Offshore Banking And Us Dollar Account In Thailand

[SteveC]

Hi,

I've been working in Thailand as a teacher for 3 years on one year teaching contracts and with a non-immigrant B visa.

I want to open an offshore account with money I have in Europe. So far I have been unsuccessful as I am unable to provide a bank with utility bills (gas, electricity etc..) in my name.

Can anyone help with this matter and recommend a bank ?

Also, I regularly buy US dollars. Is it possible to open a USD account with a Thai bank? Again, any recommendations ?

Thanks !

[smilingjim]

Hi,

I've been working in Thailand as a teacher for 3 years on one year teaching contracts and with a non-immigrant B visa.

I want to open an offshore account with money I have in Europe. So far I have been unsuccessful as I am unable to provide a bank with utility bills (gas, electricity etc..) in my name.

Can anyone help with this matter and recommend a bank ?

Also, I regularly buy US dollars. Is it possible to open a USD account with a Thai bank? Again, any recommendations ?

Thanks !

Most off-shore banks will accept a letter from your employer as proof of address. Which bank depends on what facilities you want and amount you want to deposit. Most UK banks now have off-shore facilities in Isle of Man or Jersey: LloydsTSB, barclays etc. or there are dedicated off-shore banks such as Singer & Friedlander etc.

Alternatively you can open an off-shore account in Singapore or Hong Kong. Really depends on your nationality and personal preferences.

Why open a Thai USD account (loads of hassle)? You can have a USD off-shore account.

[SteveC]

[

Most off-shore banks will accept a letter from your employer as proof of address. Which bank depends on what facilities you want and amount you want to deposit. Most UK banks now have off-shore facilities in Isle of Man or Jersey: LloydsTSB, barclays etc. or there are dedicated off-shore banks such as Singer & Friedlander etc.

Alternatively you can open an off-shore account in Singapore or Hong Kong. Really depends on your nationality and personal preferences.

Why open a Thai USD account (loads of hassle)? You can have a USD off-shore account.

I have received yet another negative reply this time from the Co-operative Bank asking for both utility bills in my name and also that I have an existing account with them that is up and running for at least 6 months.

[Khun Bob]

Hi

I know of three Swiss banks you should not have a problem with (and allow you to have multi currency accounts, including thai baht), also there are several HSBC's (close to Thailand) which will help (and dont have withholding tax), but do have some minimum balance requirements.

If your keen on a UK (ish) bank then Allied Irish have the best interest rates at the mo but I dont know what there application process is like.

If you are UK based, suggest you have you name added to a utility bill of a friend or family there. Also take advantage of one of the free credit search facilities to see what they have on you and what addresses they have. You may need to think creatively, on how to get a UK Utility Bill in your name. Different banks have different requirements. You can get Inland Revenue/National Insuarance documents sent to a UK address reasonably easily and these can be accepted.

[smilingjim]

I have received yet another negative reply this time from the Co-operative Bank asking for both utility bills in my name and also that I have an existing account with them that is up and running for at least 6 months.

I assume you are British. As I said earlier Singer & friedlander Isle of Man can do this for you.

Check out their website:

http://www.kaupthingsingers.co.uk/internat...ingsaccount.htm

Look at it in detail. Their brochures give full details of proof of address requirements.

They'll do multi-curency accounts for you. Minimum balance GBP 5,000.

Where no utility bills are available they will accept a letter from your employer + copy of employement contract or bank statement showing your Thai address.

Edited November 29, 2006 by smilingjim