what exchange rate does bangkok bank use when converting USD for the 800,000 ext of stay

[buick]

i will be appyling for extension of stay (retirement) at CW in bangkok soon.  the baht has gained strength since i topped up my account to get my non imm O.  i am okay unless it is below 34.15.  the rates i see, cnbc, xe.com, superrich, all say current rate is about 34.35 or so.  i've seen a couple posts where people have quoted the rate that bangkok bank uses but i wasn't paying much attention at the time.

 

i can apply for the extension after april 27 and plan to do it ASAP assuming the rate is still above my minimum.  yes, i know i'm a fool for cutting it so close.  i keep dreaming about the baht going to 37 and the dream keeps turning into a mild nightmare (sorry in advance to those on the GBP, i know that has been a real nightmare).

 

 

[CharlieH]

So you are holding the funds in US dollars?

Look at the exchange rate page of the bank.

 

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

 

The rates change about twice daily.

[Peterw42]

 

 

 

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

[buick]

thanks charlie, i forgot to mention USD !!  i remember someone using TT and i see on the chart a 'TT' under buying rates.  34.22 so i'm right on the edge.

 

if i add money in the next week, it won't be 'seasoned' so i assume any new monies in will be deducted/not counted.

Edited April 20, 2017 by buick

[CharlieH]

Your concern should be what rate the Immigration office uses ?. That may be different.

[glegolo]

In my own practical experience with the immigration of Khon Kaen upon that specific time, they did use the link;

https://daytodaydata.net/

use NOTES rates...

 

Just now it is 33.97 for your dollar...... I am not sure that the other officies are using the very same method though...

 

Good luck

 

Glegolo

 

[buick]

this is the first time that i'll be trying to get the long stay extension.  i have a USD account and a THB account at bangkok bank.  when i applied to convert my visa exempt entry into a non imm O, i provided immigration at CW in BKK with two letters.  one for the USD acct, which converted the USD to THB in the letter.  then a second letter for the THB account, which of course was in THB.  so i assumed the IO just added the two numbers together.  from what i read above, it sounds like immigration uses their own number ?  i don't think the person at CW did that when i did the conversion but i could be wrong.  they could have done it during the two week review period rather than in front of me when i presented papers.

 

 

 

 

[CharlieH]

If you have letters from the bank already converting it, it shouldnt be a problem.

[buick]

the good news is i'll know if i pass when i get the letter on silom rd instead of having to go all the way to CW to find out.  although i'll be mentally prepared for rejection at CW just in case.

 

i'll report back on what rate bangkok bank uses in relation to the various rates shown on the website.  possible range of 33.97 to 34.22 at this point.

[natway09]

As you have said, it is not a constant, just check BKB exchange rate on the net

[hlj]

This morning the CM immigrations used 34 for me

 

 

[sawadeeken]

6 hours ago, CharlieH said:

So you are holding the funds in US dollars?

Look at the exchange rate page of the bank.

 

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

 

The rates change about twice daily.

 

Use that Bangkok Bank chart and then add 30 satang to it if you have any money changers like we have in Pattaya........

Today that chart says 33.97 THB for a dollar. Today I changed 800 USD and got 34.27 THB....at a Yellow and Black colored Money Changer which is called 'T & T'...... I see about 20 or 30 of them on the sidewalks all over Pattaya.....

If you actually will change dollars to THB then it will be worth looking around and find a money changer other than banks........ 

If the money comes to Bangkok Bank by Money transfer you may get a much better exch rate..... Ask the bank......

And learn to use that Bangkok Bank chart...... The best rate for changing cash is the left hand column... There are 5 different columns and the fourth column going to the right side is called TT Rate and usually about 30 satang higher than changing cash..... that is likely how much the bank will give you for wire transfers on the day the transfer arrives.........

Additional Note...... I use a Credit card at Big C, Tesco, PTT Gas Stations and any Restraunts that take it. Because the credit cards will give me the TT (higher rate).... But CAUTION--- Many credit cards charge you a 3% Foreign Transaction Fee and I have several that don't

[Rodiy2k]

Sorry to jump in. My wife and I are moving to Thailand in summer from Malaysia and will be beginning the whole visa extension based on retirement process soon. On a related note, can I make sure I understand this by asking a question. We'll soon be opening a USD and THB account at BB and wish to use USD equivalent to meet our 800K THB requirement. (We'll be entering on 90 day single entry non-O's and then applying to extend based on retirement 45 days before the visa expiry  which is the soonest  we can do this. Thus, our initial seasoning requirement is only 60 days).

