Double check on foreign currency account

[Anthony5]

As you know from my other thread, I have a sufficient amount of money I want to remove from my accounts in Europe. Majority of it sits in a trade account and is in US$.

I understand it is no good idea to bring it over in cash, so I went to Kasikorn to inquire about a US$ account.

I think we all know many times things get lost in translation here, so I post what they have told me, and someone who is knowledgeable about this kind of account can post if this is correct or probably not.

- I was told that the fee to receive the US$ is 0.25% with a minimum of 10$ and a maximum of 25$, in case the fee paid in Thai Baht the minimum is 200 Baht and the maximum 500 Baht. I'm not sure which one applies, but I don't worry too much about 250 Baht more or less, as long as it is correct what I was told.

- There are no fees to maintain the account, and I wwill receive an interest of 0.1% currently.

- When I decide to withdraw the money in Thai Baht at any given point in time, there will be no fee, and I'll receive an exchange rate better than telex transfer. I asked them to tell me the rate I would receive this afternoon and they told me I would get 32.705 Bht/US$. At the same time the telex transfer rate published at their exchange was 32.58 Bht/US$

Now I just look at the website and there it already says something different regarding withdrawal.

http://www.kasikornbank.com/EN/Personal/BankAccounts/FCD/Pages/ForNonResidentAccount.aspx

Withdrawal Fee

0.25 % of total deposited amount
for USD
0.50% of total deposited amount for other currencies
Minimum of Baht 1000

+ Product Fee
- In case of fee paid by baht = 500 baht
In case of fee paid by foreign currency = 25 USD+ Pay in full (optional)

That makes a difference of course, unless I misunderstand something, and I hope someone with experience in this kind of fund transfer will be able to give me some more information.

[canuckoverseas]

Deposit money into a bank and they charge you for the pleasure? Why would anyone do this?

[Anthony5]

Deposit money into a bank and they charge you for the pleasure? Why would anyone do this?

Maybe you should try to read the OP again. Where does it say they charge for depositing the money?

[Anthony5]

107 Views in the banking forum, and nobody who actually knows how it works?

I have just spent 25 minutes on the phone wit KK call center, and they have clearly no clue at all. According to them I would get banknote rate, which is impossible of course.

So let me rephrase the question.

Is there a bank other than KK who actually knows what they are talking about in this matter?

[96tehtarp]

Try UOB where you live. Make a personal visit.

UOB is a major banking organisation headquartered in Singapore, with branches mostly found in most South-east Asian countries. Founded in 1935 by Sarawak businessman Wee Kheng Chiang, the bank has 68 branches in Singapore and a network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America.

[Pib]

Now I've don't have a FCD account but I have thought about it before and reviewed fee structure primarily on the Bangkok Bank website. It can get confusing at to whether you are really just withdrawing/converting to baht, actually withdrawing foreign currency, or doing a outward wire transfer of the foreign currency.

Depending on how the money arrives into the FCD account there will be fees like if arriving by wire transfer then 0.25% (Bt200 min, Bt500 max) applies just like a wire transfer to a regular baht savings account. Different (higher) fee if walking into the bank to deposit foreign notes/cheques....like 1% (Bt500 min) fee for notes. Once again, this is just getting money deposited into the FCD account.

But once you have money in the account, where you are concerned about "withdrawal" cost if the withdrawal is really just converting the foreign currency "into baht" then it's free, but if the withdrawal is in the foreign currency then there is a fee of 1% (Bt 1,000 min) according to the K-bank fee schedule. Summary: withdrawing/converting to baht--no fee; withdrawing in foreign currency - a fee applies.

And the exchange rate in converting to baht would be the TT Buying Rate just like used for incoming wire transfers based on credible ThaiVisa posts I've seen before. The conversion from foreign currency out of the FCD is treated just like a incoming wire transfer getting the TT Buying Rate.

However, if your are "transferring" the foreign currency "out of the country (i.e., doing a wire transfer)" there will be a 0.25% (Bt500 min) commission fee plus a fee paying for the wire transfer. Then it looks like K-bank has an optional fee which may work out better for some folks depending on the amount they are sending.

