exchange rate Euro to Thai Baht 12 May 2015

[fvw53]

To-day I received on my Thai bank account with SCB a sum of money I transferred 8 days ago from my EURO bank account in the EU

According to http://daytodaydata.net/default.aspx

...the rate for a T/T should be 1 Euro = 37.47 Baht (before SCB deducts their own expenses)

Attached a snipping in case this rate changes

However I receive only a rate of 36.94 Baht (before deduction of SCB fees)

My Thai wife says if she will go to our SCB branch they will reply always : sorry this can only be replied by head office.

Do TV members have similar experiences?

Edited May 12, 2015 by fvw53

[saakura]

So you received 2 Baht per Euro more, what is the problem?

[fvw53]

saakura, on 12 May 2015 - 13:52, said:

So you received 2 Baht per Euro more, what is the problem?

Sorry I already corrected the misprint

[Sophon]

Are you sure the transfer was processed today, eight days would be a long time for a transfer from Europe? The exchange rate has fluctuated wildly over the last few days, so the banks have updated their rates many times each day.

It seems like you probably received the rate from the 6th at 10.04:

Sophon

Edited May 12, 2015 by Sophon

[fvw53]

_{Tks Sophon : I am afraid you are right ....I heard before that banks like to play with the customers money they received and only credit the account a few days later}

[Sophon]

_{Tks Sophon : I am afraid you are right ....I heard before that banks like to play with the customers money they received and only credit the account a few days later}

Yeah, I have heard that too but I don't believe it to be true. I have accounts with Bangkok Bank, Krung Thai Bank, Siam Comercial Bank and Kasikorn Bank, and none of my transfers have ever been held back. If your transfer was received on the 6th but not booked until today, It's likely that there was something in the information from sending bank that made it necessary to handle it manually, or there could have been some kind of error in SCB's systems. Either way, since you say it was sent eight days ago, I think it's likely that it was received on the 6th and you have received the correct exchange rate from that date.

Sophon

[Robert24]

I use Kbank and never had problems. I usually make Thai baht payments and they are credited on a T+2 basis as per the Swift standard. Did you make the payment online with your bank? Do you see that your payment to SCB was done and then it took 8 working days to get it credited on SCB?

[meatboy]

i too have had a problem with scb.see not so good service.

i have done the same express next day sevice for over 6yrs.

sent the instructions online to my bank in the uk.6am.uk time 12pm.thai time.

as its always a fair amount the wife gets a call from scb.at 9am-10am next day.

this time next day no call,1pm.not in my account,wife phones headoffice to ask why,ohhhhhhhhhhhh it came in at 1pm.yesterday sorry it will be sent straight away.rate recieved was the day it arrived 1hr.after i sent instructions to the uk.

i was given the rate it was BEFORE THE INTEREST CUT over 1bht.less than when it was sent.

so scb are treading on thin ice with us.

[fvw53]

Robert24, on 12 May 2015 - 15:56, said:Robert24, on 12 May 2015 - 15:56, said:

I use Kbank and never had problems. I usually make Thai baht payments and they are credited on a T+2 basis as per the Swift standard. Did you make the payment online with your bank? Do you see that your payment to SCB was done and then it took 8 working days to get it credited on SCB?

Yes transfer was done online and immediately confirmed by EU bank (funds were deducted from my account) : I am doing those T/T transfers since at least 5 years and usually it took 4 to 5 days but never 8 days to get credit on my SCB account.

For me the issue is not that it takes one day or more but that I get an exchange rate 50 satang lower than the one indicated to-day and corresponding with the lower one indicated a week ago.

Edited May 12, 2015 by fvw53

[Naam]

_{Tks Sophon : I am afraid you are right ....I heard before that banks like to play with the customers money they received and only credit the account a few days later}

the banks have to credit the money and use the exchange rate prevailing on the value date fixed by the sending bank. everything else is conspirative rubbish. period!

p.s. don't forget we had recently five bank holidays which must be the reason that the amount was credited late. but that does not affect the exchange rate.

