Philippines peso to Thai baht - thoughts on bypassing the horrible exchange rate?

[davidupatterson]

Hey all, 

 

My partner is from the Philippines (I'm from the US) and the exchange rate that she gets at banks/exchange counters in Chiang Mai are horrendous. On a transfer of about $600 USD, she loses about $80 to $90 in the exchange. She brings 30,000 Philippines pesos with her into Thailand when entering on a tourist visa.

 

We'd like to have those pesos in either THB in cash, or better yet, have the money moved to her Philippines bank account or my US bank account. 

 

• Is there a way to to get around the horrible exchange rates? It seems no one wants pesos. 
• Any way to get the Philippines pesos she has in Thailand into one of our bank accounts and bypass the exchange? 

 

I appreciate your help. 

Edited October 17, 2019 by davidupatterson

[henry2109]

Your Gf should not bring ph pesos into Thailand. She should exchange the pesos into USD in the Philippines and then take the USD to Thailand. She can also put the money in your USD bank account in the Philippines, and so the peso/USD exchange rate will be applied.

 

She should take the pesos she still have here back to the Philippines and have it exchanged there. 

 

The exchange rate for exotic currencies (like the ph peso) in Thailand is atrocious.

 

 

[jacko45k]

Showing 0.55 baht for TT Exchange. 

Is that very bad? 

 

[thedemon]

Go to a Money Exchange company rather than one of the banks.

 

[BritManToo]

Use the ATM.

[EricTh]

Don't go to the banks or transfer to the banks which has the lowest rates.

 

Bring cash and go to money exchange booths like Superrich.

 

Edited October 17, 2019 by EricTh

[KhunBENQ]

1 hour ago, jacko45k said:

Showing 0.55 baht for TT Exchange. 

Is that very bad? 

 

No, not bad.

For P.Peso (PHP) you have to go to the right places. That's all.

A cropped screenshot:

 

 

Only three banks seem to handle them at all.

 

And Kasikorn with the usual silly rates (not only for PHP).

Be warned and never do cash exchange with them.

 

TT Pattaya is not listed on this source. Usually close to the top rates in Bangkok.

Money market rate (not for private small deals) is 0.589.

Edited October 17, 2019 by KhunBENQ

[steve73]

Ask around in T/L - there are many older expat retirees who are getting fed-up with the visa/insurance situation and are (claiming they are) moving to the Phils..  You could do a straight cash swap and cut out all fees and poor rates.

 

..or try to make contact with some of the filipino teachers here who may be going back for a break/contract end. 

[davidupatterson]

17 hours ago, thedemon said:

Go to a Money Exchange company rather than one of the banks.

 

It looks like this isn't the same business as the Super Rich in CM? 

[thedemon]

27 minutes ago, davidupatterson said:

It looks like this isn't the same business as the Super Rich in CM? 

 

Sorry, I don't know anything about the Chiang Mai branch.

 

There used to be only one Superrich but I understand there was a split due to a family feud. It's pretty confusing now to know which is which. But it seems to me that the rates are more or less the same.

[thedemon]

A list money changers in CM: https://www.cmhy.city/en/category/88-Bank/91-Money-Exchange

 

[Estrada]

I agree that the best option is to change Pesos into THB in the Philippines (X-Rate 0.59). In Thailand the best rates are from Super Rich (Head Office is the best of all). There are 3 separate Superrich family companies in Thailand: Super Rich Thailand (Green Coloured Branches - mainly Bangkok X-Rate 0.575) Superrich SPR (Superich1965 - Orange coloured Branches - Mainly in Bangkok X-Rate 0.53) and Super Rich Chiangmai (Blue - 10 Branches in CM - X-Rate not shown on their web site). Alternatively you can find a Thai friend or someone you know who is going to the Philippines and needs to buy Pesos. 

[donnacha]

It may appear daunting, and certainly would not be for everyone, but exchanging currencies via crypto is actually a lot easier than I thought it would be.