Exchange rates at Bangkok bank - which one

[smedly]

anyone know which rate is used if transferring by swift from the UK

is it "Bank note" or "Buying rates/sight bill"

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

[chiang mai]

It's the "TT" rate.

[The Fat Controller]

You can compare all the main Thai banks here too

http://bankexchangerates.daytodaydata.net/

[Pib]

The "TT Buying Rate" is used for incoming wire transfers...converting foreign currency to baht.

There is another TT rate called the "TT Selling Rate" but that is when you want to use your baht to buy foreign currency for an outbound wire transfer.

Edited April 24, 2015 by Pib

[smedly]

so if I transfer sterling via swift it will be converted to baht today at 48.81000 - is that correct

[lopburi3]

At this time yes - it can vary a few times each day. Remember there will be a fee (.25%) in the range 200-500 baht applied to the Baht total.

[chiang mai]

so if I transfer sterling via swift it will be converted to baht today at 48.81000 - is that correct

If you haven't yet initiated the transfer from the UK end, some banks in the UK have a cut off time for such things, typically 11 am UK time.

That being the case your UK instruction will be acted upon on Monday (today is Friday), exactly when the receiving Thai bank choses to log and clear the transaction could possibly run into the next day.

Just because you now see a certain exchange rate on the internet does not mean that is that you will recieve, the rate you will recieve is the one that the receiving bank applies at the time the transaction is logged.

Smedley, you're welcome.

[smedly]

At this time yes - it can vary a few times each day. Remember there will be a fee (.25%) in the range 200-500 baht applied to the Baht total.

so the max charge is capped at 500baht minimum 200baht

yes I understand the rate will vary, I also understand that the transfer rate will most likely be the next banking day or even the day after

Thx for the info

[lopburi3]

That is the charge here in Thailand - your own outside bank will have its own charge for SWIFT transfers.

[smedly]

anyone noticed the seeming reluctance for some banks to update their exchange rates through the day, Bangkok Bank updated 3x times on Friday and from then only once a day in the morning, this lack of activity seems to line up with the baht dropping the first 3 days of this week, TT rate should now be 49.77 but is stuck at yesterdays closing of 49.64, now that may not seem like a big deal but when you are about to pull the trigger on a transfer of over 1 million baht is makes a big difference - each single baht increase means a difference of 10,000baht per 10,000 GBP or 200 GBP

and of course just as I was typing this they updated lol

Edited April 29, 2015 by smedly

[meatboy]

anyone noticed the seeming reluctance for some banks to update their exchange rates through the day, Bangkok Bank updated 3x times on Friday and from then only once a day in the morning, this lack of activity seems to line up with the baht dropping the first 3 days of this week, TT rate should now be 49.77 but is stuck at yesterdays closing of 49.64, now that may not seem like a big deal but when you are about to pull the trigger on a transfer of over 1 million baht is makes a big difference - each single baht increase means a difference of 10,000baht per 10,000 GBP or 200 GBP

and of course just as I was typing this they updated lol

one reason why i no longer bank with them.its still showing todays first round at 8.30am.

i am due to have a call shortly from scb.who have updated their TT.rates 6times since 8.12am.

i was convinced back in 2009 that i transfered an amount and they gave me the lowest rate of that day.

[Pib]

anyone noticed the seeming reluctance for some banks to update their exchange rates through the day, Bangkok Bank updated 3x times on Friday and from then only once a day in the morning, this lack of activity seems to line up with the baht dropping the first 3 days of this week, TT rate should now be 49.77 but is stuck at yesterdays closing of 49.64, now that may not seem like a big deal but when you are about to pull the trigger on a transfer of over 1 million baht is makes a big difference - each single baht increase means a difference of 10,000baht per 10,000 GBP or 200 GBP

and of course just as I was typing this they updated lol

Why should the Bangkok Bank TT Buying Rate now be 49.77? Maybe comparing it to some forex site or another Thai bank? Each Thai bank sets its own exchange rates and how often a bank changes its exchange rates during the day depends on the forex markets volatility, how much profit spread the bank wants to crank in, etc. Heck, if the Thai banks wanted to they could set only one rate for the day like how Visa and Mastercard usually set their exchange rates for a entire day.

