« Prev Page 5 of 7 3 4 5 6 7 Next Please log in to reply 165 replies to this topic

[TheRoadRunner]

orlandoiam, on 2007-07-20 13:24:30, said:

Hi--- I'm in the process of returning to the U.S. after living here for about 4 years...so now I'm transfering my Thai Baht back to my American account. I've already done one transaction, where I got a dollar for 33.5 baht. But I'm trying to figure out if I can get a better rate. I've been reading your onshore, offshore posts...but I don't understand them.

(this is the first time i've ever taken note of fluctuations of the dollar/baht...as it's the first time it could ever noticeably effect me...)

Is there a way to transfer Thai baht to America so I get a better rate? I'm mildly confused--- Could someone explain this to me?

Hi .... How do you transfer large sums OUT of Thailand?

[TheRoadRunner]

orlandoiam, on 2007-07-20 13:24:30, said:

Hi--- I'm in the process of returning to the U.S. after living here for about 4 years...so now I'm transfering my Thai Baht back to my American account. I've already done one transaction, where I got a dollar for 33.5 baht. But I'm trying to figure out if I can get a better rate. I've been reading your onshore, offshore posts...but I don't understand them.

(this is the first time i've ever taken note of fluctuations of the dollar/baht...as it's the first time it could ever noticeably effect me...)

Is there a way to transfer Thai baht to America so I get a better rate? I'm mildly confused--- Could someone explain this to me?

Hi.... How do you transfer large sums OUT of Thailand? Banks refusing.

[hhgz]

"just check the bangkok bank web site for the up to date exchange rate"

The best exchange rate I've found:
X One Money Exchange
SE corner of Suriwong and Soi Anglo
(a couple hundred meters east of Suriwong and Narathiwas)

[HYENA]

TheRoadRunner, on 2009-01-20 11:38:32, said:

orlandoiam, on 2007-07-20 13:24:30, said:

Hi--- I'm in the process of returning to the U.S. after living here for about 4 years...so now I'm transferring my Thai Baht back to my American account. I've already done one transaction, where I got a dollar for 33.5 baht. But I'm trying to figure out if I can get a better rate. I've been reading your onshore, offshore posts...but I don't understand them.

(this is the first time i've ever taken note of fluctuations of the dollar/baht...as it's the first time it could ever noticeably effect me...)

Is there a way to transfer Thai baht to America so I get a better rate? I'm mildly confused--- Could someone explain this to me?

Hi.... How do you transfer large sums OUT of Thailand? Banks refusing.

I would just mule it out (but that's me)..that's how I move money but it's usually 20kUSD or so. Just get the biggest bills you can, wear a 6 pocket jacket, use 2 wallets and a travel pouch and put each piece in a different bin at the airport. They never look at money when it's one stack one bin, another stack another bin. Got tired of being ripped off.

Recently I did find a better bank that gives the actual rate and charges no atm fees so going there, I'm OK now.

Edited by HYENA, 2009-02-03 21:42:42.

[HYENA]

mriley, on 2008-01-31 09:26:43, said:

Just a thought before traveling to Thailand you can order currency from most commercial banks, at least here in the USA you can some require you to have an account with them while others do not. Fleet used to allow you to place orders and it would arrive in a few days but since Bank Of America purchased them they changed this policy. Another option I like is american express through their website they allow you to order most foreign currencies it is sent express overnight to you some what like a cash advance but you pay the exchange rate. Some currency takes a little longer but most is readily available to order.


http://www10.america...41,22383,00.asp

My friend went to Bank of America yesterday after making an appointment to change about $4200 and get Baht. They told him no fee and they'd do it courtesy since he's a customer. So he gets there and they want to charge him $40 plus the rate they were offering was 32/dollar (yesterday it should have been something like 35/dollar). He got so angry, they called security!

I learned Charles Schwab...they give the REAL rate and don't charge ATM fees so my sweetie has a Schwab card I fill up and she'll pass it to her mom when we get back here. I'll need it there for business purchases, as well (I'm only spending maybe $3000 a month but it's convenient to not get charged a single baht and get the Forex live rate. They make you get a brokerage account then a checking account so opening 2 ATM cards I have 4 accounts. Takes some getting used to but I love the old fashioned bank...they charge no fees for anything and refund ATM fees if an off shore ATM charges you stupid fees.


