Money Transfer: Lloyds Tsb: Exchange Rate.....

[libya 115]

I made a cash tranfer from Lloyds TSB (British Isles) to my Krung Thai Bank Account. I though it was wisest to transmit it in GBP British Pound Sterling. The pre-paid transfer costs were 19 GBP.

£2500.00

Guess how much went into my Krung Thai Bank....

Thai Baht: 145,990

Robbed!

58.39=1 GBP

I called Lloyds, they said tough luck, it was out of their hands and I should have settled for their rate of approx 63=1 GBP and sent Thai Baht.

Comments?

[britmaveric]

Sounds like change of banks is in order. Stick it to them mate.

[malcolminthemiddle]

At least Libya got an answer from Lloyds.

I have had a similar recent bad exchange rate experience with Lloyds TSB buying and transfering C$ with US$.

Despite untold numbers of secure message through their website questioning the ER and an email from them apologising for the delay in responding, I still have not had an answer after 5 weeks.

Actually, I have found that Lloyds TSB customer service leaves a lot to be desired, it's not that easy to change banks.

In any case isn't Libyas problem with Krung Thai Bank and not Lloyds?

[libya 115]

At least Libya got an answer from Lloyds.

I have had a similar recent bad exchange rate experience with Lloyds TSB buying and transfering C$ with US$.

Despite untold numbers of secure message through their website questioning the ER and an email from them apologising for the delay in responding, I still have not had an answer after 5 weeks.

Actually, I have found that Lloyds TSB customer service leaves a lot to be desired, it's not that easy to change banks.

In any case isn't Libyas problem with Krung Thai Bank and not Lloyds?

Yes, I feel as if somewhere along the line I have been ripped off at the Thai bank end....they just processed my GBP at a very low rate (maybe my low rate was an 'intra-day' rate.

I am not really blaming Lloyds, because it is out of their hands, they sent GBP.....and the exchange rate I got was decided in Thailand.

Plus KTB is nasty with farangs anyway: offering 0% interest.............etc.

Edited April 2, 2007 by libya 115

[LaoPo]

You might want to find out the REAL intrabank rates at that particular date with one or two other Thai banks and confront your bank with those rates.

You might try and persuade them with a correction, but advice to talk to your bankmanager -in person-.

Good luck!

LaoPo

[ArtfulD]

hrm, now for a few sleepless nights while I wonder what rate I will get on the 16K GBP I sent today to my Ayudhya bank....I specified send it in GBP too thinking I would get a better rate.

[libya 115]

hrm, now for a few sleepless nights while I wonder what rate I will get on the 16K GBP I sent today to my Ayudhya bank....I specified send it in GBP too thinking I would get a better rate.

Good Luck. Let me know how you got on.

[bangsue]

Stopped using lloyds a couple of years ago as they were too expensive for cash withdrawals and transfers etc. i complained about their rates etc but just got a reply saying, as far as they were concerned, they were competitive. switched to nationwide, far better.

[monch]

A rate of 58.39 makes no sense at all !!!!

Krung thai bank are showing a buying rate today for telegrahic transfer of 68.57 and much the same for the past few days.

Looks like it should have been 68.39 not 58.39 !

[bingobongo]

BOT fails to reveal which 2 thia banks were speculating.....this is getting interesting.

this is going to end very very badly.....

ANALYSIS

Repo rate could spell end for Tarisa's term

"No one had expected any Thai entity to speculate on the home currency, especially after foreign speculators had been prohibited to do so. The BOT's secretive and quiet action has led to it become the scapegoat as the names of the two banks have not been divulged. "

http://www.nationmultimedia.com/2007/04/02...ss_30030845.php

[LaoPo]

A rate of 58.39 makes no sense at all !!!!

Krung thai bank are showing a buying rate today for telegrahic transfer of 68.57 and much the same for the past few days.

Looks like it should have been 68.39 not 58.39 !

