Cash deposit/withdrawal in foreign currency deposit account

[Stef]

I am a little confused about foreign currency deposit accounts. Can anyone with experience with this type of account help?
Say it is an account in euros

1 - Can I deposit money in euro bank notes? For the initial payment when opening the account? Later? Is there a fee?
2 - Can I withdraw money in euro bank notes? Is there a fee?

I already understand what the fees are for T/T transfers in and out.

Thanks

[trd]

You make the initial deposit in cash Euros. Mine is GBP and the minimum was 500 pounds. I can only speak for Krungsri Bank. You can withdraw Thai Baht from ATM. No fee. Only the exchange rate. To transfer funds into my account incurs a fee of between 250-500 Baht max.

[trd]

I don't think I can withdraw foreign currency from it, but I wouldn't want to.

[topt]

 

On ‎30‎/‎07‎/‎2017 at 3:22 PM, trd said:

I don't think I can withdraw foreign currency from it, but I wouldn't want to.

Normally you can withdraw foreign notes but they will charge you 1-2% for the privilege.

See here for Bangkok Banks costs where they say they will charge you 2% for either deposit or withdrawal of notes -

http://www.bangkokbank.com/BangkokBankThai/Documents/Site Documents/Interest Rates/FeesFCD_Table5_151116_En.pdf

 

Each bank will have similar terms but whether this means you can make the initial deposit in cash without incurring the charge I am not sure?

I had an SCB one for a short while but closed it as soon as I could.

[Stef]

Thanks to all for the information. I finally found out that at my bank (Krungsri - Bank of Ayudhya) you can deposit and withdraw foreign bank notes but there is a 1% in lieu of exchange fee. Some information on their website is only in Thai.

 

It seems that their FCD offer is a little more competitive than other banks, lower fees, lower minimum balance and ATM card to withdraw in THB at any of their ATMs.

 

 

 

[geisha]

So what is the attraction of a FCD ? Are exchange rates better when you go to the counter at bank? I don't use ATM. What is needed to open an FCD account at Krungsri please ? 

[Stef]

It depends on your situation. I am French. One of my banks informed me under short notice that they don't want non resident accounts anymore. I am lucky I still have another bank in Europe. I never go back to my country and It is almost impossible to open a non resident account on line in France today because of anti laundering and tax laws. If my second bank decides to close my account too I won't know what to do with my money. So for safety I would like to get a FCD account to be able to temporarily keep my money in euros in case I don't have an account in Europe. I think it is not safe to keep all my money in bahts.  I was already here in 1997.

If you don't face the same problems as me, I understand that a FCD may look useless. Just keep your money in your home country.

 

[trd]

So what is the attraction of a FCD ? Are exchange rates better when you go to the counter at bank? I don't use ATM. What is needed to open an FCD account at Krungsri please ? 

1. Passport
2. The equivalent of about 20,000 baht in foreign currency banknotes. For my GBP account it was 500 pounds.

You can either convert from FCD and transfer to Thai savings account, easily done through the internet banking app, or draw baht from an ATM machine direct from the FCD account. The exchange rate seems to be the same TT incoming rates as if you were sending money from overseas.

[hutchings1963]

Why not transfer the money via transferwise it comes here in bht and you get the market rate,you do not pay any bank fees.

 

[topt]

10 hours ago, hutchings1963 said:

Why not transfer the money via transferwise it comes here in bht and you get the market rate,you do not pay any bank fees.

 

The OP wanted to keep his money in Euros........................

[ExpatOilWorker]

UOB Bank

 

Deposit Commission

• Banknote : 0.50 % commission in lieu of exchange
• T/T, Swift, Export Bills, and Foreign Bill: Free of charge

Withdrawal Commission

• D/D, T/T, Swift 0.125% minimum USD 10 plus communications expense Baht 500 (in case of effect in full amount: our charge USD 10 for USD currency, and USD 15 equivalent for other currencies)
• Import settlement: 0.25% flat
• T/C 0.125% minimum USD 10, plus 1% and Baht 3 stamp duty
• Banknote 0.50% commission in lieu of exchange
• Convert into Thai baht free of charge

http://www.uob.co.th/en/personal/deposit-foreign-currency-deposit-account.html

[trd]

UOB Bank
 

Deposit Commissionhttp://www.uob.co.th/en/personal/deposit-foreign-currency-deposit-account.html

It's worth pointing out that UOB insist on a work permit to open an FC account whereas Krungsri doesn't. Just a passport.

[ExpatOilWorker]

7 hours ago, trd said:

10 hours ago, ExpatOilWorker said:

UOB Bank
 

Deposit Commissionhttp://www.uob.co.th/en/personal/deposit-foreign-currency-deposit-account.html

It's worth pointing out that UOB insist on a work permit to open an FC account whereas Krungsri doesn't. Just a passport.

Well spotted, but as always rules are flexible. I didn't have a work permit and opened an account just fine.