Best Bank For US Dollar Account?

[PattayaDavid]

When you open a Schwab Bank account you are actually opening a Schwab Brokerage account and Schwab Bank checking account...it's done on a combination form. The debit card will be linked to the checking account. You do not have to fund or use the brokerage account. If wanting to open a Schwab Bank savings account that can be done as the same time when opening the brokerage/checking account but a separate form is used...the savings account pays higher interest.

Thanks, but from looking at the Schwab links provided, it looked to me that you could open either a Schwab Brokerage plus checking account or a savings account. If I chose to just open a savings account, could I still acquire a Schwab debit card linked to the savings account for Thailand ATM withdrawals and also transfer money to my Bangkok Bank account here in Thailand via ACH? I'm just saying that I really don't need another US checking account plus I use TD Ameritrade for my brokerage services.

Thanks,

David

[Pib]

Deleted...dup post.

[Pib]

Regarding accessing the savings account using a debit card see below link and snapshot. But whether you could open only a Savings account I couldn't say...you would need to ask Schwab to be sure. But at the Schwab forms downlink page the savings account application which I read fast doesn't ask for your Schwab brokeage or checking account number which implies to me you could open just a Savings account.

I would add than unless something has changed setting up and transferring money from a Schwab Checking or Savings account to external bank accounts is not that user friendly in that the transfer links have to be setup by forms submissions...you can't set it up online with trial deposits like with their brokerage account. Once transfers links are setup from the forms you mail in for a checking account they will appear in your ibanking and you can then use them to send money online; however, for their savings account you still have to mail in the form, the transfer link will "not" appear in your ibanking but it does get loaded in their system but you have to initiate the transfer via telephone. Strange setup Schwab has but I'm expect they do it to emphasize the ease of using a brokerage account for external accounts, somewhat harder for their checking account, and harder for a savings account. What I ended up doing after getting my Schwab brokerage, savings, and checking accounts back in 2011 and finding out the transfer link setup details for their different accounts was to just setup my "external" bank transfer links in my brokerage account which could all be done online with trial deposits and when needed to transfer funds say to Bangkok Bank I would just transfer it to the brokerage account from the checking/savings account which is an immediate internal transfer and then do the external transfer from the brokerage account. Extra steps to go through but it works. Really the only reason I have these Schwab accounts "is because of their debit card" which has no foreign transaction fees and reimburses worldwide ATM fees.

http://www.schwab.com/public/schwab/banking_lending/savings_account

[Pib]

Just notice the snapshot is not in my above post...let's try again.

http://www.schwab.com/public/schwab/banking_lending/savings_account/savings_account_faqs#

[PattayaDavid]

Just notice the snapshot is not in my above post...let's try again.

http://www.schwab.com/public/schwab/banking_lending/savings_account/savings_account_faqs#

Capture.JPG

Thanks Pib; Great information on setting up and using a Schwab account. I think I have everything I need now to setup my own Schwab account.

David

[dr_lucas]

Just spoke with Bangkok Bank on 02-2301246 and 02-2301334 (their foreign currency deposit account service department).

They told me that the USD fees are:

Deposit: 1%, minimum 500 THB, NO MAXIMUM!

Withdrawal: Same fees as deposit.

As the amount I would like to deposit is not small, I think the fee is outrageous, especially considering the fact that is has no maximum.

Can anyone recommend a bank with more reasonable fees in Thailand? (can also be a foreign bank with local branch)

[Naam]

Just spoke with Bangkok Bank on 02-2301246 and 02-2301334 (their foreign currency deposit account service department).

They told me that the USD fees are:

Deposit: 1%, minimum 500 THB, NO MAXIMUM!

Withdrawal: Same fees as deposit.

As the amount I would like to deposit is not small, I think the fee is outrageous, especially considering the fact that is has no maximum.

Can anyone recommend a bank with more reasonable fees in Thailand? (can also be a foreign bank with local branch)

what is Bangkok's Bank definition of deposit and withdrawal? cash or transfers?

[Pib]

Just spoke with Bangkok Bank on 02-2301246 and 02-2301334 (their foreign currency deposit account service department).

They told me that the USD fees are:

Deposit: 1%, minimum 500 THB, NO MAXIMUM!

Withdrawal: Same fees as deposit.

As the amount I would like to deposit is not small, I think the fee is outrageous, especially considering the fact that is has no maximum.

Can anyone recommend a bank with more reasonable fees in Thailand? (can also be a foreign bank with local branch)

The 1% (Bt500 min fee) is when walking into the bank with a handful of "foreign notes" for deposit or wanting to withdraw foreign notes. If you are wiring funds to or from the account then the fee sturcture is different like when wiring funds "to" the account the only fee is the typical 0.25% (Bt200 min, Bt500 max) currency receipt fee. See this Bangkok Bank webpage for the fee structure paying particular attention to whether your are dealing with notes, drafts, checks, wire transfers, etc. Link

I think you will find all Thai banks have very similar foreign currency account fee structures.

[dr_lucas]

Just spoke with Bangkok Bank on 02-2301246 and 02-2301334 (their foreign currency deposit account service department).

They told me that the USD fees are:

Deposit: 1%, minimum 500 THB, NO MAXIMUM!

Withdrawal: Same fees as deposit.

As the amount I would like to deposit is not small, I think the fee is outrageous, especially considering the fact that is has no maximum.

Can anyone recommend a bank with more reasonable fees in Thailand? (can also be a foreign bank with local branch)

what is Bangkok's Bank definition of deposit and withdrawal? cash or transfers?

Cash in the counter.

Any cheaper options?