SWIFT transfers to BKK

[kojis]

"What's not to get. You get a better rate doing wire xfers than with cash. It has always been like this, usually about 4%, tho' this case looks to be 6.25%."

 

 

Useful knowing also is you usually get even slightly better rates at underground money changers ( but they don't need to be more underground than places like Hoover or Superrich)when changing cash than wiring money to Thailand.

 

Maco if you check the rates on websites like xe or oanda nowadays there's a huge difference, might be this onshore/offshore rate issues.

 

Anyway when I owe suppliers TBH I usually wire them whichever currency I hold and look at the incoming TT rate through the above link to convert in TBH and it works out fine.

 

 

[Maco88]

What's not to get. You get a better rate doing wire xfers than with cash. It has always been like this, usually about 4%, tho' this case looks to be 6.25%.

 

Cheers,

SD

 

I'm learning champ, as I have never done a wire to thailand, or anywhere in the world for that matter, but getting between 4 - 6% better than cash sounds fine.

 

So you wire the funds in your own currency and it gets to the thai bank in that currency and is then coverted by the thai bank ????

 

Can I assume though what I said is correct. Having cash and changing at the money booths will only get you around 27baht for 1 AUD ???

 

I'll be in BKK for at least 6 months later this year so I guess first thing I need to do is open a Thai bank account.

 

Thanks for any helpful tips & info.

[kojis]

Maco

 

just check the "bank note buying rate" on the same link to know what you'd get a the BKKBK booth, today 28,49 for AUD cash against 28.84 if wiring the money.

 

Expect to get 28.80 to 28.95 in an unregistered money changer, if the pattern is similar as with USD and EUR.

 

Otherwise thai saving accounts are as easy to open as they're useful. If one branch tells you they can't open it for you, try a larger branch

[Maco88]

thanks kojis

 

reason for this confusion is that the link your provided in an earlier post shows 28.84 for AUD as at 20th April on the TT rate.

 

However (i am currently in Oz now) when I check the curreny 1 AUD shows me 27.09 BHT as at 21 April.

 

Theres a huge difference, thats the part that has me stumped.

 

cheers

 

 

 

[keedar]

Whatever you do don't buy Baht in Australia, not even taxi fare, you can change a quick $100A at the airport for a much better rate than anywhere in Australia~

[Bangkoktraveler]

Yes, make sure you wire to Thailand the amount you are sending in YOUR own currency. Do not let your bank due the exchange but let the Thai bank do the exchange which will be at a better rate.

[Dumsoda]

A recent example that clearly shows the difference.

 

Last week "a friend" sent a small contribution to his girl's Bank a/c

 

Sum involved $600 AUD (internet banking fee +$20)

 

Westpac were quoting an exchange rate of 25.64Bt to AUD to send in Thai baht, which would have meant 15,384 Baht (less Bkk Bank fee at that end)

 

"He" sent AUD and it was converted by Bkk Bank.

"His girl" called him to say that 17,141 Bt was deposited into her a/c (this is after Bkk Bank charges)

 

Therefore the difference was an additional 1757 baht, deposited into her a/c.(Over 11% difference)

 

Makes sense to me.....If I ever planned to send money to Bkk, I'd sure do it this way.

 

Cheers DS....and sometime DC

[Maco88]

Great, guess all one needs is to open up a thai bank account and away you go.

 

 

[MikeN]

So if sending your home currency to Thailand and letting the Thai bank convert it into baht, what (if any) do they charge for the conversion before putting it into your account.....or your tilacs !

I've just done some theoretical "transfers" and its about 250 baht better per $100 Aussie dollars to send dollars, before any bank fees at the recieving end.

[Dumsoda]

I believe it's only a couple of hundred baht or so, depending, of course, how much you actually send.

Cheers DS