Foreign Exchange Account in Thailand

[thequietman]

I currently have money in baht in a Thailand account. Is it possible to change it to another currency, for example dollars, and keep a foreign exchange account within the same bank?

Any advice on how to change from baht to an alternative currency is appreciated. Is it true that you are not allowed to sell large amounts of baht for a foreign currency?

Many Thanks in advance.

[ExpatOilWorker]

Yep, you can easily open an USD account, just go to your bank and ask for details. Most Banks do it, but not all branches are authorized to open USD accounts.

From memory, $5,000 initial deposit and a copy of your id card/passport is required to open the account.

You can withdraw the $5,000 the next days if you feel so.

To no surprise interest rate is 0%.

Edited December 6, 2015 by ExpatOilWorker

[chiang mai]

Ask your bank about opening a multi currency account, it's readily available and easy to operate - READ the terms and conditions of the costs involved and under what circumstances.

[thequietman]

Yep, you can easily open an USD account, just go to your bank and ask for details. Most Banks do it, but not all branches are authorized to open USD accounts.

From memory, $5,000 initial deposit and a copy of your id card/passport is required to open the account.

You can withdraw the $5,000 the next days if you feel so.

To no surprise interest rate is 0%.

Will the bank take commissions on the exchange or are they just happy to be paying me zero percent interest?

Many thanks.

[ExpatOilWorker]

Yep, you can easily open an USD account, just go to your bank and ask for details. Most Banks do it, but not all branches are authorized to open USD accounts.

From memory, $5,000 initial deposit and a copy of your id card/passport is required to open the account.

You can withdraw the $5,000 the next days if you feel so.

To no surprise interest rate is 0%.

Will the bank take commissions on the exchange or are they just happy to be paying me zero percent interest?

Many thanks.

The is no cost what so ever to transfer to the account and when converting to Thai baht I get 0.05 below the Super Rich buy rate.

If you need cash USD they charge 0.25%.

[chiang mai]

Yep, you can easily open an USD account, just go to your bank and ask for details. Most Banks do it, but not all branches are authorized to open USD accounts.

From memory, $5,000 initial deposit and a copy of your id card/passport is required to open the account.

You can withdraw the $5,000 the next days if you feel so.

To no surprise interest rate is 0%.

Will the bank take commissions on the exchange or are they just happy to be paying me zero percent interest?

Many thanks.

Transfer in is free,

Transfer out is a fee in lieu of commission,

Conversion to THB is at the TT rate so very attractive.

An annual holding charge may apply,

Interest rates will follow the rates on offer from Thai banks, currently close to zero.

[thequietman]

Yep, you can easily open an USD account, just go to your bank and ask for details. Most Banks do it, but not all branches are authorized to open USD accounts.

From memory, $5,000 initial deposit and a copy of your id card/passport is required to open the account.

You can withdraw the $5,000 the next days if you feel so.

To no surprise interest rate is 0%.

Will the bank take commissions on the exchange or are they just happy to be paying me zero percent interest?

Many thanks.

Transfer in is free,

Transfer out is a fee in lieu of commission,

Conversion to THB is at the TT rate so very attractive.

An annual holding charge may apply,

Interest rates will follow the rates on offer from Thai banks, currently close to zero.

Thank you. Is this account suitable for immigration?

[topt]

Yep, you can easily open an USD account, just go to your bank and ask for details. Most Banks do it, but not all branches are authorized to open USD accounts.

From memory, $5,000 initial deposit and a copy of your id card/passport is required to open the account.

You can withdraw the $5,000 the next days if you feel so.

To no surprise interest rate is 0%.

Will the bank take commissions on the exchange or are they just happy to be paying me zero percent interest?

Many thanks.

Transfer in is free,

Transfer out is a fee in lieu of commission,

Conversion to THB is at the TT rate so very attractive.

An annual holding charge may apply,

Interest rates will follow the rates on offer from Thai banks, currently close to zero.

Thank you. Is this account suitable for immigration?

OP could have done a swift search and saved himself a post -

http://www.thaivisa.com/forum/topic/875359-krungsri-foreign-currency-account-easy-to-open-any-pitfalls-to-be-ware-of/?hl=%22foreign+currency+account%22

http://www.thaivisa.com/forum/topic/865710-bangkok-bank-foreign-currency-account/?hl=%22foreign+currency+account%22

plus many more.

Your last question was even discussed not that long ago in one thread but you need to expend a bit of effort to find the topic and I cannot be bothered . My understanding is no as it has to be available in Thai baht.

[chiang mai]

Yep, you can easily open an USD account, just go to your bank and ask for details. Most Banks do it, but not all branches are authorized to open USD accounts.

From memory, $5,000 initial deposit and a copy of your id card/passport is required to open the account.

You can withdraw the $5,000 the next days if you feel so.

To no surprise interest rate is 0%.

Will the bank take commissions on the exchange or are they just happy to be paying me zero percent interest?

Many thanks.

Transfer in is free,

Transfer out is a fee in lieu of commission,

Conversion to THB is at the TT rate so very attractive.

An annual holding charge may apply,

Interest rates will follow the rates on offer from Thai banks, currently close to zero.

Thank you. Is this account suitable for immigration?

Yes it is, the bank will give you a letter each year (for O-A visa extension) which states your total holdings and this is shown in THB equivalent.

[chiang mai]

Post number 8 above suggests the account may not be suitable for Immigration purposes because the funds are not held in THB. I used an FCY account for a few years in Phuket and there was never a problem with Immigration albeit I also held THB in that account, all I can say is that Immigration's position on everything seems to vary from office to office so it's difficult to know what to advise, perhaps others can comment.