GBP vs THB

[DawnHRD]

How do you find out what the ATM rate is? I withdraw it from an ATM, but have always used the exchange booth rates as a guide to what I can withdraw. Reading this thread, that seems like a mistake. Can anyone advise, please?

[lomuamart]

Dawn,
Do you have internet banking? If you do have, then check straight after you've withdrawn - or at least by the next working day.
If I do that, then I get the exact rate showing as I took the money out. The following day, UK banks take their commissions/fees, so the rate alters.

[margaretcarnes]

Lomu - I used a Lloyds debit card in Europe this April with no foreign transaction fees (and a pretty good rate considering the strengthening pound at that time.) I know credit card use in ATMs anywhere will attract a fee, so am wondering now if I can use my debit card in Thai ATMS, and if so, will there still be no transaction fee there.
Will check next time in Lloyds.

[Guess]

.................so am wondering now if I can use my debit card in Thai ATMS, and if so, will there still be no transaction fee there.
................

Any card has has an ATM network sign can be used anywhere where the ATM has the same sign. There are more than one but the main one is PLUS which I believe is run by Visa.

They are the ones who set the rates. Where you lose with all exchanges is the on the buy sell differential. The UK have particularly high rates and Thailand has very low rates. The example which you can check at any bank that does exchange in the UK.

E.g. USD buy 1.8, sell 2.2

That is an exaggeration but shows how they can make so much money from Forex. ATM networks are more generous but still more expensive than Thai banks.

The rate of THB to the pound is considered to be normal at 66. This rate is generally accepted by both the Bank of Thailand and the Bank of England. I have not seen a figure for the Euro but I would guess it should be 50.

I believe dollar rate to be about 40 so it is well below at the moment.

[lomuamart]

In my experience, I lose approximately 3 Baht to the pound on every ATM transaction.

[Guess]

In my experience, I lose approximately 3 Baht to the pound on every ATM transaction.

That makes sense. 5% sell Baht making a Pound Baht Ex Differential of 10%. Slightly lower than a UK Bureau de Rip Off Terrorist Money Laundering Booth in Oxford St. or a UK retail bank.

There is a possibility the conversion is scaled. I.e the rate you get for 1,000 Baht is lower than that for 25,000 Baht.

[Super Joe]

17 month high yesterday.

SJ

[PET]

You will get the best rate if you open an account in a Hua Hin bank and transfer from say a Uk bank £ and let the Thai bank do the Fx calculation, at present for a telex transfer the rate is over 66 Bht to the £stg.

ATM rates are not as good and the only card not charging a transaction commission is Nationwide, as has been said many times on HHAD

[Wanderlust]

PET,
Good advice but the telex transfers are normally only worthwhile on large amounts because the UK banks charge quite high fees for the service normally, and they are not a percentage of the sum transferred. If someone was getting an amount every month of say £2000 or less it is likely that it will be cheaper to do that via an ATM, even with the better rate on telex transfers; this does obviously depend on which bank you are with though.

[Super Joe]

Here are today's GBP/THB rates from Siam Commercial Bank:
Telegraphic Transfer 66.21
Travellers Cheques 65.96
Notes 65.31

The best rate is by telegraphic transfer but as WL says, you have to take into account the transfer fee.
I assume there's fees with Travellers Cheques too?? but not sure as don't use them.

SJ

[kendo]

A tip from Kendo if you telex money from Natwest bank, and on the form you tick the box to pay all charges for the transfer Bangkok bank will charge there own fee's so you pay twice, this is quite a pain in the arse.
Natwest and the post office charge £20.00 for up to 1 million sterling and £25.00 if you want to express clear the money in 2 days, is there any cheeper options for transfering money,

[JimmyGreaves]

19 pounds with the Halifax and received it next day!

[Don East Stand]

I guess everyones individual circumstances are different and a lot might depend on the size of the transaction, i.e. is it a regular small amount i.e. daily living expenses, or a one off lump sum transfer to pay for house/car or whatever.

I have to say I am delighted with my Nationwide account for my daily living expenses. I can withdraw cash with no commission fees, no foreign exchange transaction fees, nothing.

I reckon I get a very good rate of exchange, 66.282 last week, and by using internet banking I can check back and see exactly what rate I got and when.

Back in March I did have one problem when the ATM did not give me the cash but it was debited from my account! The story did have a happy ending though as I got the transaction refunded and due to exchange rates they actually put more sterling back into my account than they had taken out in the first place

[lomuamart]

Withdrew a little bit today and got 66.845 before bank's deductions.

[Super Joe]

Pound is heading South again, around 64.5

SJ