Two-tier exchange rate experiences

Post by **JimboPSM** » Sun Jan 28, 2007 9:17 am

At the moment there are no apparent guidelines from the Bank of Thailand (or any other source) as to how the two-tier exchange rate system should operate with respect to transactions that involve retired expats and tourists

For example, as a real opening frightener, for a retirement visa it is possible that you might actually need to send the equivalent of 1,142,857 THB to receive 800,000 THB because of 30% possibly being withheld and even worse, that might be at the offshore rate

Until it becomes clearer what the rules are for different types of transaction it would be helpful, as a start, for those members who make THB withdrawals from ATMâ€™s in Thailand using overseas cards (GBP, USD, EUR, AUD) and who can quickly find out what rate that it is exchanged as in the overseas currency could briefly post the details in this thread.

As experience is gained with other transactions, these could also be added.

Post by **JimmyGreaves** » Sun Jan 28, 2007 10:08 am

Getting a good rate at the moment using my Nationwide Debit card here in Hua Hin at the SCB banks ATM machines.

Friday 26/02/2007 - 70.?? to 1 UK pound
Saturday 27/02/2007 - 69.97 to 1 UK pound

I'm interested in someone sending sterling from UK.

Post by **Wanderlust** » Sun Jan 28, 2007 10:18 am

OK, my most recent ATM withdrawals and purchases, using my Barclays Connect card, have been as follows (date is when debited from my account, not when the transaction was done, which is often a few days different, shown in brackets):
29/01/2007 (26/01) ATM 5000 baht GBP 74.53 = 67.09 (68.47)
29/01/2007 (25/01) Purchase 1536.76 baht GBP 22.45 = 68.45
25/01/2007 (24/01) ATM 5000 baht GBP 73.66 = 67.88 (69.29)
24/01/2007 (22/01) Purchase 3216.50 baht GBP 46.60 = 69.02
24/01/2007 (22/01) Purchase 1325 baht GBP 19.19 = 69.05
23/01/2007 (19/01) ATM 10000 baht GBP 147.68 = 67.71 (68.41)

I would say that the card purchases are a better guide as they do not attract any fees, but I have calculated what I believe the true rate I got on these transactions to be and added them in brackets. I think Barclays charge a flat fee of ?1.50 for all ATM withdrawals on my account. If someone has the relevant exchange rates available for those dates it should shed some light hopefully.

Post by **JimboPSM** » Sun Jan 28, 2007 10:24 am

JimmyGreaves wrote:Getting a good rate at the moment using my Nationwide Debit card here in Hua Hin at the SCB banks ATM machines.

Friday 26/02/2007 - 70.?? to 1 UK pound
Saturday 27/02/2007 - 69.97 to 1 UK pound

I'm interested in someone sending sterling from UK.

Now if those were Jan 26 & 27 transactions they would be "onshore" rates and actually very close to the TT rate which is good news, unfortunately I don't know the rates for Feb 26 & 27 yet

Unfortunately, I don't know anyone who has sent sterling since this two-tier rate started so I have no idea how it will get treated.

Post by **lomuamart** » Sun Jan 28, 2007 12:17 pm

I'm the same as WL - Barclays Connect card

26/01 ATM 3,000 45.19 (66.39)
23/01 ATM 9,000 132.91 (67.71)
18/01 ATM 5,000 74.74 (66.90)
15/01 ATM 7,000 104.96 (66.70)
09/01 ATM 5,000 75.71 (66.04)
03/01 ATM 10,000 148.86 (67.18)

I always lose about THB3 to the pound on ATM withdrawals, so the exchange rates were approx THB3 higher than shown here as the transactions would have happened a couple of days before those shown above.

WL - I'm pretty sure that the 1.50 GBP charge was changed a while ago. It's now a %age commission and %age handling charge. But good old Barclays do have a habit of changing the goalposts every now and then.

Post by **JimmyGreaves** » Sun Jan 28, 2007 5:48 pm

Don't understand why you guys never opened a Nationwide account and moved your money from Barclays every now and then as the rates are much better?

