Spreaders of Conspiracy Theories: Unmasking the Motivations Behind the Lies

[Anthony5]

I intend to open a foreign currency account with a Thai bank, from which the foreign currency at an unknown point in the future will be exchanged to Thai Baht.

Which bank has in general the best exchange rates. I know that I can compare the exchange rates, and find which one has the best rate today, but that may not be the same tomorrow or day after. However I'm sure that there will be one particular bank that on average has the best rates.

I'm not interested in posts, I am with bank xx and get a good exchange rate. What I want to read are facts, and I have no doubt that there are members on this forum who have that knowledge.

[Pib]

You can use the website at below Link to see exchange rates from most Thai banks daily....just check daily to see how each bank compares to the others....after X-amount of daily checks you should have a good feel as to which bank(s) usually give slight better exchange rates. And the site also includes charts going back X-months on each bank which may provide some more insight.

I doubt there are many people who have bank accounts in most to all Thai banks which could give you a personal comparison...will need to look at sites such as below or just review each bank's exchange rate webpages....maybe do X-amount of random samples over a chosen time period..

http://bankexchangerates.daytodaydata.net/default.aspx

[Anthony5]

You can use the website at below Link to see exchange rates from most Thai banks daily....just check daily to see how each bank compares to the others....after X-amount of daily checks you should have a good feel as to which bank(s) usually give slight better exchange rates. And the site also includes charts going back X-months on each bank which may provide some more insight.

I doubt there are many people who have bank accounts in most to all Thai banks which could give you a personal comparison...will need to look at sites such as below or just review each bank's exchange rate webpages....maybe do X-amount of random samples over a chosen time period..

http://bankexchangerates.daytodaydata.net/default.aspx

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Thanks for that link, it comes in very handy, I only had hoped that someone had done the research earlier for the same reason and could give me a straight answer.

But with the link you posted I think i can figure it out quite easily.

[WorkingTourist]

I have heard that the rate can be negotiated with your bank, and I was indeed offered “their best rate” myself (from Krungthai), once I had an international transfer that required the anti-money laundering forms (so I had to talk with their office, where they mentioned it themselves).

[Anthony5]

I have heard that the rate can be negotiated with your bank, and I was indeed offered “their best rate” myself (from Krungthai), once I had an international transfer that required the anti-money laundering forms (so I had to talk with their office, where they mentioned it themselves).

I'm aware of that, but it is the same, some banks you can probably negotiate a better rate as another.

I was actually surprised that when I asked that question on the same day to Kasikorn and Citibank, that Kasikorn offered the better rate

Edited June 6, 2015 by Anthony5

[Anthony5]

You can use the website at below Link to see exchange rates from most Thai banks daily....just check daily to see how each bank compares to the others....after X-amount of daily checks you should have a good feel as to which bank(s) usually give slight better exchange rates. And the site also includes charts going back X-months on each bank which may provide some more insight.

I doubt there are many people who have bank accounts in most to all Thai banks which could give you a personal comparison...will need to look at sites such as below or just review each bank's exchange rate webpages....maybe do X-amount of random samples over a chosen time period..

http://bankexchangerates.daytodaydata.net/default.aspx

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Been following that website for more than a week, and it looks that for USD Government savings bank and SCB are the winners, however I think GSB doesn't have foreign currency accounts.

For Euro the winners are UOB and Kasikorn.

BAY is with a nose length the worst for exchange of any currency.

Edited June 15, 2015 by Anthony5

[Pib]

I just noticed by going to their website that they have deleted the bogus statement they had for some many years saying "for ATM rates use the TT Rate" which was so bogus because Visa/Mastercard card network rates are used; not the local bank's ATM rates unless a person gets fooled into accepting a DCC transaction.

But anyway, their site now says:

For approximate ATM rates, select the TT currency type. See also Mastercard rates, Visa USA rates and Visa Europe rates.

And using the "approximate" word in association with using the TT rate is fair because the TT Buying Rate does come pretty close to the Visa/Mastercard exchange rates plus or minus a half percent. For the "exact" rate a person needs to go to the Visa/Mastercard sites as included in their new statement.

