Bank Fees- 2400 Thb Per Transaction?

[jpinx]

Here's a handy page for interbank rates which gives you a basis for comparison..

http://www.xe.com/?c=THB&r=6

The problem with the rates quoted on this sight is that it is the same as Yahoo Finance which is High Street Bank rates not the rate you would get from them if you did a transfer.

Hint...

"...... basis for comparison ...."

[Sophon]

Reply to: 'Sophon'

If I got the rate of 49.56 from my Thai bank (Kasikorn) and that is a big IF then after my UK bank charge I would be better of by less than 800B to do as you suggest. However two points: If I transfer a larger amount(excess of 5,000 Sterling) I get a much better rate of exchange, but my main reason for doing this is I DO know what money I am going to get in my Thai account not relying on the exchange rate being the same or worse going down when the money eventually reaches my account. I agree it could also go up, but in my mind i have lost nothing as I get what I expect. I have seen the Baht drop more than .75 in one day which on the amount I transferred last time equats to 2,325 Baht. Ok it could have gone the other way in my favour but knowing my luck, unlikely

If what you are doing works for you, then great continue doing that . I just wrote my post for the benefit of people who focused on the part of your post where you highlighted the savings of 5,000 baht by using Sterling Exchange, to point out that you would never save that amount, since the alternative to Sterling Exchange is not to have your UK bank do the exchange but rather to have the exchange done by your Thai bank.

I don't really understand what you mean by "If I got the rate of 49.56 from my Thai bank (Kasikorn) and that is a big IF".

You WILL receive the rate published on Kasikorn Bank's website at the time they receive the transfer, and as you can see from my example the rate they had at the time Sterling Exchange gave you 49.56 would have been better than that (probably by something like 0.22 baht/GBP based on your informaion and the rates from yesterday afternoon). No, you wouldn't have received exactly that rate because the money wouldn't have been received at that point in time but 1-2 days later, and the rate would have been based on the market rate at the time Kasikorn Bank received the transfer. But you are just as likely to receive a better rate as you are of receving a lower rate. And contrary to what it may sometimes feel like, our "bad luck" is not likely to effect the world currency markets and make the GBP drop just after we have done a transfer

So just trying to point out that people should not expect to save 5,000 baht on a transfer of 3,500 GBP by using Sterling Exchange, on the contrary they would probably end up with less money in their Thai account. To you there are advantages that makes it worth it, but it is not a way of saving money other than maybe on smaller transfers.

One thing we haven't mentioned is that doing your transfers via Sterling Exchange means that your Thai bank won't be able to issue a FETC (Foreign Exchange Transfer Certificate). This means that the money couldn't be used for buying a condo, and if you later need to repatriate the funds to the UK again, that would be be difficult at best.

Sophon

[Pormax]

Reply to: 'Sophon'

If I got the rate of 49.56 from my Thai bank (Kasikorn) and that is a big IF then after my UK bank charge I would be better of by less than 800B to do as you suggest. However two points: If I transfer a larger amount(excess of 5,000 Sterling) I get a much better rate of exchange, but my main reason for doing this is I DO know what money I am going to get in my Thai account not relying on the exchange rate being the same or worse going down when the money eventually reaches my account. I agree it could also go up, but in my mind i have lost nothing as I get what I expect. I have seen the Baht drop more than .75 in one day which on the amount I transferred last time equats to 2,325 Baht. Ok it could have gone the other way in my favour but knowing my luck, unlikely

If what you are doing works for you, then great continue doing that . I just wrote my post for the benefit of people who focused on the part of your post where you highlighted the savings of 5,000 baht by using Sterling Exchange, to point out that you would never save that amount, since the alternative to Sterling Exchange is not to have your UK bank do the exchange but rather to have the exchange done by your Thai bank.

I don't really understand what you mean by "If I got the rate of 49.56 from my Thai bank (Kasikorn) and that is a big IF".

You WILL receive the rate published on Kasikorn Bank's website at the time they receive the transfer, and as you can see from my example the rate they had at the time Sterling Exchange gave you 49.56 would have been better than that (probably by something like 0.22 baht/GBP based on your informaion and the rates from yesterday afternoon). No, you wouldn't have received exactly that rate because the money wouldn't have been received at that point in time but 1-2 days later, and the rate would have been based on the market rate at the time Kasikorn Bank received the transfer. But you are just as likely to receive a better rate as you are of receving a lower rate. And contrary to what it may sometimes feel like, our "bad luck" is not likely to effect the world currency markets and make the GBP drop just after we have done a transfer

So just trying to point out that people should not expect to save 5,000 baht on a transfer of 3,500 GBP by using Sterling Exchange, on the contrary they would probably end up with less money in their Thai account. To you there are advantages that makes it worth it, but it is not a way of saving money other than maybe on smaller transfers.

One thing we haven't mentioned is that doing your transfers via Sterling Exchange means that your Thai bank won't be able to issue a FETC (Foreign Exchange Transfer Certificate). This means that the money couldn't be used for buying a condo, and if you later need to repatriate the funds to the UK again, that would be be difficult at best.

Sophon

Hi Sophon,

I appreciate your input but as you say it works for me. I have control of what monies I get and not leave it to chance.

I am married and have a house here so no need to worry about a condo or repatriation of funds. I also only ever transfer funds when I need money here.

Anyway it is good to see that the GBP has gone up recently as has the Euro let us hope it continues.

P.s. How do you get to use the emoticons and change of text style etc. When I post topic non of the options are highlighted so cant select/use.

Edited September 21, 2012 by Pormax

[Hog Head]

I wired money every month until a friend suggested that I write myself a cheque drawn on my personal Canadian bank account.

Mrs Hoghead deposits this into our Thai account monthly and it takes about 3 weeks to clear at a cost of 300 THB

[Sophon]

P.s. How do you get to use the emoticons and change of text style etc. When I post topic non of the options are highlighted so cant select/use.

If I quote a post the options are just there, if posting without quoting they appear when I click "More reply options".

Sophon

[connda]

This has probably been posted before, but for the folks who are paying 150 B/transaction -- use AEON bank ATMs located in Lotus / Tesco and Super Big C on the ring road. They do not charge a 150 B/transaction fee.

[worgeordie]

BANKS, they rob and screw you every way possible,and dont wear a mask,

we are just pawns in their game.

Regards Worgeordie