Australian Dollars

[mijan24]

Would be happy to hear about legal ways to achieve the best value for your transferred dollar. Hope this is the right forum>

[Bluetongue]

Your post does not make it clear exactly what you want. The heading implies that you want to talk about transferring Aus dollars, but the text implies that you have already done this and want some ideas as to what to do with the money now you have it here.

[mijan24]

Your post does not make it clear exactly what you want. The heading implies that you want to talk about transferring Aus dollars, but the text implies that you have already done this and want some ideas as to what to do with the money now you have it here.

Sorry about that "bluetongue" I am currently back in Oz intending to return to LoS as soon as health allows. I intend to transfer monies est $100000+ and have read about obtaining a better rate on talking with the bank manager? I have accounts with Siam Commercial Bank and Kasikorn so that is one option, i say legal because although I want the best possible value for my Oz $ I do not want to take any avenue where risk losing $ is a possibility.

So simple answer is money still in Oz looking to transfer and obtain best possible exchange rate.

[Bluetongue]

OK well for that amount the Aussie banks might give you a better rate if you talked to them but I think it would still be better to send Aussie dollars to the bank here and get them to convert here. The Kasikorn exchange rate is usually a baht or more better than for instance the rate that "which bank" will give you. Also Aussie banks change their exchange rate during the day and the difference can be quite high with the Thai baht for some reason. The Thai banks also can change but generally not as much. The difference between the two more than exceeds the fee that both banks will charge. Just check the rates on the net right before you want to send.

[wamberal]

You will definitely get a better exchange rate in Thailand, selling AUD, than you will in Oz, buying THB. That said, you might be able to negotiate a better rate than the published rate, if you know the name of a manager at either of your Thai banks. With that amount of money, you are in the range where they might be interested in giving you private client status?

[Madivad]

I can give a better answer in a few days, but I've just transferred money two ways, and waiting to see how it better pans out. I did initially transfer money into THB but the bank at home was only going to give me 28.75 and I'm "pretty sure" (ie assuming) I will get a better rate here by transferring in Aussie dollars, so I went back and changed it to AUD.. Only did this yesterday, but expect a better result as I had heard this was the case... ie, let the thai bank do the conversion. At least their rates on the board are at least 2฿ better than what the Aussie bank was going to give me. But I don't expect the full 2฿. Wait and see I suppose.

On a side note, and I'm no financier, but do you really want to transfer in that amount of money? Unless you plan on spending it very quickly he (buying land, condo's etc), why not just bring over $10-20K and invest the rest at home? You'll get more interest there than you would in a thai bank. No need to really comment here, it's a matter for yourself, and I don't mean to pry..

BTW, I'll post here in a few days and tell you what rate I got. I'm with SCB.

[GreenSnapper]

If you don't plan major expenses, do not transfer so much money to Thailand.

Instead, transfer it to Singapore. You will have a proper legal status there, tax free, people speak English and no "mai bpen rai" attitude.

[craigt3365]

Let's move this over to the Jobs, Economy, Banking, Business, Investments forum.

[clinique]

In our experience of transferrign money from several countries including Australia to Thailand, you aremuch better off transferring the AUD$and exchanging in Thailand. Normally for amountsover US$20,000- the receiving bank in Thailand will call you to say the money has arrived, and for amounts such asyou are quoting you can negotiate a better rate with tme prior to conversion to Thai baht. Alternatively, and to be sure, you can call your Thai banks International Remittance dept before you initiate the transfer and tell them it will be coming and youwant to negotiate a rate. In turn they will tell you how many points above the standard rate they will give you (ie: say the rate for normalamounts is 30.00 baht to 1 AUD the bank may offer you .30 or .40 more on your large transaction.

I do agree however if you have no immediate use for the funds in Thailand, you would be better transferring it to Singapore and depositing it there ( very competitive rates on AUD$ cash depsoits) and then only transfer smaller sums as you need it.

