Exchange Rate?

[sbaker8688]

What is a good exchange rate? I don't mean how many dollars of your or my currency we can convert into bahts, but how much they charge us to do this? In the USA I can change money into bahts for .75%. In other words, they charge me less than 1% to do it. I plan to move to Thailand soon and bring all my savings one way or the other (cash or wiring) so I want to know whether it is good to convert my money in the USA first, or wait until Thailand.

Thanks!

[superchav]

The Dollar has been depreciating over the last few years and there aint any sign it will ever appreciate (at least in the foreseeable future), and there're 3 main reasons contributing to this:

1. The US massive trade deficit with the rest of the world. Less damand for the dollar --> a fall in value

2. Again the American government cannot alleviate its budget deficit which is also at a record high. Lost confidence --> the same outcome

3. The interest rate has been kept low to boost domestic consumption and investment. But economically speaking, low interest rates in turn weaken a country's currency.

Not good news for you mate.

Edited March 3, 2005 by superchav

[daveb1]

Cant speak for the dollar but with the pound you allways get a better exchange rate in thailand i allways bring over stirling now and change in Thailand. I would think its the same for the Dollar

[superchav]

Cant speak for the dollar but with the pound you allways get a better exchange rate in thailand i allways bring over stirling now and change in Thailand. I would think its the same for the Dollar

<{POST_SNAPBACK}>

Just for the time being cos we will all be using the euro soon !

[StuartinBKK]

Best Rates:

http://www.scib.co.th/Bankrate/exchange_rate.htm

[superchav]

Best Rates:

http://www.scib.co.th/Bankrate/exchange_rate.htm

<{POST_SNAPBACK}>

Dis 1 is much betta http://www.bangkokbank.com/Bangkok+Bank/Pe...tes/default.htm

[sbaker8688]

I already know about the massive US trade and budget deficits. It's one of the many reasons why I want out, and I already moved my dollars to Euros and New Zealand Dollars a long time ago.

But that's not the question I'm asking. I want to know how much I will get charged, typically, to change dollars into bahts? What's the "spread?" 2%? 3%? Etc.

I'm trying to figure out whether I should change my money here or there.

Note that I am not asking how many bahts I will get for a dollar. I want to know the rate I am charged to change the money, no matter how many bahts I will get for a dollar. And if you know of a great rate (.75%, etc.) please tell me what institution and where?

Thanks.

[StuartinBKK]

Best Rates:

http://www.scib.co.th/Bankrate/exchange_rate.htm

<{POST_SNAPBACK}>

Dis 1 is much betta http://www.bangkokbank.com/Bangkok+Bank/Pe...tes/default.htm

<{POST_SNAPBACK}>

And how did you figure that?

[lopburi3]

What you do not want to know is exactly what you need to know - the rate of exchange used to convert your currency. It costs you .75% means nothing without knowing the exchange rate used. The charge here is about .0025% (1/4 of 1 percent) for wire transfer exchange of US $ in Thailand and the exchange rate used is as posted for TT on websites.

[superchav]

You sound loaded to me.

by the way I reckon the baht is always without an 's'

I hardly hear people say, 'I've got 500 bahts'

Sounds weird though.

But as an American, your the exception

[Diggerbasher]

Convert my New Zealand Dollars here,27.5 the last time i did it.

[Crossy]

Hi.

If you're here for a relatively short time bring enough Baht to get to the hotel from the airport (about $100 US will be more than enough).

THEN

Use your ATM card to draw local currency, the rates are more competetive than you will get at any Beaureax de Change.

The only problem could be your bank making a charge for each withdrawal (check at you bank). My UK bank (Nationwide) does NOT charge for international ATM withdrawals.

Do note that local ATMs usually give a maximum of 20 notes per transaction.

Cheers

DC

[lopburi3]

Best Rates:

http://www.scib.co.th/Bankrate/exchange_rate.htm

<{POST_SNAPBACK}>

Dis 1 is much betta http://www.bangkokbank.com/Bangkok+Bank/Pe...tes/default.htm

<{POST_SNAPBACK}>

And how did you figure that?

<{POST_SNAPBACK}>

Perhaps because it has a very good history function rather than just the current exchange rates?

