onshore 34.49
Edited by bangkoksingapore, 2007-08-19 05:21:37.
0
Onshore/offshore Exchange Rates And Money Transfers
Started by sonicdragon, 2007-06-26 02:21
#51
bangkoksingapore
Senior Member Posted 2007-08-19 05:20:55
off 1.00 USD = 33.4000 THB
onshore 34.49 #52
markm81
Member Posted 2007-08-19 08:38:54
off 1.00 USD = 33.4000 THB onshore 34.49 actually onshore = 33.37 http://www.bangkokba...es/FX Rates.htm (note may change by the time you read it) this is for the 17th. #53
mokwit
Advanced Member Posted 2007-08-20 14:56:01
I know this has been covered because I saw posts but just can't find where (including also BoT website).
What is the threshold for inward fund transfers without incurring the 30% witholding penalty. I remember it as $10,000 but would like to be sure before I transfer. Also if I were to make e.g 1 transfer of $5000 and 1 of $6000 would I avoid or incur the penalty on the total that exceed $1000? Thanks in advance. #54
asiaexpat
Senior Member Posted 2007-08-21 13:56:03
I know this has been covered because I saw posts but just can't find where (including also BoT website). What is the threshold for inward fund transfers without incurring the 30% witholding penalty. I remember it as $10,000 but would like to be sure before I transfer. Also if I were to make e.g 1 transfer of $5000 and 1 of $6000 would I avoid or incur the penalty on the total that exceed $1000? Thanks in advance. The BoT rule is $20,000 US. #55
camerata
Right Honourable Member Posted 2007-08-21 17:29:54
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 #56
brewsterbudgen
Senior Member Posted 2007-09-25 12:50:14
I have just transferred 62,000 GBP from my Lloyds-TSB account to my Bangkok Bank account to buy a condominium. Unfortunately I had not read this thread before transferring the money and the money was transferred in Thai baht and not sterling.
I have received a fax of the Lloyds-TSB International Moneymover form used for the transfer. My mother has authority for my UK bank account and she completed the form with my (emailed) instructions and advice from Lloyds-TSB. I emphasised that the transaction should be made in sterling and not Thai baht. However, the "currency equivalent" box was ticked and although the amount was shown in GBP (62,000), "Thai baht" was written in the currency name box. Strangely, although the "sterling" box was not completed, the bank have typed "STERLING" in the currency box in the Sterling section. Lloyds also print a warning on the form, next to the Sterling section, which reads: "Sending sterling may result in delays and additional charges". This may have been the reason why my mother/the bank thought they were doing me a favour by transferring the currency equivalent instead. The mistake is therefore mine (I can hardly blame my 78 year old mother!) although I am disappointed (to say the least) that Lloyds-TSB were not aware of the ramifications of ticking the wrong box. Do I have any recourse? I have emailed Sunbeltasia (I am buying my condominium through them) but I fear there is not much that they can do. Am I right? I will also write to Lloyds-TSB as I do feel they should have been aware of the procedures for transferring large sums to Thailand (having said that, the form was completed at the, very small, Sherborne branch, although it was sent from Lloyds-TSB main branch). It would seem that I have lost in the region of 300,000 baht due to the wrong box being ticked! I am also kicking myself as I only read the pinned advice on this subject after making the transfer (it's pinned in the business/financial forum rather than the property forum so I had overlooked it - maybe it can also be pinned in the property forum?). I also now have a problem with the Foreign Exchange Transaction certificate, as the money was received in Thai baht. The Bangkok Bank have provided me with a letter/receipt showing the money is for a condominium purchase and Sunbeltasia have told me this is sufficient for the Land Department. However, when I come to sell the condo and take the proceeds out of Thailand, will the lack of a FET certificate cost me? I haven't really come to terms with the fact that I have lost in the region of 300,000 baht but it's slowly sinking in! Any advice would be most gratefully received. Thanks. #57
sonicdragon
Senior Member Posted 2007-09-27 19:41:05
I have just transferred 62,000 GBP from my Lloyds-TSB account to my Bangkok Bank account to buy a condominium. Unfortunately I had not read this thread before transferring the money and the money was transferred in Thai baht and not sterling. I have received a fax of the Lloyds-TSB International Moneymover form used for the transfer. My mother has authority for my UK bank account and she completed the form with my (emailed) instructions and advice from Lloyds-TSB. I emphasised that the transaction should be made in sterling and not Thai baht. However, the "currency equivalent" box was ticked and although the amount was shown in GBP (62,000), "Thai baht" was written in the currency name box. Strangely, although the "sterling" box was not completed, the bank have typed "STERLING" in the currency box in the Sterling section. Lloyds also print a warning on