Money Changing

[cooL_guY_corY]

Hey i know this has been discussed a lot but i havent found any recent threads.. anyone know if the money changing rates at the airport are better then the ones at the banks in the city?

[peter991]

The rates at Suvarnabhumi are on a par with anything in town. I bring in about $AUD200 cash, change it at the airport on the way through and use ATM cards when that has been used up. Also, when leaving Thailand - change any left over baht back into Australian dollars.

Which country are you coming from? What ever you do, don't get your Thai baht before you reach Thailand. Rate is lousy!

Peter

[thaiclan]

But at the moment the OFFSHORE rate is actually better than the ONSHORE rate! Doesnt make sense as just a few short weeks ago there was 10% spread difference.

Today the BOT are giving 63.1 to the GBP onshore compared to 63.9 offshore....??

[chiang mai]

But at the moment the OFFSHORE rate is actually better than the ONSHORE rate! Doesnt make sense as just a few short weeks ago there was 10% spread difference.

Today the BOT are giving 63.1 to the GBP onshore compared to 63.9 offshore....??

The offshore rate may appear to be better than the onshore rate, problem is that you can't actually get the offshore rate! Dealers and money markets can but individuals cannot since the banks charge commissions on exchange and this negates the potential gain. If you want to test this theory, go in to any UK bank with a handful of GBP and ask them to sell you Baht and see what you get - repeat the process for any country of choice.

[thaiclan]

Yes thats true but it does mean that if you are drwaing out of a British bank with your ATM card today (other than Nationawide which uses onshore rate) you will have the best deal on baht you have had for months.

Usually I dont even bother using my ATM card as I know I'll get shafted when the banks use the "offshore" rate. You wont gain thats for sure but you wont be as "insulted" as before!

[cooL_guY_corY]

hey guys interesting points.. wasnt sure if the bank / in bkk would be a difference..i know theres some great chinese money changers that offer better rates but i forget where it is and i am not bring that much.. also i am coming from canada and bring CAD..ill just exchange at the airport.. i live in bkk and usually hit the atm once a month to pull out my money from canada land.. my bank charges me but the overseas charge is pretty cheap.. about 90 baht per transaction, but the exchange rate is fine.

[SeaVisionBurma]

mistakes I have learnt from in the past with ATM transactions....

I used to withdraw only a few thousand baht at a time, every few days (I guess because I didn't want to have a large amount of THB in my wallet at one time) - and after a while figured that I was getting charged at least AUD$5.00 per withdrawal.

So now any withdrawals I do from my home bank acount while in LOS, I withdraw the maximum amount available from that particular bank's ATM at one time (instead of withdrawing several smaller amounts over several days)

This is probably something everyone here knows already - but I might as well add it in the thread in case there's anyone who is doing what I used to do....

[jackspratt]

But at the moment the OFFSHORE rate is actually better than the ONSHORE rate! Doesnt make sense as just a few short weeks ago there was 10% spread difference.

Today the BOT are giving 63.1 to the GBP onshore compared to 63.9 offshore....??

The offshore rate may appear to be better than the onshore rate, problem is that you can't actually get the offshore rate! Dealers and money markets can but individuals cannot since the banks charge commissions on exchange and this negates the potential gain. If you want to test this theory, go in to any UK bank with a handful of GBP and ask them to sell you Baht and see what you get - repeat the process for any country of choice.

My understanding is that since the BOT dropped the 30% withholding at the beginning of this month, there is virtually no difference between on and offshore rates.

[peter991]

They are definitely a lot closer. Today's ThaiVisa baht rate is 29.54 baht = $AUD1. On XE.com it's 29.84 baht = $AUD1. On Yahoo! Finance it's 29.679 baht = $AUD1.

Peter

[david96]

They are definitely a lot closer. Today's ThaiVisa baht rate is 29.54 baht = $AUD1. On XE.com it's 29.84 baht = $AUD1. On Yahoo! Finance it's 29.679 baht = $AUD1.

Peter

Bank of Thailand website. FX rates.

http://www.bot.or.th/BoTHomepage/databank/.../exchange_e.asp

[sezzo]

mistakes I have learnt from in the past with ATM transactions....

I used to withdraw only a few thousand baht at a time, every few days (I guess because I didn't want to have a large amount of THB in my wallet at one time) - and after a while figured that I was getting charged at least AUD$5.00 per withdrawal.

So now any withdrawals I do from my home bank acount while in LOS, I withdraw the maximum amount available from that particular bank's ATM at one time (instead of withdrawing several smaller amounts over several days)

This is probably something everyone here knows already - but I might as well add it in the thread in case there's anyone who is doing what I used to do....

Not even close mate. It was only about $AUD5 a couple of years ago. About 18 months ago they decided to charge $5 for using a non CBA atm then 1 percent of the total withdrawal. So when I was withdrawing 20000 baht I was getting charged $AUD18 per transaction.

This is from one of the banks that just make $AUD2.5 billion profit in the past 6 months. Gee they really look after their customers.

