Foreign currency account (obscure currencies)

[Wonderboy]

Obscure currencies is maybe pushing it, but I am looking for an institution in Thailand or on internet where I can open a currency account in currencies other that Euro/USD/GBP etc. Of primary interest is Norwegian kroner that to my knowledge has lost more than any other developed currency in the last 6-8 months.

I think there is a good chance of a recovery within a year or so, and I think the downside is low compared to what I currently have (AUD, SGD, JPY). I am not aware of any banks that offer Norwegian currency account. I know there are web sites geared towards trading, but I am in it for the long term, where the money sits and get some interest. Apart from traveling to Norway and opening a bank account there, what other options do I have?

WB

[Naam]

are you aware that NOK is a commodity currency which lost mainly due to the fact that crude oil dropped >50%? to hold NOK you "nearest" opportunity is a multinational bank in Singapore albeit with a high entry threshold. perhaps HSBC in Hong Kong can accomodate you where entry levels are much lower.

addendum: SAXO Bank Singapore might suit you with one of the lowest entry levels in SG (SGD 250,000).

Edited March 20, 2015 by Naam

[fletchsmile]

Bangkok Bank claim to do NOK, as well as DKK and SEK

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

Remember for Thailand with FCY deposites:

- They are not covered by DPA and not guaranteed by the govt, unlike THB

- Interest rates are often poorer than you can get in other countries

- There's often an aray of other fees/charges

On the plus side, it can be convenient for just walking into the bank, and minimum balances aren't always as high as other places

Cheers

Fletch

[Naam]

- There's often an aray of other fees/charges

four years ago i enquired at Bangkok Bank, Pattaya details concerning forex accounts in USD and SGD. after ~20 minutes "explanations" in Tinglish my head was spinning and i gave up.