Currency Exchange

[Haydn]

Today 4 Feb the rate quoted Bangkok Bank is 45.95 --- I receive a pension from UK and when I looked up the rate of exchange -- I read the following message --

To limit currency speculation the Thai Government has put restrictions on Currency Trading with other countries. A Bank outside Thailand cannot exchange THB with foreign currency they must exchange for the Thai Offshore Baht THO. This THO is taxed by the Thai Government

Therefore My pension is being taxed a second time Is this Right ?

[h90]

Interesting.....anyone know more?

That sounds like 2 currencies, very scary....

[loong]

Unless there has been a recent change, it has always been better to transer the money to your Thai bank in Sterling. You get a much better exchange rate from your Thai bank.

[meatboy]

even currency dealers cant get you a better rate than what you get onshore[telex trans] from your uk bank in sterling.

[Lizard0]

Thailand has always had 2 currencies. Offshore Baht cannot be spent in Thailand. It's what is traded globally (like via XE)

'real Baht' will be from bank transfers, credit cards, money exchanges etc.

SuperRich has decent rates, but I traveled with currency on me. Pretty sure your bank will give the best rate. Thai banks have horrible rates from what I saw.

[loong]

Thailand has always had 2 currencies. Offshore Baht cannot be spent in Thailand. It's what is traded globally (like via XE)

'real Baht' will be from bank transfers, credit cards, money exchanges etc.

SuperRich has decent rates, but I traveled with currency on me. Pretty sure your bank will give the best rate. Thai banks have horrible rates from what I saw.

"Thai banks have horrible rates from what I saw."

I think that you are wrong. Whenever I have enquired about exchanging Sterling to Baht in the UK bank and transferring Baht to Thailand, it has always been much better to transfer Sterling and have the Thai bank do the exchange.

[Lizard0]

My experiences were from the notes I brought with me. Could only exchange $5000 out of my $7000 CAN in Vancouver to Baht.

Looked around at Thai bank rates online once I was in Hua Hin, and they were at 30.00 (back in Oct)

My rate at same time in Vancouver was over 35:1

http://www.vbce.ca/r...ajor-currencies

http://www.kasikornb...gnExchange.aspx

^ Today's rate: 29.55 Baht / CAN

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp?src=ex_rez

30.640478 B / CAN from Visa lol

(added my bank's 2.5%)

Edited February 9, 2013 by Lizard0

[loong]

My experiences were from the notes I brought with me. Could only exchange $5000 out of my $7000 CAN in Vancouver to Baht.

Looked around at Thai bank rates online once I was in Hua Hin, and they were at 30.00 (back in Oct)

My rate at same time in Vancouver was over 35:1

http://www.vbce.ca/r...ajor-currencies

http://www.kasikornb...gnExchange.aspx

^ Today's rate: 29.55 Baht / CAN

http://corporate.vis....jsp?src=ex_rez

30.640478 B / CAN from Visa lol

(added my bank's 2.5%)

You are doing your calculations back to front.

Looked around at Thai bank rates online once I was in Hua Hin, and they were at 30.00 (back in Oct)

My rate at same time in Vancouver was over 35:1

I suggest that you look again, the rate that you refer to in Vancouver was not 35 Bt to 1 CAD, but 0.035 CAD to 1 Bt

That would mean that your $5,000 exchanged in Vancouver would have given you 142,857 Bt

If you had exchanged that $5,000 in Hua Hin @ 30Bt/$ you would have received 150,000 Bt

7,000 Bt or 5% more by exchanging it in Thailand.

By exchanging your $5,000 in Vancouver, you basically handed over an extra $250 to your Vancouver bank in commission

[Naam]

I suggest that you look again, the rate that you refer to in Vancouver was not 35 Bt to 1 CAD, but 0.035 CAD to 1 Bt

you beat me to it Loong.

[loong]

http://corporate.vis....jsp?src=ex_rez

30.640478 B / CAN from Visa lol

(added my bank's 2.5%)

I just used this calculator with 2.5% commission as in your example

Currencies fluctuate every day. The rate shown is effective for transactions submitted to Visa on February 9, 2013, with a bank foreign transaction fee of 2.5%.

1 Thai Baht = 0.034615 Canadian Dollar

Not 34 Bt for $1, but 1 Bt for $0.034

Which is 28.89 Bt for $1

[loong]

I suggest that you look again, the rate that you refer to in Vancouver was not 35 Bt to 1 CAD, but 0.035 CAD to 1 Bt

you beat me to it Loong.

Sorry

I hope that you hadn't already typed up a similar post to mine.

[Naam]

I suggest that you look again, the rate that you refer to in Vancouver was not 35 Bt to 1 CAD, but 0.035 CAD to 1 Bt

you beat me to it Loong.

Sorry

I hope that you hadn't already typed up a similar post to mine.

yesterday was "financial eggsburt" day. one was "Vancouver Baht Rates", the other one "with the weak Baht..."

http://www.thaivisa....h/#entry6095359