Post by **Wanderlust** » Mon Jan 29, 2007 9:17 am

JimmyGreaves wrote:Don't understand why you guys never opened a Nationwide account and moved your money from Barclays every now and then as the rates are much better?

I have personal reasons to not trust Nationwide after they f***ed up my mortgage some years ago, which took months to sort out even after the Banking Ombudsman ruled in my favour. Barclays on the other hand have always given me excellent service, which I reward by staying with them.

Post by **JimmyGreaves** » Mon Jan 29, 2007 12:47 pm

Wanderlust wrote:
JimmyGreaves wrote:Don't understand why you guys never opened a Nationwide account and moved your money from Barclays every now and then as the rates are much better?
I have personal reasons to not trust Nationwide after they f***ed up my mortgage some years ago, which took months to sort out even after the Banking Ombudsman ruled in my favour. Barclays on the other hand have always given me excellent service, which I reward by staying with them.

Now I understand.

Post by **PeteC** » Mon Jan 29, 2007 1:21 pm

OK, here's my recent experience with USD from a US bank that does not charge any ATM fees so below rates are pure.

Jan 5 35.494
Jan 16 35.603
Jan 23 35.568
Jan 24 35.534
Jan 27 35.460

As of this moment Yahoo finance is showing 33.35 and Bangkok Bank 35.45 for $50-100. Pete

Post by **JimboPSM** » Mon Jan 29, 2007 8:00 pm

prcscct wrote:OK, here's my recent experience with USD from a US bank that does not charge any ATM fees so below rates are pure.

Jan 5 35.494
Jan 16 35.603
Jan 23 35.568
Jan 24 35.534
Jan 27 35.460

As of this moment Yahoo finance is showing 33.35 and Bangkok Bank 35.45 for $50-100. Pete

These are approx 1% below TT rate and IMHO are not unreasonable as there is no additional ATM fee.

Post by **Onlyme** » Tue Jan 30, 2007 10:08 am

Never had any problems with Nationwide and never paid any commission on any ATM withdrawals in the last 4 1/2 years in Thailand.

03 January 2007 5,000.00THB at 70.942

11 January 2007 Cash 5,000.00THB at 69.512

15 January 2007 Cash 5,000.00THB at 70.323

22 January 2007 Cash 5,000.00THB at 70.972

23 January 2007 Cash 10,000.00THB at 70.921

26 January 2007 Cash 3,000.00THB at 70.339

Post by **JimboPSM** » Tue Jan 30, 2007 10:44 am

Glad to see that "onshore" rate with Nationwide as I use their card for my cash when I'm in Thailand (which will be next week).

On a more worrying note, on another forum, an Australian got hit with the "offshore" rate using a Kasikorn ATM on 29th Jan for a withdrawal of 20,000 baht, it cost him 775 AUD against 710 AUD earlier in the month, unfortunately don't know which bank

Post by **JimmyGreaves** » Wed Jan 31, 2007 2:30 pm

Needed to withdraw 40,000 Baht Yesterday.

20,000 Baht on my Flexaccount Debit (Blue Card) = 20,000.00THB at 69.937 £285.97

20,000 Baht on my Flexaccount Cash Card (Red Card) = 20,000.00THB at 66.666 £300.00

Transactions at the same time.

Bloody 14 Quid Difference. Shall be having a word with them.

CRAZY!

Post by **lomuamart** » Wed Jan 31, 2007 4:03 pm

Withdrew 10,000 this morning and got slightly over 70 to the baht. This is before my charges with Barclays are deducted. Thats got to be a true exchange rate though. I'll end up with around 67 afterwards, tomorrow, as I've always said.

Post by **Onlyme** » Thu Feb 01, 2007 12:07 am

Loumart, I don't understand why you appear not to be able to grasp the differentials between Barclays and Nationwide?
I was being offered 70.40 to the UK pound today 31st Jan. I wouldn't pay any charges whatsoever with the Nationwide.
It's pretty obvious that Nationwide is far better!

Hua Hin Forum

Two-tier exchange rate experiences

Two-tier exchange rate experiences

Nationwide Rate 30/1/2006