Thai and Cambodian press warn of escalating tensions following Miss Grand scandal

[khman]

Hi, a few weeks ago I made a transfer from my french bank to my thai bank (Kasikorn).

official exchange rate was like 43THB for 1 euro on xe.com as an example.

But when euros came into THB on my Kasikorn account, exchange rate used was about 41.50...

I will contact my bank when I'll arrive in Thailand. But did someone already experienced that?

Thanks.

[Crossy]

Did you ask your bank to send Euros? If not they will have done the conversion before sending, often this offshore rate is carp

Also, were the transfer charges detailed separately as these will have a negative impact on the apparent exchange rate if lumped in with the total. This effect will be greater if a relatively small sum is transferred as the charge often has a maximum value ( X percent up to a maximum of Y Baht)..

The banks have all sorts of ways of relieving us of our money, not really any way to get back at them

[personchester]

Did you ask your bank to send Euros? If not they will have done the conversion before sending, often this offshore rate is carp

Also, were the transfer charges detailed separately as these will have a negative impact on the apparent exchange rate if lumped in with the total. This effect will be greater if a relatively small sum is transferred as the charge often has a maximum value ( X percent up to a maximum of Y Baht)..

The banks have all sorts of ways of relieving us of our money, not really any way to get back at them

The current EUR exchange rate is 41.40 - but that may change at any time of course, in addition there are charges (fees) from both the transferring bank, and the receiving bank, as a result the initial transferred sum is reduced.

When deducting the banking fees from the initial transferred sum, then the net amount received may well be in line with the official exchange rate figure.

The initial transferred sum has been reduced, not the official exchange rate.

[khman]

Did you ask your bank to send Euros? If not they will have done the conversion before sending, often this offshore rate is carp

Yes, my french bank sent in euros. They have do conversion here. But they seem not to have use the official exchange rate that was, at that moment, to answer personchester, 43THB for 1EUR.

[Chivas]

Did you ask your bank to send Euros? If not they will have done the conversion before sending, often this offshore rate is carp

Also, were the transfer charges detailed separately as these will have a negative impact on the apparent exchange rate if lumped in with the total. This effect will be greater if a relatively small sum is transferred as the charge often has a maximum value ( X percent up to a maximum of Y Baht)..

The banks have all sorts of ways of relieving us of our money, not really any way to get back at them

You can get back at them by not using them ??

Depending on the amount and ensuring you have proof of origin, bring cash. Probably fair to say the bigger the amount, than the larger the ram.

Edited November 27, 2011 by Chivas

[cardholder]

Did you ask your bank to send Euros? If not they will have done the conversion before sending, often this offshore rate is carp

Yes, my french bank sent in euros. They have do conversion here. But they seem not to have use the official exchange rate that was, at that moment, to answer personchester, 43THB for 1EUR.

i would be 100% certain that Kasikorn would have used the prevailing rate.

They will not be wrong.

What are you calling the 'official exchange rate' - Kasikorn update theirs 2 or 3 times a day and the 'official' rate is shown on their website. Deduct 0.25% (min 200 baht max 500 Baht)+ 20 Baht from the sum received

I think you are confused about rates and have looked at the selling rate rather than the buying rate. I have just looked back over the 'last few weeks' on the BBK website and the rate has barely touched 42.

What day exactly were the funds received in Thailand ?

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

Edited November 27, 2011 by cardholder

[khman]

Thanks for your answer.I received money on 25th of october.Money was sent from France about 5-7 days beforeAs you can see on the attach, it was about 43.

To be exact, and in order to get an explanation, I transferred 800 EUR and I got 33,257.58 bahts

And you are right for the fees, I asked them before transferring, exactly what they sayd, 0,25% min 200 max 500.

[luckyluke]

You have to check what the real amount was your bank transferred, as they deduct transfer costs.

You are debited for 800 Euro but they not transfer 800 Euro.

According to the Kasikornbank the rate for transfer was 42.67 on 25 October less the costs.

[puck2]

Hi, a few weeks ago I made a transfer from my french bank to my thai bank (Kasikorn).

official exchange rate was like 43THB for 1 euro on xe.com as an example.

But when euros came into THB on my Kasikorn account, exchange rate used was about 41.50...

I will contact my bank when I'll arrive in Thailand. But did someone already experienced that?

@OP

Why didn't you go to your bank before complaining here?

On request I receive an "advice for inward remittance" from my Thai bank (no fee). You'll see all the important details.

Look especially at the "remitted amount". There may be a difference to your authorised payment. The cause: fee for a correspondent bank (on the way to Th.).

[Naam]

Did you ask your bank to send Euros? If not they will have done the conversion before sending, often this offshore rate is carp

Yes, my french bank sent in euros. They have do conversion here. But they seem not to have use the official exchange rate that was, at that moment, to answer personchester, 43THB for 1EUR.

an "official" exchange rate does not exist plus xe.com quotes interbank midrates which are indicative and applicable to big amounts. but i agree that there must have been a mistake as EURTHB buying rate was never below 42 during the days your graph shows.

OOOPS, just saw the €800... that explains everything.

Edited November 28, 2011 by Naam

[khman]

Thanks all for your answer.

To answer each one :

- I checked, 800EUR have been sent. I had 5EUR fees, but not in these 800EUR

- I will be in TH in only 1 month so I can t ask the bank for the moment. Just wanted to have a few clues and advices, if someone already had that kind of problem. You know like me their english and their explanations are not always very good.

Thanks all for your answer, I will let you know but not before one biiiig month Cold there