Timing Wire Tranfers To Get The Proper Exchange Rate

[Guest Astrrro]

I going to be wire transfering a sizeable amount of money and don't want to get screwed on the exchange rate. It will actually be an ACH (automated clearing house) transfer from Fidelity to the New York branch of Bangkok Bank and then on to Thailand. This will be the first time I'm doing this.

 

I'm thinking that the greatest potential for the bank to play exchange rate games is on the weekend so I think i'll make the transfer early next week.

 

My question is since the bank's exchange rate changes about 5 times a day, how do you know that you're getting the correct rate? I've heard that some banks give you the worst rate of the day though I have no proof of this.

[Gaybutton]

how do you know that you're getting the correct rate?

The answer is you don't know. You have no way to know. You have no control over that. The money will be deposited into your account just after midnight, New York time.

 

Suppose you don't get the best rate of the day? What can you possibly do about it? But if I were you, I'd do the transaction as soon as you can. The baht is still strengthening against the dollar. You might get the best rate of the day, but that's still likely to be less going into your account than you would have received the day before.

[Guest fountainhall]

GB is so right. Last November I had to remit the Bt. 800,000 for my retirement visa renewal. I did this by telegraphic transfer and prepared the paperwork well in advance. For more than 3 weeks, I spent so much time checking exchange rates and waiting for what I reckoned would be the best time to remit, that I almost missed the 3 month deadline. During that time, the rate moved maybe a fraction up or a fraction down. Next time I'll just do it around the due date and give up worrying about rates.

[Up2u]

I also send (wire) money for a condo purchase several times a year. I wire money directly from my U.S.A. bank to my Thailand account with TMB. I also tried to make educated guesses on exchange rates but have given up. Just send your money and don't worry about fractional changes on intra-day rates. Just to make your day, yesterday the USD went below 34 THB or the first time in over a year.