Thai Banks Currency Scam

[topfield]

HI,

ADVICE RE MONEY... BRITISH POUNDS USED HERE AS EXAMPLE

BAHT POUND RATE NOW OVER 71. [CHECK BLOOMBERG.COM OR ANY INTERNATIONAL CURRENCY WEBSITE]

RATE IN BKK : 69 + SO BEWARE.

THIS IS FOR TWO REASONS. THE BAHT RATE FLUCTUATES DURING THE DAY. YESTERDAY AT 8.30AM IT WAS 69.5 AT ALL BANKS XCHANGE OFFICES.

BY 8.30PM RATE WAS 70.5. THE BANK CHANGE OFFICES NORMALLY UPDATE THEIR RATES 3-4 TIMES A DAY. YESTERDAY MOST DID NOT . WHY ?

BY KEEPING THE MORNING RATE THEY EARNED AN EXTRA BAHT PER POUND !

EXCEPTION : BANK OF AYUDHYA WHO DID UPDATE AND GIVE THE BETTER RATE. OF COURSE WHEN THE BAHT RISES THE BANKS UPDATE IMMEDIATELY SO YOU GET LESS BAHT !! A REAL SCAM.

TODAY IS A BANK HOLIDAY : AS THEY CAN EARN AN EXTRA 2 BAHT PER POUND THEY ARE KEEPING YESTERDAY MORNING'S RATE !!

HOW DO THEY GET AWAY WITH THIS IN THAILAND ?

ANSWER SIMPLE. UNLIKE IN OTHER COUNTRIES THEY ONLY BUY...DO NOT SELL CURRENCY SO YOU DONT NOTICE.

PS SIAM COMMERCIAL GIVES CONSISTANTLY THE WORST RATE FOR ANY MAJOR BANK.

PLSE NOTE ABOVE REFERS MAINLY TO TRAVELLERS CHEQUES. RATES FOR NOTES ARE BAD AT ALL BANKS SO YOU SHOULD USE PRIVATE CHANGE OFFICES FOR NOTES.

[stumonster]

um - it was a holiday on thursday.

and thai panit is not the worst rate , though not the best.

https://www.scbbusiness.com/exchange/bk-txtexchange.htm

http://www.bangkokbank.com/Bangkok+Bank/Pe...tes/default.htm

since asia bank is not around anymore - maybe krungthai has the best rates , though I can't seem to get their online exchange rates.

[Heng]

Hardly classifies as a scam. It's just a high profit margin on the service/goods provided. Kind of like the same way you can buy plain white socks in Nieman Marcus for $50 a pair. Not a scam either.

[Indo-Siam]

I don't see what's sucha big deal either. So - somebody is going to change 60 Pounds Sterling - and its flaming hot outsode - or pouring down rain. He goes to a currency exchange window in sheltered spot - and sees a mediocre exchange rate. Then a bystander tells him that 300 meters down the street is an exchange shop with a 1.25 baht per Pound better rate. I wouldn't be grassed to even bother with hunting down the "best" rate - for what, the cost of one beer? To stand in line with the backpackers and Indians lined up to '"score" an extra baht - on a 20 Pound note?

Now, if I'm going to exchange 100,000 Ponds Sterling, then I might bother to shop around a bit.

Cheers!

Indo-Siam

[skippy]

um - it was a holiday on thursday.

and thai panit is not the worst rate , though not the best.

https://www.scbbusiness.com/exchange/bk-txtexchange.htm

http://www.bangkokbank.com/Bangkok+Bank/Pe...tes/default.htm

since asia bank is not around anymore - maybe krungthai has the best rates , though I can't seem to get their online exchange rates.

Krungthai:

http://www.cb.ktb.co.th/prod/bishis.nsf

[Mighty Mouse]

The investors in that bank wouldn't think it was a scam. Banks are all about making profits.

If you believe you are being ripped off with the exchange rate, go hungry.

[stumonster]

um - it was a holiday on thursday.

and thai panit is not the worst rate , though not the best.

https://www.scbbusiness.com/exchange/bk-txtexchange.htm

http://www.bangkokbank.com/Bangkok+Bank/Pe...tes/default.htm

since asia bank is not around anymore - maybe krungthai has the best rates , though I can't seem to get their online exchange rates.

