This will not stop - the market now has its teeth firmly in.
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Onshore/offshore Exchange Rates And Money TransfersSome basic info and general advice
Started by sonicdragon, 2007-06-26 02:21
#27
Advanced Member Posted 2007-08-02 19:08:28
Forgive me for being a dumbass and pointing out the obvious. But surely this discrepancy between on/offshore rates is wide open to abuse?
As an example.... Take 10,000 Pounds which in the UK are worth 65bht per pound (hypothetical). 650,000bht. Transfer to Thai Bank stipulating that the sum must arrive in the Thai Bank as pounds. They covert the pounds to baht using their onshore rate of 68bht to the pound. 680,000bht. Then, transfer the 680,000bht back to the UK, ensuring the conversion is done when the cash arrives in the UK. They convert it to pounds using the 65bht (hypothetical) rate = 10,461 pounds. Hey presto, you've just made 461 pounds. Use 100,000 pounds as the starting figure and you've made 4610 pounds. Or am I getting the wrong end of the stick? #28
Advanced Member Posted 2007-08-03 15:14:10
Is there a possibility to open a foreign currency account at a Thai bank and transfer money from abroad directly to this account?
Or is there a snag? this sound too simple #29
Star Member Posted 2007-08-03 16:04:10
Is there a possibility to open a foreign currency account at a Thai bank and transfer money from abroad directly to this account? Or is there a snag? this sound too simple #30
Star Member Posted 2007-08-03 16:12:37
Forgive me for being a dumbass and pointing out the obvious. But surely this discrepancy between on/offshore rates is wide open to abuse? Or am I getting the wrong end of the stick?  forces me to tell you that you are indeed "getting the wrong end f the stick". tranfers of THB abroad = normally no can do! THB are exchanged into Forex of your choice at ONSHORE rate. no abuse, no profit.
#31
Advanced Member Posted 2007-08-03 17:48:32
Forgive me for being a dumbass and pointing out the obvious. But surely this discrepancy between on/offshore rates is wide open to abuse? Or am I getting the wrong end of the stick? forces me to tell you that you are indeed "getting the wrong end f the stick". tranfers of THB abroad = normally no can do! THB are exchanged into Forex of your choice at ONSHORE rate. no abuse, no profit.Thank you for your understanding Dr. Naam.  I'll go back to sleep now.
#32
Platinum Member Posted 2007-08-03 20:30:31
Forgive me for being a dumbass and pointing out the obvious. But surely this discrepancy between on/offshore rates is wide open to abuse? Or am I getting the wrong end of the stick? forces me to tell you that you are indeed "getting the wrong end f the stick". tranfers of THB abroad = normally no can do! THB are exchanged into Forex of your choice at ONSHORE rate. no abuse, no profit.Thank you for your understanding Dr. Naam. I'll go back to sleep now.BelfastMike - you are not wrong, however Dr Naam is also no fool and indeed IMO is a valued contributor. But my response to Dr Naam would be along the lines of. 1) Are Condominium purchases officially exempt from the exchange rate dilemma and is their proof this is so? (BTW I have even been given TAX ID's) 2) If there is a foreign exchange 'mistake' to what regulatory body would I report this? Edited by pkrv, 2007-08-03 20:32:21. #33
Star Member Posted 2007-08-03 21:14:43
Are Condominium purchases officially exempt from the exchange rate dilemma 
#34
Platinum Member Posted 2007-08-03 22:50:12
Are Condominium purchases officially exempt from the exchange rate dilemma Dr Naam - We are different individuals, but what the hel_l, that is life (and bloody hel_l it would be boring if was not) - Look I am used to seeing what it is I am doing, In this instance I cannot, I have tried everything I can think of. However you gave no answers to the questions? I'm sorry I think in these terms. #35
Star Member Posted 2007-08-04 06:50:18
Are Condominium purchases officially exempt from the exchange rate dilemma Dr Naam - We are different individuals, but what the hel_l, that is life (and bloody hel_l it would be boring if was not) - Look I am used to seeing what it is I am doing, In this instance I cannot, I have tried everything I can think of. However you gave no answers to the questions? I'm sorry I think in these terms. i repeat that there is no such thing like an exchange rate "dilemma" and i have no idea what you mean by "foreign exchange mistake".
