Australian Dollar, Thai Bhat, US$

[pachoderm]

Have been planning to come to CM in a couple of months and watching the steady decline of the Aussie $ from $1.06 to .89c, wishing I had not converted my US currency! In the face of the AUD$ dropping to .80c (sometime?), my question is, should I convert now to US$ or Thai bhat, before I go to Thailand or wait till I get there? This would mean carrying a large amount of cash in (under the $10,000 limit) and avoiding the exchange rate ripoff when using ATMs to withdraw funds back in OZ. This has its risks too. I am curious to get some input on the forum so I can figure out the best way to do this.
Also, can I change money on the street in Thailand (like for example, South America), getting a better rate than the banks?

thanks....

[baywatch82]

Anybody who really know the answer about exchanging now or waiting, is not a type of guy who is visiting this kind of websites and making posts on forums. Everybody else will give you just speculations.

And yes, the best way to exchange money is to take that $10.000 AUD and do it in the local money exchange street shop. Many money exchange points here in Chiang Mai. I think the best is S.K. on Charoen Prathet Road. However, it is risky to carry that much of cash with you.

If you need more money, you should open bank account here in Thailand and use currency traders to transfer it for you. I did it few times with ozforex (you can google it and check rate) and I think they will give you the best rate. Money will be transfered wihin few business days and rate much higher than banks.

Edited August 2, 2013 by baywatch82

[Sparkles]

Oz dollar , future ? crystal ball anyone ? One of the most stable countries in the world and the dollar bounces around like no other currency.

[Sparkles]

Have been planning to come to CM in a couple of months and watching the steady decline of the Aussie $ from $1.06 to .89c, wishing I had not converted my US currency! In the face of the AUD$ dropping to .80c (sometime?), my question is, should I convert now to US$ or Thai bhat, before I go to Thailand or wait till I get there? This would mean carrying a large amount of cash in (under the $10,000 limit) and avoiding the exchange rate ripoff when using ATMs to withdraw funds back in OZ. This has its risks too. I am curious to get some input on the forum so I can figure out the best way to do this.

Also, can I change money on the street in Thailand (like for example, South America), getting a better rate than the banks?

thanks....

You don't have to use ATM's to withdraw cash from your Oz account.I have a Visa Debit Card, from my Oz Credit Union, and just get a cash withdrawal over the counter when i need it. Means they will just take a photocopy of your passport's first page and you avoid the 150 baht charge. Don't go to the shopping centre small branches they freak out a bit, go to a major branch which are all over CM. get to know the currency exchange person and use the same bank each time so they get to know you.The conversion rate ,for me,is pretty good, cant say the same for Oz major banks ,gave then the flick al ong time ago.

S & K as mentioned are pretty good but wise advice not to wander around with a bag full of money ,just asking for trouble..

[masuk]

I just transfer money using a telegraphic transfer from my Oz bank to the Thai bank.

costs $30.00, gets here in less than 48hrs, safe, and the official exchange rate.

As you say, its slowly dropping away.

[Phayun]

I just transfer money using a telegraphic transfer from my Oz bank to the Thai bank.

costs $30.00, gets here in less than 48hrs, safe, and the official exchange rate.

As you say, its slowly dropping away.

Are you saying that your bank doesn't charge the usual 3% (+ fee) to convert to THB?

I send my funds as AUD and have Bangkok bank convert @ 1% (+ fee).

[baywatch82]

Any transfer by any bank is not a good idea. Fee charges and lowest exchange rate. Somebody is giving you not good advices. Some people are doing same things for years, and think this is most safe and reliable method.

As I mentioned above, try with currency traders (ozforex for example). It is 100% safe,best rate, very quick, you know the rate before you make a deal, and you will get deal confirmation and receipt.

I was using them to purchase my condominium here in Thailand. I found one post on this forum saying that if I want to purchase condominium, I need to transfer via bank, not with currency traders. Such a nonsense. Of course you can buy condominium by transfering money with currency traders.

[hellodolly]

Any transfer by any bank is not a good idea. Fee charges and lowest exchange rate. Somebody is giving you not good advices. Some people are doing same things for years, and think this is most safe and reliable method.

As I mentioned above, try with currency traders (ozforex for example). It is 100% safe,best rate, very quick, you know the rate before you make a deal, and you will get deal confirmation and receipt.

I was using them to purchase my condominium here in Thailand. I found one post on this forum saying that if I want to purchase condominium, I need to transfer via bank, not with currency traders. Such a nonsense. Of course you can buy condominium by transfering money with currency traders.

Agreed if $10,000 is all you are going to need bring cash.

[elektrified]

Have been planning to come to CM in a couple of months and watching the steady decline of the Aussie $ from $1.06 to .89c, wishing I had not converted my US currency! In the face of the AUD$ dropping to .80c (sometime?), my question is, should I convert now to US$ or Thai bhat, before I go to Thailand or wait till I get there? This would mean carrying a large amount of cash in (under the $10,000 limit) and avoiding the exchange rate ripoff when using ATMs to withdraw funds back in OZ. This has its risks too. I am curious to get some input on the forum so I can figure out the best way to do this.

