Carmine6 Posted February 19, 2007 Share Posted February 19, 2007 Using the "Baht Rates" link at the top of this site shows about 35.9 baht per dollar right now. If I use xe.com or oanda.com, or other usually reliable sources I get 33.8 baht per dollar. The thing is, I just sent some money and it went through at the higher rate. Normally the xe.com rate is right on. The way my transfers work is it's in US dollars and then either a bank in NY changes it or Bangkok Bank in Thailand changes it. Is there some kind of currency control for relatively small amounts? This transfer was about 95,000 baht. Link to comment Share on other sites More sharing options...
britmaveric Posted February 19, 2007 Share Posted February 19, 2007 offshore and onshore rates. In thailand rate is much better then outside, hence the two different rates. Link to comment Share on other sites More sharing options...
Carmine6 Posted February 19, 2007 Author Share Posted February 19, 2007 offshore and onshore rates. In thailand rate is much better then outside, hence the two different rates. Thanks britmaveric. I guess the question now is why has the spread opened so wide? Has to be some kind of control going on. Link to comment Share on other sites More sharing options...
britmaveric Posted February 19, 2007 Share Posted February 19, 2007 offshore and onshore rates. In thailand rate is much better then outside, hence the two different rates. Thanks britmaveric. I guess the question now is why has the spread opened so wide? Has to be some kind of control going on. Yes the BOT is trying to stop the forex speculators. Link to comment Share on other sites More sharing options...
bkkandrew Posted February 20, 2007 Share Posted February 20, 2007 offshore and onshore rates. In thailand rate is much better then outside, hence the two different rates. Thanks britmaveric. I guess the question now is why has the spread opened so wide? Has to be some kind of control going on. Yes the BOT is trying to stop the forex speculators. Who are exactly the group that get excited and encouraged by a rate variance opening up! BTW - has anyone any data on the rate achieved by cash withdrawel on a thai bank card in ATMs , say in UK? Link to comment Share on other sites More sharing options...
edwinchester Posted February 20, 2007 Share Posted February 20, 2007 Can anyone offer any advice on a cunning plan I have? Money in my Thai account is from abroad so free to take out of Thailand right? Take out say 1 million baht. Fly down to Singapore and sell for 33.8 equals 29586 dollars. Fly back to LOS and pay back into my account at 35.9 equals 1062137 Baht. Take off flight and there is an easy profit of at least 50k Bht. Feel free to discuss. Link to comment Share on other sites More sharing options...
bkkandrew Posted February 20, 2007 Share Posted February 20, 2007 (edited) Can anyone offer any advice on a cunning plan I have?Money in my Thai account is from abroad so free to take out of Thailand right? Take out say 1 million baht. Fly down to Singapore and sell for 33.8 equals 29586 dollars. Fly back to LOS and pay back into my account at 35.9 equals 1062137 Baht. Take off flight and there is an easy profit of at least 50k Bht. Feel free to discuss. Illegal to take more than 50K out of the country in cash. Cash would seized and you nicked. Bad... However, this was the basis of me asking if anyone had a note of the rate achieved by using Thai card in UK at ATM, would I get the offshore or onshore rate? Then I could peicemeal "empty" my Thai account and change back in cash when back here... Edited February 20, 2007 by bkkandrew Link to comment Share on other sites More sharing options...
topfield Posted February 20, 2007 Share Posted February 20, 2007 Can anyone offer any advice on a cunning plan I have?Money in my Thai account is from abroad so free to take out of Thailand right? Take out say 1 million baht. Fly down to Singapore and sell for 33.8 equals 29586 dollars. Fly back to LOS and pay back into my account at 35.9 equals 1062137 Baht. Take off flight and there is an easy profit of at least 50k Bht. Feel free to discuss. Illegal to take more than 50K out of the country in cash. Cash would seized and you nicked. Bad... However, this was the basis of me asking if anyone had a note of the rate achieved by using Thai card in UK at ATM, would I get the offshore or onshore rate? Then I could peicemeal "empty" my Thai account and change back in cash when back here... Great question bkkandrew...lets hope someone holding a Thai bank card sends in a reply as to the rate given when his card used for a withrawal in the UK....70 or 65 (approx) As for edwinchesters posting above , have checked actual rates in Singapore. By illegally taking out a million baht one can make a profit of 16.000 baht . So is it worth the risk of confiscation and imprisonment ? How long can the subsidised rate remain with such clear possibilities for illegal note smuggling ? It would be sad for all expats living here to lose that wonderful four baht per pound spending bonus we are currently being gifted by K.Tarisa because of a handful of crooks. Agreed ? Link to comment Share on other sites More sharing options...
