Bangkok Bank joins Hua Seng Heng to launch real-time online gold trade for the first time in Thailand to increase investors’ opportunities to make profit and expand its FCD account base
December 02, 2020
Bangkok Bank joins Hua Seng Heng to offer opportunities to investors to buy and sell gold at real-time global market prices in USD on the Hua Seng Heng USD Gold Trade platform via Foreign Currency Deposit Account: FCD for Bangkok Bank customers for the first time in Thailand. This will help reduce risk from currency fluctuation and increase investment options and opportunities for making more profit.
Bangkok Bank Director and Senior Executive Vice President Chansak Fuangfu said this move comes after the Bank of Thailand (BOT) gave a green light for investors to buy and sell gold with gold trading companies that have been permitted to trade gold with USD via FCD accounts without requiring currency exchange. Previously, domestic gold trade must be paid in baht via direct debit from a baht account only. As a result of this new change, leading gold traders have registered interest and worked to expand services in this market.
Bangkok Bank and Hua Seng Heng, a leader in the gold market, are collaborating to pioneer a new service for the first time in Thailand, leveraging the BOT’s new policy to add value to customers of both companies. The HUA SENG HENG USD GOLD TRADE platform enables investments in Gold Bar 99.99% and Gold Spot using USD via an online system. The gold prices are based on real-time figures from Live Gold Spot, with investors no longer having to exchange their currency into baht for every trade. This platform benefits investors through reducing cost from currency fluctuation as well as increasing convenience by offering online transactions.
Investors can use the HUA SENG HENG USD GOLD TRADE platform to make transactions on the website and mobile phone application. Investors can buy and sell gold real-time in USD via Bangkok Bank’s FCD account, reducing cost as investors need not change USD to baht and enabling easier investment decisions. Bangkok Bank also offers a special exchange rate for currency exchange between FCD accounts in USD and its baht accounts. At the same time, investors will also receive interest from their savings account.
“Bangkok Bank is committed to being a trusted partner for all customers across their life stages, aiming to meet customers’ needs with deep understanding of our customers. Our new gold trade platform enables investors to make real-time transactions any time they want at reduced cost and maximum value. Opening a foreign currency account via FCD provides an alternative for investors, backed by the Bank’s focus on offering seamless digital experiences. By the end of this year, Bangkok Bank’s FCD account customers will be able to view statements via Bangkok Bank Mobile Banking, making it more convenient for customers to check account activities at any time. The Bank believes this will help the Bank to expand our customer base of FCD accounts,” said Chansak.
Hua Seng Heng Chief Executive Officer Tanarat Pasawongse said it was an honor for Hua Seng Heng to receive trust from the BOT which gave the company permission to be the first to make and receive payments for domestic gold trade in USD for customers who are Thailand’s residents and non-residents.
“Hua Seng Heng, as a leader in the Thai gold trade business for more than 70 years, is delighted to have an opportunity to co-develop a new platform for gold trade to serve Gold Spot trade in line with the BOT’s policy that eases rules for keeping foreign currencies. We are ready to play an important role in advancing Thailand’s gold trade business and be a regional leader.”
“Leveraging the growth of online gold trade, HUA SENG HENG USD GOLD TRADE is a new product to provide more convenience to investors and save costs from fluctuation in the baht. In addition, the service will enable users to view prices based on overseas spot prices on a real-time basis. This makes it easy for investors to make real-time payments and online transactions any time which will help investors to gain more profits. Customers who currently have FCD accounts can manage cost via gold investments without having to invest overseas.”
“The company would like to thank Bangkok Bank, our long-standing business partner, for its continuous support, so that we can achieve our goal of providing excellent and successful service to customers. I hope the service of gold trading in USD will gain popularity in Thailand and will be an important force in opening investment opportunities with neighboring countries going forward.”
For those interested in investing through the Hua Seng Heng USD Gold Trade platform, please visit www.huasengheng.com or call (66) 0 2763 9999 for more information. You can open an FCD account at 45 Bangkok Bank branches near you and receive brochures from Hua Seng Heng. You can open Bangkok Bank FCD accounts for 16 major currencies, including US dollar, Chinese yuan, euro, British pound, Swiss franc, Japanese yen, Australian dollar, New Zealand dollar, Hong Kong dollar, and Singapore dollar, with minimum deposit of 1,000 US dollars or equivalent. The service offers convenient transactions including deposits, withdrawals, and fund transfers between accounts while eliminating the risk of exchange rate fluctuation. In addition, you can deposit in a variety of currencies for both fixed and current deposits savings. For more information, please contact Bualuang Phone at 1333 or (66) 0 2645 5555.