Tag Archive: account

  1. Multi-Currency Bank Account Can Protect You From Currency Risks

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    Whether you have business opportunities overseas or are taking care of family members back home, one of the big worries is exchange rates. Even small changes in the dollar’s value can cost you a significant amount, although things could also go in your favor by opening Multi-Currency Account.

    Multi-Currency Account or Foreign Currency Account is a bank account that allows for the transfer of payments in different specified currencies to and from one designated account. It can help make your life easier by having the option of multiple currencies in one account, you can easily send and receive money all around the world. If doing business overseas, you want to know what your costs and profits are able to build a reliable plan, not be taking a gamble on the dollar’s future direction.

    In Thailand, there are several banks that provide service for Multi-Currency Account. Whether you’re a foreigner or Thai national, you can open a Multi-Currency Account. We explain the details of benefit, type and documents requirement below;

     

    Types of Account:

    There are two types of account for Resident Account and Non-Resident Account:

    1. Foreign Currency Deposit (FCD) for Resident Account

    a. Special Foreign Currency Deposit (SFDC)

    • If your income comes from overseas and you would like to save it in foreign currency, with an unlimited balance, the Special FCD is suitable for you. It is ideal for traders or anyone with regular earnings in foreign currency without future payment obligation.

    b. Domestic Funds – Foreign Currency Deposit (DFCD)

    • If you have foreign income from international trade or want to save in a foreign currency, you can open a Domestic FCD to manage your export earnings and other foreign income. These accounts are suitable for anyone who wants to save in a foreign currency such as individuals who have international trade businesses. However, this type will require documents showing future foreign currency payment obligations.

    c. Domestic Funds – special Foreign Currency Deposit (DSFCD)

    • Similar as Domestic Funds – Foreign Currency Deposit but without future payment obligation and minimum balance of USD 5 million or equivalent in other currencies.

    2. Foreign Currency Deposit (FCD) for Non-Resident Account

     

    Benefit:

    One of the major benefits of a foreign currency account is you can send and receive funds in different currencies without exchanging them. This is ideal for anyone in the import and export business to moderate risk exposure from oscillations in exchange rates. For international businesses, it’s also facilitate foreign currency management. You also can easily conversion from one currency to another, to take advantage of any foreign exchange movement.

    Please don’t hesitate to contact us if you require assistance with the opening of such an account at a Thai bank, or if you have any questions.

    Find out more about our corporate and commercial services

  2. Opening a bank account without a work permit at Bangkok Bank

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    On a more practical note, clients often ask us for assistance with opening a personal bank account in Thailand. Such an account offers a lot of benefits, but many foreigners, who are only visiting Thailand for a relatively short period of time, have faced problems with meeting the bank’s requirements. Most banks ask for a business visa and a work permit, even for the setting up a simple savings account. But a few banks are more flexible than that. For example, foreigners can open a savings account at Bangkok Bank, which is one of the major Thai banks, and apply for additional services such as Debit Card, ATM and Internet Banking, by holding tourist visa only and without holding a work permit.

    At Bangkok Bank, currently the documents that you need to provide are

    1. your passport,
    2. one further official identification document, such as a reference letter from your embassy, your home bank or another person acceptable to the bank.
    3. your address in Thailand as well as your regular address in your home country.

    Please feel free to contact us if you require assistance with handling your banking matters in Thailand.

  3. Opening a Corporate Bank Account

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    It is essential for a company to have a bank account to facilitate their financial transactions and for the safety of their money. But sometimes it can be difficult to open an account in a local Thai Bank. The company is a juristic person, and there are specific additional requirements for opening a bank account than for natural persons. To add to the difficulties, various banks have different internal rules related to corporate bank accounts.

    Accounting.

    In this newsletter, we would like to inform you the requirements to open a company bank account at Siam Commercial Bank (All Season Place Branch), as an example. This bank is the house bank of our law firm, and we offer assistance with the bank account opening at this bank. The requirements are as follows:

    1. Certified copy of company affidavit
    2. Certified copy of Memorandum of Association (Bor.Aor.Jor.2)
    3. Certified copy of the sample of company seal (Bor.Aor.Jor. 3. Page 2)
    4. Certified copy of Articles of Association
    5. Certified copy of the Shareholder list (Bor.Aor.Jor.5)

    Note: Documents 1.-5. Must be certified by the Department of Business Development and should not be over a month old.

    1. Minutes of board meeting to open account (specific branch, type of account and term of payment also)

    Note: After the company is registered, the company needs to pass a resolution to open a bank account by a meeting of the shareholders or the board of director, depend on the Article of Association of the company. And In case that the company wants to register for internet banking service, please mention this in the minuted as well.

    1. Certified copy of ID card and household registration book of authorized director of the company

    Note: In case that the foreigner is an authorized director, please provide a certified copy of passport, visa and work permit.

    1. Certified copy of ID card and household registration book of the shareholder who holds the shares of the company at 25 percent or upward.

    Note:  In case that the foreigner is the person who holds the share of the company at 25 percent or upward, please provide a certified copy of his passport.

    1. Certified copy of VAT registration Certificate (por.por 20)
    2. Certified copy of Certificate of Business Registration (Phor Kor 0401)

    Note:   Certified copy means the owner of such documents signs on the copy of the documents himself as the certified as a true copy.

    • The company documents will be signed as certified by its authorized director.
    • The personal documents (such as passport) will be signed as certified by the owner himself.
    1. The minimum amount for the first deposit (if possible in cash) as follows:
    • Saving Account            500      THB
    • Current Account          10,000 THB

    Remark: Directors with authority to open and close the bank account or draw cheques have to attend the bank in person to sign his signature in front of the bank officer. However, the company may authorize a different person to proceed instead.

     

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