What exchange rate should I get transferring $AUD?

[giddyup]

I'll be transferring a large sum in Aussie dollars to SCB next week, but I'm not sure what rate I get as there are a few, ie DD and TT, notes, TT, notes again, so which one is it?

[CharlieH]

Banking Forum - MOVED

[CharlieH]

WHO are you using to transfer? that makes a world of difference.

[Sparktrader]

Website will say

Bangkok Bank  and Kasikorn normally bad

 

Look at Krung Thai

Edited September 14, 2022 by Sparktrader

[Lacessit]

I don't know if this helps.

 

I transfer AUD by telegraphic transfer, get charged $30 by ANZ irrespective of amount.

Bangkok Bank gives me the baht equivalent about 0.5 baht below the cross rate shown on sites such as xe.com, i.e if the cross rate is 24.8 baht for one AUD, I'll get 24.3.

Do not transfer with what is called dynamic currency conversion, it's highway robbery.

I would suggest transferring a smaller amount first, to see what conversion rate you get.

[Bruno123]

If you initiate the transfer in AU$, it's the TT Buy rate....minus a 0.25% commission up to 500 baht.

Currently 24.19125.

Wise currently 24.6651

[steven100]

OP .....   if your just doing a bank to bank transfer,  you will get the TT buy rate as shown below in red ..

 

 

hope this helps. 

[sanuk711]

Every-time I have done a transfer I looked at this site---

 

https://www.xe.com/currencyconverter/convert/?Amount=1&From=AUD&To=THB

 

---and "Wise" came in with a higher amount when transfer was done

You know about certain bank restrictions --- on amounts

 

 

 

 

 

--------------------------------------------------------------------------------------------

 

Transfers Limit To Thailand

Notice regarding international transfer limits from the Bank of Thailand

 

Dear BahtSmart Customers,

 

As you may know, there are new limitations in place from the Bank of Thailand that have set a cap on the maximum amount per transaction for foreign transfers into Thailand. This amount is set at 50,000 THB.

 

However, due to our strong banking partnerships, we are able to offer transfers larger than 50,000 to all our customers who have KBANK, Kiatnakin or CIMB beneficiaries.

How to Make Transfers Larger than 50K THB into Thailand

 

We strongly recommend adding KBANK, Kiatnakin and CIMB beneficiaries into your Bahtsmart account as alternate transfer methods. Bahtsmart is still able to transfer amounts larger than 50,000 THB to these accounts without any issue.

 

Going forward, some of the transfers your beneficiaries will receive will have our new payment partners’ names: DeeMoney and Lightnet.

 

By implementing these rules while maintaining the ability for our customers to transfer larger amounts, we are fully compliant with Thai and Australian regulations. Please beware of any other money transfer services offering transfers without any limits as they may be operating outside of regulations and could put your money at risk.

 

For customers with beneficiaries who are unable to create KBANK, Kiatnakin or CIMB accounts for any reason, we recommend creating multiple transfers with a maximum value of 49,999 THB. For example, instead of making a single transfer of 200,000 THB, you can send 4 transfers equaling 49,999 THB instead to a bank account such as BBL or other banks.

 

 

[giddyup]

41 minutes ago, CharlieH said:

WHO are you using to transfer? that makes a world of difference.

I'm using ANZ, but if the transfer is in Aussie dollars what difference does it make.

[giddyup]

32 minutes ago, Lacessit said:

I don't know if this helps.

 

I transfer AUD by telegraphic transfer, get charged $30 by ANZ irrespective of amount.

Bangkok Bank gives me the baht equivalent about 0.5 baht below the cross rate shown on sites such as xe.com, i.e if the cross rate is 24.8 baht for one AUD, I'll get 24.3.

Do not transfer with what is called dynamic currency conversion, it's highway robbery.

I would suggest transferring a smaller amount first, to see what conversion rate you get.

What do you mean by telegraphic transfer? Normally I just ring the international number and tell them how much to transfer, but you have to be clear you want the transfer in $AUD otherwise they send in Thai Baht and you really lose out. I Transferred $40K a couple of weeks ago and the operator didn't listen and transferred in Baht, and I got $1200 less than I should have, but they did reimburse me a month later

[Bruno123]

4 minutes ago, giddyup said:

I'm using ANZ, but if the transfer is in Aussie dollars what difference does it make.

The fee from ANZ.