the form, next to the Sterling section, which reads: "Sending sterling may result in delays and additional charges". This may have been the reason why my mother/the bank thought they were doing me a favour by transferring the currency equivalent instead. The mistake is therefore mine (I can hardly blame my 78 year old mother!) although I am disappointed (to say the least) that Lloyds-TSB were not aware of the ramifications of ticking the wrong box. Do I have any recourse? I have emailed Sunbeltasia (I am buying my condominium through them) but I fear there is not much that they can do. Am I right? I will also write to Lloyds-TSB as I do feel they should have been aware of the procedures for transferring large sums to Thailand (having said that, the form was completed at the, very small, Sherborne branch, although it was sent from Lloyds-TSB main branch). It would seem that I have lost in the region of 300,000 baht due to the wrong box being ticked! I am also kicking myself as I only read the pinned advice on this subject after making the transfer (it's pinned in the business/financial forum rather than the property forum so I had overlooked it - maybe it can also be pinned in the property forum?). I also now have a problem with the Foreign Exchange Transaction certificate, as the money was received in Thai baht. The Bangkok Bank have provided me with a letter/receipt showing the money is for a condominium purchase and Sunbeltasia have told me this is sufficient for the Land Department. However, when I come to sell the condo and take the proceeds out of Thailand, will the lack of a FET certificate cost me? I haven't really come to terms with the fact that I have lost in the region of 300,000 baht but it's slowly sinking in! Any advice would be most gratefully received. Thanks. I can't tell you anything about the FET but as far as the transfer is concerned I don't think there is anything you can do. Sorry to give you that news. #58
kiakaha
Super Member Posted 2007-09-30 20:02:10
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) 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. #59
pkrv
Platinum Member Posted 2007-10-03 17:27:37
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) 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. 'kiakaha' - cash withdrawals on a credit card extract titanic charges, this is not a good idea. I hope that a direct sterling SWIFT transaction does not attract the offshore rate as I am going to shortly transfer 10m THB (in sterling a guestimated amount) #60
kiakaha
Super Member Posted 2007-10-03 18:04:34
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) 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. 'kiakaha' - cash withdrawals on a credit card extract titanic charges, this is not a good idea. I hope that a direct sterling SWIFT transaction does not attract the offshore rate as I am going to shortly transfer 10m THB (in sterling a guestimated amount) You should read my post my clearly. On my credit card I have zero charges and get a superb onshore exchange rate ALL the time.Not to mention that I even get paid a high interest rate on my credit balances !! Depends on your card type and your relationship with your bank. #61
Naam
Star Member Posted 2007-10-03 18:41:13
cash withdrawals on a credit card extract titanic charges, this is not a good idea. I hope that a direct sterling SWIFT transaction does not attract the offshore rate as I am going to shortly transfer 10m THB (in sterling a guestimated amount) a couple of months ago i posted that my bank offered to buy THB at ONSHORE rate but limited to either hold as fixed deposit or transfers to Thailand. i wonder whether other banks provide that option too. no foreign currency transaction to Thailand attracts offshore rates! this topic was discussed for several months ad nauseam. #62
Naam
Star Member Posted 2007-10-03 18:43:33
Depends on your card type and your relationship with your bank. #63
pkrv
Platinum Member Posted 2007-10-03 19:36:38
Depends on your card type and your relationship with your bank. Agreed I have seen a Hong Kong credit card that offers interest on positive funds, again this is simply a matter of that not everyone is in the same boat, withdraw cash on a UK credit card and you will be utterly stuffed. I think there is no blanket answer we all work together to work out what to do. I/We use i24 (no exchange fees) and AMEX 1.5% cashback but that is all that is available from the UK. Please post/PM on the card you use it would be usefull to know. Edited by pkrv, 2007-10-03 19:45:10. #64
pkrv
Platinum Member Posted 2007-10-03 20:09:56
Looking back at this thread
http://www.thaivisa....t39014-200.html QUOTE(pkrv @ 2005-07-13 13:29:55)QUOTE(penelope @ 2005-07-12 10:44:13)QUOTE(pkrv @ 2005-07-12 07:09:52)Typically UK cards offer a minimum of 0.5% cash back 1% typical and the best rate is from the American Express platinum credit card of 2%. From a personal point of view the cards offering traditional benefits are in decline, these days people go for good cash back deals (I went for the AMEX card)
I get 5% on credit balances with Visa Infinite.Not issued in the UK though.Issued from an asia-pacific region bank.