Here's the link to the Bangkok Bank FCD "Deposit and Withdrawal" fee schedule webpage which may help since Thai banks have very similar rates and the Bangkok Bank explanation of its fees might be a little better. Link. In reviewing the fee schedule pay close attention as to whether a withdrawal or deposit is occurring and what method you are using (i.e., notes in hand, wire transfer, etc) as it makes a difference in the fee. And also keep in mind we are only talking "Deposit and Withdrawal" Fees....K bank also no doubt has an Account Maintenance Fee Schedule regarding minimum balance and other possible fees that might bite you to include 15% withholding tax on interest earned if a FCD savings account...like shown at the Bangkok Bank Link.

Basically with a FCD account "after" the funds are in the FCD account and you are then just converting the foreign currency to baht there is no fee; but there will be a variety of fees to get money into the FCD account and if you are withdrawing or transferring foreign currency from the account.

I know a lot of people seem to have FCD accounts to convert their foreign currency to baht whenever they desire/take advantage of an exchange rate that may rise significantly for a few days. But with the speed of ACH/SWIFT/wire transfers now days or use of no foreign transaction fee debit cards like the Schwab debit which can put money into your Thai bank account immediately or within a business day or two at the card network exchange rate which is plus or minus a few stang of the the TT Buying Rate when compared with the various fees of a FCD account which might bite a person a person really needs to ask themselves "do I really need a FCD account." Or, do I just want one because it sounds good/gives me a warm & fuzzy feeling having my home country currency setting in the Thai bank. Up to each individual...everybody has different needs and desires....but they just need to truly understand the possible fees associated with getting that warm & fuzzy feeling.

[Anthony5]

Now I've don't have a FCD account but I have thought about it before and reviewed fee structure primarily on the Bangkok Bank website. It can get confusing at to whether you are really just withdrawing/converting to baht, actually withdrawing foreign currency, or doing a outward wire transfer of the foreign currency.

Depending on how the money arrives into the FCD account there will be fees like if arriving by wire transfer then 0.25% (Bt200 min, Bt500 max) applies just like a wire transfer to a regular baht savings account. Different (higher) fee if walking into the bank to deposit foreign notes/cheques....like 1% (Bt500 min) fee for notes. Once again, this is just getting money deposited into the FCD account.

But once you have money in the account, where you are concerned about "withdrawal" cost if the withdrawal is really just converting the foreign currency "into baht" then it's free, but if the withdrawal is in the foreign currency then there is a fee of 1% (Bt 1,000 min) according to the K-bank fee schedule. Summary: withdrawing/converting to baht--no fee; withdrawing in foreign currency - a fee applies.

And the exchange rate in converting to baht would be the TT Buying Rate just like used for incoming wire transfers based on credible ThaiVisa posts I've seen before. The conversion from foreign currency out of the FCD is treated just like a incoming wire transfer getting the TT Buying Rate.

However, if your are "transferring" the foreign currency "out of the country (i.e., doing a wire transfer)" there will be a 0.25% (Bt500 min) commission fee plus a fee paying for the wire transfer. Then it looks like K-bank has an optional fee which may work out better for some folks depending on the amount they are sending.

Here's the link to the Bangkok Bank FCD "Deposit and Withdrawal" fee schedule webpage which may help since Thai banks have very similar rates and the Bangkok Bank explanation of its fees might be a little better. Link. In reviewing the fee schedule pay close attention as to whether a withdrawal or deposit is occurring and what method you are using (i.e., notes in hand, wire transfer, etc) as it makes a difference in the fee. And also keep in mind we are only talking "Deposit and Withdrawal" Fees....K bank also no doubt has an Account Maintenance Fee Schedule regarding minimum balance and other possible fees that might bite you to include 15% withholding tax on interest earned if a FCD savings account...like shown at the Bangkok Bank Link.

Basically with a FCD account "after" the funds are in the FCD account and you are then just converting the foreign currency to baht there is no fee; but there will be a variety of fees to get money into the FCD account and if you are withdrawing or transferring foreign currency from the account.

I know a lot of people seem to have FCD accounts to convert their foreign currency to baht whenever they desire/take advantage of an exchange rate that may rise significantly for a few days. But with the speed of ACH/SWIFT/wire transfers now days or use of no foreign transaction fee debit cards like the Schwab debit which can put money into your Thai bank account immediately or within a business day or two at the card network exchange rate which is plus or minus a few stang of the the TT Buying Rate when compared with the various fees of a FCD account which might bite a person a person really needs to ask themselves "do I really need a FCD account." Or, do I just want one because it sounds good/gives me a warm & fuzzy feeling having my home country currency setting in the Thai bank. Up to each individual...everybody has different needs and desires....but they just need to truly understand the possible fees associated with getting that warm & fuzzy feeling.