AU$18 via Internet Banking or AU$32 via Telephone Banking. That cuts into the exchange rate.

But you already have your answer as to which exchange rate.

 

 

 

 

[Lacessit]

1 minute ago, giddyup said:

What do you mean by telegraphic transfer? Normally I just ring the international number and tell them how much to transfer, but you have to be clear you want the transfer in $AUD otherwise they send in Thai Baht and you really lose out. I Transferred $40K a couple of weeks ago and the operator didn't listen and transferred in Baht, and I got $1200 less than I should have, but they did reimburse me a month later

I am not doing the TT directly, it's a form on the website of my credit union. When I've filled out the form, I email it to the credit union, and confirm by phone. They then send it to ANZ.

[giddyup]

18 minutes ago, sanuk711 said:

Every-time I have done a transfer I looked at this site---

 

https://www.xe.com/currencyconverter/convert/?Amount=1&From=AUD&To=THB

 

---and "Wise" came in with a higher amount when transfer was done

You know about certain bank restrictions --- on amounts

 

 

 

 

 

--------------------------------------------------------------------------------------------

 

Transfers Limit To Thailand

Notice regarding international transfer limits from the Bank of Thailand

 

Dear BahtSmart Customers,

 

As you may know, there are new limitations in place from the Bank of Thailand that have set a cap on the maximum amount per transaction for foreign transfers into Thailand. This amount is set at 50,000 THB.

 

However, due to our strong banking partnerships, we are able to offer transfers larger than 50,000 to all our customers who have KBANK, Kiatnakin or CIMB beneficiaries.

How to Make Transfers Larger than 50K THB into Thailand

 

We strongly recommend adding KBANK, Kiatnakin and CIMB beneficiaries into your Bahtsmart account as alternate transfer methods. Bahtsmart is still able to transfer amounts larger than 50,000 THB to these accounts without any issue.

 

Going forward, some of the transfers your beneficiaries will receive will have our new payment partners’ names: DeeMoney and Lightnet.

 

By implementing these rules while maintaining the ability for our customers to transfer larger amounts, we are fully compliant with Thai and Australian regulations. Please beware of any other money transfer services offering transfers without any limits as they may be operating outside of regulations and could put your money at risk.

 

For customers with beneficiaries who are unable to create KBANK, Kiatnakin or CIMB accounts for any reason, we recommend creating multiple transfers with a maximum value of 49,999 THB. For example, instead of making a single transfer of 200,000 THB, you can send 4 transfers equaling 49,999 THB instead to a bank account such as BBL or other banks.

 

 

50,000 Baht cap? I transferred 1.5 million baht only a couple of weeks back with no problems.

[giddyup]

Just now, Lacessit said:

I am not doing the TT directly, it's a form on the website of my credit union. When I've filled out the form, I email it to the credit union, and confirm by phone. They then send it to ANZ.

Oh, OK, I'll be transferring direct from ANZ by phone

[Sparktrader]

11 minutes ago, giddyup said:

I'm using ANZ, but if the transfer is in Aussie dollars what difference does it make.

Look up Wise. They have an ap. Rates and fees on ap.

 

 

[giddyup]

Just now, Sparktrader said:

Look up Wise. They have an ap. Rates and fees on ap.

 

 

Thanks, but I'll stick with ANZ, it will be my final transfer with them. It's only around $30 to transfer no matter amount.

[Bruno123]

39 minutes ago, Lacessit said:

I don't know if this helps.

 

I transfer AUD by telegraphic transfer, get charged $30 by ANZ irrespective of amount.

Bangkok Bank gives me the baht equivalent about 0.5 baht below the cross rate shown on sites such as xe.com, i.e if the cross rate is 24.8 baht for one AUD, I'll get 24.3.

Do not transfer with what is called dynamic currency conversion, it's highway robbery.

I would suggest transferring a smaller amount first, to see what conversion rate you get.

Wise seems a better fit, unless it's for retirement funds that need a certain routing. 

 

For example AU$10,000 transferred with WISE today with net you a rate of 24.479183 after all fees.

 

AU$10,000 via ANZ - SCB will net you a rate of less than 24.11867625 today.

 

More than 3600 baht lost.

[Sparktrader]

 https://www.top10moneytransfer.com/send-money-online-au-mo/

[Sparktrader]

2 minutes ago, giddyup said:

Thanks, but I'll stick with ANZ, it will be my final transfer with them. It's only around $30 to transfer no matter amount.

