Ripp Off Uk Again ! Exchange Rate

[SantiSuk]

Airport cartel rate (all the same at every booth) is always 1 to 2 baht worse than the rate you get at booths in tourist areas on the streets of Bangkok. Only change what you have to for the taxi ride at Swampy or better still, as advised above, all regular forward-planning travellers keep their baht for the next trip; no point in suffering two exchange rate hits anyway.

[Postmaster]

Hi I see the name of a Bank cropping up time and time again and know very little about it. THE METRO BANK Could someone advise me of the benefits of having an account for use in Thailand from this Bank if it is UK based ?

Thanks

[chiang mai]

Airport cartel rate (all the same at every booth) is always 1 to 2 baht worse than the rate you get at booths in tourist areas on the streets of Bangkok. Only change what you have to for the taxi ride at Swampy or better still, as advised above, all regular forward-planning travellers keep their baht for the next trip; no point in suffering two exchange rate hits anyway.

The rate offered at the branches of Thai banks at the airport is the same rate offered by branches of those banks in the city, the rate offered by non bank currency traders in the city is however better by up to one baht.

Edit: got some weird stuff added onto that post for some reason, scary.

Edited June 27, 2012 by chiang mai

[PattayaPhom]

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

unless the UK is abroad for you

[ericnoodeeka]

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.

i just started using the bkk bank bank in london.its bloody great and easy.

i just got 48.9 baht per pound.

only use bkk bank machines and there is no charge.

i do admit its only really usefull if u send more than 1000 pound.

20 pound charge and 0.3 %

it a good deal , even better if you send more money, the 20 pound is a standard charge.

p.s. do send it in uk pounds, so it gets changed in thai.

it took 25 hours to arrive in my wife's account

same when i do it to my bkk account, 1 business day.

and u can do it online from anywhere in the world.

[ericnoodeeka]

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.

i just sent 2000 pound, got 48.9 from bkk bank.

look up bkk bank in london, follow directions and send straight to ur thai account from uk online.

great,takes 24h.

[ericnoodeeka]

buy in thailand

same i said further down use bankok bank in london.

48.9

only use bkk machines, no charge.and u can take 100,000 per day out cash machine,

makes a joke of our 300 pound per day limit.555555

[yippz56]

Dont change your currency in Banks. Try to change in Sokhumvit Soi 3 Nana. You will find many money exchange over there and the give a better rate than the banks.

[aussiebebe]

Hi all, one of my cousins will visit me in Thailand soon, he's from the UK - I've gleaned from this thread that he'll get the best rate by changing sterling to baht in Thailand. Taking Yippz56's advice to try to the exchange places in Nana, would he get the best rate by bringing cash or will those places accept his UK bank cards? Will there presumably be some bank charges if he uses his VISA from his UK bank?

thanks for any help

[Bangkokhatter]

Hi all, one of my cousins will visit me in Thailand soon, he's from the UK - I've gleaned from this thread that he'll get the best rate by changing sterling to baht in Thailand. Taking Yippz56's advice to try to the exchange places in Nana, would he get the best rate by bringing cash or will those places accept his UK bank cards? Will there presumably be some bank charges if he uses his VISA from his UK bank?

thanks for any help

Cash would be best, but some people do not like carrying such large sums, the rate for travelers cheques is not much different and are quite safe and readily available in the UK.

[stevenl]

Hi all, one of my cousins will visit me in Thailand soon, he's from the UK - I've gleaned from this thread that he'll get the best rate by changing sterling to baht in Thailand. Taking Yippz56's advice to try to the exchange places in Nana, would he get the best rate by bringing cash or will those places accept his UK bank cards? Will there presumably be some bank charges if he uses his VISA from his UK bank?

thanks for any help

If he uses Visa he is not exchanging but withdrawing from his bank account. Thai banks have no influence on those rates.

[aussiebebe]

Thanks you guys for explaining that.

[Jiu-Jitsu]

Hi all, one of my cousins will visit me in Thailand soon, he's from the UK - I've gleaned from this thread that he'll get the best rate by changing sterling to baht in Thailand. Taking Yippz56's advice to try to the exchange places in Nana, would he get the best rate by bringing cash or will those places accept his UK bank cards? Will there presumably be some bank charges if he uses his VISA from his UK bank?

thanks for any help

If he uses Visa he is not exchanging but withdrawing from his bank account. Thai banks have no influence on those rates.

Would be fine if it were true.

Many Thai banks will use DCC as well as levying their 150 baht ATM withdrawal charge.

You can avoid this by using AEON ATMs. Alternatively you can pop inside a branch, passport and card in hand, in order to withdraw over the counter. Thereby avoiding the 150 baht charge.

All this is also dependent on the UK card in use, as many levy their own charges.

Only two none charging debit cards in the UK; Metro Bank and N&P. Credit cards; Halifax Clarity and Metro Bank(though pay down on any usage asap to avoid interest charges).

