Baht exchange rates

[rak sa_ngop]

At 13.20 today Supperrich posted GBP - Baht exchange rates as 48.80 buy, 49.40 sell

At 13.08 today Bangkok Bank posted GBP - Baht exchange rates for TT transactions as 46.75 buy and 47.71 sell

This seems to suggest that you can get GBP at TT rate of 47.71 baht to the pound at Bangkok bank and then rush around to exchange back at Superrich for a a rate of 48.80 baht to the pound.

What am I missing here? Is it just to do with bank charges?

[gandalf12]

The buy rate is what you get per unit of currency, the sell rate is what they charge you per unit of currency. For the figures you have quoted lets take GBP 1.00 as an example.

If it comes from the UK into BBL you will get Baht 46.75. If you want to send the GBP 1.00 from BBL to the UK they will charge you 47.71 The spread of STG 96 is what they make forgetting any other charges.

[rak sa_ngop]

I don't think you understood my post. There is an overlap of buy and sell rates between BB and Superrich which suggests you can make money by converting with one and then converting back with the other.

Kapiche?

[gandalf12]

I don't think you understood my post. There is an overlap of buy and sell rates between BB and Superrich which suggests you can make money by converting with one and then converting back with the other.

Kapiche?

Yes but is the TT rate from BBL and its counterpart rate at Superrich going to actually make you money? Mostly in Thailand the rates are set by the BOT so I would doubt if there is sufficient difference to actually make anything from it. If there was you can bet the banks would be kicking up about it

[Pib]

OP, it does indeed seem to indicate what you say. When looking at this website at this minute in time (7:48pm) which show rates at places at SuperRich and Thailand banks there does indeed seem to be about a 2 baht better rate at Superrich-type places (non-Thai banks) for notes. So, buy some notes at a Thai bank and then go sell them at SuperRich and come out ahead.

[Suradit69]

This seems to suggest that you can get GBP at TT rate of 47.71 baht to the pound at Bangkok bank and then rush around to exchange back at Superrich for a a rate of 48.80 baht to the pound.

"you can get GBP at TT rate of 47.71 baht"

You don't get pounds in Thailand by doing a telegraphic transfer. If you have pounds sent from abroad by Telegraphic transfer to your account here, you get baht deposited into your account. The telegraphic transfer rates are for buying baht with a foreign originated transfer or for buying a foreign currency to be deposited abroad., not for making a baht transfer from one local bank to another local bank.

If you want to buy pounds in cash notes from a bank, you will be charged the cash transaction rate, not the telegraphic transfer rates. So you would have taken the pounds sent from abroad deposited as baht at the TT rate and then you'd use those baht to buy pounds at the cash rate of exchange and then rush around to Superrich to buy baht. Aside from being a waste of time, you'd more than likely lose money in the process.

You can use baht in Thailand to buy pounds to be sent by telegraphic transfer to UK or wherever. The recipient will get the pound equivalent deposited to his account minus whatever bank charges.

If you have a foreign currency account here, your would get one pound deposited here for one pound sent but it would be reduced by commission and other bank changes.

Edited June 30, 2016 by Suradit69

[rak sa_ngop]

The way I read the situation is that Superrich are running short of pound notes due the unexpected demand caused by the sudden drop of the pound. This demand would be caused tourists and travellers planning on visiting the UK in the near future. In order to replace their stocks of pounds they are offering to buy your pounds off you at a higher rate than the banks TT rates.

So if you can bring enough pounds notes into Thailand you can beat the bank TT rates and come out a winner. But I doubt if it will be enough to pay for your holiday.

[topt]

The way I read the situation is that Superrich are running short of pound notes due the unexpected demand caused by the sudden drop of the pound. This demand would be caused tourists and travellers planning on visiting the UK in the near future. In order to replace their stocks of pounds they are offering to buy your pounds off you at a higher rate than the banks TT rates.

So if you can bring enough pounds notes into Thailand you can beat the bank TT rates and come out a winner. But I doubt if it will be enough to pay for your holiday.

Superrich's rates are nearly always marginally better than the main banks TT rates and it has often been mentioned on here that bringing cash and changing as you mention is the best option - unless you happen to drop your wallet, leave bag in car, get mugged etc etc. (either before or after you change it up) Not ideal for larger amounts I suggest........

