sbaker8688 Posted March 3, 2005 Share Posted March 3, 2005 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! Link to comment Share on other sites More sharing options...
superchav Posted March 3, 2005 Share Posted March 3, 2005 (edited) 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 Link to comment Share on other sites More sharing options...
daveb1 Posted March 3, 2005 Share Posted March 3, 2005 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 Link to comment Share on other sites More sharing options...
superchav Posted March 3, 2005 Share Posted March 3, 2005 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 ! Link to comment Share on other sites More sharing options...
StuartinBKK Posted March 3, 2005 Share Posted March 3, 2005 Best Rates: http://www.scib.co.th/Bankrate/exchange_rate.htm Link to comment Share on other sites More sharing options...
superchav Posted March 3, 2005 Share Posted March 3, 2005 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 Link to comment Share on other sites More sharing options...
sbaker8688 Posted March 3, 2005 Author Share Posted March 3, 2005 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. Link to comment Share on other sites More sharing options...
StuartinBKK Posted March 3, 2005 Share Posted March 3, 2005 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? Link to comment Share on other sites More sharing options...
lopburi3 Posted March 3, 2005 Share Posted March 3, 2005 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. Link to comment Share on other sites More sharing options...
superchav Posted March 3, 2005 Share Posted March 3, 2005 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 Link to comment Share on other sites More sharing options...
Diggerbasher Posted March 3, 2005 Share Posted March 3, 2005 Convert my New Zealand Dollars here,27.5 the last time i did it. Link to comment Share on other sites More sharing options...
Crossy Posted March 3, 2005 Share Posted March 3, 2005 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 Link to comment Share on other sites More sharing options...
lopburi3 Posted March 3, 2005 Share Posted March 3, 2005 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? Link to comment Share on other sites More sharing options...
superchav Posted March 3, 2005 Share Posted March 3, 2005 My UK bank (Nationwide) does NOT charge for international ATM withdrawals.<{POST_SNAPBACK}> Mine (Barclays) always overcharges me ! Link to comment Share on other sites More sharing options...
StuartinBKK Posted March 3, 2005 Share Posted March 3, 2005 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? Link to comment Share on other sites More sharing options...
Rinrada Posted March 3, 2005 Share Posted March 3, 2005 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. Link to comment Share on other sites More sharing options...
StuartinBKK Posted March 3, 2005 Share Posted March 3, 2005 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. Link to comment Share on other sites More sharing options...
lopburi3 Posted March 3, 2005 Share Posted March 3, 2005 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. Link to comment Share on other sites More sharing options...
StuartinBKK Posted March 3, 2005 Share Posted March 3, 2005 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. Link to comment Share on other sites More sharing options...
astral Posted March 3, 2005 Share Posted March 3, 2005 Just for the time being cos we will all be using the euro soon ! <{POST_SNAPBACK}> No way Jose!! Link to comment Share on other sites More sharing options...
peterzxr Posted March 3, 2005 Share Posted March 3, 2005 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. Link to comment Share on other sites More sharing options...
sbaker8688 Posted March 3, 2005 Author Share Posted March 3, 2005 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. Link to comment Share on other sites More sharing options...
Rinrada Posted March 3, 2005 Share Posted March 3, 2005 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 Link to comment Share on other sites More sharing options...
JimmyGreaves Posted March 3, 2005 Share Posted March 3, 2005 Travellers Cheques. You pay at least 1% commission when you buy. So the bettter rate on exchange is balanced! Link to comment Share on other sites More sharing options...
Maka Posted March 4, 2005 Share Posted March 4, 2005 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. Link to comment Share on other sites More sharing options...
lopburi3 Posted March 4, 2005 Share Posted March 4, 2005 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? Link to comment Share on other sites More sharing options...
Diggerbasher Posted March 4, 2005 Share Posted March 4, 2005 Banks certainly give the best exchange rates and rates rise for increasing size of transaction. Link to comment Share on other sites More sharing options...
Jai Dee Posted March 4, 2005 Share Posted March 4, 2005 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. Link to comment Share on other sites More sharing options...
StuartinBKK Posted March 4, 2005 Share Posted March 4, 2005 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. Link to comment Share on other sites More sharing options...
lopburi3 Posted March 4, 2005 Share Posted March 4, 2005 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 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now