The rate on the street.

[sailingbill]

2 hours ago, forcebwithu said:

It was getting close to the time I needed to transfer more funds over, so initiated a SWIFT transfer from Schwab to Bangkok Bank yesterday. Funds just hit my account, and after backing out the 500B receiving fee the rate I got was 33.17. 

I check the rate I get against the rate quoted on Xe and usually I loose about 0.15, but for some reason on this transfer there was no loss. On the send side though Schwab charged me a $15 wire transfer fee and an "other fee" of $18.82 when in the past there have been no fees. I've sent a message off to Schwab asking for explanation on the fees.

I would recommend a follow up call with Bangkok Bank for the reason why you received such a low exchange rate.

While i rarely worry on the small stuff ,this difference is = to 4 short times. I have friends paying 10k-12k in rent so a difference of 8842 in 1 month is far beyond small stuff.  Another inconvenience is the deposit must go to a Non Atm account and you cannot transfer it online. So i will be at BB February 3rd to transfer 3 months of deposits to my atm account.. I will redo the math then on the Feb. deposit. If i didn't screw the math up Ill ask for an accounting of rates and fees.

JONPAT i'm weary with the math at the moment but maybe you can take a look. SS/OPM sent $4421. Between Jan 1-3. My deposits totaled 136748.THB.  the rate difference between Jan1 and Jan 3 was not significant. I do feel i am missing something in my calcs as this is to great a difference.   Actually the difference is 9943 and the BB effective rate was 30.93. I will look closely at the next transfer/deposit in 3 weeks. If i made an error  would rather find it here than while sitting with the Bank Manager . 

 

[forcebwithu]

27 minutes ago, sailingbill said:

While i rarely worry on the small stuff ,this difference is = to 4 short times. I have friends paying 10k-12k in rent so a difference of 8842 in 1 month is far beyond small stuff.  Another inconvenience is the deposit must go to a Non Atm account and you cannot transfer it online. So i will be at BB February 3rd to transfer 3 months of deposits to my atm account.. I will redo the math then on the Feb. deposit. If i didn't screw the math up Ill ask for an accounting of rates and fees.

JONPAT i'm weary with the math at the moment but maybe you can take a look. SS/OPM sent $4421. Between Jan 1-3. My deposits totaled 136748.THB.  the rate difference between Jan1 and Jan 3 was not significant. I do feel i am missing something in my calcs as this is to great a difference.   Actually the difference is 9943 and the BB effective rate was 30.93. I will look closely at the next transfer/deposit in 3 weeks. If i made an error  would rather find it here than while sitting with the Bank Manager . 

The requirement for a non-ATM account, plus a personal visit to bank every time you want to use your Soc Sec money was the reason I elected to have my Soc Sec deposited in my US bank account.

[DP Gumbypgh]

From the BB FX pages 
TT buy rates 
Dec 30 33.2
Jan 4 open 33.12 close 33.18
Jan 5 33.05
Using Swift transfers can incur  intermediate bank fees as it doesn't always go direct from Schwab to BB. To transfer funds from overseas, Bangkok Bank will charge the beneficiary on the rate of 0.25% of the transferred amount (minimum 200 baht and maximum 500 baht)
Not sure if the $5 fee at NY bank applies to Swift transfers, that was only for ACH transfers when they were permitted. 

[forcebwithu]

36 minutes ago, DP Gumbypgh said:

From the BB FX pages 
TT buy rates 
Dec 30 33.2
Jan 4 open 33.12 close 33.18
Jan 5 33.05
Using Swift transfers can incur  intermediate bank fees as it doesn't always go direct from Schwab to BB. To transfer funds from overseas, Bangkok Bank will charge the beneficiary on the rate of 0.25% of the transferred amount (minimum 200 baht and maximum 500 baht)
Not sure if the $5 fee at NY bank applies to Swift transfers, that was only for ACH transfers when they were permitted. 

$5 fee only applies to ACH transfers.

source: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

[jacko]

Edited January 16, 2022 by jacko

[jacko]

[blue_flag]

[JONPAT]

Big difference from the airport on 24th Jan 2022 ; They rape you .

