Best Way To Exchange Dollars

[brucegoniners]

I'm bringing ten grand with me when I come back to BKK. Up till now I've wired money into my Thai bank account, but the exchange rates often aren't very good. Is it best to bring money and go to a bank or money exchange, bring traveler's checks and do the same or wire money into my account and accept whatever exchange rate they feel like charging me?

[sfokevin]

Bank of Thailand

273 Samsen Road,

Bangkhunprom, Bangkok 10200

Ask for Dr Tharisa....

Edited April 23, 2007 by sfokevin

[Jimjim]

Wow that's great advice sfokevin, good job.

[Jimjim]

Forgot to mention that traveler's checks are better than cash.

[Khun Bob]

Super Rich in pratunaam or the other place near pantip plaza - give nest rates for exchange of foreign notes - but with USD make sure it is higher denomination notes as there is a better rate then - maybe they have a phone number so you could call them from wherever to get a daily rate that you could compare to the banks. I have bought USD before at Bangkok Bank and got a fair rate - but it was for a small amount.

Topfield would be the man to comment on this but he seems to have been banned - pity as he put alot of good stuff into the forums...

[up-country_sinclair]

Forgot to mention that traveler's checks are better than cash.

why is that?

like the OP, i'd also like to know whether it would be to my advantage to do a SWIFT transfer or bring the cash or traveler's checks with me on the plane?

[old wanderer]

On April 19th I changed $120,000 without problem (except for the crappy exchange rate that day).

Just carried my computer bag (without computer), I have been using the same driver for 5 years, so no problem there, and he dropped my right in front of "Money Gold" When they had verified my money, I was handed 4 1 million baht bank packs plus some. Called the driver, he stopped right in front again, and I was off.

They say normally they get 1 or 2 $50,000 cash transactions a day from people buying export good at Patunam, and need baht.

Just be aware of what is going on around and any loitering people that might be standing about. Delay if necessary. Also if you are coming from the USA, be sure to do the currency deceleration form and turn it in before you go through security. Don't screw up and decided to bring 4 bottles of wine or whiskey when you arrive or any other reason for the Thais to search your bags.

[Briggsy]

For a standard conversion of USD to THB at any bank including the airport, you will lose around 1.3% on the exchange rate. Traveller's cheques have a slightly better rate but you will lose more when you include the initial 1% charge on them. So for $10,000 you lose $130 which is probably acceptable.

Can anybody please tell me the precise location of Super Rich in Pratu Nam? Thanks

[brucegoniners]

Will they do better on traveler's checks at Super Rich in pratunaam? My bank gives me those for free.

[pampal]

Chinatown money exchangers have always given me the best rates

[brucegoniners]

Can you be more specific as to who and exactly where?

[misterme]

SuperRich ~ CASH ONLY

WARNING: There are several other money exchanges with the same name 'Super Rich' in the few block radius. All references to SuperRich being the place to change money is about this ONE location only.

Central World Plaza - Big C, Rachadamri area.

From Big C, looking up Rachadamri toward the Bioke Sky (70ish story building) walk up Rachadamri to the next soi (oddly enough you notice this soi because of a small money changer on the corner) Turn right into the soi and go up until you hit it. Up one corner (or is it 2) about 200 meters in (left corner).

Another money changer on the opposite (right) corner. Another handful in the few block radius. Touts usualy trying to get you to use thier store. I've never noticed and touts at/outside SuperRich.

Bring passport to photocopy (they'll copy it there for you)

Queue to hand them the cash and passport copy

Wait a few minutes until they call you back to receive your cash.

Foam, lather, rinse, repeat if needed.

Edited April 24, 2007 by misterme

[brucegoniners]

Thanks so much! Bruce

[Khun Bob]

Theres 2 Super Rich's opposiite each other - it is opposite a Thai Farmers / Kasikorn bank and very close to the Bangkok City Inn Hotel - around there you will see brightly colored top end ferrais and other expansive cars...

[up-country_sinclair]

i won't be in bkk so going to super rich is not an option.

i'd just like to restate my earlier question...

i need to get 5,000 USD into thailand and wondering if it is in my best interest to....

1. do a swift transfer

2. bring cash

3. bring traveller's checks

the first choice would have to be exchanged all at once, and at current rates.....but choices 2 and 3 could be exchanged over time if/when the rate improves.

i'm not asking for market speculation....more accurately which is going to take a bigger piece of my pie..... the banks on a swift, or regular currency exchange shops in thailand (if rates stay the same over the next year).

thanks again.

[Jimjim]

Check with a bank, Bangkok Bank for example. Ask what their rates are for traveler's checks. This will always be better than cash. Then determine the fee for getting traveler's checks wherever you plan to get them.

Next, check with whatever bank you're going to do a Swift transfer and see their rate transfers. Determine all fees involved, usually .25% as someone told me on another thread. Determine the fee from your bank in the U.S.

