T/T-rate moving from Foreign Currency Accout held in Thailand to Thai Bhat

C

Coffee

Guest
21 July 2015 14:00 XE:
USD = 34.32 [Buying $100 notes @ 34.08 and Selling @ 34.78]
GBP = 53.286
EUR =36.9575
CAD = 26.235
AUD = 24.8875
NZD = 22.3837
CHF = 35.40 (Swiss Franc)
DKK = 4.96375 (Danish Krone)
NOK = 4.145 (Norwegian Krone)

Don't forget your passport.
 
I think he is telling us that the telex transfer rates are on the up or maybe down. Not sure why we need the passports unless its a hint that its time to find another location in which to reside.
 
I think he is telling us that the telex transfer rates are on the up or maybe down. Not sure why we need the passports unless its a hint that its time to find another location in which to reside.

Passports are required when you go to the bank/money exchange office, with wads of foreign currency, wishing to change into Thai baht.

What Coffee has probably overlooked, is that most of us expats have our overseas money transferred from our original homeland direct to our Thai bank, so that we never see our original countries paper money.

Perhaps Coffee has US$ notes brought out to Thailand, so that he can exchange when he wants.
 
Prakhonchai Nick said:
Perhaps Coffee has US$ notes brought out to Thailand, so that he can exchange when he wants.

But that wouldn't attract T.T. rates.

Nick is almost on target.
When foreign currency is transferred (wired / 'telexed') to a Foreign Currency Savings Account held by a Thai Financial Institution (Bank) in a depositors name ...the TT-rate is utilized when converting those Foreign monies into Thai bhat.
Technically, the currency in the account is no longer considered a monetary note (currency).

Does anyone else have a Foreign Currency Savings Account held at a Thai bank or financial institution ?

Note: Be warned that there are advantages and disadvantages to this scheme but you'll receive more than by just exchanging actual currency (notes).
Additionally you won't have to hide the currency in Yai's wooden barn or under the ground next to the big tree at the back of your ten rai.

Yorky, please don't allow abundant years of living in Thailand to distort your unusually keen insights.
 
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A foreign currency account is probably a good choice. Leaving money "back home" in $, £ or Euro, will if kept in a bank only attract minimum interest.

When the Thai TT rate picks up, many of us jump to transfer money, only to sometimes find in the 2/3 days it can take to receive funds here that the rate has gone back down.

With the money kept in a Thai bank in a foreign currency, not only is a small amount of interest paid, but you have immediate access -I believe at the TT rate without any commission deductions - since these are made when the foreign currency is first brought in.

Worth further investigation.
 
Yorky, please don't allow abundant years of living in Thailand to distort your unusually keen insights.

I eventually guessed that a foreign currency account may have been to what you were alluding, however the inclusion of Swiss francs and the two kroner threw me. I was not aware that accounts in these currencies were available in Thailand.

As far as I am aware, the interest rate obtained in a foreign currency account is a little less than the current interest rate prevailing at the time in the currency's country of origin. But I may be wrong.

[Edit: and the requirement to have one's passport also threw me]
 
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I eventually guessed that a foreign currency account may have been to what you were alluding, however the inclusion of Swiss francs and the two kroner threw me. I was not aware that accounts in these currencies were available in Thailand.

I have now checked and BB allow accounts in 14 currencies, viz:

US Dollar (USD)
Chinese Yuan (CNY)
Euro (EUR)
British Pound (GBP)
Japanese Yen (JPY)
Singapore Dollar (SGD)
Hong Kong Dollar (HKD)
Australian Dollar (AUD)
New Zealand Dollar (NZD)
Swiss Franc (CHF)
Canadian Dollar (CAD)
Danish Krone (DKK)
Norwegian Krone (NOK)
Swedish Krone (SEK)

Well, I'll be buggered!
 
Kasikorn Bank have a more limited list of currencies.

10 Foreign Currencies Available for Foreign Currency Deposit


  • US Dollar (USD)
  • Singapore Dollar (SGD)
  • Australian Dollar (AUD)
  • Canadian Dollar (CAD)
  • Hong Kong Dollar (HKD)
  • Japanese Yen (JPY)
  • Pound Sterling (GBP)
  • Swiss Franc (CHF)
  • Euro (EUR)
  • Chinese Yuan (CNY)
 
Looking further into the Kasikorn Foreign Currency Account, opening of an account is only permitted to foreigners who either have permanent residence, or are working within Thailand, who will need to submit a work permit with their application.

The interest is hardly worth having, with savings account rates being:-

UK ...0.15%

US....0.04%

Euro..0.00%

AUD..2.00%

Note all interest is taxed at 15%
 
The interest is hardly worth having, with savings account rates being:-

UK ...0.15%

US....0.04%

Euro..0.00%

AUD..2.00%

Note all interest is taxed at 15%

At least you won't pay any tax on the Euro account.

How do they compare with the interest rates in their "home" countries, Nick?
 
In the UK, online easy/immediate access accounts are paying 0.50% or less, with a 20% tax deduction.

So, given that I get around 2.25% here (less tax) in a fixed deposit account, a foreign currency account is a complete waste of effort and money.

I'll stick with my current situation.
 
So, given that I get around 2.25% here (less tax) in a fixed deposit account, a foreign currency account is a complete waste of effort and money.

I'll stick with my current situation.

You can have 0.90% for a 12 month fixed deposit, but then you won't have immediate access to your money when the £ hits 60! LMAO1
 
your current situation amy be different than mine

So, given that I get around 2.25% here (less tax) in a fixed deposit account, a foreign currency account is a complete waste of effort and money.
I'll stick with my current situation.