bkkandrew Posted February 20, 2007 Share Posted February 20, 2007 Can anyone offer any advice on a cunning plan I have?Money in my Thai account is from abroad so free to take out of Thailand right? Take out say 1 million baht. Fly down to Singapore and sell for 33.8 equals 29586 dollars. Fly back to LOS and pay back into my account at 35.9 equals 1062137 Baht. Take off flight and there is an easy profit of at least 50k Bht. Feel free to discuss. Illegal to take more than 50K out of the country in cash. Cash would seized and you nicked. Bad... However, this was the basis of me asking if anyone had a note of the rate achieved by using Thai card in UK at ATM, would I get the offshore or onshore rate? Then I could peicemeal "empty" my Thai account and change back in cash when back here... Great question bkkandrew...lets hope someone holding a Thai bank card sends in a reply as to the rate given when his card used for a withrawal in the UK....70 or 65 (approx) As for edwinchesters posting above , have checked actual rates in Singapore. By illegally taking out a million baht one can make a profit of 16.000 baht . So is it worth the risk of confiscation and imprisonment ? How long can the subsidised rate remain with such clear possibilities for illegal note smuggling ? It would be sad for all expats living here to lose that wonderful four baht per pound spending bonus we are currently being gifted by K.Tarisa because of a handful of crooks. Agreed ? I will be testing my theory when I fly out later this week, but I have to get my Kasikorn Internet banking working again first, as I have forgotten the password, as otherwise I will have no record of the rate used.. Link to comment Share on other sites More sharing options...
Gaudente Posted February 20, 2007 Share Posted February 20, 2007 Can anyone offer any advice on a cunning plan I have?Money in my Thai account is from abroad so free to take out of Thailand right? wrong. Words "rights" and "farang" never work together in Thailand. Make a search of my previous posts to discover why. Take out say 1 million baht. Fly down to Singapore and sell for 33.8 equals 29586 dollars.Fly back to LOS and pay back into my account at 35.9 equals 1062137 Baht. Take off flight and there is an easy profit of at least 50k Bht. Feel free to discuss. wrong. In Singapore the exchange rate is the same, except of course commissions to pay. Link to comment Share on other sites More sharing options...
Gaudente Posted February 20, 2007 Share Posted February 20, 2007 Using the "Baht Rates" link at the top of this site shows about 35.9 baht per dollar right now. If I use xe.com or oanda.com, or other usually reliable sources I get 33.8 baht per dollar.The thing is, I just sent some money and it went through at the higher rate. Normally the xe.com rate is right on. The way my transfers work is it's in US dollars and then either a bank in NY changes it or Bangkok Bank in Thailand changes it. Is there some kind of currency control for relatively small amounts? This transfer was about 95,000 baht. Quite simply: 35.90 is the rate applied if you swift money out of Thailand. 33.80 is the rate applied by your homeland bank if you use your ATM card or credit card here (plus commissions of course) Link to comment Share on other sites More sharing options...
Naam Posted February 20, 2007 Share Posted February 20, 2007 "Quite simply: 35.90 is the rate applied if you swift money out of Thailand. 33.80 is the rate applied by your homeland bank if you use your ATM card or credit card here (plus commissions of course)" ***** has anybody tried to "swift" money out at these rates? Link to comment Share on other sites More sharing options...
Gaudente Posted February 20, 2007 Share Posted February 20, 2007 "Quite simply: 35.90 is the rate applied if you swift money out of Thailand.33.80 is the rate applied by your homeland bank if you use your ATM card or credit card here (plus commissions of course)" ***** has anybody tried to "swift" money out at these rates? me. 7th Feb (after 3 days of siege) the foreign exchange office of Bangkok Bank, Pattaya 2nd road branch, finally capitulated to my 3kg documentation and swifted out the awesome amount of 26,000 USD charging my account for 934,060 baht (deducted the 400 baht expenses, that' s 933,660 baht for an exchange rate of 35.91) Link to comment Share on other sites More sharing options...