Krungthai:

http://www.cb.ktb.co.th/prod/bishis.nsf

thx

[Chivas]

When in Pattaya I always use the exchange booth within Tops supermarket when changing CASH.

I did believe this was from the Bank Of Asia although another poster states they have shut amalgamated whatever.

Notwithstanding that they are far and away the biggest "payers" on cash exchange rates.

They are also the lowest when changing TC'S !!

Check it out yourself.

[samran]

If you don't like it change it at Thomas Cook in the UK (or any other money exchanger there). They'll only give you about 60 baht for every pound you give them, and then they'll want 78 baht to exchange them back for pounds.

And don't forget the 3 pound surcharge either.....

Now I know where 'farang kii nok' comes from.....

[taxexile]

we all want to get the best value for our money , and if the ops' message came over as some kind of rant , well so be it.

thai banks are well known for squeezing their customers , you have to pay to draw a cashiers cheque or transfer money to another province et.etc.etc. and they can be slow to change currency that has been transferred from abroad , and customers have very little recourse if they want to complain.

indo siam may be wealthy enough to be able to allow the banks an extra 100b on an exchange , and may feel superior to backpackers and indians who have to stand in line to change money , and samran may think that anybody who tries to show a bit of prudence in their housekeeping is automatically a kii nok farang.

thais are not backward in coming forward should a couple of baht be saveable on any kind of transaction and quite right they are too.

prices are going up everywhere , companies are maximising their profits at every opportunity and most ordinary mortals are on a fixed income. why should they just meekly hand it over.

good luck to anyone who tries to hold on harder to their money , be it 1 baht or 1000000 baht. it doesnt grow on trees , and the big commercial organisations will use every trick in the book to milk the public who they assume will all hand it over easily without making a fuss a la indo siam.

if indo siam is so blase about money , he must be making too much , and his clients ought to be questioning the commissions he charges.

i dont think the banks are scamming us in these exchange transactions , but they know that most people cant be arsed to look around and they rightly take advantage of that. its business.

but for those who dont like to throw their money away like fools , it pays to shop around , especially when doing business with banks , and time those transfers to coincide with better rates.

Edited May 12, 2006 by taxexile

[Ling Kae]

When in Pattaya I always use the exchange booth within Tops supermarket when changing CASH.

I did believe this was from the Bank Of Asia although another poster states they have shut amalgamated whatever.

Notwithstanding that they are far and away the biggest "payers" on cash exchange rates.

They are also the lowest when changing TC'S !!

Check it out yourself.

It is now called UOB and I was there Tuesday and the cash rates were worse than Bangkok Bank.

To the OP, when you are getting 69 baht to the pound an extra 1 baht is stuff all really, sometimes it works the other way around too you know, IE: If it is say 70 on Friday afternoon and it drops to 68 overnight, you get the 70 baht over the weekend

[topfield]

HI

MANY THANKS FOR THE REPLIES.

IT IS INDEED A SCAM AS THEY CLAIM TO GIVE CURRENT RATES BUT WHEN IT SUITS THEM THEY HOLD THE OLD RATES WHICH BY THE WAY ARE DATED AND NUMBERED IE LIST 1,2,3 ETC BY 'FORGETTING 'TO POST THE NEW LIST . EXAMPLE THE KRUNG THAI BOOTH OUTSIDE FOODLAND ON SOI 5. THE BOOTH ON SUKUMVIT 250 YARDS AWAY HAS THE UPDATED LISTS..HOWEVER WHEN THE RATE GOES THE OTHER WAY THEY NEVER FORGET !!

CHANGE TODAY AND YOU WILL ALMOST CERTAINLY LOSE TWO BAHT ON EACH POUND ! IE YOU WILL GET THURDAY MORNINGS RATE OF 69.5 AND NOT TODAYS TWO BAHT HIGHER ( THE POUND HAS BEEN RISING STRONGLY IN OTHER FINANCIAL CENTRES ) AND NOT TODAYS RATE .

WILL GO OUT NOW TO CHECK MYSELF AND WILL POST THE RESULT HERE.

PS THE MAN SAYING FOR SIXTY QUID DOES NOT MATTER IS OF COURSE RIGHT.

