Jump to content
BANGKOK
mrwebb8825

Foreign Currency Account, Bangkok Bank

Recommended Posts

My 1st question is, Can you open a foreign currency account in the NY branch of the Bangkok bank from Bangkok? Second question is, Can you open a foreign currency account without any foreign currency? I'm closing in on retirement age and am thinking it might be better to keep my SS in USD in a foreign currency account and watch the THB for awhile to see if it gets closer to normal 35:1 and up before converting any USD over. Also, I've been in Thailand for 19 yrs and all the foreign currency I have is too old to be accepted by banks here. They like the new stuff. Took a few twenties in a couple of years ago and they told me they didn't want them because the mint date was 1996. Last question is, Does a foreign currency account in the NY branch get paid better interest?

TY in advance

Share this post


Link to post
Share on other sites

The NY branch is for cooperate/wholesale bank accts only; not retail, Joe Off the Street, accts.   For US folks living in Thailand all the NY branch is used for is "using their ACH/ABA routing number" to do ACH IAT transfers to Thailand or US govt payments like SS.

 

If you want to open a USD foreign currency acct you just need to visit your local Bangkok Bank.  Foreign currency acct info at the Bangkok Bank web to include fee schedule, minimum opening amount, etc.

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save

Share this post


Link to post
Share on other sites
18 hours ago, Pib said:

The NY branch is for cooperate/wholesale bank accts only; not retail, Joe Off the Street, accts.   For US folks living in Thailand all the NY branch is used for is "using their ACH/ABA routing number" to do ACH IAT transfers to Thailand or US govt payments like SS.

 

If you want to open a USD foreign currency acct you just need to visit your local Bangkok Bank.  Foreign currency acct info at the Bangkok Bank web to include fee schedule, minimum opening amount, etc.

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save

I opened an account at Bangkok Bank last week, by the Rama 9 MRT. I asked for a foreign currency account and they said I would have to go to Silom for that so I just did a baht account.

Share this post


Link to post
Share on other sites

I asked about it in Pattaya and girl said it was just for businesses.

However her English wasn't good and she may have just been trying to end any chit chat

Share this post


Link to post
Share on other sites

Mrwebb,

 

I have a Foreign Currency Deposit account at Krungsri. Because I didn't do any real homework before opening it, I discovered the exchange rate to THB is lower than some of the other banks like SCB and Bangkok Bank. If you do decide to open an FCD and use it for your annual retirement visa or extension of stay, it has to come from outside of Thailand to satisfy Immigration rules. I cannot remember the minimum amount for opening an account but it is not that much. In order to open it, you must deposit some money into it. 

 

If I were to do this all over again, I would use a bank like Transferwise, keep my US$ or other currencies in it, and make the transfer to a Thai bank whenever I needed to replenish THB. You would get mid market exchange rates which you could not get in Thailand using an FCD. Over time, this adds up.

  • Like 2

Share this post


Link to post
Share on other sites

Make sure you understand the fee structure if you open a foreign currency account in Thailand:

 

Some banks charge a holding fee every year, others charge a fee in lieu of commission if you transfer the foreign currency overseas once again. Some banks used to charge a receiving fee when the funds are transferred in. The good news is the exchange rate to convert from USD to THB is the same as the TT rate which is the best available. Holding out for 35 baht per dollar may involve a very very long wait IMHO.

 

Interest rates on USD in Thailand will be poorer than those in the USA, often considerably so.

Share this post


Link to post
Share on other sites

I opened mine at bangkok bank. I needed 1000 usd to open it. One branch told me I needed to go to my embassy to get my passport verified, even gave me a form. Instead, I went to the branch on Second road and opened it no problem, in 30 minutes.

Share this post


Link to post
Share on other sites
19 hours ago, Pib said:

The NY branch is for cooperate/wholesale bank accts only; not retail, Joe Off the Street, accts.   For US folks living in Thailand all the NY branch is used for is "using their ACH/ABA routing number" to do ACH IAT transfers to Thailand or US govt payments like SS.