[Pib]

Although the value date means when the received funds become available to the receiving bank and customer, the receiving bank still has its own internal clearing cycle before the funds are actually posted to your account...and maybe the actual exchange is done just before the posting vs when the funds arrived their inbox possibly days earlier. Over the years I got some incoming wire transfers delayed (close to a week when normally it was only 2-3 days) due to long Thai bank holidays and the exchange rate I ended up getting was the opening rate for the bank's first day back to work after the holidays...I just know the funds were setting in the receiving bank's "inbox" so to speak but no one is at work to do the final processing....basically that was a case of the funds missing the receiving bank's internal cutoff times for final clearing since the durn receiving bank was closed for holidays/weekend. But I have never got the indication or feeling they were holding my funds extra days to possibly squeak out a better exchange rate profit.

[Dario]

I have been transferring money from Europe to Thailand for many years to Bangkok Bank and Siam Commercial Bank and have never encountered a delay, except occasionally a few hours.

The mistake people make who transfer funds from foreign countries to Thailand is the following: they forget or don't know to ask for a SWIFT transfer. A Swift transfer made anywhere in Europe before 12:00 their local time will arrive via Swift the following morning in their Thai bank account, weekends and public holidays excluded. SWIFT is the magic word here.

Edited May 12, 2015 by Dario

[Pib]

But the issue with a SWIFT transfer is usually the associated "healthy" Sending bank fee. But if a person is lucky enough to be with a bank that charges a low SWIFT fee then that's good.

[Dario]

But the issue with a SWIFT transfer is usually the associated "healthy" Sending bank fee. But if a person is lucky enough to be with a bank that charges a low SWIFT fee then that's good.

Fees may vary for using Swift, but I am charged only CHF 5.-- for a Swift Transfer from Switzerland to Thailand. Euros I send the same way via my Swiss bank account. The transfer between Germany to Switzerland costs me nothing. And those transfers also travel via Swift/BIC.

[Suradit69]

they will reply always : sorry this can only be replied by head office.

"will reply always"

How often is "always?" If you're having a problem so often that you're "always" lodging complaints (or sending the wife to do it for you), then you apparently are confused about the exchange rates being used or the fees being charged by one or both of the banks. I doubt the bank is systematically short-changing you despite the usual farang conspiracy theorists' belief that everyone in Thailand is out to get them.

Edited May 12, 2015 by Suradit69

[Naam]

But the issue with a SWIFT transfer is usually the associated "healthy" Sending bank fee. But if a person is lucky enough to be with a bank that charges a low SWIFT fee then that's good.

not always Pib because quite often the additional fees, if a correspondence bank is used, are higher than the actual SWIFT fees. i have the "pleasure" banking in Singapore using two different banks located (as the crow flies) 600 meters from each other.

when i transfer US-Dollars from one SG account to another SG account the SWIFT fees are USD 20 and the fees of the correspondence bank in New York are USD 30. that is peanuts when it concerns substantial amounts but a pain in the àss if small amounts, e.g. when i pay the annual fees for one off my offshore corporations and the cost for the transfer of $ 1.380 is $ 50

[fvw53]

Suradit69, on 13 May 2015 - 00:51, said:

Quotethey will reply always : sorry this can only be replied by head office.

"will reply always"

How often is "always?" If you're having a problem so often that you're "always" lodging complaints (or sending the wife to do it for you), then you apparently are confused about the exchange rates being used or the fees being charged by one or both of the banks. I doubt the bank is systematically short-changing you despite the usual farang conspiracy theorists' belief that everyone in Thailand is out to get them.

I am not at all a conspiracy theorist believing everybody in Thailand is out to get me ....but about banks "yes" and not only in Thailand ...just try to follow on Youtube what "socialist" US Senator Elisabeth Warren has said and is still saying about the predatory American banking system.

[Pib]

Banks are not predators; they are banksters.

[Dario]

Banks are not predators; they are banksters.

That word is mistyped, it's written with a g.