ADVICE : CHECK ON BLOOMBERG.COM AT ANY TIME AND YOU WILL SEE THE CORRECT RATE !

[topfield]

ONLINE RATES ON THE INTERNET 4PM FRIDAY

ALL BANKS UNCHANGED FROM THE 11 TH EXCEPT BANK OF AYHUDHYA WHICH OF COURSE IS THEREFORE GIVING BY FAR THE BEST RATE .

[ OF COURSE THE POUND HAS RISEN A FULL 2 BAHT ON THE MARKETS SINCE YESTERDAY MORNING HENCE THE SCAM AS CHANGES ARE MADE WHEN IT IS IN THE BANKS' FAVOUR TO DO SO !! ]

PS THIS IS NOT A FREE MARKET LIKE SHOES...SEE POSTING ABOVE...THE BANKS HERE ARE LICENCED BY THE BANK OF THAILAND AND PLEDGED TO GIVE FAIR AND CORRECT EXCHANGE

XCHANGE RATES, BUREAUX DE CHANGE MAY BE DIFFERENT

[samran]

ONLINE RATES ON THE INTERNET 4PM FRIDAY

PS THIS IS NOT A FREE MARKET LIKE SHOES...SEE POSTING ABOVE...THE BANKS HERE ARE LICENCED BY THE BANK OF THAILAND AND PLEDGED TO GIVE FAIR AND CORRECT EXCHANGE

XCHANGE RATES, BUREAUX DE CHANGE MAY BE DIFFERENT

Tis indeed a free market. That the BOT regulates the market is fair enough. Regulation (unless you are a rabid conservative) doesn't equal curtailment of competition. To do that, you need market power and lack of choice, and as you have kindly pointed out, there is plenty of choice, and if you don't like it, you can go to the shop up the road.

If it wasn't a competitive market I'd guarantee that you'd see lots of black market changers hiding in the shadows waiting to change your cash, like in Burma.

Also, for someone who is so concerned about one baht in the pound, have you ever considered the value of your own time? Pissing about to try and get a better deal on puny amounts of money almost never is worth the while.

[topfield]

DEAR SAMRAN,

YOU ARE ABSOLUTELY RIGHT. WHY WORRY ABOUT A FEW THOUSAND BAHT HERE OR THERE.? WHY WORRY THAT TAKSIN SOLD OFF SHIN CORP FOR 82 BILLION AND AVOIDED PAYING A PENNY TAX BY USING OFFSHORE COMPANIES LIKE AMPLE RICH EVEN IN BREACH OF THAI SEC LAW .[HIS SON WAS FINED A TRIVIAL AMOUNT FOR THE MISDEEDS...IT PAID TO BREAK THE LAW ! ] ?

ANSWER IN MY VIEW : THE PRINCIPLE.

THE THAI BANKS , OTHER THAN KRUNG SRI, ARE MANIPULATING THE UPDATING OF THEIR XCHANGE RATES , NOT THE RATES THEMSELVES, THEREBY HIDING THEIR MISDEEDS. "WE ARE CLOSED TODAY FOR A BANK HOLIDAY" THEY SAY. THIS IS RUBBISH AS WHEN THE BAHT RISES THEY ALL RUSH OUT WITH THEIR NEW RATE SHEETS TO GIVE FEWER BAHT FOR YOUR MONEY !

PS FOR UK EXPATS : THE POUND JUST HIT $1.90 ! AT THIS RATE IN WILL BE 72 BAHT TO THE POUND TOMORROW BUT FOR HEAVENS SAKE DO NOT GO OUT AND CHANGE...IT WILL BE MONDAY BEFORE YOU WILL BE ABLE TO GET THE PROPER RATE.

[Rinrada]

Hey Lass hiv ye got TIT travellers Cheques tae change here at the wee booth at 78 bt tit Pound....

poor sods these banks.... they give a good service and need our money....give the lad a tip....lovley day innit......

Banking on record profits

Most banks have complained of tougher .... conditions

The UK's big five banks unveiled combined profits of at least £32bn - more than the gross domestic product of Luxembourg - during the current reporting season.