. Someone here told me to get Schwab and that was the best advice I've had..saved me hundreds of dollars in stupid fees.

Edited by HYENA, 2009-02-03 21:53:12.

[Lasic1]

That may very well be true that they have some clap trap system to keep their currency artifically high off-shore.  However an even greater reason to keep the baht riding high on-shore is the 14 million or so tourists that come here every year. Can you imagine how much foreign currency is converted into baht for in country spending? I think their currency has been artificially high for some time but it's about to float circa IMF 97.

sonicdragon, on 2007-06-25 14:21:24, said:

Perhaps the powers that be might consider pinning this thread to avoid repeated discussions.

The onshore/offshore dichotomy exists as a result of capital controls introduced by the BoT to reduce speculative inflows intending to profit from an appreciation in the baht. These controls put an effective 10% tax on large inward speculative remittances and introduced a ban on certain inter-bank transactions between onshore and offshore institutions. This leads to an artificially stronger baht in the offshore market. See post #119 here for further details on this:
http://www.thaivisa....h...2702&st=115

For people wanting to send money to Thailand by bank transfer (sometimes called a "wire transfer" or a "swift transfer" or a "telegraphic transfer"), in order to get the onshore rate, the money must be sent in foreign currency and converted "onshore". The best way to do that is to specify the "correspondent bank" details to the sending bank. The "correspondent bank" is an intermediary bank that sits between the sending bank and the receiving bank and the details comprise of 1. the bank name & address, 2. swift code and 3. the receiving bank's account number with the correspondent bank; and the details will be available from the receiving bank if you ask. If you don't specify the correspondent bank details, or if you are vague about whether you are sending baht or foreign currency, then the sending bank could easily convert it at the offshore rate (since they are located offshore from thailand) and send the baht to thailand. It is normal banking practice in the UK to do this.

Another way to get the onshore rate is obviously to bring physical cash into thailand and exchange it there.

Yet another way is to take advantage of certain banks that offer free overseas ATM transactions AND also give the onshore rate. Nationwide in the UK is currently one such bank that does so.

[gdhm]

As Nationwide ATM charges have been mentioned here is an update:

From May 2009 Nationwide Building Society will not be paying the VISA currency conversion fee for ATM cash debits (form outside the EU) to made by customers to their UK NW current accounts. NW was previously paying these fees on behalf of their customer.

Visa has now decided to raise their fee they charge banks from 0.84% to 1% and NW have decided to cease paying the currency conversion fees completely although they themselves will still NOT make any commission charges.

This will mean that for every maximum withdrawal of 300 GBP 1% of it (currently about 150 Baht, 3GBP) will be taken for the VISA currency Conversion charge).

Not too bad compared to other UK banks and still much cheaper than a SWIFT transaction (unless huge) and avoids the receiving Thai banks charging commission upon receipt (which most do)

NW info link is:  
http://www.nationwid...ransactions.htm

(NW credit card rates are also to rise in May 2009)


Regards
Dave

[Rudey]

Can anyone tell me if they are still considering de-valuing the Thai Baht and if so, any hints as to when????

[Kimera]

Rudey, on 2009-04-02 12:01:14, said:

Can anyone tell me if they are still considering de-valuing the Thai Baht and if so, any hints as to when????

Thats the million dollar question    doubt you will get the answer  

[pkrv]

gdhm, on 2009-03-03 05:52:03, said:

As Nationwide ATM charges have been mentioned here is an update:

From May 2009 Nationwide Building Society will not be paying the VISA currency conversion fee for ATM cash debits (form outside the EU) to made by customers to their UK NW current accounts. NW was previously paying these fees on behalf of their customer.

Visa has now decided to raise their fee they charge banks from 0.84% to 1% and NW have decided to cease paying the currency conversion fees completely although they themselves will still NOT make any commission charges.

This will mean that for every maximum withdrawal of 300 GBP 1% of it (currently about 150 Baht, 3GBP) will be taken for the VISA currency Conversion charge).

