Davidcharles Posted June 18, 2004 Share Posted June 18, 2004 According to Thai web site BBk are buying Pound Sterling notes for 75.49Bht! Has anyone actually got that? I am holding my breath until next Tuesday, when the GBPs I am sending from UK to buy a house with, arrives at BBK for transfer into Bht. When I agreed the price for the property, we estimated 69bht to the GBP, and this increase will make quite a bit of difference...... Come on fellas, ask your GFs to pray to good old Buddha that it keeps on going up! PS. The Exchange Rate Section on this site is always blank? Link to comment Share on other sites More sharing options...
lopburi3 Posted June 18, 2004 Share Posted June 18, 2004 At 3:15 PM the buying rate was 73.64 at Bangkok Bank PLC so I suspect whatever site you looked at is not overly reliable. Looks more like a 'bad' selling rate. http://www.bbl.co.th/Bangkok+Bank/Personal...tes/default.htm Link to comment Share on other sites More sharing options...
Davidcharles Posted June 18, 2004 Author Share Posted June 18, 2004 Isn't it the BUYING Rate we should be looking at? I am sendin Sterling and they will buy them for whatever that rate is at the time. Today itis 75.44Bht. Fingers crossed it stays there until Tuesday next...... Link to comment Share on other sites More sharing options...
thaiflyer1 Posted June 18, 2004 Share Posted June 18, 2004 Think its the selling rate which applies for you.......ie its how many bahts they will sell you for 1GBP ...the buying rate would be how many bahts you would have to give them for 1 GBP from them............the difference in rates being where they make thier cut. ..........pretty sure anyways! Link to comment Share on other sites More sharing options...
Begs Posted June 18, 2004 Share Posted June 18, 2004 Think its the selling rate which applies for you.......ie its how many bahts they will sell you for 1GBP ...the buying rate would be how many bahts you would have to give them for 1 GBP from them............the difference in rates being where they make thier cut. ..........pretty sure anyways! Other way round. Link to comment Share on other sites More sharing options...
george Posted June 18, 2004 Share Posted June 18, 2004 LOL So how is it really, which column are you looking at when importing funds? Link to comment Share on other sites More sharing options...
Begs Posted June 18, 2004 Share Posted June 18, 2004 LOL So how is it really, which column are you looking at when importing funds? The Buying Rate is what the bank pays you for the currency. The selling rate is what they will sell that currency at if you want to buy it. Link to comment Share on other sites More sharing options...
medicinebox Posted June 18, 2004 Share Posted June 18, 2004 Does your overseas bank not decide your rate, and change it to baht on transfer? Link to comment Share on other sites More sharing options...
JimGant Posted June 18, 2004 Share Posted June 18, 2004 David, Yes, it's the 'buying' rate you're looking for, i.e., what the Thai bank will 'buy' your British pounds for. If a Thai bank 'buys' 100 GBPs for x amount of baht, and 1 minute later you decide to 'sell' back all the x amt of baht, you'll get maybe 98 pounds back. The 'spread,' or forex profit margin, being the difference. When wiring money, you usually get the telex rate. The following site shows 74.579 as the telex rate (as does the BB site) for 18 June. http://www.bot.or.th/bothomepage/databank/.../exchange_e.asp But this site shows one other figure that's useful -- the interbank exchange rate (in dollars, at this site). This is the very favorable rate used for ATM and credit card transactions; but it is disccounted by usually 1% for ATM transactions, and between 1 to 3% for credit card transactions, depending on the financial institution that issued your card. The SWIFT rate (most telex transfers are between SWIFT coded institutions) is also the interbank exchange rate -- but only for huge sums of money that only Thaksin is familiar with. So, the telex rate is the one to watch for wire transfers -- and it's the rate in effect when the money arrives, not when sent. According to Thai web site BBk are buying Pound Sterling notes for 75.49Bht! Just who's trying to buy your pounds for 75.49bt? It's not Bangkok Bank (BBk?), as Lop's link shows. Is George Soros back in Thailand? Link to comment Share on other sites More sharing options...
george Posted June 18, 2004 Share Posted June 18, 2004 The Exchange Rate Section on this site is always blank? Hmm, thanks for heads up, now it is working again: Bangkok Bank Exchange Rates Link to comment Share on other sites More sharing options...
thaiflyer1 Posted June 19, 2004 Share Posted June 19, 2004 Begs...........i stand corrected it is the buying rate which applies..........only got back here 2 days ago, still running on uk time. Link to comment Share on other sites More sharing options...
lopburi3 Posted June 19, 2004 Share Posted June 19, 2004 Does your overseas bank not decide your rate, and change it to baht on transfer? Not if you want a half decent exchange rate. Always send your own currency when doing a wire transfer and let the receiving bank here in Thailand make the conversion. Understand some banks have a tic box for this so be sure to check. There can be a very large difference. Link to comment Share on other sites More sharing options...
Davidcharles Posted June 19, 2004 Author Share Posted June 19, 2004 Does your overseas bank not decide your rate, and change it to baht on transfer? Not if you want a half decent exchange rate. Always send your own currency when doing a wire transfer and let the receiving bank here in Thailand make the conversion. Understand some banks have a tic box for this so be sure to check. There can be a very large difference. Absolutely right Lop.... BBk in London were going to give me 73bht per pound and send it to BBk in BKK. But I checked it out and found that if I sent my Dosh in GBP to BBk in BKK they would give me much better rates.....Doing this I will probably be about £3/400 better off!. As we have said previously, Nationwide do not charge for foreign withdrawls from ATMs. So they are the one to go for....... Thanks to all for the info. Your really are a smashing lot! Link to comment Share on other sites More sharing options...
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