Exchanging Us Dollars For Thai Baht

[westbounder]

Hi,

I am moving to Thailand in August. I am bringing $6,000 U.S.cash with me.

Is it better for me to exchange it at the street money changers

or will I get a better exchange rate by just depositing it in my Bangkok Bank savings account?

Thank you

[Max4243]

My recommendation is for you to exchange your US dollars when you are in Thailand. There are a number of money changer operated by the various banks, but I suggest that you shop around for the best rates. My experience is that the bank rates are not that good. Don't even try changing at the airport. If you are in Bangkok, there are a number of non-bank money changer. I can't mention the full name, but try the one with the name of Super........ This money changer always give you a few points higher than other money changer.<BR><BR>After changing your US dollars into Thai baht, then you can deposit it into you bank in Thailand. This is the best solution you can take.

[Jimi007]

I have heard over the years that some money changers in Bangkok give a higher rate than the bank. But why do you want to carry that much cash. If you have a Bank of America account you can transfer online to Bangkok Bank at a higher rate than either. It's much safer too. Current Bangkok Bank exchange: 32.09 cash 32.24 TT rate through the internet. Although there are charges applied. $3 B of A then Bangkok Bank, New York. depends on how much you transfer, I know it's $10 for $2,000 and 150 Bht in Thailand. So, you lose a bit, but much safer. I loose $8 for $2,000 by not carrying cash. Just a thought. Up to you... By the way, what are you going to do when your $6,000 runs out? You should set this up and get secure pass before you leave the US. You will need a US mobile phone to receive the secure pass text though. PM me if you need more details.

Edited July 7, 2010 by Jimi007

[Bobr]

Last time I came though the airport here, I made a point of checking the exchange rates. The major banks here give the exact same exchange rates at the airport that they do at their branches in other parts of Thailand, and carrying that much money around looking for the "best" rate is not without risk.; You really want to waste your vacation trying to "beat the system" for a few extra Baht? Not worth the risk or the opportunity costs.

Edited July 7, 2010 by Bobr

[calbts2]

Best rate in town is at Super Rich main office. Better than all the banks.

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

[Spaniel]

Best rate in town is at Super Rich main office. Better than all the banks.

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

Super Rich is the place to go but if you happen to be in the Sukhumvit area then go to Vasu money changer which is located between Soi 9 & 11. Last time I checked they offered the same rate as Super Rich.

[Spaniel]

If you do decide to bring the $6000 in cash definetly bring it in $100 notes as you will get a slightly better exchange rate for them.

[KCM]

Also make sure the cash you bring is in good condition and not the old style $100 bills. I always use Super Rich when I change cash. CitiBank has some branches here so setting up a CitiBank account before coming could be a good idea. As for Bank of America I have never had poorer service with any bank or credit card. From my personal experience I would never use Bank of America for anything again.<br>

[steve187]

look at this site -http://bankexchangerates.daytodaydata.net/default.aspx

[martin81]

Last time I came though the airport here, I made a point of checking the exchange rates. The major banks here give the exact same exchange rates at the airport that they do at their branches in other parts of Thailand, and carrying that much money around looking for the "best" rate is not without risk.; You really want to waste your vacation trying to "beat the system" for a few extra Baht? Not worth the risk or the opportunity costs.

At last someone is posting sense about the exchange rates at the airport. The banks' rates are changed at a central computer and displayed automatically at the exchange points throughout the country. It is a fallacy that the rates at the airport are different to the rates elsewhere. There are misleading posters who can't see further than their nose and think that the rates at the airport are different to the rates elsewhere because, after they've made the journey to Pattaya (or wherever they're headed) and then made their way to a local exchange booth, the rates ARE different, but then it's several hours, if not days, later. Compare rates like for like...i.e. same bank, same time of day, different location....same same. Next they'll be saying that the rates displayed at arrivals are different from the rates displayed at departures, in order to cheat the travelling rich farang when he changes his baht back to farangland currency.

It is simply not true that rates at the airport are always the same as in town. Also all the banks in airport have same low rates. Where as in town there are difference in rates between banks. So it pays to look around a bit.

Especially for USD 50 and 100 notes always gives a better rates in town. In the airport they give same low rate for all denominations.

[Max4243]

Last time I came though the airport here, I made a point of checking the exchange rates. The major banks here give the exact same exchange rates at the airport that they do at their branches in other parts of Thailand, and carrying that much money around looking for the "best" rate is not without risk.; You really want to waste your vacation trying to "beat the system" for a few extra Baht? Not worth the risk or the opportunity costs.

