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Foreign Currency Deposit

Foreign Currency Deposit

 


Safe, Worthwhile, Less Risk 
KTB Foreign Currency Deposit is designed to accommodate business owners general persons and expatriates whose incomes and expenses are in 11 foreign currencies in order to reduce risk from changes in foreign exchange rate and increase much convenience for travelers.

 

Deposit Protection

According to the Deposit Protection Act, the types of unprotected deposits include foreign currency deposits (FCD), deposits with Thai commercial banks overseas, and Thai Baht currency accounts for those who reside outside Thailand, which are dedicated service opened under the Currency Exchange Control Act.

 

Available for 11 currencies

  • Foreign currency deposit  accounts (FCD) are available for both Thai and foreign individuals and juristic persons in ten currencies - USD, GBP, EUR, JPY, SGD, CHF, AUD, NZD, HKD,CAD and CNY
  • Foreign currency transactions must be made at the opening branch only
  • Foreign currency transactions in bank’s holidays and after opening hours (after 4PM) will be limited to USD 5,000 / transaction / person 

 

More convenience for customers receiving foreign currency income

  • For customers receiving foreign currencies earned from overseas
  • For customers receiving foreign currencies earned from domestic sources

 

Conditions

 

 

Conditions

Individual

Juristic Person

Foreign currencies earned from overseas

Without obligation

Unlimited deposit limit (SFCD)

Foreign currencies earned from domestic sources

With obligation

  • The deposited amount must not exceed the limit of obligated disbursement(DFCD)

 

  • The deposited amount must not exceed the limit of obligated disbursement               (DFCD)

 

Without obligation

  • USD500,000 or equivalent in other currencies

(DSFCD)

  • USD500,000 or equivalent in other currencies

(DSFCD)

 

Foreign Currencies Earned from Overseas

  • Unlimited deposit limit without obligation for both individuals and juristic persons
  • The remaining balance of all currencies and accounts are unlimited for both individuals and juristic persons, such as overseas transfer, and without declaring obligation (juristic persons receiving product or service payments from overseas can transfer the fund from foreign currency deposit receiving from overseas accounts in order to make product or service payments to juristic persons in Thailand to foreign currency deposit receiving from overseas or domestic source accounts). For deposits to foreign currency deposit account, juristic persons must comply to conditions and deposit limits of each account type
  • Transfers made from foreign currency deposit accounts to individuals in Thailand which are not complied to the above conditions must be approved by the officials before proceeding

 

Foreign Currencies Earned from Domestic Source

  • The remaining balance of all curencies and accounts, for both thai citizen and Thai juristic person, depends upon the obligation when dopositor must disburse in foreign currencies. The doposit must not exceed the limit of obligated disbursement. (The deposit must not exceed the limit of obligated disbursement.(The deposit must be converted or loaned from permitted juristic person.)
  • Without obligation, the remaining balance in all currencies and accounts should not exceed USD500,000 or equivalent in other currencies for individuals and juristic persons (residents buy, exchange without declaring obligation. The deposits are in foreign currencies , such as money transferred from overseas, or domestic source such as foreign currency bought by Thai baht)

 

Remark : Effective as of October 12, 2010

Source : Bank of Thailand

 

Foreign Currencies Earned from Domestic Source include:

  • Foreign Notes: maximum daily deposit is USD10,000 or equivalent in other currencies at the market rates

Foreigners can deposit  unlimited amount

  • 1% deposit fee of the foreign currency amount, minimum 500 baht (Promotion)
  • 1% withdrawal fee of the foreign currency amount, minimum 500 baht (Promotion)

 

  • Thai Baht Exchange to Foreign Currency, deposit into the account utilizing SELLING T/T exchange rate (PROMOTION); proof of Work Permit and incomes statement are required for foreigners whose purchase should not exceed earned salary 
  • No deposit fee
  • No withdrawal fee when withdrawn in Thai baht
  • No Commission in lieu of exchange: 1/4% or 500 baht minimum on outward T/T but not exceeding deposit amount. As for Foreign Bank's Charge, if Charge Ben (beneficiary receives amount less fee) a Swift Charge of USD20 is charged; Charge Our (beneficiary receives full amount) a Swift Charge is USD50 is charged

 

  • Foreign currency loan from juristic persons and deposit  with the juristic persons 

 

