Foreign Currency Deposit Account for Non-Residents
Foreign individual can also open a Foreign Currency Deposit Account in any of the nine major foreign currencies. You can withdraw, deposit or transfer the funds without converting the funds into Thai Baht and make savings with every transaction.
Choice of Nine Currencies
Open your foreign currency account in any one of these nine foreign currencies.
U.S. Dollar (USD)
Euro (EUR)
Pounds (GBP)
Japanese Yen (JPY)
Hong Kong Dollar (HKD)
Singapore Dollar (SGD)
Australian Dollar (AUD)
Swiss Francs (CHF)
Canadian Dollar (CAD)
Documents Required for Opening Foreign Currency Deposit Account for Non-Residents (Foreign Tourists or Foreigners working in Thailand temporarily)
Passport
Work Permit
If you do not have a work permit, please submit a copy of your passport together with a letter of recommendation as follows:
A letter of recommendation from a person acceptable to Bangkok Bank such as a Bangkok Bank staff, a respected customer of Bangkok Bank, a respected university teacher, a respected company director or senior executive, prepared as Bangkok Bank's letter of recommendation form, as well as the person's a certified true copy of identification document e.g. ID card or government official ID card; or
A letter of recommendation from a reputable organization located in Thailand such as an embassy or an international organization; or
A letter of recommendation from your bank abroad, acceptable to Bangkok Bank, sent to Bangkok Bank via SWIFT
I don't know how or why, but the baht/dollar is still rising. Three months ago I was getting just over 30 baht to the U.S. dollar when I transferred my pension via atm. Today I took my first pension atm withdrawal for November and the rate was 34.963. It has risen almost a baht since the first of last month at my bank.
I can only theorize, but the US Dollar has been rising and even the slight rise in the Baht has kept the Dollar rate strong. It has been te opposite case with the Euro and the GB Pound.
The dollar was lower than it should have been due to widespread market panic. Now things are not quite as bad as some people predicted, the Dollar has risen. I would think that the forthcoming change of administration has helped.
An exchange rate of 41.5 is considered to be healthy for trade between the two countries.
Who knows what the future has in store. There are skeptics that are predicting a devaluation of the Baht and the Dollar.
We have to wait and see what Obahma and Co. can do.
[color=blue][size=134]Care in the community success story.[/size][/color]
Thailand's real economic sector begins to feel effects of US crisis
BANGKOK, Oct 31 (TNA) – Thailand's real economic sector has begun to experience tangible impacts from the financial crisis in the United States, as many entrepreneurs have closed their businesses due to reduced liquidity, according to a top economic forecaster.
Thanawat Palavichai, director of the University of the Thailand Chamber of Commerce (UTCC) Economic and Business Forecasting Center, said that its survey of the Thai economic situation in the fourth quarter of this year found that the US economic crisis had not adversely affected the Thai economy.
Despite that assessment, Dr. Thanawat went on to say that clear signs of business slowdown are seen because entrepreneurs are uncertain about the future economy, particularly that of next year.
Should the economy expand less than 3.5 per cent in the fourth quarter, overall Thai economic growth for this
year is likely to be in a range of 3.5-4 per cent.
It bodes ill for economic conditions next year with the ranks of Thailand's unemployed very likely to increase by one million.
To prevent such an unfavourable situation, he said the government must attempt every possible concrete
measure o drive the economy ahead in the remaining two months of this year.
Dr. Thanawat advised the Bank of Thailand to cut the policy interest rate by 0.5-1 per cent, keep the baht
moving at 35-37 to the US dollar, and oversee diesel fuel prices to ensure it stays at 26 baht per litre.
In addition, it should more quickly distribute the budget, implement construction of long-planned mega-projects,
and promote tourism.
Should these measures work, the gross domestic product (GDP) could grow at least 4.5-5 per cent this year
and at the same rate next year. (TNA)
Business News : Last Update : 08:49:27 31 October 2008 (GMT+7:00)
hhfarang wrote:I don't know how or why, but the baht/dollar is still rising. Three months ago I was getting just over 30 baht to the U.S. dollar when I transferred my pension via atm. Today I took my first pension atm withdrawal for November and the rate was 34.963. It has risen almost a baht since the first of last month at my bank.
I am sorry, but I am completely confused by this statement.
If you are now getting more Baht for your dollars, (and I am assuming US Dollars here), then surely the Baht has dropped in value against the dollar?
And although I am not American, my income is in US Dollars, so it effects me directly.
May you be in heaven half an hour before the devil know`s you`re dead!
Sorry, maybe I should have written dollar/baht. I just meant the ratio between the two (is getting more and more advantageous to those of us who are paid in dollars).
hhfarang wrote:Sorry, maybe I should have written dollar/baht. I just meant the ratio between the two (is getting more and more advantageous to those of us who are paid in dollars).
OK, thanks, and long may it continue!
May you be in heaven half an hour before the devil know`s you`re dead!
I reckon some of U should consider a job in the World Bank or likewise entity in the US or Europe. U could not make a worse stuff up than the overpaid urserers that now are in charge of these institutions.
Gordon Gecko was not just a film character but epitomises the direction and philosophy of many now in the financial corridors of power unfortunately.
As for Fanny May and Fredy Mac not to mention the Lehman bros they should all be devalued along with the Thai Baht.
On a serious note however the Thai Bht does need to shift down to stay competitive. Already the signs are that many poor blighters are being laid of from the multi national factories here.