Also, can I change money on the street in Thailand (like for example, South America), getting a better rate than the banks?

thanks....

When you say "change money on the streets like in South America..." no is the answer. For example when I was in Venezuela and needed some Bolivar, I was referred to shady characters who traded on the black market. It was either that or stand in long queues for 2-3 hours at banks which closed promptly at 12:00 each day. Thailand has no problem, just walk into any bank and check the exchange rates which are all posted. The THB is quite a strong and stable currency...no worries.

[muchogra]

When our kids visit us from the States, we give them Thai bahts. Subsequently, they put dollars in our US accounts in dollars - the mid rate of buying and selling rate, like they do in Chinatown in Bangkok. Sometimes, they used their ATM (Visa, etc?), they have not complained about being overcharged! When it involvedsa few thousand dollars, be it US or AUS, just exchange some when you arrive if not a sustantial amount. If you need more, just use the ATM where the exchange rate may even be better than thinking too much about getting the best of it! Simply not worth worrying about if not involved a few hundred thousands!

[masuk]

I just transfer money using a telegraphic transfer from my Oz bank to the Thai bank.

costs $30.00, gets here in less than 48hrs, safe, and the official exchange rate.

As you say, its slowly dropping away.

Are you saying that your bank doesn't charge the usual 3% (+ fee) to convert to THB?

I send my funds as AUD and have Bangkok bank convert @ 1% (+ fee).

the Oz banks all charge $30.00 for an international telegraphic transfer.

I wanted $10,000 sent to the BKK bank in Chiang Mai, so of course they deducted the $30 from that and not the rest of the account.

The $9970.00 arrived here in less than 48hrs, there was no mention of a conversion fee, and I had the money go into my account in baht, @ ฿28.21 to the AU$

Yes, I will check out ozforex.

There was mention elsewhere about using VISA pre-paid cards for travellers. I've done this for years, and withdrawn funds in a few countries.

I came unstuck last year, when I took out the remaining meagre funds on return to Oz, and was charged $30.00!! The money is meant to be used outside the country..

I gave one of the two cards you get at the start, and left one with someone I was supporting through college. I could load the money on the internet at home in Oz, and was available at this end same day. A ฿150 charge made at the ATM.

[infernalman7]

Just don't do it in Australia. Wait until you get to Thailand and exchange your AUD there. Better rate, and probably less hassle. Don't convert everything all at once. Do it just enough for a few days of your trip.

[pachoderm]

Really, only $30 transfer fee on telegraphic transfer? I recall CBA always charge at their ripoff foreign currency conversion rates, so that a several thousand dollar transfer costs several hundred dollars - or is that only on EFT?

I just transfer money using a telegraphic transfer from my Oz bank to the Thai bank.

costs $30.00, gets here in less than 48hrs, safe, and the official exchange rate.

As you say, its slowly dropping away.

Are you saying that your bank doesn't charge the usual 3% (+ fee) to convert to THB?

I send my funds as AUD and have Bangkok bank convert @ 1% (+ fee).

the Oz banks all charge $30.00 for an international telegraphic transfer.

I wanted $10,000 sent to the BKK bank in Chiang Mai, so of course they deducted the $30 from that and not the rest of the account.

The $9970.00 arrived here in less than 48hrs, there was no mention of a conversion fee, and I had the money go into my account in baht, @ ฿28.21 to the AU$

Yes, I will check out ozforex.

There was mention elsewhere about using VISA pre-paid cards for travellers. I've done this for years, and withdrawn funds in a few countries.

I came unstuck last year, when I took out the remaining meagre funds on return to Oz, and was charged $30.00!! The money is meant to be used outside the country..

I gave one of the two cards you get at the start, and left one with someone I was supporting through college. I could load the money on the internet at home in Oz, and was available at this end same day. A ฿150 charge made at the ATM.

[mjsansai]

Making money in trading foreign currency is more difficult than eating soup with a spoon.

[wholetthedogout]

I would say for $10,000 then bring it in cash and exchange it here.

[kcore]

You are allowed to bring more than 10,000 . You just have to declare it.

[masuk]

Just don't do it in Australia. Wait until you get to Thailand and exchange your AUD there. Better rate, and probably less hassle. Don't convert everything all at once. Do it just enough for a few days of your trip.

...and the air fare to go to Oz to collect that money ????

Also I don't wander around with $10,000 burning a hole in my wallet.

Far simpler to email the bank and ask them to send it up as it had to be here quick smart to start 'maturing' for a retirement visa.

[CM4Me]

I've lived in CNX for a number of years now. My OZ Bank is Westpac. I do a TT each month. Westpac charges $20.00/transfer (regardless of the amount)

Via the internet I transfer my funds about 08.00am, directing them to my Bangkok Bank account. Usually, in about 2 or 3 hours THE SAME DAY, I receive an SMS from Bangkok Bank telling me my funds have arrived. Bangkok Bank charges me 0.25% (or something close to that).

TT rate is slightly more favourable than the Cash rate. Check out Bangkok Bank's Foreign Exchange Rates

You can w'draw funds here through any ATM, but don't, its a bloody rip off (from both ends)

[CeeBee]

Hi CM4ME

I am thinking about using Westpac for transferring money overseas. What is the maximum amount that you can transfer per day?

