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STALINGRAD

Foreign Currency Deposit account options

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With the strength of the baht, I am looking to deposit USD to meet immigration requirements on my extension of stay (Retirement).Bangkok bank offers minimal interest .15% annually and 1% on withdrawls. I am curious if anyone else uses this method with better returns or fees. I would prefer Citibank in Bkk ,but living far from Bkk paper work might be a burden to satisfy immigration in a timely way. I plan to survey the Thai banks for their fees etc.,but welcome the experiences of the forum members.Thank you.

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I use a USD FCD account to keep my 800k THB requirement for immigration. I just renewed my retirement visa extension last week with a letter and bank book copies no problem at all. Immigration is used to doing currency conversions as they had to do it when using Embassy Income letters in the past. Works no problem. You are smart to not convert to THB right now. I am waiting for it to go up myself before I do any large scale conversions of USD. I however have not looked to closely at any other banks than mine for high interest rates etc.. Bangkok bank does charge 1 percent to withdrawl dollars but do not charge anything if you withdraw and convert to THB. They do not charge anything other than the usual wire transfer fees and .25% if one needs to wire the money back to a US bank.

 

I hope that helps.

Edited by likerdup1
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Bangkok Bank offer 0.9% interest on foreign currency accounts, where did you get the 0.15% figure from.

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My local branch gave me a .15% interest quote.Thank you for the reply,I will check another bkk branch.

Edited by STALINGRAD

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1 hour ago, landosmiles said:

Based on https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Currency-Deposit it appears that a savings account offer 0.15%, while a 12 month account offers 0.90%. @Tanoshi do you have a 12 month account?

1 year fixed term account, yes.

If it's the OP's intention due to the exchange rates, to put sufficient foreign currency to cover Immigrations financial requirements for an extension in a Thai bank, then it would be fruitless to put that amount of funds in a Savings type account.

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7 minutes ago, Tanoshi said:

1 year fixed term account, yes.

If it's the OP's intention due to the exchange rates, to put sufficient foreign currency to cover Immigrations financial requirements for an extension in a Thai bank, then it would be fruitless to put that amount of funds in a Savings type account.

Well, not necessarily, if the OP wants to use the money after the 5 month lock up so to speak a regular savings account is the right choice. He could withdrawl money, move some back to USA etc.. which is why I have a regular savings account. But of course if he doesn't need to do that then a fixed term account makes sense IF that type of account is OK with immigration.

 

Anybody have experience using fixed term or even investment accounts, such as mutual funds etc.. for meeting the Immigration financial requirements?

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8 minutes ago, likerdup1 said:

Well, not necessarily, if the OP wants to use the money after the 5 month lock up so to speak a regular savings account is the right choice. He could withdrawl money, move some back to USA etc.. which is why I have a regular savings account. But of course if he doesn't need to do that then a fixed term account makes sense IF that type of account is OK with immigration.

Then put the equivalent of 400K THB in a 6 month fixed term and the other equivalent of 400K THB in a 1 year fixed term.

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I'm thinking of moving my Euro account in SIN to a FCD in a bank in BKK.

BangkokBank seems a good choice for me. My KrungThai bank'fees are higher.

If I could use it inlieu of my extension-mandated THB800k so much the better. 

I was just wondering if at my death the account can be closed by my inheritor, the Euro amount changed in THB and transferred to her local account.

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1 hour ago, Tanoshi said:

Then put the equivalent of 400K THB in a 6 month fixed term and the other equivalent of 400K THB in a 1 year fixed term.

Good idea, I hadn't thought of that. I might just do that.

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Is this a long process to start a FCD at Bkk bk? 

I already have a BKK  BK regular Thai account with my 400k in it

 

I have to bring $100k,USA over but I don't want to convert just yet 

 

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Thank you for your replies.The fixed term rate would be right for me.Citibank Thailand does not offer interest on foreign currency accounts, so Bkk bank looks to be the best option.

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2 hours ago, riclag said:

Is this a long process to start a FCD at Bkk bk? 

I already have a BKK  BK regular Thai account with my 400k in it

 

I have to bring $100k,USA over but I don't want to convert just yet 

 

It's an easy process to open a FCD account at Bangkok Bank, at least it was for me at the same branch where I usually bank.  Same situation where I had a large sum coming in but didn't want to convert at the time.  Kinda wish I had in retrospect.

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27 minutes ago, NancyL said:

It's an easy process to open a FCD account at Bangkok Bank, at least it was for me at the same branch where I usually bank.  Same situation where I had a large sum coming in but didn't want to convert at the time.  Kinda wish I had in retrospect.

About how many days from start to finish ?

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2 hours ago, riclag said:

About how many days from start to finish ?

A friend opened one recently, so I can only recount his experience.

All FCD accounts are held at the BKK HQ.

They don't issue a blue book anymore, they issue a certificate.

 

His branch obtained a bank account number from HQ, then he made the transfer.

He received his certificate about 10 days after making the first enquiry.

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