December 4, 201312 yr A small difference in forex rates can make quite a difference in the amount of Thai baht received when bringing money to Thailand from abroad to, say, buy a condo. Has anyone made a comparison of the foreign exchange rates for different Thai banks for electronic TT transfers? The rates do vary for every bank throughout the day but the daily average should be comparable. Has anyone tried this and do they have any particular Thai bank that they recommend to get the best TT rates (rather than other services)?
December 4, 201312 yr I couldn't say for sure, but I expect if you check this website called Bank Foreign Currency Exchange Rate site every day which shows various exchange rates Thai banks offer after a week or so of checking you would have a good idea of which bank usually offers the best TT Buying Rate. Just select the exchange type such as "TT" and incoming currency (i.e, USD, Euro, Pound, etc) to get your results. Today/4 Dec the best would have been Krung Thai Bank and the tied for worst Government Savings Bank & Bangkok Bank for incoming US Dollars (maybe differfor another currency). But tomorrow you'll will probably have a new first and last place finisher. Also, when sending over a BIG chunk of money to your Thai bank account you should contact the bank in advance, tell them them about the pending transfer and see if you can get a better rate (like maybe you have a choice in which Thai bank you send it to)...I've seen posts where people can get a little extra that way.
December 4, 201312 yr Author Wow, that's useful - thanks a lot guys. My bank in Thailand is Citibank and it seems it's TT buy rate for GB pounds is near the top. Can this really be true? I know the rates fluctuate throughout the day and Citibank web site is sometimes not updated very well, but certainly today and yesterday it seemed to have great rates comapred to at least BKK bank and kasikorn. How come? The forex web page for Citibank thailand is at: http://citibank.co.th/global_docs/THA/fxrates/retail.pdf?lid=THENCBGGNHETLForeignExchangeRates
December 4, 201312 yr I expect Bangkok Bank and Kasikorn have the majority of farang customers/accounts of all the Thai banks with SCB coming in 3rd. With all those pounds, dollars, euros, etc., coming into the farang accounts they don't have to compete as much for inbound western currencies....that's my wildass guess.
December 4, 201312 yr Author I expect Bangkok Bank and Kasikorn have the majority of farang customers/accounts of all the Thai banks with SCB coming in 3rd. With all those pounds, dollars, euros, etc., coming into the farang accounts they don't have to compete as much for inbound western currencies....that's my wildass guess. Good point. I have asked the web site to include Citibank thailand. I will follow the rates for a while and post my conclusions on here at some stage. I have just noticed that if you click on 'chart' it gives the performance of each bank over a time period but it is difficult to compare them on screen and the labels for the axes are not shown - anyone any idea how we can use these charts to compare the banks rates over the period shown?
December 5, 201312 yr Wow, that's useful - thanks a lot guys. My bank in Thailand is Citibank and it seems it's TT buy rate for GB pounds is near the top. Can this really be true? I know the rates fluctuate throughout the day and Citibank web site is sometimes not updated very well, but certainly today and yesterday it seemed to have great rates comapred to at least BKK bank and kasikorn. How come? The forex web page for Citibank thailand is at: http://citibank.co.th/global_docs/THA/fxrates/retail.pdf?lid=THENCBGGNHETLForeignExchangeRates BEFORE you transfer ASK YOUR BANK IN YOUR HOME COUNTRY if they use an Intermediatary bank to transfer. The rate you may get can vary A LOT and you can lose... ESPECIALLY CITIBANK which often sends to HONG KONG FIRST before Thailand. Call your bank and ASK THEM. Be specific and tewll them you are doing a TT to thailand and ask do they send DIRECT. Because if they do not send direct to the bank you choose YOU WILL LOSE BIG TIME like THOUSANDS of Dollars or POUNDS
December 5, 201312 yr Author Wow, that's useful - thanks a lot guys. My bank in Thailand is Citibank and it seems it's TT buy rate for GB pounds is near the top. Can this really be true? I know the rates fluctuate throughout the day and Citibank web site is sometimes not updated very well, but certainly today and yesterday it seemed to have great rates comapred to at least BKK bank and kasikorn. How come? The forex web page for Citibank thailand is at: http://citibank.co.th/global_docs/THA/fxrates/retail.pdf?lid=THENCBGGNHETLForeignExchangeRates BEFORE you transfer ASK YOUR BANK IN YOUR HOME COUNTRY if they use an Intermediatary bank to transfer. The rate you may get can vary A LOT and you can lose... ESPECIALLY CITIBANK which often sends to HONG KONG FIRST before Thailand. Call your bank and ASK THEM. Be specific and tewll them you are doing a TT to thailand and ask do they send DIRECT. Because if they do not send direct to the bank you choose YOU WILL LOSE BIG TIME like THOUSANDS of Dollars or POUNDS Actually my 'bank' is an offshore building society which uses HSBC to TT cash abroad. This has always been the case because building societies are not allowed to remit abroad - they have to go through a bank. But in the past, the exchange rate has not been too bad and since I don't have any choice, I have to do it that way.
December 5, 201312 yr It only makes a difference if you have an account with the receiving bank - so there is no point comparing if you cannot send money to a bank with a better rate because you do not have an account with them
December 5, 201312 yr Author It only makes a difference if you have an account with the receiving bank - so there is no point comparing if you cannot send money to a bank with a better rate because you do not have an account with them I can open an account in a bank that shows consistently higher TT rates before the transfer.
December 5, 201312 yr It only makes a difference if you have an account with the receiving bank - so there is no point comparing if you cannot send money to a bank with a better rate because you do not have an account with them I can open an account in a bank that shows consistently higher TT rates before the transfer. Why not check out these http://www.ukforex.co.uk/ or someone similar, currently 52.46 and no charges ! Oh sorry just see Citi are slightly higher, oh well.
December 5, 201312 yr Author It only makes a difference if you have an account with the receiving bank - so there is no point comparing if you cannot send money to a bank with a better rate because you do not have an account with them I can open an account in a bank that shows consistently higher TT rates before the transfer. Why not check out these http://www.ukforex.co.uk/ or someone similar, currently 52.46 and no charges ! Oh sorry just see Citi are slightly higher, oh well. These transfer companies are no good in my case because they transfer your money to Thailand as Thai baht - they make their money on the forex spread, albeit smaller than banks. But when you buy a condo in thailand you have to prove that the money was brought in as foreign currency, not thai baht.
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