Carmine6 Posted February 20, 2007 Author Share Posted February 20, 2007 (edited) Using the "Baht Rates" link at the top of this site shows about 35.9 baht per dollar right now. If I use xe.com or oanda.com, or other usually reliable sources I get 33.8 baht per dollar.The thing is, I just sent some money and it went through at the higher rate. Normally the xe.com rate is right on. The way my transfers work is it's in US dollars and then either a bank in NY changes it or Bangkok Bank in Thailand changes it. Is there some kind of currency control for relatively small amounts? This transfer was about 95,000 baht. Quite simply: 35.90 is the rate applied if you swift money out of Thailand. 33.80 is the rate applied by your homeland bank if you use your ATM card or credit card here (plus commissions of course) Guess I was vague before. I wired money into Thailand and it went at around 35.6 so it worked better for my situation. Oddly, the Thai customs website says this: "Outbound passengers: Unlimited amount of foreign currencies are permitted to carry out of Thailand. However, the amount of Baht 50,000 or more in Thai currency must be reported on departure, except those traveling to Lao PDR., Myanmar, Cambodia, Malaysia, and Vietnam are allowed to take out Thai currency not exceeding 500,000 Baht." So, if this is still true, you could take more out by making a stop over. But then you'd be subject to their rules for carrying cash out. Edited February 20, 2007 by Carmine6 Link to comment Share on other sites More sharing options...
Naam Posted February 20, 2007 Share Posted February 20, 2007 "Quite simply: 35.90 is the rate applied if you swift money out of Thailand.33.80 is the rate applied by your homeland bank if you use your ATM card or credit card here (plus commissions of course)" ***** has anybody tried to "swift" money out at these rates? me. 7th Feb (after 3 days of siege) the foreign exchange office of Bangkok Bank, Pattaya 2nd road branch, finally capitulated to my 3kg documentation and swifted out the awesome amount of 26,000 USD charging my account for 934,060 baht (deducted the 400 baht expenses, that' s 933,660 baht for an exchange rate of 35.91) 3kg documentation explain a lot. if it wasn't for this i would be busy doing nothing else than transferring money out and in again. two transfers would equal the yield p.a. of a high risk thai corporate bond like G-Steel. Link to comment Share on other sites More sharing options...
Gaudente Posted February 21, 2007 Share Posted February 21, 2007 "Quite simply: 35.90 is the rate applied if you swift money out of Thailand.33.80 is the rate applied by your homeland bank if you use your ATM card or credit card here (plus commissions of course)" ***** has anybody tried to "swift" money out at these rates? me. 7th Feb (after 3 days of siege) the foreign exchange office of Bangkok Bank, Pattaya 2nd road branch, finally capitulated to my 3kg documentation and swifted out the awesome amount of 26,000 USD charging my account for 934,060 baht (deducted the 400 baht expenses, that' s 933,660 baht for an exchange rate of 35.91) 3kg documentation explain a lot. if it wasn't for this i would be busy doing nothing else than transferring money out and in again. two transfers would equal the yield p.a. of a high risk thai corporate bond like G-Steel. really the 3 days siege and 3kg documentation just show how Thai are crazy. I changed baht to USD at 35.91, that is the in-shore unfavourable rate. I did a BAD bargain and actually helped BOT to keep the baht low. Yet to have this "priviledge" had to breach through their "rubber wall". I really expected the red carpet instead, BUT THIS IS THAILAND. (and I repeat my advice NOT to invest a satang here) Link to comment Share on other sites More sharing options...
Naam Posted February 21, 2007 Share Posted February 21, 2007 i misread your earlier post Gaudente and was under the impression that you 'swifted' THB out of Thailand, not USD. until a few months ago i only swifted THB into Thailand. something i won't do next time i need some money. Link to comment Share on other sites More sharing options...