Edited August 4, 2013 by CeeBee

[Phayun]

Hi CM4ME

I am thinking about using Westpac for transferring money overseas. What is the maximum amount that you can transfer per day?

I don't know of any limit, but the bank does need to report any transaction of $10,000+ to ATO.

I use St George. Their internet banking is great and they too only charge $20 for TT's.

Just make sure you send as AUD not THB so the conversion is done here - far better exchange rate.

[simple1]

Hi CM4ME

I am thinking about using Westpac for transferring money overseas. What is the maximum amount that you can transfer per day?

Info at http://library.westpac.com.au/ob/jun11/articles/02-daily-limits

[Phayun]

Hi CM4ME

I am thinking about using Westpac for transferring money overseas. What is the maximum amount that you can transfer per day?

Info at http://library.westpac.com.au/ob/jun11/articles/02-daily-limits

Your link got me interest in what my limits are.

Seems St.George are much more liberal with my money and allow me access to $50,000 per day on my personal account.

This is good to know as I do hope to have that one day. (could not find a dreaming smiley)

There is a catch though, you need to be able to get a text message or voice call to an Oz number as they don't have tokens.

[simple1]

Hi CM4ME

I am thinking about using Westpac for transferring money overseas. What is the maximum amount that you can transfer per day?

I don't know of any limit, but the bank does need to report any transaction of $10,000+ to ATO.

I use St George. Their internet banking is great and they too only charge $20 for TT's.

Just make sure you send as AUD not THB so the conversion is done here - far better exchange rate.

To be accurate financials transactions of A$10k & above are monitored and reported upon by AUSTRAC as required by Australian legislation.

http://www.austrac.gov.au/ftr_act.html

[Phayun]

Hi CM4ME

I am thinking about using Westpac for transferring money overseas. What is the maximum amount that you can transfer per day?

I don't know of any limit, but the bank does need to report any transaction of $10,000+ to ATO.

I use St George. Their internet banking is great and they too only charge $20 for TT's.

Just make sure you send as AUD not THB so the conversion is done here - far better exchange rate.

To be accurate financials transactions of A$10k & above are monitored and reported upon by AUSTRAC as required by Australian legislation.

http://www.austrac.gov.au/ftr_act.html

I stand corrected

[bigbamboo]

Oz dollar , future ? crystal ball anyone ? One of the most stable countries in the world and the dollar bounces around like no other currency.

The Aussie dollar effectively follows the Chinese economy these days.

Other than that it would take something out of the ordinary to move upwards...... like an Ashes Test victory perhaps!

[tango]

^^ 'To be accurate financials transactions of A$10k & above are monitored and reported upon by AUSTRAC as required by Australian legislation.'

You'll find it a U$10K transfer is reported everywhere in the world as demanded by the USA to counter drug and money-laundering.

[Naam]

You'll find it a U$10K transfer is reported everywhere in the world as demanded by the USA to counter drug and money-laundering.

rubbish²!

[Naam]

You are allowed to bring more than 10,000 . You just have to declare it.

you are allowed to bring 20,000 US-Dollars to Thailand without declaring it!

[songhklasid]

What I do is take a large amount of aussie cash, go to the money changers, ( there's a good one in soi3 sukumvit) near the intersection, then go directly to the bangkok bank & deposit the lot in my thai bank account, thus avoiding the ATM fees when you withdraw, this can save you 130 baht each time, + the money changer will give you a better rate than the banks.

cheers songhklasid.

[Saan]

Really, only $30 transfer fee on telegraphic transfer? I recall CBA always charge at their ripoff foreign currency conversion rates, so that a several thousand dollar transfer costs several hundred dollars - or is that only on EFT?

I just transfer money using a telegraphic transfer from my Oz bank to the Thai bank.

costs $30.00, gets here in less than 48hrs, safe, and the official exchange rate.

As you say, its slowly dropping away.

Are you saying that your bank doesn't charge the usual 3% (+ fee) to convert to THB?

I send my funds as AUD and have Bangkok bank convert @ 1% (+ fee).

the Oz banks all charge $30.00 for an international telegraphic transfer.

I wanted $10,000 sent to the BKK bank in Chiang Mai, so of course they deducted the $30 from that and not the rest of the account.

The $9970.00 arrived here in less than 48hrs, there was no mention of a conversion fee, and I had the money go into my account in baht, @ ฿28.21 to the AU$

Yes, I will check out ozforex.

There was mention elsewhere about using VISA pre-paid cards for travellers. I've done this for years, and withdrawn funds in a few countries.

I came unstuck last year, when I took out the remaining meagre funds on return to Oz, and was charged $30.00!! The money is meant to be used outside the country..

I gave one of the two cards you get at the start, and left one with someone I was supporting through college. I could load the money on the internet at home in Oz, and was available at this end same day. A ฿150 charge made at the ATM.

Only $22 transfer fee with NAB. I get them to send in AUD and get the Bangkok Bank do the conversion - a better rate.