Sterling/baht Rates Weekend 13/14 January

[topfield]

Indicative mid rates

Yahoo finance : 70.28

BBC Finance 70.16

Bloomberg 70.33

Trading rates this weekend ( when rates steady )

Thai banks travellers cheques average buy rate 69.68

Super Rich (2) 70.00 & 70.10 notes

Nationwide Debit card 70.32 ( prelim rate..[final rate in 20 hrs usually same wekends] )

[topfield]

Indicative mid rates

Yahoo finance : 70.28

BBC Finance 70.16

Bloomberg 70.33

Trading rates this weekend ( when rates steady )

Thai banks travellers cheques average buy rate 69.68

Super Rich (2) 70.00 & 70.10 notes

Nationwide Debit card 70.32 ( prelim rate..[final rate in 20 hrs usually same wekends] )

Sunday am

Rates now confirmed by online statement :

Nationwide Debit card (Visa) 70.32

N/W Cash card (mastercard) 70.02

Seems N/W Debit best rate by far .

[bendix]

Oh God, please make it stop.

We get the message topfield. N/W Debit Card = Good. Every other financial institution in the world = evil scheming bastards.

[bkkandrew]

Oh God, please make it stop.

We get the message topfield. N/W Debit Card = Good. Every other financial institution in the world = evil scheming bastards.

You know, you don't have to read it.. Just ignore posts that don't interest you. Its simple!

[topfield]

Oh God, please make it stop.

We get the message topfield. N/W Debit Card = Good. Every other financial institution in the world = evil scheming bastards.

You know, you don't have to read it.. Just ignore posts that don't interest you. Its simple!

As BKKandrew states, if a person has no interest in the sterling baht exchange rate why then go to the trouble of clicking on a posting clearly headed 'weekend exchange rates' ? In the same way if you are not interested in a particular tv program why would you want to watch it ?

The information took almost half an hour to gather with the aim of informing people of their options in exchanging pounds that weekend. The posting was read or at least selected for clicking on...by over 60 thaivisa viewers. It did not promote any particular card anymore than a share price would promote a share when listed in a stock market report.

One cannot reach any other conclusion than that the person who complained about the posting is acting in a totally irrational manner and trying to put people off posting important relevant financial information on this forum.

[bendix]

You're quite right topfield. Quite right.

The excellent financial data you provide here is completely invaluable, or at least it would have been for someone making the transaction at the exact time you posted it.

Now, if you can ever find a way to let us know IN ADVANCE what the exchange rate fluctuations will be, that would be almost as useful as this thread.

[topfield]

You're quite right topfield. Quite right.

The excellent financial data you provide here is completely invaluable, or at least it would have been for someone making the transaction at the exact time you posted it.

Now, if you can ever find a way to let us know IN ADVANCE what the exchange rate fluctuations will be, that would be almost as useful as this thread.

ABSOLUTELY CORRECT ! Exchange rates indeed normally fluctuate, wildly in the case lately of the pound/baht rates and giving them on this website is usually pointless with a view to trading.

Having said that this is THE PRECISE REASON why the weekend rates were given. It's the ONLY time rates do not move and people can compare and know exactly what rate they will get.

[bkkandrew]

You're quite right topfield. Quite right.

The excellent financial data you provide here is completely invaluable, or at least it would have been for someone making the transaction at the exact time you posted it.

Now, if you can ever find a way to let us know IN ADVANCE what the exchange rate fluctuations will be, that would be almost as useful as this thread.

ABSOLUTELY CORRECT ! Exchange rates indeed normally fluctuate, wildly in the case lately of the pound/baht rates and giving them on this website is usually pointless with a view to trading.

Having said that this is THE PRECISE REASON why the weekend rates were given. It's the ONLY time rates do not move and people can compare and know exactly what rate they will get.

I know, Bendix is an idiot, living in his own world of isolation from business.. For myself, I am weighing up doing a transfer from Barclays to Kasikorn as we speak.. (regrettably, I don't have a N/W account)...

[prakhonchai nick]

The current exchange rates in Thailand for the £ are around 69++. However International exchange rates for baht/£ are in the region of 65. It has been like this since the government introduced currency restrictions.

