I've got a US dollar foreign account at Bangkok Bank. Rather than changing some funds into Thai baht, does anyone know if I could instead exchange US dollars for Aussie dollars and open up an Aussie dollar account?

Expect you could. But if you are doing this for exchange rate purposes (i.e., use US Dollars to buy Aussie Dollars in hopes the Aussie Dollar appreciates against the baht), I expect the currency exchange/buying fee(s) associated with buying of Aussie dollars with American dollars might negate any exchange advantage. More info at http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transaction%20Accounts/Foreign%20Currency%20Account/Pages/Default.aspx

Sure...if you can find anyone who wants them; maybe someone who has a bird as they could use them as cage liner

The oz dollar will soon be on par with the US$ -maybe the next few days, and exchange to baht -same, same. As said previously fees will not make this worthwhile yet. But I would buy oz $ and wait a while, as the OZ currency is one of this years performers, I'm told, and unlikely to depreciate until next year. Whereas thUS$ continues to fall - maybe to 25 against the baht. Regards.

Some years ago (2006) I tried to exchange US$ to EUROs at a BBL counter at the airport.

They insisted that I first have to sell the US$ to buy Baht then use the Baht to buy EUROs.

This double exchange would have cost quite a bit so didn't bother.

Exchanged The US$ in Germany into € and got a much better rate.

opalhort

I'll get the answer on this next week from the bank. I don't mind taking an initial hit on losing something on the front end with the exchange if I can go directly from US dollars to Aussie dollars or maybe Swiss francs of even Canadian dollars. I have no doubt the US dollar is going to tank further and could go down to 20 baht per $1 or even less, so whatever exchange hit I would take up front I think will be readily made up down the road.

If this isn't possible, maybe I just buy gold instead, which I am also considering.

Be careful where and how you make the exchange, if you do it at a Thai bank they will convert the USD into Baht first and then convert the Baht into Aussie, two exchanges so you lose twice. But if you do it at a US or Aussie bank, no such problems.

the OP has an account with Oz-Dollars, not cash. therefore no need to convert AUD into Baht! it is also not possible that he takes his account to a money changer to buy any other currency.

thanks for not listening :jap:

Surely you're not suggesting that the banking fairy will tap the USD account with a magic wand and instantly transform it into an Aussie Dollar account, cash or account, there is a conversion process which outside of the US or Aus will involve the local currency, or am I missing something?

there is a conversion process which outside of the US or Aus will involve the local currency

that conversion process is nothing but a fairy tale!

but i am not 100% sure what miracles the banking fairy queens in the Land of Smiles perform. based on what i have heard it might be mandatory to obtain the written permission of Obama, Abhisit and Gillard (duly authenticated, notarised, consularised an apostille and a sworn statement attached) to change USD 50k into AUD 49k assuming the humble applicant submits a copy of his work permit, a certificate of good standing issued by his local bar countersigned by a noodle vendor and a clean health bill stating that he is free of swine flu, chicken plague and his blood test turned out to be HIV-negative.

but if i convert USD into AUD in Singapore no sidesteps via SGD are done. the same applies to Switzerland where the local banking dwarfs convert without using CHF and the Luxembourg bankers will do the job without waking up the sleeping €UR beauty.

i am talking of course of book money, not cash.

the OP has an account with Oz-Dollars, not cash. therefore no need to convert AUD into Baht! it is also not possible that he takes his account to a money changer to buy any other currency.

thanks for not listening :jap:

What post are you reading? The OP, which is me, clearly stated I have US dollars, not Oz dollars in a foreign account at the Bangkok Bank.

Since I don't have the direct exchange rate US$ --> A$ I use the conversion of US$ --> € as an example:

If you convert from US$ to Euro inside Thailand you would pay US$1.41 per one Euro.

If you convert inside the US or Euro zone you would pay US$1.39 per one Euro.

Both rates are based on TT/interbank rates as of yesterday. The rate inside Thailand includes the conversion from US$ -(buying US$)-> Baht -(selling Euro)-> Euro. The buying / selling is of course the activity of the bank.

The best way to find out for sure is for the OP to ask his bank what rate they would give him.

opalhort

the OP has an account with Oz-Dollars, not cash. therefore no need to convert AUD into Baht! it is also not possible that he takes his account to a money changer to buy any other currency.

thanks for not listening :jap:

What post are you reading? The OP, which is me, clearly stated I have US dollars, not Oz dollars in a foreign account at the Bangkok Bank.

sorry, mix up! it's the other way round, but what i posted is still valid if you replace AUD with USD.

read my posting #10 which mentions "change USD 50k into AUD 49k"

Edited October 9, 201015 yr by Naam

Perhaps the bigger point here is: you obviously feel sufficiently concerned about the future value of USD and positive about the future value of AUD to explore making the switch, with QE2 scheduled for both the US and the UK that makes sense. Does anyone else agree that's a good move, with AUD at a high there seems to be potential for high downside risk?

Perhaps the bigger point here is: you obviously feel sufficiently concerned about the future value of USD and positive about the future value of AUD to explore making the switch, with QE2 scheduled for both the US and the UK that makes sense. Does anyone else agree that's a good move, with AUD at a high there seems to be potential for high downside risk?

i don't agree that it's a good move. but then... it is the OP's money and he can dispose of it in whatever way he pleases :jap:

disclaimer: i hold a significant amount of AUD. however, i did not buy @ 97 or 98

Perhaps the bigger point here is: you obviously feel sufficiently concerned about the future value of USD and positive about the future value of AUD to explore making the switch, with QE2 scheduled for both the US and the UK that makes sense. Does anyone else agree that's a good move, with AUD at a high there seems to be potential for high downside risk?

i don't agree that it's a good move. but then... it is the OP's money and he can dispose of it in whatever way he pleases :jap:

disclaimer: i hold a significant amount of AUD. however, i did not buy @ 97 or 98

My thoughts also, I fear that we'll be hearing from the gold bugs soon who will no doubt remind us that folks were saying the same thing when gold was at $1,000!