Can Banks Compete With Private Money Exchanges On Large Amounts?

[jayinoz]

Transferring over $100,000 to Thai from Aussie for investment purposes. In the past simply transferred to Thai bank. I have heard you can negotiate a better rate near the private money changers??? Is this correct. Yet never as good as the better private money changers in Thailand. I was annoyed at the bank rate last time compared to what I got from Super Rich for 20k. Adding it up the baht difference cost me 60-70k bt- not chicken feed by any stretch.

I have only been game enough to transport $20000 in cash to Thai per time then change at Super Rich. Even Super Rich or SK can give slightly better on more than 10k per time. Not likely to carry 50-100k on me... declaring it or not !!!

What are the best options to literally get more bang for your buck..... Every 0.1 bt counts with these amounts.

Cheers Jay

[manarak]

that's a tricky one.

If I were you, I'd first try negociating a rate (like mean interbank rate - x 0/00) with the manager of the Thai bank you have your account with.

[Shurup]

That's an interesting topic and informative. I've wasted a lot of $$$ as it seems as I never knew there were other ways to exchange your money....

Now, I've got to ask: Where do I find these private money exchangers???

[manarak]

That's an interesting topic and informative. I've wasted a lot of $$$ as it seems as I never knew there were other ways to exchange your money....

Now, I've got to ask: Where do I find these private money exchangers???

That's an easy one.

In BKK, I use Vasu, just at the Nana BTS station between soi 7 and 7/1

Superrich is in the back streets of soi 5 I believe.

In Pattaya, I use Jenjit Money exchange in Walking Street.

Best rates I have seen in Patts so far.

[Shurup]

Thanks!

[ianguygil]

Thai banks can definitely offer a great rate for a larger amount. As I have explained several times before, the rate at FX booths is like the retail price. For a larger amount you can negotiate a wholesale deal. If you want to deal with Bangkok Bank please just PM me, I will send you my BBL email address, and you can contact me. I will then get our Global Payments people to deal with you, Treasury will offer you a rate. I have done this for several TV members before, all were very happy.

[flying]

Ian to the rescue again

So nice to have you active on the forum Ian

Thanks !

[meatboy]

i have tried with the big banks for large amouts,spot buying on the day both declind,always use a curreny dealer,one who is regulated dont trust the ones that promise one that says it will give you a lot more than t.t.rates.i usually get about 20-30satang more.