actual foreign currency exchange rates received from Thai banks

C

Coffee

Guest
I do not believe Thai banks are utilizing the XE rates.

Has anyone exchanged foreign currency either from a Foreign Currency Account or transferred monies to their THB accounts during the last month ?

If affirmative:
A. Which Thai bank did you utilize for your transaction ?
B. Which foreign currency did you exchange into THB ?
C. On which date did you make your transaction ?
D. What was the actual exchange rate you received on the exchange into THB ?
E. Was your transaction quoted as a TT-rate or a Nominal-rate ?

(I'm particularly interested in USD transactions.)
 
Coffee said:
I do not believe Thai banks are utilizing the XE rates.

Has anyone exchanged foreign currency either from a Foreign Currency Account or transferred monies to their THB accounts during the last month ?

If affirmative:
A. Which Thai bank did you utilize for your transaction ? Kasikorn Bank, Surin
B. Which foreign currency did you exchange into THB ? Pounds Sterling
C. On which date did you make your transaction ? 20th May 2015
D. What was the actual exchange rate you received on the exchange into THB ? 51.652
E. Was your transaction quoted as a TT-rate or a Nominal-rate ? Kasikorn TT rate

(I'm particularly interested in USD transactions.)
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Plus 1 character (my message was apparently too short).
 
Any gringos do an exchange either from Foreign Currency Account or transferred funds from USD (American dollar) into THB (Thai bhat) ?

Actual information (date, bank and rate) would be greatly appreciated.
 
It may also depend upon the bank from which you are transferring. I have heard that there are UK banks (and probably others) that effect the transfer via Citybank in US there by incurring their charges also.
 
Yorky said:
Plus 1 character (my message was apparently too short).
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The actual spread throughout that day was 51.8 - 52 and you received 51.652 per GBP unit. Very interesting.

Currently at 52.396.
 
Just for information my UK bank is the Royal Bank of Scotland International whose current exchange is 47.771 (cheeky bastards!!).
 
Coffee said:
The actual spread throughout that day was 51.8 - 52 and you received 51.652 per GBP unit. Very interesting.

Currently at 52.396.
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From the TT rate Kasikorn will deduct 0.25% (max 500), 0.1% (no limit) + 20 Baht inter-province transfer.

Obviously, the amount transferred will determine the impact on the net rate - coffee hasn't quoted that.
 
CO-CO said:
From the TT rate Kasikorn will deduct 0.25% (max 500), 0.1% (no limit) + 20 Baht inter-province transfer.
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After being informed of those charges earlier in the year (thank you), I took them into account in order to determine the "actual" exchange rate applied to my transfer. The monies were deposited into my account at 12:22 (on 20th) but the calculation could have been effected a few hours earlier.

BTW, I was informed on Wednesday that Bangkok Bank did not have the 0.1% (no limit) charge. Is this correct?
 
Yorky said:
After being informed of those charges earlier in the year (thank you), I took them into account in order to determine the "actual" exchange rate applied to my transfer. The monies were deposited into my account at 12:22 (on 20th) but the calculation could have been effected a few hours earlier.

BTW, I was informed on Wednesday that Bangkok Bank did not have the 0.1% (no limit) charge. Is this correct?
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I think you are correct Yorky about the 0.1% charge. Kasikorn charge but Bangkok don't.

No idea about the other banks but SCB telex rates are usually far better than Kasikorn
 
Prakhonchai Nick said:
I think you are correct Yorky about the 0.1% charge. Kasikorn charge but Bangkok don't.

No idea about the other banks but SCB telex rates are usually far better than Kasikorn
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As an old spread boss I knew many years ago (who is now dead) said "you have to fukk with the dick you've got".
 
Yorky said:
After being informed of those charges earlier in the year (thank you), I took them into account in order to determine the "actual" exchange rate applied to my transfer. The monies were deposited into my account at 12:22 (on 20th) but the calculation could have been effected a few hours earlier.

BTW, I was informed on Wednesday that Bangkok Bank did not have the 0.1% (no limit) charge. Is this correct?
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Best as I can find for BKB:-

Receive an overseas funds transfer
    • Charge fee from beneficiary

      Note You will not receive the full amount of funds
      as Bangkok Bank will deduct a fee prior to depositing
      funds into your account.
0.25% of the transfer value
(minimum 200 Baht, maximum 500 Baht)
 
coco - you've hit the nail on the head....thank you for that information.

so basically they'll take 25 - 50 satang off of the TT-rate quoted.
 
Coffee said:
coco - you've hit the nail on the head....thank you for that information.

so basically they'll take 25 - 50 satang off of the TT-rate quoted.
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For round figures.... yes.

Prakhonchai Nick is closer to the figures than I, but I would say take 50 pips off the 'international rate' and 25 pips off the TT rate and you won't be disappointed.

As suggested earlier, the larger amount you transfer, the lower the % impact because of the maximum charge ceiling of 500 Baht on the 0.25%.

i.e. 200,000 Baht transferred attract the maximum charge - so does 2,000,000 Baht. Assume a Sterling transfer of £4,000 converted @ 50 GBP/THBt BKB = 200k less 500 Bt = 199,500 Bt/£4,000 = net rate 49.875. £40,000 transferred @ 50 = 2,000,000 less 500 Bt = 1,999,500 Bt/£40k = net rate 49.9875.
 
What has me piqued is that I hold several Foreign Currency Accounts in Thai banks.

I take USD being held in the account to transfer to my THB account.

I've noticed that as the USD has strengthened I'm no longer receiving the pure TT-rate.

I was contemplating initiating a class-action lawsuit in a Thai court...just for fun of course. Chokdee5 (I've got some time on my hands.)
 
Coffee said:
What has me piqued is that I hold several Foreign Currency Accounts in Thai banks.

I take USD being held in the account to transfer to my THB account.

I've noticed that as the USD has strengthened I'm no longer receiving the pure TT-rate.

I was contemplating initiating a class-action lawsuit in a Thai court...just for fun of course. Chokdee5 (I've got some time on my hands.)
Click to expand...


The Bangkok Bank web site states that you WILL receive the pure TT rate - no extra charges as these were paid at the outset when you transferred $
 
Prakhonchai Nick is closer to the figures than I, but I would say take 50 pips off the 'international rate' and 25 pips off the TT rate and you won't be disappointed.


Work on a net rate 70/75 satang less than the interbank rate after fees deducted. Note also that the foreign bank make charges ( in the UK from £5.00 up to £40 per transaction)
 
That is for cash Yorky.

Charges are priced into the exchange rate.
 
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