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Post by Denis-NFA on Dec 18, 2016 9:07:56 GMT 7
ghostbuster's notification today, on another thread, that we on monthly pays had received our money so excited me that I dropped everything in my rush to check I maintain, and have done for years, a fortnightly and now a monthly budget. Gives me something to worry about when I've got nothing else to worry about. I figured into my budget the decline of the Australian $ ($AUD) against the $US and so far have been pretty spot on as far as the decline in conversion rates to the local Philippine peso. However, what I didn't factor in, and hence I'm hopeless as a currency trader, is how the local currency would also deteriorate against a rising $US. So this post was just to ask overseas forum members from whichever country you happen to be in if you wouldn't mind letting me know on this thread what exchange rate you receive, and the date, when the money goes into your bank account or you receive your money by whatever means. The reason I ask is because I'm trying to keep an eye, so to speak, on what the Reserve Bank does with exchange rates because neither C/Link nor the Reserve Bank of Australia send any information about exchange rates or when they converted it. By the way, the exchange rate I got for the payment on Friday 16th was $AUD 1 = PHP 37 which is the best I have received in nearly 2 years. Thanks.
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Post by Banjo on Dec 18, 2016 9:23:33 GMT 7
Mine was up about 500B, around $20, on last month, but then that was down about the same on the previous.
The Bangkok Bank rate today is
AUD Australia 25.54 26.93
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Post by Banjo on Dec 18, 2016 9:30:52 GMT 7
Now that's really strange, by checking the sum paid at C'link and dividing it into the bank payment I get a much better rate of 26.31.
I think that you could easily go mad making a study of exchange rates.
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Post by Denis-NFA on Dec 18, 2016 9:30:54 GMT 7
Thanks BanjoPlease, that's what I want to check. I do the same as you now because I'm on direct monthly pays from RBA. But I do not know what rate it should be. I can compile a table of conversion rates, and yes we all receive the same pension rate, but when do they convert it? If members that are willing can tell me date, currency and exchange rate I will compile a database. No names or reference to anyone. But if there is a fiddle then I want to know. Cheers PS Have to go out now for a while.
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Post by nomadic on Dec 18, 2016 18:26:49 GMT 7
ALERT! Banjo doesn't always practice what he preaches. After I also went mad-er watching ex rates he said to stop it. So I did. And to help me the Bangkok post has stopped putting them in the business section. So sorry denis but i have no idea what rate i get. As long as the atm keeps giving me what i want i will try not to stress like i use to. When nothing comes out I'll worry. The fees i get charged for each time is what infuriates me. $5.00 plus 2% of what i take out by oz bank and now Thai bank charges 200 baht ($8.00). Cheers.
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Post by aussiebernie on Dec 18, 2016 21:44:49 GMT 7
ALERT! Banjo doesn't always practice what he preaches. After I also went mad-er watching ex rates he said to stop it. So I did. And to help me the Bangkok post has stopped putting them in the business section. So sorry denis but i have no idea what rate i get. As long as the atm keeps giving me what i want i will try not to stress like i use to. When nothing comes out I'll worry. The fees i get charged for each time is what infuriates me. $5.00 plus 2% of what i take out by oz bank and now Thai bank charges 200 baht ($8.00). Cheers. Getting your money out of the ATM is easy, but it will cost you a lot of your money. On Monday of last week I transferred $800 from my account in Australia and I used a money transfer company called Transferwise. On the internet, I got a rate from them, agreed to it and then via my internet banking with ANZ I transferred the money to them. Friday morning at 4am I got a SMS from my Thai bank letting me know the money went into my Thai bank account. So the $800 transfer cost me $11.82 and I got 21,088.17 baht and the rate was 26.7555. Had I done the same transaction via my Australian ATM card, I would have received a lot less. Most banks here don't allow you to take more then 10,000 baht in one transaction. So lets say you take out 2 lots of 10,000 ( don't worry about the other 1,088.17 baht, you may not get it by using the ATM. Now you have 2 transactions, so your bank will take out $5 each time and the Thai bank will take out 200 baht each time. Consider your self lucky if your bank only takes out 2%, all the banks I checked in Australia take 3%. so now your $800 is being reduced by $24 that 3% then take off another $10 for your bank and then another 400 baht for the Thai bank (roughly $16 ) Now your $800 is down to $750 Now your $750 is converted by the bank to Thai baht. On Monday when I transferred my money the bank rate exchange rate for the AUD$ was 25.86312.( that was Tuesdays rate because there was a public holiday in Thailand on Monday ) So you would get $750 X 25.86312 = 19,397.34 baht I got 21,088.17 baht or 1690.83 baht more. Do that every pension day for a year and that is 43,961.58 baht less ( Nearly $1,700 I am not prepared to give the banks that sort of money for nothing.