[superchav]

My UK bank (Nationwide) does NOT charge for international ATM withdrawals.

<{POST_SNAPBACK}>

Mine (Barclays) always overcharges me !

[StuartinBKK]

Best Rates:

http://www.scib.co.th/Bankrate/exchange_rate.htm

<{POST_SNAPBACK}>

Dis 1 is much betta http://www.bangkokbank.com/Bangkok+Bank/Pe...tes/default.htm

<{POST_SNAPBACK}>

And how did you figure that?

<{POST_SNAPBACK}>

Perhaps because it has a very good history function rather than just the current exchange rates?

<{POST_SNAPBACK}>

And do you see him getting the Baht42/ US$1 based on the HISTORIC rates?

[Rinrada]

My UK bank (Nationwide) does NOT charge for international ATM withdrawals.

<{POST_SNAPBACK}>

Mine (Barclays) always overcharges me !

<{POST_SNAPBACK}>

The 4 major banks over "ear have just posted their profits -Barc.MNBA,RBS,Shankers @ £ 20 Billion.thanks to all the thai tourists being charged on the exchanged rates when they change their little bits of dosh.

I sometimes think that maybe people actually LIKE getting Ripped Off (happy to pay 10 bt to 5 bt buses drivers in Pat.double bubble to enter a SNAKE farm,look at a waterfall etc)...G.A.Mighty....

£20 B....Big ones ......you can buy a lotta lotta bottles of beer Chang with that sort of cabbage.

[StuartinBKK]

My UK bank (Nationwide) does NOT charge for international ATM withdrawals.

<{POST_SNAPBACK}>

Mine (Barclays) always overcharges me !

<{POST_SNAPBACK}>

The 4 major banks over "ear have just posted their profits -Barc.MNBA,RBS,Shankers @ £ 20 Billion.thanks to all the thai tourists being charged on the exchanged rates when they change their little bits of dosh.

I sometimes think that maybe people actually LIKE getting Ripped Off (happy to pay 10 bt to 5 bt buses drivers in Pat.double bubble to enter a SNAKE farm,look at a waterfall etc)...G.A.Mighty....

£20 B....Big ones ......you can buy a lotta lotta bottles of beer Chang with that sort of cabbage.

<{POST_SNAPBACK}>

2,259,707,192 large beer chang @ Baht71 to the pound.

[lopburi3]

Best Rates:

http://www.scib.co.th/Bankrate/exchange_rate.htm

<{POST_SNAPBACK}>

Dis 1 is much betta http://www.bangkokbank.com/Bangkok+Bank/Pe...tes/default.htm

<{POST_SNAPBACK}>

And how did you figure that?

<{POST_SNAPBACK}>

Perhaps because it has a very good history function rather than just the current exchange rates?

<{POST_SNAPBACK}>

And do you see him getting the Baht42/ US$1 based on the HISTORIC rates?

<{POST_SNAPBACK}>

This poster is not interested in the exchange rate in any case. But I do find use for historical data for filling out insurance forms, checking my transfers etc. It is a more useful site for me.

[StuartinBKK]

Best Rates:

http://www.scib.co.th/Bankrate/exchange_rate.htm

<{POST_SNAPBACK}>

Dis 1 is much betta http://www.bangkokbank.com/Bangkok+Bank/Pe...tes/default.htm

<{POST_SNAPBACK}>

And how did you figure that?

<{POST_SNAPBACK}>

Perhaps because it has a very good history function rather than just the current exchange rates?

<{POST_SNAPBACK}>

And do you see him getting the Baht42/ US$1 based on the HISTORIC rates?

<{POST_SNAPBACK}>

This poster is not interested in the exchange rate in any case. But I do find use for historical data for filling out insurance forms, checking my transfers etc. It is a more useful site for me.

<{POST_SNAPBACK}>

Each to ones own.

[astral]

Just for the time being cos we will all be using the euro soon !

<{POST_SNAPBACK}>

No way Jose!!

[peterzxr]

The simple answer is TT your money in USD / NZD / GBP or whatever.

This is because you will get the best exchange rate available to you and only pay the very small comission charged by a Thai bank.

