Bank Exchange Rates

[HowardB]

Hi everybody

Most people are aware that currency exchange rates can and will vary from bank to bank and indeed branch to branch when changing money at the counter. My question is, if I transfer money to a bank account in Thailand from Australia, is the exchange subject to a common rate within that bank structure or is it at the rate given by the particular branch on that day?

Also, what are the average fees charged by the receiving bank in Thailand for making such a transfer (e.g. internet banking)

Thanks in advance

Howard

[freevisa]

My past experience ... not an expert in this

The problem you have is you will get caught with so many different fees

(1) Australia bank charges for transfer

(2) Thai bank charge for accpeting transfer ... and

(3) conversion rate

So the amount must be reasonable to get percentage cost down.

(a) I transfered to BBL (paid Aus fees) in AUD into Bangkok Bank.

( Bangkok Bank used to charge me THB600 ... this may have changed

© Bangkok Bank made the conversion. I found the conversion rate is a hel_l lot better than what you can get in Aus. That is why I sent money as AUD and not THB.

If you are in Aus, I would suggest that you are better of taking cash (up tp AUD 10,000) and change at the bank here. :jap:

[Pash]

My past experience ... not an expert in this

The problem you have is you will get caught with so many different fees

(1) Australia bank charges for transfer

(2) Thai bank charge for accpeting transfer ... and

(3) conversion rate

So the amount must be reasonable to get percentage cost down.

(a) I transfered to BBL (paid Aus fees) in AUD into Bangkok Bank.

( Bangkok Bank used to charge me THB600 ... this may have changed

© Bangkok Bank made the conversion. I found the conversion rate is a hel_l lot better than what you can get in Aus. That is why I sent money as AUD and not THB.

If you are in Aus, I would suggest that you are better of taking cash (up tp AUD 10,000) and change at the bank here. :jap:

The fees are a minefield but it depends on the amount you want to transfer. I found Oz banks tobe very ruthless incharging me. So I no longer do so.

Exchange rates can change by the minute and each bank is different. Sometimes I have walked around comparing before settling on the better one.

Banks are better than money transfer operators.

One of the best in Oz is First 24 7. Look it up. I use it regularly, They also are restricted by daily exchange rates.

To qualify the above you can bring up to $A10,000 per person in cash without notice or much much more with prior notice. Or dont declare it. Your choice.

[chiang mai]

A common rate within that particular bank.

http://bankexchangerates.daytodaydata.net/default.aspx

[JimGant]

My question is, if I transfer money to a bank account in Thailand from Australia, is the exchange subject to a common rate within that bank structure

For a SWIFT wire transfer, you'll get the the telex 'buy' rate for the day you send the money. This TT rate varies ever so slightly from bank to bank, but not by much. Your Oz bank will no doubt charge for this wire transfer, as will the Thai bank. For Bangkok Bank, the fee is .25%, but no more than 500 baht.

As has been said, transfer AUD to Thailand for conversion in Thailand. Converting to baht in Oz is costly in fx by comparison. Just make sure you annotate on your wire order to send AUD.

If you are in Aus, I would suggest that you are better of taking cash (up tp AUD 10,000) and change at the bank here

According to BB's website on 1 Oct, the TT rate for AUD is 29.07. And the buy rate for bank notes is 28.74. So, if you wired 10k AUD, with a wire fee of, say, 35AUD, and a 500 baht fee on the Thai end, you'll be about 1800 baht better-off by wiring (with no worries about carrying a large amount of cash). However, for smaller amounts -- and because wire fees are pretty much fixed -- you'll do better at the counter if you only plan to convert 2-3k AUD.

(The above assumes doing business with just one bank, in this case, Bangkok Bank. As Chiangmai's link shows, however, if you're prepared to go to Super Rich, yes, you'll be money ahead with a money belt.)

Haven't seen any mention that Oz has the ability for EFTs to Thailand strictly via the Internet. If so, these could be cheaper than pure SWIFT transfers, unless they're just a convenient avenue to implement a SWIFT transfer -- and thus still end up paying the SWIFT fee.

[HowardB]

Thanks everybody ... very helpful information.

I have already spoken to my bank in Aus about sending AUD via TT therefore receiving the better rate. Fees in Aus are $20 per transfer.

Thanks again

Howard

[ianguygil]

Thanks everybody ... very helpful information.

I have already spoken to my bank in Aus about sending AUD via TT therefore receiving the better rate. Fees in Aus are $20 per transfer.

Thanks again

Howard

You should try to ensure that there are not "Intermediary" banks on either end. Otherwise you will end up with a lot more charges and delay.

We had another poster a while ago complaining about our charges and the time taken for availability of funds. What it ended up was his bank in OZ had sent it via Citibank in Thailand who then sent it to Bangkok Bank via the local clearing system. It was Citibank who did the AUD-THB currency conv, setting the rate, and there were charges for both ends on the local clearing as is standard. And as it arrived on Friday it took 2 more days in total to arrive here (I am not sure why on the Citi end).

Edited October 4, 2010 by ianguygil