Multi-currency Bank Account

[teej]

I would like to open a multi-currency bank account here in Bangkok so I can hold foreign currency rather than baht. Do banks like HSBC and Citibank offer this option, and if so, does anybody know of any restrictions? Thanks in advance.

[Dave the Dude]

I would like to open a multi-currency bank account here in Bangkok so I can hold foreign currency rather than baht. Do banks like HSBC and Citibank offer this option, and if so, does anybody know of any restrictions? Thanks in advance.

Hi teej

although no expert, I hold an internet based HSBC offshore account which can be in Sterling US $ or Euro. They have a good website and it would be with checking them out. GOOD LUCK

p.s. I dont work for them and get no commision Unfortunetly

[teej]

I would like to open a multi-currency bank account here in Bangkok so I can hold foreign currency rather than baht. Do banks like HSBC and Citibank offer this option, and if so, does anybody know of any restrictions? Thanks in advance.

Hi teej

although no expert, I hold an internet based HSBC offshore account which can be in Sterling US $ or Euro. They have a good website and it would be with checking them out. GOOD LUCK

p.s. I dont work for them and get no commision Unfortunetly

Thanks Dave, I just got off the phone with HSBC in Thailand and they require my US passport, 15K USD minimum deposit and balance, and I cannot close the account within 3 months... more details I'm sure but that was the simple and easy answer.

Seems HSBC has very different rules across their repective branches, as I have a multi-currency in HK and the rules are completely different.

Did your HSBC offshore account have similar rules re: min deposits, balances, etc.? Where did you open the account, if I may ask? Thanks,

teej

[pnustedt]

I have a multi-currency in HK and the rules are completely different.

Why not just use the HK account over the internet, then you would not be subject to taxes on any profits? I have a HK account through which I do any investments and a BKK Bank local account which I feed as I need it.

[teej]

I have a multi-currency in HK and the rules are completely different.

Why not just use the HK account over the internet, then you would not be subject to taxes on any profits? I have a HK account through which I do any investments and a BKK Bank local account which I feed as I need it.

It's just an issue with payment, otherwise I would do what you suggest. The company must write out the check to a thai citizen (me), but under the terms of contract payment is in US dollars only, and by some weird bank rules I have to open a multicurrency account here using my US passport (dual citizen)... strange and annoying, but then again....TIT.

[naka]

All the major Thai banks offer fixed term deposits in US, GBP, Euro etc.

Not possible for current, savings accounts though. Check their websites.

Naka.

[naka]

Teej.

I just came across this.

Click to see SCB Farang Accounts

Interesting that there are no restrictions like work permits, O visas etc.

Accounts are for :-

• Foreign tourists

• Expatriates or foreigners who temporarily work in Thailand

• Foreign government agencies including

embassies, consulate, or UN specialized

agencies such as UN Escap, FAO, Unicef, etc.

• International organizations located in Thailand, but were established by the government of the country to which such organizations belong.

If such organizations were established by a private sector and are currently located in Thailand, the account must be open under the "Resident Account."

Types of Account

Customers may choose to open the following accounts:

• Savings Account

• Fixed Account (1, 2, 3, 6, 9 and 12 months)

• Current Account - No resident-account checks are

allowed.

Currencies Available

A total of 10 currencies including USD, JPY, GBP, EUR, AUD, CAD, DKK, CHF, HKD and NZD

Just what you want !

Naka.

Edited August 29, 2006 by naka

[teej]

Teej.

I just came across this.

Click to see SCB Farang Accounts

Interesting that there are no restrictions like work permits, O visas etc.

Accounts are for :-

• Foreign tourists

• Expatriates or foreigners who temporarily work in Thailand

• Foreign government agencies including

embassies, consulate, or UN specialized

agencies such as UN Escap, FAO, Unicef, etc.

• International organizations located in Thailand, but were established by the government of the country to which such organizations belong.

If such organizations were established by a private sector and are currently located in Thailand, the account must be open under the "Resident Account."

Types of Account

Customers may choose to open the following accounts:

• Savings Account

• Fixed Account (1, 2, 3, 6, 9 and 12 months)

• Current Account - No resident-account checks are

allowed.

Currencies Available

A total of 10 currencies including USD, JPY, GBP, EUR, AUD, CAD, DKK, CHF, HKD and NZD

Just what you want !

Naka.

Wow, good info Naka... thank you very much!

[kiakaha]

not in BKK, but i have an HSBC PowerVantage account in HK for receiving remunerations, and transfer money to my local thai account when i need it.

[Scottbiker1976]

i can you help you on a multi currency account in switserland if you want...

-online banking

-multicurrency: euro, usd, swiss franc + trading account

-credit cards available

-Price: FREE

-online account opening possible

Great, isn't it ???