When I use my nation wide debit card in kasikorn ATM, which exchange rate is used?

Have just received my Nationwide debit card and do not want to end up getting the lower rate

Any info please

[chiang mai]

Oh God, please make it stop.

We get the message topfield. N/W Debit Card = Good. Every other financial institution in the world = evil scheming bastards.

You know, you don't have to read it.. Just ignore posts that don't interest you. Its simple!

Bendix has this concept that everything on the other end of his keyboard is just a cyber entity and not real. Personally I think he needs anger management classes or something more constructive to do with his time. Keep doing what you are doing Topfield.

[Pattaya_Fox]

The current exchange rates in Thailand for the £ are around 69++. However International exchange rates for baht/£ are in the region of 65. It has been like this since the government introduced currency restrictions.

When I use my nation wide debit card in kasikorn ATM, which exchange rate is used?

Have just received my Nationwide debit card and do not want to end up getting the lower rate

Any info please

Good question.

I believe that If you are withdrawing Thai baht by Visa, Mastercard or other credit or debit card from a Thai Bank by either ATM or inside the bank and the card is issued from outside Thailand you will get the lower rate (offshore rate).

If you exchange Foreign cash or travellers cheques in a Thai Bank or Thai exchange you will get the higher rate (onshore rate).

The lower rate has been as low as 64baht to the GBP Sterling offshore and as high as 70.3baht to the GBP Sterling onshore.

So if visiting Thailand it is probably better to take cash or Travellers cheques and pay the 1% commission or so than to lose 5 to 6 baht to the pound.

[monch]

I think youre right about the cash and travellers cheques.....I was asking this question on another thread and everyone says get a nationwide account.....but if I only get the offshore rate, the commissions irrelevant anyway

[monch]

Actually....you can ignore that last remark......think what everyones getting at is that if I open a nationwide flex acocunt with a visa debit card Ill get the onshore rate at the ATM anway......god this stuff is so confusing !!

[Pattaya_Fox]

Actually....you can ignore that last remark......think what everyones getting at is that if I open a nationwide flex acocunt with a visa debit card Ill get the onshore rate at the ATM anway......god this stuff is so confusing !!

In my opinion Nationwide like any other bank outside Thailand will charge you the offshore rate after all the baht to Sterling rate surely has to be calculated as offshore. If it is a Visa card then Visa will calculate the exchange rate based on the offshore rate.

The Nationwide apparently does not charge a fee for transactions at foreign ATMs. Others charge a fixed fee of say a few pounds and some charge a percentage fee of the transaction.

But all foreign bank issuers will have to calculate the exchange rates I am sure in accordance with the offshore rates set at the time of converting the withdrawal or at the rate set for that period.

Edited February 17, 2007 by Pattaya_Fox

[monch]

Actually....you can ignore that last remark......think what everyones getting at is that if I open a nationwide flex acocunt with a visa debit card Ill get the onshore rate at the ATM anway......god this stuff is so confusing !!

In my opinion Nationwide like any other bank outside Thailand will charge you the offshore rate after all the baht to Sterling rate surely has to be calculated as offshore. If it is a Visa card then Visa will calculate the exchange rate based on the offshore rate.

The Nationwide apparently does not charge a fee for transactions at foreign ATMs. Others charge a fixed fee of say a few pounds and some charge a percentage fee of the transaction.

But all foreign bank issuers will have to calculate the exchange rates I am sure in accordance with the offshore rates set at the time of converting the withdrawal or at the rate set for that period.

If you read the other recent thread " How the nationwide calculate their baht rate " by topfield.....you will understand what Im getting at....it seems as though for some unknown reason, this card offers the onshore rate....dont care why...Im not complaining !

[Pattaya_Fox]

Actually....you can ignore that last remark......think what everyones getting at is that if I open a nationwide flex acocunt with a visa debit card Ill get the onshore rate at the ATM anway......god this stuff is so confusing !!

In my opinion Nationwide like any other bank outside Thailand will charge you the offshore rate after all the baht to Sterling rate surely has to be calculated as offshore. If it is a Visa card then Visa will calculate the exchange rate based on the offshore rate.