Jchr10 Posted February 21, 2007 Share Posted February 21, 2007 Using the "Baht Rates" link at the top of this site shows about 35.9 baht per dollar right now. If I use xe.com or oanda.com, or other usually reliable sources I get 33.8 baht per dollar.The thing is, I just sent some money and it went through at the higher rate. Normally the xe.com rate is right on. The way my transfers work is it's in US dollars and then either a bank in NY changes it or Bangkok Bank in Thailand changes it. Is there some kind of currency control for relatively small amounts? This transfer was about 95,000 baht. Quite simply: 35.90 is the rate applied if you swift money out of Thailand. 33.80 is the rate applied by your homeland bank if you use your ATM card or credit card here (plus commissions of course) So, I'm moving to BKK in a few weeks. Before I would bring some cash, and use ATM and credit card as needed, no spread to speak of in the exchange rates. Now I should just bring cash? SWIFT money to an account here? ATM bad? Jay Link to comment Share on other sites More sharing options...
libya 115 Posted February 21, 2007 Share Posted February 21, 2007 I withdrew 10,000 baht on Tuesday 20th 2007 and received the rate below: Visa Debit Card: Offshore British Bank. (GBP) THAI FARMERS B/ROYAL GARD TH 10000.00 XR 67.4764 The intra-day trading range was (GBP) 65.7-69.7 so I think I got a fair deal (I was expecting a possible 64.) Link to comment Share on other sites More sharing options...
topfield Posted February 21, 2007 Share Posted February 21, 2007 I withdrew 10,000 baht on Tuesday 20th 2007 and received the rate below:Visa Debit Card: Offshore British Bank. (GBP) THAI FARMERS B/ROYAL GARD TH 10000.00 XR 67.4764 The intra-day trading range was (GBP) 65.7-69.7 so I think I got a fair deal (I was expecting a possible 64.) ......................................................................... How come something fishy going on... A friend got 69.7 on that day. Are you not mistaken ? Today the rate not much changed ......see from Visa official website : "Currencies fluctuate every day. The rate shown is effective for transactions submitted to Visa on February 21, 2007. 1 British Pound = 69.76 Thai Baht " Link to comment Share on other sites More sharing options...
libya 115 Posted February 21, 2007 Share Posted February 21, 2007 I withdrew 10,000 baht on Tuesday 20th 2007 and received the rate below:Visa Debit Card: Offshore British Bank. (GBP) THAI FARMERS B/ROYAL GARD TH 10000.00 XR 67.4764 The intra-day trading range was (GBP) 65.7-69.7 so I think I got a fair deal (I was expecting a possible 64.) ......................................................................... How come something fishy going on... A friend got 69.7 on that day. Are you not mistaken ? Today the rate not much changed ......see from Visa official website : "Currencies fluctuate every day. The rate shown is effective for transactions submitted to Visa on February 21, 2007. 1 British Pound = 69.76 Thai Baht " My bank states quite clearly that I get 2.75% less than the true rate. However: If that is the case I should have received an XR of 67.8416 Unless I was processed a day later? Link to comment Share on other sites More sharing options...
topfield Posted February 22, 2007 Share Posted February 22, 2007 I withdrew 10,000 baht on Tuesday 20th 2007 and received the rate below:Visa Debit Card: Offshore British Bank. (GBP) THAI FARMERS B/ROYAL GARD TH 10000.00 XR 67.4764 The intra-day trading range was (GBP) 65.7-69.7 so I think I got a fair deal (I was expecting a possible 64.) ......................................................................... How come something fishy going on... A friend got 69.7 on that day. Are you not mistaken ? Today the rate not much changed ......see from Visa official website : "Currencies fluctuate every day. The rate shown is effective for transactions submitted to Visa on February 21, 2007. 1 British Pound = 69.76 Thai Baht " "My bank states quite clearly that I get 2.75% less than the true rate." However: If that is the case I should have received an XR of 67.8416 Unless I was processed a day later? ................................................................................ ........................................... "My bank states quite clearly that I get 2.75% less than the true rate." Dear Friend, Since N/W uniquely has NO CHARGES WHATSOEVER you must have used the card of a different bank. Barclays ? Natwest ? Link to comment Share on other sites More sharing options...
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