To be honest: that slipped my mind as well. After all, human beings do make mistakes....even in banks.

It could have been an error and I would talk to the bank soonest if I were Libya....

LaoPo

Edited April 2, 2007 by LaoPo

[Lickey]

Gradually transfer your money into a Nationwide acc, leaving a quid in your lyods acc,that way you will have a uk adress, Nationwides services are excelent, after 30 years , they still look after me well, even in the early years, they would phone me and say you do not have enough money to cover a DD, they would cancel DD till i did, also online banking and e-savings can be managed online, move money as you wish, swift transfer forms online, fill in, print and sign, post it off airmail and you have your money in 4/5/6 days, and always ask for thai bht, cost 20quid but i got 68,73 2 weeks ago, good luck, Lickey..

[Maestro]

I have a feeling that your UK bank is being economical with the truth, or that your Thai bank made a mistake.

My suggestion: go to your Thai bank, the Krung Thai Bank, and ask them to give you a print out of the “credit note”. This will give you details of the currency (GBP or THB) and amount received, and if GBP were receive it will show the exchange rate. Compare that exchange rate with the rate posted by Krung Thai Bank on its website for “Pound Sterling” for that date. Then let us know what you find. I, for one, am interested.

For today, for example, Krung Thai posted a T/T buying rate of 68.5775. On Friday, March 29, it was 68.39125. Could it be that Krung Thai used 58... instead of 68...?

--

Maestro

[sonicdragon]

Most likely explantion is that they converted to THB at the offshore rate, not the onshore rate. This will happen with most UK banks if you don't specify that you want pounds to be remitted to the receiving bank. It is normal banking practice with retail accounts to convert to the local currency where the receiving bank is located unless instructed otherwise. The way to absolutely guarantee it, is to specify your thai bank's correspondent bank in the UK, in the instruction.

[naka]

Most likely explantion is that they converted to THB at the offshore rate, not the onshore rate. This will happen with most UK banks if you don't specify that you want pounds to be remitted to the receiving bank. It is normal banking practice with retail accounts to convert to the local currency where the receiving bank is located unless instructed otherwise. The way to absolutely guarantee it, is to specify your thai bank's correspondent bank in the UK, in the instruction.

Yes ! But the OP did that !

Naka.

[PhilHarries]

Some years back I was in the UK for R&R and decided to bring a wedge of cash back to Thailand. To save pratting around with exchange booths I got the money from Royal Bank of Scotland exchanged into Thai Baht. I didn't pay much attention when I collected the cash but sat waiting for my flight I checked the receipt. I could have got a far better exchange rate at LHR let alone within Thailand. Bluddy UK banks, nothing more than rip-off merchants.

[bendix]

Comments?

Why don't you spirit up the magickal powers of Aleister and sock it to them?

Do what they wilt shall be the only law, and all that bullshit . . .

[sumrit]

I transfered £10500 from my Lloydstsb account in the uk to my SCB account here just over a week ago, sent GBP sterling, and got an exchange rate of 68.30 baht. I checked with the SC Bank first and they confirmed I would get the "on shore" rate shown on their web site, which I did, so it seems that your Thai bank have made a mistake with the rate. I'd start there. Good luck.

[cmsally]

My suggestion: go to your Thai bank, the Krung Thai Bank, and ask them to give you a print out of the “credit note”. This will give you details of the currency (GBP or THB) and amount received, and if GBP were receive it will show the exchange rate. Compare that exchange rate with the rate posted by Krung Thai Bank on its website for “Pound Sterling” for that date. Then let us know what you find. I, for one, am interested.

This is what I do with all my transfers. It should give you all the details including amount and currency remitted, exchange rate and amount put into your account (baht). Ask the bank for inward transfer details printout. If they say they have no such thing ask for the manager. Let us know what the exchange rate is on your print out - we are all waiting with baited breath!

[bkkandrew]

And the moral of the tale is....