The Nationwide apparently does not charge a fee for transactions at foreign ATMs. Others charge a fixed fee of say a few pounds and some charge a percentage fee of the transaction.

But all foreign bank issuers will have to calculate the exchange rates I am sure in accordance with the offshore rates set at the time of converting the withdrawal or at the rate set for that period.

If you read the other recent thread " How the nationwide calculate their baht rate " by topfield.....you will understand what Im getting at....it seems as though for some unknown reason, this card offers the onshore rate....dont care why...Im not complaining !

I do not see any reference in these previous threads to Offshore and Onshore rate calculations by Nationwide when withdrawing at ATMs in Thailand with their flex card.

Nationwide do not charge a fee per transaction or percentage per transaction when withdrawing from ATMs which will give a rate advantage in the overall convertion of the amount which you are charged in Sterling for the withdrawal in Thai baht over the other Financial Institutions who do charge a fee or percentage per transaction.

However the conversion rate from Thai baht into Sterling will be at the offshore lower rate.

[monch]

As to why N/W Cash Card uses the offshore rate while their Debit card the onshore rate here is his reply :

"unfortunately, the Cirrus

Network is run by Master card and it is they who choose what exchange

rate to use and secondly, we have no control over how a Country or

company runs it's banking operations. "

So it seems unlikely we will ever be able to unlock the secrets of the use in Thailand of N/W's plastic and we will have to content ourselevs with the indisputable fact that, for Debit card holders anyway, the exchange rate we receive , whether in Thailand or Singapore or elsewhere , is unbeatable.

This is what I read on that thread and I believe I have understood it correctly...Ive read on other threads people are still getting 70bt on that card so that sounds like the onshore rate to me !

[topfield]

As to why N/W Cash Card uses the offshore rate while their Debit card the onshore rate here is his reply :

"unfortunately, the Cirrus

Network is run by Master card and it is they who choose what exchange

rate to use and secondly, we have no control over how a Country or

company runs it's banking operations. "

So it seems unlikely we will ever be able to unlock the secrets of the use in Thailand of N/W's plastic and we will have to content ourselevs with the indisputable fact that, for Debit card holders anyway, the exchange rate we receive , whether in Thailand or Singapore or elsewhere , is unbeatable.

This is what I read on that thread and I believe I have understood it correctly...Ive read on other threads people are still getting 70bt on that card so that sounds like the onshore rate to me !

Please provide a single thread /posting re a rate of 70 ie the onshore rate currently available with the Nationwide Cash Card ....would be EXTREMELY interested and so would many others esp. markhuahin. Thank you

[JimsKnight]

Indicative mid rates

Yahoo finance : 70.28

BBC Finance 70.16

Bloomberg 70.33

Trading rates this weekend ( when rates steady )

Thai banks travellers cheques average buy rate 69.68

Super Rich (2) 70.00 & 70.10 notes

Nationwide Debit card 70.32 ( prelim rate..[final rate in 20 hrs usually same wekends] )

Please provide a single thread /posting re a rate of 70 ie the onshore rate currently available with the Nationwide Cash Card ....would be EXTREMELY interested and so would many others esp. markhuahin. Thank you

Two posts in one but there you are Topfield.

I have yet to use my N/W bank card in Thailand but the bank manager at N/W confirmed to me that the exchange rate used by them is the 'Wholesale Rate' which could be interpreted as the 'Onshore rate' in foreign countries.

[monch]

Thanks for that JimsKnight....I was thankful for topfields posts informing me of the nationwide card in the first place but didnt want to say I was quoting his rate !!!...Iknow its not current but I was just stating it was the better rate thats all !!

[prakhonchai nick]

Many thanks for all the feedback, but it seems nobody really has a definitive answer. I would have thought "wholesale rates" meant offshore rates.

One way of finding out for sure I suppose would be making a 500bt withdrawal using the debit card. Even if the lower rate applies, the loss is unlikely to be more than 25bt

[ThaiPauly]

When I transfer money to LOS I normally do it in Thai Baht, would I be right in assuming that I should now do it in GBP?

