needed to speak to the employee who did the original paperwork and that he was at lunch.

I came back an hour later, talked to the employee and he said maybe they posted it to my house and it had gone missing. I had specifically asked that it be collected and not posted (and he agreed and said that was noted on my application) but that was the only reason he could think of. He then said he would order a replacement passbook.

I finally got my passbook on November 28th and it showed my $2,000 initial deposit as having been made on the 27th of November despite my having a deposit receipt slip showing I opened the account on the 15th of July.

I still cant help wondering if it was all just a genuine mix-up or whether he pocketed my money thinking I might not come back for it when I told him I worked abroad.

".....whether he pocketed my money thinking I might not come back for it when I told him I worked abroad".

A quantum leap and a very serious accusation!!!

Really? Where is the accusation?

I said "I still can't help wondering if it was all a genuine mix-up or whether he pocketed my money"

Did you miss the bit about "genuine mix-up" or did you deliberately leave that out because it didn't fit in with your little troll post?

[Pib]

are you sure , when i convert pounds to baht its transfered to my baht saving account and i havent as yet had a fee

Reread my earlier posts. I didn't say foreign currency deposit converted to baht included a fee (yes, that particular transaction is fee free). But there are indeed some fees involved for other foriegn currency deposit account transactions like shown in the Bangkok Bank foreign currency deposit fee schedule in the Link I gave, but as said that wasn't my question. I had another question.

The question is what exchange rate do you get? TT Buying Rate, Notes Buying Rate, etc, because different transfer methods (wire transfer, manual deposit, etc) or money instruments (i.e., wire transfer or notes) get a different rate.

I could not find that answer on the Bangkok Bank website or other bank website. Maybe it there, but I just haven't seen it. As mentioned in my earlier posts I'm guessing TT Buying Rate like used for incoming wire transfers since it's an internal bank electronic transfer/conversion, but hopefully someone who has foreign currency account knows the answer based on their past transactions. Thanks.

[salavan]

with the bkk bank when converting to baht i get the TT rate.

mine is a sterling one by the way

[Pib]

with the bkk bank when converting to baht i get the TT rate.

mine is a sterling one by the way

Thanks.

[LALes]

I stand corrected. I meant to say a 500 baht maximum charge, not minimum.

But, I've never moved a small enough amount to get under the 500 baht charge.

One thing more...the exchange rate is never as good as what appears daily

on internet Forex sites. It can be about 20-40 satang lower. Convenience costs.

The only way I am able to see what Bangkok Bank's rate is

is when I log into my account and look at my Dollar balance. The current rate is listed

there under your balance. There might be an easier way to check the daily rate but I

haven't found it. I don't think calling the bank would be called an "easier" way.

[Pib]

I stand corrected. I meant to say a 500 baht maximum charge, not minimum.

But, I've never moved a small enough amount to get under the 500 baht charge.

One thing more...the exchange rate is never as good as what appears daily

on internet Forex sites. It can be about 20-40 satang lower. Convenience costs.

The only way I am able to see what Bangkok Bank's rate is

is when I log into my account and look at my Dollar balance. The current rate is listed

there under your balance. There might be an easier way to check the daily rate but I

haven't found it. I don't think calling the bank would be called an "easier" way.

The bank posts and updates frequently the various exchange rates it provides at this webpage: Link

You should be able to get the rate they provide to match one of the exchange rates on above page. Keep in mind when looking at the page the rates could be "updated" several times per day so that why you can select different updates given during the day. Rates on Forex sites is a wholesale/BIG dollar exchange rate; not a retail rate which is a little lower to allow for a profit and what the common man gets from banks.

[rabid old goat]

surprise surprise. as of 22.1.2015 bkk bank has new rules for opening a foreign currency account for those who dont have a work permit..
they now want your embassy to complete the bkk bank forms stating that your passport is in fact real and that you do in fact have an address and are not homeless on the streets.
needless to say the embassy aint having none of it. they point blank refuse to sign any forms from bkk bank. of
course bkk bank would now this by now and they will still send you on the wild goose chase.

easier and less painless to get three back teeth pulled at the dentist than open a foreign currency account atm.

easiest way for retirees to get out of baht is not to put your money into thailand in the first place. you have been warned.
yes have the forms to scan and upload if requested.

Edited January 28, 2015 by rabid old goat