What`s The Best Way To Get The Most Of Baht In Uk?

[Sue2009]

Hi there,

I need an advice - I have a Thai account and go back to UK soon.

What`s the best way to get a good exchange rate for the baht and where?

I can not find information and the bank staff is too much friendly ;-)

Taking the baht cash to UK?

Buying checks?

Just using the Thai bank card for the money mashine in UK?

Thank you for your help

Sue

[loverboy44]

Don't know how much cash iis in your account but don't change the money in the UK as the rates they have there are far lower than in Thailand itself.

If it is not that much take it out, change it to GBP and bring back home in cash.

If it is more, open a foreign currency bank account in GBP and transfer it in Pound Sterling.

You can take a debit card too but make sure that this card is accepted in the UK.

Good luck in the UK.

[endure]

Don't know how much cash iis in your account but don't change the money in the UK as the rates they have there are far lower than in Thailand itself.

That's true if you're buying baht in the UK. It's the other way round if you're selling baht in the UK.

[dave2]

sue2009

i cant help you with advice on selling baht coz ive never done it .

but ... re .... Just using the Thai bank card for the money mashine in UK?

your thai card would probably work in the uk ! ... ( i have 3 that do )

BUT and its a big BUT .... if it doesnt .

you can say bye bye to whatever is left in the account ... or until you come back to claim it ? ? ? as NO amount of phone calls to the bank is going to sort your problem

i dont know how much money you are talking about but i wouldnt risk leaving much in your account if i were you .

take most of it out before you go back

my advice only : ) .... dave2

ps ... leave 4 or 5 thousand in the account if you want to keep it open for a few years

with tmb if the ballance drops below 2000 baht and theres no movement for a year they fine you 50 baht a month untill its empty and the account is closed

[pete_r]

Exchange your THB to GBP in Thailand, you will definitely get a better rate than in the UK.

If you have a bank account in the UK you can try to order a bank transfer (convert to GBP first, then send the money in GBP), but the banks in Thailand tend to request a lot of documents before they allow you to do it, and there is a limit of about 600,000 THB per operation. The way that worked for me is to show a work permit + evidence of salary like salary slips or employment contract + say that the transfer is in the category "repatriation of salary of foreigner working in Thailand" - the limit with this type of transfer is the amount of salary earned in the year.

Otherwise you can carry cash or buy a cashier's cheque. There are probably some verifications the Thai bank will do before issuing a cashier's cheque, similar to the bank transfer.

Traveller's cheques might be an option too but I've never tried it.

Edited September 17, 2009 by pete_r

[12DrinkMore]

Depending on the amount of money, maybe find a UK tourist looking to exchange GBP for THB and exchange at the mid-price?

[wordchild]

the best place to change a lot of cash is one of the superrich places opp world trade next to big c, always get the best rate for buying and selling there

[endure]

As an example:

The exchange rate in Thailand is 55 baht to the pound.

The exchange rate in England is 50 baht to the pound.

If you have 10,000 baht to change:

Exchanging them in Thailand will give you £181

Exchanging them in England will give you £200.

You will NOT get a better deal by exchanging them in Thailand.

[12DrinkMore]

As an example:

The exchange rate in Thailand is 55 baht to the pound.

The exchange rate in England is 50 baht to the pound.

If you have 10,000 baht to change:

Exchanging them in Thailand will give you £181

Exchanging them in England will give you £200.

You will NOT get a better deal by exchanging them in Thailand.

The latest SCB rates will get you 178 Quid in Thailand

http://www.scb.co.th/scb_api/index.jsp

The best exchange from THB to GBP in the UK I can find is

http://www.currencyexchangeuk.co.uk/travel-currency.asp

and they calculate 180 Quid, but whether there are more expenses to pay I don't know.

Unless you have proof, the rate of 50 THB to the GBP is the exchange rate FROM GBP TO THB in the UK.

If I could get anything like the difference you say, I would be winging back to the UK with a couple of million THB every couple of days and returning with a wad of GBPs. 10% of 2,000,000 amounts to 200,000 less flight tickets say 40,000; 160,000 profit and a massive build up of miles to boot. Only six trips/month and I would be creaming in 1,000,000 Baht profit.

This is not going to happen, so it is not going to be possible to BUY GBPs at 50 THB in the UK...... QED.

However, please PM me if you know a way, could be a great business opportunity here..... :D

Edited September 18, 2009 by 12DrinkMore

[chiang mai]

12Drinkmore is correct in what he writes on the subject of Baht exchange rates in the UK etc. In addition, UK banks not only maintain huge spreads on currencies but also frequently charge a service fee/commission on top.

Edited September 19, 2009 by chiang mai

[bendix]

As an example:

The exchange rate in Thailand is 55 baht to the pound.

The exchange rate in England is 50 baht to the pound.

If you have 10,000 baht to change:

Exchanging them in Thailand will give you £181

Exchanging them in England will give you £200.

You will NOT get a better deal by exchanging them in Thailand.

Totally and utterly incorrect.

I am currently in the UK and walk past exchange places every day. There is a huge spread on buying and selling baht in the UK because, let's face it, it is an illiquid currency. Think about it - why would UK banks want to acquire lots of baht.

At today's rates, £1 will buy you around 50 baht. To SELL baht, you will need 62 baht for one pound. Those are yesterday's actual rates.

The OP will get significantly more pounds for their baht in Thailand. Do NOT wait until you get to the UK to change baht. It's common sense.

[Naam]

12Drinkmore is correct in what he writes on the subject of Baht exchange rates in the UK etc. In addition, UK banks not only maintain huge spreads on currencies but also frequently charge a service fee/commission on top.

that is done by banks in all countries especially when you buy or sell a like Thai Baht which is considered a Mickey Mouse currency abroad (except in Thailand's neighbouring countries).

[chiang mai]

12Drinkmore is correct in what he writes on the subject of Baht exchange rates in the UK etc. In addition, UK banks not only maintain huge spreads on currencies but also frequently charge a service fee/commission on top.

that is done by banks in all countries especially when you buy or sell a like Thai Baht which is considered a Mickey Mouse currency abroad (except in Thailand's neighbouring countries).

I be to differ, exchanging currency in Thailand does not normally incur a commission charge, nor does exchanging currency with HSBC Hong Kong using their internet service - in the case of the latter the spread remains reasonable and no other charges are involved.

[Naam]

12Drinkmore is correct in what he writes on the subject of Baht exchange rates in the UK etc. In addition, UK banks not only maintain huge spreads on currencies but also frequently charge a service fee/commission on top.

that is done by banks in all countries especially when you buy or sell a like Thai Baht which is considered a Mickey Mouse currency abroad (except in Thailand's neighbouring countries).

I be to differ, exchanging currency in Thailand does not normally incur a commission charge, nor does exchanging currency with HSBC Hong Kong using their internet service - in the case of the latter the spread remains reasonable and no other charges are involved.

-we are talking about changing cash Baht abroad.