US Dollar Savings Account

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pipoz4444
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US Dollar Savings Account

Post by pipoz4444 » May 4, 2019, 9:32 pm

HI

I suspect the following questions that I am about to ask, may have already been asked in some shape or form on this Forum before, but nevertheless here I go,

Q1. When I move to Thailand on my Non-Imm O-A Visa, will I be able to open a US Dollar SAVING'S Account with one of the Thail Banks?

Q2. Specifcially does anyone know if the KASIKORN Bank, BANGKOK PUBLIC Bank or SIAM Commercial Bank, provide a US Dollar SAVING Bank Account option/facility to a Foreigner. If they dont, does anyone know which Banks do provide that Option.

Q3. I am yet to find out exactly what one can do with a US Dollar SAVING Account, so if anyone has one and knows how it works, I would be greatful for the advice.

Q3A. I am hoping that I can obviously Transfer US Dollars IN from Overseas, direct into that US Dollar SAVING Account in Thailand: If I am wrong please let me know.

Q3B. I am also hoping that I can Transfer US Dollars OUT from that US Dollar SAVING Account in Thailand, to an Account in another Country in small amounts of US $2,000 each month: If I am wrong and have no chance of doing this, please let me know.

Essentually, I am trying to find the easiest or best way to send US $2,000 (preferably leaving Thailand in US denomination and arriving in the Other Country in USD, only to then be converted at that other end) each month (on a regular basis for the next fewl years) - from THAILAND to INDONESIA, without it being too complicated and without it costing me around 5% or US $100, each time, which is what I guess it wil cost me if I were to use either the MONEYGRAM or WESTERN UNION??? :-k

pipoz4444



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sometimewoodworker
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Re: US Dollar Savings Account

Post by sometimewoodworker » May 5, 2019, 7:28 am

Q1) Yes
Q2) I think they do
Q3) keeping your funds in US$ ;)
Q3A) AFIK you can
Q3B) I don't know

Dollars to Rupiah transfers are cheapest with TransferWise but they arrive in Rupiah
Dollars to Indonesia questions would be better answered in a forum in or for Indonesia
Last edited by sometimewoodworker on May 5, 2019, 8:32 am, edited 1 time in total.
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Wee Jimmy
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Re: US Dollar Savings Account

Post by Wee Jimmy » May 5, 2019, 7:54 am

I opened a UK Sterling account with Bangkok bank. To opened the a count I had to deposit £7,300. I'm sure there will be a similar rule regard to opening a US Dollar account. The initial deposit to open an account varies with other banks.

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Re: US Dollar Savings Account

Post by pipoz4444 » May 5, 2019, 11:24 am

sometimewoodworker wrote:
May 5, 2019, 7:28 am
Q1) Yes
Q2) I think they do
Q3) keeping your funds in US$ ;)
Q3A) AFIK you can
Q3B) I don't know

Dollars to Rupiah transfers are cheapest with TransferWise but they arrive in Rupiah
Dollars to Indonesia questions would be better answered in a forum in or for Indonesia
Thanks STWW, I will look into TransferWise.

Have never used it before, but I presume it works a bit like Western Union, whereby you give them/enter into (Transferwise) the details of your Bangkok Bank SFCD (Special Foreign Currency Deposit) Account, along with the Amount to be Transferred and the Recipients details - then they access the BB SFCD and transfer the funds off somewhere into cyber space and it arrives at the Recipients Bank in Indonesia, but in a Indonesian Rupiah amount.

Is that about correct

Q3B. Found this on the Bangkok Bank web page under Special Foreign Currency Deposit Account, where the question was - CAN I TRANSFER FOREIGN CURENCY FROM SFCD ACCOUNT TO OVERSEAS?
es. The withdrawal fees will be varied depending on each currency between 0.25%-1.25% of funds withdrawal (minimum amount at 500 THB) and overseas transferring fees (400 or 1,150 for major currencies except JPY and HKD)

So I gather the answer is YES you can and the cost is between 0.25 to 1.25% of the amount to be withdrawn for the transfer??