Apologies - Cash back means on each and every transaction I get; either 0.5, 1.0 or 2.0 % back, so I put everything I can on my card. I'm interested to hear about this 5% on credit balances is this the same as an account balance yielding interest?
Yes. I load cash on it and get credit interest.Actually with my bank the credit interest rate is the same for platinum and infinite cards. #65
Naam
Star Member Posted 2007-10-03 20:18:54
Please post/PM on the card you use it would be usefull to know. in real thai life it's academic for me as i/we use in Thailand (except for one supermarket) our thai card from SCB and the other cards only when we are abroad. #66
Naam
Star Member Posted 2007-10-03 20:32:50
From a personal point of view the cards offering traditional benefits are in decline, these days people go for good cash back deals (I went for the AMEX card) 
#67
pkrv
Platinum Member Posted 2007-10-03 21:01:32
From a personal point of view the cards offering traditional benefits are in decline, these days people go for good cash back deals (I went for the AMEX card) Understood i24 or Nationwide for us, bloody hel_l you would have to have a mega spreadsheet to work out the benefits 1.5% cashback or FX exposure, god knows how people cope. (AMEX = UK = 1.5% cash back that's it). Centurion I know that card not good value for money? platinum is preferable? #68
typist
Advanced Member Posted 2007-10-11 09:57:15
Soon we'll be able to celebrate one year of exchange rate confusion; the reserve requirement on short-term capital inflows was introduced on December 19 last year.
Anyone dare to predict future developments? How long will the onshore/offshore difference exist?
#69
cclub75
Platinum Member Posted 2007-10-11 10:09:15
Soon we'll be able to celebrate one year of exchange rate confusion; the reserve requirement on short-term capital inflows was introduced on December 19 last year. Anyone dare to predict future developments? How long will the onshore/offshore difference exist? Indeed. What an anniversary... As for the predictions... well I think the best thing to do is to listen to the... BOT itself. And I think it's pretty clear : Tarisa, governor of the BOT said on october 4 about the capital controls : "We must adopt this temporary measure because we cannot allow the free market mechanism" (source Nation) Voila. Meanwhile, many people do complain about the 30 % reserve rule. The property funds managers for instance... and lastly... The Public Debt Management Office ! "Director-general Pongpanu Svetarundra yesterday said the bond curve was currently quite steep, due to a wide gap between the short-term and long-term deposit rates. If the central bank allowed foreigners to invest in the country’s bond market, the spread would be narrower, and this would lower funding costs on bond offerings.“ “As the 30-per-cent reserve requirement is a temporary measure, using it for one year is enough,” he said." (source Nation) Because it is very likely that the USD will stay under pressure (mid term)... and because the key factor of the Thai economy is export.... I believe the BOT is likely to... maintain the status quo, AKA to continue to "manage" by all means the THB, in order to avoid its appreciation vis a vis USD. Actually, it's difficult to blame them : almost all the other asian central banks are doing the same (with a rainbow of differents means). Their obsession : contain, and even depress, the appreciation of their currency. That's the price they are willing to pay in order to honnor the Export God.
Edited by cclub75, 2007-10-11 10:12:59. #70
pkrv
Platinum Member Posted 2007-12-04 18:04:17
Just got back from Bangkok after making several purchases within a minute or so and can now personally confirm that the UK cards I have, worked as follows:
1) Nationwide cash point card - market rate, no fees, on-shore rate applied 2) American Express credit card about - no 'fees' but about a 1 THB difference from the market rate, on-shore rate applied. 3) i24 credit card - market rate, no fees, on-shore rate applied (though the card does cost some 275 GBP per year giving 2 cards, 2 travel insurances, 2 top of the range Priority Pass airport executive lounge accesses plus no fees/market rate on FX). Unfortunately opening a Thai bank account on a tourist visa proved all but impossible, which may cause me some problems paying utility bills. #71
marquess
marquisatal member Posted 2007-12-05 08:20:00
The onshore rates are looking more like something from a bad fairytale in comparision with the offshore ones. Who in their right mind is going to go for 68.7 baht to the pound when the off shore is 62.7/63 and the dollar is now 30.65 but still being traded here for near 34? Someone must be making a killing!? Only in Thailand hey?
