Currency conversion during a bank wire transfer?

[Hal65]

Are Thai banks able to convert currencies immediately prior to sending a wire? I ask because the receiving US bank can not accept Thai baht.

 

Do the banks give good exchange rates pre-wire? If not is there any cashless way to get a better rate? Can't use Deemoney or Transferwise for this transfer unfortunately.

[SteveK]

Very odd that a US bank cannot accept incoming funds in Thai baht. But then even if they could, they'd give a shocking rate so best to avoid anyway.

 

Thai banks give very good exchange rates, almost 8% more the banks in my home country do. You should be able to arrange a transfer in USD at your branch in Thailand.

 

Depends on the amount I suppose. If it's an amount under $10k and you are travelling to the US, you could withdraw it here in Baht, exchange it Bangkok and carry it with you on the plane.

Edited May 31, 2019 by SteveK

[Kwasaki]

13 hours ago, Hal65 said:

Are Thai banks able to convert currencies immediately prior to sending a wire?

They do and use a intermediary bank to do the transfers as I understand it.

I send baht money from my Bkk bank account to a UK bank and it arrives in the UK bank as £ sterling.  

[Pib]

Yes, Thai banks immediately convert baht to whatever currency you are sending....that is the norm.  The Thai bank converts using their TT Selling Rate. 

 

If you wanted to send $10K to a US bank the Thai bank would used their TT Selling Rate to determine how many baht you must convert....the bank is selling you the dollars to send.  Then throw in the bank's sending fee.