Screwed On Exchange Rate

[stevehaigh]

i just did a wire transfer from my US bank to my thai bank and was shocked to see I barely got 40:1 when the current rate is about 41.2:1.

it was a pretty large tansfer so that difference is a lot of money.

it looks like the difference between what i got and the current rate is 2.5%. is that the normal buy/sell spread or did i get screwed?

[stevehaigh]

hum, the plot thickens. the rate i got was at Wells Fargo, so i called Bank of America thinking i could have got a better deal there and they quoted my 39.5:1!

what is it with wire transfers? i bet i could get 41 to the $ for $100 bills at BKK right now? does anyone know what the going rate for dollar to baht in BKK is right now?

thanks

[Indo-Siam]

Last evening, the little exchange kiosk on Sukhumvit Soi 7 where I normally exchange currency was quoting 40.96 for US $100 bills. They were up to 41.12 or so, roughly 10 days ago, but it has slid back down over the past week.

Cheers!

Indo-Siam

[cutethaigirl]

hum, the plot thickens. the rate i got was at Wells Fargo, so i called Bank of America thinking i could have got a better deal there and they quoted my 39.5:1!

my guess is that the American bank change the money to Baht over there and wire that?

Insist they wire US $ and have it changed here.

Will be a better rate.

ct

[gamb00ler]

cutethaigirl is correct. The Thai banks accept money transfers in US$ and give a much better rate than the foreign banks.

G'luck

Gamb00ler

[nogutsnoapplepie]

http://www.scib.co.th/Bankrate/exchange_rate.htm

[PeaceBlondie]

On Friday morning, Thai time, I withdrew 12,000 baht from my Wells Fargo account in the USA. Cost: $294.10 plus the $3 transaction fee! That's a rate of 40.80:1, and the $3 fee brings it down about 41 satang, to 40.4:1.

Does this mean you'd have done better taking it out every 25 hours at 12,000 baht per withrawl? Hmm, I think I'll keep doing that for the time being.

[lopburi3]

On Friday morning, Thai time, I withdrew 12,000 baht from my Wells Fargo account in the USA. Cost: $294.10 plus the $3 transaction fee! That's a rate of 40.80:1, and the $3 fee brings it down about 41 satang, to 40.4:1.

Does this mean you'd have done better taking it out every 25 hours at 12,000 baht per withrawl? Hmm, I think I'll keep doing that for the time being.

The other post gives a TT rate of 41.20 for that date so that is what you would have received with a wire transfer, less the fees, if you sent $ to Thailand for exchange for Baht at a Thai bank. So for a small amount such as you received from the ATM it will probably be better. But if you transfer 5 or 10,000 dollars at a time it likely will not be better.

Also remember that ATM can not be used for visa or condo purchase so it is almost always better for the tourist but seldom for the expat who moves large amounts at one time.

[otherstuff1957]

I figure that I lost $500 on a $20K wire transfer a few months ago! ATM withdrawals are a much better way to go - at least if your US account doesn't charge for using someone elses ATM!

[stevehaigh]

I figure that I lost $500 on a $20K wire transfer a few months ago! ATM withdrawals are a much better way to go - at least if your US account doesn't charge for using someone elses ATM!

yep, i lost $1500 on $50,000. if i send more money, i'm going to try doing the transfer in dollars and let the thai bank convert it to baht.

[Flummoxed]

Guys 'n' gals, there's only one good way to do it. I wire my money using SWIFT directly to my Thai bank account and make doubly sure the option to send in Sterling (or Dollars if your US, obviously) is checked. The Thai bank will do the exchange at interbank rates. I save loads doing it this way.

Also, check to see if there's an equivalent of Nationwide BS in the U.S. They never charge me comission on ATM withdrawals, in fact no charges at all and it's at the interbank rate.

If only I'd realised sooner how much I was paying Barclays... BAAAstards