Exchanging Sterling Advice

[jayuk88]

Hi people. I'm off to Thailand to Pattaya this very month and I need some advice.

I've heard you can take Sterling and exchange it in certain shops for a higher rate as you essentially cut out the middle man. Also, if this isn't true, what are the average charges for withdrawals or exchanges? I bank with Abbey National. Which bank/bureau de Change can I get the best exchange rate from in Pattaya?

Thanks!

[Beechboy]

You almost always get a better rate at exchange booths than you do from your card company/Thai bank, you also avoid machine charges and all the other charges they dream up. You avoid a foreign transaction fee on card purchases as well as having had a better rate if you use cash.

The risk is carrying a larger amount of cash (1K+?) when travelling to your destination and making sure your have a safe in your room . Hotels with safety deposit boxes at reception are usually ok, but you need to be more careful and even keep careful record, as you never know.

Exchange booths vary slightly, but you suss out the best. Avoid those at airports and also hotel receptions.

Edited April 10, 2011 by Beechboy

[jayuk88]

Thanks, that's awesome! We were thinking of taking the money out there because of the card charges etc. Obviously we are going to have to be extremely careful and yes, 1k+ indeed! Do you know anything about exchanging it in shops and restaurants, the non-official way?

[Beechboy]

Thanks, that's awesome! We were thinking of taking the money out there because of the card charges etc. Obviously we are going to have to be extremely careful and yes, 1k+ indeed! Do you know anything about exchanging it in shops and restaurants, the non-official way?

No, not really. Neither can I think of any reason why such establishments would want Sterling at all.

Some might have a hidden personal reason, but would likely give you a lousy rate.

[jackr]

Never understand this way of thinking. The peace of mind of drawing on accounts back home via ATMs for tourists (despite the silly charge here) surely outweighs the need to save a few quid and have all the risk with bringing in wads of cash? 5x withdrawals of 10k baht is only 750 baht for example. The internal ATM exchange rate (plus percent) isn't bad. Also time saved and less hassle.

[meatboy]

changing sterling in shops/resturants never heard of this in over 20years,just use the exchange booths there used to be a good one in soi 6 and where the taxis turn at the bottom of patts.beach rd.if its your first time take care and dont fall for the birds in red high heels,and carries a razor.

[dmax]

there are some chinese exchange places in pattaya, they almost all the time beat every bank, one near the vc hotel, exit vc hotel take a sharp left, walk past 7-11 minimart and its on same side about 8-9 shops down, looks like an antique shop from outside but go inside and you will see for yourself, closes everynight around 12am as far as i remember anyway.

[Beetlejuice]

Thanks, that's awesome! We were thinking of taking the money out there because of the card charges etc. Obviously we are going to have to be extremely careful and yes, 1k+ indeed! Do you know anything about exchanging it in shops and restaurants, the non-official way?

My advice is; don`t even think about exchanging currencies in these dodgy places.

A friend from the States did this in 2008, what they call black market back street exchange. He ended up with a truckload of fake baht notes. Couldn’t go to the police because it was illegal in the first place.

Keep with the banks, the devil you know and be safe. The banks have everything sown up anyway and you wont much beat the published daily exchange rates

If you bring over cash, you will lose about 1 baht per £ on the exchange. Traveller’s cheques I believe is 60 baht commission to change each cheque, so bring over the maximum amount of £100 lots.

Cannot think of any other method and as I said, the banks have it all sown up so we can’t win.

[WAYNEandAEI]

http://www.superrichthailand.com/

will better the banks everytime

[Chivas]

Thanks, that's awesome! We were thinking of taking the money out there because of the card charges etc. Obviously we are going to have to be extremely careful and yes, 1k+ indeed! Do you know anything about exchanging it in shops and restaurants, the non-official way?

My advice is; don`t even think about exchanging currencies in these dodgy places.

A friend from the States did this in 2008, what they call black market back street exchange. He ended up with a truckload of fake baht notes. Couldn’t go to the police because it was illegal in the first place.

Keep with the banks, the devil you know and be safe. The banks have everything sown up anyway and you wont much beat the published daily exchange rates

If you bring over cash, you will lose about 1 baht per £ on the exchange. Traveller’s cheques I believe is 60 baht commission to change each cheque, so bring over the maximum amount of £100 lots.

Cannot think of any other method and as I said, the banks have it all sown up so we can’t win.

No that's completely wrong. Have you ever been to Thailand.

Cash is a flat rate and you certainly dont lose one baht in the £.

Likewise TC's are 32 baht each to change I believe.

Best place in Pattaya is upstairs in Tops on Pattaya Klang at the private money exchanger-forms part of a travel agency.

[Groongthep]

http://www.superrichthailand.com/

will better the banks everytime

The above is an old link for Super Rich. I believe they have rebuilt their original main branch after the original one was severely damaged during the govt/red shirt mayhem last year. I believe (not sure) they have now reopened their main branch nearby to where the old one was and conveniently have also opened 2 smaller booths at the Chitlom and Phromphong BTS Stations.

I agree that the rates are usually quite good at Super Rich.

Here's the new website: Superrich

Edited April 15, 2011 by Groongthep

[jimbeam1]

I am going back to the Uk, end of May. Will max out on N/W travellers cheques on my return.

jb1

[Flatouthruthefog]

<br />Never understand this way of thinking. The peace of mind of drawing on accounts back home via ATMs for tourists (despite the silly charge here) surely outweighs the need to save a few quid and have all the risk with bringing in wads of cash? 5x withdrawals of 10k baht is only 750 baht for example. The internal ATM exchange rate (plus percent) isn't bad. Also time saved and less hassle.<br />

<br /><br /><br />

I'm with you and Beetlejuice on this.

The best legit deal you'd get in Chiang Mai is SK Moneychanger in Charoenprathet, near the bottom of Loi Kroh Rd, which I am reliably informed is run by army people.

But I must add that a friend changed several thousand pounds sterling, cash, at a smart but 'unmarked' little place opposite the old Indra Hotel, Bangkok, some 17 years ago.

He was personally recommended, the place was smart and professional inside, he was not asked for any i/d and was delighted to get his 2 large briefcases filled with (real) baht at an extremely advantageous rate.

Just as he was about to leave, 2 worthy oriental gentlemen came in, along with 2 'heavies' and SIX large briefcases. One pressed a button, a door swung open and they vanished into an inner sanctum.

"What's in there?" my friend asked the cashier.

"That's our department for large amounts" she said, in perfect English, without a flutter of an eyelash.

[bigneilo]

if you have time, get a freedom pre paid credit card, you load it with sterling before you travel and use it in atms anywhere, they somehow give a better exchange rate than normal banks or booths, current rate at time of posting this is 49.44.

they then charge 99p per visit and 150 baht at the booth.