Not too bad compared to other UK banks and still much cheaper than a SWIFT transaction (unless huge) and avoids the receiving Thai banks charging commission upon receipt (which most do)

NW info link is:
http://www.nationwid...ransactions.htm

(NW credit card rates are also to rise in May 2009)


Regards
Dave

Seconded - good post!

[pkrv]

I thought this may be a good place to post information on opening a Bangkok Bank passbook savings account. My experiences are logged here and are valid only for Bangkok Bank's head office near Soi 3 Silom Road.

http://www.thaivisa.com/forum/Open-Bank-Account-t154359.html

Note: Critical to this information is we opened a (in our case joint) passbook savings account, the only account I am aware you can have on a TOURIST VISA ONLY. This information is quite old (2007) so fees may have changed. But I can assure you that I tried everything, and lots of banks, wasted lots of holiday time, and got nowhere. IMO Bangkok Bank has the best ATM's, passbook update machines (available everywhere), machines that credit cash to your account, you get interest and an international direct debit and cash point card (for which a fee is charged, they show up as two ATM charges on the 31st December, a bit confusing). You can also set up automatic (direct debit) payments of utility bills at counter 54.



You will need the following:

1) Time! - Assign two half days to the task.

2) Proof of address – I used my blue book and property (condominium) registration documents.

3) A letter from your embassy a.) Certifying your passport, b.)Provide proof of address in Thailand, and c.) no record to your detriment has been logged with the embassy. A link to an example of the letter for British passport holders provided by Bangkok Bank is here: (but none the less gives a general overview of what is required).

LINK to example letter is at end of post...

4) Money (or credit/debit card) to pay the fee for the required letter. This was 2,448 THB (per letter) at the British Embassy

For a British passport Holder:

Step 1 - Simply download the sample letter print it out and take it to the British Embassy (whose address is shown on the sample letter) along with the other documentation (take everything!). Here is a link for the opening times:

http://www.britishem...d=1065714376732

Step 2 – Ask for the passport (and notarisation) section. You need to go up the stairs on the left just after the entrance door that you are shown to.

Step 3- Take a queuing ticket by pressing the top button – take your seat and wait to be called. This could be 1-2 hours.

Step 4 – Present the sample letter, documentation etc and explain what you need. You will be asked to return the next day to pick up the letter.

Step 5 – Return to the same department the next MORNING but this time press the second button on the queuing system as there is a dedicated pick up counter operating in the mornings only. This is a quicker process (if you get it right).

Process continued below….

Non British Passport holder

To get a sample letter from Bangkok Bank for your particular embassy, go through the revolving doors and walk straight ahead. You will come to a lectern in front of a dividing wall. To the left is a ticket queuing machine. Select the green savings button for opening a savings account with an English speaker. Proceed on and wait for your ticket to be called (note the screen is separate and to the right at the back of the room). Once you have your example letter you can go to your embassy. BTW It is very possible someone at Bangkok Bank may simply just offer a helping hand if you look unsure.

Note you may be able to use the UK Embassy letter, because it is the generic text that counts.

Generic steps at Bangkok Bank

1) Return/Go to Bangkok Bank head office fully armed with all documentation, 500 THB opening credit deposit and 600 THB for an international cash point card and separate debit card.

2) At Bangkok Bank's head office go through the revolving doors and walk straight ahead. You will come to a lectern in front of a dividing wall. To the left is a ticket queuing machine. Select the green savings button for opening a savings account with an English speaker. Proceed on and wait for your ticket to be called (note the screen is separate and to the right at the back of the room). After that just be polite and courteous and you will get a passbook cash and debit card BUT sadly no internet banking. This is pretty much the only account you can open on a tourist visa but it does help when it comes to paying local utility bills by direct debit.

NOTES:

I did ask Hemaraj a .SETI 30 listed company to see if they could help. Much to their embarrassment they could not assist in making the process any simpler. They kindly provided a letter stating I was a good client and could the bank assist, but how much this helped I don't know. I understand that this has changed but have no personal experience of this.

YOU MUST have the letter from your embassy FULL STOP.