Thanks for the comprehensive explanation. My reasons for the FCD are not about exchange rates, but to get my money out of Cyprus Europe before the Greek bomb detonates.

[Soutpeel]

Now I've don't have a FCD account but I have thought about it before and reviewed fee structure primarily on the Bangkok Bank website. It can get confusing at to whether you are really just withdrawing/converting to baht, actually withdrawing foreign currency, or doing a outward wire transfer of the foreign currency.

Depending on how the money arrives into the FCD account there will be fees like if arriving by wire transfer then 0.25% (Bt200 min, Bt500 max) applies just like a wire transfer to a regular baht savings account. Different (higher) fee if walking into the bank to deposit foreign notes/cheques....like 1% (Bt500 min) fee for notes. Once again, this is just getting money deposited into the FCD account.

But once you have money in the account, where you are concerned about "withdrawal" cost if the withdrawal is really just converting the foreign currency "into baht" then it's free, but if the withdrawal is in the foreign currency then there is a fee of 1% (Bt 1,000 min) according to the K-bank fee schedule. Summary: withdrawing/converting to baht--no fee; withdrawing in foreign currency - a fee applies.

And the exchange rate in converting to baht would be the TT Buying Rate just like used for incoming wire transfers based on credible ThaiVisa posts I've seen before. The conversion from foreign currency out of the FCD is treated just like a incoming wire transfer getting the TT Buying Rate.

However, if your are "transferring" the foreign currency "out of the country (i.e., doing a wire transfer)" there will be a 0.25% (Bt500 min) commission fee plus a fee paying for the wire transfer. Then it looks like K-bank has an optional fee which may work out better for some folks depending on the amount they are sending.

Here's the link to the Bangkok Bank FCD "Deposit and Withdrawal" fee schedule webpage which may help since Thai banks have very similar rates and the Bangkok Bank explanation of its fees might be a little better. Link. In reviewing the fee schedule pay close attention as to whether a withdrawal or deposit is occurring and what method you are using (i.e., notes in hand, wire transfer, etc) as it makes a difference in the fee. And also keep in mind we are only talking "Deposit and Withdrawal" Fees....K bank also no doubt has an Account Maintenance Fee Schedule regarding minimum balance and other possible fees that might bite you to include 15% withholding tax on interest earned if a FCD savings account...like shown at the Bangkok Bank Link.

Basically with a FCD account "after" the funds are in the FCD account and you are then just converting the foreign currency to baht there is no fee; but there will be a variety of fees to get money into the FCD account and if you are withdrawing or transferring foreign currency from the account.

I know a lot of people seem to have FCD accounts to convert their foreign currency to baht whenever they desire/take advantage of an exchange rate that may rise significantly for a few days. But with the speed of ACH/SWIFT/wire transfers now days or use of no foreign transaction fee debit cards like the Schwab debit which can put money into your Thai bank account immediately or within a business day or two at the card network exchange rate which is plus or minus a few stang of the the TT Buying Rate when compared with the various fees of a FCD account which might bite a person a person really needs to ask themselves "do I really need a FCD account." Or, do I just want one because it sounds good/gives me a warm & fuzzy feeling having my home country currency setting in the Thai bank. Up to each individual...everybody has different needs and desires....but they just need to truly understand the possible fees associated with getting that warm & fuzzy feeling.

Thanks for the comprehensive explanation. My reasons for the FCD are not about exchange rates, but to get my money out of Cyprus Europe before the Greek bomb detonates.

I really don't know why your messing with this in Thailand, just shift everything to Singapore or HK all very straight forward

[Anthony5]

Now I've don't have a FCD account but I have thought about it before and reviewed fee structure primarily on the Bangkok Bank website. It can get confusing at to whether you are really just withdrawing/converting to baht, actually withdrawing foreign currency, or doing a outward wire transfer of the foreign currency.

Depending on how the money arrives into the FCD account there will be fees like if arriving by wire transfer then 0.25% (Bt200 min, Bt500 max) applies just like a wire transfer to a regular baht savings account. Different (higher) fee if walking into the bank to deposit foreign notes/cheques....like 1% (Bt500 min) fee for notes. Once again, this is just getting money deposited into the FCD account.

