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[Malthus101]

Howdy folks

No idea if this is the right forum, looks like it so here goes:

XE.COM currently gives the pound to baht exchange rate as about 45 baht to the pound. I assume this is the interbank rate?

If I transfer my pounds out of England (in pounds), then let my Thai bank account (don't have one yet) receive the pounds and convert to baht for me...

What would the real exchange rate be after all is said and done?

Would it still be close to 45 or would it be something closer to 40?

Many thanks.

[uptheos]

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

[theoldgit]

They will give you the telex transfer rate and, most, charge a fee of .25%, minimum of 200 maximum of 500 Baht.

The Kasikorn at close of business yesterday had a telex rate of 45.07.

[chiang mai]

If the midpoint is 45 then the bid and ask rates will be around 10/12 satang either side of that number, add to those numbers the circa 40/45 satang margin that the banks will charge and you have your effective rate, using your example of a midpoint of 45.00 your effective rate will be about 44.40. On top of that are transmission charges for sending and recieving the funds, figure GBP20 to send the funds (based on GBP10k) and around THB500 to recieve them.

[Carib]

Make sure you tick the right boxes and insert your currency.

http://bankexchangerates.daytodaydata.net/default.aspx

[schondie]

UK banks are some the biggest currency exchange thieves I've ever had the displeasure of dealing with.

Make sure you specify that you want pound to pound transfer or they give you the UK price for baht. Thai banks are a hell of a lot more honest than those thieving 8ast4rd5.

[breadbin]

As everyone says make sure all money converted in Thai.

If you send cash to UK then convert in Thai to Gbp and send or you'll be fleeced again.

[yimlitnoy]

I was given a rate of 44.9493 yesterday on a transfer from UK to Citibank Thailand. I do not like it but they say it is the best rate.....

[yimlitnoy]

Charges were 100 Baht.

[personchester]

The GBP is currently between 44 & 45 BT, but this can of course not be predicted because FX terms are always floating, but it is better for a GBP transfer to arrive in pounds at the Thai Bank.

The transfer fees from some UK banks when done via "SWIFT" are expensive, it is between 30 / 40 pounds, most of them will only use the SWIFT code for international transfer and not any other codes ... although the SWIFT system is perfect since the transfer arrives within 24 hrs, nevertheless it is expensive.

The Thai banks fees are between 200 / 500 BT but chiefly around 200 BT.

[alfieconn]

The GBP is currently between 44 & 45 BT, but this can of course not be predicted because FX terms are always floating, but it is better for a GBP transfer to arrive in pounds at the Thai Bank.

The transfer fees from some UK banks when done via "SWIFT" are expensive, it is between 30 / 40 pounds, most of them will only use the SWIFT code for international transfer and not any other codes ... although the SWIFT system is perfect since the transfer arrives within 24 hrs, nevertheless it is expensive.

The Thai banks fees are between 200 / 500 BT but chiefly around 200 BT.

Not when using a Forex company such as these www.ukforex.co.uk, the rate is set at the time of doing the deal and is usually better than the TT rate of Thai banks on the day.

[Malthus101]

Thanks everyone, all very helpful

So, it looks good! There I was thinking I would only get around 40 baht. This was from using the Post Office in the UK to get a few baht before arriving - I think the rate was 38.5 or similar!!

Even 44 would be good for me so this is great news.

Slightly off-topic but worth asking - which Thai bank is considered the best for farang?

I hear the Bangkok Bank offer FREE SMS messages and online banking - correct?

Due to these ATM scam stories I would like an ATM account with just say 5,000 baht in it and a savings account with no card which would hold the bulk of my money. I would then transfer into the ATM account when needed.

Thanks...

[theoldgit]

I swear by Kasikorn who have online banking, SMS alerts and you can set your ATM limit.

Others swear by a Bangkok Bank and others, I think all the time things are going ok there isn't a lot between them.

Plenty of threads on the subject.

The most important thing to remember, and a number of members have stated it, is ensure you instruct your UK bank to send Stirling, don't allow them to buy Baht in the UK.

[Malthus101]

Thanks, will do.

[tolsti]

Bangkok Bank don't offer SMS....so the earliest you know that you have been skimmed is when there is nothing left in your account.

Kasikorn offers your the option of the alerts.... it is not automatic..and you need to make sure that you specify that you want the alerts in English (unless you read Thai that is).

