watcharacters Posted November 9, 2016 Share Posted November 9, 2016 We were at K Bank today to get a "seasoned funds" letter for immigration. Previously we've called K Bank and Bangkok Bank to ask about document requirements for an FCD which vary from bank to bank and person to person. Today I heard a new variation. The lady who was typing the letter for me was joined by another desk lady and came up with the following: 1. We can only open a FCD in Bangkok. 2. Any withdrawal of the funds requires a one week advance notice. 3. The funds can only be withdrawn on a Monday with the above advance notice. 4. The distribution will only be made in Thai Baht with an accompanying fee for the USD/THB conversion. Is all of the above accurate and if so is this the industry standard? I lose the point of having a FDC. TIA Link to comment Share on other sites More sharing options...
lopburi3 Posted November 9, 2016 Share Posted November 9, 2016 Who said there was any point in having such an account? Most of us live quite well with accounts in baht. Link to comment Share on other sites More sharing options...
KittenKong Posted November 9, 2016 Share Posted November 9, 2016 20 minutes ago, watcharacters said: I lose the point of having a FDC. The point of an FDC is that it isnt in Baht, and is money that is considered as being from overseas. This latter can be useful for tax purposes or for eventual repatriation, or for a condo purchase. And of course some may consider it a hedge against any fall in value of the Baht. Apart from that it's pretty pointless. Link to comment Share on other sites More sharing options...
watcharacters Posted November 9, 2016 Author Share Posted November 9, 2016 1 minute ago, KittenKong said: The point of an FDC is that it isnt in Baht, and is money that is considered as being from overseas. This latter can be useful for tax purposes or for eventual repatriation, or for a condo purchase. And of course some may consider it a hedge against any fall in value of the Baht. Apart from that it's pretty pointless. Please hold on KittenKong. How can it be a hedge when the lady said there would be a conversion over the course of an advance week notice into Thai Baht. Conversion with a fee attached. How does that allow for a hedge? Link to comment Share on other sites More sharing options...
KittenKong Posted November 9, 2016 Share Posted November 9, 2016 The hedge is that you get to keep the money in foreign currency until you decide to exchange it, unlike money in a Baht account. Link to comment Share on other sites More sharing options...
lopburi3 Posted November 10, 2016 Share Posted November 10, 2016 Which might be better done by keeping in your home country bank account where it can be easily used. Link to comment Share on other sites More sharing options...
chiang mai Posted November 10, 2016 Share Posted November 10, 2016 Those are pretty stringent rules and must be fairly new. The option always used to exist to withdraw in any currency (subject to a commission charge in lieu of exchange), without notice and/or to export the foreign currency overseas. Costs were always conversion from FCY to THB at the TT rate plus an annual holding charge of 0.5%. Link to comment Share on other sites More sharing options...
KittenKong Posted November 10, 2016 Share Posted November 10, 2016 52 minutes ago, lopburi3 said: Which might be better done by keeping in your home country bank account where it can be easily used. Indeed, but money deposited here is not in your home country and some people may consider this an advantage. And money in an FCD here might be used as a deposit for a visa extension. I'm not saying that I would do it, just that some people might want to. Link to comment Share on other sites More sharing options...
lopburi3 Posted November 10, 2016 Share Posted November 10, 2016 True - some people skydive Some of us have issues with less altitude Link to comment Share on other sites More sharing options...
watcharacters Posted November 11, 2016 Author Share Posted November 11, 2016 On 11/10/2016 at 8:01 AM, chiang mai said: Those are pretty stringent rules and must be fairly new. The option always used to exist to withdraw in any currency (subject to a commission charge in lieu of exchange), without notice and/or to export the foreign currency overseas. Costs were always conversion from FCY to THB at the TT rate plus an annual holding charge of 0.5%. Thanks again all, chaiang mai, Part of what I'm posting regards my frustration to get a correct or at least somewhat reliable answer. I honestly lost track of all the calls we've made both to call centers and local branches. While I smile when a lady tells me I need to drive 450+ kilometers to open a particular account at the bank, inside, I'm feeling she is talking out her backside. This lady never even mentioned I'd need an address verification letter from immigration or an income verification letter from my embassy. Bring my passport and bank account book is all she said. I wonder if anyone on this board has a FCD with a bank that allows for keeping funds in the foreign currency until it's decide to convert them to THB? I realize a bank service fee would be attached but the parameters I was given at KBank are enough to make a clear and simple decision for me if they're at all accurate which I highly doubt. Does anyone on the board have a FCD which allows for keeping currency on deposit in a Thai bank until such time as the depositor chooses to convert to THB? TIA Link to comment Share on other sites More sharing options...
