Ripp Off Uk Again ! Exchange Rate

[DISCOVERY]

Hello People...

Why is the rate about 48- 49 baht for your £1.00 but everywhere are giving less about 44 - 46 baht where can i buy my thai baht without being ripped off by the uk con men ... Many Thanks

[colinneil]

buy in thailand

[DISCOVERY]

buy in thailand

Ummm but i need cash for when i get off the plane really

[Sharp]

Well change a small amount when u land

[meatboy]

buy in thailand

Ummm but i need cash for when i get off the plane really

you dont tip the plane stewards,almost the same rate at airports in los,just change what you need[taxi or bus fares] or if your gf.is waiting pay later.no.1 rule always change money abroad

[Crossy]

Lots of forex booths and ATMs at the airport, no issue at all arriving without Baht.

You'll always get poor exchange rates when buying currency overseas.

[MB1]

And if you have baht left before going back to Uk change to Uk pound in Thailand or hold onto it.

Post office Uk wanted 57.15 baht for 1 pound June the 18th robbing *****.

Edited June 26, 2012 by MB1

[Tropicalevo]

buy in thailand

Ummm but i need cash for when i get off the plane really

you dont tip the plane stewards,almost the same rate at airports in los,just change what you need[taxi or bus fares] or if your gf.is waiting pay later.no.1 rule always change money abroad

+ 1

[ripstanley]

And if you have baht left before going back to Uk change to Uk pound in Thailand or hold onto it.

Post office Uk wanted 57.15 baht for 1 pound June the 18th robbing *****.

[ripstanley]

I agree with MB1 Hold onto it for your next visit. I used to always have a few thousand in my wallet. Very useful for the next visit

[brewsterbudgen]

It's hardly a "rip-off". That's just the rate you get if you want to exchange pounds for baht in the UK. Taxis are much more expensive in the UK too. Always change your money in Thailand.

[UKJASE]

it always makes me laugh when the UK post offices say there exchange service is "Commission Free"

[CharlieH]

And dont forget the rate you often see on the internet etc is the bank rate not the customer rate, bank inter-change rate is higher than high street rate.

Its not a "rip off" its just the way it works.

[w11guy]

If you think it's a rip-off then set up your win currency exchange business.

Why do you expect others to exchange your money for free? They need to pay for staff, offices, etc, so have to charge. Shop around if you think you're getting a bad deal. Do something about it instead of complaining. You deserve to be ripped off.

[rayinkrabi]

I reckon all that can be said on this topic has been covered already with lots of good accurate advice. Thats not to put you down at all, we were all in the same boat at some time and as I guess your're in the research stage the TV is prob the best place of all for this.

BTW, I also did lots of research some time ago when Nationwide, (the only Brit ATM card who didn't charge for foreign transactions at the time) decided to "now pass on these charges" arghh, this hit most expats hard!

I concluded that ATM withdrawals were still the best way to go for getting cash from home with Nationwide still cheaper than most although if you're lucky enough to get to an AEON Atm (usually in a Tesco or Big C store as far as I know) you will avoid paying the pesky 150 baht per transaction but will still be charged the standard 1 pound fee plus the 'non UK' fee of around 2 %..no way around it UNLESS...

If you can get to one of the new Metro Bank stores in and around London to open an account (they now boast a huge total of 12 branches) they seem to have taken up where NW left off and promise NO foriegn transaction fees at all! maybe worth your while even if you're some distance away as all your banking from then on will be online..only downside is that they only accept personal applications at the moment so this is high on my agenda next time I visit home.

Hope this helps, good luck.

[tomallison]

I reckon all that can be said on this topic has been covered already with lots of good accurate advice. Thats not to put you down at all, we were all in the same boat at some time and as I guess your're in the research stage the TV is prob the best place of all for this.

BTW, I also did lots of research some time ago when Nationwide, (the only Brit ATM card who didn't charge for foreign transactions at the time) decided to "now pass on these charges" arghh, this hit most expats hard!

I concluded that ATM withdrawals were still the best way to go for getting cash from home with Nationwide still cheaper than most although if you're lucky enough to get to an AEON Atm (usually in a Tesco or Big C store as far as I know) you will avoid paying the pesky 150 baht per transaction but will still be charged the standard 1 pound fee plus the 'non UK' fee of around 2 %..no way around it UNLESS...

If you can get to one of the new Metro Bank stores in and around London to open an account (they now boast a huge total of 12 branches) they seem to have taken up where NW left off and promise NO foriegn transaction fees at all! maybe worth your while even if you're some distance away as all your banking from then on will be online..only downside is that they only accept personal applications at the moment so this is high on my agenda next time I visit home.

Hope this helps, good luck.

Thanks for this good info. I did look at the Metro Banks's website. I have also been with Nationwide for many, many years, and happily remember the good times ATM-wise.