But once you have money in the account, where you are concerned about "withdrawal" cost if the withdrawal is really just converting the foreign currency "into baht" then it's free, but if the withdrawal is in the foreign currency then there is a fee of 1% (Bt 1,000 min) according to the K-bank fee schedule. Summary: withdrawing/converting to baht--no fee; withdrawing in foreign currency - a fee applies.

And the exchange rate in converting to baht would be the TT Buying Rate just like used for incoming wire transfers based on credible ThaiVisa posts I've seen before. The conversion from foreign currency out of the FCD is treated just like a incoming wire transfer getting the TT Buying Rate.

However, if your are "transferring" the foreign currency "out of the country (i.e., doing a wire transfer)" there will be a 0.25% (Bt500 min) commission fee plus a fee paying for the wire transfer. Then it looks like K-bank has an optional fee which may work out better for some folks depending on the amount they are sending.

Here's the link to the Bangkok Bank FCD "Deposit and Withdrawal" fee schedule webpage which may help since Thai banks have very similar rates and the Bangkok Bank explanation of its fees might be a little better. Link. In reviewing the fee schedule pay close attention as to whether a withdrawal or deposit is occurring and what method you are using (i.e., notes in hand, wire transfer, etc) as it makes a difference in the fee. And also keep in mind we are only talking "Deposit and Withdrawal" Fees....K bank also no doubt has an Account Maintenance Fee Schedule regarding minimum balance and other possible fees that might bite you to include 15% withholding tax on interest earned if a FCD savings account...like shown at the Bangkok Bank Link.

Basically with a FCD account "after" the funds are in the FCD account and you are then just converting the foreign currency to baht there is no fee; but there will be a variety of fees to get money into the FCD account and if you are withdrawing or transferring foreign currency from the account.

I know a lot of people seem to have FCD accounts to convert their foreign currency to baht whenever they desire/take advantage of an exchange rate that may rise significantly for a few days. But with the speed of ACH/SWIFT/wire transfers now days or use of no foreign transaction fee debit cards like the Schwab debit which can put money into your Thai bank account immediately or within a business day or two at the card network exchange rate which is plus or minus a few stang of the the TT Buying Rate when compared with the various fees of a FCD account which might bite a person a person really needs to ask themselves "do I really need a FCD account." Or, do I just want one because it sounds good/gives me a warm & fuzzy feeling having my home country currency setting in the Thai bank. Up to each individual...everybody has different needs and desires....but they just need to truly understand the possible fees associated with getting that warm & fuzzy feeling.

Thanks for the comprehensive explanation. My reasons for the FCD are not about exchange rates, but to get my money out of Cyprus Europe before the Greek bomb detonates.

I really don't know why your messing with this in Thailand, just shift everything to Singapore or HK all very straight forward

Could it be because I live in Thailand, and not in Singapore or Hong Kong, and that at one point in time I will need the money here anyway?

[Soutpeel]

Now I've don't have a FCD account but I have thought about it before and reviewed fee structure primarily on the Bangkok Bank website. It can get confusing at to whether you are really just withdrawing/converting to baht, actually withdrawing foreign currency, or doing a outward wire transfer of the foreign currency.

Depending on how the money arrives into the FCD account there will be fees like if arriving by wire transfer then 0.25% (Bt200 min, Bt500 max) applies just like a wire transfer to a regular baht savings account. Different (higher) fee if walking into the bank to deposit foreign notes/cheques....like 1% (Bt500 min) fee for notes. Once again, this is just getting money deposited into the FCD account.

But once you have money in the account, where you are concerned about "withdrawal" cost if the withdrawal is really just converting the foreign currency "into baht" then it's free, but if the withdrawal is in the foreign currency then there is a fee of 1% (Bt 1,000 min) according to the K-bank fee schedule. Summary: withdrawing/converting to baht--no fee; withdrawing in foreign currency - a fee applies.

And the exchange rate in converting to baht would be the TT Buying Rate just like used for incoming wire transfers based on credible ThaiVisa posts I've seen before. The conversion from foreign currency out of the FCD is treated just like a incoming wire transfer getting the TT Buying Rate.