#36
Super Member Posted 2007-08-04 10:36:09
I was sent 2,574 GBP yesterday by TT and it's come in at B58 = 1GBP, which is obviously the offshore rate.
The same person sent me money to me before and I got the onshore rate. I haven't been able to check with my bank, but the guy in the UK has been to his bank who claims that sterling was sent. His bank says the problem is at my end, but it appears that Baht has been sent to Thailand. Can ppl offer explanations as to what's happened? #37
Platinum Member Posted 2007-08-04 15:28:47
Hi Dr Naam and Smithson - Trying to work this through Smithson is effectively 'Testing The Market' as he carries out transfers, I guess as he has read this thread knows what to do yet got hit by the offshore rate (and thanks for the honesty few people have the capacity to do this).
I'm afraid that I had already tested the market and worked out what to do with relatively small trades. The next is 10m THB so testing the market again is not an option. (FYI I used World First could pay fees at the Thai end as well as the UK end (if applicable) and virtually hit the true market rate, the exact amount of THB arrives as payment). Dr Naam The information I am looking for may not seem related but I can use it as ammunition. 1) Are Condominium purchases officially absolutely subject to onshore rates as has been suggested on other threads and is their proof (a web site government statement etc) this is so? (BTW I have even been given TAX ID's) 2) If I get the wrong rate (for whatever reason) who would I report this to, the BoT? Next week we will visit Bangkok Bank - London, anything that can be used to help would be deeply appreciated. #38
Star Member Posted 2007-08-04 16:02:34
pkrv,
from now on i will refrain to read the rubbish you are spreading in this thread and i hope you don't mind 
#39
Platinum Member Posted 2007-08-07 15:51:26
I have now had the opportunity of speaking with Bangkok Bank UK - There is no concept of a UK account. In my case final payment must essentially be to the developer in sterling (an overestimated random amount) - This was reinforced/stressed by Bangkok Bank London. At this time I believe Nationwide can assist with a SWIFT transfer, but will check.
I must be in Thailand to open an account with Bangkok Bank, which I will do to pay bills etc. Asking what if there was a discrepancy with onshore and off shore rates being applied, the answer was I will need to address this with the bank personally. Thanks all for the information, I hope I have contributed in repayment for all the help given. #40
Platinum Member Posted 2007-08-09 14:36:39
Perhaps if lay out my situation it would assist in an understanding of the situation I am currently in?
What should happen is that I fly over to Bangkok and inspect the property, if happy execute an FX trade from anywhere in the world, a crisp exact amount arrives to the developer, contracts cleanly for filled (and at a rate/fee I agree to), and documentation produced. What is going to happen is more like the following: 1) Before flying over execute a non standard, relatively large, pure sterling trade, which will set off money laundering alarm bells left right and centre, please bare in mind that I work with one of the two systems that transacts almost all global FX trade 2) The developer will be paid before I have inspected. (Not really a problem for me they are very good). 3) I will have to alert the developer that I will over send. I can see the day rate but cannot predict the rate in say 2-3 days time. 4) In order to cover my ass - I will have to alert the developer that if the wrong rate (that I will not be given the opportunity to agree to, regardless of it being right or wrong) is applied (despite my best efforts) there will be a 1m THB shortfall and that we will have to work together to clear the mess up. A contingency must also be put in place to handle this should things go very wrong, so that I can complete my contractual obligations. I'm afraid this is not clean, this is not tidy, and this is a bloody mess. Edited by pkrv, 2007-08-09 14:37:34. #41
Advanced Member Posted 2007-08-09 22:15:46
I am an exchange student here in Thailand, and send $2,000NZD (+$25 Transfer fees) monthly to my Bangkok Bank account from my New Zealand account (ASB).