As I am now retired in Thailand and thus resident here, though I will be visiting London later in the year. I queried opening an account with Metro Bank. They replied that you need a UK address with received letters etc as proof. This, of course I am now unable to do. So I guess that I have to forego that option.

[yermanee]

Have some pity for the banks please. They are in such dire straits for the moment.

Yermanee

[FritsSikkink]

When it would happen in Thailand a couple of readers here would call it a scam.

[cockerdoodledo]

I reckon all that can be said on this topic has been covered already with lots of good accurate advice. Thats not to put you down at all, we were all in the same boat at some time and as I guess your're in the research stage the TV is prob the best place of all for this.

BTW, I also did lots of research some time ago when Nationwide, (the only Brit ATM card who didn't charge for foreign transactions at the time) decided to "now pass on these charges" arghh, this hit most expats hard!

I concluded that ATM withdrawals were still the best way to go for getting cash from home with Nationwide still cheaper than most although if you're lucky enough to get to an AEON Atm (usually in a Tesco or Big C store as far as I know) you will avoid paying the pesky 150 baht per transaction but will still be charged the standard 1 pound fee plus the 'non UK' fee of around 2 %..no way around it UNLESS...

If you can get to one of the new Metro Bank stores in and around London to open an account (they now boast a huge total of 12 branches) they seem to have taken up where NW left off and promise NO foriegn transaction fees at all! maybe worth your while even if you're some distance away as all your banking from then on will be online..only downside is that they only accept personal applications at the moment so this is high on my agenda next time I visit home.

Hope this helps, good luck.

Thanks for this good info. I did look at the Metro Banks's website. I have also been with Nationwide for many, many years, and happily remember the good times ATM-wise.

As I am now retired in Thailand and thus resident here, though I will be visiting London later in the year. I queried opening an account with Metro Bank. They replied that you need a UK address with received letters etc as proof. This, of course I am now unable to do. So I guess that I have to forego that option.

Can get a virtual address in the UK to handle mail

[edwardandtubs]

When it would happen in Thailand a couple of readers here would call it a scam.

It's not a scam at all. The rates are very clearly advertised and that's what you get. The banks are offering a service of supplying you with an exotic currency and taking on the risk of exchange rate fluctuations. Do you really expect them to do that for a couple of pence?

[MB1]

When it would happen in Thailand a couple of readers here would call it a scam.

It's not a scam at all. The rates are very clearly advertised and that's what you get. The banks are offering a service of supplying you with an exotic currency and taking on the risk of exchange rate fluctuations. Do you really expect them to do that for a couple of pence?

They might be offering a service and their rates are advertised but I find them to be a bit high when their buying foreign currency . Infact very high in some cases.

18th June Post office Uk selling baht at 46.31 to 1 UK pound.

18th June Post office buying baht at 57.15

a 10.84 baht difference = around 20 pence.

That's more than a couple of pence, if you change a 1000 baht and if you change say 5000 baht a lot more than a couple of pence.

Buy baht in Thailand, if going back home exchange back to home currency in Thailand or keep for next time.

No real need to bring baht with you to Thailand as many places in airport there are exchage facilities.

Edited June 26, 2012 by MB1

[chiang mai]

Foriegn currency exchange rates are determined by the FOREX, each currency has a midpoint, a selling price and a buying price and these change on a minute by minute basis. The consumer (you) price paid for a currency is determined by the midpoint, plus or minus the profit the bank/dealer wishes to make and this most often is determined by (1) the desirability of holding a particular currency in a given location and (2) greed.

[rayinkrabi]

Sorry to contradict Crossy as he's always a good reliable source but my understanding is you will always get a worse exchange rate at the airport.

The text below is from the Trip Advisor website altho not sure how old this info is but I DO know the TMB give one of the worst rates of all..don't be fooled into thinking they all give the same rate..no big deal if you only change a small amount but if you're withdrawing big time (cash for car or house etc.) def worth knowing this!

Thai Military Bank (TMB) are largely represented at the Airport. Their advertised rates of exchange are notoriously lower (-3% -4%) than ALL others, irrespective of their location (airport, city, country -- they offer the same low rate everywhere).

Unfortunately the only other major airport exchange operator, Siam Commercial Bank (SCB), now seems to have pegged its rates at the airport on TMB's rates, even though its rates at non-airport locations remain considerably higher. This means that ALMOST ALL exchange booths at the airport are now offering IDENTICAL rates, LOWER than the norm elsewhere in Thailand.

There seems to be only one exception: Kasikorn Bank's sole outlet on the Airport Rail Link Level (two levels below Arrivals). K-Bank's booth offers rates consistent with what it offers outside the airport. For major currencies, that could mean 1.20 or more baht per dollar, pound or euro. On trades of 1000 units or more, that could add up to a significant amount.

Kasikorn usually places in the top-two highest exchange rates among the banks, vying with Bangkok Bank. Independents such as Super Rich do offer even higher rates, though.