Edited October 21, 2012 by Jiu-Jitsu

[stevenl]

Hi all, one of my cousins will visit me in Thailand soon, he's from the UK - I've gleaned from this thread that he'll get the best rate by changing sterling to baht in Thailand. Taking Yippz56's advice to try to the exchange places in Nana, would he get the best rate by bringing cash or will those places accept his UK bank cards? Will there presumably be some bank charges if he uses his VISA from his UK bank?

thanks for any help

If he uses Visa he is not exchanging but withdrawing from his bank account. Thai banks have no influence on those rates.

Would be fine if it were true.

Many Thai banks will use DCC as well as levying their 150 baht ATM withdrawal charge.

You can avoid this by using AEON ATMs. Alternatively you can pop inside a branch, passport and card in hand, in order to withdraw over the counter. Thereby avoiding the 150 baht charge.

All this is also dependent on the UK card in use, as many levy their own charges.

Only two none charging debit cards in the UK; Metro Bank and N&P. Credit cards; Halifax Clarity and Metro Bank(though pay down on any usage asap to avoid interest charges).

Yes, DCC where used is a major problem and invalidates the standard system. Mostly though this is not used, and if it is used the OP can see since the to be charged amount will be in home currency in stead of Thai Baht.

The same goes for credit or debit card payments BTW. If in home currency, refuse the transaction and ask to be done in Thai Baht. Officially the retailer has to ask the client to be allowed to use DCC, but some omit this.

[Jiu-Jitsu]

Hi all, one of my cousins will visit me in Thailand soon, he's from the UK - I've gleaned from this thread that he'll get the best rate by changing sterling to baht in Thailand. Taking Yippz56's advice to try to the exchange places in Nana, would he get the best rate by bringing cash or will those places accept his UK bank cards? Will there presumably be some bank charges if he uses his VISA from his UK bank?

thanks for any help

If he uses Visa he is not exchanging but withdrawing from his bank account. Thai banks have no influence on those rates.

Would be fine if it were true.

Many Thai banks will use DCC as well as levying their 150 baht ATM withdrawal charge.

You can avoid this by using AEON ATMs. Alternatively you can pop inside a branch, passport and card in hand, in order to withdraw over the counter. Thereby avoiding the 150 baht charge.

All this is also dependent on the UK card in use, as many levy their own charges.

Only two none charging debit cards in the UK; Metro Bank and N&P. Credit cards; Halifax Clarity and Metro Bank(though pay down on any usage asap to avoid interest charges).

Yes, DCC where used is a major problem and invalidates the standard system. Mostly though this is not used, and if it is used the OP can see since the to be charged amount will be in home currency in stead of Thai Baht.

The same goes for credit or debit card payments BTW. If in home currency, refuse the transaction and ask to be done in Thai Baht. Officially the retailer has to ask the client to be allowed to use DCC, but some omit this.

They wouldn't likely notice at all, unless they knew for what they were looking. They best way(using a card) is to withdraw cash from within the branch or to use an AEON ATM with a suitable no fee debit/credit card.

[stevenl]

They wouldn't likely notice at all, unless they knew for what they were looking. They best way(using a card) is to withdraw cash from within the branch or to use an AEON ATM with a suitable no fee debit/credit card.

Of course they would notice, since the withdrawel amount would be indicated in home currency in stead of Thai Baht.

Regarding the 'inside the branch' withdrawels, take into account that banks give a worse exchange rate for that. See this information on their webiste from SCB fort example, For Credit Card (Sale Slip) US$1 = 29.96

For Credit Card (Cash Advance) US$1 = 29.46

cash exchange rates at the same moment: 50-100: 30,27, 5-20: 29,79, 1-2: 29,43.

[Jiu-Jitsu]

They wouldn't likely notice at all, unless they knew for what they were looking. They best way(using a card) is to withdraw cash from within the branch or to use an AEON ATM with a suitable no fee debit/credit card.

Of course they would notice, since the withdrawel amount would be indicated in home currency in stead of Thai Baht.

Regarding the 'inside the branch' withdrawels, take into account that banks give a worse exchange rate for that. See this information on their webiste from SCB fort example, For Credit Card (Sale Slip) US$1 = 29.96

For Credit Card (Cash Advance) US$1 = 29.46

cash exchange rates at the same moment: 50-100: 30,27, 5-20: 29,79, 1-2: 29,43.

I'm not going to argue with you. The next time you make a withdrawal from one of the ATMs that charge you 150 baht, check the exact exchange rate given and then compare it with the Visa/Mastercard rate for that day.

Indeed whilst you might not receive the Visa/Mastercard rate in branch, you will not have to pay the 150 baht ATM withdrawal charge.

It also remains to be seen as to whether you receive the Visa/Mastercard rate from those bank's ATMs.

For me, the only sure way is to use a AEON ATM in conjunction with a fee free card.

I