Edited June 16, 2015 by Pib

[alfieconn]

Obviously the interest rate on the foreign currency comes into the equation !

[Anthony5]

Obviously the interest rate on the foreign currency comes into the equation !

What interest rate?

USD pays 0.1% while Euro pays 0.0000%

[Naam]

Obviously the interest rate on the foreign currency comes into the equation !

What interest rate?

USD pays 0.1% while Euro pays 0.0000%

"alfie" means the various central bank repo rates as well as the yield of government bonds. there is indeed a meaningful difference (which often but not always affects a currency's strength).

American interest rate (Fed) 0.25 %

Australian interest rate (RBA) 2.00 %

British interest rate (BoE) 0.50 %

Canadian interest rate (BOC) 0.75 %

European interest rate (ECB) 0.05 %

Japanese interest rate (BoJ) 0.10 %

Edited June 17, 2015 by Naam

[alfieconn]

I know for a fact that STG is going to go higher against the baht by the end of the year cos i have to bring over 30 grand in November

[Anthony5]

Obviously the interest rate on the foreign currency comes into the equation !

What interest rate?

USD pays 0.1% while Euro pays 0.0000%

"alfie" means the various central bank repo rates as well as the yield of government bonds. there is indeed a meaningful difference (which often but not always affects a currency's strength).

American interest rate (Fed) 0.25 %

Australian interest rate (RBA) 2.00 %

British interest rate (BoE) 0.50 %

Canadian interest rate (BOC) 0.75 %

European interest rate (ECB) 0.05 %

Japanese interest rate (BoJ) 0.10 %

My apologies for distributing such a misleading information.

USD should have been 0.25% instead of 0.1% and Euro 0.05% instead of 0.00%, you say?

I understand now that makes of course an unimaginably difference

[alfieconn]

Obviously the interest rate on the foreign currency comes into the equation !

What interest rate?

USD pays 0.1% while Euro pays 0.0000%

The difference between the interest rate your receiving now and the interest rate you receive on the foreign currency account with the thai bank is what i'm talking about !

Apart from being able to access your money more quickly i can't see what else there is too gain from having a foreign currency with a thai bank !

[Anthony5]

Obviously the interest rate on the foreign currency comes into the equation !

What interest rate?

USD pays 0.1% while Euro pays 0.0000%

The difference between the interest rate your receiving now and the interest rate you receive on the foreign currency account with the thai bank is what i'm talking about !

Apart from being able to access your money more quickly i can't see what else there is too gain from having a foreign currency with a thai bank !

The difference between the interest I receive now and in a Thai FCD is negligible.

The reason for an FCD is that you can exchange at a point that you deem the exhange rate favorable, and you can exchange small amounts without having to pay the full transfer cost each time.

Another reason is that I feel that the Greece saga may soon ignite a Cyprus event in the broader EU. You will know they already have the law in place since last year, so they can act when needed.

[Naam]

Obviously the interest rate on the foreign currency comes into the equation !

What interest rate?

USD pays 0.1% while Euro pays 0.0000%

"alfie" means the various central bank repo rates as well as the yield of government bonds. there is indeed a meaningful difference (which often but not always affects a currency's strength).

American interest rate (Fed) 0.25 %

Australian interest rate (RBA) 2.00 %

British interest rate (BoE) 0.50 %

Canadian interest rate (BOC) 0.75 %

European interest rate (ECB) 0.05 %

Japanese interest rate (BoJ) 0.10 %

My apologies for distributing such a misleading information.

USD should have been 0.25% instead of 0.1% and Euro 0.05% instead of 0.00%, you say?

I understand now that makes of course an unimaginably difference

we are talking about two different rates. the central banks' repo rates and the rates an investor gets for his/her cash. the latter is also depending on different maturities whereas the CB repo rate applies to "overnight" only.

then there are interbank rates and rates for government bonds which also depend on maturities. comparing any of these rates with another one and finding an "unimaginable difference" is irrelevant and makes no sense at all even though they are all up to a certain degree interlinked.

[fang37]

If I wish to bring some USD in from my native country ie a bank held o/seas, which quote do I look up in the FE quote?