With all the variables involved, I think you can find out yourself by following these steps, but that's just my opinion. It may not be easy, but I think you could do it. Someone else may know from experience, though, which I'm sure is what you're looking for.

[donx]

i won't be in bkk so going to super rich is not an option.

i'd just like to restate my earlier question...

i need to get 5,000 USD into thailand and wondering if it is in my best interest to....

1. do a swift transfer

2. bring cash

3. bring traveller's checks

the first choice would have to be exchanged all at once, and at current rates.....but choices 2 and 3 could be exchanged over time if/when the rate improves.

i'm not asking for market speculation....more accurately which is going to take a bigger piece of my pie..... the banks on a swift, or regular currency exchange shops in thailand (if rates stay the same over the next year).

thanks again.

I wouldn't bring cash. Its too easy to lose or be stolen. For that amount and assuming that exchange rates don't change significantly, I would use a swift transfer. If you do bring traveller's checks bring 5 $1000 checks. You will be charged a fix fee for each travel check exchanged.

It has been a long time since I used traveller's checks. The last time I did this I had $10,000 in traveller's checks (10 $1000 checks). I get traveller's checks for free from AAA so for me that fee isn't even a factor. I had to go to the Hat Yai branch of Bangkok Bank as the Phatthalung branch was unable to exchange this large of an amount.

For every day expenses while in Thailand, I simply leave all my money in my US bank account and I use ATM cards to get money as I need it. The fee I pay for each transaction is $1. My bank doesn't charge for using another bank's ATM. The exchange rate is usually very good. A 10,000 baht ATM transfer now is about $285. To transfer $5000 would take about 18 transactions and would cost me $18. For me, swift transfers are costing me a $50 fee from my US bank plus a 500 baht fee from the Thai bank but they do seem to get a slightly better exchange rate than any other exchange method that I have ever used. There are banks that charge less of a fee. Do a search in the forum to see what other banks charge. I use the swift transfer when a large amount needs to be transferred quickly since my ATM withdrawals are usually limited to 10,000 baht per day.

[desktop]

You answered your own question- better to bring $ with you.

Another note, when wiring US$ to Thailand, instruct US bank to wire US$'s. Best exchange rate that way. My Thai bank charges me 2,500 baht currency conversion charge, my US bank charges $25 wiring fee.

Best way I've found is to open an Etrade Bank account ($5k min = no ATM charges).

Get an ATM card. In Thailand withdraw 20,000baht/day, no charges and get the best exchange rate. Use any Thai bank ATM. Bangkok Bank has the best exchage rates.

[amazingfarang]

Khun Bob is right... the best place in Thailand to exchange is Super Rich, 45-45/1 Rajdamri Road, Patumwan, Bangkok. It is close to Central world but on a small soi on the opposite side of the street.

The place is full of thais in the know that they offer around 80 points on the pound (and a similar *percentage* on other major currencies including the USD) over the tourist rate quoted by the likes of Bangkok Bank, SCB, TFB etc. However, they give a slighly lower quote on lower value notes.

Thus, e.g., if a local bank's booth is offering 67.80 to the pound then they will buy at around 68.60.

Despite being mentioned a few times previously on this forum, I have rarely seen any other farang there whenever I visited; but, it is usually crammed full of savvy thais in the know.

It might be worthwhile to exchange some there (i.e., if you can make it to Bkk) and some by any other way mentioned on this thread. However, it would be very surprising if the rate you'll be offered by any other method would come close to that quoted by SR.

Edited May 23, 2007 by amazingfarang

[Khun Bob]

There uis another place that is in competition with super rich - never been there - but know it is close to pantip plaza - search for some of topfields posts (if this is posible as he has been banned as far as i am aware) and you should find Super Rich's competotors. From what I recall Topfield mentioed that Super Rich tended to be better than the other place.

Super Rich is close to a kasikorn bank and bangkok city inn. It is also close to a mafia run night club (near the bridge next to the klong, next to rajdamri spa) that is open till 6am and all drinks cost 200 baht last time I was there (and not for long!)

There are 2 super rich's between the kasikron bank, bangkok city inn hotel and a snooker club. This is all inbetween Big C (opposite World Trade) and Pratunaam Centre.

HTH

[rumrunner]

I brought several thousand dollars in Amex travelers checks to deposit in Bangkok Bank. BB want 30 baht per check service fee plus a not great exchange rate. They were nice enough to tell me to go to a nearby AMEX office where there is no service charge and a better exchange rate.

[Maestro]

...wiring US$ to Thailand...My Thai bank charges me 2,500 baht currency conversion charge

Thai banks usually charge 0.25%, minimum 200 Baht, maximum 500 Baht. Here is the example of Siam Commercial Bank. Your bank must be an exception.

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Maestro