taiping Posted November 11, 2016 Share Posted November 11, 2016 "Does anyone on the board have a FCD which allows for keeping currency on deposit in a Thai bank until such time as the depositor chooses to convert to THB?" Yes, I have a FCD at Bangkok Bank in Danish Krone in a Bangkok branch. I can convert DKK to THB immediately to my THB Savings Account using the BBL online system. I just pay the normal inward remittance fee (maximum of 500 baht, I think). No other charges, but I am a "Bualuang Exclusive" member which entitles me to a BBL credit card with no annual fee. I previously changed my CHF deposit to DKK, no problem, but they then issue a new savings book. I would not bother with Kasikorn Bank, since their staff once tried to cheat me (without success!). Link to comment Share on other sites More sharing options...
nightbird Posted November 11, 2016 Share Posted November 11, 2016 Those restrictions are not common to all banks. If you're concerned about exchange rates from USD to THB, I would go with SCB. Their rates are the best of any Thai bank that I know of no and no restrictions like those you listed. Good luck. Link to comment Share on other sites More sharing options...
chiang mai Posted November 11, 2016 Share Posted November 11, 2016 54 minutes ago, watcharacters said: Thanks again all, chaiang mai, Part of what I'm posting regards my frustration to get a correct or at least somewhat reliable answer. I honestly lost track of all the calls we've made both to call centers and local branches. While I smile when a lady tells me I need to drive 450+ kilometers to open a particular account at the bank, inside, I'm feeling she is talking out her backside. This lady never even mentioned I'd need an address verification letter from immigration or an income verification letter from my embassy. Bring my passport and bank account book is all she said. I wonder if anyone on this board has a FCD with a bank that allows for keeping funds in the foreign currency until it's decide to convert them to THB? I realize a bank service fee would be attached but the parameters I was given at KBank are enough to make a clear and simple decision for me if they're at all accurate which I highly doubt. Does anyone on the board have a FCD which allows for keeping currency on deposit in a Thai bank until such time as the depositor chooses to convert to THB? TIA The whole purpose of an FCY account is that you can hold foreign currencies in the account for as long as you want without having to convert them to THB, that's the whole point of the account, if anyone tells you differently they are indeed talking nonsense. Also, there are two types of bank account in Thailand, resident and non-resident. A non-rewsident account means that there are no BOT reporting requirements hence a non-resident FCY account does NOT require letters from Immigration etc to open. http://www.tilleke.com/resources/banking-thailand-resident-or-non-resident-account Link to comment Share on other sites More sharing options...
watcharacters Posted November 11, 2016 Author Share Posted November 11, 2016 4 minutes ago, chiang mai said: The whole purpose of an FCY account is that you can hold foreign currencies in the account for as long as you want without having to convert them to THB, that's the whole point of the account, if anyone tells you differently they are indeed talking nonsense. 4 minutes ago, chiang mai said: The whole purpose of an FCY account is that you can hold foreign currencies in the account for as long as you want without having to convert them to THB, that's the whole point of the account, if anyone tells you differently they are indeed talking nonsense. Thanks, chiang mai, For some strange reason some THV posters seem to take umbrage at the very suggestion of that simple account If not a secret, does any THV member have a FCD as describe above? And if so what did it take to get it. Link to comment Share on other sites More sharing options...
chiang mai Posted November 11, 2016 Share Posted November 11, 2016 Lastly from me on this subject: I increasingly hear poor reports about the green bank on a number of different scores, perhaps consider alternatives to them. Also, it's quite common for bank staff to request a work permit when in fact a long term visa will suffice and will be accepted by them if it is shown, for whatever reason they seem to forget this option. Lastly, I used to have an FCY account and did so for many years, I closed it however a few years ago when it was no longer required. Good luck, you'll get there in the ned I'm certain. Link to comment Share on other sites More sharing options...