Which bank??

[R2Quad]

"I know theres some great chinese money changers that offer better rates but i forget where it is"

Try SUPER RICH (Thailand), 45-45/1 Rajdamri Road, Patumwan, Bangkok 10330. Tel:(662) 253-5559

also www.superrich1965.com

[jaiyen]

THe best and most efficient way is to transfer a reasonable amount of money to your Visa account before you leave your own country and when you get to Thailand just go to a good bank ( I always use Siam Bank ) and withdraw at least enough to keep you going for a week. Just take in your Passport and Visa card. The exchange rate is good and you only get hit for one withdrawal fee. Take note !!!! Every time you use an ATM, even to check your balance, you will get slugged for a transaction fee and believe me, the machines can play up and give wrong balances so you check it again.

[Zpete]

I always bring cash to cover my stay.

Exchange most, once out of airside at Swampypool.

Seem to get best rates, 2 - 3 Baht more than at home, NZ, and NO FEES.

If I run short, my ATM card is next, costs $NZ5.00 + 1% FX fee.

Only rarely will I use my credit card in retail.

No problem online for bookings etc.

Last year my card was replaced 3 times after I paid for big dosh items.

Visa cut my transactions to 500 bucks....... sheeeeeesh.

Siam Bank, wants ya passport and life history when exchanging, stuff them.

Bank of Ayudhya, KasikornBank and Nakornthon Bank , no questions asked, just hand over ASAP.

Enough cash, and ATM for emergency is best option.

Edited March 21, 2008 by Zpete

[TheRaja]

My post is about money changing, but money changing the other way (THB into Oz dollars).

I'm heading home for a short holiday and am looking at the various exchange options.

Has anyone ever bought AUS $2,000-$3,000 in Bangkok? I think that taking cold hard cash might be the best option after looking at a variety of options, all coming with their various 'expenses'.

My only worry is that foreign exchange counters in BKK/Suvarnabumhi might not have AUS $2,000-$3,000.

Cheers for reading,

The Raja

[pampal]

Most Chinese travel agencies in Yaowart will change money for you at really good rates

[Zpete]

My post is about money changing, but money changing the other way (THB into Oz dollars).

I'm heading home for a short holiday and am looking at the various exchange options.

Has anyone ever bought AUS $2,000-$3,000 in Bangkok? I think that taking cold hard cash might be the best option after looking at a variety of options, all coming with their various 'expenses'.

My only worry is that foreign exchange counters in BKK/Suvarnabumhi might not have AUS $2,000-$3,000.

Cheers for reading,

The Raja

Why bother before you fly.

You will get better rates at your destination, as is always the case, where ever you travel.

I do NOT know where you are going in OZ, but UAR Exchanges give best rates, no fees, buying or selling.

I use them all the time.

Just google UAR Exchange, there are offices in all main cities.

I normally use one on Elisabeth St in Melbs, just past Flinders Lane, on left walking towards Q_Vic Market from Flinders St..

[MikeandDow]

My post is about money changing, but money changing the other way (THB into Oz dollars).

I'm heading home for a short holiday and am looking at the various exchange options.

Has anyone ever bought AUS $2,000-$3,000 in Bangkok? I think that taking cold hard cash might be the best option after looking at a variety of options, all coming with their various 'expenses'.

My only worry is that foreign exchange counters in BKK/Suvarnabumhi might not have AUS $2,000-$3,000.

Cheers for reading,

The Raja

Why bother before you fly.

You will get better rates at your destination, as is always the case, where ever you travel.

I do NOT know where you are going in OZ, but UAR Exchanges give best rates, no fees, buying or selling.

I use them all the time.

Just google UAR Exchange, there are offices in all main cities.

I normally use one on Elisabeth St in Melbs, just past Flinders Lane, on left walking towards Q_Vic Market from Flinders St..

I travel to BKK every 3 weeks to vist the wife for 1 week i bring in AUD 5000 to 9000 every trip change it in the airport no problem been doing this for a long time now

[peter991]

There is currently a difference of at least 5 THB to AUD if you change your baht back to Australian dollars in Australia (at Travelex booths) at airport when you arrive back home. Same as leaveing Australia going to Thailand. Change your money at Suvarnabhumi.

Peter

[offset]

Last Friday London airport was a little over 56Baht to the pound on Sunday I got 62.5Baht to the pound using Nationwide card with no extra charges

[Zpete]

There is currently a difference of at least 5 THB to AUD if you change your baht back to Australian dollars in Australia (at Travelex booths) at airport when you arrive back home. Same as leaveing Australia going to Thailand. Change your money at Suvarnabhumi.

Peter

NEVER--------NEVER

Use Travelex, they are the ripoff FX exchangers supreme.

They charged me $A10.00 to chang a $NZ100.00 bill, in Melbourne, I complained and asked for my money back.

Noway, too late I was told.

Unfortuately for travellers to and from Auckland, Travellex has the licence for FX exchange sites.

Hold off until you find a bank.