Exchanging Australian Dollars For Thai Baht

[peter991]

Hi there. I am coming back to Thailand for 3 weeks at the end of next week. I will be arriving at BKK Airport in the morning, spending 3 hours at the airport and then flying BKK to Khon Kaen.

I was wondering what is the best option:

(a) Change Australian dollars into Thai baht at Perth (Australia) Airport before departure at Travelex counter.

( Change Australian dollars into Thai baht at BKK airport.

© Just wait until I get to BKK airport and use of of the many ATM at the airport.

My reason for asking is that I will be heading off to a remote village in Issan for most of the 3 weeks and there is not a bank or ATM for at least 35km.

Suggestions please.

Peter

Edited January 24, 2006 by peter991

[Simmo]

From my experience if you're withdrawing a fair amount of money you'll get the best value withdrawing at an ATM if you can. If your card has the Cirrus logo on it you should be fine.

The better exchange rate should make up for any overseas terminal charges ( I usually get about a 4$ AUD fee for each Commonwealth Bank withdrawal I make here)

[Rooo]

Do not change money at any airport, the rates are well below par.As mentioned before ATM is your best chance or take a run into town 35K's.not that far really, but you will do a lot better.

[LindsayBKK]

I use AMEX in Bangkok for purchases. St.George Bank charges me a $4 for an overseas withdrawal + the currency conversion fee about 1.5%. I have an AMEX Card that gives a better currency rate + 55 days interest free + can be used many most places around Bangkok + No annual fee either (Need good credit rating). Shop around is always the best advice. Or transfer cash to a Thai bank account like I have. Transfer fee's from Australia to Thai Bank are $20aus. Krungthai Bank ATM's seem to give the best exchange rate.

AMEX

[Mighty Mouse]

For the best exchange rate you need to bring your Aussie $$$$'s with you and exchange them at a Thai bank.

The exchange rate fluctuates from day to day and from bank to bank so shop around for the best rate and try and pick an up day for our currency. Currently our li'l Aussie bleeder is off the boil.

The airport money exchange does not usually give you the best rate of the day. Most banks will better their rate, but if you can't get to a bank, Bangkok airport is the next best thing and would still offer a better exchange rate than Perth.

The downside to all this is that you need to carry cash on the plane. Make sure it is secured.

The same thing goes after you have cashed it in, you then need to secure your Thai baht.

If you bring more than AUS$10,000, remember to declare it in Oz at the airport.

[Carmine6]

For the best exchange rate you need to bring your Aussie $$$$'s with you and exchange them at a Thai bank.

The exchange rate fluctuates from day to day and from bank to bank so shop around for the best rate and try and pick an up day for our currency. Currently our li'l Aussie bleeder is off the boil.

The airport money exchange does not usually give you the best rate of the day. Most banks will better their rate, but if you can't get to a bank, Bangkok airport is the next best thing and would still offer a better exchange rate than Perth.

The downside to all this is that you need to carry cash on the plane. Make sure it is secured.

The same thing goes after you have cashed it in, you then need to secure your Thai baht.

If you bring more than AUS$10,000, remember to declare it in Oz at the airport.

Mighty, how much of a difference do you find by shopping different banks? I tried to do this the first time in Thailand and I found it wasn't worth the effort. But we're not talking about a whole lot of effort, as in I didn't check it all the same day.

[Mighty Mouse]

Mighty, how much of a difference do you find by shopping different banks? I tried to do this the first time in Thailand and I found it wasn't worth the effort. But we're not talking about a whole lot of effort, as in I didn't check it all the same day.

It depends on how much you are cashing as to whether it is worthwhile or not.

The difference between the exchange rate in Australia and the bank exchange rate in Thailand is about one baht. If you're cashing AUS$3,000 in one hit, that's 3,000 baht of extra drinking money in your pocket.

In Thailand the difference between the bank exchange rates may vary only .02 to .04 of one baht. Certainly not a great difference, but when you consider that most of the banks are right next door to each other, why not take advantage of the bank offering the best rate?

The difference between the Bangkok Airport money exchange and Thai banks can be as much as .05 of one baht.

[sezzo]

One thing to remember and it may not be applicable here is if you are transferring money from Oz bank or bank account to a Thai bank account is make sure that you transfer it in Oz dollars.

I was caught by this as I was making the move over here and it was "recommended" by my ever smiling Commonwealth bank tellar to get the bank to change it into Thai baht first and then transfer. I was told that they give a better exchange rate than what I would receive in the bank over here.

To my surprise (on reflection it was no surprise) when I checked my balance on getting to LOS there was a considerable amount missing or at least not as much as I had expected.

Dont make the mongrels any richer than what they already are is my advice.

[simcity]

Peter careful using visa withdraw on ATM , they give a better exchange rates but hit you with 3 % cost , same as purchases !

Amex is better but the echange rates not so high.

now i am doing transfer from OZ to Thailand .

in your situation i will go with exchanging AU dollar at the thailand bank !

or perhaps traveler cheque ?

[Mighty Mouse]

If you are a regular traveller to LOS you should consider opening a bank account in Thailand.

Then, when you are back in Farangland and the exchange rate is high, you can transfer money from Farangland into your Thai bank account.

You will have to pay a transfer fee, and you will have to send the money at the Australian exchange rate of the day, but if you believe that the value of the Aussie dollar is about to fall against the baht, you are able to lock in the high rate.

It is a safeguard against carrying large sums of cash on the plane.

Another advantage is that whilst in Thailand, you can use your credit/debit card to top up your Thai bank account in preparation for your next visit.

Some Australian banking institutions will charge you a 'cash advance fee,' but that is a lot less than paying a 'Telegraphic Transfer' fee.

