Transfering Money Out Of Thailand Using The Offshore Rate

[bisop]

Right now if you use the Offshore rate for conversion instead of the onshore rate you end up with almost 10% more money ...

Is there anyway to transfer money out of the country and convert it there anyone can think of????

[Maestro]

First, you should check with your Thai bank if it is willing to make an outward remittance in Thai Baht. Probably it is not. If it is, you may then want to check your non-Thai bank’s exchange rate for an inward remittance in Baht and see if there is really any savings.

I tried to look for the exchange rates used by HSBC in the UK but could not find it.

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Maestro

[dinga]

HELP! I don't think my question has been answered already (but apols if it has).

I want to transfer Baht from a Kasikorn account to a Baht account with the Commonwealth Bank in Aust. K-Bank says it would be delighted to help by sending the funds in $Aussie (using the on-shore FX rate for conversion). At the receiving end, the CBA will then use the off-shore FX rate to convert back to Baht -leaving a substantial capital loss.

K-Bank says it cannot transfer Baht out of Thailand and I've received a similar response from HSBC.

Does anyone have a solutions to this problem (my interest - pardon the pun - is in receiving +7% for 6 months Baht term investment in a Currency Protected Income Fund Vs the 2.5% payable here)

First, you should check with your Thai bank if it is willing to make an outward remittance in Thai Baht. Probably it is not. If it is, you may then want to check your non-Thai bank's exchange rate for an inward remittance in Baht and see if there is really any savings.

I tried to look for the exchange rates used by HSBC in the UK but could not find it.

--

Maestro

[bisop]

Does anyone know, can you use your Thai ATM card , withdraw money abroad and use the offshore rate for conversion????

[chiang mai]

Threads in this forum have been down this road many times before and the quick answer is that you can't do it/ If you could do it I suspect every expat who lives here would have done so already. Reasons why you can't: 1) inability to send baht out of the country 2) margins on currency transfer in other countries.

[Donnyboy]

Right now if you use the Offshore rate for conversion instead of the onshore rate you end up with almost 10% more money ...

Is there anyway to transfer money out of the country and convert it there anyone can think of????

take it with you in a suitcase- sorry couldnt help myself