How can this be ?...

[weegee]

Can someone explain if this is real and legal?

 

A Big Bank in Thailand seems to be short sheeting money through the exchange rates...

Example:-

Today...Rates for AUD  at 24.55...the particular bank rate was 23.92...difference , .63 baht.

Now.. if you were to transfer AUD 10K today at 24.55, (official rate) you would receive here 245500 baht

BUT...Using this particular bank at 23.92 actual and AUD,10K , you would receive here in your account 239200 baht

Thats a discrepancy of 6300 baht for one transfer, or $256 AUD., per 10K AUD. Thats a hell of a lot to be loosing just for 1 transfer, isnt it? especially when you have paid for the transfer, at the other end as well....It gets higher from time to time, and one expat i was talking to said on a 20K AUD transfer a while back, he would lose 60K Baht just through what the Bank was actually putting in your account. Naturally he didnt do the transfer until things were not so one sided....

Am I correct?...or have i got it wrong?

 

Would like to hear your opinions, as i have seen the rate in the banks figure up as high as .9 baht in times gone by...

Thanks

weegee

[tonray]

• Are you sure the conversion is being done in Thailand ? Are you sending AUD or Baht from Australia ?

[weegee]

7 minutes ago, tonray said:

• Are you sure the conversion is being done in Thailand ? Are you sending AUD or Baht from Australia ?

yes ...conversion done in Thailand.

Sending AUD from Australia.

[beachproperty]

You know the banks got to make a profit !    so there's generally a spread around the real forex rate.

 

Ever  heard of superrich .....Todays rate to buy Australian Dollar $24.55

[Rimmer]

Moved to banking forum

[BEVUP]

I just received my Auss $ 4000 at 97,153

So at 24.55 it = 98,200

So that's a 1000 bht diff when the Thai banks can only charge a max of ( I think ) 500 or 600 bht

[Pib]

You can see what the exchange rate is for major Thai banks at this website.  For the rate used for incoming international transfers use the TT Buying Rate.

 

https://daytodaydata.net/default.aspx

 

Keep in mind the FX rate given at sites like xe.com is the interbank rate...the rate given for BIG, BIG currency exchanges between banks, FX traders, etc.; not what the common man will get from their bank. 

[BEVUP]

2 minutes ago, Pib said:

For the rate used for incoming international transfers use the TT Buying Rate.

Well I always use that 

I wonder what bank OP uses

+ 1 other thing - OP mentions like $10,000 AUD - One should only send $9,500 to to stop the Gov alarm bells ringing as that extra $50 puts you in another ball game

[topt]

On ‎08‎/‎12‎/‎2017 at 9:04 PM, Pib said:

You can see what the exchange rate is for major Thai banks at this website.  For the rate used for incoming international transfers use the TT Buying Rate.

 

https://daytodaydata.net/default.aspx

 

Keep in mind the FX rate given at sites like xe.com is the interbank rate...the rate given for BIG, BIG currency exchanges between banks, FX traders, etc.; not what the common man will get from their bank. 

For those that don't know/realise the rate will be that of the day and time it is credited to your account so you can never be certain exactly what rate that will be. SCB rates for example can change multiple times in a day, up and down and up again, or down - http://www.scb.co.th/scb_api/index.jsp

 

@weegee   For this reason a lot of people seem to be using forex companies eg. Transferwise, HiFX, XE.com, MoneyCorp etc where the rate is fixed at the time you agree it. However you need to check all the transfer costs to see which is the most cost effective depending on the amount you are transferring.

 

[weegee]

Thanks for the replies fellas....

Starting to get the drift a bit better now....

[weegee]

On 12/8/2017 at 8:31 PM, BEVUP said:

I just received my Auss $ 4000 at 97,153

So at 24.55 it = 98,200

So that's a 1000 bht diff when the Thai banks can only charge a max of ( I think ) 500 or 600 bht

Thats what I am talking about.....sometimes there is a big difference, of up to .9 baht between the Rate and what the Bank puts in the account....

Oh well...

[manchega]

I see bigger spreads sometimes just walking between banks in a shopping mall there are opportunities.

I assume that somewhere they will make charges to screw you out of any opportunity.

[topt]

On ‎10‎/‎12‎/‎2017 at 6:21 PM, weegee said:

sometimes there is a big difference, of up to .9 baht between the Rate and

weegee sorry if you already get this but there is no such thing as "the Rate". Every bank and money changer will set there own based on their business model and mid market rates shown on sites like XE.com are exactly that - a sort of average and can only be used to get a rough idea. I have seen differences of over a baht in SCBs TT rates vs. the $US across one day in the past.

It can be a veritable moving feast!

[weegee]

1 hour ago, topt said:

weegee sorry if you already get this but there is no such thing as "the Rate". Every bank and money changer will set there own based on their business model and mid market rates shown on sites like XE.com are exactly that - a sort of average and can only be used to get a rough idea. I have seen differences of over a baht in SCBs TT rates vs. the $US across one day in the past.

It can be a veritable moving feast!

Yes...thats right. Thanks for the reply, i'll just have to take more interest in what they are paying in future.  Looks like "superrich" is the go for a good rate at the moment.