However, if your are "transferring" the foreign currency "out of the country (i.e., doing a wire transfer)" there will be a 0.25% (Bt500 min) commission fee plus a fee paying for the wire transfer. Then it looks like K-bank has an optional fee which may work out better for some folks depending on the amount they are sending.

Here's the link to the Bangkok Bank FCD "Deposit and Withdrawal" fee schedule webpage which may help since Thai banks have very similar rates and the Bangkok Bank explanation of its fees might be a little better. Link. In reviewing the fee schedule pay close attention as to whether a withdrawal or deposit is occurring and what method you are using (i.e., notes in hand, wire transfer, etc) as it makes a difference in the fee. And also keep in mind we are only talking "Deposit and Withdrawal" Fees....K bank also no doubt has an Account Maintenance Fee Schedule regarding minimum balance and other possible fees that might bite you to include 15% withholding tax on interest earned if a FCD savings account...like shown at the Bangkok Bank Link.

Basically with a FCD account "after" the funds are in the FCD account and you are then just converting the foreign currency to baht there is no fee; but there will be a variety of fees to get money into the FCD account and if you are withdrawing or transferring foreign currency from the account.

I know a lot of people seem to have FCD accounts to convert their foreign currency to baht whenever they desire/take advantage of an exchange rate that may rise significantly for a few days. But with the speed of ACH/SWIFT/wire transfers now days or use of no foreign transaction fee debit cards like the Schwab debit which can put money into your Thai bank account immediately or within a business day or two at the card network exchange rate which is plus or minus a few stang of the the TT Buying Rate when compared with the various fees of a FCD account which might bite a person a person really needs to ask themselves "do I really need a FCD account." Or, do I just want one because it sounds good/gives me a warm & fuzzy feeling having my home country currency setting in the Thai bank. Up to each individual...everybody has different needs and desires....but they just need to truly understand the possible fees associated with getting that warm & fuzzy feeling.

Thanks for the comprehensive explanation. My reasons for the FCD are not about exchange rates, but to get my money out of Cyprus Europe before the Greek bomb detonates.

I really don't know why your messing with this in Thailand, just shift everything to Singapore or HK all very straight forward

Could it be because I live in Thailand, and not in Singapore or Hong Kong, and that at one point in time I will need the money here anyway?

and your point is ?

Citibank Singapore - linked to Citibank in Thailand, transfer one account to another for free and all on line its that's simple and none of fuss with Thai banks...

[Pib]

Thanks for the comprehensive explanation. My reasons for the FCD are not about exchange rates, but to get my money out of Cyprus Europe before the Greek bomb detonates.

Yea, I hear you. That Greek bomb just keeps on ticking....you can hear it ticking away but since a person can't see the actual time left to denotation (months or centuries) it can sure make a person extremely nervous. Tick...tick...tick....

[Anthony5]

and your point is ?

Citibank Singapore - linked to Citibank in Thailand, transfer one account to another for free and all on line its that's simple and none of fuss with Thai banks...

Only problem is that Citibank has only branches in Bangkok, so to withdraw the money I will have to go to Bangkok or pay transfer costs to transfer it from Citibank Bangkok to Kasikorn.

But thanks for the notice, I'll sure look into it.

Edited March 12, 2015 by Anthony5

[96tehtarp]

CIMB also has branches all over Thailand.

[Anthony5]

CIMB also has branches all over Thailand.

Every bank has branches all over Thailand, so why should CIMB be recommended?

I checked out your other recommendation UOB, but in Pattaya they don't do foreign currency accounts, for that I have to go Bangkok.

They are also not connected with the Singapore branches, so money transfer from UOB Singapore to UOB Thailand will carry regular transfer fees.

[fletchsmile]

Just posted similar in another thread:

http://www.thaivisa.com/forum/topic/808057-euro-currency-account-with-debit-card/#entry9178490

For foreigners who can easily access banks in other countries it usually doesn't make much sense to open a FCY account in Thailand. Interest rates are often worse than you can get in other countries, there may be additional fees to deposit or withdraw your money, and your money is also not covered by the DPA insurance scheme. i.e. for THB where you're covered by DPA, the government is guaranteeing your deposit so it's much safer, for a FCY deposit, in the unlikely event your Thai bank goes bankrupt you are not covered and the government provides no guarantee.

