FCD Account at BBL

[longball53098]

A few questions to the experts who already use FCD accounts. I plan on opening one at BBL soon. I already have an existing regular savings account and IBanking. No real issues there as I know the minimum opening deposit amount for a USD FCD account is 1,000 USD. What I really want to know is after the account is open can I just add this account to my IBanking so I can use Ibanking to make transfers to my other accounts?

Also, will I be able to make ACH transfers direct to the FCD account from my US Chase account? I do use ACH now in to my normal savings account at BBL

Thanks for the answers

[Pib]

I don't have a Bangkok Bank FCD but these snapshots from the Bangkok Bank website may helpful until someone with a FCD answers. To add the FCD to your ibanking you need to complete a form vs being able to do it online. I would say the answers to your questions are Yes.

[phirho]

Yes, you can add your FCD account to your iBanking and transfer online from your FCD account to your Thai baht account. (Transfers -> New FCD Transfer menu)

[longball53098]

Many thanks for the quick answers. As expected TV members have the answers

[OJAS]

"Also, will I be able to make ACH transfers direct to the FCD account from my US Chase account?"

Please bear in mind that BBL FCD account numbers run to 13 digits in length. Whether or not you will be able to make online ACH transfers directly into a USD FCD account will depend on whether US Chase provide a sufficient number of characters in their "Reference" (or equivalent) field, to enable all info required by BBL (name + account number + BKKBTHBK) to be included.

I held a GBP FCD account with BBL a few years ago, but was unable to make direct transfers into it online from my UK account since the number of characters provided in my UK bank's "Reference" field was 1 too short for this purpose!

So I had no option other than to do a normal SWIFT transfer - whereupon I discovered that, in addition to the significant charges levied by my UK bank, BBL also levied a hefty charge equal to around 3% of the amount being transferred. This was most certainly not publicised on their website at that time at any rate!

As a result I closed by FCD account and have since been happy to rely on making BACS transfers from my UK account to my BBL savings deposit account via their London branch - which is akin to the facility you have hitherto been using for making ACH transfers via their New York branch.

[longball53098]

OJAS, thanks for the added info. I just checked my Chase online and it appears the add account feature will allow a account with 15 digits no spaces or dashes. So if the BBL account number is 13 then I should be OK. Wait and see I guess.

Thanks

[fletchsmile]

Before you open the account, worth you stepping back and thinking why you are doing it? It can be easier for someone based here and in some ways more convenient, particularly if you don't have access to banks outside Thailand.

FCD to retail investors is relatively new to Thailand - last few years. Although it's developing and improving they still lag other places in the world.

Some of the main negatives are various charges/fess for money in/out transfers etc, low interest rates compared to what's available elsewhere, and the fact that FCDs are not covered by the Thai DPA, which only covers THB deposits.

Can be useful to some people. Just go in with your eyes open

Cheers

Fletch

[OJAS]

Before you open the account, worth you stepping back and thinking why you are doing it? It can be easier for someone based here and in some ways more convenient, particularly if you don't have access to banks outside Thailand.

FCD to retail investors is relatively new to Thailand - last few years. Although it's developing and improving they still lag other places in the world.

Some of the main negatives are various charges/fess for money in/out transfers etc, low interest rates compared to what's available elsewhere, and the fact that FCDs are not covered by the Thai DPA, which only covers THB deposits.

Can be useful to some people. Just go in with your eyes open

Cheers

Fletch

Excellent advice, I think. Had I known what I know now about FCD accounts, I would definitely not have bothered to go through all the hoops required to open one. I have come to the conclusion that they are, in practice, largely a waste of time in the case of Americans and Brits with BBL accounts, since we are able to transfer funds relatively easily and cheaply from accounts in our home countries via their New York and London branches.

However, for those hailing from countries where such transfer facilities do not exist (e.g. Australia and in the Eurozone), FCD accounts might, indeed, well be worth considering. Possibly also worth considering for non-BBL account holders since, to the best of my knowledge no other Thai bank offers a similar transfer facility via branches of theirs located abroad.

Edited November 26, 2015 by OJAS