Ringgits And Baht

[NanLaew]

I will be getting a lump sum in cash for per diem, condo security deposit refund and expenses at the end of my current assignment in KL. Not a huge amount, about 18,000 ringgits (MYR) which ball parks around 170,000 baht when checking with an online forex site. However, my experience has been that selling ringgits in Thailand only sucks slightly worse than buying baht in Malaysia.

Bangkok Bank currently buying MYR at 8.73 versus Maybank selling THB at 9.59 so at first glance getting rid of ringgits here looks best.

But taking a round sum of 10,000 ringgits and looking at these 2 banks published rates, buying A$ in Kuala Lumpur would give me A$3319 which, sold in Bangkok would yield almost 101,000 baht. That sound reasonable? Or is my arithmetic flawed?

If anyone out there can recommend an alternative way for me to offload these ringgits and eventually acquire baht let me know. In the past and in other countries, I have opted to buy US$ when faced with a bundle of less desirable currency. Not sure how that would wash in this instance since, like the Pound it's not exactly a stellar performer right now but what about the A$? Is that a viable option despite the (eventual) double commission when making the trades? I am in no rush to use this lump sum immediately so if there's any benefit in holding/watching any particular currency in the interim, I am open for suggestions.

Thanks,

NL

[klauswernst198]

How will you come to thailand ?

If you come by train go to any gold shop at the border area. As from my experience they accept both Baht and Ringgit at very fair rates and many of them function as exchange for the locals. I have exchanged only 20.000 like this but 170.000 for a gold shop owner is nothing.

Edited November 11, 2010 by klauswernst198

[Tropicalevo]

Wasu on Sukhumvit will give you a better rate on Ringgit than the bank does.

[CharlieH]

Super Rich as showing 9.5 ringit to baht

Kasikorn are 9.2

If you dont really need to use the money why not buy some GOLD and sit on that for a while then cash that in later.

Gold seems to be rising almost daily.

Edited November 11, 2010 by CharlieH

[NanLaew]

The landlady here in KL says the money changers trump the banks for forex so will check out that option in the morning.

^^ Where is Wasu on Sukhumvit btw?

Edited November 11, 2010 by NanLaew

[NanLaew]

Super Rich as showing 9.5 ringit to baht

Kasikorn are 9.2

If you dont really need to use the money why not buy some GOLD and sit on that for a while then cash that in later.

Gold seems to be rising almost daily.

That did cross my mind actually.

[Tropicalevo]

The landlady here in KL says the money changers trump the banks for forex so will check out that option in the morning.

^^ Where is Wasu on Sukhumvit btw?

Wasu is on the corner of one of the side sois on the odd number side right next to Nana sky train station.

[NanLaew]

The money changer in Kuala Lumpur (KLCC) was quoting selling THB at 10.8 which beats the Malay bank (9.59) by a mile and the Thai bank (8.73) by several.

So, I have my buddy doing the rounds of the Pattaya money changers to see what they say.

Edited November 12, 2010 by NanLaew

[siam2007]

okay, first, it is called RINGGIT, not "RINGGITS", but that's not a big deal of course ^^

now my recommendation:

Do you know those 2 moneychangers at MID VALLEY MALL ? they give by far the best rates I have seen anywhere on this planet (and I have been to 50+ countries).

Usually there are large crowds of LOCALS queuing which shows that they offer something extraordinary.

I would change your Ringgit into Dollars or Euro (not Euros, BTW ^^ ) and take it to Thailand, where you can use it whenever you need it.

Or, if you want to have Baht, change it into Baht straight away. I doubt you will get a better exchange rate anywhere in those two countries, at least in case you exchange US$, believe me (difference between selling and buying just 0,3% or so)

then, after you did as I recommended, you will be happy, return to Bangkok, and invite me for a pint at the Huntsman-Pub at the Landmark ;-)

those two moneychangers are located on the BASEMENT LEVEL of Midvalley Mall, about in the middle of the floor, right next to a small ESCALATOR leading to the ground floor (not the main escalators!).

there are two places next to each other (you usually will see people queuing there) and offer basically excactly the same rates. I have seen tenthousands of US and AUS-$ going over the table there within less than 5 minutes, there must be a reason for that.

pls report your experience in case you go there, thanks

Edited November 12, 2010 by siam2007