watcharacters Posted November 11, 2016 Author Share Posted November 11, 2016 51 minutes ago, taiping said: "Does anyone on the board have a FCD which allows for keeping currency on deposit in a Thai bank until such time as the depositor chooses to convert to THB?" Yes, I have a FCD at Bangkok Bank in Danish Krone in a Bangkok branch. I can convert DKK to THB immediately to my THB Savings Account using the BBL online system. I just pay the normal inward remittance fee (maximum of 500 baht, I think). No other charges, but I am a "Bualuang Exclusive" member which entitles me to a BBL credit card with no annual fee. I previously changed my CHF deposit to DKK, no problem, but they then issue a new savings book. I would not bother with Kasikorn Bank, since their staff once tried to cheat me (without success!). I missed your post initally but please allow me to ask you for a link either public or PM for the requirements of the "Bualuang Exclusive". My google searches have come up empty. TIA Link to comment Share on other sites More sharing options...
taiping Posted November 11, 2016 Share Posted November 11, 2016 7 minutes ago, watcharacters said: I missed your post initally but please allow me to ask you for a link either public or PM for the requirements of the "Bualuang Exclusive". My google searches have come up empty. TIA I think better to ask Bangkok Bank to get the current requirements for becoming a "Bualuang Exclusive" member. The card I have says "Bualuang Phone Exclusive, Tel 026455999." From memory, I think they required a deposit of at least 3-million baht or equivalent, but best to check. Update: See http://www.bangkokbank.com/BangkokBank/PersonalBanking/SpecialServices/BualuangExclusive/Pages/Default.aspx Link to comment Share on other sites More sharing options...
12DrinkMore Posted November 11, 2016 Share Posted November 11, 2016 I have one at the Bangkok Bank. Works fine. Link to comment Share on other sites More sharing options...
steve73 Posted November 11, 2016 Share Posted November 11, 2016 Why keep foreign currency here at all (unless it's for extension purposes). Depending where you're from, there are many low-cost & /or on-line exchange facilities that allow you to change what you need at very competitive rates before transferring it into your Thai account. Link to comment Share on other sites More sharing options...
prakhonchai nick Posted November 11, 2016 Share Posted November 11, 2016 This email was received this week from Kasikorn HO. Referring to your enquiry about Foreign Currency Deposit (FCD), I would like to provide you with the information you have enquired: If you would like to open FCD account, please bring required documents contact any FCD services branch. You can check about branches in services from Kasikornbank's website (www.kasikornbank.com) at menu "Personal> Bank Accounts> Foreign Currency Deposit (FCD)> Foreign Currency Deposit (FCD) for Non-Resident Account". 10 Foreign currencies available for Foreign Currency Deposit such as: - US Dollar (USD) - Singapore Dollar (SGD) - Australian Dollar (AUD) - Canadian Dollar (CAD) - Hong Kong Dollar (HKD) - Japanese Yen (JPY) - Pound Sterling (GBP) - Swiss Franc (CHF) - Euro (EUR) - Chinese Yuan (CNY) Required Documents for Account Opening of Individuals who have base in foreign countries: - Passport - Temporary work permit in Thailand - Initial Deposit is $10,000 USD or equivalent at the market rate in case of other currencies. The Monthly Average Daily Balance is not less than $5,000 or equivalent at the market rate in case of other currencies. If the amount is less than $5,000, it will be subject to an account maintaining fee of $10 or equivalent at the market rate in case of other currencies. If you make a funds transfer to FCD account, it has no deposit fee. Funds transfer is 0.25% of total deposit amount - In case of fee paid by baht , the minimum fee is 200 Baht, the maximum fee is 500 Baht - In case of fee paid by foreign currency, the minimum fee is $10, the maximum fee is $25 It is no fee when you withdrawal to convert into Baht or to transfer to other account of the same name or transfer to the subsidiary account where your shareholding is not less than 50%. Note: FCD has no debit card or online banking. KASIKORNBANK PCL. would like to thank you for your interest in Kasikornbank's services or products. If you have any further enquiries, please do not hesitate to contact K-Contact Center at Tel. (66) 2888 8800 or email us at [email protected] 24 hours a day, 7 days a week. *In order to improve our service via "[email protected]", your feedback is highly appreciated. Please browse on http://www.kasikornbank.com/cu/survey/Pages/Survey.aspx?agentID=000 for our customer satisfaction survey. Thank you.* Service is our heart, so you can 'Leave everything in our hands'. KASIKORNBANK Towards Service Excellence. Yours Sincerely, K-Contact Center Link to comment Share on other sites More sharing options...