Edited January 26, 2022 by JONPAT
spelling

[TheFiend]

2 hours ago, JONPAT said:

Big difference from the airport on 24th Jan 2022 ; They rape you .

When we arrived 30th November 2021 the lady in the FX booth  tried to convince us that due to the COVID situation we wouldn't be able to get money exchanged at banks in the provinces... Ignored her advice and had no problems getting our cash swapped for baht at the bank.

[jacko]

2 hours ago, TheFiend said:

When we arrived 30th November 2021 the lady in the FX booth  tried to convince us that due to the COVID situation we wouldn't be able to get money exchanged at banks in the provinces... Ignored her advice and had no problems getting our cash swapped for baht at the bank.

There actually was some restriction applied to exchanging cash in banks at some time, as a Covid measure. Although I didn't think TT Exchanges ever did that, simply closed numerous kiosks due to reduced business. Surely you or your wife has a Thai account and simply uses Wise or Swift transfers into  it, to get better rates. 

Edited January 26, 2022 by jacko

[TheFiend]

11 hours ago, jacko said:

There actually was some restriction applied to exchanging cash in banks at some time, as a Covid measure. Although I didn't think TT Exchanges ever did that, simply closed numerous kiosks due to reduced business. Surely you or your wife has a Thai account and simply uses Wise or Swift transfers into  it, to get better rates. 

Mrs Fiend has savings accounts in Thailand with multiple banks, but doesn't have a main bank she uses.....

I'll be sorting out a Thai bank account for me later on this year.

[blue_flag]

[jacko]

[blue_flag]

[nkped]

On 1/14/2022 at 1:12 PM, forcebwithu said:

The requirement for a non-ATM account, plus a personal visit to bank every time you want to use your Soc Sec money was the reason I elected to have my Soc Sec deposited in my US bank account.

Having your government check deposited to a Thai account does facilitate your retirement extension.  On the other hand the day will probably come that I still need the money but can't make it to the bank.

[forcebwithu]

12 minutes ago, nkped said:

Having your government check deposited to a Thai account does facilitate your retirement extension.  On the other hand the day will probably come that I still need the money but can't make it to the bank.

There is that, but I'm ok with using an agent to avoid the bother of gathering bank statements and any other supporting documents the IO decides they need.

[jacko]

16 hours ago, forcebwithu said:

There is that, but I'm ok with using an agent to avoid the bother of gathering bank statements and any other supporting documents the IO decides they need.

My experience of the documents one needs, if you use an agent, is that it is not much. After I saw the queue at immigration, I balked and took my usual pile of docs to an agent. They took my passport, bank letter, copied the bankbook, and didn't need the other pile of copies I had. 

[jacko]

[Odense]

Appreciated gentlemen.
This might be easier though:
https://ttexchange.com/


Sendt fra min ANE-LX1 med Tapatalk

[keyman]

Yes, but although the same, it's not 'on the street' and could seriously harm Jacko's excuse to go for a wander if we find other resources!! ?

[maik]

8 hours ago, jacko said:

Look at RUB ?

[jacko]

[JONPAT]

On 1/14/2022 at 12:38 PM, sailingbill said:

JONPAT i'm weary with the math at the moment but maybe you can take a look.

I just now saw this post. I get the same numbers as you do, I figure 30.93 to the dollar. I'd expected near 33 or a tad more the first few days of January.  Did the Bank have an accounting you could accept ?

FWIW rate of 33.40  March 27 at Krungsri ATM from Schwab.  

 

Edited April 3, 2022 by JONPAT
spelling

[sailingbill]

45 minutes ago, JONPAT said:

I just now saw this post. I get the same numbers as you do, I figure 30.93 to the dollar. I'd expected near 33 or a tad more the first few days of January.  Did the Bank have an accounting you could accept ?

FWIW rate of 33.40  March 27 at Krungsri ATM from Schwab.  

 

i am my worst enemy as im lazy. Spent 20k last night in Bangkok and didnt get laid. But this accounting does piss me off. I will talk with BB tomorrow since i have the monthly transfer. if no resolution im moving to Schwab.  i made my rent for a year investing in Conoco Philips with Schwab. I am not a financial genius. Pussy and Rum takes most of it.

[nkped]

33.43 today on an online credit card purchase.