BTW Singapore you could get a USD cheque book with your USD acc and for many foreigners Singapore is a better solution than Thailand for FCY, with the exception of you can't easily walk in from Thailand

BTW 2 If you're looking to save on transfer fees, transfers from one Stan Chart bank in one country to another are free if you are a Priority Banking customers. They say this applies to online, but the website is wrong and has been for years, if I do online I then have to contact my RM and claim back the fees. If you complete a fax indemnity form for them to accept fax instructions, and then fax to your RM the transfers between countries are free

Cheers

Fletch

Edited March 12, 2015 by fletchsmile

[Pib]

The interest rate for a FCD in Thailand definitely sucks for most foreign currencies....looking at the Bangkok Bank website it shows 0.05% interest for a USD FCD regular Savings account...for a Euro FCD Savings account it's 0% interest and for a GBP FCD Savings account its 0.15%. Compare that to a regular Thai savings baht account which earns around 0.5%. But a AUD FCD earns 2.0%.

Possible Fees, no govt coverage, and in most cases low (or zero) interest earned is not exactly strong points for having a FCD in Thailand. Plus you don't even get an ATM card with a Thai bank FCD (or at least you don't with a Bangkok Bank FCD...probably the same at other Thai banks)...see below quote from the Bangkok Bank website.

Can I get an ATM card for my FCD account?
ATM cards for an FCD account are not available at this time.

[Anthony5]

The interest rate for a FCD in Thailand definitely sucks for most foreign currencies....looking at the Bangkok Bank website it shows 0.05% interest for a USD FCD regular Savings account...for a Euro FCD Savings account it's 0% interest and for a GBP FCD Savings account its 0.15%. Compare that to a regular Thai savings baht account which earns around 0.5%. But a AUD FCD earns 2.0%.

Possible Fees, no govt coverage, and in most cases low (or zero) interest earned is not exactly strong points for having a FCD in Thailand. Plus you don't even get an ATM card with a Thai bank FCD (or at least you don't with a Bangkok Bank FCD...probably the same at other Thai banks)...see below quote from the Bangkok Bank website.

Can I get an ATM card for my FCD account?

ATM cards for an FCD account are not available at this time.

I think you don't get government coverage in any country on foreign currency.

I checked on the Citibank Singapore website and they state that insurance is only for deposits in SGD, you will get free a global ATM card though with a USD account.

Strange enough they list all the fees on their website, but don't talk about interest on a savings account in USD.

[fletchsmile]

Yes only SGD is guaranteed by Singapore govt as mentioned on other thread. Singapore banks are some of the safest around tho as is Sing govt sovereign credit rating.

Edited March 12, 2015 by fletchsmile

[Soutpeel]

Strange enough they list all the fees on their website, but don't talk about interest on a savings account in USD.

well I have an account there in USD and I get interest on the USD current account, granted as with most interest rates these days, it isn't much

if your deposit more than USD 150k, with them, you will not be paying bank fee's anyway

[Anthony5]

Strange enough they list all the fees on their website, but don't talk about interest on a savings account in USD.

well I have an account there in USD and I get interest on the USD current account, granted as with most interest rates these days, it isn't much

if your deposit more than USD 150k, with them, you will not be paying bank fee's anyway

Current account is what they call Checking account, right?

I see they also have a savings account in USD, which I assume will pay higher interests, but which has no checking facilities which I wouldn't need anyway.

Any idea how much interest rate is on the USD savings account?

Have emailed them yesterday, but no answer as of yet.

[Pib]

Strange enough they list all the fees on their website, but don't talk about interest on a savings account in USD.

well I have an account there in USD and I get interest on the USD current account, granted as with most interest rates these days, it isn't much

if your deposit more than USD 150k, with them, you will not be paying bank fee's anyway

According to their webpage on a FCD it indeed pays just a little interest. Go to the webpage, click Apply, and then look at the fine print at the bottom of the page where the Terms and Conditions are displayed....a quote of the interest earned is below...looks like a person could get up to 0.13% interest after a year....better than nothing.

¹Base interest rate starts from 0.01% p.a., and is computed by taking the daily average balance at the end of the month. Your interest rate steps up each month, and up to a maximum of 0.13% p.a. over a 12-month period, if your minimum monthly balance is higher than the previous month's minimum balance. Step-Up interest is computed based on the preceding month's minimum balance. Both Base interest and Step-Up interest are credited on the last day of the month (excluding Sunday and Public Holidays). Interest rates are subject to periodic reviews and may be reviewed at the bank's discretion. For Citibank Step-Up Interest Account with salary credit, Step-Up interest will take effect 2 months after your first salary credit. You will get to enjoy the base interest of 0.01% p.a. during the first 2 months and thereafter.

