Foreign currency accounts with Thai banks

[MrMuddle]

I've been left some money in a will, in the UK, which I would like to bring over to Thailand, and put into a foreign currency account and leave it there until the Pound rises up from it's present low rate, before converting it into Baht. How do I do this ? Are these deposits guaranteed by the Thai government compensation scheme ? I live in the Provinces, are these accounts available without having to go to Bangkok ?
Any other useful information ?
Thanks for any and all replies.

[ubonjoe]

Info about them at Bangkok Bank is here. http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

They have branches all over the country where you can open a account. List here: http://www.bangkokbank.com/BangkokBankThai/Documents/Site Documents/GPSD/FCDServiceBranch_En.pdf

[Pib]

Bangkok Bank FCD weblink.

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

 

K-Bank FCD weblink

http://www.kasikornbank.com/EN/Personal/BankAccounts/FCD/Pages/ForNonResidentAccount.aspx

 

Krungsri Bank FCD weblink

https://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/ForeignCurrencyDeposit.html

 

Edited February 8, 2017 by Pib

[MrMuddle]

ubonjoe & PIb, thank you both for your help, much appreciated.

[chiang mai]

Foreign currency accounts are NOT covered under the Deposit Protection scheme.

 

"Which types of deposits are protected?

Thai Bath Account, deposited with domestic financial institutions (except for Non-Resident Baht Accounts (NRBA)) i.e. Current Account, Savings Account, Fixed Deposit Account, Negotiable Certificate of Deposit and Certificate of Deposit".

 

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

[Jip99]

The minute I get a whiff of Bangkok Bank going bust I must remember to switch my money to my Thai Baht account.... pronto.

[theguyfromanotherforum]

The minute I get a whiff of Bangkok Bank going bust I must remember to switch my money to my Thai Baht account.... pronto.

Lol, if that ever happens by the time you make a switch Thai baht will most likely be worth nothing.

[OJAS]

I personally think that FCD accounts are a complete waste of time. I had a GBP one with Bangkok Bank for a short time a few years ago, but immediately closed it after being clobbered left, right and centre for charges in respect of a transfer to it from my UK account. These days I effectively use my UK account as my GBP one and make periodic transfers to my THB account with Bangkok Bank via their London branch.

 

That said, maybe the OP no longer has a UK account into which he can stash his inheritance, and, hence, has no choice in practice other than to open an FCD account?

[Pib]

Yea, with some possible fees associated with a FCD, considering the speed of wire transfers now days (fast), and since it's not like currency exchange rates are jumping up and down by several percent per day (more like a small fraction of that) I definitely would "not" have a FCD for simply home country currency-to-baht exchange purposes.

[Jip99]

5 hours ago, OJAS said:

I personally think that FCD accounts are a complete waste of time. I had a GBP one with Bangkok Bank for a short time a few years ago, but immediately closed it after being clobbered left, right and centre for charges in respect of a transfer to it from my UK account. These days I effectively use my UK account as my GBP one and make periodic transfers to my THB account with Bangkok Bank via their London branch.

 

That said, maybe the OP no longer has a UK account into which he can stash his inheritance, and, hence, has no choice in practice other than to open an FCD account?

 

 

My experience is different; very few charges on the incoming transfer and capped at 500 Baht equivalent for large amounts.

 

Free transfers to my Baht and a great online banking system.

 

I decided to increase the amount of Sterling held so I can renew my extension later this year without the cost of a British embassy income letter.

[OJAS]

On 2/10/2017 at 1:19 PM, OJAS said:

That said, maybe the OP no longer has a UK account into which he can stash his inheritance, and, hence, has no choice in practice other than to open an FCD account?

 

Upon further reflection I wonder whether the OP might not be better off considering opening a UK offshore account as a means of avoiding possible excessive charges if he no longer has a "mainstream" UK account? Although, as already well documented on here, Nationwide are in the process of closing their accounts, alternative options with Barclays and HSBC would still appear to be available:-

 

https://www.bba.org.uk/customers/personal-banking/current-accounts-personal-banking/bank-account-access-in-the-uk-for-non-residents-2/