Which Australian Bank Gives The Best Exchange Rate?

[Livinginexile]

Hi all

I need to transfer a $100k+ soon for the settlement on a condo I have purchased in Bangkok. I have been looking at exchange rates at 3 different banks here in Sydney and there is quite a big difference between them.

Westpac seems to be the worst at 25.5bht per $ and St George is the best one @ about 26.5.

I understand that rates change day to day but does anyone know of an institution that consistantly offers good exchange rates for bank transfers?

Thanks in advance.

[simcity]

none to my knowledge , if it is possible and you send 100 K in australian dollar to your bank in thailand , you will get a much better rate here ( thailand ) i will said TT rate : 27.48

http://www.kasikornbank.com/GlobalHome/TH/.../rate/rate.html

[thohts]

Try HSBC

[Nawtilus]

Send in Oz dollars to here so it is changed in Bkk, you will get better rate guaranteed.

[Maestro]

Livinginexile, you don’t say what bank you use in Thailand but go to their website and check their buying rate for T/T (Telex transfer or Telegraphic transfer) for the Australian dollar. Simcity pointed you to the site of Kasikorn Bank and from that you can already see that you get a much better rate by converting your AUD in Thailand.

After your remittance gets credited to your Thai bank account, ask your bank for the “Foreign Exchange Transaction Form” and then keep this form (I keep mine in a bank safety deposit box). It may come in handy if ever in the future you sell your property and wish to remit the money out of Thailand.

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Maestro

[Livinginexile]

Thanks a lot for that info guys.

I didn't realise that of course....I have to forward AU$ to Thailand and the exchange is done there.

I have allready paid 25% deposit back in Jan 06 but I sent it to my lawyers trust account and then they forwarded the funds on to the seller.

Perhaps I should find out what bank my lawyer uses and check the rates they are offering.

[Sophon]

Livinginexile, you don’t say what bank you use in Thailand but go to their website and check their buying rate for T/T (Telex transfer or Telegraphic transfer) for the Australian dollar. Simcity pointed you to the site of Kasikorn Bank and from that you can already see that you get a much better rate by converting your AUD in Thailand.

After your remittance gets credited to your Thai bank account, ask your bank for the “Foreign Exchange Transaction Form” and then keep this form (I keep mine in a bank safety deposit box). It may come in handy if ever in the future you sell your property and wish to remit the money out of Thailand.

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Maestro

Agree with the advice to transfer in AUD. You will get a much better rate and will be able to get the Foreign Exchange Transaction form Maestro mentions. Besides being of value if you some day want to remit the money out of Thailand again, it is also normally essential for you to be able to have the condo registered in your name (depending on the circumstances under which you have bought the condo).

Sophon

[Maestro]

Perhaps I should find out what bank my lawyer uses and check the rates they are offering.

If you’re not in Thailand to handle the purchase transaction personally I guess it makes sense to channel the money through your lawyer’s account. If for your remittance in January your own banking records do not show the name of your lawyer’s bank you will anyway have to ask him for that information again, then you can look up that bank’s exchange rate on the web. Good thinking!

As you check the rates of various Thai banks you will find that there is little variation from one bank to another.

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Maestro

[think_too_mut]

As you check the rates of various Thai banks you will find that there is little variation from one bank to another.

Due to one central body that defines the exchange rates. Then, the banks are more or less free to determine their fees : up to 1000$, then from 1-10,000$ and so on. For the same thing, the rate may vary, depending on what their most profitable areas are.

In Oz, Westpac is known as the bank that does most of foreign transactions. IBM Oz, BHP...they are with Westpac.

Their rate could be bad for small amounts but better for the considerable ones.

StGeorge does only peanuts (and that is done through NAB) so their rates may appear good..until you have a large sum to transfer.

For that kind of money, I would simply call the banks and ask them how and at what cost they can handle it.