[raylo]

In our experience of transferrign money from several countries including Australia to Thailand, you aremuch better off transferring the AUD$and exchanging in Thailand. Normally for amountsover US$20,000- the receiving bank in Thailand will call you to say the money has arrived, and for amounts such asyou are quoting you can negotiate a better rate with tme prior to conversion to Thai baht. Alternatively, and to be sure, you can call your Thai banks International Remittance dept before you initiate the transfer and tell them it will be coming and youwant to negotiate a rate. In turn they will tell you how many points above the standard rate they will give you (ie: say the rate for normalamounts is 30.00 baht to 1 AUD the bank may offer you .30 or .40 more on your large transaction.

I do agree however if you have no immediate use for the funds in Thailand, you would be better transferring it to Singapore and depositing it there ( very competitive rates on AUD$ cash depsoits) and then only transfer smaller sums as you need it.

If you transfer to Singapore and then to Thailand even in small amounts you are going to be hit with double charges and exchange rates.

As to Kasikorn: Sometimes it is better sometimes it is not. Use the internet to check remembering the morning rate can be different to the afternoon. Also remember the time difference.

Just did the bank - bank transfer and I lost 2b per dollar compared to a private transfer. By going private:- BB were advertising 30.6 and we got 30.3 which when you add in all the costs etc you will find it pretty good.

Also remember that even though everyone will tell you the maximum cash (thats notes in your pocket) you can take out the country is $A10k by clearing it with the ATO you can bring out much more.

[Madivad]

Also remember that even though everyone will tell you the maximum cash (thats notes in your pocket) you can take out the country is $A10k by clearing it with the ATO you can bring out much more.

Well, that's what I always thought, ie you could only take out 10K, but I was "told" the other day, that you can take out more, you just have to declare it when you leave. Not declaring it is a problem, but declaring it and giving a reason (probably supported by some form of documentation if possible), then it should be ok. Nobody mentioned the ATO.

This person was a nobody, and he had never taken large amounts of money out of Australia, but said, "he knew people that did.."

Yeah, ok, ok, I know....

Does anyone know the story on this? What would happen if I go through the check-out (customs, and whatever is the opposite of immigration?) at sydney airport (leaving Aus) and I have 30K in my pockets/bag - and I declared same?

I have just done some quick research online for this and found this document:

http://www.customs.gov.au/webdata/resources/files/GuideForTravellers.pdf

On page 8 it says point blank, you can take out any amount, you just must declare it as you do.

On another note, and as I said earlier...

I transferred two amounts yesterday (the 10th) and one has already arrived (on the 11th). The rate I got (from the transferring agent) was 30.534฿/$ but it did work out slightly more than that as the figure I got was SLIGHTLY more than what I was expecting. Negligible, but better. However, this method did incur a hefty fee which effectively reduced the whole rate of transfer to 29.862฿/$ (still better than what the bank offered me when transferring THB to a thai bank account, ie allowing them to do the exchange rate conversion).

Anyway, Aussie dollars will arrive in the nxt few days, I'll report the rate I get when I get it. I'm expecting better than 30฿/$, but let's wait and see

I haven't bothered to call the bank and "negotiate" a better transfer rate, the amount isn't that great and I don't think that it would be important enough for them to bother... I'd be happy with the rate on the board!

Edited February 11, 2011 by Madivad

[rheinwiese]

The Kasikorn exchange rate is usually a baht or more better than for instance the rate that "which bank" will give you. Just check the rates on the net right before you want to send.

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

[ProThaiExpat]

I have been transferring AUD to Thailand regularly for eight years. My primary bank is SCB but their published rate on their website that changes hourly when the rate is rising and daily if it is falling, (that means they take advantage of the market moves to maximize their fees)is not what I got net into my account. I was never able to transfer money for less than 1800 baht net into my account. Of course I payed the OZ bank a wire fee as well. BKK bank publishes their rate on their website and charges only 200 baht for the conversion. The conversion at the rate published is almost spot on so I use them exclusively. My guess is that Thai branch managers do not have the authority to quote rates for conversion different than as published on their websites. They might call their central conversion office to get a quote? Westpac does quote favorable rates for large conversion on money coming into OZ but I don't know about going out.