[topt]

If I wish to bring some USD in from my native country ie a bank held o/seas, which quote do I look up in the FE quote?

If you send as $US and allow the Thai bank to convert then look up their TT rate - however it will be the rate the day it arrives in Thailand not when you send (although they could be the same day). Rates can change many times in a day. See here for SCB example - http://www.scb.co.th/scb_api/index.jsp Click on the time stamps to see how the rate may have changed during the day.

If you are sending a reasonable amount (say over $50k) may be worth talking to the FE dept. of the HO of your bank and try to negotiate a better than published rate

[fang37]

My brain confuses me.

Converting USD into THB here, is it the "buy" or "sell" quote?

[topt]

My brain confuses me.

Converting USD into THB here, is it the "buy" or "sell" quote?

The bank are buying $US from you so the buying rate.

[WorkingTourist]

My brain confuses me.

Converting USD into THB here, is it the "buy" or "sell" quote?

The bank are buying $US from you so the buying rate.

Or alternatively, the rate that leaves you with the lesser amount

[fang37]

I have all my $$$ in THB.

I may wish to convert to AUD via BKK Bank

Even the sell rate does not equate with the BKK Bank Converter app.

Why?

[WorkingTourist]

You can use the website at below Link to see exchange rates from most Thai banks daily....just check daily to see how each bank compares to the others....after X-amount of daily checks you should have a good feel as to which bank(s) usually give slight better exchange rates. And the site also includes charts going back X-months on each bank which may provide some more insight.

I doubt there are many people who have bank accounts in most to all Thai banks which could give you a personal comparison...will need to look at sites such as below or just review each bank's exchange rate webpages....maybe do X-amount of random samples over a chosen time period..

http://bankexchangerates.daytodaydata.net/default.aspx

Some of these rates are for amounts less than a certain threshold.

For example today Krungthai is shown to pay 34.78 THB for 1 USD yet I got 34.85 because I exchanged more than US$10K.

The best rate listed on the site is currently 34.81.

[WorkingTourist]

Some of these rates are for amounts less than a certain threshold.

For example today Krungthai is shown to pay 34.78 THB for 1 USD yet I got 34.85 because I exchanged more than US$10K.

The best rate listed on the site is currently 34.81.

Update: They told me 34.85 over the phone but I checked and they only gave me 34.82.

Still better than the rates listed on the site though.

[meatboy]

Some of these rates are for amounts less than a certain threshold.

For example today Krungthai is shown to pay 34.78 THB for 1 USD yet I got 34.85 because I exchanged more than US$10K.

The best rate listed on the site is currently 34.81.

Update: They told me 34.85 over the phone but I checked and they only gave me 34.82.

Still better than the rates listed on the site though.

maybe that was before they took their little bit.

scb.told me today i got a better rate than what was posted on their websight before they took their bit, it was as posted.

[WorkingTourist]

maybe that was before they took their little bit.

scb.told me today i got a better rate than what was posted on their websight before they took their bit, it was as posted.

Seems you are right. Today I received the breakdown:

USD 18,000.00 (34.8500)     THB 627,300.00
INWARD COMMISSION RECEIVE   THB     500.00
CABLE AND ONLINE CHARGES    THB      50.00
AMOUNT PAID                 THB 626,750.00

[Pib]

Yea, a person needs to take into consideration associated fees, like a receiving fee/inward commission. These fees are applied "after" the exchange at whatever exchange rate like the 34.85, the fee deducted, and then the remaining amount is posted to your account. The fee will not appear on your account/passbook. To find out you have to go get a detailed printout/call them...like the info you got above.

When fees are not considered and person just does some simple math on the posted amount the exchange rate that math gives will be lower than what is posted on the bank's exchange rate webpage. Failure to take into consideration the fee is why a lot of people can never get the exchange rate based on their simple math to match the posted exchange rate...and then they get PO'ed at the bank for shortchanging them but no shortchanging occurred. Yea, the receiving fee/inward commission fee is kinda hidden from obvious view, but the bank does disclosure the fee via their website and/or when you ask.