Bangkok bank

[stevie123]

Has anyone used Bangkok bank London to transfer money to Thailand. If so which is the best way

From pound Stirling to Thai baht at Bangkok bank London or the other way round could you let me know

Thanks

[Pib]

See this Bangkok Bank webpage for full details.   

 

Be sure to use the method where you transfer in Sterling as the "in-Thailand" Bangkok Bank exchange rate is significantly better than the Bangkok Bank London branch rate.  Transferring in baht means you want the London branch to exchange the funds at their rate.   Don't be enticed by the lower upfront sending fee shown in the Fee and Conversion Optics chart by sending in baht as the London's branch significant lower exchange rate will give you less baht when the transfer dust settles even taking in account the higher sending fee and receiving fee when sending in Sterling.

 

The Thai baht exchange rate given my banks outside of Thailand (even the Bangkok Bank London branch which still must operate under UK banking laws/regulations) is several percent lower than the rate given by in-Thailand banks.  That's because baht is considered an exotic/minor/practically not used outside of Thailand currency, therefore, it's worth less outside of Thailand when doing currency exchanges.

 

 

 

 

[Oxx]

51 minutes ago, Pib said:

Be sure to use the method where you transfer in Sterling as the "in-Thailand" Bangkok Bank exchange rate is significantly better than the Bangkok Bank London branch rate.

 

I wish you'd posted that back in July when I asked pretty much the same question:

 

http://www.thaivisa.com/forum/topic/931438-fx-rates-sending-money-to-thailand-via-bangkok-bank-london-branch/

 

Given no responses, in the end I made a test transfer of a few thousand pounds in THB, rather than Sterling.  The rate was roughly 2% worse than the "in Thailand" rate at the time.  I wasn't happy.

 

To be honest, my principle cause of complaint is that the London Branch doesn't publish its FX rates anywhere, so it's not possible to check in advance whether it's a good deal or not.  It really does feel like a total rip-off.

 

[Pib]

Hey, link your post above back to your July thread and you've answered your own question (but just a little too late to save you from the banksters lining their pockets with some extra profit).  

 

Just didn't see your July thread...or did and figured some UK folks would answer it.  

 

Yea, over the years I've seen a few posts where people have provided details like you just did as to how much lower the London branch exchange rate is than the in-Thailand rate.  Same thing is done by U.S. banks if you allow them to convert to baht while sending....they line their pockets with a 2 to 3% lower exchange rate (a.k.a., an indirect fee).

 

 

[stevie123]

Thankful for that pib