I get my Social security deposited in Bangkok Bank. I'm confused as to the exchange rate use. For example March 3 Social Security deposited 2003 USD into my Bangkok Bank account. Using the exchange rate of that date 31.59 . I should have 63274 baht in my account. Instead I only have 61230 baht.
Do the banks use a lower exchange rate than the posted ones ?

Would it get a better exchange rate if I had my Social Security deposited in US bank, then use wise to transfer it to my Bangkok Bank account ?

4 hours ago, Billpro785 said:

Using the exchange rate of that date 31.59

Where is that figure from?

BB will use their own exchange rate and the rate will depend on when they actually apply the deposit on the day they apply it - not when it is sent.

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

Click the As of box and you will see 5 alternative times for today. Normally there is a 500 baht charge as well but not sure if your SS deposit incurs that.

You can also ask the bank for a credit advice slip for the transaction and it will show you the costs that they have used/taken.

4 hours ago, Billpro785 said:

Using the exchange rate of that date 31.59 .

XE shows the mid-market exchange rate for that day as 31.539 so close enough to what you mention, but no way anyone gets that in a commercial transaction.

I calculated a while back that BBL used a buy/sell swing of about 0.9% for the US dollar. If you take that off the XE rate you get pretty close to what you received.