Bangkok Bank is looking better for this type of service, every day :lol:


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pipoz4444
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Re: US Dollar Savings Account

Post by pipoz4444 » May 5, 2019, 12:16 pm

Wee Jimmy wrote:
May 5, 2019, 7:54 am
I opened a UK Sterling account with Bangkok bank. To opened the a count I had to deposit £7,300. I'm sure there will be a similar rule regard to opening a US Dollar account. The initial deposit to open an account varies with other banks.
Thanks Jimmy and according the the Bangkok Bank web page their SFCD (Special Foreign Currency Deposit) Account, deposit service enables you to deposit foreign currency in 14 main currencies, with the condition that the incoming funds must come from overseas only.

From reading the rest of the web page, It appears that you start with a minium of US $10,000 or equivalent in those other currencies

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sometimewoodworker
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Re: US Dollar Savings Account

Post by sometimewoodworker » May 5, 2019, 12:38 pm

pipoz4444 wrote:
May 5, 2019, 11:24 am
sometimewoodworker wrote:
May 5, 2019, 7:28 am
Q1) Yes
Q2) I think they do
Q3) keeping your funds in US$ ;)
Q3A) AFIK you can
Q3B) I don't know

Dollars to Rupiah transfers are cheapest with TransferWise but they arrive in Rupiah
Dollars to Indonesia questions would be better answered in a forum in or for Indonesia
Thanks STWW, I will look into TransferWise.

Have never used it before, but I presume it works a bit like Western Union, whereby you give them/enter into (Transferwise) the details of your Bangkok Bank SFCD (Special Foreign Currency Deposit) Account, along with the Amount to be Transferred and the Recipients details - then they access the BB SFCD and transfer the funds off somewhere into cyber space and it arrives at the Recipients Bank in Indonesia, but in a Indonesian Rupiah amount.

Is that about correct

pipoz4444
No.
You set up an account, decide how much to transfer, setup the Indonesian account information, TW will tell you the amount that will be received, then if it is a US$ amount transfer that into a US TransferWise receiving account via ACH bank debit, domestic wire, and international SWIFT payment. TW then makes a local transfer into the Indonesian account.

It doesn't work for transfers of any currency from Thailand.

It works for transfers from https://transferwise.com/help/11/gettin ... ou-support

All the supported countries are https://transferwise.com/help/11/gettin ... -i-send-to

There is one similar company for transfers for Baht from Thailand dee.money cost 150 Baht per transfer of up to 800,000
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Re: US Dollar Savings Account

Post by pipoz4444 » June 7, 2019, 6:37 pm

Hi, just an update

I have been speaking with ladies from two Banks (Bangkok Public Bank and Bank of Ayudhya, Krungsri) about opening a US Dollar Foreign Currency Account - FCD Non Resident Account.

Initially one Bank told me that I needed to get a certain letter from the Thai Immigration in Udon Thani, in order to open such an Account. The Other Bank didn't want any letter from Thai Immigration in Udon Thani

However, after a number so emails, finally both Banks have confirmed to me that, all I need to bring to the Bank to open the FCD Non Resident Account, are
1.My Original Passport, with Non Imm O-A Visa in it
2.My Blue Book and Chanote Title Deed for my Condo
3.Initial Depoist of US 500 or US 1,000

No need for any supplementary Letter from Thai Immigration in Udon Thani or any Other Authority

In addition both Banks have confirmed, that,
1. The FCD Account can be accessed via their On Line systems, at any time, to check the Balance in that Account
2. I transfer US Dollars out of that FCD Non Resident Account, to an overseas Bank, i.e. in another Country (but will have to do this in the Bank at the counter) and that the Transfer Fee/Commission will be 0.25% of the amount to be transferred. Not sure if there is an upper limit on the Transfer Fee/Commission or if it is just a straigh 0.25% of the Amount. I will ask this question when I open the FCD Account

Interest: Both Banks offer some interest on a sliding sacle for the FCD Savings and Term Deposits, as follows,
BKK Bank: Savings account at 0.15% interest and then for Term deposits, 1 Month at 0.3 %, 3 Month at 0.45 %, 6 Months at 0.65 %, 9 Months at 0.80 % and 12 Months at 0.90 %
Krungsri Bank: Saving account at 0.01% and then for Term Deposits,1 Months at 0.1%, 3 Months at 0.2%, 6 months at 0.3% and 9 months at 0.4%

Hope this helps someone who may be looking at opening a US Dollar Foreign Currency Account - FCD Non Resident Account

Regards

pipoz4444

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Re: US Dollar Savings Account

Post by pipoz4444 » June 18, 2019, 11:03 am

Just an update, all done with ease.