Edited by marquess, 2007-12-05 08:20:49. #72
mel2surf
Senior Member Posted 2007-12-07 10:37:57
I live here using my Bank of America ATM card,withdrawing baht as needed.
Anyone know if my ATM transaction amts. are exchanged to the ONSHORE rate? Cheers, mel2surf #73
pkrv
Platinum Member Posted 2008-01-02 18:40:47
mel2surf - the best bet is to do a small transaction and then check on these sites for the rate.
http://www.bangkokba...es/FX Rates.htm or http://www.cb.ktb.co...rent)?OpenAgent If you are near these then you are getting the onshore rate. 4-5 points off you are getting the offshore rate. I did say I would comment on what happened to me with my transfer. I transfered 163,000 sterling to the developers account on Friday the 14th December (I did not have a thai account at that time). 11,051,400.00 THB arrived (after fees etc) on Monday the 17th December for a rate of 67.80. Which was OK at the time and I did check this on the above link. I guess key to this exercise was I was not in a position to negotiate a better rate for this relativly large transfer, I just had to accept the rate on the table. This is another down side to this situation (from a UK perspective anyway) UK people generally shop around and agree the rate then transfer in the local currency. The more transferred the better the rate. NAAM - BTW a paradox for UK AMEX users was that this card offered the best deal! Central in Chidlom offered a 3% discount on top of all other discounts for all purchases if you used AMEX. That coupled with a now 1.5% cash back option meant this card won hands down, dispite a small gap in the exchange rates applied with other cards. I should have added to my descriptions in the previous post that for the UK i24 offers a flat 1% cashback on all transactions and AMEX a tiered 0.5%, 1% and 1.5%. So effectivly I actually got back 4.5% for using the card - not bad if I may say so. just goes to show no hard and fast rules in life 
Edited by pkrv, 2008-01-02 18:41:48. #74
gdhm
Senior Member Posted 2008-01-03 16:32:47
besides THB i maintain a USD and an €UR account with Siam Commercial Bank since end of 2004 and i transferred several times these accounts. the reason at that time was to compare exchange rates and i noticed only a miniscule difference. soon i will close these accounts because they don't serve any purpose. I am considering opening a GBP Foreign Currency Account in my separately wife's name and my name with a view of transferring some 67,000GBP to Thailand. My desire to do this is to be in a better position to see if the GBP blips upwards against the baht a little (say to 68 with luck) and then transfer immediately across to a Baht savings accounts. (Something which would take some 10 days if the GBP is in the UK) The monies are intended for land purchase, house purchase and car purchase. If I do a SWIFT transfer in GBP direct to my savings accounts I have zero control, of what the GBP<> BAHT ER does during the 10 days of instruction my bank in UK and the transfer being processed. I could not stop the transaction if I saw a disastrous sudden drop in the GBPs ER. 1) Please may I ask you Dr. Naan what exchange rate group SCB uses when transferring money out of a FCD account to one of its Baht savings account do you know whether it uses T/T, Bank note buying rates or another group. 2) I note you say you are closing your FCD accounts soon. Please may I ask you whether, in your opinion, my reasoning for plans to open a GBP FCD to do as explained is sound logically in your opinion. OR whether you feel I would be better to just transfer GBP direct, hope for the best on the ER rate conversion when it get to a Thai bank, OR whether you feel there are other considerations (charges, commissions or option I am not aware of). Essentially, I had make all my planning on the assumption of a 68.42 Baht to the GBP (modest back in November) but as we all know the GBP has crashed since the start of December and is still dropping as I write against the baht (currently T/T onshore rates are around 65.92 to 1 GBP). I know of course that you are not clairvoyant Dr Naan and that can only surmise based upon your vast experience on money and market matters. I also appreciate the final decision/judgement call is 100% down to me and my responsibility. Nevertheless your opinion and expertise would be very much appreciated if you have the time to offer it. Regards Dave #75
mysterytrevor
Senior Member Posted 2008-01-08 01:16:28
I would like to thank the posters for all the advice given in this thread. I have just sent £2800 via Citibank in sterling to Thailand at a cost of £20 to pay for a second hand Toyota. Bangkok Bank took 500 baht and the net deposit was 185,300 baht. Thats 66.35 to the £. as against 58.01 offshore rate. A saving of over £300 pound. Wish I had known all this when I built the house
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