[Anthony5]

Strange enough they list all the fees on their website, but don't talk about interest on a savings account in USD.

well I have an account there in USD and I get interest on the USD current account, granted as with most interest rates these days, it isn't much

if your deposit more than USD 150k, with them, you will not be paying bank fee's anyway

According to their webpage on a FCD it indeed pays just a little interest. Go to the webpage, click Apply, and then look at the fine print at the bottom of the page where the Terms and Conditions are displayed....a quote of the interest earned is below...looks like a person could get up to 0.13% interest after a year....better than nothing.

¹Base interest rate starts from 0.01% p.a., and is computed by taking the daily average balance at the end of the month. Your interest rate steps up each month, and up to a maximum of 0.13% p.a. over a 12-month period, if your minimum monthly balance is higher than the previous month's minimum balance. Step-Up interest is computed based on the preceding month's minimum balance. Both Base interest and Step-Up interest are credited on the last day of the month (excluding Sunday and Public Holidays). Interest rates are subject to periodic reviews and may be reviewed at the bank's discretion. For Citibank Step-Up Interest Account with salary credit, Step-Up interest will take effect 2 months after your first salary credit. You will get to enjoy the base interest of 0.01% p.a. during the first 2 months and thereafter.

Thanks, seen it now also, but I notice that savings account has the same interests as checking account, while I always was of the impression that a savings account would pay higher interests.

I wonder what the benefits are from a savings account over a checking account.

Kasikorn pays 0.1% on USD accounts.

[Soutpeel]

I wonder what the benefits are from a savings account over a checking account.

Kasikorn pays 0.1% on USD accounts.

these days very little, in the past the difference used to be a cheque book, but literally no one uses a cheque book these days

[Pib]

About the only benefits of a savings account over a current/checking account is the savings account pays a little interest where the checking account probably will not pay anything. But if needing to write checks carries priority for a person then that's a positive for a checking accounts since you usually can't write checks against a savings account. But in today's world with electronic payments, bill pay, credit/debit cards, I expect checking accounts are being used less and less---especially in Thailand which was pretty much a "cash only" type payment country until the age of ATMs and ibanking arrived Thailand....and in many aspects it's still a cash only payment country with many merchants/shops.

Plus in Thailand for a regular savings account a person can make as many withdrawals/transfer outs/payments per month as desired, but it some countries like the U.S. you are generally only allowed 6 withdrawals./transfer outs/payments per month from a savings account per federal law....more than 6 withdrawals per month can result in penalties or even account closure. And in some countries like the U.S. a debit card is generally only issued against a checking account and not a savings account. Different countries, different banking rules kinda like what this thread is uncovering about FCD in different countries.

Edited March 13, 2015 by Pib

[Anthony5]

Just phoned Citibank Singapore since they din't reply to my email, must be an Asian thing I guess, and was informed that I need to come to Singapore to open an account. Not possible online or by post.

So a Thai USD account it will be.

[Soutpeel]

Just phoned Citibank Singapore since they din't reply to my email, must be an Asian thing I guess, and was informed that I need to come to Singapore to open an account. Not possible online or by post.

So a Thai USD account it will be.

it is possible, a colleague opened an account with them from Thailand/on line/by post not 3 months ago

Further who did you send it to, Citibank Singapore or Citibank IPB in Singapore ?...

two different operations under Citi bank... international personal banking is the one you want, not Citibank Singapore.

on the email thing very strange indeed, been banking with them for nigh on 9 years and the email is responded to with in 24 hours maximum, and if during business hours 3 to 6 hours is typical.

And its not an Asian thing, Citibank Singapore there are the most responsive bank I have ever been involved with anywhere.

[Anthony5]

Just phoned Citibank Singapore since they din't reply to my email, must be an Asian thing I guess, and was informed that I need to come to Singapore to open an account. Not possible online or by post.