IRRITATINGLY Bangkok Bank will keep the original, a copy is not enough. I did not know this at the time but consider the embassy letter to be a useful document in its own right. Just a thought but it may be prudent to ask for several copies to be produced by your Embassy as this may save time in the future.

Sorry I can't help with other banks or other Bangkok Bank account branches.

PKRV.

Note Link to this specific reply is:

http://www.thaivisa....c...2896&st=100

Attached Files

•  temp2.gif   380.45K   15 downloads

Edited by pkrv, 2009-04-30 17:45:49.

[pkrv]

Post deleted - The last link did not work as I expected and I could not fix it.

Note Link to this specific reply is:

Edited by pkrv, 2009-04-30 19:18:34.

[Bucko]

Re--the post below----That seems a lot of shagging around for a Savings Account----easier to do what I did --walk into the Ayudhya Bank with passport---mine had the 30 day visa on arrival stamp ---fill out the application--I gave my TgF address--deposited 5000baht--walked out with a passbook and ATM card----Simple ?---or did they just like my face ?   --also got online access--- so I can transfer funds into the account from overseas.

Bucko

pkrv, on 2009-04-30 18:20:43, said:

I thought this may be a good place to post information on opening a Bangkok Bank passbook savings account. My experiences are logged here and are valid only for Bangkok Bank's head office near Soi 3 Silom Road.

http://www.thaivisa.com/forum/Open-Bank-Account-t154359.html

Note: Critical to this information is we opened a (in our case joint) passbook savings account, the only account I am aware you can have on a TOURIST VISA ONLY. This information is quite old (2007) so fees may have changed. But I can assure you that I tried everything, and lots of banks, wasted lots of holiday time, and got nowhere. IMO Bangkok Bank has the best ATM's, passbook update machines (available everywhere), machines that credit cash to your account, you get interest and an international direct debit and cash point card (for which a fee is charged, they show up as two ATM charges on the 31st December, a bit confusing). You can also set up automatic (direct debit) payments of utility bills at counter 54.



You will need the following:

1) Time! - Assign two half days to the task.

2) Proof of address – I used my blue book and property (condominium) registration documents.

3) A letter from your embassy a.) Certifying your passport, b.)Provide proof of address in Thailand, and c.) no record to your detriment has been logged with the embassy. A link to an example of the letter for British passport holders provided by Bangkok Bank is here: (but none the less gives a general overview of what is required).

LINK to example letter is at end of post...

4) Money (or credit/debit card) to pay the fee for the required letter. This was 2,448 THB (per letter) at the British Embassy

For a British passport Holder:

Step 1 - Simply download the sample letter print it out and take it to the British Embassy (whose address is shown on the sample letter) along with the other documentation (take everything!). Here is a link for the opening times:

http://www.britishem...d=1065714376732

Step 2 – Ask for the passport (and notarisation) section. You need to go up the stairs on the left just after the entrance door that you are shown to.

Step 3- Take a queuing ticket by pressing the top button – take your seat and wait to be called. This could be 1-2 hours.

Step 4 – Present the sample letter, documentation etc and explain what you need. You will be asked to return the next day to pick up the letter.

Step 5 – Return to the same department the next MORNING but this time press the second button on the queuing system as there is a dedicated pick up counter operating in the mornings only. This is a quicker process (if you get it right).

Process continued below….

Non British Passport holder

To get a sample letter from Bangkok Bank for your particular embassy, go through the revolving doors and walk straight ahead. You will come to a lectern in front of a dividing wall. To the left is a ticket queuing machine. Select the green savings button for opening a savings account with an English speaker. Proceed on and wait for your ticket to be called (note the screen is separate and to the right at the back of the room). Once you have your example letter you can go to your embassy. BTW It is very possible someone at Bangkok Bank may simply just offer a helping hand if you look unsure.

Note you may be able to use the UK Embassy letter, because it is the generic text that counts.

Generic steps at Bangkok Bank

1) Return/Go to Bangkok Bank head office fully armed with all documentation, 500 THB opening credit deposit and 600 THB for an international cash point card and separate debit card.

