Currency Exchange booths ripping ppl off in high season..

[Huayrat]

You should be getting 43.7 for your pound as of now.. That's what they normally give you.. They are now giving you 43.3.. Never noticed this before but obviously another High season rip off.. 

[janclaes47]

And who says you SHOULD be getting 43.7 ?

 

The banks aren't open today, but the world currency exchange markets are.

 

Ever considered that todays exchange rate may differ from the one on 29 December?

 

See what you get when the banks open again.

[faraday]

0.3 less, & you call that a rip off....?

 

****!

 

[poohy]

1 minute ago, faraday said:

0.3 less, & you call that a rip off....?

 

****!

 

Indeed a rip off would be if you were getting 38/39

[Peterw42]

Lots of currency boths are private concerns and thats how they make money, the difference between the bank rate and their rate.  There can be a difference in rates between different booths. The official rate, the bank rate and the booth rate can be 3 different rates. Even with the banks currently closed they can be changing rates dependant on other factors, its basically driven by demand.

[theguyfromanotherforum]

This is probably a bank holiday premium which is quite normal world over in case something unpredictable happens the following day. 

 

 

There is no ripoff here.

[worgeordie]

There is a bigger spread on buying and selling Sterling than

other currencies ,in Banks,they will say because of Brexit 

that the Pound is more volatile.

regards worgeordie

[greatwhitenorth]

less than one percent difference,  I would hardly call it a rip off.    where do you use all those satang coins?

[Roger Lee]

The sky is falling!

 

[VBF]

2 hours ago, theguyfromanotherforum said:

This is probably a bank holiday premium which is quite normal world over in case something unpredictable happens the following day. 

There is no ripoff here.

I've often noticed that towards the end of most working weeks (ie Thursday and Friday) the exchanges modify their rates slightly in their favour. Obviously, this is simply in their best business interests and something that should be foreseen. I presume that this same effect is magnified at long holiday weekends - after all Jan 1st 2018 falling on a Monday is just that.

If you let yourself run low on cash knowing this happens, you pay the (somewhat minimal) price - simple.

 

If totally unforeseen circumstances require you to change cash at the worse rate, just change the absolute minimum you need and return to the exchange on Tuesday or Wednesday.

Edited January 1, 2018 by VBF

[Gillyflower]

I change money quite regularly (euros).  The booths run by banks are lower than private ones and they can differ too.  If you are changing a good sum, it can make quite a difference.  There is a private on Thae Phae Road, the euro is at 38.80, on Loh Kroh 38.81.  

On 50 or even 100, it doesn't give you ONE baht more.

 

So OP go to a private booth.

[Gillyflower]

16 hours ago, greatwhitenorth said:

less than one percent difference,  I would hardly call it a rip off.    where do you use all those satang coins?

They don't even give you them!!

[simoh1490]

Even though the banks are closed, exchange rate control on FOREX is managed through Thompsons Reuters who set the rates based on demand. 

[Meljames]

14 hours ago, Huayrat said:

You should be getting

 

 

Sez who? They'll give the lowest rates they can get away with and still make  $$$.  Market economies are funny that way.

[gjoo888]

All banks and currency exchanges post their rates. Shop around, rates can vary considerably from exchange to exchange. If you get "ripped off," you have nobody to blame but yourself. 

 

[Henryford]

If you want to see REAL rip offs go to a UK airport exchange booth.

[SteveMack]

Hi All, For ten years now coming to thailand, Have always noticed the exchange kiosks at arrivals at suwannaboomi airport are Always 1-1.5 baht lower than the bank exchange rate, Better to go to the Basement where you will get much better rates from the kiosks  than even the Banks give you, Happy New Year.

[malcoml]

If you want to be ripped off trying exchanging currency in Oz

[radiochaser]

Years ago, I ran out of baht after midnight.  I needed to take a taxi to where I was staying, out towards the only airport in Bangkok, Don Mueang (tells you how long ago this happened). 

The only place I could find to exchange dollars to baht was a hotel.  They gave me 5 baht less, per dollar, than I could get at the money exchange I liked to use.  

That was a ripoff.  My fault though.  

 

 

[trigpoint]

Never change your money at a bank, usually 1-1.5 bht lower for GBP than a private booth, don't change on Friday to Monday either, lower rate at weekend, even exchange Booth's of the same company can vary up to .5 bht, makes a big difference if you're changing £1000-2000.

Sent from my B3-A30 using Thailand Forum - Thaivisa mobile app

[Oztruckie]

International exchange rates change approx every 30 minutes,was advised by Macquarie forex in OZ couple of years ago whilst making enquiries about sending money os.

[Jip99]

10 minutes ago, Oztruckie said:

International exchange rates change approx every 30 minutes,was advised by Macquarie forex in OZ couple of years ago whilst making enquiries about sending money os.

 

 

They can change every few seconds....

[Jip99]

3 hours ago, SteveMack said:

Hi All, For ten years now coming to thailand, Have always noticed the exchange kiosks at arrivals at suwannaboomi airport are Always 1-1.5 baht lower than the bank exchange rate, Better to go to the Basement where you will get much better rates from the kiosks  than even the Banks give you, Happy New Year.

 

 

...and the rest.  Suvarnabhumi banks were offering 41.30 yesterday....at least 2 Baht lower than FX booths.

[Jip99]

17 hours ago, worgeordie said:

There is a bigger spread on buying and selling Sterling than

other currencies ,in Banks,they will say because of Brexit 

that the Pound is more volatile.

regards worgeordie

 

 

Really?

 

I very much doubt that Thai Bank staff have ever heard of Brexit.

[Huayrat]

Currency 

Edited January 2, 2018 by Huayrat

[Huayrat]

Currency Rates don't drop anywhere in the world on a weekend so it is indeed a rip off..  They on average always offer 0.25 less than the XE rate.. They are now offering 0.7 which is a con and to all you ppl commenting saying it isn't much. Well it isn't for you small fish who are scraping the barrel but it is for us big players

[Huayrat]

45 minutes ago, Oztruckie said:

International exchange rates change approx every 30 minutes,was advised by Macquarie forex in OZ couple of years ago whilst making enquiries about sending money os.

Not on a weekend they dont

[Peterw42]

30 minutes ago, Huayrat said:

Currency Rates don't drop anywhere in the world on a weekend so it is indeed a rip off..  They on average always offer 0.25 less than the XE rate.. They are now offering 0.7 which is a con and to all you ppl commenting saying it isn't much. Well it isn't for you small fish who are scraping the barrel but it is for us big players

Big players trade at currency booths ????

 

 

Edited January 2, 2018 by Peterw42

[natway09]

The Banks Exchange rates are always hedged over public holidays which makes sense as they are stuck

with your currency until about 10am  on the day banks trade again.

If you are really a grizzle gutz & complaining about less than a 1% hedge for the great service they offer, get off your arse & do some  forward planning

[Acemaker]

15 hours ago, Henryford said:

If you want to see REAL rip offs go to a UK airport exchange booth.

Agree.

Edited January 2, 2018 by Acemaker