So a Thai USD account it will be.

it is possible, a colleague opened an account with them from Thailand/on line/by post not 3 months ago

Further who did you send it to, Citibank Singapore or Citibank IPB in Singapore ?...

two different operations under Citi bank... international personal banking is the one you want, not Citibank Singapore.

on the email thing very strange indeed, been banking with them for nigh on 9 years and the email is responded to with in 24 hours maximum, and if during business hours 3 to 6 hours is typical.

And its not an Asian thing, Citibank Singapore there are the most responsive bank I have ever been involved with anywhere.

Yeah I emailed and phoned to Citibank Singapore, as wasn't aware of IPB Citibank, I have now emailed them but get a message on the screen that will answer within 3 days.

I also called Citibank Thailand, and was told if I open a Thailand account, they can assist me setting up a Singapore account without the need to travel.

He however told me that for USD transfers between both countries there apply transfer fees, since USD can only be transferred over the counter, and a 0.125% fee applies. Only local currency is free of transfer fee, and can be transferred online, but then of course you will lose money on the exchange fee.

[Soutpeel]

Just phoned Citibank Singapore since they din't reply to my email, must be an Asian thing I guess, and was informed that I need to come to Singapore to open an account. Not possible online or by post.

So a Thai USD account it will be.

it is possible, a colleague opened an account with them from Thailand/on line/by post not 3 months ago

Further who did you send it to, Citibank Singapore or Citibank IPB in Singapore ?...

two different operations under Citi bank... international personal banking is the one you want, not Citibank Singapore.

on the email thing very strange indeed, been banking with them for nigh on 9 years and the email is responded to with in 24 hours maximum, and if during business hours 3 to 6 hours is typical.

And its not an Asian thing, Citibank Singapore there are the most responsive bank I have ever been involved with anywhere.

Yeah I emailed and phoned to Citibank Singapore, as wasn't aware of IPB Citibank, I have now emailed them but get a message on the screen that will answer within 3 days.

I also called Citibank Thailand, and was told if I open a Thailand account, they can assist me setting up a Singapore account without the need to travel.

He however told me that for USD transfers between both countries there apply transfer fees, since USD can only be transferred over the counter, and a 0.125% fee applies. Only local currency is free of transfer fee, and can be transferred online, but then of course you will lose money on the exchange fee.

as stated you don't need to travel to Singapore, a colleague set an account from Thailand not 3 months ago.

and on the USD transfers and fee's they are incorrect, you can do free transfers Citi account to Citi account upto equivalent SGD 250k/day

[Anthony5]

Just phoned Citibank Singapore since they din't reply to my email, must be an Asian thing I guess, and was informed that I need to come to Singapore to open an account. Not possible online or by post.

So a Thai USD account it will be.

it is possible, a colleague opened an account with them from Thailand/on line/by post not 3 months ago

Further who did you send it to, Citibank Singapore or Citibank IPB in Singapore ?...

two different operations under Citi bank... international personal banking is the one you want, not Citibank Singapore.

on the email thing very strange indeed, been banking with them for nigh on 9 years and the email is responded to with in 24 hours maximum, and if during business hours 3 to 6 hours is typical.

And its not an Asian thing, Citibank Singapore there are the most responsive bank I have ever been involved with anywhere.

Yeah I emailed and phoned to Citibank Singapore, as wasn't aware of IPB Citibank, I have now emailed them but get a message on the screen that will answer within 3 days.

I also called Citibank Thailand, and was told if I open a Thailand account, they can assist me setting up a Singapore account without the need to travel.

He however told me that for USD transfers between both countries there apply transfer fees, since USD can only be transferred over the counter, and a 0.125% fee applies. Only local currency is free of transfer fee, and can be transferred online, but then of course you will lose money on the exchange fee.

as stated you don't need to travel to Singapore, a colleague set an account from Thailand not 3 months ago.

and on the USD transfers and fee's they are incorrect, you can do free transfers Citi account to Citi account upto equivalent SGD 250k/day

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From Singapore you can transfer online, free of charges, SGD and from Thailand you can transfer Thai Baht free of charge, but according to the guy the online transfer system doesn't support foreign currency e.g. USD.

For transferring USD can only be done over the counter, with a limit of 49.999 USD per transaction, and a fee of 0.125% applies.

[Anthony5]

Ok, got confirmed now by 2 agents from IPB Citibank Singapore that I can transfer USD free of charge from Citi to Citi online, to the equivalent of 50.000 SGD per day.