2) At Bangkok Bank's head office go through the revolving doors and walk straight ahead. You will come to a lectern in front of a dividing wall. To the left is a ticket queuing machine. Select the green savings button for opening a savings account with an English speaker. Proceed on and wait for your ticket to be called (note the screen is separate and to the right at the back of the room). After that just be polite and courteous and you will get a passbook cash and debit card BUT sadly no internet banking. This is pretty much the only account you can open on a tourist visa but it does help when it comes to paying local utility bills by direct debit.

NOTES:

I did ask Hemaraj a .SETI 30 listed company to see if they could help. Much to their embarrassment they could not assist in making the process any simpler. They kindly provided a letter stating I was a good client and could the bank assist, but how much this helped I don't know. I understand that this has changed but have no personal experience of this.

YOU MUST have the letter from your embassy FULL STOP.

IRRITATINGLY Bangkok Bank will keep the original, a copy is not enough. I did not know this at the time but consider the embassy letter to be a useful document in its own right. Just a thought but it may be prudent to ask for several copies to be produced by your Embassy as this may save time in the future.

Sorry I can't help with other banks or other Bangkok Bank account branches.

PKRV.

Note Link to this specific reply is:

http://www.thaivisa....c...2896&st=100

Edited by Bucko, 2009-05-03 16:23:54.

[cgit6]

Bucko, on 2009-05-03 16:09:23, said:

Re--the post below----That seems a lot of shagging around for a Savings Account----easier to do what I did --walk into the Ayudhya Bank with passport---mine had the 30 day visa on arrival stamp ---fill out the application--I gave my TgF address--deposited 5000baht--walked out with a passbook and ATM card----Simple ?---or did they just like my face ? --also got online access--- so I can transfer funds into the account from overseas.

Bucko

Ayudhya Bank insisted on 3 months in country (first time in Pattaya) and then a Working Permit (2nd time in BKK) for me

[twinkie]

Deposit money onto a New Zealand credit card and withdraw cash at ATMs in Thailand and you get the onshore rate.
SWIFT transfers attract the offshore rate.

You'll need a credit card that has no fees for ATM withdrawals or alternatively a good relationship with your bank and ask them to wipe all your transaction fees
Has worked for me for many, many years now. I get cash out of the ATM, usually 20K Baht a pop, and then deposit it into my Thai bank account.

[/quote]

I'm interested in whether my mastercard (Ignite/Westpac) could get me the onshore rates through Thailand ATMs.  I rang Westpac, they couldn't tell me, but advised to contact Mastercard.  They gave me Mastercard website, this has no contact numbers except an emergency number.  When I dialled this, I discovered I was back to Westpac (and not 'collect', as the operator/robot had indicated).  Westpac put me through to American Express (!!WTF?) who also didn't know what onshore/offshore was all about.  She had no number for Mastercard, but recommended I call the number on the back of my credit card ... you guessed - it was another number for Westpac.  Besided the fact that I'm thoroughly ticked off with companies like Mastercard making themselves uncontactable, I still really want to know if using their card would be the way to go.  

They did mention that as well as the 5AUD ATM charge on every transaction, there were also fees amounting to about 3% on every withdrawal also.

Can anybody advise?  Any Aussies out there using this system?

Thanks in advance and BTW, this thread is so fascinating.

[pkrv]

You guys need to understand that your questions are actually not questions. The On Shore Off Shore issue has gone away.

A SWIFT transfer simply means you are usually on passed a fee for the transaction. Your card will operate in a different way to mine, but I have no idea how an NZD based card would work.

Please go back though this thread

I am UK and my own card Nationwide may now be replaced by just simply taking cash over.

[pkrv]

This is a great thread on Thai Banking and how to go about it. It gives some ANSWERS!

http://www.thaivisa....k...50&start=50

I too need to get back to this tread on Bangkok Internet banking as it MAY be achievable. It is said you have to demonstrate longer term history/commitment that kind of stuff. I will seek to confirm in August/September.

PKRV

[peter991]

An interesting read. I have been carefully following the Thai baht and Australian dollar rates, using both Thai Visa and UCC. Yesterday, both rates were showing around 27.4 THB = $AUD1.

When I went to change money at the TMB money change booth between Immigration and Baggage Claim at Suvarnabhumi Airport yesterday morning, I only got 26.25 THB to the $AUD1.

