Why Is It Still So Difficult To Change Baht To Foreign Currency Notes?

[RHCP]

I ventured to Sukhumvit today partly for the reason of changing some Baht to Sterling for a forthcoming trip, taking advantage of the Baht’s present strength. Of the 5 official currency exchanges visited in the vicinity of the Emporium only 1 offered me an opportunity to change, albeit to a solitary 20 pound note that they had. The response from 3 of the others was of more concern stating that it is their bank’s policy to not exchange Baht to a foreign currency, whether they had any particular currency in their possession or not. I believe that this harps back to the financial crisis of 10 years ago but surely there should be some relaxation now. Doesn’t this restriction also contribute to the Baht’s present strength which the Government is so concerned about? If it is no problem to change Baht at the airport why is there such a fuss when attempting in downtown? I don’t understand it.

[Gimbo]

I ventured to Sukhumvit today partly for the reason of changing some Baht to Sterling for a forthcoming trip, taking advantage of the Baht’s present strength. Of the 5 official currency exchanges visited in the vicinity of the Emporium only 1 offered me an opportunity to change, albeit to a solitary 20 pound note that they had. The response from 3 of the others was of more concern stating that it is their bank’s policy to not exchange Baht to a foreign currency, whether they had any particular currency in their possession or not. I believe that this harps back to the financial crisis of 10 years ago but surely there should be some relaxation now. Doesn’t this restriction also contribute to the Baht’s present strength which the Government is so concerned about? If it is no problem to change Baht at the airport why is there such a fuss when attempting in downtown? I don’t understand it.

I have changed from Baht to dollars a couple of times at the exchange boots just before emigration controll at the airport. Just needed a few dollars for taxi money on arrival at my next destination, but it was never a problem, so you may have better luck there.

[Auntymarybrown]

We were about to leave on a family holiday to Malaysia by train when we saw the exchange booth directly opposite the platform at Hualanpong.

Our request for Ringitt was met with a response that we should exchange once we reach the Malay border.! Train stations and airports are treated different we were told.

The bank's head office to whom we complained on our return then revealed the truth....were we to allow our booths to sell currency as well as buy, before long many of our staff would be running a booth within a booth and we could never find out !

Talk about the restaurant car stewards at British Rail bringing along their own sandwiches and selling them to passengers !

[monty]

Most of the unofficial exchange offices, often found in travel agencies etc. sell foreign currency.

The well known Bank Gold in Pattaya, sells any foreign currency, at slightly better rates then banks!

[lopburi3]

As far as I know foreign exchange of the Ringitt has not been allowed, by Malaysia, since the meltdown 10 years ago.

[sbk]

Perhaps you should try going into a bank instead of the exchange booth? They send all their notes back to the main office on a regular basis, I believe. Your only luck would be hitting an exchange booth before they send off their foreign notes. I have bought notes as well as US$ travellers checks from the main Bangkok Bank office in Nathon in Koh Samui, I've also bought notes from a bank branch in MBK (not an exchange booth). Can't remember which one, but the exchange booth people told me which bank to go to.

[tijnebijn]

I ventured to Sukhumvit today partly for the reason of changing some Baht to Sterling for a forthcoming trip, taking advantage of the Baht’s present strength. Of the 5 official currency exchanges visited in the vicinity of the Emporium only 1 offered me an opportunity to change, albeit to a solitary 20 pound note that they had. The response from 3 of the others was of more concern stating that it is their bank’s policy to not exchange Baht to a foreign currency, whether they had any particular currency in their possession or not. I believe that this harps back to the financial crisis of 10 years ago but surely there should be some relaxation now. Doesn’t this restriction also contribute to the Baht’s present strength which the Government is so concerned about? If it is no problem to change Baht at the airport why is there such a fuss when attempting in downtown? I don’t understand it.

I just changed some baht to dollars a few days ago,with Ayutthya bank.Nothing asked,just asked me how many notes I needed.I just needed 40 bucks,but gave me the impression that more was not a problem at all.I think there is a big possibility that most of the banks just have their own policy.