So you are now advised to exchange just enough for current needs at the airport, and to shop around downtown for better rates if you are making a larger trade "

BTW . Discovery, not a bad idea to always have a UK address anyway so maybe you can set this up with a family member or friend before you go back to England..maybe apply for a pension forecast sent to it plus maybe enquire about credit cards or stuff for the details to also be sent to your name at the address etc. surely that would work?

[rayinkrabi]

Further to my earlier post I've just found some info I put together for a mate of mine who wanted to send 6000 pounds over a few months ago..the info shows the rate given at the time (differences all compared to the Bangkok Bank rates) which is small fry really given the amount untill you get to the TMB !! Like I said this info is a few months old and there is a website somewhere with the updated stuff if anyone needs it). Cheers, Ray.

Super Rich @ 48.8 = 292,800 (+ 1,260 bt)

Bangkok Bank @ 48.59 = 291, 540

Ayuduya @ 48.56 = 291, 360 (- 180 bt)

Krung Thai @ 48.54 = 291, 240 (- 300 bt)

Kasikorn @ 48.51 = 291, 030 (- 510 bt)

Thanachart @ 48.42 = 290, 520 (-1, 020 bt)

Siam Comm @ 48.4 = 290, 376 (-1, 164 bt)

Thai Mil’tary @ 47.69 = 286, 140 (-5, 400 bt)

Edited June 26, 2012 by rayinkrabi

[rayinkrabi]

For what its worth this one site that compares rates given..shows a different light on the BK Bank this time but the TMB still looks v poor.

http://bankexchangerates.daytodaydata.net/default.aspx

[MB1]

Further to my earlier post I've just found some info I put together for a mate of mine who wanted to send 6000 pounds over a few months ago..the info shows the rate given at the time (differences all compared to the Bangkok Bank rates) which is small fry really given the amount untill you get to the TMB !! Like I said this info is a few months old and there is a website somewhere with the updated stuff if anyone needs it). Cheers, Ray.

Super Rich @ 48.8 = 292,800 (+ 1,260 bt)

Bangkok Bank @ 48.59 = 291, 540

Ayuduya @ 48.56 = 291, 360 (- 180 bt)

Krung Thai @ 48.54 = 291, 240 (- 300 bt)

Kasikorn @ 48.51 = 291, 030 (- 510 bt)

Thanachart @ 48.42 = 290, 520 (-1, 020 bt)

Siam Comm @ 48.4 = 290, 376 (-1, 164 bt)

Thai Mil’tary @ 47.69 = 286, 140 (-5, 400 bt)

Fair enough putting that up but something upto date would be better, not from a few months ago.

The rate today on Thai visa baht rates is baht 49.23 to 1 UK pound.

[rayinkrabi]

Fair enough putting that up but something upto date would be better, not from a few months ago.

The rate today on Thai visa baht rates is baht 49.23 to 1 UK pound.

That was simply to illustrate the difference between a number of banks and in partictular to highlight the extent of the poor rate given by the TMB, the rate was not so important..besides I did include a link for up to date comparisons on my last post. Sounds like it wasn't worth the trouble so carry on regardless :-)

[chiang mai]

Further to my earlier post I've just found some info I put together for a mate of mine who wanted to send 6000 pounds over a few months ago..the info shows the rate given at the time (differences all compared to the Bangkok Bank rates) which is small fry really given the amount untill you get to the TMB !! Like I said this info is a few months old and there is a website somewhere with the updated stuff if anyone needs it). Cheers, Ray.

Super Rich @ 48.8 = 292,800 (+ 1,260 bt)

Bangkok Bank @ 48.59 = 291, 540

Ayuduya @ 48.56 = 291, 360 (- 180 bt)

Krung Thai @ 48.54 = 291, 240 (- 300 bt)

Kasikorn @ 48.51 = 291, 030 (- 510 bt)

Thanachart @ 48.42 = 290, 520 (-1, 020 bt)

Siam Comm @ 48.4 = 290, 376 (-1, 164 bt)

Thai Mil'tary @ 47.69 = 286, 140 (-5, 400 bt)

Fair enough putting that up but something upto date would be better, not from a few months ago.

The rate today on Thai visa baht rates is baht 49.23 to 1 UK pound.

Try this, you'll need to enter some data first so not everything is done for you!:

http://bankexchangerates.daytodaydata.net/default.aspx

[FritsSikkink]

When it would happen in Thailand a couple of readers here would call it a scam.

It's not a scam at all. The rates are very clearly advertised and that's what you get. The banks are offering a service of supplying you with an exotic currency and taking on the risk of exchange rate fluctuations. Do you really expect them to do that for a couple of pence?

Reading is not easy:

a couple of readers here would call it a scam

[true blue]

super rich today in cnx 49.50 to uk pound