SCB bank (The purple bank) exchange rates.

[Khyron]

I have recently heard that SCB bank gives you much better exchange rates than some of the other banks.

 

From what I hear, they charge one small fee and the rate is more than fair.

 

Anyone have this experience?

 

I don't make it to Bangkok much, this would be in Isaan.

Thanks.

[Mike Lister]

3 hours ago, Khyron said:

I have recently heard that SCB bank gives you much better exchange rates than some of the other banks.

 

From what I hear, they charge one small fee and the rate is more than fair.

 

Anyone have this experience?

 

I don't make it to Bangkok much, this would be in Isaan.

Thanks.

There are a number of variables involved.

 

Currency exchange rates are based on the midpoint which is determined by the FOREX system, banks and money changers then add or subtract an amount to that to arrive at the buy or sell rates which vary for each currency. The additional amount that is added or subtracted, varies based on the currency that is being exchanged, in the case of USD it can be about 0.15 baht, in the case of GBP it can be 0.50 baht, this is because some currencies are more useful to them than others. Other factors that affects the exchange rate is the amount being exchanged and the denomination of the bills being exchanged, USD 50's will be cheaper to exchange than US 20's.

 

Money changers make a smaller profit on currency exchange than banks do because they don't have the same physical overheads. It therefore pays to exchange money at a money changer rather than at a bank.

 

Lastly is location, rates can be higher in tourist areas than in non-tourist areas, because there is greater demand. And lastly lastly, money wired by TT will offer a better rate than a sight bill.

 

Soooo, you ask if SCB in Issan offers a better rate than others, that will depend on the currency, the bills being exchanged, the method of exchange, TT or sight bill and whether there is competitive demand near by. Generally, all the banks in rural areas offer similar rates, typically within 0.5% of each other which unless you are exchanging large amounts, will not make much difference.

 

[Upnotover]

All the banks publish their current rates on their websites.  Easy enough to look up a few banks to see if one is better than another.

[Mike Lister]

3 minutes ago, Upnotover said:

All the banks publish their current rates on their websites.  Easy enough to look up a few banks to see if one is better than another.

The rates you see on web sites and boards are only indicative, exchange rates change in real time so you'll never know what the exact rate is, until you make the deal.

[KhunBENQ]

2 hours ago, Upnotover said:

All the banks publish their current rates on their websites.  Easy enough to look up a few banks to see if one is better than another.

Exactly that. And for private/small deals there is no real time stuff involved.

Only for real high amounts the branches are obliged to check back with the headquarter (as shown on fine print at Bangkok Bank).

They usually do 3 or 4 rounds per day. First one is about 8:30h.

Just looked at SCB and Bangkok Bank EUR rates.

Assuming it's about bank notes! not electronic transfer.

Difference is in the 0.05 Baht range better for SCB.

Never paid any fee for money exchange in Thailand. Profit is always in the rate.

[KhunBENQ]

5 hours ago, Khyron said:

Anyone have this experience?

No.

5 hours ago, Khyron said:

don't make it to Bangkok much, this would be in Isaan.

Thanks.

In major upcountry cities there are specialized changers which might offer a few satang more.

What currency and amount are you thinking of?

To profit from travelling to Bangkok/Pattaya or the like it should be no less than 50000  Euro cash equiv.

[Mike Lister]

15 minutes ago, KhunBENQ said:

Exactly that. And for private/small deals there is no real time stuff involved.

Only for real high amounts the branches are obliged to check back with the headquarter (as shown on fine print at Bangkok Bank).

They usually do 3 or 4 rounds per day. First one is about 8:30h.

Just looked at SCB and Bangkok Bank EUR rates.

Assuming it's about bank notes! not electronic transfer.

Difference is in the 0.05 Baht range better for SCB.

Never paid any fee for money exchange in Thailand. Profit is always in the rate.

I'm pretty sure you'll find that the rate is determined by the banks online system which contains a feed to the BOT forex system.

[KhunBENQ]

EUR note rates from first round:

 

Bangkok Bank 38.87

SCB 38.95

Krungsri 39.05

Kasikorn 38.89

 

That fits my experience.

Kasikorn and BKB worst.

Krungsri best.

 

Foreign exchange rate 39.607

 

So quite a margin.

[topt]

49 minutes ago, KhunBENQ said:

Foreign exchange rate 39.607

I take it you mean the mid market rate taken from one of the online providers like XE?

[KhunBENQ]

1 hour ago, topt said:

I take it you mean the mid market rate taken from one of the online providers like XE?

Yes, xe.com.
https://www.xe.com/currencyconverter/convert/?Amount=1&From=EUR&To=THB
 

Now at 39.587

As I use WISE for transfer I also look there, very close (39.5839).

[Liverpool Lou]

4 hours ago, Mike Lister said:

The rates you see on web sites and boards are only indicative, exchange rates change in real time so you'll never know what the exact rate is, until you make the deal.

Of course, but the comparison with other banks' rates at the same time can be made which is what he wants to do.  Although the exchange rates will change, the differentials between the individual banks' rates will probably not change in any significant way for the same transactions.

[Khyron]

Thanks everyone for the detailed explanations, really appreciate it.

[digbeth]

be mindful that  not all branch is equipped to handle foreign exchange, especially out in the sticks

[sandyf]

On 5/7/2024 at 8:57 AM, KhunBENQ said:

Never paid any fee for money exchange in Thailand. Profit is always in the rate.

I bought some Euros on Sunday, got the XE rate at the time and paid 100 baht service fee.

"Generally" you would be right but the word "always" should be used with caution.