What Method Has The Best Echange Rates?

[Mobi]

I'm sure this subject has come up before, and if so, please direct me to the thread.

I'm having a little argument amongst friends. I maintain that transferring money from overseas to my Thai Bank account will produce the best exchange rates. Failing this, cash or even better, T.C's exchanged in a decent bank will also provide better rates than taking cash from ATM's on an overseas debit or credit card.

Certainly when I transfer large sums, like in excess of £15,000, I get a special rate quoted by the receiving bank before converting to Thai currency.

My friends maintain that taking cash at ATM's offer the best rates.

Who is right?

[vegas]

My parents sent money to me in Bangkok via the bastard ANZ bank in Australia and they convinced my parents to convert the money into Thai currency in Australia prior to transfer as the commission charged in Thailand is very high. This was a load of <deleted> as commission is only 200-500 baht and the exchange rate in Australia is appalling, resulting in a $100 loss on the transaction.

I complained to the bank and they said sorry, but we can't do anything. I said, I'm sorry too and I will see if the newspapers are interested in my story. They responded by offering me $100. I accepted. I guess ANZ ain't so bad afterall.

The moral of the story is to make sure that you change your currency at destination.

[simcity]

never change into thai currency in australia , i just got a transfer this morning echange rates at 28.81 . australia dollars

Atm give you a good rates to , but my visa charge me 3 % withdraw or purchase fees !

i will said go for transfer !

[PREM-R]

It depends which country you are transfering from and how much you want to transfer. It has been stated many times on TV that from UK the Nationwide Flexaccount ATM card is probably the cheapest way of transfering money, there are no charges for using the card and the rate you get is the 'bank' rate not the 'tourist' rate. I and many others here in Thailand use this method and you can withdraw upto 250 GBP per day ( I think you can get this raised if you need to). Obviously this is not an appropriate method if you require a large 'lump sum' transfer.

[Gary A]

I use Yahoo for my home page. It has a currency exchange rate daily. When I wire transfer funds from Citibank in America that is exactly the rate I get. There is a $30 fee for the transfer but it is the same fee regardless of the amount. The ATM fee is $1.50 plus 1% per transaction.

[Mobi]

I use Yahoo for my home page. It has a currency exchange rate daily. When I wire transfer funds from Citibank in America that is exactly the rate I get. There is a $30 fee for the transfer but it is the same fee regardless of the amount. The ATM fee is $1.50 plus 1% per transaction.

Yeah, I pay £25 per transfer from a Uk Bank and get the going published rate in Bnagkok. Sometimes I get an even better rate if it is a large sum - the bank calls me and asks if I am happy with their 'preferential ' rate.

The same Uk bank once told me that if I use their visa card at Thai atm's, there is no charge but they do screw the rates a bit to cover their charges. I think some cards charge, and some don't.

Prem R, I did hear about Nationwide flex before, and I am sure you are correct about this one. But it may be the exception, rather than the rule.

[Rinrada]

I use Yahoo for my home page. It has a currency exchange rate daily. When I wire transfer funds from Citibank in America that is exactly the rate I get. There is a $30 fee for the transfer but it is the same fee regardless of the amount. The ATM fee is $1.50 plus 1% per transaction.

Yeah, I pay £25 per transfer from a Uk Bank and get the going published rate in Bnagkok. Sometimes I get an even better rate if it is a large sum - the bank calls me and asks if I am happy with their 'preferential ' rate.

The same Uk bank once told me that if I use their visa card at Thai atm's, there is no charge but they do screw the rates a bit to cover their charges. I think some cards charge, and some don't.

Prem R, I did hear about Nationwide flex before, and I am sure you are correct about this one. But it may be the exception, rather than the rule.

N/W flex a/c has NO atm fee,NO transaction charge and you get inter bank rates on exchange.

I have already discussed the possibility of making the 400k direct yearly support visa payment to our local Thai bank (BB-in House )with full registration and verification.

Can then transfer it back home again or wotever without any legal hassles..

Just gotta talk to K wifes mate (shes the manager.)