Thai Bank pension

[Kwasaki]

Just a quicky for financial guru's,

What baht rate is used by a Thai bank for a pension paid into Thailand Bank selling rates are first 2............D/D & TT.. 46.5925........Notes..47.585.

 last 4 are buying rates...   TT.... 45.5175       Export slight bill..... 45.2675     T/chgs & chgs.......45.1175          Notes ......44.965                                        

 

[sandyf]

It will be the buying rate for cash, which is invariably the lowest rate displayed by a bank.

[ubonjoe]

1 hour ago, Kwasaki said:

TT.... 45.5175

All transfers from abroad are exchanged at the TT (telex transfer) rate.

[Kwasaki]

Thanks

59 minutes ago, sandyf said:

It will be the buying rate for cash, which is invariably the lowest rate displayed by a bank.

Thanks

5 minutes ago, ubonjoe said:

All transfers from abroad are exchanged at the TT (telex transfer) rate.

 

l was just interested because if l look at the bank day rate the day when my pension gets paid in,  more often than not it is lower than I actually get. 

 

So again out of interest l can check rates and find out what day my pension is paid in before my bank receives it but maybe l will need a time as well with quids. 

 

 

[Oxx]

The TT Buying Rate quoted doesn't include any extra charges, so what you actually receive will be at a slightly worse rate.

[billd766]

13 minutes ago, Oxx said:

The TT Buying Rate quoted doesn't include any extra charges, so what you actually receive will be at a slightly worse rate.

 

I get 3 pensions and usually the rate I get is a few satang more than Daily TT rate. I know how much pension is sent, I know from my statement how much I receive in Thai Baht, divide the baht by the GBP and I get the exchange rate

 

I use KBank and 5 days a week I log in and check the TT exchange rates which I save to a file and at the weekends and bank holidays I use the XE currency changer. That always shows 20 to 30 satang more than the KBank rates for some reason.

[Pib]

The TT Buying Rate is used for incoming international transfers.   TT stands for Telegraphic Transfer or Telex Transfer...old terms which really mean an Electronic Transfer like a SWIFT/Wire/etc transfer.  

 

Keep in mind the Thai bank's receiving fee of approx 0.25% (Bt200 min, Bt500 max...it varies a little among a few banks) is applied before the funds are posted to your account which effectively lowers the exchange rate.  For example, say 1000 pounds arrives the Thai bank's inbox so to speak and lets say the TT Buying Rate in effect at the time is 45 baht per pound.  So, 45 times 1000 gives you 45000 baht, but before the funds are posted to your account the bank will apply it's 0.25% (Bt200 min, Bt500 max) receiving fee.   In this case 0.25% of 45000 is Bt112.5 falling short of the Bt200 min fee so the Bt200 min fee is applied.  45000 minus 200 equals 44800 being posted to  your account.

 

Now remember, the actual exchange rate you got was 45, but when using your personal math and cranking in the receiving fee it effectively lowers it to 44.80.  

 

The receiving fee deduction will "not" be reflected/posted on your account which fools a lot of people into thinking no fee was applied on the incoming international transfer but it indeed was.  Also, if any funds/fees were sliced off on it's way to the Thai bank inbox, like an intermediary bank fee your sending bank/agency/company had to use, then that is another fee you need to take into consideration as that fee will not be reflected on your account either.

 

Not taking in account the Thai bank's receiving fee and any intermediary bank fee can confuse people's personal math in never being able to get their math to match any of the Thai banks TT Buying Rates for the day of posting.   

 

Also, if the Sending bank/agency/company is converting the funds themselves and sending in baht then no conversion is done at the Thai bank...the Thai bank only applies their 0.25% (Bt200 min, Bt500 max) receiving fee and then posts the remaining baht to your account.   You could use your math to back out the receiving fee to see what exchange rate the Sending entity gave you (assuming there was no intermediary bank fee).    Note: for "some" money exchangers/transfer companies like Transferwise their setup is different as they convert to baht when sending using their rate, it arrives their peer/contract partner in Thailand who then relays it over via domestic transfer to your Thai bank so the you receiving Thai bank does not charge a receiving fee since it appears to them as a domestic transfer.  

 

Other rates you'll see posted like Notes rate means when you carry cash into a bank to exchange and Cheque/Sight bill is for cheque type instruments like a Travelers Cheque (which also comes with a Bt153 fee).   Both of these rates will be lower than the TT rate used for electronic transfers.

 

 

[sandyf]

On 9/17/2016 at 2:26 PM, Kwasaki said:

Thanks

Thanks

 

l was just interested because if l look at the bank day rate the day when my pension gets paid in,  more often than not it is lower than I actually get. 

 

So again out of interest l can check rates and find out what day my pension is paid in before my bank receives it but maybe l will need a time as well with quids. 

 

 

Apologies I mis interpreted your initial question. If you are referring to the rate on state pension from the DWP, it will be better than the bank rate, usually about the same as Superrich. This is from the notes.

 

antages. We recommend you get your money this way because:
• it is secure
• it is convenient

• you will benefit from competitive exchange rates based on bulk buying of currency
• there are no postal delays
• there are no cheque clearance delays
• it is less expensive for us to arrange, which saves taxpayers’ money.
 

[Kwasaki]

15 hours ago, sandyf said:

Apologies I miss interpreted your initial question. If you are referring to the rate on state pension from the DWP, it will be better than the bank rate, usually about the same as Super-rich. This is from the notes.

advantages. We recommend you get your money this way because:
• it is secure
• it is convenient

• you will benefit from competitive exchange rates based on bulk buying of currency
• there are no postal delays
• there are no cheque clearance delays
• it is less expensive for us to arrange, which saves taxpayers’ money.
 

 

Yes l wondered a bit about that and it rings a bell in memory of reading it somewhere.

Because of the pension always being baht more l guess Citibank gets a very large lump sum of dosh and then gets a good rate of exchange. 

 

I will look at the Thai super-rich bank rate out of interest from time to time.

[Kwasaki]

On 9/17/2016 at 3:34 PM, Oxx said:

The TT Buying Rate quoted doesn't include any extra charges, so what you actually receive will be at a slightly worse rate.

 

But that doesn't happen as l complained    l get more.