[john davis]

On ‎30‎/‎06‎/‎2016 at 1:49 PM, Pib said:

On ‎30‎/‎06‎/‎2016 at 1:49 PM, Pib said:

OP, it does indeed seem to indicate what you say. When looking at this website at this minute in time (7:48pm) which show rates at places at SuperRich and Thailand banks there does indeed seem to be about a 2 baht better rate at Superrich-type places (non-Thai banks) for notes. So, buy some notes at a Thai bank and then go sell them at SuperRich and come out ahead.

OP, it does indeed seem to indicate what you say. When looking at this website at this minute in time (7:48pm) which show rates at places at SuperRich and Thailand banks there does indeed seem to be about a 2 baht better rate at Superrich-type places (non-Thai banks) for notes. So, buy some notes at a Thai bank and then go sell them at SuperRich and come out ahead.

Just cant be done at all unless I am missing something.........this morning 15.09.16 you buy £500 of thai baht at kassikorn @ 44.59 to £1 = 22,295 baht you sell the baht at supperich later 22,295 @ 46.50 baht = £479.45 a loss right away of £21

[Pib]

2 hours ago, john davis said:

Just cant be done at all unless I am missing something.........this morning 15.09.16 you buy £500 of thai baht at kassikorn @ 44.59 to £1 = 22,295 baht you sell the baht at supperich later 22,295 @ 46.50 baht = £479.45 a loss right away of £21

The OP was talking buying pounds not baht.... and then going to sell the pounds for baht at Superrich..  The reverse of your above example.

[john davis]

On ‎15‎/‎09‎/‎2016 at 2:40 AM, Pib said:

The OP was talking buying pounds not baht.... and then going to sell the pounds for baht at Superrich..  The reverse of your above example.

Ok thank you.................so your buying uk pound with baht then exchange then selling baht at superrich to uk pound...............is that right and it works.............thanks for your reply

[Kwasaki]

Just my small take for guru's l find it difficult to know the rate l'm going to get for "£ = TB " coming in say on a pension let alone know what rate the bank uses for the " £ ". ??

 

When l check a bank rate for say Friday for payment being made Monday or the Monday time day rate it is always lower than what l get, not that l'm complaining.  

 

The only time l know for sure the "£ = TB " rate l get is over the phone when transferring from my UK bank to Thai bank. 

[john davis]

9 hours ago, john davis said:

Ok thank you.................so your buying uk pound with baht then exchange then selling baht at superrich to uk pound...............is that right and it works.............thanks for your reply

 

9 hours ago, Kwasaki said:

Just my small take for guru's l find it difficult to know the rate l'm going to get for "£ = TB " coming in say on a pension let alone know what rate the bank uses for the " £ ". ??

 

When l check a bank rate for say Friday for payment being made Monday or the Monday time day rate it is always lower than what l get, not that l'm complaining.  

 

The only time l know for sure the "£ = TB " rate l get is over the phone when transferring from my UK bank to Thai bank. 

 

9 hours ago, john davis said:

Ok thank you.................so your buying uk pound with baht then exchange then selling baht at superrich to uk pound...............is that right and it works.............thanks for your reply

ok so today 20,000 baht change at kasikorn 47.77 to 20.000 baht =£418......£418 to thai baht at supperich @46.10 = 19,395 were is the profit there

[john davis]

On ‎30‎/‎06‎/‎2016 at 8:57 AM, gandalf12 said:

11 hours ago, john davis said:

Don't mean to be rude but I think rak sa has got his figures wrong the bank selling rate has always to be higher than exchange companys such as supperich etc

 

ok so today 20,000 baht change at kasikorn 47.77 to 20.000 baht =£418......£418 to thai baht at supperich @46.10 = 19,395 were is the profit there

The buy rate is what you get per unit of currency, the sell rate is what they charge you per unit of currency. For the figures you have quoted lets take GBP 1.00 as an example.

If it comes from the UK into BBL you will get Baht 46.75. If you want to send the GBP 1.00 from BBL to the UK they will charge you 47.71 The spread of STG 96 is what they make forgetting any other charges.