When is the exchange rate actually calculated?

[giddyup]

When I transfer money (in Aussie Dollars) online from Australia I always have a look at the current $A to Thai Baht rate first, but when is it actually calculated, at the time I make the actual transfer, or when it arrives in Thailand? Too many times it appears that I get less show up in my SCB bankbook than the rate at the time of the transfer.

[KhunBENQ]

Questions:

Where do you look up the rate? At SCB website, "TT" rate?

Before comparing have you taken into account the fees that apply?

 

I assume that the rate is used at the time the money (AUD) arrives at the first bank in Thailand (maybe SCB or another intermediate bank).

[JamJar]

If you send it in AU$, then of course when it reaches the Thai bank. Perhaps they use the TT rate here; https://www.scb.co.th/en/personal-banking/foreign-exchange-rates.html

 

They will also take perhaps 0.25% up to a max of 500 baht. Also if there is a middleman(correspondent bank) they too will take their cut.

[giddyup]

1 minute ago, JamJar said:

If you send it in AU$, then of course when it reaches the Thai bank. Perhaps they use the TT rate here; https://www.scb.co.th/en/personal-banking/foreign-exchange-rates.html

 

They will also take perhaps 0.25% up to a max of 500 baht. Also if there is a middleman(correspondent bank) they too will take their cut.

So it's pretty much a crap shoot as to what rate you actually receive? If I send money today and the rate is 21.50 baht to the dollar, I could actually only receive 21.20 when it gets to Thailand. Of course could be lucky and get 22.00 when it arrives, but that's never happened yet.

[ThaiBunny]

6 minutes ago, giddyup said:

So it's pretty much a crap shoot as to what rate you actually receive? If I send money today and the rate is 21.50 baht to the dollar, I could actually only receive 21.20 when it gets to Thailand. Of course could be lucky and get 22.00 when it arrives, but that's never happened yet.

The only way you can guarantee the rate it will be when it arrives in Thailand is to convert it to baht before it leaves Australia. But then you'll get a lousy rate anyway if you use a bank to send which is why people send AUD or use Transferwise when the rate is known when you send it

[giddyup]

1 minute ago, ThaiBunny said:

The only way you can guarantee the rate it will be when it arrives in Thailand is to convert it to baht before it leaves Australia. But then you'll get a lousy rate anyway if you use a bank to send which is why people send AUD or use Transferwise when the rate is known when you send it

I always send in AUD, but the rate can change between the time I send and when it arrives in Thailand. Can lose 3000 baht on a $10,000 transfer by dropping from 21.50 to 21.20, but I guess there is no way to overcome this.

[ThaiBunny]

Just now, giddyup said:

I always send in AUD, but the rate can change between the time I send and when it arrives in Thailand. Can lose 3000 baht on a $10,000 transfer by dropping from 21.50 to 21.20, but I guess there is no way to overcome this.

As I just said, you can lock in the rate by using Transferwise

[giddyup]

2 minutes ago, ThaiBunny said:

As I just said, you can lock in the rate by using Transferwise

The rate may improve after you've locked it in, so there's still no guarantee you won't lose money. Six of one.....

[KhunBENQ]

27 minutes ago, giddyup said:

If I send money today and the rate is 21.50 baht to the dollar

For comparison:

none of the TT rates at Thai banks today comes close.

20.984(!) to 21.198.

 

TW: rate 21.58190

If sent 1000 AUD receive 21,358.74.

Edited July 5, 2019 by KhunBENQ

[luckyluke]

If I understand correctly, if is is 20 the day you make the transfer, you still want 20 when it arrive, even if it is 19 that day. 

 

But you want 21 if it is 21 the day it arrive. 

 

Good luck with that. 

[ThaiBunny]

Just now, KhunBENQ said:

21.50? None of the TT rates at Thai banks today comes close. 20.984(!) to 21.198.

I sent some via Transferwise on Wednesday and got 21.3599

[giddyup]

1 minute ago, KhunBENQ said:

21.50?

None of the TT rates at Thai banks today comes close.

20.984(!) to 21.198.

I said if.

[KhunBENQ]

1 minute ago, giddyup said:

I said if.

I have edited the post with up-to-date numbers.

[ianezy0]

Unless you are transferring huge amounts, bring it over in cash and shop for the best rate.

Never change to Baht in OZ, but you must know this.

[giddyup]

23 minutes ago, ianezy0 said:

Unless you are transferring huge amounts, bring it over in cash and shop for the best rate.

Never change to Baht in OZ, but you must know this.

I live here, not convenient to fly back just to bring cash. Just have to wear the odd loss here and there.

[ezzra]

If anyone will be answer that with certain level of accuracy and knowledge he will also be able to tell us how the calculate electricity FT taffif, the price of fuel and the price of air tickets and many other everyday items and services we buy/use but don't have a clue how they work, valued and calculated...

Edited July 5, 2019 by ezzra

[ianezy0]

50 minutes ago, giddyup said:

I live here, not convenient to fly back just to bring cash. Just have to wear the odd loss here and there.

Have you tried the XE Currency site. Free to register, decent rates locked in. No transfer charge.

[giddyup]

34 minutes ago, ianezy0 said:

Have you tried the XE Currency site. Free to register, decent rates locked in. No transfer charge.

Thanks, will have a look.

[WebGuy]

2 hours ago, giddyup said:

Thanks, will have a look.

Have a look at crypto as well.

You can buy BC on crypto exchange in Aus and send it to Thailand's crypto exchange and sell it for Baht.

I started doing it that way and works pretty well.

It requires several steps but saves money if you have time for that.

[murraynz]

the opposite happens for me, so im not complaining...from nz...my pension gets paid direct from winz to my bkk bank account--i always check the exchange rates at my nz bank.. i always get more than the shown exchange rate ...

same same when using a credit card...i get more than shown exchange rates. ???

i try to only ever transfer larger sums when the exchange rate is much higher than it is currently..

[Pib]

1 hour ago, murraynz said:

the opposite happens for me, so im not complaining...from nz...my pension gets paid direct from winz to my bkk bank account--i always check the exchange rates at my nz bank.. i always get more than the shown exchange rate ...

same same when using a credit card...i get more than shown exchange rates. ???

i try to only ever transfer larger sums when the exchange rate is much higher than it is currently..

Specifically what exchange rates are you talking about?   Many, many different exchange rates out there.

[1FinickyOne]

Theoretically, it is a wire - - which means the money arrives as quickly as an email... 

[Bruce Aussie Chiang Mai]

I use to use oxford and workd first. Rate shown given but your receiving bank takes small amount. Also small fee to transfer by both them. Now I found last few times I use Smartway. Rate shown at time of transaction is exactly what received. No fees at all both ends and arrives same day. Also no min amounts.

[Oztruckie]

I use Macquarie Int money transfers from oz to my Thai bank account, once i click on accept deal @ prescribed ex rate, the rate does not change, like it says its a deal, guess like buying a car or house.