Thai Baht to Euro

[beaufoy]

I am moving to Ireland and inquired with currencies direct wholesale (3 million baht) money changer as to what rate they would give me, and to my surprise it was worse than what Bangkok Bank give on a standard (any amount large or small ) TT

  Am I missing something or are the wholesale money changers charging more in transaction fees than a standard high street thai bank

[jackdd]

https://www.superrichthailand.com

https://transferwise.com

[simoh1490]

You're always going to get the best exchange rate on THB, inside Thailand, nobody outside the country really wants the currency hence the lower rates. Another factor is that THB is not fully convertible, it  remains a restricted currency and there are limits to how much Baht can be exported, that means your currency exchange company has to find a buyer for that Baht inside Thailand hence the rate they give you must leave enough room for them to be able to sell that currency on, at a profit inside Thailand.

[simoh1490]

To Add:

 

Companies such as Transferwise cannot export THB, they can only import it, that means they can sell you THB but for them to buy it they can only do so inside Thailand, hence my previous post.

[beaufoy]

1 hour ago, jackdd said:

https://www.superrichthailand.com

https://transferwise.com

They give a better rate than bangkok bank but can they do TT to my bank in ireland.  I assume I will have to transfer from bangkok bank to transferwise and then ask them to transfer to my irish bank

[simoh1490]

Just now, beaufoy said:

They give a better rate than bangkok bank but can they do TT to my bank in ireland.  I assume I will have to transfer from bangkok bank to transferwise and then ask them to transfer to my irish bank

As already said, Transferwise isn't allowed to do what you want because they don't have a Thai banking license and THB is a restricted currency - from their web site:

 

"TransferWise can only deliver THB to bank accounts based in Thailand,

We send THB out via domestic transfers within Thailand.

Currently TransferWise cannot send money from Thailand".

 

https://transferwise.com/help/article/1570071/basic-information/supported-countries#/Thailand

[KhunBENQ]

It's not so useful to compare TT rates with note selling rates.

As it's a Sunday, Bangkok Bank rates are from Friday:

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

Note selling rate is 39.07 Baht/Euro.

 

Superrich Bangkok shows a rate of 38.45 Baht/Euro.

So about 1.6% better than Bangkok Bank from Friday.

No surprise, as banks usually loose compared to specialize changers.

 

What was the rate offered to you and when?

 

 

Edited April 22, 2018 by KhunBENQ

[KhunBENQ]

2 hours ago, beaufoy said:

They give a better rate than bangkok bank but can they do TT to my bank in ireland. 

Transfer is possible under certain conditions.

Basically a proof that the money had been "imported" (transfered to Thailand) earlier.

Exception are those who work legally (with WP) and can transfer their (accumulated) income.

A couple of threads about this.

Edited April 22, 2018 by KhunBENQ

[simoh1490]

Maybe if the OP were to tell us the source of the money we could better advise him how to repatriate the funds?

 

If from the sale of real etstate, the funds can be transfered via a Thai bank.

 

If from working in Thailand legally and with a work permit, the funds can be ......

 

If brought in from overseas and proof of that is available, the funds can be......

 

You're welcome!

[beaufoy]

1 hour ago, simoh1490 said:

Maybe if the OP were to tell us the source of the money we could better advise him how to repatriate the funds?

 

If from the sale of real etstate, the funds can be transfered via a Thai bank.

 

If from working in Thailand legally and with a work permit, the funds can be ......

 

If brought in from overseas and proof of that is available, the funds can be......

 

You're welcome!

Most of the money came to me when my mother died in 2005. I imported some of the money into thailand to buy house/car and live on . Now I am moving on to Ireland. If Bangkok bank can retrieve records till 2005 said records would prove the money came into thailand via their bank

[simoh1490]

1 minute ago, beaufoy said:

Most of the money came to me when my mother died in 2005. I imported some of the money into thailand to buy house/car and live on . Now I am moving on to Ireland. If Bangkok bank can retrieve records till 2005 said records would prove the money came into thailand via their bank

BB will be highly unlikely to do that but if you have the paperwork or passbook showing the coded entry that would help. And you say you bought a house and car, if you still have the paperwork from those sales, that also will help.