Two-tier exchange rate experiences

JimboPSM

At the moment there are no apparent guidelines from the Bank of Thailand (or any other source) as to how the two-tier exchange rate system should operate with respect to transactions that involve retired expats and tourists banghead

For example, as a real opening frightener, for a retirement visa it is possible that you might actually need to send the equivalent of 1,142,857 THB to receive 800,000 THB because of 30% possibly being withheld and even worse, that might be at the offshore rate Cussing

Until it becomes clearer what the rules are for different types of transaction it would be helpful, as a start, for those members who make THB withdrawals from ATM’s in Thailand using overseas cards (GBP, USD, EUR, AUD) and who can quickly find out what rate that it is exchanged as in the overseas currency could briefly post the details in this thread.

As experience is gained with other transactions, these could also be added.

JimmyGreaves · Guru Joined: 17 Oct 2005 Posts: 589

Getting a good rate at the moment using my Nationwide Debit card here in Hua Hin at the SCB banks ATM machines.

Friday 26/02/2007 - 70.?? to 1 UK pound
Saturday 27/02/2007 - 69.97 to 1 UK pound

I'm interested in someone sending sterling from UK.

Wanderlust · Posted: Sun Jan 28, 2007 10:18 am Post subject:

OK, my most recent ATM withdrawals and purchases, using my Barclays Connect card, have been as follows (date is when debited from my account, not when the transaction was done, which is often a few days different, shown in brackets):
29/01/2007 (26/01) ATM 5000 baht GBP 74.53 = 67.09 (68.47)
29/01/2007 (25/01) Purchase 1536.76 baht GBP 22.45 = 68.45
25/01/2007 (24/01) ATM 5000 baht GBP 73.66 = 67.88 (69.29)
24/01/2007 (22/01) Purchase 3216.50 baht GBP 46.60 = 69.02
24/01/2007 (22/01) Purchase 1325 baht GBP 19.19 = 69.05
23/01/2007 (19/01) ATM 10000 baht GBP 147.68 = 67.71 (68.41)

I would say that the card purchases are a better guide as they do not attract any fees, but I have calculated what I believe the true rate I got on these transactions to be and added them in brackets. I think Barclays charge a flat fee of ?1.50 for all ATM withdrawals on my account. If someone has the relevant exchange rates available for those dates it should shed some light hopefully.

JimboPSM · Posted: Sun Jan 28, 2007 10:24 am Post subject:

lomuamart · Posted: Sun Jan 28, 2007 12:17 pm Post subject:

I'm the same as WL - Barclays Connect card

26/01 ATM 3,000 45.19 (66.39)
23/01 ATM 9,000 132.91 (67.71)
18/01 ATM 5,000 74.74 (66.90)
15/01 ATM 7,000 104.96 (66.70)
09/01 ATM 5,000 75.71 (66.04)
03/01 ATM 10,000 148.86 (67.1 Cool

I always lose about THB3 to the pound on ATM withdrawals, so the exchange rates were approx THB3 higher than shown here as the transactions would have happened a couple of days before those shown above.

WL - I'm pretty sure that the 1.50 GBP charge was changed a while ago. It's now a %age commission and %age handling charge. But good old Barclays do have a habit of changing the goalposts every now and then.
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"I spent a lot of my money on booze, birds and fast cars - the rest I just squandered". George Best.

JimmyGreaves · Guru Joined: 17 Oct 2005 Posts: 589

Don't understand why you guys never opened a Nationwide account and moved your money from Barclays every now and then as the rates are much better?

Wanderlust · Posted: Mon Jan 29, 2007 9:17 am Post subject:

JimmyGreaves · Guru Joined: 17 Oct 2005 Posts: 589

prcscct · Posted: Mon Jan 29, 2007 1:21 pm Post subject:

OK, here's my recent experience with USD from a US bank that does not charge any ATM fees so below rates are pure.

Jan 5 35.494
Jan 16 35.603
Jan 23 35.568
Jan 24 35.534
Jan 27 35.460

As of this moment Yahoo finance is showing 33.35 and Bangkok Bank 35.45 for $50-100. Pete

JimboPSM · Posted: Mon Jan 29, 2007 8:00 pm Post subject:

Onlyme · Specialist Joined: 10 Jul 2006 Posts: 227 Location: Cha-am

Never had any problems with Nationwide and never paid any commission on any ATM withdrawals in the last 4 1/2 years in Thailand. Very Happy

03 January 2007 5,000.00THB at 70.942

11 January 2007 Cash 5,000.00THB at 69.512

15 January 2007 Cash 5,000.00THB at 70.323

22 January 2007 Cash 5,000.00THB at 70.972

23 January 2007 Cash 10,000.00THB at 70.921

26 January 2007 Cash 3,000.00THB at 70.339
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JimboPSM · Posted: Tue Jan 30, 2007 10:44 am Post subject:

Glad to see that "onshore" rate with Nationwide as I use their card for my cash when I'm in Thailand (which will be next week).

On a more worrying note, on another forum, an Australian got hit with the "offshore" rate using a Kasikorn ATM on 29th Jan for a withdrawal of 20,000 baht, it cost him 775 AUD against 710 AUD earlier in the month, unfortunately don't know which bank Sad

JimmyGreaves · Guru Joined: 17 Oct 2005 Posts: 589

Needed to withdraw 40,000 Baht Yesterday.

20,000 Baht on my Flexaccount Debit (Blue Card) = 20,000.00THB at 69.937 £285.97

20,000 Baht on my Flexaccount Cash Card (Red Card) = 20,000.00THB at 66.666 £300.00

Transactions at the same time.

Bloody 14 Quid Difference. Shall be having a word with them.

CRAZY!

lomuamart · Posted: Wed Jan 31, 2007 4:03 pm Post subject:

Withdrew 10,000 this morning and got slightly over 70 to the baht. This is before my charges with Barclays are deducted. Thats got to be a true exchange rate though. I'll end up with around 67 afterwards, tomorrow, as I've always said.
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"I spent a lot of my money on booze, birds and fast cars - the rest I just squandered". George Best.

Onlyme · Specialist Joined: 10 Jul 2006 Posts: 227 Location: Cha-am

Loumart, I don't understand why you appear not to be able to grasp the differentials between Barclays and Nationwide?
I was being offered 70.40 to the UK pound today 31st Jan. I wouldn't pay any charges whatsoever with the Nationwide.
It's pretty obvious that Nationwide is far better! Wink

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