I had a real shock when I paid some medical fees on my UK credit card, they only gave me 65 !

Thanks in advance, I do find the information posted here to be very useful.

[topfield]

OK. All you doubters out there who still will not believe the N/W debit card is giving a rate equiv to the onshore rate here is the info DIRECT FROM THE HORSE'S MOUTH and updated daily .

It is from the OFFICIAL VISA website in the US of A

http://corporate.visa.com/pd/consumer_serv...HB&rate=0.0

[prakhonchai nick]

It's certainly looking good for using Nationwide debit card. Visa rate quoted is better than that offered for telex transfers, and without the £20/£35 fee charged by Barclays

One final question.

How soon after I use the debit card is the transaction processed in pounds?

[Pattaya_Fox]

Has anybody actually seen a statement for very recent transactions showing the conversion rate to Sterling after a withdrawal from a Thai ATM using Visa card Cirrus or Mastercard and debiting their UK account?

[topfield]

Has anybody actually seen a statement for very recent transactions showing the conversion rate to Sterling after a withdrawal from a Thai ATM using Visa card Cirrus or Mastercard and debiting their UK account?

Firstly : an immediate deduction of available funds comes through. This is an approximate rate which 75% of times is the actual rate.

This is followed up on online banking anywhere between 18 and 42 hours later with the actual conversion rate.

As regards the above question on 25 February when the market fx rate swung between $1.9760 and $1.9580 which equates to 69.5 and 70.25 in Baht to the pound onshore, the Nationwide Debit Card rate on THREE test atm withdrawals of a thousand baht at 1am 11am and 5pm was 69.93. ...you go figure .....as the Americans say.

Finally BEWARE the Cirrus rates are far lower.

Edited February 18, 2007 by topfield

[JimsKnight]

Ok thanks from everyone i think for the important link top. Now the horse certainly cleared things up, BUT he didn't say anything about the cirrus rate, whats the deal with that? Does NW debit use the cirrus rate? If so the current rate 69.70 to the £ may be lower right?

TY

[topfield]

Ok thanks from everyone i think for the important link top. Now the horse certainly cleared things up, BUT he didn't say anything about the cirrus rate, whats the deal with that? Does NW debit use the cirrus rate? If so the current rate 69.70 to the £ may be lower right?

TY

For ATM withdrawals The N/W Debit Card (blue colour) uses the Visa Network. Their Cash Card (red colour) works on the Cirrus or Mastercard system.

The fact is that the Debit card is giving a rate approximating the onshore rate while the Cash cards rate is in line withthe offshore rate.

The why's and wherefore's of this is A COMPLETE MYSTERY so plse don't ask as not only dont I know but have also been unable to find out.

[Khun Bob]

Would the onshore rate also be availalbe from the nationwide visa CREDIT card ? (I figure it should be but they may not be processed the same way)

Comments anyone ? Actual exchange rates from usage ?

What rates would an AMEX card give - and is there an amex card that has no charge for foreign usage (99% sure is No here...) There may be some people that use AMEX ?

Edited February 21, 2007 by Khun Bob

[topfield]

Would the onshore rate also be availalbe from the nationwide visa CREDIT card ? (I figure it should be but they may not be processed the same way)

Comments anyone ? Actual exchange rates from usage ?

What rates would an AMEX card give - and is there an amex card that has no charge for foreign usage (99% sure is No here...) There may be some people that use AMEX ?

Hi Khun Bob

RE N/W Credit card exchange rate : yes ..it will be interesting to know but a word of caution. In practice it will be very difficult/ impossible to compare debit & credit card rates as merchants can submit their "vouchers/slips" the following day or even several days later as the Emirate Airlines office in BKK does . Since the date submitted is not put on the credit card statement, and with rates changing , it will sadly be practically impossible to get an accurate comparison.

How often does N/W alter its rates during the day ? Dont think anyone knows. I gave an example in an earlier posting of one single rate lasting 24 hours despite huge swings on the fx market but other days the rate has changed at least twice and possibly even more often. Any ideas on this ?