Foreign Currency Deposit

         Opening a foreign currency deposit account (Foreign Currency Deposit: FCD) is a deposit account for individuals or juristic persons who wish to deposit money in foreign currencies such as United States Dollars (USD), Euros (EUR), Yen (JPY), etc. Suitable For those who regularly use a foreign currency that can be deposited in both current, savings, and fixed deposits.

         The benefit of this case is to reduce exchange rate volatility Increase the flexibility of both import and export entrepreneurs, have no credit limits, and receive deposit interest rates It can be used for both payment and investment.

         Foreigners can open a foreign currency account just like a Thai person, the terms and conditions for each type of bank are different, for example:

         Bangkok Bank required foreigners living or working in Thailand to either receive a salary or a pension and want to save money in foreign currency, unlimited deposit amount and exchange into baht on the date of the satisfactory exchange rate, the account owner can open savings, fixed or current foreign currency deposit account with a minimum deposit amount equivalent to USD 1,000.

         The deposited currencies are US Dollar (USD), Pound Sterling (GBP), Euro (EUR), Yen (JPY), Australian Dollar (AUD), Canadian Dollar (CAD), Danish Kroner (DKK), Swiss Franc (CHF), Hong Kong Dollar (HKD), New Zealand Dollar (NZD), Yuan (CNY), Singapore Dollar (SGD), Ringgit (MYR), and Indonesian Rupiah (IDR).        

         Siam Commercial Bank provides foreign currency deposit accounts, divided into 3 types of accounts: 1. Foreign sources of income 2. Domestic sources of income with obligations 3. Domestic sources of income without obligations, and can be deposits in 14 the main currency as well.

         Evidence documents for account opening include:

         Foreigners who are allowed to stay in Thailand permanently use an Alien Certificate, Residence Certificate or Passport, and a copy of the house registration.

         Foreigners with work permit in Thailand, using passports and work permit.    

         Foreigners without a work permit in Thailand, use a passport and any of the following documents together for account opening:       

         A certificate issued by an embassy or international organization, a foreign agent such as a pension receipt from a foreign government agency, the applicant's foreign bank via SWIFT, a person the bank is trusted such as a bank officer, a customer Civil servant, executives of private companies Public and private educational institutions located in Thailand where the bank is trusted, companies that the bank is trusted, e.g. Client work certificate from the company.

Source: Bangkok Bank, The Siam Commercial Bank Public Company Limited