Transcript of the above video:

As the title of this video suggests, we are discussing Foreign Currency Bank Accounts. We are specifically discussing these in the context of Americans here in Thailand. I frankly thought of making this video after reading a recent article from the Bangkok Post, that is bangkokpost.com, the article is titled: Baht strengthens as Fed expected to stay put. Quoting directly: "The Baht gained against the softening US dollar as some investors expect the US Federal Reserve to maintain its policy rate at its meeting scheduled for this week. The Baht opened at 35.38 to the Dollar on Tuesday, appreciating from the previous day's close of 35.58. The local currency moved in a range of 35.28 to 35.45 to the Dollar and closed at 35.35 on Tuesday." 

As discussed in other videos, the fluctuation of the Thai Baht against various International currencies most notably against the US Dollar, can have tremendous ramifications on expats here in Thailand be they retirees, be they people doing business, doing international business, and for this reason maintaining foreign denominated Bank Accounts, foreign currency denominated Bank accounts here in Thailand can be a major benefit and the dollar seems to be one of the most popular denominations to maintain a bank balance. 

Now with regard to Americans, this makes pretty good sense because that is the currency of the United States. For that reason there are a number of specific shall we say issues that they arise with regard to Americans either doing business here or retiring here where they would want to have a Bank Account that is denominated in Dollars. Now specific issues related to Americans maintaining a Bank Account here in Thailand are things like reporting back to the IRS or FinCEN under the US Treasury, the existence of said bank accounts as we have discussed in other videos, an FBAR, a Foreign Bank Account Reporting or report may need to be done in order to apprise the relevant authorities, Tax Authorities specifically back in the United States of the existence of a foreign bank account. As we have discussed in other videos, the statute called FATCA, Foreign Account Transparency Compliance Act has had tremendous ramifications on Americans looking to live and maintain Bank Accounts and other financial instruments outside of the United States. 

Now again as with everything, and I don't mean to sound like a broken record, these kind of things especially things like FBAR reporting and transparency and compliance with regard to FATCA, the legal analysis regarding that is going to be driven greatly by the specific facts and circumstances in an underlying case. So those that are looking to set up a Bank Account of any type here in Thailand as well as Americans who are looking for specific guidance and advice as to tax ramifications of setting up and/or maintaining balances in an offshore account outside the United States, specifically here in Thailand, it may not be a terrible idea to contact a legal professional, gain some insight and guidance into how best to proceed.