For example (and how you noticed while writing your post) I just looked at the Bangkok Bank exchange rate page and today/29 Apr they had 4 exchange rate updates. Update 1 (the opening rate) at 8:30 for 49.64, Update 2 at 12:25 for 47.70, Update 3 at 14:15 for 50.00, and Update 4 (closing) at 16:00 for 50.05.

And I remember times when the forex market was going absolutely crazy due to some major financial event and SCB had like 18 rate updates during the day (other Thai banks had many updates on that day also) when normally SCB has about have about the same amount per day as any other Thai bank...say 2 to 4 per day...sometimes Thai banks have no updates if the forex markets are pretty clam. You can see that by scaning back through the dates in April on the Bangkok Bank web site and see quite a few days whether they only had one rate for all day...the Update 1/Opening Rate. Taking a snapshot from a website that tracks Thai bank exchange rates it shows around 3 to 4 updates was the norm for today/29Apr. Tomorrow, who knows.

Now for incoming wire transfers I expect most arrive over night from the U.S. and UK/Europe and are waiting on a Bangkok Bank to review/process/post first thing in the morning...so those transfers usually get the Update 1/Opening 08:30 exchange rate. Now from places that are fairly close in times zones to Thailand say Oz for example I expect those folks have more of chance of getting later in the day rates depending when their wire transfer arrive....but hey, the afternoon rates could end up being lower than the opening rate because depending on how volatile the forex markets are and if those forex rates have changed enough to trigger the bank to change their rates.

Now if a person did a SWIFT transfer from the UK and say it almost immediately arrived Bangkok Bank at the time I writing this post which is 29 Apr/5:20pm, well, that wire transfer will most likely not post to their Bangkok Bank account until tomorrow morning and they'll most likely get the 30 Apr/0830/Update 1/Opening Rate whatever that turns out to be.

[IMA_FARANG]

Normally, but the coming week is going to be a holiday week in Thailand... due to the official holiday and an "extra" day holiday added on by the government .

So the 4th and 5th of May will be bank holidays.

Incoming funds transfers to Bangkok Bank first come through the main Bangkok Bank headquarters in Silom road.... and that will be closed on the 4th and 5th of May.

So even though it is a computer transfer, there will be no one working there to hit the "enter" key to approve your transfer.

The first bank work day will be the 6th of May.... expect it then this month. Even if the transfer request is there it will just be sitting in queue until someone with authorization to do it hits that 'enter" key to approve and accept the transfer. So your actual rate will probably be the rate they use on the 6th of May.

Such is life in Thailand.... my pension should normally arrive on the 4th of each month.... but as I said I expect it to be the 6th of this month.

Edited April 29, 2015 by IMA_FARANG

[rott]

Just to clarify then, am I correct in saying that there are no fixed times for, or a fixed number of, updates per day? It depends basically on trading fluctuations?

[Pib]

Just to clarify then, am I correct in saying that there are no fixed times for, or a fixed number of, updates per day? It depends basically on trading fluctuations?

Correct.

[chiang mai]

anyone noticed the seeming reluctance for some banks to update their exchange rates through the day, Bangkok Bank updated 3x times on Friday and from then only once a day in the morning, this lack of activity seems to line up with the baht dropping the first 3 days of this week, TT rate should now be 49.77 but is stuck at yesterdays closing of 49.64, now that may not seem like a big deal but when you are about to pull the trigger on a transfer of over 1 million baht is makes a big difference - each single baht increase means a difference of 10,000baht per 10,000 GBP or 200 GBP

and of course just as I was typing this they updated lol

Banks (any bank any where) update their forex buy AND sell rates, as the market dictates, it's not fixed at a certain number of updates each day and it's not a one way bank trap aimed solely at farangs (or just you) in Thailand!

Also, I am certain that you will find there is little if any relationship between the rates seen on sites such as XE and the rates different customers receive when executing a forex transaction. I mean, how does that work, does the customer go into the branch, only to learn that the bank is only offering "x" whilst XE.com or similar is offering "x+", what does/can the customer say, I mean really, get real!

[lopburi3]

It matters not what XE or any other site says - you exchange at the rate offered where and when you do the exchange. XE is not buying anything.

