Selling gold - taxes

[INV]

If I get money send from the UK to Thailand, to my account in K-bank. what date is the exchange rate set?

Is it the day they leave the UK bank account or the day they arrive in to my bank here? And then its that bank that counts and the exchange rate the give for that day I guess?

Edited April 29, 2013 by INV

[Pib]

Assuming you send pounds and let K-Bank do the exchange, it would be the day they receive/post the funds to your account...or said another way, the business day the money arrived K-bank. But if you let your home country bank convert before sending, then the exchange rate is the day the home country bank actually sends the money. I say "actually" sent because depending on the method & speed of transfer the bank may not actually send the money for a day or two after you initiate the transfer. Also keep in mind that the Thai bank will charge a currency conversion and/or receipt fee...that is, whether the money arrives in home country currency "or" baht they will still charge a fee which is usually in the 0.25% (200 baht min, 500 baht max) ballpark. And since the banks exchange rate may change several times during the day, that can have an effect on the exchange rate received. Over the years in using Bangkok Bank and doing many transfers from the U.S., I always got the Bangkok Bank opening/morning TT Buying Rate...I don't know what time during the day the money actually arrived...all I know the exchange rate was always the first rate of the day.

[IMA_FARANG]

Assuming you send pounds and let K-Bank do the exchange, it would be the day they receive/post the funds to your account...or said another way, the business day the money arrived K-bank. But if you let your home country bank convert before sending, then the exchange rate is the day the home country bank actually sends the money. I say "actually" sent because depending on the method & speed of transfer the bank may not actually send the money for a day or two after you initiate the transfer. Also keep in mind that the Thai bank will charge a currency conversion and/or receipt fee...that is, whether the money arrives in home country currency "or" baht they will still charge a fee which is usually in the 0.25% (200 baht min, 500 baht max) ballpark. And since the banks exchange rate may change several times during the day, that can have an effect on the exchange rate received. Over the years in using Bangkok Bank and doing many transfers from the U.S., I always got the Bangkok Bank opening/morning TT Buying Rate...I don't know what time during the day the money actually arrived...all I know the exchange rate was always the first rate of the day.

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There is a 12 hour difference between Bangkok and New York.

When I transfer funds into Bangkok Bank from New York it's important to remember that the fund transfer starts in New York their daytime, which is night time here in Bangkok.

So the funds are available in Bangkok when the bank staff shows up to work here in Bangkok at 8:00 a.m. in the morning.

That's why you get the morning TT rate here in Bangkok.

Funds transferred into Bangkok all come through the main Bangkok Bank in Silom Road in Bangkok.

From there they go to your local Bangkok Bank branch for credit to your account.

It's all done by computer, but someone in Bangkok does have to authorize and validate it here in Bangkok with a couple of keystrokes.

Bangkok Bank opens at 08:00 a.m. here in Bangkok.,and usually by 09:00 the funds appear in my branch bank account as an incoming FTD (foreign credit) transfer to my Bangkok Bank account.

[Pib]

Could be regarding getting the morning rate. From my U.S. banks I have initiated transfers at various times during the work day (early morning to late night U.S. time) and when getting the Bangkok Bank SMS notifying me when the funds were posted to my account along with exchange rate given the SMS's were rec'd various times during the daylight business hours (Thai time). Sometimes the SMS arrived well before noon and sometimes in the afternoon around 4pm ...or other times in-between. The funds may have arrived before Bangkok Bank opened in the morning and it took X-hours for Bangkok Bank to give final transfer approval and post to my account. To the best of my memory I always got the opening rate of the day even if I got the SMS at 3pm and another exchange rate update say issued at 1pm reflected a different rate. Just my results if my memory serves me right. However, I haven't done a transfer for around 18 months since I got a couple of no foreign transaction fee Visa debit cards which give the Visa exchange rate that is always plus or minus a few stang of the Thai bank TT Buying Rate...by using the debit cards I get the money immediately in-hand with absolutely no fees along the transfer path....not even a fee by the Thai ATM machine because I always use AEON ATMs to avoid the 150 baht foreign card fee that Thai bank ATMs charge.

[INV]

ok Thanks guys,I have to call my Uk sender and ask if its the sending bank or her at K-bank. Normaly dont care but of course money was sent around 22 and 23 April when it was the worst drop in the exchange rate but I getting over it thanks guys for your input