With the removal of the restriction on foreign currency, has there been a change in the two rates?
What I think I really want to now is would it now be safe to have my pension paid into my Thai bank, my pension providers only pay in the local currency, and would I now get a better rate, albeit pretty poor at the moment, using my UK atm card?
On shore / off shore rates
I won't profess to being an expert on this, but a quick look at forex rates (which I believe were the offshore ones) was showing 63.49 to GBP. Bangkok Bank (onshore?) shows 62.26, so there's obviously been quite a change, especially with the offshore rate.
Wouldn't want to advise you what to do with your pension, mind.
Wouldn't want to advise you what to do with your pension, mind.
In theory the should be very close but some banks are more greedy than the Thai banks.
For example if I were to T/T one Aud from Westpac Australia today, Bangkok Bank would convert that to 29.14 Baht.
If I asked Westpac to send Baht they would only send 28.32 Baht.
In both cases the costs charged would be the same.
Not much difference but say for a annual pension of AUD$30,000 the diff would be 24,600 Baht per year.
Governor if you want to check, you just have to check the exchange rates for the financial institutions in both countries. Rates change regularly and are kept up to date on the internet.
For example if I were to T/T one Aud from Westpac Australia today, Bangkok Bank would convert that to 29.14 Baht.
If I asked Westpac to send Baht they would only send 28.32 Baht.
In both cases the costs charged would be the same.
Not much difference but say for a annual pension of AUD$30,000 the diff would be 24,600 Baht per year.
Governor if you want to check, you just have to check the exchange rates for the financial institutions in both countries. Rates change regularly and are kept up to date on the internet.
You only live once.