Comparing Exchange rates with different banks

[Maggusoil]

I have been transferring money to Thailand on a monthly or fortnightly basis for 7 years.

Mostly using St George Bank (in Australia) and the Krung Thai bank where I and my lady have accounts.

St George Bank in Australia quote their own rate, but it seems they apply another rate at the Thai end.

This is not a fee, but the amount they put in the receiver's account.

Occasionally I notice that the exchange rate has differed so markedly from the daily fluctuation I have taken

the Western Union option, as it ends up cheaper for smaller amounts.

Quite large amounts of money seem to disappear in this exchange.

Last time I looked western union was offering a significantly better rate.

Does anyone have any experience in using different banks for this exercise and are any of them better than others?

[wym]

Make sure you are sending AUD and having your Thai bank do the conversion

[CharlieH]

Always convert in Thailand, rates can be compared at the "TT" rate on the respective bank websites.

You might also want to check this out

http://www.ozforex.com.au/personal/transfer-money

[KhunBENQ]

Just backing up: always transfer in your home currency (AUD), NEVER in THB.

And of course: the fewer transfers, the better.

You did not mention the amounts, but every transfer carries a substantial fixed cost (independent from the amount).

E.g. all Thai banks are obliged to deduct 0,25% of the incoming amount after conversion, with a minimum of 500 and a maximum of 1000 Baht.

So every transfer looses 500 Baht just from that.

Kind of a "tax".

And sure your Aussie bank will also have fixed costs involved.

If you have the "right" bank and/or the right debit/credit card (preferably VISA based), you will do much better with ATM withdrawls (even when there is 150 Baht transaction fee) in Thailand.

[olddoc]

Just backing up: always transfer in your home currency (AUD), NEVER in THB.

And of course: the fewer transfers, the better.

You did not mention the amounts, but every transfer carries a substantial fixed cost (independent from the amount).

E.g. all Thai banks are obliged to deduct 0,25% of the incoming amount after conversion, with a minimum of 500 and a maximum of 1000 Baht.

So every transfer looses 500 Baht just from that.

Kind of a "tax".

And sure your Aussie bank will also have fixed costs involved.

If you have the "right" bank and/or the right debit/credit card (preferably VISA based), you will do much better with ATM withdrawls (even when there is 150 Baht transaction fee) in Thailand.

Best change Bank

Here is what the Bangkok Bank charges for incoming currency

"An additional international fee of 0.25% of the transferred amount will be deducted by Bangkok Bank Thailand before crediting funds to recipient account (minimum 200Bt, maximum 500Bt)."

Ref

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

Edit

Spelling !

[KhunBENQ]

Obviously my memory did not serve me well

I should better have cross checked.

The fee seems to be identical at other banks (like Kasikorn).

I can not prove where this fee/deduction comes from, just a rumour that it is a state imposed "tax".

[phuketjock]

You could also open a foreign currency deposit account in AUD and transfer you funds

into this in AUD and you can choose when to change your money when and if the exchange

rate is favourable for you.

[wym]

This is usually only worthwhile for very large sums, usually to enable MNCs to enable arbitrage stratgies in conjunction with their import/export activities.

[KhunBENQ]

And as far as I know, foreign currency accounts are costly in terms of fees and lot of hassle to open?

Not worth for a pensioner I guess.

[phuketjock]

And as far as I know, foreign currency accounts are costly in terms of fees and lot of hassle to open?

Not worth for a pensioner I guess.

Well KB I'm a pensioner and I opened an FCD account without any hassle with the SCB

and when I do change any money I get a better than in bank advertised rate and the fees

are standard rates for foreign currency accounts.

[wym]

So the extra fees aren't much for keeping less than say a million baht's worth?

Could it be used for the retirement req?

[phuketjock]

So the extra fees aren't much for keeping less than say a million baht's worth?

Could it be used for the retirement req?

That is exactly what I do Wym, just renewed my retirement extension last week using that very

account.

[Maggusoil]

Make sure you are sending AUD and having your Thai bank do the conversion

Yes, I already do this thank you. . .

[Maggusoil]

Always convert in Thailand, rates can be compared at the "TT" rate on the respective bank websites.

You might also want to check this out

http://www.ozforex.com.au/personal/transfer-money

Thank you, I have since joined OZforex and they are doing pretty well the best transfer rates and exchange rates also comparable with the best

[Maggusoil]

Just backing up: always transfer in your home currency (AUD), NEVER in THB.

And of course: the fewer transfers, the better.

You did not mention the amounts, but every transfer carries a substantial fixed cost (independent from the amount).

E.g. all Thai banks are obliged to deduct 0,25% of the incoming amount after conversion, with a minimum of 500 and a maximum of 1000 Baht.

So every transfer looses 500 Baht just from that.

Kind of a "tax".

And sure your Aussie bank will also have fixed costs involved.

If you have the "right" bank and/or the right debit/credit card (preferably VISA based), you will do much better with ATM withdrawls (even when there is 150 Baht transaction fee) in Thailand.

Yes, I was unaware of this extra deduction that's interesting.. . . thanks for that

[Maggusoil]

Just backing up: always transfer in your home currency (AUD), NEVER in THB.

And of course: the fewer transfers, the better.

You did not mention the amounts, but every transfer carries a substantial fixed cost (independent from the amount).

E.g. all Thai banks are obliged to deduct 0,25% of the incoming amount after conversion, with a minimum of 500 and a maximum of 1000 Baht.

So every transfer looses 500 Baht just from that.

Kind of a "tax".

And sure your Aussie bank will also have fixed costs involved.

If you have the "right" bank and/or the right debit/credit card (preferably VISA based), you will do much better with ATM withdrawls (even when there is 150 Baht transaction fee) in Thailand.

Best change Bank

Here is what the Bangkok Bank charges for incoming currency

"An additional international fee of 0.25% of the transferred amount will be deducted by Bangkok Bank Thailand before crediting funds to recipient account (minimum 200Bt, maximum 500Bt)."

Ref

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

Edit

Spelling !

thanks for this

[Maggusoil]

You could also open a foreign currency deposit account in AUD and transfer you funds

into this in AUD and you can choose when to change your money when and if the exchange

rate is favourable for you.

That's great, never thought of that when I was transferring larger amounts Thanks for that

[Maggusoil]

And as far as I know, foreign currency accounts are costly in terms of fees and lot of hassle to open?

Not worth for a pensioner I guess.

Well KB I'm a pensioner and I opened an FCD account without any hassle with the SCB

and when I do change any money I get a better than in bank advertised rate and the fees

are standard rates for foreign currency accounts.

thank you for this

and . . .

FCD =

SCB = the curse of forums initials for dummies like me

[KhunBENQ]

FCD=foreign currency deposit

SCB=Siam Commercial Bank (Thais call it: thanakhan thai phanit)

----

An erroneous statement by me was quoted.

Correct is:

All Thai banks are obliged to deduct 0,25% of the incoming amount after conversion, with a minimum of 200 and a maximum of 500 Baht.

So every transfer looses a minimum of 200 Baht just from that.