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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 from overseas or domestic sources of funds.

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.

Foreign Currency Account Type

Foreign currency account is divided into 3 account types according to the source of funds, which are;
1.Source from abroad: Foreign Currency Deposit Account (FCD) – Foreign currency originating from abroad
2.Source from domestic:
  2.1Domestic Special Foreign Currency Deposit (DSFCD) – Without future obligations
  2.2Domestic Foreign Currency Deposit (DFCD) – With future obligations
Remark: Funds from abroad can be deposited in FCD, DSFCD, and DFCD account.

Source of Funds

1.Source from abroad – funds received from entity abroad such as
-- Fund transfer from abroad
-- Foreign bills paid by other banks
-- Fund borrowed from abroad
-- Salary from overseas employer
-- Income from exporting goods
-- Supporting money from family
-- Fund transfer from foreign currency account of non-resident’s

2.Source from domestic – buy/ exchange/ borrow from authorized banks in Thailand

Customers can choose to open an account based on the account owner as followed.

Thai Individual, Juristic Person or Thai Resident
Thai resident can open any of the account type below.
1.Source from abroad: Foreign Currency Deposit Account (FCD)

Maximum Balance
Deposit/ Withdrawal Condition
Deposit
Withdrawal
No limit Evidence of obligation not required. Withdrawal of USD 50,000 or more or equivalent, evidence of obligation is required.

2.Source from domestic:
2.1Domestic Special Foreign Currency Deposit (DSFCD) – without future obligations

Maximum Balance
Deposit/ Withdrawal Condition
Deposit
Withdrawal
USD 5 million
- Evidence of obligation not required.
- Customer must submit the certificate of DSFCD outstanding balance for every deposit made.
Withdrawal of USD 50,000 or more, or equivalent, evidence of obligation is required.

2.2 Domestic Foreign Currency Deposit (DFCD) – with future obligations

Maximum Balance
Deposit/ Withdrawal Condition
Deposit
Withdrawal
Up to the obligation to pay in FCY - Supporting document is required on the date of deposit. Withdrawal of USD 50,000 or more or equivalent, evidence of obligation is required.

Additional Conditions

-- For deposit using bank notes, customer can deposit with the maximum limit of USD 10,000 or equivalent/customer/day (ICBC (Thai) currently only accepts RMB banknotes for deposit and withdrawal).
-- For withdrawal in bank notes, the withdrawal purpose must be for payment to obligation abroad or overseas travelling only, and supporting documents according to requirement of Bank of Thailand are required.
-- For overseas travelling purpose, the proof of evidence can be either passport or flight ticket.

Deposit-Withdrawal Methods

Deposit Methods
Withdrawal Methods
· Inward remittance from overseas. · Outward remittance to pay for obligations.
· Fund transfer between foreign currency accounts. · Fund transfer between foreign currency accounts.
· Export bill (payment already received from overseas or Export bill discount) · Import bill
· Fund borrowed from other banks in Thailand to deposit into foreign currency account. · Withdrawal exchanged to Thai Baht.
· Use Baht to purchase foreign currency and deposit into the account. · Withdrawal to receive foreign banknotes.
· Banknotes.  
Note: ICBC (Thai) accepts only RMB banknotes for deposit, and doesn’t accept cheque or bank draft. Note: ICBC (Thai) offers only RMB banknotes for withdrawal, and doesn’t issue cheque or bank draft.

Withdrawal Purposes

Account owner can withdraw funds from the account per the following purposes.

1.For expenses abroad
-- Payment to person abroad

2.For domestic expenses
-- Deposit into non-resident’s FCD account (including subsidiaries’ obligations).
-- Repayment foreign currency debt to bank in Thailand (including subsidiaries’ obligations).
-- Deposit into another FCD/DFCD/DSFCD account of his/their own.
-- Transfer from domestic exporter’s FCD to Thai juristic person’s FCD/DFCD/DSFCD account.
-- Exchange to other currency.
-- Exchange to THB.

Foreigner or Non-resident

Non-resident is advised to open Foreign Currency Deposit Account (FCD).

Maximum Balance
Deposit/ Withdrawal Condition
Deposit
Withdrawal
No limit - Evidence of obligation not required. - Withdrawal is allowed for any purpose.
- Foreign exchange transaction form not required. - Evidence of obligation and foreign exchange transaction form are not required.
- No limit in deposit banknotes. - Withdrawal in foreign banknotes does not require submitting foreign exchange transaction form.
- For purchasing foreign currency using Thai Baht, transaction of USD 50,000 or more, or equivalent, customer must submit a foreign exchange transaction form to the Bank along with evidence for the source of funds such as certificate of employment or work permit. - For withdrawal in Thai Baht from USD 50,000 or equivalent, must submit foreign exchange transaction form.
  - Withdrawal by outward remittance, evidence of the source of fund is required.

Source of Fund for Deposit

-- Receive fund transfer from abroad or from non-resident’s FCD.
-- Buy foreign currency with Thai Baht from NRBA (Non-resident Baht Account) or NRBS (Non-resident Baht Account for Securities) account.
-- Borrow foreign currency from domestic banks.
-- Foreign currency or FCD transfer for payment of goods and services from domestic person.
-- Foreign currency purchased using Thai Baht received from working in Thailand.

Deposit-Withdrawal Methods

Deposit Methods Withdrawal Methods
· Inward remittance from overseas. · Outward remittance to pay for obligations.
· Fund transfer between foreign currency accounts. · Fund transfer between foreign currency accounts.
· Fund borrowed from other banks in Thailand to deposit into foreign currency account. · Withdrawal exchanged to Thai Baht.
· Use Baht to purchase foreign currency and deposit into the account. · Withdrawal to receive foreign banknotes.
· Banknotes.
Note: ICBC (Thai) accepts only RMB banknotes for deposit, and doesn’t accept cheque or bank draft. Note: ICBC (Thai) offers only RMB banknotes for withdrawal, and doesn’t issue cheque or bank draft.

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:

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

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.
-- In case of any disagreement/dispute, the Bank's decision is final.


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