How Money Changers Work In Thailand. Which Rate To Use? Fees?

[peteyperson]

Hi,

Wish to clarify how different rates work for fx and money changers.

If I bring Sterling, assuming rates as below, what rate from the chart would I use?

Also, do the money changers (BKK airport or BKK city) charge a percentage or a fixed baht fee once the conversion is calculated?

Lastly, is the airport money changer still recommended over a money changer elsewhere in Bangkok? Is there more than one in the main airport?

Bangkok Bank site list as follows:

Sterling

Buying rate Bank note: B54.24

Buying rate Site bill: B54.94

TT rate, I believe, is telegraphic transfer (electronic into a Thai bank account)?

Thanks so much,

Pete

[Bukseeda]

Hi,

Wish to clarify how different rates work for fx and money changers.

If I bring Sterling, assuming rates as below, what rate from the chart would I use?

Also, do the money changers (BKK airport or BKK city) charge a percentage or a fixed baht fee once the conversion is calculated?

Lastly, is the airport money changer still recommended over a money changer elsewhere in Bangkok? Is there more than one in the main airport?

Bangkok Bank site list as follows:

Sterling

Buying rate Bank note: B54.24

Buying rate Site bill: B54.94

TT rate, I believe, is telegraphic transfer (electronic into a Thai bank account)?

Thanks so much,

Pete

If you're changing cash, it would be the 54.24 rate.

Thai exchanges don't charge commisson or a fee. There is a spread between the buy and sell rate and this is how they make money. For example, the £ buy rate might be 54B and the sell rate 55B. The actual rate is 54.5B and the difference is their profit.

It's exactly the same in the UK but the spread in the UK is much worse (which is why i never get baht before i leave).

Not much difference between airport and city. Some exchanges have slightly different rates but not enough to bother shopping around (unless you're changing huge amounts of cash.

[tracer5050]

I always change money here in country, you will get a much better rate than you brfore you come

[peteyperson]

Last time I was in Thailand I took Amex travellers' cheques and was charged a fee that got deducted each time I changed a cheque. I assumed changing Sterling would work the same way. So I just look at the buy bank rate for Sterling and work out what I'll net.

Right now the Thaivisa rates page shows 55.5401 THB, so assuming the exchange desk offered the same rate, £100 would net me B5,554, for example.

Pete

[Carmine6]

Last time I was in Thailand I took Amex travellers' cheques and was charged a fee that got deducted each time I changed a cheque. I assumed changing Sterling would work the same way. So I just look at the buy bank rate for Sterling and work out what I'll net.

Right now the Thaivisa rates page shows 55.5401 THB, so assuming the exchange desk offered the same rate, £100 would net me B5,554, for example.

Pete

There is a fee for each traveler's cheque which is why it's best to bring large denominations of those. The rate is usually a bit better than for currency, but you give it back in the per cheque fee for small denominations.

For currency, there's no per bill fee, you get the rate but they don't want smaller bills or if they do the rate drops for smaller bills.

The rate that comes up from Thaivisa isn't really the rate you'll get at a bank. Try the bank websites directly and someone posted this website which has many banks in one spot. They appear to be current, but check the bank websites directly to be sure:

http://bankexchangerates.daytodaydata.net/default.aspx

Super rich is for cash only and only the main branch gives the good rate:

http://www.superrich1965.com/app/index.aspx

[peteyperson]

Thanks for the reply.

There are money changers in kiosks in the street, or is it best to use a bank? Some of the money changers seem to be connected to or owned by the big banks.

Pete

or currency, there's no per bill fee, you get the rate but they don't want smaller bills or if they do the rate drops for smaller bills.

[udonsmiles]

Thanks for the reply.

There are money changers in kiosks in the street, or is it best to use a bank? Some of the money changers seem to be connected to or owned by the big banks.

Pete

Hi Pete

It makes sense to take your time and shop around IMHO. I have just changed £500 to Baht in the Big C shopping centre in Udon Thani, there are 4 different banks there and all display the rates inside. I am in no hurry so I checked out all of them and not supprisingly chose the one with the best rate .

One thing to bear in mind is you will almost certainly need to show your passport when changing money at a bank, I have never been asked to do so from a street kiosk. They may even photo copy the bank notes you give them! Also just as you would back home when using the cash machine, keep your wits about you when changing large amounts of money on the street

[Carmine6]

Thanks for the reply.

When you say "don't want smaller bills", how small you talking? Five pounds? Ten pounds?

There are money changers in kiosks in the street, or is it best to use a bank? Some of the money changers seem to be connected to or owned by the big banks.

Pete

or currency, there's no per bill fee, you get the rate but they don't want smaller bills or if they do the rate drops for smaller bills.

I don't know who will take what so hopefully someone will jump in here. Most banks list the rates for US Dollars in 3 tiers but not other currencies. It drops off enough that small bills are usually better to keep for use at home.

Take a look at Bankgok Bank for instance. Using $20 bills which is the bill used in ATMs in the states, nets almost 1/2 baht per dollar less.

33.63 baht/USD 50s and 100s

33.16 baht/USD 5s, 10s, 20s

32.85 baht/USD 1s

http://www.bangkokbank.com/Bangkok%20Bank/...s/FX_Rates.aspx

Super Rich right now has 50 pounds at 55.50, and 5 through 20 pounds at 55.40. But their dollar rates are also just .15 difference between $100 and $20. I have no idea if the banks will take smaller pound denominations, but I would guess they would.

[peteyperson]

Hey there,

Thanks for the info. I never knew that smaller bills were less attractive when changing money. To me, money is money, unless you get down to the pennies. Something to be aware of if bringing over some domestic currency.

Pete

Hi Pete

It makes sense to take your time and shop around IMHO. I have just changed £500 to Baht in the Big C shopping centre in Udon Thani, there are 4 different banks there and all display the rates inside. I am in no hurry so I checked out all of them and not supprisingly chose the one with the best rate .

One thing to bear in mind is you will almost certainly need to show your passport when changing money at a bank, I have never been asked to do so from a street kiosk. They may even photo copy the bank notes you give them! Also just as you would back home when using the cash machine, keep your wits about you when changing large amounts of money on the street