(If you can transfer $$$'s between the banks via your internet connection, you can save on fees.)

Travellers cheques are almost a thing of the past. You pay a fee to buy them, you pay a fee to cash them, an additional fee for each cheque you cash (it is therefore wise to buy the largest denomination T cheque amount the bank can sell you) and the exchange rate works out just above that of cash once you have taken into account the various fees.

The best thing going for travellers cheques is that they are safe.

Using an ATM in Thailand will also incure a bank fee each and every time you use the card, so if you must use the ATM, it is advisable to withdraw enough money to last you for some time.

[Donz]

Not sure if anyone else has advised this, but change your money to US dollars then go the central shopping centre near porn tip plaza, its very close, ask around for the black market exchange. (everyone knows where it is)

You get more on 100 dollar bills then 50 dollar bills.

Or just take your aussie dollars there its about 1 baht per dollar extra.

But is very good if you change all at once.

Best places are in order IMO.

1. Black Market

2. ATM card

3. Thai Airport (thai airport exchange rate is fare.

4. Your airport

the australian airports charge way too much commission and is about 2 baht difference to the Thai airport

[peter991]

Thanks for all the prompt responses. I have an Australian Commonwealth Bank account that I know I can use in Thailand. I just checked with Travelex in Perth, Australia and they are giving 28,230 Thai baht for 1000 Australian Dollars.

The current mid-market rate for 1000 Australian Dollars are shown on Universal Currency Converter's website as 29,517 baht.

If I use my CBA ATM card, I incur a 5 Australian dollar (about 150 Thai baht) fee for each enquiry or withdrawal at a non-CBA ATM - be it in Australia or overseas. There is no other charge.

If anybody is in or around Bangkok Airport in the next day or two, can they please post the current AUD to Thai Baht exchange rate.

Peter

[Donz]

DO NOT CHANAGE YOUR MONEY IN AUSTRALIA.

Bkk Airport exchange rates ALWAYS is better then australian airports by 1 and sometimes 2 baht per dollar

[Mighty Mouse]

If anybody is in or around Bangkok Airport in the next day or two, can they please post the current AUD to Thai Baht exchange rate.

This really would be a waste of time because the daily rate changes twice per day.

A rate is posted for the morning bank session and after the lunch break the bank updates the rate. In many cases the afternoon rate remains unchanged, but you can't rely on it.

The link below is the Kasikornbank exchange rates. It is updated each day and will give you a good idea of what rate to expect upon your arrival in LOS.

http://www.kasikornbank.com/GlobalHome/EN/..._fx/rate_fx.jsp

[sezzo]

Thanks for all the prompt responses. I have an Australian Commonwealth Bank account that I know I can use in Thailand. I just checked with Travelex in Perth, Australia and they are giving 28,230 Thai baht for 1000 Australian Dollars.

Peter,

I also have an Australian Commonwealth Bank account with ATM card that I can use over here but the problem is that for some unknown reason I cannot use it at a Bangkok Bank ATM. I thought that it might be just in the town in Ubon Ratchathani that I live but I went to Bangkok, Pattaya, Phuket, Ubon town, Khon Kaen, Nakhon Rathasima, Surin and tried it in the Bangkok bank ATMs there and it hasnt worked yet. It works in most other thai banks ATMs fine, just not Bangkok bank.

Just food for thought as you mentioned that you will be going up country for a few weeks and I know the most common form of ATMs in small towns in Issan is the Bangkok Bank. When I first arrived where I now live I had to hire a car and drive 65 ks just to use another banks ATM. Thankfully I now have a Bangkok bank account so no problems.

[bluebear]

I am maybe going to aus in a couple of weeks and did a quick check the other way round. Whether it is better to buy here or sell there and the results were

Commonwealth Bank

Calculation based on rates as of 25-Jan-06,,,,,,

Thai Bahts 10,000.00

In the form of Notes(Cash)

Exchange Rate 33.1500

Australian Dollars 301.66

Kasikorn

Australian Dollars 310.53 or 309.66 ( unfortunatley its in Thai but I assume its cash & T/C rates )

So better to buy here!

[Youbloodybeauty]

If you are a regular traveller to LOS you should consider opening a bank account in Thailand.

Then, when you are back in Farangland and the exchange rate is high, you can transfer money from Farangland into your Thai bank account.

Hi Mighty,

I know the rates aren't the best in Thailand but do you know if the interest earned on your account in Thailand is taxed there? Should you declare any interest on that account on your Aussie tax?

ie: "Other foreign income of Australian residents"

How would the ATO know? There is some tax agreement between Thai and Oz:

Counties that have a tax agreement but I haven't found any further info yet.

Cheers YBB

[Youbloodybeauty]

I know the rates aren't the best in Thailand but do you know if the interest earned on your account in Thailand is taxed there?

Cheers YBB

Hi, found the answer to that one:

http://www.thaivisa.com/thailand_income_tax.0.html

Interest

Interest income may, at the taxpayer's selection, be excluded from the computation of PIT provided that a tax of 15 per cent is withheld at source. However, the following forms of individual's interest income are exempt from 15 per cent withholding tax;

(1) interest on bonds or debentures issued by a government organization,

(2) interest on saving deposits in commercial banks if the aggregate amount of interest received is not more than 20,000 Baht during a taxable year,

(3) interest on loans paid by a finance company,

(4) interest received from any financial institutions organized by a specific law of Thailand for the purpose of lending money to promote agriculture, commerce or industry.

YBB

[ZZZ]

If you are going to use ATM, check with your bank if they have a corresponding bank in Thailand. Usually using the corresponding banks ATM will result in no or less of a charge.

No big savings maybe but don't say no to a free beer