Check out the BKK website,

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Foreign%20Exchange/FX%20Rates/Pages/Default.aspx

take the quote from there, add the wire rate charged by the OZ bank, add 200 Baht for the conversion in Thailand and you will have the formula for the best rate I know of and use it to compare other options. Keep in mind it is difficult to match comparable times during the day but most days BKK Bank keeps the rate steady during the entire day. The forex rate is useless as it is the rate the bank will give you that controls.

The current rate of exchange for AUD is the highest it has been for years so your timing is good and with a little effort, you should be able to get the best rate at the minimum of transfer fees. Keep in mind that many institutions make considerable income from conversions.

Also, the time late of wire transfers varies radically depending on whether the bank you transfer from uses correspondent banks in the transfer process. Using ANZ bank in OZ is my sending bank but it has varied in delivery times from 24 hours to many days. Also the operating hours of the wire offices in all banks vary and are shorter than a business day so not catching them during operating hours causes overnight delays at both ends and the level of their traffic often delays deposit into your account. I doubt they credit accounts in a first in first out basis, but do it when the rate charged is most favorable to the bank. The wire offices know if it is an up day or down day in the market and act accordingly.

[mijan24]

Thanks to all respndees info was good, there is also a pinned topis in this forum that covers the issues as well.

[lamush]

Hi,

Check out:

ozforex.com.au

Is free to use and basically you can get a quote of what you wish to exchange and if happy, that deal is then booked in at that rate. Then you transfer funds to them in AUD and once they receive it ,it's sent to your Thai account.

From my research they seem quite legit and are owned by Macquarie bank And The Carlyle Group (does not fill me with happy thoughts but does confirm substantial financial means - google Carlyle Group conspiracy). It seems like a lot of the Forex Day Traders, etc use them.

I have used them for the first time today. Sending just over 100K baht and got a rate of 30.59. I did have to pay an AUD$15 fee apparently because THB is an exotic currency. For larger amounts this fee is waived and the actual exchange rate improves. Will update in a couple of days to confirm receipt.

Anyway, just a suggestion.

[Madivad]

Cool, Iamush.. Thanks for that link. I'm still waiting for my second transfer to come thru,i did them about 15 mi urea apart, one came the following day, the bank method seems to be taking a "little" longer

[lamush]

Re: Ozforex

Setup the deal with them Monday. Did an internet transfer from CBA to their ANZ account on Monday. Funds hit Ozforex's account Tuesday morning (according to their website by tracking the transaction in "My Account". The money hit my Kasikorn account by Tuesday afternoon. Basically a lot quicker than expected.

Only issue was the transfer came through 220bt lighter than what was sent. Not a big deal but want to know how it is scaled/charged if I do bigger transfers in the future. But think it might be a set fee regardless of amount involved. Funds from Ozfoex come via HSBC.

Total charges; AUD$15 + BT220 on a transfer of BT120,000. I was told $15 fee is waived on larger transactions - either AUD$10K or $20K.

[Madivad]

Thanks for the update Lamush. My second transfer came thru a few days ago, and I can't see a "transfer fee" in my book. So I'm not sure what I was charged by SCB. I don't think it was too bad though...

Transferred $5000 from StGeorge, using their online transfer on the website, cost $20 and I received 151,249฿, akin the fees into consideration I got en effective rate of better than:

151249/5020 = 30.13 ฿/$

Minus the Australian fee it was 30.25 ฿/$

Assuming the transfer / exchange fee was around 1800฿ (from an earlier post by someone else), the actual rate of transfer could have been as high as: (151249+1800)/5000 ~ 30.61 ฿/$

The first transfer was for a similar amount, and had an effective rate of less than 30฿/$, all in all a difference of less than 1%

I don't think I'm going to need to transfer any more funds in for a while (since now I have my rent sorted and enough to buy a bike), but if I do, I might try what others have suggested and approach the bank directly.

