For practicality and because the exchange rate was lower than usual, I choose to transfer money to a thai foreign currency bank account and exchange only when the rate is back to normal. Another reason, is when you transfer dollars to thai account the bank give you a rate that is so baf whatever the situation of exchange rate.
Most thai banks charges two times fees and taxes on their meegre interest rate too.
What is astonishing is, all over the world, banks are extremely happy to get dollars into an account, which contribute to the central banks reserve in currency for international trade etc... Most banks in other countries will not charge you any fees or extremely small fixed amount.Thai banks, charge from 1 to 1.5% when you make the transfer. Let's say you transfer 50000 dollars. At 1.5% charge, they take 25,315.50 baht
it never ends, when you make a withdrawal, they charge you same 1 to 1.5%. at the end after you withdraw your money, you have paid 25,315.50 for withdrawals the total of fees is finally 50,601.00 bahts.
just for comparaison. A known bank in Malaysia charge 241 baht for deposit and 32 baht for withdrawals.can't even compare.
I don't really understand the rational behind these insane practices in Thai banking system. Did anyone have same experience or have alternatives banks that don't have these <deleted> up rules
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