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Post by Denis-NFA on Dec 19, 2016 7:25:58 GMT 7
ALERT! Banjo doesn't always practice what he preaches. After I also went mad-er watching ex rates he said to stop it. So I did. And to help me the Bangkok post has stopped putting them in the business section. So sorry denis but i have no idea what rate i get. As long as the atm keeps giving me what i want i will try not to stress like i use to. When nothing comes out I'll worry. The fees i get charged for each time is what infuriates me. $5.00 plus 2% of what i take out by oz bank and now Thai bank charges 200 baht ($8.00). Cheers. LOL nomadicAs aussiebernie says above, you really should reconsider how you draw your money. First time I came to Philippines, 2011, I used ATM's but 'bloody hell'. It cost a fortune! The only mob I knew of at the time was Western Union so used them for a long time before changing to another remittance service. aussiebernie did tell me about the service he uses and I checked it out. They are good. I didn't change to the service he uses because I was gearing up to get direct payments to my bank here in the Philippines. PM him for the details if you wish. What I am trying to determine is how the whole Reserve Bank of Australia payments are done because there is no information sent at all. PS Banjo, that we have been paid so early indicates to me that it will be a waste of time to try to contact anyone in C/Link for the next 4 weeks!
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Post by Banjo on Dec 19, 2016 7:57:01 GMT 7
ALERT! Banjo doesn't always practice what he preaches. After I also went mad-er watching ex rates he said to stop it. So I did. And to help me the Bangkok post has stopped putting them in the business section. So sorry denis but i have no idea what rate i get. As long as the atm keeps giving me what i want i will try not to stress like i use to. When nothing comes out I'll worry. The fees i get charged for each time is what infuriates me. $5.00 plus 2% of what i take out by oz bank and now Thai bank charges 200 baht ($8.00). Cheers. I seldom bother with them nomadic, but when members ask, I am just a slave to duty....
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Post by nomadic on Jul 5, 2018 6:49:06 GMT 7
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Post by Banjo on Jul 5, 2018 6:58:57 GMT 7
On the other side of the coin, a low dollar spells bad news for the many businesses and households who purchase goods and services in US dollars.
"A low Australian dollar is damaging because it makes the stuff that we buy to run our businesses more expensive," Professor Holden explains.
"[If] your local coffee shop takes your order on an iPad, it's buying that in US dollars. The software that runs on that, the point of sale software, is typically made overseas and denominated in US dollars.
"When the Australian dollar falls ... businesses invest less."
Last months payment was the highest since January, there's one due today or tomorrow so will see what happens.
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Post by Deleted on Jul 5, 2018 8:12:44 GMT 7
Yes we are having over 24 baht to the A$ at the moment Yes a lot of people do not realise that a lot of things come from overseas I used to work for companys that had USA machines So when the A$ goes down against the USA$ The costs go up Its a roundabout situation
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Post by Denis-NFA on Jul 7, 2018 21:43:40 GMT 7
nomadicIt's not only how the US$ and Oz$ move against each other but more importantly for us o/s is how our local currency moves against the US$. For instance, if the OZ$ is losing value against the US$ but the Philippine peso is also losing value against the US$ then there is not much different for me from month to month of the pesos I receive.
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Post by aussie25 on Jul 8, 2018 8:50:30 GMT 7
ING have a new policy whereby you can use your debit card anywhere in the world and they will rebate the local atm fee plus there is no fee and the exchange rate is pretty much same as what's on XE. You just need to deposit minimum of $1,000 a month.
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Post by miow40 on Aug 20, 2018 15:47:03 GMT 7
I have my money tied up in an Australian term deposit . I will not bring it back to Thailand till the AUS dollar hits 28 baht or more . It is just not worth it at the moment. I cannot see that happening for a few years yet
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Post by Deleted on Aug 20, 2018 16:40:49 GMT 7
I have my money tied up in an Australian term deposit . I will not bring it back to Thailand till the AUS dollar hits 28 baht or more . It is just not worth it at the moment. I cannot see that happening for a few years yet Oh for the heady days of 5-6 years ago eh! That's sound thinking and financial planning; unfortunately, having only recently arrived on an O-A Retirement visa I'll have to take what I can get around the New Year to secure my extension in May. Thanks for pointing that out @miow40 I've no real need to bring everything anytime soon and I really like good 'ol fashioned common sense! Cheers bear
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