Opening a foreign currency deposit account at a Thai bank

[buksida]

It would be very handy for me to have a USD account here and I know some banks offer them.

Went into Kasikorn and got a "mai mee" straight away.

Then tried Bank of Ayudhaya where I have an account anyway. The have FCDs but ... there are a number of charges and farangs have to pay $10 per month service fees, not applicable to Thais. This shit causes instant heckles and $120++ per year is probably the same as what I'd lose in fx spreads anyway so not worth the effort with BAY.

Any other banks offer them without the silly fees?

[RCer]

Dumb question, but why would you need that type of account?

[Bluesky]

https://www.bangkokbank.com/en/Business ... it-Account

Not sure if you have looked at Bangkok Bank. Don't think you will have much luck finding a bank here that doesn't bite with fees and charges.

[Bluesky]

Dumb question, but why would you need that type of account?

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One basic reason apart from ease of international business is as a 'hedge' where there is concerns of currency weakness.
as per example above AUD/USD. In 2014 1.00 USD was worth circa 94.82 cents AUD. Today, as of a couple of minutes ago 1.00 USD is worth .71966 cents AUD.

[hhinner]

It would be very handy for me to have a USD account here and I know some banks offer them.

Went into Kasikorn and got a "mai mee" straight away.

Then tried Bank of Ayudhaya where I have an account anyway. The have FCDs but ... there are a number of charges and farangs have to pay $10 per month service fees, not applicable to Thais. This shit causes instant heckles and $120++ per year is probably the same as what I'd lose in fx spreads anyway so not worth the effort with BAY.

Any other banks offer them without the silly fees?

I think the monthly fee is only if account has no activity for a certain period or the balance goes below a certain minimum.

[URL]https://www.krungsri.com/bank/en/Person ... posit.html[/[URL]

[buksida]

Not according to the gumph they printed out for me ...

[hhinner]

That is indeed the account maintenance fee. Did you ask the bank in what circumstances it is to be paid? The website states in both English and Thai that this fee applies in the case of an inactive account or below minimum balance. Apart from that fee there are other fees relating to deposit and withdrawal which may be better at other banks.

[handdrummer]

If Bangkok would work for you, check with Citibank in Bangkok.

[PET]

I have had a Sterling account with Kasikorn since 2009 and no problems. Monthly charges of about Bht50 if the balance is below US$ 5K or equivalent. I found it very useful when I needed to take advantage of the FX rate in a hurry.
HOWEVER I do think Bangkok Bank is the best bank but I cannot be bothered to change.

[buksida]

Cheers guys.

K-bank doesn't do them, at least our local branch had no idea what I was talking about. BAY said the fee was payable monthly regardless. Bangkok Bank will be my next port of call.

[brianks]

I can see absolutely NO need for foreign currency account now with Transferwise.com offering virtually the same service without the extra Thai account. Just transfer your money when the rate is where you want it and its the same as having a foreign currency account without the fees and hassles.

[PET]

I can see absolutely NO need for foreign currency account now with Transferwise.com offering virtually the same service without the extra Thai account. Just transfer your money when the rate is where you want it and its the same as having a foreign currency account without the fees and hassles.

You are wrong.
When I first arrived in Hua Hin I needed to transfer from my Sterling a/c here but I needed my passport ( did not have DL at that time)I went home and was back in the bank 1hour 45mins later and the exchange rate was lower and I lost money. So time can be very important - using an agent to send from overseas would take very much longer

[Big Boy]

Sorry PET, it is you that is wrong. If you accept the transaction, the rate is guaranteed immediately, so you won't receive any less. What was better, the first time I used the service, the value of Sterling increased (you don't hear that very often these days)- I received a few Baht extra than the guaranteed rate.

[moater]

I have a BBL FCD in USD. No maintenance fees. Easily manageable online. Instant automatic conversions during business hours. Stupidly low interest, of course. Depositing/withdrawing actual paper cash is expensive, but I almost never need to do that.

Only the head office opens these, btw, so whatever branch you go to, they will just fill out the paperwork and the actual account will be opened in the head office and bank book mailed back to your branch.

You dodged a bullet with Krungsri. They have the worst TT exchange rates in the country. Always off by around 0.3%.