[Pib]

Looking at different forex sites like xe.com is fine to see the mid-market rate (mid price between buys and sells) for banks/companies trading BIG, BIG money amounts and to see the general up or down exchange trends, but when it comes to how much "your" exchange rate will be you need to look at the exchange rate being offerred by the money exchanger "you are using"...and that rate is going to be something lower than at the forex sites since that exchanger must have a profit spread built in (i.e., a little lower rate).

Plus your money exchanger rates are probably lagging behind forex site rates by X-hours to X-days.....like anyone using their debit/credit cards right now/today in Thailand to do ATM/counter withdrawals or purchases will not see Visa/Mastercard rates change until sometime tomorrow since card network rates generally only change every 24 hours....not hour by hour...or a few hours after some central bank raises or lowers it rates.

[smedly]

anyone noticed the seeming reluctance for some banks to update their exchange rates through the day, Bangkok Bank updated 3x times on Friday and from then only once a day in the morning, this lack of activity seems to line up with the baht dropping the first 3 days of this week, TT rate should now be 49.77 but is stuck at yesterdays closing of 49.64, now that may not seem like a big deal but when you are about to pull the trigger on a transfer of over 1 million baht is makes a big difference - each single baht increase means a difference of 10,000baht per 10,000 GBP or 200 GBP

and of course just as I was typing this they updated lol

Banks (any bank any where) update their forex buy AND sell rates, as the market dictates, it's not fixed at a certain number of updates each day and it's not a one way bank trap aimed solely at farangs (or just you) in Thailand!

Also, I am certain that you will find there is little if any relationship between the rates seen on sites such as XE and the rates different customers receive when executing a forex transaction. I mean, how does that work, does the customer go into the branch, only to learn that the bank is only offering "x" whilst XE.com or similar is offering "x+", what does/can the customer say, I mean really, get real!

xe and anywhere else on the net you see exchange rates are the "mid" neither buy or sell rate - those are set a few points above and below, banks like Bangkok bank will adjust their rates as they see fit - up to them, then it's up to you if you want to pull the trigger or not, as someone already stated - you would need to be in contact with the person dealing with your order to instruct them/make sure the rate you are getting

[chiang mai]

anyone noticed the seeming reluctance for some banks to update their exchange rates through the day, Bangkok Bank updated 3x times on Friday and from then only once a day in the morning, this lack of activity seems to line up with the baht dropping the first 3 days of this week, TT rate should now be 49.77 but is stuck at yesterdays closing of 49.64, now that may not seem like a big deal but when you are about to pull the trigger on a transfer of over 1 million baht is makes a big difference - each single baht increase means a difference of 10,000baht per 10,000 GBP or 200 GBP

and of course just as I was typing this they updated lol

Banks (any bank any where) update their forex buy AND sell rates, as the market dictates, it's not fixed at a certain number of updates each day and it's not a one way bank trap aimed solely at farangs (or just you) in Thailand!

Also, I am certain that you will find there is little if any relationship between the rates seen on sites such as XE and the rates different customers receive when executing a forex transaction. I mean, how does that work, does the customer go into the branch, only to learn that the bank is only offering "x" whilst XE.com or similar is offering "x+", what does/can the customer say, I mean really, get real!

xe and anywhere else on the net you see exchange rates are the "mid" neither buy or sell rate - those are set a few points above and below, banks like Bangkok bank will adjust their rates as they see fit - up to them, then it's up to you if you want to pull the trigger or not, as someone already stated - you would need to be in contact with the person dealing with your order to instruct them/make sure the rate you are getting

Incorrect! When you load XE and you call up GBP/THB, the rate you receive is the buy price for THB in GBP. If you want to see the midpoint for a pair you need to go to a tool such as OANDA and specify, "midpoint" and not "buy" and not "sell". FWIW "midpoint" is exactly that, the midway point between "buy" and "sell" and is actually a pretty meaningless indicator since no transaction can actually be performed against it.

[smedly]

anyone noticed the seeming reluctance for some banks to update their exchange rates through the day, Bangkok Bank updated 3x times on Friday and from then only once a day in the morning, this lack of activity seems to line up with the baht dropping the first 3 days of this week, TT rate should now be 49.77 but is stuck at yesterdays closing of 49.64, now that may not seem like a big deal but when you are about to pull the trigger on a transfer of over 1 million baht is makes a big difference - each single baht increase means a difference of 10,000baht per 10,000 GBP or 200 GBP

and of course just as I was typing this they updated lol

Banks (any bank any where) update their forex buy AND sell rates, as the market dictates, it's not fixed at a certain number of updates each day and it's not a one way bank trap aimed solely at farangs (or just you) in Thailand!