vivoviajar Posted November 11, 2016 Share Posted November 11, 2016 Hi I have an FCD with Bkk Bank.vYes, it can only be opened at Head Office. Withdrawals via Internet banking are instantaneous. I have had the account for 4 years and no problems. Only fee is for deposits, max.500 baht. Link to comment Share on other sites More sharing options...
taiping Posted November 11, 2016 Share Posted November 11, 2016 4 minutes ago, vivoviajar said: Hi I have an FCD with Bkk Bank.vYes, it can only be opened at Head Office. Withdrawals via Internet banking are instantaneous. I have had the account for 4 years and no problems. On fee is for deposits, max.v500 baht.years According to the BBL web site, an FCD can be opened at any BBL branch nationwide which offers FCD services, not just the Head Office. See http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx Link to comment Share on other sites More sharing options...
SimpleChap Posted November 11, 2016 Share Posted November 11, 2016 I have USD and EURO account at Kasikorn, opened in Pattaya, and cost me nothing. In fact the EURO account pays a few baht interest, the USD account not. Link to comment Share on other sites More sharing options...
KBsinter Posted November 11, 2016 Share Posted November 11, 2016 Bank of AYUDHYA (YELLOW BANK) 500 GBH,PASSPORT,DONE!!!............ Link to comment Share on other sites More sharing options...
PGSan Posted November 11, 2016 Share Posted November 11, 2016 15 minutes ago, taiping said: According to the BBL web site, an FCD can be opened at any BBL branch nationwide which offers FCD services, not just the Head Office. See http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx This is true but the branch you go to then sends the forms etc to Head Office and they open the account and issue the passbook. With BKK you can later add such an account to your online accounts but that is a separate process involving yet more forms signatures smiles etc. Link to comment Share on other sites More sharing options...
watcharacters Posted November 11, 2016 Author Share Posted November 11, 2016 41 minutes ago, 12DrinkMore said: I have one at the Bangkok Bank. Works fine. Sorry, I was looking for helpful or informative answers. Next time maybe? Link to comment Share on other sites More sharing options...
taiping Posted November 11, 2016 Share Posted November 11, 2016 42 minutes ago, PGSan said: This is true but the branch you go to then sends the forms etc to Head Office and they open the account and issue the passbook. With BKK you can later add such an account to your online accounts but that is a separate process involving yet more forms signatures smiles etc. Yes, I think this is correct, at least for BBL. Changing currency also requires the branch to obtain a new FCD savings book from Head Office. Naturally, all this will result in delays and a return visit to the branch where the FCD is opened. Link to comment Share on other sites More sharing options...
prakhonchai nick Posted November 11, 2016 Share Posted November 11, 2016 32 minutes ago, watcharacters said: Sorry, I was looking for helpful or informative answers. Next time maybe? I think most of the replies have been very informative and helpful.Suggest watchcharacters you re-read this thread! What K bank told you was totally incorrect. Bangkok Bank suits more people because transactions can be done online. Otherwise basically the same. Link to comment Share on other sites More sharing options...
watcharacters Posted November 11, 2016 Author Share Posted November 11, 2016 5 minutes ago, prakhonchai nick said: I think most of the replies have been very informative and helpful.Suggest watchcharacters you re-read this thread! What K bank told you was totally incorrect. Bangkok Bank suits more people because transactions can be done online. Otherwise basically the same. I agree with you prakkonchai that most posters have replied with replies that are meant to be useful and I appreciate that. But when a clown decides to inject a totally useless post on a serious thread I will call him out on it. I called him out.. Link to comment Share on other sites More sharing options...
prakhonchai nick Posted November 11, 2016 Share Posted November 11, 2016 The advantage of an FCD account is that your foreign currency is here in Thailand and not back in your home country. With exchange rates fluctuating on a daily basis, and the recent drop in the exchange for the UK pound, it helps to be able to change to baht instantaneously (online with Bangkok Bank) using the then current TT rate. If you order a transfer from your home bank, it invariably takes 1-3 days to arrive, by which time the rate may well have gone against you. Link to comment Share on other sites More sharing options...
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