Don't trust the scheming, thieving bastards called banks!

Thal will also be the reason that I do my transfers in CASH and have a wry smile when flamed for doing so

[Rinrada]

Some years back I was in the UK for R&R and decided to bring a wedge of cash back to Thailand. To save pratting around with exchange booths I got the money from Royal Bank of Scotland exchanged into Thai Baht. I didn't pay much attention when I collected the cash but sat waiting for my flight I checked the receipt. I could have got a far better exchange rate at LHR let alone within Thailand. Bluddy UK banks, nothing more than rip-off merchants.

its the same the whole world over..isnt it a ...................................................shame

UK banks 'set for bumper profits'

More than 100,000 people declared themselves insolvent last year however the UK's top banks are forecast to rack up combined profits of £38bn for the past year despite continuing fears about their exposure to bad debts.

Barclays, the first of the "big five" reported is expected to see profits rise by a third to £7bn.

But banks have tightened UK lending criteria and analysts believe overall profits will rise from £33bn last year.

A year ago Barclaycard, the UK's biggest credit card lender with 11 million customers, had to write off £1.57bn in bad debts among its card holders, 44% more than the year before.

To help combat the problem, it has been turning down 50% of all new credit card applicants.

But the bank is still expected to show robust profit figures for the past year on the back of stellar growth from its investment banking and fund management businesses.

Other banks have been similarly boosted by the surge in takeover activity on global stock markets and by the growth of private client banking for wealthy customers.

According to a poll of leading financial analysts, the top five banks will see combined profits increase from £33.4bn last year.

"On the whole, banks are in rude health," said Richard Hunter, head of UK equities at stockbrokers Hargreaves Lansdown.

Despite difficulties in areas of its US business, HSBC is forecast to record profits of about £11.5bn for the past 12 months.

Meanwhile, Royal Bank of Scotland, Lloyds TSB and Halifax Bank of Scotland are expected to report returns of about £9.1bn, £3.6bn and £5.4bn respectively.

The scale of profits is likely to prompt fresh criticism of the City's reward culture following comments by politicians that "excessive" staff bonuses paid should be curbed. ...NO NEVER ..Surely......

Last month BBC....

[cmsally]

Couldn't resist it - had to post this article I was reading yesterday - just to make you all feel better!

Bank insider report

[Maestro]

Yes, I feel as if somewhere along the line I have been ripped off at the Thai bank end....they just processed my GBP at a very low rate (maybe my low rate was an 'intra-day' rate.

Libya, there is no such thing as an “intra-day” rate. Like other banks, Krung Thai banks posts its rates on the Internet and that is the rate they use. Sometimes, rates are adjusted during the day, but they are always posted, sometimes twice a day, sometimes three times.

You have to get that computer printout from your bank. If somebody by mistake keyed in 58 instead of 68, this printout will show up the error. Theoretically, the conversions should all be done automatically by computers, but some banks in Thailand probably still key it in manually.

--

Maestro

[LaoPo]

Libya was -understandable- angry with his first post.......but..............no answer as to what actions he took?

LaoPo

[QualityTouristNumberOne]

I had a similar problem with TMB 7 months ago with a 50,000euro transfer from Ireland,

took a LOT of back and forth and teeth-grinding patience to get it sorted,

but thanks to some Thai friends,and an excellent relationship with my Irish bank it was eventually sorted out,

although the impression I was given at the end of it was that the whole thing was MY fault,and that I was somehow cheating TMB out of MY money

I promptly transferred to kasikorn,and have never had a problem with them,

so dont give up hope,get your cash,and change bank afterwards,looks like some drone made a huge mistake rather than a rate difference to me.

[churchill]

I recently remortgaged in the UK and specifically asked for funds to be transfered in Sterling , as the exchange rates in Thailand are always better - but they ignored my instructions and said their normal practice was to exhange into thai baht in the UK and then transfer .I eventually after a lot of e-mails and hastle got some money back to compensate for their error . Any way they can make extra cash out of us they will !

