Have Bangkok bank changed their Currency exchange calculator to show Banknote rate instead of TT rates?

[Felt 35]

Last week (weekly checking) when checking Bangkok bank`s currency calculator when keying in my monthly transfer with DKK i got nearly Thb 150,000 today only 75000,- ????

What is this misleading change for?

Thanks 

Felt

[Kenny202]

You would need to ask them...

[Liverpool Lou]

It's possibly something to do with the Scandinavian banks' recent attitude to buying back their currency, if you compare those rates with the differentials for other non-Scandinavian currencies on BBL's exchange rates page it tells a story that would account for the 50% change that you saw.

 

What did the bank tell you when you asked them...the only ones who could actually answer your question?

Edited June 15, 2023 by Liverpool Lou

[Felt 35]

6 hours ago, Kenny202 said:

You would need to ask them...

????Have done so but I thought maybe someone else had observed the same thing! The questions had however to be sent to the Foreign currency department and they will call me again tomorrow.

Felt

[Liverpool Lou]

53 minutes ago, Felt 35 said:

7 hours ago, Kenny202 said:

You would need to ask them...

????Have done so but I thought maybe someone else had observed the same thing!

Everyone can observe the same thing, the exchange rates are published by the banks!...

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

 

8 hours ago, Felt 35 said:

What is this misleading change for?

It is not "misleading", it is the bank's correct current exchange rate.

[KhunBENQ]

Can you explain what this "currency calculator" is?

I usually just look at the exchange rate tables/charts and see DKK with very low fluctuation to the Baht.

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

 

Yes, it looks like they show bank note rates??

As described above there is a serious issue caused by the Nordic national banks.

As you want to do an electronic transfer(?) these rates mean nothing to you.

 

TT rates are completely normal.

DKK is about 5.01 to 5.05 Baht today.

 

The bank note buying rate is 2.50!!!

Edited June 15, 2023 by KhunBENQ

[KhunBENQ]

This is an example that you would get with WISE transfer.

Edited June 15, 2023 by KhunBENQ

[KhunBENQ]

Exchange rate is quite stable. No reason to panic.

Edited June 15, 2023 by KhunBENQ

[KhunBENQ]

Found the calculator and it is crystal clear in the headline.

 

[Felt 35]

20 hours ago, Liverpool Lou said:

Everyone can observe the same thing, the exchange rates are published by the banks!...

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

 

It is not "misleading", it is the bank's correct current exchange rate.

Yes and no. At the bottom of the page it's a currency calculator and previously when example you key in DKK 30000,-that would have show TT rates, i.e., Thb 150000,- on the calculator not the Bank note rate which after the misleading change show Thb 75000,- which is wrong because you will receive Thb 150000,- for they who transfer money which I guess most of us do. Try the calculator with Danish, Swedish or Norwegian currency and you will see and then compare to bank note rate which is near to worthless. Btw, SCB still, as of yesterday used the same as previous calculation on their foreign exchange calculator with TT which also Bangkok used until a few days ago.

Felt

Edited June 16, 2023 by Felt 35

[Felt 35]

19 hours ago, KhunBENQ said:

Found the calculator and it is crystal clear in the headline.

 

Correct , but as far as I have heard the Nordic banks say, not guilty????

Felt

[treetops]

1 hour ago, Felt 35 said:

At the bottom of the page it's a currency calculator and previously when example you key in DKK 30000,-that would have show TT rates, i.e., Thb 150000,- on the calculator not the Bank note rate which after the misleading change show Thb 75000,- which is wrong because you will receive Thb 150000,- for they who transfer money which I guess most of us do.

What it showed previously is immaterial.  What it is showing now is the bank note rates and as they don't want these notes they are  offering the low rate you noticed.  If you want a calculator for the rate you get on a bank transfer you'll need to look elsewhere.

[KhunBENQ]

3 hours ago, Felt 35 said:

Try the calculator with Danish, Swedish or Norwegian currency and you will see and then compare to bank note rate which is near to worthless.

You can discuss up and down, they clearly show bank note rates are applied for the calculator.

And for that the result is "correct".

Whether this is a clever move or whether it should be more flexible is another question.

 

2 hours ago, treetops said:

for the rate you get on a bank transfer you'll need to look elsewhere.

Or simply look at the exchange rate table of Bangkok Bank and do the math your own.

Thai Bank TT rates are always worse than currency market rates that you can check e.g. at

xe.com

 

And then still: simple DKK*rate can not give the accurate result overall.

Fees from sending bank can't be known easily.

Fees deducted after conversion from Bangkok Bank are 0.25%, min 250, max 500 Baht,

One of the advantages of WISE, you clearly see what you will get (example above).

 

Edited June 16, 2023 by KhunBENQ

[Felt 35]

On 6/16/2023 at 3:34 PM, Felt 35 said:

Correct , but as far as I have heard the Nordic banks say, not guilty????

Felt

I stand corrected. They are guilty but with a reason.  Exchange of Danish cash abroad (nationalbanken.dk)

 

MLR3C10080 - Business sector specific Guidance: Money Service Businesses: How Currency Exchange Offices can be used to launder money. - HMRC internal manual - GOV.UK (www.gov.uk)