[ProThaiExpat]

Re: Ozforex

Setup the deal with them Monday. Did an internet transfer from CBA to their ANZ account on Monday. Funds hit Ozforex's account Tuesday morning (according to their website by tracking the transaction in "My Account". The money hit my Kasikorn account by Tuesday afternoon. Basically a lot quicker than expected.

Only issue was the transfer came through 220bt lighter than what was sent. Not a big deal but want to know how it is scaled/charged if I do bigger transfers in the future. But think it might be a set fee regardless of amount involved. Funds from Ozfoex come via HSBC.

Total charges; AUD$15 + BT220 on a transfer of BT120,000. I was told $15 fee is waived on larger transactions - either AUD$10K or $20K.

Unless you factor in the conversion rate, you are not reaching a net to compare with other methods.

I spent some time looking at Ozforex last year while in OZ and found that their exchange rate did not match up well against whatever I was comparing it too then.

Now I haven't found any system better than BKK Bank. To compare Ozforex to BKK Bank, merely go to BKK Banks website and get their exchange rate for the date your funds were processed by OZforex and then do the math as you did in your transaction. BKK Bank charges 200 baht to convert and put the money in your account so using them your formula would look like this: OZ bank transfer fee of AUDs+200 Baht BKK Bank fee + conversion rate X amount of AUDs transferred=equals comparable amount. Then take this net into your account in Thailand bank with what was your actual net into your account in Thailand through the OzFOREX amount.

I would be grateful and eager to change transfer methods if your experience is better with OZforex than Bkk Bank.

[haveaniceday]

Does anyone know if Westpac charges a % commission on top of the fixed dollar fee when sending to Thai Banks?

[haveaniceday]

FYI, they say no commission's.

Fixed Fee only.

Sent in AUD to Thai banks converted by Thai bank and unknown fees by different Thai banks.

Just trying to have the thread more informed.

EDIT:

Taken from another current thread, in relation to some earlier post here.

This taken from Bangkok Bank website:

"An international fee of 0.25% of the transferred amount will be deducted before crediting funds to the recipient’s account (minimum fee 200 Baht, maximum fee 500 Baht per transaction)"

Edited March 1, 2011 by haveaniceday

[jayinoz]

For my money nothing seems to beat the rates at Super Rich BKK and SK money changer CMai- even changing back to currency before heading home.

Yet for 100K Aussie it is a risk to tke that much cash in at once. I generally take 20K per time- last time at SK Money Changer yesterday I received right on 31 baht- in Aussie the rate was 26 baht- RIP OFF. NEVER CHANGE IN AUSSIE.

ATM is best via Kasokorn I have found when needing 20K baht per time... generally $650 Aussie now.

Save many 1000s by bringing cash... then going to the best money changers in CMai.

Also if bulk amount over 10k Aussie you can negoitate a slightly better rate. Yet their margins between buy\sell are a very small fraction anyway. Eg. yesterday Buy 30.96 Sell 31.08. I negiotated 31 bt. So they made 0.02 baht on every $1 changed.

Thai banks yesterday approx. 30.5 31.5.... same as ATM rates but extra fee on ATM...... on bulk amount makes a big diff.... 1% on 100K Aussie = 31000bt.... 5% diff if change in Aussie = 155000bt lost.

[Old Croc]

I live in Thailand, but have my money and income in Australia.

I have a Westpac account and have arrangements with them to transfer up to $10,000 at a time. In AUD.

I can do this transfer on line from my loungeroom and it takes only minutes. The total fee is $20.

The other day I got an exchange rate of a bit over 30.5.