Thai Times

Covering the Thai Renaissance
Tuesday, Jul 15, 2025

Surge in Foreign Currency Deposit Accounts Reflects Changing Investor Preferences

Total FCD accounts in Thailand reach 4.33 million, fueled by younger depositors seeking higher returns.
Foreign currency deposit (FCD) accounts in Thailand have seen significant growth, with a total of 4.33 million accounts reported as of April 2025.

This reflects a staggering increase of 71.6% year-to-date and 433% year-on-year, according to data from Kasikorn Research Center (K-Research).

The outstanding deposits in these accounts reached 25.5 billion baht, marking a 4.5% increase year-to-date and a 15.5% rise compared to the previous year.

A substantial portion of this growth can be attributed to individual depositors, who now hold 4.25 million accounts.

This represents a 73.6% increase year-to-date and 467% year-on-year.

Outstanding deposits held by individuals in FCD accounts stood at 2.46 billion baht, reflecting a significant growth of 15.3% year-to-date and 105% year-on-year.

Kanjana Chockpisansin, who leads banking and financial sector research at K-Research, indicated that demand for FCD accounts has surged over the past decade, with a notable acceleration in growth over the last three years.

Factors contributing to this trend include heightened interest among depositors and targeted marketing campaigns by banks, as individuals increasingly seek higher returns from their deposit products.

Siam Commercial Bank (SCB) anticipates double-digit growth in new FCD account openings for 2025.

Young, individual depositors are particularly drawn to these accounts, aiming to secure better returns.

Patrick Poulier, first executive vice-president and head of financial markets at SCB, noted that this demographic is generally well-informed and adept in digital technology, which facilitates easier access to financial products.

The bank has introduced FCD account opening through its mobile app SCB Easy, branded as e-FCD, which has garnered attention from younger customers looking for alternative deposit and investment options.

Poulier reported that new FCD accounts at SCB have expanded annually by 50-100%, depending on the account type, with this year targeting double-digit growth.

Thai investors have increasingly shown interest in international investment options, including FCDs, driven by a pursuit of superior returns.

Additionally, the general decline in domestic interest rates has prompted a shift toward FCD accounts.

SCB's Economic Intelligence Center has projected a potential cut in the Bank of Thailand's policy rate, which could decrease from 1.75% to 1.25% within the year, further incentivizing depositors to consider foreign currency accounts.
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