UK / Thailand Exchange rates

[ranma500]

I was shocked to see that while the Baht is currently at around 63 Baht to the U.IK. Pound, a lot of exchange bureaus are offering only 56 baht to the pound e.g. travelex .

 

 

 

I might soon have to transfer a few million baht to Thailand, and this difference in exchange rates works out to a lot of money!

 

 

 

You used to get a very good rate by putting your credit card in credit, then using the credit card overseas, but this seems to have ended, with banks now charging a percentage fee for cash withdrawals.

 

 

 

Can anyone suggest a way to get closer to the bank rates, rather than the tourist rates?

 

 

 

Thanks

 

 

 

ranma

[spirit_of_town_hall]

You get a much better rate of exchange in Thailand. Your best bet is to open a Thai Bank Account at a decent bank and then wire the money across. You should then get around 61.80 baht to the pound.

 

 

 

STH

[Guest]

Could be worth it for sums of money over $1000. Don't know about the UK, but from where I am the banks at both ends charge a service fee for wire transfers.

 

 

[spirit_of_town_hall]

I think transfer fees are about $45, the amount varies according to how quickly you want the funds to reach the recipient.

 

 

 

STH

[greg]

I don't profess to be an expert on the matter and would like some info myself.

 

 

 

However rather than pay a rate of around $45 to wire money surely, crediting your credit card would be better. I think you would get the exchange rate that is in Thailand which is usually better than it is in UK and you are charged a small

 

%age.

 

 

 

I knew to wire money from an account to a bank where you did not have an account would be expensive, however I never thought they would charge to transfer money from one account to another if the name is staying the same??

 

 

 

When I move to Thailand I was planning to use this method of getting money from the UK into my Thai bank account.

 

 

 

 

[Guest]

If you transfer money between two different banks I don't think that they are going to do that for you for free.

 

 

 

I've wired money for $30 on this end and it cost 500 Baht on the other end. So for $1000 you lose around 4%. For that amount a debit card would be better. Larger sums might make it worthwhile.

[gummigut]

Ranma stated a few million baht for transfer.

 

 

 

Wire is the only way to go (don't ask about clearing an oustide bank check into a bank in Thailand. We're talking about a long long long time, and you get the worst exchange rate over time!).

 

 

 

Don't have much experience in commercial banking, but I expect they use the interbank exchange rate that you get when you withdraw from an ATM. To many large transfers going through for them to try something.

 

 

 

Additionally, given the amount you are talking about and legit purpose of course, you should be able to open a $ denominated account so you bypass the exchange rate.

 

 

 

Money exchangers will give your exceedingly aweful rates outside of Thailand.

 

 

 

The procedure that I would follow is to liquidate my assets into a bank account in the west. Inform the manager of my branch in the west of my intentions and that they will receive a fax in combination with a voice phone call for request of a wire transfer.

 

 

 

Come to Thailand. Hunt for the bank that will fit your needs. Get the pertinent wire transfer information from said bank. Go to your hotel. Fax your bank in the west and then call the bank manager to confirm fax receipt. Get expected time of wire transfer. Have them email you confirmation number. In the morning go to the Thai bank with confirmation information so there are no problems.

 

 

 

Good luck!

 

 

 

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[Guest]

Re: "I might soon have to transfer a few million baht to Thailand, and this difference in exchange rates works out to a lot of money! "

 

 

 

UK banks such as HSBC charge a fixed rate of around 15 pounds for transfers. You get the option to send the amount in sterling or baht. ALWAYS opt for sterling as the Thai bank will then convert it at a much better rate than the UK bank. For the same reason, opt for any Thai bank charges to be paid by the receiver, you just pay the 15 quid.

 

 

 

As for exchanging money, NEVER do it in the UK. I've yet to see a UK bank or bureau de change offering better rates than Thai banks. If you can, only use a credit card for emergencies as the same crappy UK rate will apply too.

 

 

[Guest]

I regularly transfer money to Thailand directly from my UK bank to my Thai bank account. Lloyds charge £25 on the UK side and about B500 at the Thai side for this. Also, the last couple of times I have made a transfer, Lloyds have used an exchange rate significantly lower then the Interbank rate (and the rate quoted by Bangkok Bank). For instance, the rate is quoted at say 61.8 but I get 59.9 from Lloyds.

 

 

 

I have therefore decided that I will no longer use the money transfer approach and instead take travellers cheques and cash with me each time I go to Thailand. But this might not be viable in your case. Anyone used Western Union before? They have offices in most places but I'm not sure if they have a limit on the amount of money you can send.

[gummigut]

ShokDee:

 

 

 

Thanks for posting your experiences. Did you by chance ask them why they are using a different rate? Or how they calculated their x-chage rate?

 

 

 

Thanks

 

 

 

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