At last someone is posting sense about the exchange rates at the airport. The banks' rates are changed at a central computer and displayed automatically at the exchange points throughout the country. It is a fallacy that the rates at the airport are different to the rates elsewhere. There are misleading posters who can't see further than their nose and think that the rates at the airport are different to the rates elsewhere because, after they've made the journey to Pattaya (or wherever they're headed) and then made their way to a local exchange booth, the rates ARE different, but then it's several hours, if not days, later. Compare rates like for like...i.e. same bank, same time of day, different location....same same. Next they'll be saying that the rates displayed at arrivals are different from the rates displayed at departures, in order to cheat the travelling rich farang when he changes his baht back to farangland currency.

About the exchange rates at the airport, I think bahtboy got me wrong and was quick to shoot from his hip about other posters not able to see further than their nose. What I meant was to advice that don't make changes at the airport before checking with other currency exchange counters in the city. By the various posting, my suggestion that there are other non bank exchange counter like Super Rich that can offer higher exchange rates as compared to banks is true. Everyone knows that exchange rates moves up or down, even within the day. So just can't understand bahtboy comments about misleading posters in this forum.

If poster like bahtboy cannot stand different views from other posters and have to resort to name calling, it is better for bahtboy to move out of this forum and join other forum in the internet that suits his type of posting.

Anyway, the exchange rates at the airport of a certain bank is different from the same bank in town and this can be done through technology, even from the bank's central computer. I have checked this fact with a buddy of mine who happened to work in a bank involved in this.

[goldfinger]

airport rates and country/town rates are definitely not the same at the same time.

i realised that airport rates are the lowest from all,(Inside the airport they are all the same)

[hhgz]

"...<span class="Apple-style-span" style="font-family: 'Comic Sans MS'; font-size: 13px; color: rgb(28, 40, 55); line-height: 19px; ">don't make changes at the airport before checking with other currency exchange counters in the city..."</span><div><span class="Apple-style-span" style="font-family: 'Comic Sans MS'; font-size: 13px; color: rgb(28, 40, 55); line-height: 19px; "><br></span></div><div><span class="Apple-style-span" style="font-family: 'Comic Sans MS'; font-size: 13px; color: rgb(28, 40, 55); line-height: 19px; ">If you are at the airport, how do you check the exchange rates at other counters in the city?</span></div>

[Svenn]

I need to bring about $1500 into Thailand in a couple of weeks... if I do 3 ATM withdrawals from B of A, it'll cost about $100 with their ridiculous fees. Will I fare better if I take it in cash to Super Rich? no one on this thread made a relative comparison between the actual methods, so mine and the OP's question remain unresolved.

I do this often, should I just open a Bangkok Bank account?

Edited July 15, 2010 by Svenn

[moe666]

Always exchange at Vasu it is at Skhumvit Soi 7/1 at the bottem of the Nana Skytrain Station. A few points better than banks kiosk. They are a certified exchange business.

[Jimi007]

look at this site -http://bankexchangerates.daytodaydata.net/default.aspx

That's a great website!

[jfchandler]

In answer to one question posed above, NEVER use any U.S. Bank of America ATM or credit card to withdraw funds via ATM here in Thailand... The BofA fees are very HIGH for international transactions, apart from the 150 baht ATM fee the Thai bank ATMs will charge.

There are no Bank of America branches or ATMs here in Thailand (though they do have a commercial office in BKK), so you will get absolutely no service or support as a BofA customer, and I know, because I had a BofA account back in the U.S. for 20+ years.

The recommendations for SuperRich and Vasu in BKK are good ones... But if you don't want to carry around a lot of cash, you can use ATMs here, just use the AEON ATMs, which do not charge the 150 baht foreign card withdrawal fee unlike Thai banks.

There are AEON ATMs all around BKK, including in the basement of Siam Paragon, at CarreFour Onnut, I believe the second floor of MBK, on the second floor of the Silom Complex and elsewhere. AEON Thailand has a web site that allows you to search for and find the location of their ATMs.

If you do use an U.S. ATM card, make sure you know what charges your home bank will apply for making foreign ATM withdrawals...sometimes it's a 2 or 3% fee... sometimes that plus a flat charge.... Some U.S. banks don't charge any fee for foreign transactions or reimburse those charges when customers incur them. But it pays to know what your home bank is going to do BEFORE you start pulling funds. And if you have multiple accounts, use the one with the lowest fees...