Thai Exchanges Lost Their Edge

[MangoKorat]

For many years I've always changed my UK £ to Baht in Thailand - the rates available in the UK are laughable.  Rates in Thailand can also vary quite a lot - the banks at the airport rip off tourists and need calling out on this.  Change your money at one of the banks on the arrivals concourse or in the main airport at your peril - go downstairs near the train station and you'll find the same bank often giving 4 or 5 baht more! Kasikorn for example, has a booth right next to Super Rich orange and adjusts their rates to be the same.

 

In recent years, like many I've changed my money at one of the 'Super Riches' - green or orange in Bangkok.  However today, with a visit pending I checked out the rate at the green one and its 43.75 - 43.65 orange. If you can get your hands on £50 notes its slightly more but if you have a Wise account, even after taking their fees off, the rate works out at 43.88.  No brainer, no queueing at Super Rich or having to risk carrying large amounts of cash - just transfer before you go.

[BritManToo]

Why don't you have a Thai bank account and use Wise like everyone else.

44.20bht to the pound this morning.

 

Although not a good time to change at the moment, I got 44.92bht a couple of weeks back.

Edited January 7 by BritManToo

[MangoKorat]

 

8 hours ago, BritManToo said:

Why don't you have a Thai bank account and use Wise like everyone else.

44.20bht to the pound this morning.

 

Although not a good time to change at the moment, I got 44.92bht a couple of weeks back.

What are you rattling on about? Did you actually read my post or did you skim read it and think you saw an opportunity to appear clever - in which case, have a tissue and wipe the egg off your face.  I do have a Thai bank account, how do you think I transfer money from the UK? Last time I looked it wasn't possible to transfer it to thin air.  I also got almost 45 a few weeks ago - rates go up and down you know? The rates I quoted were today's, from Wise at the time of posting (remember morning in the UK comes 7 hours later that it does in Thailand) - not 2 weeks ago.

 

Maybe you missed this:

 

10 hours ago, MangoKorat said:

but if you have a Wise account, even after taking their fees off

 

My points remain the same:

 

Since companies like Wise came along, for those who can, a better rate can be usually be had by transfer rather than exchanging when you arrive in Thailand, even at one of the dedicated exchanges (such as the 2 super riches) that for years, gave better rates than the banks. Also, for tourists or those without a Wise account, the bank kiosks near the train station give a much better rate than the ones belonging to the same bank upstairs in the main airport areas.

 

By the way, today's Wise rates haven't changed much since I posted - after fees it still works out at 43.88.

 

Any more pointless comments?

 

Edited January 7 by MangoKorat

[timendres]

37 minutes ago, MangoKorat said:

Any more pointless comments?

 

Pointless.

[alien365]

43 minutes ago, MangoKorat said:

Any more pointless comments?

 

Sure. Stop being such a child. His main point actually agreed with yours, yet you chose to unreasonably escalate things.

Edited January 7 by alien365

[MangoKorat]

1 minute ago, alien365 said:

Sure. Stop being such a child. His main point actually agreed with yours, yet you chose to unreasonably escalate things.

Not at all, he's asking me why don't have a 'Thai bank account and use Wise like everyone else' - when its perfectly clear that I do have a Wise account.

[alien365]

5 hours ago, MangoKorat said:

Not at all, he's asking me why don't have a 'Thai bank account and use Wise like everyone else' - when its perfectly clear that I do have a Wise account.

Taking away the bank account comment, his message was that wise is the best method for transfers, which I thought was what you were pointing out too. I agree with your point about super rich though. It's no longer 'super' for rates nor worth the trip. 

 

I'm in a slightly different boat to you guys as I now only really transfer THB into a UK bank account. Unfortunately I could never get Wise to make transfers the opposite way round and I ended up using Western Union. The end result is pretty much the same as what the Thai banks offer me, but I find it easier and clearer to transfer. 

 

 

[MangoKorat]

10 hours ago, alien365 said:

Unfortunately I could never get Wise to make transfers the opposite way round and I ended up using Western Union.

I seem to remember Wise saying that they would be facilitating transfers FROM Thailand a while back but there hasn't been any mention of it since.  Must be some form of regulatory thing or even protectionism on the part of Thailand.  Clearly money transfer companies can operate within the Thai system - hence Dee Money - maybe its the ownership that's the problem?  Non Thai banks also don't seem to have much representation in Thailand.