What Thai bank? They decide the conversion rate. 

[giddyup]

1 minute ago, Sparktrader said:

What Thai bank? They decide the conversion rate. 

Already said, SCB.

[Bruno123]

12 minutes ago, giddyup said:

50,000 Baht cap? I transferred 1.5 million baht only a couple of weeks back with no problems.

You would have probably lost 20,000 baht on that transaction, if not more even if they had transferred in AU$.

Edited September 14, 2022 by Bruno123

[giddyup]

5 minutes ago, Bruno123 said:

Wise seems a better fit, unless it's for retirement funds that need a certain routing. 

 

For example AU$10,000 transferred with WISE today with net you a rate of 24.479183 after all fees.

 

AU$10,000 via ANZ - SCB will net you a rate of less than 24.11867625 today.

 

More than 3600 baht lost.

That's quite a difference. As I'm transferring more than 30× that, it will add up.

[MJCM]

@giddyup

 

Look at the TT (Telex Transfer rate) on the SCB website.

 

Look here

 

https://www.scb.co.th/en/personal-banking/foreign-exchange-rates.html

 

Under "Bank Buys and then TT"

(Edit: The rate changes every day, but your incoming transfer will be settled at the first rate of the day (look at Time Round))

 

But do please note, also the SCB will charge with a max of 500 THB per incoming transfer

 

 

Edited September 14, 2022 by MJCM

[KannikaP]

14 minutes ago, Sparktrader said:

Look up Wise. They have an ap. Rates and fees on ap.

 

 

Glad you told the OP that. Hes only been a member for 11 years.

[Bruno123]

2 minutes ago, giddyup said:

That's quite a difference. As I'm transferring more than 30× that, it will add up.

Most certainly will. They may offer an even better rate than I have stated, as I used just 10k for the illustration. 

 

For 30x more, imagine at least 100,000 baht more with WISE or a similar specialist.

[giddyup]

2 minutes ago, KannikaP said:

Glad you told the OP that. Hes only been a member for 11 years.

And that means what exactly?

[KannikaP]

5 minutes ago, giddyup said:

And that means what exactly?

I was being a bit sarky. After 11 years you do not know how to find the exchange rate and best ways to transfer. Its the sort of question a newbie would ask.

Edited September 14, 2022 by KannikaP

[Lacessit]

10 minutes ago, Bruno123 said:

Wise seems a better fit, unless it's for retirement funds that need a certain routing. 

 

For example AU$10,000 transferred with WISE today with net you a rate of 24.479183 after all fees.

 

AU$10,000 via ANZ - SCB will net you a rate of less than 24.11867625 today.

 

More than 3600 baht lost.

When I checked out WISE, from memory it was the fees charged up front that killed the deal for me.

IIRC, it's a commission, the more that is transferred, the bigger the commission.

"After all fees" is the critical phrase.

Not much point to getting a better exchange rate if the fees are in excess of that.

[giddyup]

6 minutes ago, KannikaP said:

I was being a bit sarky. After 11 years you do not know how to find the exchange rate and best ways to transfer. Its the sort of question a newbie would ask.

I have always done my transfers online with ANZ, limited to $10K at a time, which is all I needed to top up living expenses. That was the most convenient way for me as I only had to do it a few times a year. The exchange rate I got was whatever SCB gave me on the day, I didn't worry too much about it. This time I'm transferring a lot more than $10K, so the rate became a lot more important.

[Bruno123]

15 minutes ago, Lacessit said:

When I checked out WISE, from memory it was the fees charged up front that killed the deal for me.

IIRC, it's a commission, the more that is transferred, the bigger the commission.

"After all fees" is the critical phrase.

Not much point to getting a better exchange rate if the fees are in excess of that.

No. That's you being terrible at maths. 

 

That is why I quoted both after all fees. The actual exchange rate for WISE is something like 24.64.

Whereas SCB rate is around 24.19. 

So transfer AU$1000 and that's 450 baht(AU$18.27) more than going via the bank.....But wait. The bank(ANZ) charges you another AU$32 to send the money, so that now a AU$50.27 loss. WISE fee is AU$7.47. 

So you would get AU$42.80 more via WISE. But wait.... SCB has another fee; 0.25% up to 500 baht. So that's another AU$2.50.

 

So with WISE, you are AU$45.30 better off on a AU$1000 transfer today.

Edited September 14, 2022 by Bruno123