Exchange Rates And Fx Transfers

[bsacbob]

I am looking to transfer sizeable amounts of money to Thailand for a house purchase initially a deposit but can anyone advise the best way to get the best rate on tranferring Uk pounds to Thailand, would i be best to just go to my high street bank and do an electronic transfer to Thailand in pounds, or use one of the many FX companies around.

The Baht is very low against the pound at the moment and i need the best rate i can get.

Thanks for your help

[lopburi3]

Swift transfer in pounds to your Thai bank account. Make very sure they send pounds so that you will receive the onshore rate of exchange.

[nam-thip]

You’re going to have to bite your tongue and swallow your losses i'm afraid as now is not a good time to be investing in a property in Thailand due to the poor exchange rate.

To give you an example, last November the exchange rate was 71.03 baht to the pound.

At that time 14000 pounds sterling bought you 1 Million baht.

Today you need 16.250 pounds sterling to buy you that same 1 million.

I know of an English guy who’s just pulled out of a 6 million baht house purchase after he realized he’s now going to have to find a further 14000 pounds due to the poor exchange rate set against his initial inquiry which was last October.

His 6 million baht house as of today is now close to 7 million baht.

In October 2007 the rate was hovering at around 69-70 baht which he accepted but now realizes with pound sterling suffering such a dramatic fall he’s not prepared to pay the extra needed to complete a purchase, so withdrew his interest.

If you do send money into Thailand from you’re UK bank make sure its sent in pounds sterling otherwise your bank will set the rate which will certainly be less than what you receive here.

In general your bank will give you a rate around 1 baht less for every one pound exchanged within the UK.

If your bank in Thailand gives you 61.15 baht to the pound

Your UK bank will give you 60.03

1 million times 1 baht lost creates a fair sized hole in you pocket.

[thaiclan]

As for trying to get onshore rate, in these turbulent times you can make a mistake here too. Today the Offshore rate is almost 1 baht better than the onshore rate!! arrrgghh (Uk rate only)

[bsacbob]

Thanks guys for your input it looks like i will have to bite the bullet in order to proceed, however the payments are to at intervals, so fingers crossed what i may loose on the initial down payment may improve if the exchange rate turns back in my favour but i wont hold my breath on that one !!!

But hey, you can't take it with you and no point being the richest man in the graveyard as my old dad used to say.