[Bundooman]

On 1/8/2024 at 1:03 AM, MangoKorat said:

 

What are you rattling on about? Did you actually read my post or did you skim read it and think you saw an opportunity to appear clever - in which case, have a tissue and wipe the egg off your face.  I do have a Thai bank account, how do you think I transfer money from the UK? Last time I looked it wasn't possible to transfer it to thin air.  I also got almost 45 a few weeks ago - rates go up and down you know? The rates I quoted were today's, from Wise at the time of posting (remember morning in the UK comes 7 hours later that it does in Thailand) - not 2 weeks ago.

 

Maybe you missed this:

 

 

My points remain the same:

 

Since companies like Wise came along, for those who can, a better rate can be usually be had by transfer rather than exchanging when you arrive in Thailand, even at one of the dedicated exchanges (such as the 2 super riches) that for years, gave better rates than the banks. Also, for tourists or those without a Wise account, the bank kiosks near the train station give a much better rate than the ones belonging to the same bank upstairs in the main airport areas.

 

By the way, today's Wise rates haven't changed much since I posted - after fees it still works out at 43.88.

 

Any more pointless comments?

 

Uh, dear me ....... Tantrum time because someone stole his thunder.

Stop throwing your toys out of the pram - he was only offering a suggestion.

Now be a good boy, calm down and drink your milk.

There's a good boy. Well done!

[KhunLA]

So, there's on 0.13 baht spread X 500 GBP = 65 baht.   And how much did your ATM (debit/CC) fee cost per year at the bank.  Or do you make cash withdrawals when needing, so add transport fee to/from bank.

 

I'm a CC at times, but seriously, 65 whole baht.  Learn to live stress free ... it's cheaper (no meds) and you'll live longer.

[newbee2022]

On 1/8/2024 at 1:03 AM, MangoKorat said:

 

What are you rattling on about? Did you actually read my post or did you skim read it and think you saw an opportunity to appear clever - in which case, have a tissue and wipe the egg off your face.  I do have a Thai bank account, how do you think I transfer money from the UK? Last time I looked it wasn't possible to transfer it to thin air.  I also got almost 45 a few weeks ago - rates go up and down you know? The rates I quoted were today's, from Wise at the time of posting (remember morning in the UK comes 7 hours later that it does in Thailand) - not 2 weeks ago.

 

Maybe you missed this:

 

 

My points remain the same:

 

Since companies like Wise came along, for those who can, a better rate can be usually be had by transfer rather than exchanging when you arrive in Thailand, even at one of the dedicated exchanges (such as the 2 super riches) that for years, gave better rates than the banks. Also, for tourists or those without a Wise account, the bank kiosks near the train station give a much better rate than the ones belonging to the same bank upstairs in the main airport areas.

 

By the way, today's Wise rates haven't changed much since I posted - after fees it still works out at 43.88.

 

Any more pointless comments?

 

Why fly into a rage so easily? Calm down. Don't give some posts too much attention. They can't do better probably.🙏

[NedR69]

On 1/7/2024 at 4:27 PM, BritManToo said:

Why don't you have a Thai bank account and use Wise like everyone else.

44.20bht to the pound this morning.

 

Although not a good time to change at the moment, I got 44.92bht a couple of weeks back.

Yes.... a good idea.  You can wait until the rate is up and then do your transfer.  

[MangoKorat]

12 hours ago, Bundooman said:

Uh, dear me ....... Tantrum time because someone stole his thunder.

Stop throwing your toys out of the pram - he was only offering a suggestion.

Now be a good boy, calm down and drink your milk.

There's a good boy. Well done!

Your attempt at being clever goes right over my head - just seen as a stupid comment.  It is also incorrect, should you choose to readthe posts correctly.  Nothing to do with any form of thunder stealing, not in the slightest.

 

The point is that I was asked why I didn't 'have a Thai bank account and use Wise like everyone else' when it was clear that I do and that was exactly what I was suggesting.

 

Its a sad fact that some members here simply read posts in order to find fault with then and then post negative or accusing replies.  Quite often they make the mistake of not reading a post properly in the first place so their reply actually makes no sense. You have actually just done the same.

 

Its both tiresome and boring - especially when your posting information that might actually be beneficial.

[MangoKorat]

12 hours ago, KhunLA said:

So, there's on 0.13 baht spread X 500 GBP = 65 baht.   And how much did your ATM (debit/CC) fee cost per year at the bank.  Or do you make cash withdrawals when needing, so add transport fee to/from bank.

 

I'm a CC at times, but seriously, 65 whole baht.  Learn to live stress free ... it's cheaper (no meds) and you'll live longer.

