Answered2 years ago

Is it advisable to open a USD account in Thailand for expatriates?

USD account Bangkok Bank Thai banking system foreign currency accounts expat banking FCD account

Anonymous *************

asked Dec 10, 2024

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Has anyone created a USD account (with Bangkok bank or any Thai bank) in addition to your main baht account so that you can receive and withdeaw USD without having to exchange to baht? Would you recommend doing that and any caveat?

Answer summary

The conversation centers on the feasibility and benefits of opening a USD account with Thai banks, specifically for expatriates. While some users mention the potential drawbacks, such as high costs and difficulty in maintaining a foreign currency deposit account (FCD), others share personal experiences highlighting the benefits of having multiple currency accounts for large transfers and ease of handling international funds. Overall, the advice leans towards sticking with a baht account due to complications and costs associated with foreign accounts.

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Dennis *********

I have USD, EUR and SGD accounts with UOB Thailand. Only requirement was to deposit the equivalent of 500$ in cash into each. No monthly fees.

But you wrote "withdraw"... you cannot withdraw foreign currency in cash. You can only transfer in and out. Maybe that's what you meant.

2 years ago

Werner ************

Be happy you could even open a basic bank account

2 years ago

Anonymous *************

Thank you for all the helpful input. I really appreciate them. Given the cost and the legwork involved it looks like I'll stick to baht account for now.

2 years ago

Martin ********

I looked into a FCA some years ago. The costs of running the account made it pointless for me.

2 years ago

Martin ********

@Kool ******

At what point did I say what I wanted the account for? I’m sorry you mistakenly thought you knew everything.

Martin ********

stupid comment.

Kool *******

what stupid comment? The one you made, yes. The costs of an FCD account are the cheapest of any account.

2 years ago

Kool *******

@Martin *******

I'm sorry. I actually thought you knew what an FCD account was used for. As you should know Thailand's main contributor to the GDP is export, and as such an FCD account is the cheapest way to bring money into Thailand. If you set it up right on both ends, the maximum fees for any amount transferred into Thailand is bt500. Then when you need to change it into baht it is done at the TT bank rate. It is not designed for taking foreign currency out of Thailand. Again, I am sorry. I mistakenly thought you knew that. I've been using my FCD account for the last 13 years, with no monthly fees, and only bt500 fee on both ends bringing in $100,000+.

2 years ago

Martin ********

@Kool ******

no fees, just as you said 😂

2 years ago

Martin ********

@Kool ******

oh dear, how utterly clueless, and desperate for the last word…go ahead I’m just too upset by your infantile name calling.

2 years ago

Kool *******

@Martin *******

then you obviously didn't understand the account, how it works, or the actual costs. You make a comment on a post, that you have no actual knowledge of....lololol. typical troll

2 years ago

Martin ********

@Kool ******

there you go again. At the time I considered opening an account the costs of operating it were not viable. End of story, now move on because you don’t know the facts or the circumstances involved, and I’m not about to explain to you.

2 years ago

Colin *******

Wise account in the US, which can be used to deposit US funds???

2 years ago

Kool *******

It is extremely difficult now to get a FCD account if you don't have a business, and an actual need for international foreign currency receipts and transactions. I've had mine for over ten years now. It takes $1000 to open one, and as long as your balance stays above $250 there is no fee. The minimum transfer fee for money coming into the account is bt200, and the maximum fee is bt500 no matter how much is transferred in. You can transfer in $1million, and the fee is just bt500. That is its benefit, on large transfers into the country.

2 years ago