Walked into the Krungsri Bank in Bangkok (down on Wireless Road), with my Passport (with its Non Imm O-A Visa), my Blue Book & Title Deed to the Condo - That was all I needed to open a Thai Baht Account and also a FCD Non Resident Account in US Dollars. It took about one hour to do. Great competent girls who spoke near faultless English (what a relief). They also loaded the Krungsri Bank App onto my phone (took 15 minutes to upload)

Also got a Debit Card to go with the Thai Baht Account
Opening Deposit for the USD FCD Non Resident Account, only needed to be 500 USD

With this Krungsri Bank USD FCD Non Resident Account, can also view balance and statement of the Deposits on line, plus view outstanding Balance, Billed Statement and Unbilled Tansaction of any Krungsri Credit Cards, and also Transfer money from that Account to Other banks and also to International banks. =D> :lol:

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semperfiguy
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Re: US Dollar Savings Account

Post by semperfiguy » June 18, 2019, 2:04 pm

pipoz4444 wrote:
June 18, 2019, 11:03 am
Just an update, all done with ease.

Walked into the Krungsri Bank in Bangkok (down on Wireless Road), with my Passport (with its Non Imm O-A Visa), my Blue Book & Title Deed to the Condo - That was all I needed to open a Thai Baht Account and also a FCD Non Resident Account in US Dollars. It took about one hour to do. Great competent girls who spoke near faultless English (what a relief). They also loaded the Krungsri Bank App onto my phone (took 15 minutes to upload)

Also got a Debit Card to go with the Thai Baht Account
Opening Deposit for the USD FCD Non Resident Account, only needed to be 500 USD

With this Krungsri Bank USD FCD Non Resident Account, can also view balance and statement of the Deposits on line, plus view outstanding Balance, Billed Statement and Unbilled Tansaction of any Krungsri Credit Cards, and also Transfer money from that Account to Other banks and also to International banks. =D> :lol:

pipoz4444
Hello Pipoz! Just curious to know why you opened the account with Krungsri vs. Bangkok Bank, and why you chose a bank in Bangkok vs.Udon where you live. Was it a problem to set up online transfers to international banks since according to the online instructions, a farang can only make such transfers if he is employed in Thailand.
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Re: US Dollar Savings Account

Post by pipoz4444 » June 18, 2019, 7:06 pm

Hi semperfiguy

It was just easier for me to get to the Krungsri Bank in Bangkok, on that Friday morning, when passing through, because I had a 6 hour gap from when I arrived in Bangkok to when I flew up to Udon Thani. In and out of Bangkok by Taxi, plus opening the account, in less than 4 hours.

I just didn't have enough time this trip on the Monday(coming back) to open it the account with the Bangkok Bank in Udon Thani. Unfortunately, I needed to fly out of Udon Thani early Monday afternoon (not enough time to go to the Bank and open the account that Monday), so I told J...... that I would catch up with her next trip, end July

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Re: US Dollar Savings Account

Post by pipoz4444 » June 25, 2019, 11:07 am

I must admit the service if the Krungsri Bank in Bangkok, is turning out to be very professional

Having opened several accounts at the Krungsri Bank, (10 days back), one in Thai Baht and another in a FCD, I went on line to check the system and details in each. The On-line initially only showed the details of the Thai Baht Account, so I phoned them. The girl who spoke fluent English explained over the phone how to add the FCD Account into my On Line system. Three minutes and all was done. :lol: :lol:

So now both the details of both the Thai Baht and FCD Accounts, pop up On Line, for Balance checks, Transfers and the like.

