I've been denied entry to Thailand - Now What ! ?

[renogbg]

When i look around for change bank notes there are big differents between banks and excange offices,same when i whithdraw from difrent companys ATM machine

What i would like to know is if i transfer money,which bank should i choose,which bank have the best rates in generally ?

Thanks

Reno

[topt]

Every bank sets its own transfer rate based on the Interbank rate and how much profit it wants to make. Ypu need to check their rates online before you change if you are going to use them.

For notes generally the smaller official foreign exchange dealers will always offer a better rate than the banks. One of the more competitive official dealers in Pattaya is TT Exchange. They have a no. of outlets all with the letters TT in black on a yellow background and they clearly show the major currency rates of exchange on their windows. There is one on Beach Road, one on second and another in Soi Buakhaow.

Just make sure you go to a recognised dealer if you are new to this.

There are lots of threads on this in the Business section - just do a search.

[Rimmer]

Best I move this to Banking forum

[beachyman]

When i look around for change bank notes there are big differents between banks and excange offices,same when i whithdraw from difrent companys ATM machine

What i would like to know is if i transfer money,which bank should i choose,which bank have the best rates in generally ?

Thanks

Reno

There is a site that shows the differences in TT, notes and such from the major banks in Thailand

bankexchangerates.daytodaydata.net

Generally SCB an Bangkok bank have the best TT rates but the margins can be up to 1% not nothing if your are bringing in significant monies.

I use both for biz and personal but I like Bangkok bank more. Still SCB easy net personal is pretty easy to use and you usually can get away with less documentation than at major Bangkok bank branches.

[Pib]

You can use this web site to find the best rates for notes, bills, wire transfers, etc., offer by Thai banks for various currencies. Link

[renogbg]

Thanks,I see that TMB has the best rates for the currency that my wife will transfer so we would open an account there

[flying]

Curious about Super Rich as I always see they offer more in exchange...

Interesting how they can pay so much more

Edited March 29, 2012 by flying

[4evermaat]

You can use this web site to find the best rates for notes, bills, wire transfers, etc., offer by Thai banks for various currencies. Link

Thanks,I see that TMB has the best rates for the currency that my wife will transfer so we would open an account there

Remember that this changes daily, and sometimes several times during the day. Best to open an account with several banks you see would offer the best service to you.

That website is really good when you are heading to the atm. You can pull up the TT rates list on your mobile phone and see how much of an exchange rate you get for your withdrawal.

[Pib]

When opening a Thai bank account and "if able/planning on using the U.S. ACH transfer capability" which is usually low cost or free on the Sending end, be sure the Thai bank has the capability to accomplish/receive an ACH transfer which means they would need a U.S. bank "routing number." I think that only Bangkok Bank has an ACH routing number via its New York branch. Otherwise, you'll be stuck with higher SWIFT fees which will more than wipe out any minor difference in TT Buying Rates (the rate you get for ACH/SWIFT/wire transfers) between Thai banks.

And don't allow your home country Sending bank/financial organization to convert to/send in baht as you will incur a lower exchange rate by your Sending bank in the 2-5% ballpark but your Sending bank will sure make it sound like letting them send in baht is the thing to do....well, it is the thing to do if you want to give the bank 2-5% of your money...it will make them smile all the way to the bank....wait, wait, they are already at the bank!

Edited March 31, 2012 by Pib

[chiangmaibruce]

Thanks,I see that TMB has the best rates for the currency that my wife will transfer so we would open an account there

As someone has already suggested, it might be worthwhile for you to search for, and read, some of the countless earlier threads on international money transfers. I get the impression (possibly wrong) that you think the exchange rates offered by the receiving bank is the only thing you need to compare.

You will also need to check out the transfer fees charged by the sending bank, the receiving bank, and any intermediary. And if you don't specify that the baht conversion takes place at the Thai end (I am assuming you will be transferring into Thailand), then the exchange rate offered by the receiving bank will be irrelevant.