 

Hypothetical question for 9 months after we have the first retirement extension:

Say you transfer enough USD 90 days before the day you apply for the extension to satisfy the 800K THB seasoning rule and on that day it converts to over 800K THB as per BKK's FX charts but not by much and the THB appreciates over the next 3 months. A few days before you apply, you get a bank letter from BKK but I assume they'd have to convert the USD you placed 85 days earlier at the current rate. Are you then hosed because even if you top up because the amount you transferred back when is no longer >800K THB? 

 

That leaves a conundrum. I hate to transfer more USD than I need because we give up a lot of interest. And although the obvious solution is simply convert the USD to 800K THB right away and avoid the problem above, I hate that option also because emerging markets are on the uptrend this year and in that 90 days we could wind up with over 23K worth of USD in THB at a shitty rate (this happened to me in Malaysia).

 

Any suggestions or ideas? Thanks 

[ubonjoe]

9 minutes ago, Rodiy2k said:

Say you transfer enough USD 90 days before the day you apply for the extension to satisfy the 800K THB seasoning rule and on that day it converts to over 800K THB as per BKK's FX charts but not by much and the THB appreciates over the next 3 months. A few days before you apply, you get a bank letter from BKK but I assume they'd have to convert the USD you placed 85 days earlier at the current rate. Are you then hosed because even if you top up because the amount you transferred back when is no longer >800K THB? 

The letter from the bank needed to apply for the extension will have to state amount in baht that is in the account based upon the exchange rate on the date the letter is written. As long as that balance in the foreign currency account remains at the same or higher amount for 60 days for the first extension or 3 months after that prior to the date the letter is done it is acceptable.

[USPatriot]

Use transferwise.com lower fees higher exchange rate.

[jacko45k]

So a foreign currency account can qualify for the 800.000 baht requirement?

[buick]

13 hours ago, sawadeeken said:

There are 5 different columns and the fourth column going to the right side is called TT Rate and usually about 30 satang higher than changing cash..... that is likely how much the bank will give you for wire transfers on the day the transfer arrives.........

i remember people talking about the TT rate here on TV but it could have been 'wish they used the TT rate for the USD conversion in the bank letter for immigration'.  i used the exact numbers in my two accounts (USD and THB) and i need 34.06 and above.  if i don't make it, it could be another year before i get the extension.  i've got enough travel lined up for this year that i can do the usual tourist visa/visa exempt to make it until next year.  but i'll have to carry the 20k cash, buy the throw away onward tickets, etc...

 

12 hours ago, Rodiy2k said:

That leaves a conundrum. I hate to transfer more USD than I need because we give up a lot of interest. And although the obvious solution is simply convert the USD to 800K THB right away and avoid the problem above, I hate that option also because emerging markets are on the uptrend this year and in that 90 days we could wind up with over 23K worth of USD in THB at a shitty rate (this happened to me in Malaysia).

i had the same thoughts as you.  these days the interest 'lost' isn't all that much.  and i'd still rather have USD than THB.  i've got roughly 750,000 of the 800,000 in USD.  the other 50,000 is in the THB account.  and right now it is more like 748,000 and 50,000, a bit short of 800,000 !!!

 

1 hour ago, jacko45k said:

So a foreign currency account can qualify for the 800.000 baht requirement?

the foreign currency account must be at a thai bank and some immigration offices will not accept it.  chaeng wattana in bangkok does accept these accounts.  and you can get your bank letter the day before you go to CW. 

[sloperating]

Citibank used the TT Buy Rate for my extension based on retirement.

[buick]

i got my letter today from bangkok bank, showing the value of my USD account in thai baht.  surprisingly, they didn't use any of the rates noted in the link above (bangkok bank's rate page for today).  i got 34.46.  today's TT rate is 34.39.  friday's last TT rate was 34.44.  so who knows.  safe to say they don't use the bank note buying rate.  something close to the TT rate though.  and i'm not complaining just reporting back what i found.

[sloperating]

Thanks. Citibank uses TT buying rate - I suspect that 34.46 was the current rate (not necessarily the published rate).

 

My 3 months seasoning period has just started and I've got my fingers crossed that Trump doesn't start a war or that something similar causes the rate to plummet.

[tomwct]

34.6784325 per Dollar.

[sloperating]

On 4/21/2017 at 5:38 AM, jacko45k said:

So a foreign currency account can qualify for the 800.000 baht requirement?

Definitely.