Exchange Rate?

[kangeroo]

Hi everyone, Im thinking about sending some money into Thailand from autralian bank to thai , how can i ensure i get the best exchange rate the amount will be about 100 thousand australian to purchase a house around Korat .

I thought there might be a formular that banks use ,and what would be the best bank ?

thanks for the advice Kangeroo.

[jackr]

Always transfer in your local currency to get the onshore Thai baht rate, so transfer in Aussie dollars. They will no doubt advise you to make the exchange to Baht at your Aussie bank, but are simply looking after their own interests and trying to make a quick buck. Tell them to bog off. I've transfered using SWIFT several times and never had a problem... always got a rate several percent better than what the UK banks were offering. Transfer charge around 20 quid at UK end and 500 baht Thai end, takes a couple days. You will need both the SWIFT code and account number of the bank you're transferring to. For instance Bangkok Bank's is BKKBTHBK. Believe it all goes through central Bangkok Bank anyway.

[pkrv]

Always transfer in your local currency to get the onshore Thai baht rate, so transfer in Aussie dollars. They will no doubt advise you to make the exchange to Baht at your Aussie bank, but are simply looking after their own interests and trying to make a quick buck. Tell them to bog off. I've transfered using SWIFT several times and never had a problem... always got a rate several percent better than what the UK banks were offering. Transfer charge around 20 quid at UK end and 500 baht Thai end, takes a couple days. You will need both the SWIFT code and account number of the bank you're transferring to. For instance Bangkok Bank's is BKKBTHBK. Believe it all goes through central Bangkok Bank anyway.

This link goes into detail on the above

http://www.thaivisa.com/forum/index.php?showtopic=127371

It also has links to some Thai Bank's exchange rates (on -shore rates) but yes for the moment there is not much shopping around for the best rate.