Euro currency account with debit card

[username1]

I'm looking for euro currency account which would come with a debit card. My business income (outside Thailand) is in Euros, but I don't have debit card for that account so I'm currently transferring from that Euro account to my Thai baht account in Thailand. Now I'm planning to go travelling in Europe and would like to have access to my Euros without exchanging those first to bahts and later again to Euros, the Euro account would be extremely useful.

I have contacted Kasikorn and Bangkok bank, but they only have FCD accounts (where you can basically just keep your money in Euros, but if you ever want to use that money, you have to convert it to Thb first). Any suggestions?

[Amusements]

Neteller might be an option for you? (neteller.com) You can get a prepaid Net+ card with the MasterCard logo on it and use on any ATM worldwide. However, make sure you tell them your travel plans if you use outside of your registered country.

[username1]

I'm aware of Neteller being an option, but as far as I can remember Neteller (and Skrill as well) have quite big fees when withdrawing from ATM?

[Jiu-Jitsu]

Kalixa Pay

[username1]

Kalixa Pay sounded good at first sight but €300 limit for ATM withdrawals per 24 hours is way too low. Also, 'real' bank account solution would be preferred option anyway.

[fletchsmile]

I'm not aware of any Thai bank that offers an ATM card against a EUR or any other foreign currency (FCY) account. They will give you an ATM card for your THB account and you can have a EUR account but not the ATm on the EUR acc. So yes, you'll have an issue with paying exchange rates.

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.

Cheers

Fletch

[Jiu-Jitsu]

Kalixa Pay sounded good at first sight but €300 limit for ATM withdrawals per 24 hours is way too low. Also, 'real' bank account solution would be preferred option anyway.

One doesn't have to depend on it solely. Better than no Euros. I rarely use cash when there is the option of POS. Anyway, it is only issued in four countries, so you may not be eligible anyway.

If you are German, there is DKB Online.

[username1]

I'm not aware of any Thai bank that offers an ATM card against a EUR or any other foreign currency (FCY) account. They will give you an ATM card for your THB account and you can have a EUR account but not the ATm on the EUR acc. So yes, you'll have an issue with paying exchange rates.

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.

Cheers

Fletch

Thanks for the reply. That's what I was afraid of. Any idea would there be FCY accounts for non-residents in Singapore?

[username1]

Kalixa Pay sounded good at first sight but €300 limit for ATM withdrawals per 24 hours is way too low. Also, 'real' bank account solution would be preferred option anyway.

One doesn't have to depend on it solely. Better than no Euros. I rarely use cash when there is the option of POS. Anyway, it is only issued in four countries, so you may not be eligible anyway.

If you are German, there is DKB Online.

Didn't get that far, unfortunately I'm not eligible and no I'm not German. Any other ideas?

[Jiu-Jitsu]

Kalixa Pay sounded good at first sight but €300 limit for ATM withdrawals per 24 hours is way too low. Also, 'real' bank account solution would be preferred option anyway.

One doesn't have to depend on it solely. Better than no Euros. I rarely use cash when there is the option of POS. Anyway, it is only issued in four countries, so you may not be eligible anyway.

If you are German, there is DKB Online.

Didn't get that far, unfortunately I'm not eligible and no I'm not German. Any other ideas?

No. Not my field. There is a similar thread running.

[fletchsmile]

I'm not aware of any Thai bank that offers an ATM card against a EUR or any other foreign currency (FCY) account. They will give you an ATM card for your THB account and you can have a EUR account but not the ATm on the EUR acc. So yes, you'll have an issue with paying exchange rates.

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.

Cheers

Fletch

Thanks for the reply. That's what I was afraid of. Any idea would there be FCY accounts for non-residents in Singapore?

Yes Singapore do FCY accounts and you can open as a foreigner. We have accounts with Stan Chart Singapore. Things have got more difficult as to opening accounts in the last few years due to anti-money laundering FATCA etc, but I think you can still do as non-resident foreigner. Here's the web links and what you need

https://www.sc.com/sg/save/current-foreign-currency-cheque-and-save.html?pid=S:SCBMN:N:SG-P:FCC-M:O-R:NA-L:NA-O:NA-D:141101-10002133

https://www.sc.com/sg/save/current-fcysaver.html

You would have to go in person. Worth checking beforehand by contacting them to make sure you won't have a wasted trip.

Also:

Don't think you can get an ATM vs a FCY account.

You can get a USD cheque book if you have a USD acc. We have one. But again no ATM.

Like Thailand FCY is not covered by their deposit guarantee scheme and only SGD. However, Singapore banks are among the strongest in the world in terms of capital adequacy, regulatory environment etc

Other than GBP where I come from, and THB where I live, SGD is my currency of choice for an offshore/other FCY. It has gradually appreciated vs THB this century compared to USD and EUR which have depreciated. We do have a SGD ATM card for our SGD acc.

So for me, I have GBP accs in UK with ATM, SGD in Singapore with ATM, THB in Thailand with ATM, and Credit Cards in all 3. No real need or desire for much USD or EUR cash or ATM. If in Europe I'd just use a credit card if buying something, or ATM from one of the others if I urgently needed cash from an ATM

Cheers

Fletch