vibration Posted August 14, 2019 Share Posted August 14, 2019 I am a British Citizen retired and living in Thailand and I get the bulk of my pensions paid in NOK to my account in Norway. As we all know the Thai Exchange rate is very strong and this has resulted in me personally getting approximately 15% less THB than I did in 2018 when transferring funds from Norway to Thailand. I always transfer the money from Norway using Danske Bank Norway in THB as this provides a better exchange rate than sending it in NOK to Bangkok Bank as the exchange rate here is worse. My question is whether it is possible to get a better exchange rate by changing NOK to another currency and then changing that currency to THB. I realise that I could check this myself by going through all the currencies however I am wondering if there are any members that actually do this to try and get more THB. Many thanks in advance for any help. Link to comment Share on other sites More sharing options...
KhunBENQ Posted August 14, 2019 Share Posted August 14, 2019 25 minutes ago, vibration said: I always transfer the money from Norway using Danske Bank Norway in THB as this provides a better exchange rate than sending it in NOK to Bangkok Bank as the exchange rate here is worse. That is surprising, as for most currencies the opposite is true. But maybe... For comparison (Aug 14, 2019). Transferwise (electronic transfer) would give you 34211 THB for 10000 NOK (34308 for low cost transfer). Cash exchange at best changers would give 34300 THB for 10000 NOK. TT rate of Bangkok Bank is 34235 (fees occur). Money market rate (xe.com) would be 34585. What rate would your Norway bank use? (it can't be better than the money market rate) Often poor results come from fees incurred. What amounts do you transfer (approx). Link to comment Share on other sites More sharing options...
KhunBENQ Posted August 14, 2019 Share Posted August 14, 2019 25 minutes ago, vibration said: My question is whether it is possible to get a better exchange rate by changing NOK to another currency and then changing that currency to THB. With every money change you loose. No way for electronic transfer. Works for some exotic cash. NOK is not treated as an exotic currency with high margins. Link to comment Share on other sites More sharing options...
vibration Posted August 14, 2019 Author Share Posted August 14, 2019 4 hours ago, KhunBENQ said: That is surprising, as for most currencies the opposite is true. But maybe... For comparison (Aug 14, 2019). Transferwise (electronic transfer) would give you 34211 THB for 10000 NOK (34308 for low cost transfer). Cash exchange at best changers would give 34300 THB for 10000 NOK. TT rate of Bangkok Bank is 34235 (fees occur). Money market rate (xe.com) would be 34585. What rate would your Norway bank use? (it can't be better than the money market rate) Often poor results come from fees incurred. What amounts do you transfer (approx). First many thanks for your input the Danske Bank exchange rate today is at 3.37 THB for 1 NOK and the Bangkok Bank exchange rate is 3.3 THB for 1 NOK and in my experience it has always been best for me to use the Danske Bank exchange rate. When I send money I always select to pay the transfer fees from Bangkok Bank as these are much cheaper than the Danske Bank transfer fees. I used to transfer 100000 THB however now I only transfer approx 40000 THB per month as I have decided not to invest more here due to the very bad exchange rate. Link to comment Share on other sites More sharing options...
KhunBENQ Posted August 14, 2019 Share Posted August 14, 2019 56 minutes ago, vibration said: and the Bangkok Bank exchange rate is 3.3 THB for 1 NOK 3.30 is the bank note buying rate (cash exchange). Relevant for wire transfer is the TT rate, 3.43250 today. Fee at Bangkok Bank for exchange is 0.25%, min 200, max 500 Baht. Can't tell about possible other fees (by Norway bank or intermediate banks). https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates TT is the 2nd column from right. Link to comment Share on other sites More sharing options...
Naam Posted August 14, 2019 Share Posted August 14, 2019 9 hours ago, vibration said: My question is whether it is possible to get a better exchange rate by changing NOK to another currency and then changing that currency to THB. I realise that I could check this myself by going through all the currencies however I am wondering if there are any members that actually do this to try and get more THB. this is a misconception as your NOK are not directly exchanged into THB but the "pair" rate USD/NOK is used to exchange into "pair" rate USD/THB, id est even if you ask your bank in Norway to exchange NOK into USD and transfer these USD to your Thai bank you won't notice any difference. sorry to disappoint you. Link to comment Share on other sites More sharing options...
Naam Posted August 14, 2019 Share Posted August 14, 2019 Quote vibration said: I always transfer the money from Norway using Danske Bank Norway in THB as this provides a better exchange rate than sending it in NOK to Bangkok Bank as the exchange rate here is worse. Link to comment Share on other sites More sharing options...
vibration Posted August 15, 2019 Author Share Posted August 15, 2019 15 hours ago, KhunBENQ said: 3.30 is the bank note buying rate (cash exchange). Relevant for wire transfer is the TT rate, 3.43250 today. Fee at Bangkok Bank for exchange is 0.25%, min 200, max 500 Baht. Can't tell about possible other fees (by Norway bank or intermediate banks). https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates TT is the 2nd column from right. Many thanks for your reply I have clearly not understood the exchange rates and I will now use Bangkok Bank for exchanging from NOK to THB as the rate is better. Link to comment Share on other sites More sharing options...
vibration Posted August 15, 2019 Author Share Posted August 15, 2019 11 hours ago, Naam said: this is a misconception as your NOK are not directly exchanged into THB but the "pair" rate USD/NOK is used to exchange into "pair" rate USD/THB, id est even if you ask your bank in Norway to exchange NOK into USD and transfer these USD to your Thai bank you won't notice any difference. sorry to disappoint you. Many thanks for your reply Link to comment Share on other sites More sharing options...
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