That's not really the point.  To use one of the non-bank exchanges you have to visit them. I almost always have 2 very large suitcases with me as I slowly move personal items to my home in Thailand. Lugging those cases down to the train station at Suvarnabhumi is a PITA.  I do sometimes stay one night in Bangkok before travelling to my home - but even then I have to go to one of the exchanges and since they have become more popular - that usually involves queueing.

 

Compare that to sitting in front of my laptop and simply moving the money by transfer through Wise and its a no brainer. Also having the ability to transfer further funds at any time during my trip should I need to.  Using one of the Super Rich exchanges after I arrive home involves a 200km round trip.

 

My UK banking is totally free and my Thai Visa card costs me somewhere between 200 and 300 baht per year but I would pay that anyway, its not an extra to facilitate Wise transfers.  ATM withdrawals within my Thai bank's area are free.  I make withdrawals when I go out - there would not be much point in simply travelling to an ATM, withdrawing cash and taking it home so there are no 'transport fees' specifically to obtain cash.

 

There are therefore no additional charges or effort as you suggest, no lugging of suitcases when I arrive - I simply walk out of the arrivals hall and get my lift home.  You suggest I 'learn to live stress free' - what could be less stressful than taking 2 or 3 minutes to sit at my laptop and transfer my cash whilst actually getting a better rate?

Edited January 9 by MangoKorat

[Adumbration]

On 1/7/2024 at 4:27 PM, BritManToo said:

Why don't you have a Thai bank account and use Wise like everyone else.

44.20bht to the pound this morning.

 

Although not a good time to change at the moment, I got 44.92bht a couple of weeks back.

 

The math will be different if you have to pay tax on wise transfers.  Cash will be tax free.

[ChaiyaTH]

Except people who stay here long enough every year now have to pay tax, so in that case the old fashioned changing money would still be the best deal. As you otherwise would get a even worse exchange rate by using the ATM, aside from ATM fees itself.

[MangoKorat]

1 hour ago, Adumbration said:

The math will be different if you have to pay tax on wise transfers.  Cash will be tax free.

Maybe - until they start checking on that too. Remember a photocopy of your passport is taken when you exchange cash at Super Rich and just about all other exchanges.

[MangoKorat]

13 hours ago, newbee2022 said:

Why fly into a rage so easily?

Rage? Do you have a camera on me?  Hardly a rage - just a firm reply.

[newbee2022]

1 hour ago, MangoKorat said:

Rage? Do you have a camera on me?  Hardly a rage - just a firm reply.

Maybe in your world🙏

[MangoKorat]

Not only my world it seems:

 

noun

1. angry fury; violent anger (sometimes used in combination): a speech full of rage;incidents of road rage.

2. a fit of violent anger: Her rages usually don't last too long.

3. fury or violence of wind, waves, fire, disease, etc.

4. violence of feeling, desire, or appetite: the rage of thirst.

5. a violent desire or passion.

6. ardor; fervor; enthusiasm: poetic rage.

7. the object of widespread enthusiasm, as for being popular or fashionable: Raccoon coats were the rage on campus.

8. Archaic. insanity.

verb (used without object),raged, rag·ing.

9. to act or speak with fury; show or feel violent anger; fulminate.

10. to move, rush, dash, or surge furiously.

www.dictionary.com/browse/rage

 

rage

/reɪdʒ/

 

noun

noun: rage; plural noun: rages

1. 1.

   violent uncontrollable anger.

   "her face was distorted with rage"

Oxford Languages Dictionary

Edited January 9 by MangoKorat

[pasak]

On 1/7/2024 at 2:49 PM, MangoKorat said:

For many years I've always changed my UK £ to Baht in Thailand - the rates available in the UK are laughable.  Rates in Thailand can also vary quite a lot - the banks at the airport rip off tourists and need calling out on this.  Change your money at one of the banks on the arrivals concourse or in the main airport at your peril - go downstairs near the train station and you'll find the same bank often giving 4 or 5 baht more! Kasikorn for example, has a booth right next to Super Rich orange and adjusts their rates to be the same.

 

In recent years, like many I've changed my money at one of the 'Super Riches' - green or orange in Bangkok.  However today, with a visit pending I checked out the rate at the green one and its 43.75 - 43.65 orange. If you can get your hands on £50 notes its slightly more but if you have a Wise account, even after taking their fees off, the rate works out at 43.88.  No brainer, no queueing at Super Rich or having to risk carrying large amounts of cash - just transfer before you go.

Superrich Green is the only place, everything else including the orange is a scam. GBP50 the best denomination. Pick your moments you can trade in and out, the spread is that tight!

[Chivas]

Assuming you have a Thai account nothing comes close to Wise on rates or speed of transfers in normally seconds