[sbaker8688]

The simple answer is TT your money in USD / NZD / GBP or whatever.

This is because you will get the best exchange rate available to you and only pay the very small comission charged by a Thai bank.

<{POST_SNAPBACK}>

What does "TT" mean? Is this a wire transfer? Why would they favor wire transfers in their monetary exchange vs. someone handing them cash?

Thanks.

[Rinrada]

My UK bank (Nationwide) does NOT charge for international ATM withdrawals.

<{POST_SNAPBACK}>

Mine (Barclays) always overcharges me !

<{POST_SNAPBACK}>

The 4 major banks over "ear have just posted their profits -Barc.MNBA,RBS,Shankers @ £ 20 Billion.thanks to all the thai tourists being charged on the exchanged rates when they change their little bits of dosh.

I sometimes think that maybe people actually LIKE getting Ripped Off (happy to pay 10 bt to 5 bt buses drivers in Pat.double bubble to enter a SNAKE farm,look at a waterfall etc)...G.A.Mighty....

£20 B....Big ones ......you can buy a lotta lotta bottles of beer Chang with that sort of cabbage.

<{POST_SNAPBACK}>

2,259,707,192 large beer chang @ Baht71 to the pound.

<{POST_SNAPBACK}>

With Nationwide you would have got @ Baht 72 to the pound

[JimmyGreaves]

Travellers Cheques. You pay at least 1% commission when you buy. So the bettter rate on exchange is balanced!

[Maka]

No one has mentiond Where to exchange $$ in Thailand.

IMHO

Hotels are the worst

Banks OK

But with little effort you can find a shop or store who will give you a better rate!

I can even get a better exchange rate in one jewelry store at the Night Bazar (Tourist Trap) here in Chaing Mai than I can My Thai Bank. A couple of pts. at least.

[lopburi3]

What does "TT" mean?  Is this a wire transfer?  Why would they favor wire transfers in their monetary exchange vs. someone handing them cash?

Thanks.

<{POST_SNAPBACK}>

Telex Transfer I suspect. Before computers we had Telex machines for wire messages and transfers.

Because it is real. That cash you hand them has to be verified/counted/bundled/keep safely/transferred/etc. Much more expense involved with cash. Why do you think merchants accept credit cards?

[Diggerbasher]

Banks certainly give the best exchange rates and rates rise for increasing size of transaction.

[Jai Dee]

What does "TT" mean?  Is this a wire transfer?  Why would they favor wire transfers in their monetary exchange vs. someone handing them cash?

Thanks.

Telex Transfer I suspect. Before computers we had Telex machines for wire messages and transfers.

Because it is real. That cash you hand them has to be verified/counted/bundled/keep safely/transferred/etc. Much more expense involved with cash. Why do you think merchants accept credit cards?

Telegraphic Transfer I believe... and favoured for exactly the reasons you gave.

[StuartinBKK]

What does "TT" mean?  Is this a wire transfer?  Why would they favor wire transfers in their monetary exchange vs. someone handing them cash?

Thanks.

<{POST_SNAPBACK}>

Telex Transfer I suspect. Before computers we had Telex machines for wire messages and transfers.

Because it is real. That cash you hand them has to be verified/counted/bundled/keep safely/transferred/etc. Much more expense involved with cash. Why do you think merchants accept credit cards?

<{POST_SNAPBACK}>

Telegraphic Transfer I believe... and favoured for exactly the reasons you gave.

<{POST_SNAPBACK}>

Telegraphic Transfer is Correct by way of SWIFT or CHAPS code.Telex Transfer was the old days method and took a lifetime.

[lopburi3]

As of today it is still called Telex Transfer by the Bank of Thailand:

Foreign Exchange Rates as of March 3, 2005 

Average Interbank Exchange Rate = 38.443 * Baht/US Dollar 

1. Average Counter Rates Quoted by Commercial Banks  ( Baht / 1 Unit of Foreign Currency )

Country  Currency  Average Buying Rates  Average Selling Rates

Sight Bill  Telex Transfer

  UNITED STATES        US DOLLAR        38.2300        38.3249        38.5202