Let me guess. Your fixed deposit account is in Thai currency, correct ?
That means you exchanged your Foreign Currency (ie: GBP, Euro) at the prevailing exchange rate at that time.

In my particular case I'm cashing in on a USD exchange rates extremely more favourble than the floundering XE rates since 2009 finally bottoming at 28.5 in 2013.
The USD is finally approaching where it was before 2007.

Again the interest paid on your fixed rate account has been declining over these past three years , has it not ?

Finally with all the doom & gloom predicted by several members regarding the collapse of the THB --- what value will your 2.25 interest rate on Thai funds provide you with if that case scenario comes to fruition ?

In less than one year the THB has lost 8% of its value against the USD.
So basically I gained 8% just on the strength of the USD in less than one year by not cashing in one year ago - and almost 16% since 2013 by not cashing in at that time which far outweighs any interest gained in a Thai bhat savings account.
That's just me.

Of course one should always stick with a financial strategy that they are most comfortable with and that they fully understand.

[I'm also happy that I didn't put my money into Gold bars during 2011.]
 
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Let me guess. Your fixed deposit account is in Thai currency, correct ?
That means you exchanged your Foreign Currency (ie: GBP, Euro) at the prevailing exchange rate at that time.

Yes it is in Thai Bht and yes the majority was transferred at around 70-75 exchange rate (Sterling).

Again the interest paid on your fixed rate account has been declining over these past three years , has it not ?

Yes it has. It has declined from c. 3.00% to 2.25%. During that period the UK interest rate, I believe, has decreased from 6% to next to bugger all.

In less than one year the THB has lost 8% of its value against the USD.
So basically I gained 8% just on the strength of the USD in less than one year by not cashing in one year ago - and almost 16% since 2013 by not cashing in at that time which far outweighs any interest gained in a Thai bhat savings account.
That's just me.

I can only quote Kevin (bless him) when he was getting 6% (apparently) in UK when the Bht was around 60/Sterling. Then it took a 20% nose dive.

BTW in 1996, you would have obtained Bht 25.00 for your US dollar. in 1998, you would have obtained well over 50 at one point. Missed out there didn't you?

One of my pensions is paid directly into my Thai bank account in Sterling at no charge from the sender. The other is paid into an offshore account, again at no charge, (interest rate 0.01%) and I then have the choice on when and how much I transfer to Thailand.

[Obviously they will not allow me to transfer more than is available in the account]
 
how time flies when you're having fun (mammories or memories)

Yes it is in Thai Bht and yes the majority was transferred at around 70-75 exchange rate (Sterling).

You are probably very content that you cashed in at that time. I surmise sometime in 2005 or 2006.

In retrospect
if you cashed in an abundance of chips you may look like a genius.
My circumstances and timing was certainly different (read below).

BTW in 1996, you would have obtained Bht 25.00 for your US dollar. in 1998, you would have obtained well over 50 at one point. Missed out there didn't you?

My first holiday to Thailand was Christmas 2006 - New Year January 2007. I was living in the States, gainfully self-employed and legally married. I would not have traveled to Surin nor entered the Farang Connection until the tail end of 2007 meeting you , Martin and Kevin amongst other 'FC afternoon regulars'.

Another fine memory...
It wasn't until Feb 2008 when I literally stumbled one early morning into FarCon and greeted Martin who was in his usual happy morning persona.
There were only two other souls in FC and they were both seated watching the tellie.
They were the 'Two Mikes' (one being Cent). They were there viewing the Giants vs Pats NFL Super Bowl game.

{I thought they might have been BS-ing me as I was on the tail end of a late night /early morning out on the town. I thought to myself - what are the chances of both of those fellows being named Mike ...and both American too ! shrug1 }

I inquired as to who was playing as it was well into the Fourth Quarter.
They told me and I replied that I grew up in NYC so I'll go with the Giants who were behind at that juncture in a low scoring contest.
There were drinks on their table so I ordered a beer to watch the game while contemplating breakfast.

The Giants were heavy underdogs in that game but proceeded to win the game in an almost unbelievable fashion getting possession of the ball with two minutes on the clock.

The look on Cent's face at that juncture was priceless (along with several muttered expletives).
I then inquired as to where he was from and he replied , 'Boston' or 'Bah-ston'.
At that point I completely understood how he must have felt when the Giants won.
I ordered an English breakfast when Martin inquired how the game had gone.

Cent took it like a man that morning...no crying , no whining, no excuses...and ordered a scotch 'neat'. I looked at Martin , "Make that two, please."
That's how we first met one another.
The other Mike moved back to the States with his Thai family a few years ago.

I also began to comprehend that Cent must have been a rabid Pats supporter (still is).
He recently got his revenge in this latest Super Bowl against Seattle so I well understand how he felt...particularly if there was a wager involved (I'm not saying that there was).

So yes Yorky, you are correct. I missed out on the 90's as I was not even close to an inkling of thought regarding living in LOS as I maintained a 'paradise' condo on the Big Island for family holidays.


One of my pensions is paid directly into my Thai bank account in Sterling at no charge from the sender. The other is paid into an offshore account, again at no charge, (interest rate 0.01%) and I then have the choice on when and how much I transfer to Thailand.

Sent at no charge from the sender. That is a good deal.
I believe I paid USD 45 for transfer from a institution in the States to my Thai account whether it was $ 5,000 or $ 50,000.
 
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