[aussiestyle1983]

I've never had a problem. Afew weeks ago I bought $1000 USD without any problems from the KrungThai bank enchange booth on Khao Sarn. The airport is a bit far, but if they have enough bank notes, you can always buy money there.

[what next?]

Most of the unofficial exchange offices, often found in travel agencies etc. sell foreign currency.

The well known Bank Gold in Pattaya, sells any foreign currency, at slightly better rates then banks!

well known perhaps.---- err------where is it?

[Naam]

Most of the unofficial exchange offices, often found in travel agencies etc. sell foreign currency.

The well known Bank Gold in Pattaya, sells any foreign currency, at slightly better rates then banks!

well known perhaps.---- err------where is it?

G O L D !

[highchol]

Most of the unofficial exchange offices, often found in travel agencies etc. sell foreign currency.

The well known Bank Gold in Pattaya, sells any foreign currency, at slightly better rates then banks!

well known perhaps.---- err------where is it?

soi rungland on south pattaya road opposite CAT office

[Thai-Spy]

As far as I know foreign exchange of the Ringitt has not been allowed, by Malaysia, since the meltdown 10 years ago.

Ringgit to Baht and Baht to Ringgit exchanges can both be done easily in either country. The spread is almost always substantially smaller in Malaysia. To get Ringgit at BKK usually means a trip to several different exchange counters as not all of them handle the currency or have it at a given time.

[thaihome]

I suspect that the OP does not realize that the exchange booths on Sukhumvit are in business to exchange foreign currency into Baht. They are not in the business of doing the opposite and as another poster mentioned the foreign notes are picked up on a regular basis.

TH

[RHCP]

I suspect that the OP does not realize that the exchange booths on Sukhumvit are in business to exchange foreign currency into Baht. They are not in the business of doing the opposite and as another poster mentioned the foreign notes are picked up on a regular basis.

TH

I take your point about the booths and the picking up of foreign notes but one of the places visited was the Emporium branch of Bangkok Bank where I was told quite clearly that I could note change Baht because of the bank's policy. I also previously got the same answer at their branch in the Esplanade shopping center in Ratchada, which is a more local branch for me. Seems like the largest bank in Thailand has a reluctance to offer any currency other than Baht.

[chiang mai]

Changing Baht for Sterling is not a problem in Chiang Mai. I told Bangkok Bank here I wanted GBP 8,000 and they said they would collect it for me and call me when when they had that amount. It took them two weeks but I finally got a call from them and they were happy to have made the sale.

[bendix]

I suspect that the OP does not realize that the exchange booths on Sukhumvit are in business to exchange foreign currency into Baht. They are not in the business of doing the opposite and as another poster mentioned the foreign notes are picked up on a regular basis.

TH

I take your point about the booths and the picking up of foreign notes but one of the places visited was the Emporium branch of Bangkok Bank where I was told quite clearly that I could note change Baht because of the bank's policy. I also previously got the same answer at their branch in the Esplanade shopping center in Ratchada, which is a more local branch for me. Seems like the largest bank in Thailand has a reluctance to offer any currency other than Baht.

I've used Bangkok Bank branches to buy foreign notes on many occasions - sterling, US dollars, HK dollar and Singapore to name a few. Never had any of the problems you mention.

You won't get them from exchange booths - they only buy foreign notes.

What do you think banks do with all these foreign notes they buy from tourists? Convert them to make papier mache dolls? No, rather bizarrely, they try to re-sell them back to other customers for a profit. Strange but true.

[Maigo6]

You won't get them from exchange booths - they only buy foreign notes.

What do you think banks do with all these foreign notes they buy from tourists? Convert them to make papier mache dolls? No, rather bizarrely, they try to re-sell them back to other customers for a profit. Strange but true.

So what do exchange booths do with them, or the independent money changer ?

Edited April 9, 2007 by Maigo6

[samtam]

In most cases the smaller exchange booths (of large banks too) don't have the foreign currency stock. The "policy" argument is just a line that's easier than trying to explain the real reason. As Bendix suggested, the large branches of the banks will have full service forex note facilities.

