When Does Currency Conversion Occur

[bmanly]

I'm new to internet transfers and need to clarify something. I am in Australia and I want to do an internet transfer to my BBL account and I want to send Australian Dollars. I friend of mine in Thailand has warned me that on the 2 occasions he did this the Thai Bank sat on his AUD deposit for between 4 and 6 Months before converting the AUD into THB. Can somebody tell me if this is true and what your experiences are where as when the actual conversion takes place. I really don't want the Thai Bank converting my AUD 6 Months down the track when it could be worth a lot less. Thank You.

[george]

If you instruct the Aussie bank to use "SWIFT URGENT" it will take maximum one week. The conversion rate is done at the same day the bank release the funds into your Thai bank account.

[dutch]

In preparation of my future stay in Thailand,I am internet transfering on a quarterly base Euros from Holland account (ABN) to my THB account in Thailand.Transaction is within 2-3 days complete ,at the rate that is valid at that time.

My Thai bank is Asia Bank

[lopburi3]

I doubt that many banks do this on the internet (mine requires a signed wire transfer agreement on file and than a phone call - but that is US not OZ). In any case it should not take more than 36-48 hours for a foreign wire transfer to be credited to a Thai bank account - and it will be done at the exchange rate of that hour. The one thing to be sure of is that the exchange takes place in Thailand for the best rate - believe this is normal but have heard of some banks making the exchange at very poor overseas rates and then sending the baht to Thailand.

Believe your friend was talking about the old habit of holding personnel checks rather than wire transfers. Or he has one very suspect bank!