Inter-bank exchange rates

[padeakin]

I waited for what I thought was the right time to transfer some GBP funds from Lloyds TSB in UK to KTB in Thailand.

In June the interbank rate was about 48.5 Baht to 1 GBP (can't remember the exact figure) source: http://bankexchangerates.daytodaydata.net/default.aspx

I read somewhere on this forum that I would get a better rate if I sent the money in GBP and let KTB do the currency conversion, so that is what I done.

When I checked my bank statement about a week later I saw that the amount credited works out at 46.5 Baht per pound, plus fee. At no time over the period did the rate drop that low, I think the lowest was about 47.00 for a short time.

About fees: I paid £10 to Lloyds TSB and about 280 Baht to KTB which I think is very reasonable.

My questions are:

Is my source http://bankexchangerates.daytodaydata.net/default.aspx acccurate?

Any idea why or where KTB get there exchange rates from, or why I got such a low rate?

Is it really to best to send in GBP? In this case I was quoted 47.03 from Lloyds TSB so it would have been better for me to let LloydsTSB do the conversion.

Any advice on obtaining best rates is welcome.

[Naam]

In June the interbank rate was...

I think the lowest was about 47.00 for a short time.

"in june" does not mean anything. please tell us when in june. this is what GBP THB looked in june 2013 (46.09 - 48.52):

[padeakin]

Sent from Lloyds TSB on 18th June

Appeared in KTB account 20th June

Anyone know of a more useful exchange rate chart, that allows viewing by specific dates?

[Sophon]

Sent from Lloyds TSB on 18th June

Appeared in KTB account 20th June

Anyone know of a more useful exchange rate chart, that allows viewing by specific dates?

These are KTB's exchange rates around that date:

It sounds like either the exchange happened before the money reached KTB or (maybe more likely) that there was an intermediary bank involved. Based on the KTB fee you quoted it wasn't a particularly large transfer, so a fee charged by an intermediary bank could have a significant influence on the "effective exchange rate" you receive.

Ask KTB for a specification of the transfer.

Sophon

[Naam]

Siam Commercial, june 20, TT rate 47.81

[barryw52]

There are number of FX companies that offer better rates than the Banks for transfers into Thailand. Have look at the the web sites for www. fxcompared.com, TorFX, UK Forex, Easy FX, World First, Currencies Direct, The FX firm, Prime FX, etc You need to register with one or two of them them and get authorized because of the Anti money laundering regulation worldwide but once set up will you get better rate than the banks but who gives the best rate will vary by amount you are transferring and their rate on the day it is very dynamic business.

[Maestro]

padeakin, I suggest you go to your bank branch and ask for a printout of the credit advice or credit receipt, whatever KTB calls it, for the incoming remittance. This printout will show

• the amount of GBP received by KTB
• the exchange rate used by KTB
• the fee (commission) deducted by KTB (you mentioned it was about THB 280)

If the amount of GBP received by KTB was less than the amount you sent, it means that it went through an intermediary bank and this bank deducted its own fee. Your UK bank should be able to tell you the name of the intermediary bank.

If the exchange rate used by KTB is lower than 47.39875, ie lower than the lowest rate listed by KTB for the date of credit to your account, you should discuss it with KTB,