Might that info be a bit dated? I opened a Bangkok Bank account a month ago for that specific reason and the manager told me that the US has now blocked the ACH system; I could no longer send money to the Thai account that way. I must now use domestic wire transfer from US bank to BB NY routing number with Thai account number.

  • Like 1

Share this post


Link to post
Share on other sites
31 minutes ago, Paradise Pete said:

Why do you consider 35:1 to be normal? I don't think you'll be seeing that any time soon.

I don't think he'd have that many years to live to see 35:1. It hasn't been that high since the Fall of 2015.

Share this post


Link to post
Share on other sites
Just now, PeteDaKat said:

Might that info be a bit dated? I opened a Bangkok Bank account a month ago for that specific reason and the manager told me that the US has now blocked the ACH system; I could no longer send money to the Thai account that way. I must now use domestic wire transfer from US bank to BB NY routing number with Thai account number.

Nope...not dated....notice I said ACH IAT transfers....but you must find a financial entity that uses ACH "IAT" for normal retails accts....ACH IAT is usually reserved for business/corporate accts if your financial entity offers ACH IAT capability.    And US govt payments such as SSA, VA, etc., are paid in ACH IAT format if your have your foreign address on-file with them; otherwise it gets transmitted in ACH domestic format.

Share this post


Link to post
Share on other sites

I recently opened a Sterling account at the local SCB. Interest is not very good but you can draw in Sterling or Thai Baht. I wanted to move money over from the UK but was waiting to see which way the exchange rate tide was moving before converting to Baht.

Few other rules, like minimum deposit amount but can open with zero balance then you have 30 days to make a transfer.

works for me.

  • Thanks 1

Share this post


Link to post
Share on other sites
45 minutes ago, nightbird said:

If I were to do this all over again, I would use a bank like Transferwise, keep my US$ or other currencies in it, and make the transfer to a Thai bank whenever I needed to replenish THB. You would get mid market exchange rates which you could not get in Thailand using an FCD. Over time, this adds up.

 

Transferwise is not a bank...nor is their borderless acct they "imply" in their front door advertising.  But when reading their Terms of Agreement on their webpage they are very clear Transferwise nor their borderless acct is a bank.  See below Transferwise weblink and partial quote from the link.

 

This is why is why someone should never let much money set in my Borderless Acct for more than a short while....will just use it as a transitory acct for transfers.

 

https://transferwise.com/us/terms-of-use-tw-inc

  Quote

 

Holding A Balance in your Borderless Account

TransferWise is not a bank and your Borderless Account is not a bank account.  The specified bank account details that we provide to you in order for you to receive funds from third parties are for accounts held by TransferWise and its affiliates (and we will credit your Borderless Account, which is held by us, upon receipt of such funds), and are not for a bank account held by you. Value held as a balance in your Borderless Account represents an unsecured claim against TransferWise and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other deposit protection scheme. TransferWise invests balances held by its customers in permissible investments in accordance with state money transmitter laws. TransferWise owns the interest or other earnings on these investments, if any. TransferWise does not use balances held by its customers for operating expenses or other corporate purposes and will not voluntarily make such funds available to its creditors in the event of bankruptcy. For further information on how we look after your money, please visit our Frequently Asked Questions page.

 

 

  • Thanks 1

Share this post


Link to post
Share on other sites
9 minutes ago, Pib said:

Transferwise is not a bank...nor is their borderless acct they "imply" in their front door advertising.  But when reading their Terms of Agreement on their webpage they are very clear Transferwise nor their borderless acct is a bank.  See below Transferwise weblink and partial quote from the link.

Transferwise offer bank accounts for a handful of countries including the US, the UK and Australia. That bank account is a real one (I can let anyone have my routing details for my US account via PM if they'd like to support my lifestyle by a generous donation). However for other currencies such as THB it's simply a wallet like PayPal and therefore not subject to any government guarantees etc

  • Thanks 1

Share this post


Link to post
Share on other sites

A lot of bad information here, Transferwise is a service not a bank to start  with. FCA at any Thai bank come with charges and exchange rates that frequently exceed the cost of a transfer of funds from USA. After researching FCA at all leading Thai banks I opted to not open one due to the final cost of exchange and will just transfer funds at the appropriate time.

  • Like 1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...