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Is it possible to open a U.S. Dollar account in Thailand

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I would like to open a U.S. Dollar account in Thailand. Is it possible? If so, where?

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All the major banks offer mutli-currency accounts of one type or another, Bangkok Bank certainly offers USD accounts.

But be aware these accounts come at a cost. There is no charge to deposit USD or to convert the USD to THB but there is a charge if the funds are left in USD or transferred out as USD - there is also an annual charge.

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Move to the business and banking forum.

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whistling.gif Many years ago I had a U.S. dollar account in Thailand through the then Chase Manhattan Bank of New York branch here in Bangkok..

Don't think that is possible now with any bank.

Anyhow, there were and probably still would be restrictions on withdrawing funds in Thailand in dollars.

As I recall (it was a long time ago) I could deposit funds in dollars but only withdraw funds in Thailand in Thai baht.

And any funds I wanted to transfer out of country needed a tax form from the Thai government to transfer out of country.

That was a long time back though, 1990 or 1991.

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whistling.gif Many years ago I had a U.S. dollar account in Thailand through the then Chase Manhattan Bank of New York branch here in Bangkok..

Don't think that is possible now with any bank.

Anyhow, there were and probably still would be restrictions on withdrawing funds in Thailand in dollars.

As I recall (it was a long time ago) I could deposit funds in dollars but only withdraw funds in Thailand in Thai baht.

And any funds I wanted to transfer out of country needed a tax form from the Thai government to transfer out of country.

That was a long time back though, 1990 or 1991.

The rules have been liberalized since then, it's now quite straight forward to move currency in and out and exchange at will, the only question is the cost. But actually, it's quite cost effective and very efficient for an American say to transfer USD from the US via Bangkok Bank New York using ACH and have those funds deposited in Thailand in a USD account, as long as they don't plan to transfer USD back out again.

Edited by chiang mai
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The Krung Sri foreign deposit accounts come with a card which can be used to make withdrawals (in local currency) at ATMs. I believe this is the only Thai bank which offers this facility.

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whistling.gif Many years ago I had a U.S. dollar account in Thailand through the then Chase Manhattan Bank of New York branch here in Bangkok..

Don't think that is possible now with any bank.

Anyhow, there were and probably still would be restrictions on withdrawing funds in Thailand in dollars.

As I recall (it was a long time ago) I could deposit funds in dollars but only withdraw funds in Thailand in Thai baht.

And any funds I wanted to transfer out of country needed a tax form from the Thai government to transfer out of country.

That was a long time back though, 1990 or 1991.

The rules have been liberalized since then, it's now quite straight forward to move currency in and out and exchange at will, the only question is the cost. But actually, it's quite cost effective and very efficient for an American say to transfer USD from the US via Bangkok Bank New York using ACH and have those funds deposited in Thailand in a USD account, as long as they don't plan to transfer USD back out again.

My thoughts were to transfer dollars in and take dollars out. But after reading the BKK Bank web site and the replays here, it doesn't sound that it works that way. Do all withdraws need to be in Thai Baht?

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whistling.gif Many years ago I had a U.S. dollar account in Thailand through the then Chase Manhattan Bank of New York branch here in Bangkok..

Don't think that is possible now with any bank.

Anyhow, there were and probably still would be restrictions on withdrawing funds in Thailand in dollars.

As I recall (it was a long time ago) I could deposit funds in dollars but only withdraw funds in Thailand in Thai baht.

And any funds I wanted to transfer out of country needed a tax form from the Thai government to transfer out of country.

That was a long time back though, 1990 or 1991.

The rules have been liberalized since then, it's now quite straight forward to move currency in and out and exchange at will, the only question is the cost. But actually, it's quite cost effective and very efficient for an American say to transfer USD from the US via Bangkok Bank New York using ACH and have those funds deposited in Thailand in a USD account, as long as they don't plan to transfer USD back out again.

My thoughts were to transfer dollars in and take dollars out. But after reading the BKK Bank web site and the replays here, it doesn't sound that it works that way. Do all withdraws need to be in Thai Baht?

Conversion from USD to THB is the most cost effective, you can of course convert to any other currency but that would probably be a double exchange since you would have to convert to THB first. And if you do decide to withdraw USD, you will pay a fee in lieu of the exchange rate as well as the annual fee.

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Well, I was almost ready to ask what exchange rate is used when doing the USD to THB conversion from a FCD account because after a few minutes of surfing on the Bangkok Bank website I couldn't find the answer. But just before hitting the post button to ask the question I found the answer on the Bangkok Bank website where it says:

Which rate does the bank use to convert foreign currencies to baht?
Bangkok Bank uses the “Buying TT Rate” as shown on the table of our daily’s exchange rate. To see the latest exchange rate, please click here.

So, the same rate is used as for incoming wire transfers. Just FYI in case anyone else was wondering. And here's the Bankgok Bank webpage that provides some frequently asked questions about their FCD. Link The Q&As at the link do a pretty job of covering the associated fees.

Edited by Pib

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I opened a USD account a few years ago at my house bank KasikornBank without any problems. But I could present a valid work permit. I'm not sure if it would've been so easy without one.

However, the fees are rather high.

When I withdrew USD2,000 in cash in early September, I was hit with a flat fee of 1,000 Baht.

When I deposited today about USD1,500 IN CASH, I again was charged a fee, this time 500 Baht.

The bank also charges a monthly maintenance fee, something that does not exist with a savings account in local currency.

Yet I still like the convenience of being able to withdraw cash USD when I need them for business trips abroad, etc.

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I opened a USD account a few years ago at my house bank KasikornBank without any problems. But I could present a valid work permit. I'm not sure if it would've been so easy without one.

However, the fees are rather high.

When I withdrew USD2,000 in cash in early September, I was hit with a flat fee of 1,000 Baht.

When I deposited today about USD1,500 IN CASH, I again was charged a fee, this time 500 Baht.

The bank also charges a monthly maintenance fee, something that does not exist with a savings account in local currency.

Yet I still like the convenience of being able to withdraw cash USD when I need them for business trips abroad, etc.

deposit or withdraw peanuts and you are hit with a relatively high percentage of cost. that you need a work permit to open a foreign currency account with Kasikorn or Siam Commercia is a fairy tale.

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I have a USD account with Bangkok Bank. There is a charge for sending money into this account, which I believe is maxed out at 500 baht, so no big deal. However, to take USD out of this account will cost you 1%, which is ridiculous. Be careful on how you want to use it. If you just want to exchange USD to Thai baht at your leisure, it works well. I believe they just lowered their minimum from $1,000 to $500, but this may be temporary. As the Manager from Bangkok explained to me in Pattaya, and made my eyebrows rise, was "We are not in the money business". Obviously, she was telling me that they are in the profit business.

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I have a USD account with Bangkok Bank. There is a charge for sending money into this account, which I believe is maxed out at 500 baht, so no big deal. However, to take USD out of this account will cost you 1%, which is ridiculous. Be careful on how you want to use it. If you just want to exchange USD to Thai baht at your leisure, it works well. I believe they just lowered their minimum from $1,000 to $500, but this may be temporary. As the Manager from Bangkok explained to me in Pattaya, and made my eyebrows rise, was "We are not in the money business". Obviously, she was telling me that they are in the profit business.

of course banks are in the "profit business". what do you expect? welfare? if you need Dollars then you need Dollars. period!

you either pay your 1% fee if you have a Dollar account which is not more than what you pay changing cash Baht into cash Dollars.

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