I then thought I would trial a transfer from overseas............... to my Krungsri Bank FCD Account. From the time I pushed the confirm button at this o/s end for the transfer, to the time it was actually Registered in/Showed up as a Balance in, my Krungsri Bank FCD Account, was only 6 hours. i.e. that same afternoon. Not too shabby at all. =D> \:D/

I must say that the Krungsri Bank International Transfer - Receiving system and its allocation into one's Account, is very efficient.

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Re: US Dollar Savings Account

Post by newtovillagelife » June 26, 2019, 7:24 am

pipoz4444 wrote:
June 25, 2019, 11:07 am
I must admit the service if the Krungsri Bank in Bangkok, is turning out to be very professional

Having opened several accounts at the Krungsri Bank, (10 days back), one in Thai Baht and another in a FCD, I went on line to check the system and details in each. The On-line initially only showed the details of the Thai Baht Account, so I phoned them. The girl who spoke fluent English explained over the phone how to add the FCD Account into my On Line system. Three minutes and all was done. :lol: :lol:

So now both the details of both the Thai Baht and FCD Accounts, pop up On Line, for Balance checks, Transfers and the like.

I then thought I would trial a transfer from overseas............... to my Krungsri Bank FCD Account. From the time I pushed the confirm button at this o/s end for the transfer, to the time it was actually Registered in/Showed up as a Balance in, my Krungsri Bank FCD Account, was only 6 hours. i.e. that same afternoon. Not too shabby at all. =D> \:D/

I must say that the Krungsri Bank International Transfer - Receiving system and its allocation into one's Account, is very efficient.

pipoz4444
So I am a little confused, if you opened the accounts in Bangkok, will you not be charged a fee to withdraw funds, from Udon.

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Re: US Dollar Savings Account

Post by pipoz4444 » June 26, 2019, 12:33 pm

I didn't withdraw any Funds, I just Deposited

I transferred foreign currency funds in from oversees into the Thai Bank. With all foreign currency transfers coming in from outside the Country, the receiving Bank in Thailand normally takes out a Fee when it receives, as in this case

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Re: US Dollar Savings Account

Post by sometimewoodworker » June 26, 2019, 1:47 pm

newtovillagelife wrote:
June 26, 2019, 7:24 am

So I am a little confused, if you opened the accounts in Bangkok, will you not be charged a fee to withdraw funds, from Udon.
There is a simple way to avoid those fees as bank to bank transfer is free you just have an account in the areas you usually deposit or withdraw cash.

We commonly brought reasonably large amounts of cash into Thailand and converted it in SuperRich then paid it into a local Bangkok bank account (SCB) then withdrew cash in the Udon area from an account in Udon no bank fees were incurred, and it was the best possible exchange rate.
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Re: US Dollar Savings Account

Post by pipoz4444 » June 26, 2019, 11:34 pm

Hi STWW

Agree in part, but I don't have an option this time, as I am leaving here for good and cant keep the offshore bank account open, after I leave. So need to Telex Transfer it out, in US Dollars, to the Thai Bank Foreign Currency Account where I intend to eventually use it. Cant carry it into Thailand in USD Bank Notes. Hence have to accept that I need to pay Fees coming out of ............Bank and then also pay receiving Fees going into the Thai Bank FCD account. Just a fact of life.

But when eventually converting/moving it from that Thai Bank FCD account, over to a Thai Baht account,(at that same bank), I will acually get the TT Rate on that day, which is a little better than the Cash Note Converation Rate, at the Thai Bank.

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Re: US Dollar Savings Account

Post by sometimewoodworker » June 27, 2019, 1:40 pm

pipoz4444 wrote:
June 26, 2019, 11:34 pm
Hi STWW

Cant carry it into Thailand in USD Bank Notes.

pipoz4444
Why not? You should declare over $15,000 but there's nothing to stop you bringing in more, just have proof of earnings to show if asked and no problems. Maybe a restriction coming out of the origin country but OK into Thailand.
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