Exchanging Money

Post by **cookmanchef** » Tue Aug 19, 2008 11:48 pm

Coming back home to HH after a few months in UK. Looking at exchange rates today it appears that the rate available here is better than that being quoted on BBL's website.
Has something changed regarding Offshore/Onshore rates?
63.8 to £ here currently
34.1 to $

Post by **cbranscombe** » Wed Aug 20, 2008 2:09 am

Don't look at the UK bank rates go onto a Thai Bank site or the bank of Thailand to do a comparison. Lloyds/TSB will give you 57.39 but Kasikornbank will give you 62.05.

Post by **cookmanchef** » Wed Aug 20, 2008 2:40 am

Xe and Moneycorp are now around 64 and rising.

ozuncle · Post by **ozuncle** » Wed Aug 20, 2008 10:25 am

cookmanchef,
I thought those quotes were irrelevant.
Have you ever used them to exchange money?
As cb said, get your quotes online at any Thai bank website. They are accurate.

ozuncle · Post by **ozuncle** » Wed Aug 20, 2008 10:34 am

I have at times used private companies to exchange money and have recieved slightly more than the banks have offered.
Saphan Kwhai ( Three places next to each other) and more recently at "Super Rich" near Central World Plaza consistantly give a better rate.
With large amounts you must consider security.
Are there any places in HH that offer this service?

Post by **migrant** » Wed Aug 20, 2008 8:24 pm

When in Bangkok last couple years we were taken by my wife's brothers to a storefront that sold used computers, etc.

We were taken into the back room, after some discussion, and in it was a high, clean, counter with a couple cameras. Someone behind the counter exchanged our money for a rate quite a bit better than any of the banks advertised.

My wife said they were Chinese backed.

N|ot really on topic, but interesting thought I'd share.

Post by **Guess** » Thu Aug 21, 2008 9:22 pm

ozuncle wrote:cookmanchef,
I thought those quotes were irrelevant.

They are very relevant. They are the middle bank rates. This means half way between bid and offer. Buy and Sell in this context.

The tourist exchanges base their rates on those.

Like any business they buy wholesale and sell retail at a profit. The smarter one have networks where they can exchange with other exchanges for better rates.

I.e. the cheapest US Dollars you can buy in Thailand are from a tourist. However it is very much one way traffic. So you find a bank that wants dollars and has an excess of Baht which he has also bought cheaply.

The two exchanges settle up at the current bank rates which XE and other sites advertise. The banks have much faster and more up to date feeds than we do so they can stall or accelerate as needed.

If the bank rate is 64 baht per pound then it is unlikely you will get better in an exchange. You may well get better that the bank buy rate though. (They are buying Dollars or Pounds from you).

The percentages used in exchange is much lower than anywhere in the west.

Post by **cookmanchef** » Fri Aug 22, 2008 2:52 am

Spot on guess!

Post by **cookmanchef** » Fri Aug 22, 2008 2:59 am

Have now signed up with Worldfirst, they gave excellent explanation and very thorough answers to my questions. Starting small to test the water before making larger transfers. Sums are 100% guaranteed and include all fees, (subject to minimum trade), they pay both banks.
They trade millions every day so achieve the best possible rates and work with relatively small margins. (33.96 - $, 63.6 - £ today).
It would certainly appear that the days of widely differing onshore/offshore rates are a thing of the past, for now at least.

ozuncle · Post by **ozuncle** » Fri Aug 22, 2008 11:20 am

I just checked Worldwide.
63.56 not 63.6.
Also with the disclaimers.
1. Indicative rate for large transfers.
2. Please note cash rates lower.

Considering the T/T rate for Bangkok Bank is 63.305 even if you can get the 63.56 offered is it worth the effort?
Possibly for businesses transferring large amounts regularly, but I don't think the average HHADarker will bother.

Post by **BaaBaa.** » Fri Aug 22, 2008 2:33 pm

Nationwide is 63.331 today from the ATM.

Post by **cookmanchef** » Sat Aug 23, 2008 1:47 am

Sadly don't have a Nationwide account and Barclays charges are about 1000 baht for each withdrawal. How much are the charges on the Telegraphic transfer?

Post by **lomuamart** » Sat Aug 23, 2008 2:26 am

cookmanchef wrote:Sadly don't have a Nationwide account and Barclays charges are about 1000 baht for each withdrawal. How much are the charges on the Telegraphic transfer?

It's been a long time since I've had to transfer money through Barclays, but I reckon it was costing me about 20 pounds a go. Your withdrawals should never cost that much - 1,000B? It obviously depends on how much you take out, but I'm getting 59 odd after commissions. That was at two days ago.
The pound sterling is up and down. There are people better able to advise you about this, but I reckon on an average of 61 over a year - not including bank charges, If you're with Barclays, expect 57 odd.

Post by **Guess** » Mon Nov 24, 2008 8:35 am

Has anybody tried this company?

They are an international company based in the UK. From what I can gather you can open an account online for free and state what country you live in. Money can then be taken out via your bank in the country of residence. They also do international transfers via Swift. You can put money into the account from any of the list of supported counties.

They don't mention anything about transfer fees if money is put into the account in the UK and then withdrawn here in Thailand but obviously they will use an exchange rate that is favorable for them.

It could well work out, for some people, a cheap method of transferring funds from home to Thailand.

Withdrawals can only be made through designated bank accounts or credit cards. I think most Thai Banks would be OK.

https://www.moneybookers.com/

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