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Foreign Currency Deposit Account
 

Foreign Currency Deposit Account

A more convenient and efficient way to manage your foreign currency funds
Conveniently and efficiently manage your international transactions with our foreign currency deposit available in RMB, USD, EUR, GBP, JPY, SGD, HKD, NZD and AUD for savings accounts and fixed deposit accounts, available for those persons who have foreign currency income or have obligations in foreign currency.

Features and Benefits
• Reduce the risks from foreign currency exchange.
• Add efficiency in managing your foreign currency funds.
• Maximize return with interest payable to your foreign currency deposit account.

Thai Individual, Juristic Person or Thai Resident
Thai resident can open a foreign currency deposit account and conduct deposit and withdrawal transactions via their FCD accounts in accordance with criteria and conditions determined by BOT

 

Sources of deposit Maximum balance Required documents
• Income from foreign sources (including funds received from non-resident through purchase/exchange/borrowings from banks in Thailand)
• Funds that residents have purchased/ exchanged/borrowed from banks in Thailand
• Funds transferred from other FCD accounts of residents and FCD accounts of other residents
• Funds received from banks or businesses relating to foreign means of payment (as the case may be)
No limit None

Additional Conditions
• For deposit using bank notes, customer can deposit with the maximum limit of USD 15,000 or equivalent/customer/day; or not over the amount supported by evidence indicating that foreign currencies have been bought into the country from abroad; or not over the amount supported by evidence indicating that foreign currencies have been received from foreign exchange business operators according to their permissible scope of business such as commercial banks, juristic persons/persons licensed to undertake foreign currency purchasing and selling the business , etc. (ICBC (Thai) currently only accepts RMB banknotes for deposit and withdrawal).

 

Withdrawal from FCD accounts Required documents
• For settlement of obligations abroad
• For deposit to FCD accounts held by non-resident, including settlement on behalf of a subsidiary abroad
Documents evidencing obligations per the objectives set by BOT
• For exchange into Baht with banks in Thailand
• For deposit to other FCD accounts of the same residents and FCD accounts of other residents
• For deposit to FCD accounts of banks or businesses relating to foreign means of payment (as the case may be), including settlement on behalf of a subsidiary abroad
None

Additional Conditions
• Foreign banknote withdrawals are permitted for the settlement of obligations abroad or for travel expenses only.

Foreigner or Non-resident
Foreigner of Non-resident can open a foreign currency deposit account and conduct deposit and withdrawal transactions via their FCD accounts in accordance with criteria and conditions determined by BOT

 

Sources of deposit Maximum balance Required documents
• Income from foreign sources (including funds received from non-residents through purchase/exchange/borrowing from banks in Thailand)
• Funds transferred from other FCD accounts of the same non-resident or FCD accounts of other non-resident
No limit If the Baht is used to buy foreign currencies at the amount equivalent to USD 200,000 or more for deposit into FCD accounts, documents showing the sources of the Baht are required.
• Payments received from residents per the established criteria Not exceeding obligations of residents None

Additional Conditions
• For deposit using bank notes, customer can deposit with the maximum limit of USD 15,000 or equivalent/customer/day. ; or not over the amount supported by evidence indicating that foreign currencies have been brought into the country from abroad; or not over the amount supported by evidence indicating that foreign currencies have been received from foreign exchange business operators according to their permissible scope of business such as commercial banks, juristic persons/persons licensed to undertake foreign currency purchasing and selling the business , etc. (ICBC (Thai) currently only accepts RMB banknotes for deposit and withdrawal).

 

Withdrawal from FCD accounts Required documents
• Withdrawal in foreign currencies can be made in any case with no need to submit any document and fill out the Foreign Exchange Transaction Form None
• Withdrawal in Baht Evidence of obligations that need to be settled per trade, services or investment in Thailand, or not exceeding the set limit (as the case may be)


Product Type
  • Savings account
  • Fixed deposit account with passbook for the periods of 1, 3, 6, 9 and 12 months.
  • Available in RMB, USD, EUR, GBP, JPY, SGD, HKD, NZD and AUD.

    Product Detail
  • For savings account, interest is calculated daily and paid twice a year, in June and December (for currencies with interest payment).
  • For fixed deposit account, interest is paid at the maturity date.
  • For any withdrawal of fixed deposit account prior to the maturity date, the lowest interest rate for a savings account of such currency, as announced by the Bank on the deposit date, will be calculated.
  • Withholding tax of interest income is the same basis as deposit account in Thai Baht.

    Apply Now!
    Visit www.icbcthai.com, or call ICBC (Thai) Call Center at 0-2629-5588 or visit any of our branches nationwide for more information from our experienced specialists. Please kindly submit the following documents:

    Personal Customers
  • ID Card for Thai residents
  • Please contact our branches to inquire about documents required for non-residents

    Corporate Customers
  • Copy of affidavit, issued within 6 months
  • Copy of memorandum of association and articles of association (if any)
  • Minutes of the board of directors’ meeting
  • Copy of shareholders’ list
  • Copies of ID card/passport of the authorized directors
  • Power of attorney in case the payer is not an authorized director
  • Copy of Tax ID card (if any)
  • For non-resident corporate customers, charter documents shall be issued or certified by a credible agency or organization.

    Remarks
  • Interest rates, conditions, related fees, commissions in lieu of exchange, and remittance charges for all currencies are subject to the Bank’s announcement. Please refer to announcements, regulations and fee rates prescribed on the Bank’s website or at branches for more details.
  • Maximum balance of all foreign currency accounts per day per customer, the conditions for deposits/withdrawal, and the documents required shall comply with the rules and regulations of the Bank of Thailand.
  • Risk for foreign currency deposit account is associated with fluctuation of exchange rate except for the case that customer has his or her obligation to be paid in such foreign currency.
  • The deposit and accrued interest in the foreign currency deposit accounts are not applicable under the Deposit Protection Agency Act.

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