Scammers typically try a test purchase/withdrawal of a small amount on the first try. With the near instantaneous alert you at least stand a chance.

[Malthus101]

Thanks Tolsti...

I think I am going to go with SCB - they look smart and a friend uses them, others too have mentioned how easy their online services are to set-up and they appear to have branches everywhere.

Also, their cards look quite cool.... very important.

[meatboy]

Thanks Tolsti...

I think I am going to go with SCB - they look smart and a friend uses them, others too have mentioned how easy their online services are to set-up and they appear to have branches everywhere.

Also, their cards look quite cool.... very important.

siam com.bank are always a few satang more than bkb.t.t.rates.but if you are transfering more than 1mil.bht[around 22k] you will get a call from head office offering you a better rate,we got 12satang more on 100k gbp.scb

[meatboy]

Thanks Tolsti...

I think I am going to go with SCB - they look smart and a friend uses them, others too have mentioned how easy their online services are to set-up and they appear to have branches everywhere.

Also, their cards look quite cool.... very important.

siam com.bank are always a few satang more than bkb.t.t.rates.but if you are transfering more than 1mil.bht[around 22k] you will get a call from head office offering you a better rate,we got 12satang more on 100k gbp.scb

forgot to mention when sending large amounts to need to say what its for otherwise it will be refused.

[Sophon]

Bangkok Bank don't offer SMS....so the earliest you know that you have been skimmed is when there is nothing left in your account.

<snipped>

Bangkok Bank do offer a SMS service on your account for 10 Baht per month.

Sophon

Edited May 21, 2013 by Sophon

[Malthus101]

Thanks Tolsti...

I think I am going to go with SCB - they look smart and a friend uses them, others too have mentioned how easy their online services are to set-up and they appear to have branches everywhere.

Also, their cards look quite cool.... very important.

siam com.bank are always a few satang more than bkb.t.t.rates.but if you are transfering more than 1mil.bht[around 22k] you will get a call from head office offering you a better rate,we got 12satang more on 100k gbp.scb

forgot to mention when sending large amounts to need to say what its for otherwise it will be refused.

Really? Any idea what the ceiling amount is that triggers a rejection? I'll ask my bank in the UK to make a note for me, they are quite a good bank (First Direct) so will help I'm sure.

Good tip, thanks.

[breadbin]

You always need to say what's its for whether £1k or £200k.

It's for money laundering.

[Naam]

Thanks Tolsti...

I think I am going to go with SCB - they look smart and a friend uses them, others too have mentioned how easy their online services are to set-up and they appear to have branches everywhere.

Also, their cards look quite cool.... very important.

siam com.bank are always a few satang more than bkb.t.t.rates.but if you are transfering more than 1mil.bht[around 22k] you will get a call from head office offering you a better rate,we got 12satang more on 100k gbp.scb

forgot to mention when sending large amounts to need to say what its for otherwise it will be refused.

Really? Any idea what the ceiling amount is that triggers a rejection? I'll ask my bank in the UK to make a note for me, they are quite a good bank (First Direct) so will help I'm sure.

Good tip, thanks.

there is no such thing like "rejection". the bank assumes that in most cases the transfer of substantial amounts is earmarked to buy property. if this is the case a special document, required by the "land office", will be issued.

[meatboy]

sorry naam but you got it wrong,we had an amount rejected because we didnt state what it was for,it was sent through a currency dealer at a rate we had bought earlier.i know they dont like it when you purchase offshore,expecially we bought at 69 to the £. yr.2008 and had it sent 2009 when the rate dropped to 57.so maybe that was the reason for rejection.but since then any transfer we state what its for.

[JAS21]

Bangkok Bank don't offer SMS....so the earliest you know that you have been skimmed is when there is nothing left in your account.

Kasikorn offers your the option of the alerts.... it is not automatic..and you need to make sure that you specify that you want the alerts in English (unless you read Thai that is).

Scammers typically try a test purchase/withdrawal of a small amount on the first try. With the near instantaneous alert you at least stand a chance.

I was in BB yesterday and they are offering SMS free for two months and then 10Baht a month after that period.

I have the B 1st ATM card and try to only use it at the bank. Also I limit the withdrawal to 40,000Baht/day and don't keep much more than that in the a/c, also the card can't be used for purchases. I have another account with no ATM Card and transfer money from it to my ATM A/C. I also have a credit card which stays in my safe at home until I need to use it. So basically I'm 'cash based'. If I want to buy something big I plan beforehand.