[bendix]

You won't get them from exchange booths - they only buy foreign notes.

What do you think banks do with all these foreign notes they buy from tourists? Convert them to make papier mache dolls? No, rather bizarrely, they try to re-sell them back to other customers for a profit. Strange but true.

So what do exchange booths do with them, or the independent money changer ?

Well, at a guess and considering that most of the exchange booths are, in fact, branded as being owned by the banks, I'd suggest they do the same.

And the independents? Ummmmm. . . . . guess what? They will sell them punters or to the banks too.

It's a strange concept called commerce. It's kept the world going for many thousands of years.

[Auntymarybrown]

"What do you think banks do with all these foreign notes they buy from tourists? Convert them to make papier mache dolls? No, rather bizarrely, they try to re-sell them back to other customers for a profit. Strange but true" (Bendix)

Think you missed one possible reason : this posted a few days earlier :

"The bank's head office to whom we complained on our return then revealed the truth....were we to allow our booths to sell currency as well as buy, before long many of our staff would be running a booth within a booth and we could never find out !

Talk about the restaurant car stewards at British Rail bringing along their own sandwiches and selling them to passengers

[Maigo6]

Well, at a guess and considering that most of the exchange booths are, in fact, branded as being owned by the banks, I'd suggest they do the same.

And the independents? Ummmmm. . . . . guess what? They will sell them punters or to the banks too.

Yes, but how can a money changer sell to the banks for more than I can ?

He will give me a better rate then the Bank does, then he just sits on the money and waits for it increase in Value against the Baht ?

Edited April 10, 2007 by Maigo6

[sabajja]

I just converted 2.5 million baht today to a foreign currency in bills.(small currency)

Not a problem if you go to Superrich, near the 4 faced buddha.

Just make sure you call'em before, when you wanna do larger transactions, so they have your currency in stock.

I got a better rate buying bills at SR than the banks gives here on swift transfers !

As you know, Thai baht has to be converted at the Thai bank to foreign currency before they swift it.

Edited April 11, 2007 by sabajja

[chiang mai]

I just converted 2.5 million baht today to a foreign currency in bills.(small currency)

Not a problem if you go to Superrich, near the 4 faced buddha.

Just make sure you call'em before, when you wanna do larger transactions, so they have your currency in stock.

I got a better rate buying bills at SR than the banks gives here on swift transfers !

As you know, Thai baht has to be converted at the Thai bank to foreign currency before they swift it.

Sounds good, but how are you going to Swift that much money, presumably in small lots of less than USD20k per time?

[sabajja]

I don't swift it.

I carry it with me as hand luggage.

There are no restrictions how much foreign currency can be carried out.

I even checked out the Thai Customs website.

It says the following:

Outbound passengers:

Unlimited amount of foreign currencies are permitted to carry out of Thailand. However, the amount of Baht 50,000 or more in Thai currency must be reported on departure, except those traveling to Lao PDR., Myanmar, Cambodia, Malaysia, and Vietnam are allowed to take out Thai currency not exceeding 500,000 Baht.

http://www.customs.go.th/Customs-Eng/Trave...?menuNme=Travel

[Auntymarybrown]

I don't swift it.

I carry it with me as hand luggage.

There are no restrictions how much foreign currency can be carried out.

I even checked out the Thai Customs website.

It says the following:

Outbound passengers:

Unlimited amount of foreign currencies are permitted to carry out of Thailand. However, the amount of Baht 50,000 or more in Thai currency must be reported on departure, except those traveling to Lao PDR., Myanmar, Cambodia, Malaysia, and Vietnam are allowed to take out Thai currency not exceeding 500,000 Baht.

http://www.customs.go.th/Customs-Eng/Trave...?menuNme=Travel

Sorry to be nosey , none of my business, but in view of the above, had you been travelling with your wife , a friend and two kids and had routed your flight via KL , might you have not enjoyed a free air ticket had you each taken your allowance in baht ?