Exchange Rate?

[StuartinBKK]

As of today it is still called Telex Transfer by the Bank of Thailand:

Foreign Exchange Rates as of March 3, 2005  

Average Interbank Exchange Rate = 38.443 * Baht/US Dollar 

1. Average Counter Rates Quoted by Commercial Banks  ( Baht / 1 Unit of Foreign Currency )

Country  Currency  Average Buying Rates  Average Selling Rates

Sight Bill  Telex Transfer

   UNITED STATES        US DOLLAR        38.2300        38.3249        38.5202  

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Telegraphic Transfer/Wire Transfers

For quick credits to your account you can send wire transfer/ telex transfers through our offices/ correspondent banks. Facility of transfer by wire /telex is available at branches having SWIFT/ TT drawing arrangements. For transferring funds through our corresponding banks you may furnish details in the following format

[Simbo]

My UK bank (Nationwide) does NOT charge for international ATM withdrawals.

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Mine (Barclays) always overcharges me !

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I was with Barclays for 30 years, but heard about the Nationwide not charging for ATM withdrawls worldwide, changed banks and saved myself a load since moving to Los. Also, the rate of exchange is the same as the Thai banks on the day. If you have a Nationwide flex/debit card, it tells you your bank balance on the receipt everytime you make a withdrawl.

[Rinrada]

Travellers Cheques. You pay at least 1% commission when you buy. So the bettter rate on exchange is balanced!

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Not Always...I have a deal with SMILE More (not advertising just mentioning FIO)which is /part of the Co-Op Bank and have an internet A/C with the more bit as an upgrade.

It costs me £6 (£72/year) a month but recon for the enhanced benefits its worth it for..

A. World Wide Family Travel Insurance.(last one I had was AMEX but restrictive)

and cost me £120 year.

B. Green Flag Roadside assistance (same as AA or RAC)...fix the motor.

C. Bigger overdraft.....

D. Holiday discounts.....

E.Commission FREE Foreign currency..

Order on line F.C/travellers Cheques up to £5000. (£3-80 p&P)

plus all the usual vouchers for sending flowers ,fitness joints,replacement wheels..etc...

Dont use their ATM abroad ....they charge unlike N/W...but other benefits are as said worth it..

Swings and roundabouts and you got to be sitting on it.

[peterzxr]

TT - Telegraphic Transfer - a term still used by banks worldwide (I work in one in the UK at present) and exactly the same as a Wire Transfer (for our friends from the US).

The simple answer as to why the exchange rates are better have already been explained - it's an automated process and cheaper for the banks to carry out.

They also don't need to worry about any laws regarding Money Laundering and the handling of large amounts of cash as they KNOW that the overseas bank should have already identified the customer and source of the funds.

Edited March 13, 2005 by peterzxr