Thai bank account in foreign currencies

[thaikim]

There is an interesting thread <My Thai K-Bank Account>, were I read that it is relatively easy to open an account in Thailand. That sounded good to me, but I don’t want my money to stay in THB!

 

So I kept on surfing in the internet and found out that many banks in Thailand offer accounts in other currencies like EUR, GBP or USD.

 

Does anybody have some experience with that?

Is it possible to get an ATM card for an account like that?

And how much do you get charged for drawing THB?

[Bob4you]

There is an interesting thread <My Thai K-Bank Account>, were I read that it is relatively easy to open an account in Thailand. That sounded good to me, but I don’t want my money to stay in THB!

 

So I kept on surfing in the internet and found out that many banks in Thailand offer accounts in other currencies like EUR, GBP or USD.

 

Does anybody have some experience with that?

Is it possible to get an ATM card for an account like that?

And how much do you get charged for drawing THB?

 

Yes you get a ATM card, but beware it can only be used at ATM's for that bank. A balance check will give balance in foreign currency not T Bhat. With my card.. there is no limit on what I can withdraw in day.

[hedonist]

Why would anyone want to leave their money in anything other than the local currency, though? I just dont understand the attraction.

Its bad enough having to leave ANY money of any large amount in a place known for its coruption and poor customer service, where a customer complaint is dealt with in the time honoured way........... "som nam nah, motherfucker" So why take away the only advantage of having it there in the 1st place? That of the peace of mind it brings, by not being subject to currency fluctuations. Is there a reason for wanting it in anything other than Baht? Because i have tried over many years to come up with one, and haven't managed to yet, tbh.

Please enlighten me.

 

Hedonist

[gerry53]

If I had a large amount of currency I thought would go up against the Thai Baht or thought the Thai baht would depreciate alot I would want my money in that currency not the Thai baht. My Canadian dollars are worth nearly 20 percent more than 6 months ago as is Aussie dollars and others, I'm glad I didn't have it in Thai baht. You can always put a 1-3 month supply of Thai baht into your account so you can access it but currencies are a gamble as is the stock market. You have to try to make intelligent choices with what you think will happen.

[hedonist]

If I had a large amount of currency I thought would go up against the Thai Baht or thought the Thai baht would depreciate alot I would want my money in that currency not the Thai baht. My Canadian dollars are worth nearly 20 percent more than 6 months ago as is Aussie dollars and others, I'm glad I didn't have it in Thai baht. You can always put a 1-3 month supply of Thai baht into your account so you can access it but currencies are a gamble as is the stock market. You have to try to make intelligent choices with what you think will happen.

Yes, and you are but a couple of mouse clicks and a copule of days away from a FAR safer place than Thailand to leave "a large amount of currency"

For whatever reason.

Have a read of the link below. Its not as uncommon as you would think, for one thing:

http://www.pattayadailynews.com/shownews.php?IDNEWS=0000008078

For another, its not so much that it happened, its both how it was dealt with by the Thai bank, and the time it took them to reach the point where it was "som nam nah, motherfucker"

We can still be an Amateur Bill Lipschutz or George Soros, but leave our monies in a safer haven, and manipulate it remotely in milliseconds.

I just fail to see the point in putting my hard earned at risk if i dont have to

**edit** That SHOULD read "more risk"

 

Hedonist

Edited October 22, 2009 by hedonist

[gerry53]

Hedonist what do you propose the retirement visa guys do having often to have 800K in baht in a Thai bank? (Or a portion plus pension money coming in equaling 800K baht) You never want all your eggs in one basket and my feeling is the baht is still overvalued. I keep 1-3 months operating capital in a Thai bank but other investments are left in more secure envoirments but some members don't have these options.

[hedonist]

Hedonist what do you propose the retirement visa guys do having often to have 800K in baht in a Thai bank? (Or a portion plus pension money coming in equaling 800K baht) You never want all your eggs in one basket and my feeling is the baht is still overvalued. I keep 1-3 months operating capital in a Thai bank but other investments are left in more secure envoirments but some members don't have these options.

Thats why i say "dont have to"

In a very small number of cases that's unavoidable, but most if not all retirees have some sort of verifyable pension and can top it up in two days by transfering the top-up in a few days before renewal, then, the day after either withdrawing it all, or sending it back (both the verifyable monthly and combo methods DO NOT require seasoning).

THAT'S how much they trust the banks in Thailand.

A friend of mine has a bank manager provide him with a passbook showing the 800,000 TBHof seasoned money in "his" account the day of his report/renewal. Then they both go down to Immigration and do his report, and the passbook gets handed back to the bank manager outside. All for a yearly fee, of course. He actually has about 700 THB in the bank there!!!!

THAT'S why a lot of people dont trust the banks in Thailand.

 

 

Hedonist

[td5855]

You can have a "foreign currency" account in Thailand.

 

I have one with HSBC in Bangkok in USD.

Can transfer USD to a HSBC, baht account using the internet.

Also transfer USD to a HSBC account in the UK.

 

If you watch the exchange rate it can work in your favour when the dollar rises against the baht (slightly) or Sterling (up/down)

 

Have to point out I get paid in USD at a fixed rate of £1.00 = $1.71.

 

You want any more info PM me