Is the initial poster sure that funds were not converted before they left the UK .

[Maestro]

Is the initial poster sure that funds were not converted before they left the UK .

The computer printout (credit note) from his Thai bank will give him that answer.

Because the rate calculated from the THB amount credited to his Thai bank account is considerably lower than the offshore rate, I consider it unlikely that a conversion at the UK end of the transaction is the cause for the low rate used in this transaction. Let’s wait and see what that printout says, if Libya bothers to get it and report back here.

--

Maestro

[rak sa_ngop]

I recently remortgaged in the UK and specifically asked for funds to be transfered in Sterling , as the exchange rates in Thailand are always better - but they ignored my instructions and said their normal practice was to exhange into thai baht in the UK and then transfer .I eventually after a lot of e-mails and hastle got some money back to compensate for their error . Any way they can make extra cash out of us they will !

Is the initial poster sure that funds were not converted before they left the UK .

Name and shame???

[libya 115]

Is the initial poster sure that funds were not converted before they left the UK .

The computer printout (credit note) from his Thai bank will give him that answer.

Because the rate calculated from the THB amount credited to his Thai bank account is considerably lower than the offshore rate, I consider it unlikely that a conversion at the UK end of the transaction is the cause for the low rate used in this transaction. Let’s wait and see what that printout says, if Libya bothers to get it and report back here.--

Maestro

It has taken some time to discover the reasons behind this banking 'con'.

The problem was at the Lloyds TSB end. Although I requested that the transfer be made in GBP sterling, it was in fact converted into Thai Baht, then reconverted back into GBP sterling before it had even left the British Isles.

The reason for this was probably due to an untrained and incompetent telephone-banking operator, who used a standard Lloyds TSB 'International Moneymover Application Form' whilst I dictated banking details and instructions on the telephone.

I have since studied the said application form and it does say, next to the 'sending money in sterling' box:

'sending sterling may result in delays and additional charges'

I have not yet discovered whether this 'double conversion' is standard practise in order to maximise banks profits.

____________________________________________________

What should I have done?

I should have requested that the telephone-banking person, put me through to my own bank branch foreign payments department.

I have written a letter of complaint to Lloyds TSB since it is impossible to speak to a senior manager on the telephone.

I will update this 'con' ASAP.

[LaoPo]

Is the initial poster sure that funds were not converted before they left the UK .

The computer printout (credit note) from his Thai bank will give him that answer.

Because the rate calculated from the THB amount credited to his Thai bank account is considerably lower than the offshore rate, I consider it unlikely that a conversion at the UK end of the transaction is the cause for the low rate used in this transaction. Let’s wait and see what that printout says, if Libya bothers to get it and report back here.--

Maestro

It has taken some time to discover the reasons behind this banking 'con'.

The problem was at the Lloyds TSB end. Although I requested that the transfer be made in GBP sterling, it was in fact converted into Thai Baht, then reconverted back into GBP sterling before it had even left the British Isles.

The reason for this was probably due to an untrained and incompetent telephone-banking operator, who used a standard Lloyds TSB 'International Moneymover Application Form' whilst I dictated banking details and instructions on the telephone.

I have since studied the said application form and it does say, next to the 'sending money in sterling' box:

'sending sterling may result in delays and additional charges'

I have not yet discovered whether this 'double conversion' is standard practise in order to maximise banks profits.

____________________________________________________

What should I have done?

I should have requested that the telephone-banking person, put me through to my own bank branch foreign payments department.

I have written a letter of complaint to Lloyds TSB since it is impossible to speak to a senior manager on the telephone.

I will update this 'con' ASAP.

1. Normally, these kind of transactions are always audio-taped....! (at the bank); you might want to check that.

2. Always do these transactions in writing (email) and/or ask for reconfirmation from them.

Good luck.

LaoPo