Where is the other 1.15 baht to the $AUD1 - I used to get the listed ThaiVisa rate. The other bank's money changing booth offered the same rates.

Peter

[lediana]

Thanks for the suggestion, I wish it had worked.

[TALBOT983]

Hello; I am new to this, I am looking for Thai banking info. I am gifting my Thai girlfriend all of my monthly royalty income from the US but have heard that Thai banks charge a LOT if a check drawn on an Americian bank in US dollars. Help , is there any Thai bank that dosen't rape you?

[Jimjim]

What's the current consensus on best place to get money exchanged in Bangkok?  I don't want to do too much at the airport as they have the worst rate, and for obvious reasons.  But I will exchange a larger sum in Bangkok and wondered if any have noticed a certain exchange booth or exchange shop that gives the best rates.

[fresnoboy]

peter991, on 2009-06-30 13:02:18, said:

An interesting read. I have been carefully following the Thai baht and Australian dollar rates, using both Thai Visa and UCC. Yesterday, both rates were showing around 27.4 THB = $AUD1.

When I went to change money at the TMB money change booth between Immigration and Baggage Claim at Suvarnabhumi Airport yesterday morning, I only got 26.25 THB to the $AUD1.

Where is the other 1.15 baht to the $AUD1 - I used to get the listed ThaiVisa rate. The other bank's money changing booth offered the same rates.

Peter

I also notice that the rate for exchange of USD in the Thai Visa exchange is a little different from what I can get at any bank. So, unless someone can tell me WHERE these rates are available, it seems to serve no purpose to have them listed.

FB

[JAS21]

pkrv, on 2009-05-20 19:41:04, said:

You guys need to understand that your questions are actually not questions. The On Shore Off Shore issue has gone away.

A SWIFT transfer simply means you are usually on passed a fee for the transaction. Your card will operate in a different way to mine, but I have no idea how an NZD based card would work.

Please go back though this thread

I am UK and my own card Nationwide may now be replaced by just simply taking cash over.

Well, for the present,  I have also given up with Nationwide ATM withdrawal.

I did a TT transfer from my UK Bank on Tuesday to my BB. My UK Bank actually charged me twenty seven pounds as I wanted same day money, it’s 5GBP cheaper if you don’t mind waiting several days.

Now I received 332260 Baht and the cost was 6027GBP. That gave me an overall exchange rate of 55.12 and Bangkok Bank were showing 55.46 all day on their web site, so before their charge, which seems to be 500Baht they actually gave me their quoted rate.

As bad luck would have it the previous day’s rate was 55.83 and I would have been some 2000Baht better off. Still better than the ATM rate you now get with the FLEX card.

[Chicog]

Someone I met last week mentioned that he set up two paypal accounts, one attached to his Thai Bank and one attached to his N. American Bank.

Then he uses PayPal to send money here.

Note sure about the rates and such, but they charge a fee of $5 per $1000 which doesn't sound too bad.

Anybody else do this?

[someoneelse]

Chicog, on 2010-01-11 22:46:07, said:

Someone I met last week mentioned that he set up two paypal accounts, one attached to his Thai Bank and one attached to his N. American Bank.

Then he uses PayPal to send money here.

Note sure about the rates and such, but they charge a fee of $5 per $1000 which doesn't sound too bad.

Anybody else do this?

Paypal forex fees:

Quote

If your transaction involves a currency conversion, it will be completed at a retail foreign exchange rate determined by PayPal, which is adjusted regularly based on market conditions. This exchange rate includes a 2.5% spread above the wholesale exchange rate at which PayPal obtains foreign currency, and the spread is retained by PayPal.

A 2.5% spread isn't great (it's $25 per $1000) but it's better than some (my bank here in Australia appears to charge around 5% on AUD/THB).

The best spreads I've found are at Oanda (www.oanda.com) - I haven't used them, but they offer international money transfers on USD/THB at a spread of 0.1% (during business hours), plus a $25 fee (some banks may also charge a fee to send or receive money to or from Oanda too). If you're transferring more than a few thousand dollars, it'll be worth it.