Foreign Driver Crashes Car into Motorbike and Minivan in Patong

[triffid]

I am about to arrange a big transfer (THB equivalent in 8 figures) from Dubai - my receiving bank here would be SCB. I have come to know that for reasons of both future repatriation and for securing the best fx rates I should ask the remitting bank to send home currency, in this case AED and not THB, and get SCB to do the conversion in Bangkok. I want to get it right on both criteria.

Was wondering if there's any reason why a transfer from Dubai where the funds are in local currency (AED) might be an exception to this rule - which I've learned to follow for GBP transfers.

[Gulfsailor]

Agree with SCB to a midmarket exchange rate plus a certain percentage before you make the transfer. The official spread between AED and THB is over 25%! If you can't make a deal, it may be far cheaper to convert AED in Dubai to USD, then send USD to Thailand, to be converted to THB by your Thai bank. Although twice exchanged it will most likely save you a fortune, compared to sending AED over. But at an 8 figure amount you have access to exchange rates more favorable then what is offered officially. So contact your bank, before sending the money over.

[Naam]

Agree with SCB to a midmarket exchange rate plus a certain percentage before you make the transfer. The official spread between AED and THB is over 25%! If you can't make a deal, it may be far cheaper to convert AED in Dubai to USD, then send USD to Thailand, to be converted to THB by your Thai bank. Although twice exchanged it will most likely save you a fortune, compared to sending AED over. But at an 8 figure amount you have access to exchange rates more favorable then what is offered officially. So contact your bank, before sending the money over.

[triffid]

Thanks, GulfS & Naam, for the caution, advice and endorsement. I had an inkling that they might treat AED as too exotic - but then I thought maybe they wouldn't because its rate is fixed to USD.

I'm not sure how that 25% spread works, and would much appreciate an illustration - so as to have an understanding when speaking to SCB about the rate - and also to satisfy my curiosity.

Most likely I'll end up with the conversion to, and transfer in, USD - simple and familiar for banks at both ends. Presumably I could still negotiate a better than retail rate before making the transfer?

By the way, maybe I used the "8 figure" misleadingly - I meant as in 10 million; maybe that's 7 figures. The advice and comment re saving still holds good, I presume.

[Naam]

I'm not sure how that 25% spread works, and would much appreciate an illustration

i think Gulfsailor compared some selling/buying of cash which results in a spread of 37% and 50% (depending whether percentage is calculated down>up oder up>down) when looking at the SCB website.

http://www.scb.co.th/scb_api/index.jsp

[HullyGully]

You need to confirm the FX rates before transfer

You are correct in its better to transfer funds ssy in GBP USD and the bank will give you a better exchange rate

Now the question is AED, I tonce change cash and the rate was crap

You need to do the maths with the FX rate shown at the bank..maybe better with GBP or USD

[Naam]

You need to confirm the FX rates before transfer

you can't confirm the forex rate if the conversion is done in Thailand.

[GrantSmith]

8 figure THB transfer from Dubai... Red Shirts acting up outside the Constitutional Court...

Didn't realise Mr T was a member of TV...

How honored we are

P.S Just having a laugh at the connect a dots conspiracy theorists...

[triffid]

I'm not sure how that 25% spread works, and would much appreciate an illustration

i think Gulfsailor compared some selling/buying of cash which results in a spread of 37% and 50% (depending whether percentage is calculated down>up oder up>down) when looking at the SCB website.

http://www.scb.co.th/scb_api/index.jsp

Thanks for referring me to that page, Naam. A look there and the spread, its arithmetic etc was clear enough. Seems to me that it'll almost certainly be beneficial to me to have the money sent in USD and try to pre-agree with scb that they'll give me a mid-market rate. If the AED spread is as big as that shown for cash I can't be worse off by in doing the forex twice - especially as the forex for AED/USD should be cheap as it's a fixed rate.

[Naam]

I'm not sure how that 25% spread works, and would much appreciate an illustration

i think Gulfsailor compared some selling/buying of cash which results in a spread of 37% and 50% (depending whether percentage is calculated down>up oder up>down) when looking at the SCB website.

http://www.scb.co.th/scb_api/index.jsp

Thanks for referring me to that page, Naam. A look there and the spread, its arithmetic etc was clear enough. Seems to me that it'll almost certainly be beneficial to me to have the money sent in USD and try to pre-agree with scb that they'll give me a mid-market rate. If the AED spread is as big as that shown for cash I can't be worse off by in doing the forex twice - especially as the forex for AED/USD should be cheap as it's a fixed rate.

[Naam]

I'm not sure how that 25% spread works, and would much appreciate an illustration

i think Gulfsailor compared some selling/buying of cash which results in a spread of 37% and 50% (depending whether percentage is calculated down>up oder up>down) when looking at the SCB website.

http://www.scb.co.th/scb_api/index.jsp

Thanks for referring me to that page, Naam. A look there and the spread, its arithmetic etc was clear enough. Seems to me that it'll almost certainly be beneficial to me to have the money sent in USD and try to pre-agree with scb that they'll give me a mid-market rate. If the AED spread is as big as that shown for cash I can't be worse off by in doing the forex twice - especially as the forex for AED/USD should be cheap as it's a fixed rate.

Triffid,

i am banking with SCB since nearly a decade. whenever a transfer arrives i am getting a phone call offering a certain rate. then i have the option to accept, haggle a bit for a better rate or decide to wait. not sure how long i can delay the conversion as i have never used that option. but i know it exceeds two weeks. talk to SCB and find out.

[triffid]

Turned out that the Dubai bank would make transfers to Thailand only in USD. This has now been done and I'm awaiting my bank's call to confirm receipt and to ask about the conversion to THB. When it arrives I'm told I can defer the conversion for up to 1 year if I want to take a view on fx rates improving in the future - but I won't.