Also, I am certain that you will find there is little if any relationship between the rates seen on sites such as XE and the rates different customers receive when executing a forex transaction. I mean, how does that work, does the customer go into the branch, only to learn that the bank is only offering "x" whilst XE.com or similar is offering "x+", what does/can the customer say, I mean really, get real!

xe and anywhere else on the net you see exchange rates are the "mid" neither buy or sell rate - those are set a few points above and below, banks like Bangkok bank will adjust their rates as they see fit - up to them, then it's up to you if you want to pull the trigger or not, as someone already stated - you would need to be in contact with the person dealing with your order to instruct them/make sure the rate you are getting

Incorrect! When you load XE and you call up GBP/THB, the rate you receive is the buy price for THB in GBP. If you want to see the midpoint for a pair you need to go to a tool such as OANDA and specify, "midpoint" and not "buy" and not "sell". FWIW "midpoint" is exactly that, the midway point between "buy" and "sell" and is actually a pretty meaningless indicator since no transaction can actually be performed against it.

wrong

http://www.xe.com/faq/rates_buyorsellrates.php

[chiang mai]

You can post what you wish Smedley but it doesn't change the fact that, "When you load XE and you call up GBP/THB, the rate you receive is the buy price for THB in GBP". I believe that when you call up the public data sheet that contains many currencies cross referenced, then you will likely see the midpoint rate but that is not the case when individual pairs are interrogated.

EDIT: I stand corrected, having never used XE.com for anything to do with forex I now see that their rates are indeed all midmarket, which beggars the question , why would anyone want to use it given that it doesn't reflect the value of either a buy or a sell transaction!

Edited April 30, 2015 by chiang mai

[smedly]

You can post what you wish Smedley but it doesn't change the fact that, "When you load XE and you call up GBP/THB, the rate you receive is the buy price for THB in GBP". I believe that when you call up the public data sheet that contains many currencies cross referenced, then you will likely see the midpoint rate but that is not the case when individual pairs are interrogated.

EDIT: I stand corrected, having never used XE.com for anything to do with forex I now see that their rates are indeed all midmarket, which beggars the question , why would anyone want to use it given that it doesn't reflect the value of either a buy or a sell transaction!

Look don't argue with me as I don't really care, get in touch with XE - yahoo and the rest and ask them why their statement with details about the free exchange rate price they quote is wrong (according to you)

I have nothing further to say on the matter

XE.com Q & A

Are your currency rates "buy" or "sell" rates?

Answer

The rates in our free information services are neither "buy" nor "sell" rates. Instead, they are mid-market rates derived from the mid-point between the "buy" and "sell" rates from global currency markets. Our free information services always list the mid-market rate because it indicates the value of a currency that is not weighted towards buying or selling.

"Buy" and "sell" rates include overheads and profit margins that are independently set by foreign exchange providers; their rates can vary a lot and will differ from the mid-market rate, so we recommend you shop around. You can also check out XE's online money transfer services, offering cheap transfer options.

Edited April 30, 2015 by smedly

[chiang mai]

Yes boss!

[smedly]

I can also understand why they quote the mid price, simply because every bank or financial organisation has and defines their own buy sell rate for various currencies, there is no way for XE yahoo or anyone else to determine what Bangkok bank will set as their buy sell rate, the mid rate is however set

[smedly]

Yes boss!

what a stupid comment, neither helpful or constructive

[chiang mai]

Yes indeed the midpoint is set, for a fraction of a short moment and then it changes and is reset, although such changes are not reflected in the public offerings of the likes of XE, they are merely indicative rates, not actual rates.

I'm not arguing with you Smedly, I simply have a different viewpoint to yours and am trying to debate it with you. It's not a case of right and wrong, instead it's about the degree to which something is useful or not.

BTW have you considered using OANDA.com for more specific data or of course the actual, boots on the ground, http://bankexchangerates.daytodaydata.net/default.aspx

Over and out.