USD tanking against Thai baht.

[urleft]

As I have mentioned the rates seem to spike in Dec.  They and been hovering mostly around 35.5 (+/-.3) since Sep, but they have been slowing creeping up this week.  Currently at 35.9 to $1.  But it does seem unlikely they will hit 37 this year. 

[nookiebear]

Depend on whether or not the Fed raises interest rates!

[urleft]

Nice little jump in the rates, 36.17 to $1. 

The rates have been hovering right around 36 (+/- .1 baht) for most of Dec and all of Jan.  This is the first I've seen it about 36.1. 

 

[urleft]

Seems that Bangkok Bank has changed their NY Branch transfer rates again.  A few years ago the rates were $5 for under $50K.  They creeped up to $10.  And now while at 10 they've added another 500 baht fee at the receiving branch (about $15). 

So my current transfer is costing me about $35.  Doing an international wire transfer costs about $45 (not sure if there are receiving branch fees). 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx


So it is getting to the point where I may go back to international wire transfers instead of using BB New York Branch.  Just something to recheck if any are using the Sydney or London BB branches. 

[toffo]

I transfer from the UK branch and it usually cost me 25 pounds in fees.. I do however not know how much of that fee is from the Bangkok bank

[davureborn]

I wish the Swiss could raise interest rates, 0% more or less at present. Still ok though.

[CO-CO]

I transfer from the UK branch and it usually cost me 25 pounds in fees.. I do however not know how much of that fee is from the Bangkok bank

Bangkok Bank will be 0.25% max 00 Baht. At Kasikorn I also pay 20 Baht to transfer from BKK plus 0.1% (unlimited, not sure for what).

I pay nothing in the UK as I used to work for HSBC but normal online customers pay GBP 5 and with Halifax GBP 9.50.

[mudcat]

The salient fees in both New York and Bangkok are sliding, which makes comparison a little tricky.  Looked at this for regular transfers and noted that against carrying cash the cost for the convenience of using free ACHC transfers through New York was reasonable, ranging from USD 10.5 for USD1,000 to USD17.50 for UDS 3,000.   The difference in using Bangkok Bank's cash rate was minimal (USD +3.30- to USD -3.61)   The real 'cost' when comparing electronic transfers with carrying cash to one of the cash exchange's with better rates (e.g. USD to Baht - BBK 35.87 vs Superich 36.23) whereupon the 'convenience cost' ranges from USD 13.50 - USD 26.50 for the USD 1,000 or USD 3,000 transfers, goes up arithmetically from there.

Larger amounts can be handled differently and at possibly lower cost through a wire transfer, but the U.S. does not allow regular wire transfers any longer.  Will investigate what 'deal' Chase will offer through their Thailand bank.

[DeputyDavid]

I have sent a message to Chase Thailand as well and waiting for a reply.  Please keep us posted!

[DeputyDavid]

The response I received from JPM was "call customer service in USA."  Their response is that Thailand office is corporate only, no personal banking.  They had no other solutions on now to transfer money with fewer fees.   

[urleft]

I used to have a home equity loan with USAA, if the money was taken from that account the international transfer was free.  So I would use that account to transfer and pay the money back immediately resulting in only a few bucks from interest. 

However, I closed the account when I sold my house. 

[urleft]

Just a tidbit on my last funds transfer, I tried to get the action completed with money here on Wednesday, and I succeeded in that goal. 

However, I also managed to hit the lowest TT exchange rate for the week.  36.12 on Wed, 36.2 Today, Friday.    But, much better than last year's transfers, best exchange rate I hit since 2009. 

[DeputyDavid]

Did you send on Monday or the Friday prior?

[urleft]

I sent on Monday. 

[urleft]

Well the rates seem to be sliding again, about 35.8 to $1.   Glad I transferred when I did.