1. I instructed my NZ banker to send the amount to my Bangkok bank account (Swift transfer), The correspondent bank received 43,900 and took a commission of 100THB then sent it along to my Bangkok Bank account, who then took a commission of 500THB. So I assume the offshore rate was applied in NZ. I ended up with 43,800. 2. If I exchanged NZ notes in Bangkok Bank, the buying rate was 25.73 as of 9Aug07 so I would have received 51,460 - 500fees what is a possible solution to this? Obviously instruct to send as $NZ and use the onshore rate, but can the rate differ to such an extent with such a small amount of money? (Approx 7,700THB) #42
Platinum Member Posted 2007-08-10 15:24:43
I am an exchange student here in Thailand, and send $2,000NZD (+$25 Transfer fees) monthly to my Bangkok Bank account from my New Zealand account (ASB). 1. I instructed my NZ banker to send the amount to my Bangkok bank account (Swift transfer), The correspondent bank received 43,900 and took a commission of 100THB then sent it along to my Bangkok Bank account, who then took a commission of 500THB. So I assume the offshore rate was applied in NZ. I ended up with 43,800. 2. If I exchanged NZ notes in Bangkok Bank, the buying rate was 25.73 as of 9Aug07 so I would have received 51,460 - 500fees what is a possible solution to this? Obviously instruct to send as $NZ and use the onshore rate, but can the rate differ to such an extent with such a small amount of money? (Approx 7,700THB) TonyBkk - You are working this through but have essentially answered your own question, don't know how to do it from NZ but NZD to Bangkok is what is required. Don't worry about the fees you are seeing, essentially you are being on passed the bill for using the global FX network, these fees look OK, and yes the rate applies to all. #43
member inspector Posted 2007-08-10 15:38:57
hi guys,
i am going to the uk soon and would like to know whether its best to get sterling here, or exchange baht in the uk. or use my thai bank card for withdrawal (SCB). thanks for your help. #44
Member Posted 2007-08-10 15:44:02
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 There I saw your posting a few minutes ago and I was wondering what was the final outcome, ie if there is a way to take advantage of the spread between onshore and offshore rates? Thanks a lot yours Miguel #45
Platinum Member Posted 2007-08-10 17:51:19
hi guys, i am going to the uk soon and would like to know whether its best to get sterling here, or exchange baht in the uk. or use my thai bank card for withdrawal (SCB). thanks for your help. It would appear that you should exchange in Thailand (any corrections?, who knows how the card will work?), however that too is bad news, people should not be forced to carry cash around with them on long journeys. Edited by pkrv, 2007-08-10 18:03:47. #46
member inspector Posted 2007-08-10 22:06:18
hi guys, i am going to the uk soon and would like to know whether its best to get sterling here, or exchange baht in the uk. or use my thai bank card for withdrawal (SCB). thanks for your help. It would appear that you should exchange in Thailand (any corrections?, who knows how the card will work?), however that too is bad news, people should not be forced to carry cash around with them on long journeys. yes thats what i thought. i think they may charge excessive fees to withdraw money from the bank. cash it is then. cheers 
#47
Senior Member Posted 2007-08-17 15:01:44
hi everyone
does anyone know what the limit is in thai law to transfer money to offshore account? How much per month for example....am wanting to put business profits into alternate accounts outside of thailand in dollar or sterling.....any advice would be great! Thanks #48
Senior Member Posted 2007-08-18 07:15:23
What is an ATM card for Americans that doesnt charge a fee and gives a fair onshore rate (no 1-3% fee)?
#49
Senior Member Posted 2007-08-18 07:19:49
HSBC's rates are better then Bangkok banks rates
http://www.hsbc.co.t...change_rate.htm http://www.bangkokba...k+Bank/main.htm #50
Member Posted 2007-08-18 17:14:47
Has anyone noticed, there is no longer a difference between onshore and offshore rate in thailand? This has been so over the last 48 hours. Can someone please explain what is happening?
I am guessing it has to do with the Global correction. The thai baht has fallen in value dramtically. I am converting Aussie dollars to THB. The offshore rate is now more favourable, whereas a week ago, the onshore rate was about 10% better!! |
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