Currency Condition Saving Current Fixed
USD - Initial Deposit Individual 100 100 100
Juristic Person 500 500 500
- Minimum Monthly
 Average Balance / Month
Individual 100 100 100
Juristic Person 500 500 500
- Maintenance Fee / Month 10 10 No Fee
JPY - Initial Deposit Individual 10,000 10,000 10,000
Juristic Person 50,000 50,000 50,000
- Minimum Monthly
  Average Balance / Month
Individual 10,000 10,000 10,000
Juristic Person 50,000 50,000 50,000
- Maintenance Fee / Month 800 800 No Fee
CHF - Initial Deposit Individual 100 100 100
Juristic Person 500 500 500
- Minimum Monthly
Average Balance / Month
Individual 100 100 100
Juristic Person 500 500 500
- Maintenance Fee / Month 8 8 No Fee
GBP - Initial Deposit Individual 70 70 70
Juristic Person 300 300 300
- Minimum Monthly
Average Balance / Month
Individual 70 70 70
Juristic Person 300 300 300
- Maintenance Fee / Month 6 6 No FEE
SGD - Initial Deposit Individual 100 100 100
Juristic Person 600 600 600
- Minimum Monthly
Average Balance / Month
Individual 100 100 100
Juristic Person 600 600 600
- Maintenance Fee / Month 12 12 No Fee
EUR - Initial Deposit Individual 80 80 80
Juristic Person 400 400 400
- Minimum Monthly
Average Balance / Month
Individual 80 80 80
Juristic Person 400 400 400
- Maintenance Fee / Month 7 7 No Fee
AUD - Initial Deposit Individual 100 100 100
Juristic Person 600 600 600
- Minimum Monthly
Average Balance / Month
Individual 100 100 100
Juristic Person 600 600 600
- Maintenance Fee / Month 9 9 No Fee
NZD - Initial Deposit Individual 100 100 100
Juristic Person 600 600 600
- Minimum Monthly
Average Balance / Month
Individual 100 100 100
Juristic Person 600 600 600
- Maintenance Fee / Month 12 12 No Fee
HKD - Initial Deposit Individual 800 800 800
Juristic Person 4,000 4,000 4,000
- Minimum Monthly
Average Balance / Month
Individual 800 800 800
Juristic Person 4,000 4,000 4,000
- Maintenance Fee / Month 80 80 80
CAD - Initial Deposit Individual 100 100 100
Juristic Person 500 500 500
- Minimum Monthly
Average Balance / Month
Individual 100 100 100
Juristic Person 500 500 500
- Maintenance Fee / Month 9 9 No Fee
CNY - Initial Deposit Individual 600 600 600
Juristic Person 3,000 3,000 3,000
- Minimum Monthly
Average Balance / Month
Individual 600 600 600
Juristic Person 3,000 3,000 3,000
- Maintenance Fee / Month 70 70 No Fee

 Interest Payment

Interest is payable as per the announced rate for foreign currency deposit

  • Saving Account - interest payable twice annually at the end of June and December
  • Fixed Account - interest payable  based on the rate specified on the deposit date. In case of premature withdrawal, interest payable shall be deducted by 2%
  • Current Account - No Interest

 

Withholding Tax Rate

  • Individual - 15 %
  • Juristic person – 1%
  • Foreign government organization – tax exempted
  • Saving account - no tax if interest receivable does not exceed 20,000 baht per annum

 

Risk

Risk associated with foreign currency deposit account may arise from fluctuation of exchange rate caused by: 

  • Employment of T/T Selling rate by the bank in calculating the selling of foreign currency to be deposited in FCD
  • Employment of T/T Buying rate by the bank in calculating the buying of foreign currency from a customer’s FCD account

 

Benefits

  • Higher interest rate is yielded for foreign currency deposit than local Thai Baht deposit
  • Exchange rate risk indicates cost or satisfactory exchange rate for business operation
  • Customers with intention to earn foreign interest rate is advised to constantly monitor the exchange rate movement to evaluate potential return on deposit

 

Required Documents

For individual

  • ID Card

 

For Juristic person (Required documents to open an account are similar to those for Thai baht account opening), the following are required: 

  • Copy of Company’s Memorandum of Association and Company Regulations
  • Copy of Company Certificate issued by the Commercial Registration Bureau, Ministry of Finance
  • Copy of Registration Certificate
  • Copy of Trade Registration
  • Minutes of Board of Directors meeting stipulating intention to open a bank account including power of attorney and payment condition and certified by authorized person and company seal
  • List of authorized signatories
  • Copy of ID card and census registration of authorized signatories

 

  • International Money Transfer via Internet by the bank with inbound and outbound transfer advice through e-mail, no service charge. For deposit receiving from domestic sources, the maximum remaining balance per person (including all currencies and all banks) must not exceed the limit specified by the Bank of Thailand

 

 

Safe to deposit your foreign currency with KTB

  • Contact KTB Nana Nua Office (2nd floor), Foreign Currency Deposit Service, Currency Exchange Department (6th floor), Nana Nua Building and other branches click here
  • KTB Call Center 02 111 1111 (www.contactcenter.ktb.co.th)