But despite consumers' complaints that charges are rising, most financial institutions are finding that profits are coming in from overseas as activity on the UK High Street slows

Now lets see..... £32Billlion at wot.... 68 bt to the £...= Bt.2176 Billion

but................................................70 bt to the £....= Bt.2240 Billion...

diff.......................................................................= Bt.64 Billion (profit)

no bad for a couple of minutes work and thats ON TOP...............

its the rich wot gets the pleasure...and the poor that gets the bl.......

[samran]

DEAR SAMRAN,

YOU ARE ABSOLUTELY RIGHT. WHY WORRY ABOUT A FEW THOUSAND BAHT HERE OR THERE.? WHY WORRY THAT TAKSIN SOLD OFF SHIN CORP FOR 82 BILLION AND AVOIDED PAYING A PENNY TAX BY USING OFFSHORE COMPANIES LIKE AMPLE RICH EVEN IN BREACH OF THAI SEC LAW .[HIS SON WAS FINED A TRIVIAL AMOUNT FOR THE MISDEEDS...IT PAID TO BREAK THE LAW ! ] ?

ANSWER IN MY VIEW : THE PRINCIPLE.

THE THAI BANKS , OTHER THAN KRUNG SRI, ARE MANIPULATING THE UPDATING OF THEIR XCHANGE RATES , NOT THE RATES THEMSELVES, THEREBY HIDING THEIR MISDEEDS. "WE ARE CLOSED TODAY FOR A BANK HOLIDAY" THEY SAY. THIS IS RUBBISH AS WHEN THE BAHT RISES THEY ALL RUSH OUT WITH THEIR NEW RATE SHEETS TO GIVE FEWER BAHT FOR YOUR MONEY !

PS FOR UK EXPATS : THE POUND JUST HIT $1.90 ! AT THIS RATE IN WILL BE 72 BAHT TO THE POUND TOMORROW BUT FOR HEAVENS SAKE DO NOT GO OUT AND CHANGE...IT WILL BE MONDAY BEFORE YOU WILL BE ABLE TO GET THE PROPER RATE.

A couple of points:

-What has Thaksin's sale of his own company got to do with you changing money? Thaksin doesn't control monetary and exchange policy, the BOT does. Many of the commerical banks are run by people who are sworn enemies of the caretaker PM.

-Banks are a business. If you don't like it, go to Krung Sri. You have have a choice.

-So if there if it is a matter of a couple of thousand baht here and there, and given the dicrepencies in the exchange rates you are talking about, then you must be buying at least THB100K at a time! In which case, I'd have got have gotten myself a Nationwide bank account and ATM card so I would get the best exchange rates around from GBP to THB.

[stumonster]

Bank of Ayudhya

http://www.krungsri.com/eng/50/511.asp

[topfield]

DEAR SAMRAN,

ABSOLUTELY TRUE. OVER 100K BAHT. SPOT ON ABOUT NATIONWIDE DEBIT CARD ALSO. ALMOST THE BEST THING SINCE SLICED BREAD !

ONLY ONE PROBLEM : YOU DONT KNOW WHEN THE XCHANGE WILL TAKE PLACE AND ONLY FIND OUT THE RATE YOU GOT 2 DAYS LATER ON ONLINE BANKING . IF THE TIMING OF THE RATE OF XCHANGE TO BE USED WITH THE WITHDRAWAL COULD BE KNOWN THEN NATIONWIDE WOULD BE THE VERY TOPS AND CASH AND TC'S NEVER NEEDED . ITS ONLY WITH NOTES AND TC'S ONE CAN BE SURE OF THE RATE ONE WILL GET.

RESULTS FRIDAY PM OF INVESTIGATION ON SUKUMVIT

POUND TC'S : SIAM CITY BANK AND KRUNG SRI ONE TO ONE AND A HALF BAHT MORE TO POUND THAN TMB AND SCB BOTH VERY BAD WITH KRUNG THAI AND BKK BANK IN THE MIDDLE.

[PS EXCUSE CAPITALS..BAD EYESIGHT. ANYONE KNOW SOFTWARE TO CHANGE AUTOMATICALLY UPPER TO LOWER CASE ? THANKS ]

[zoltannyc]

Dear topfield,

Please check your keyboard it appears that your "Caps Lock" key is stucked ( you know on the left hand side of the keyboard).

The issue is that it is difficult to read when everything is in CAPS in addition it looks like SOMEONE IS SHOUTING.......

Best regards

[topfield]

i am not shouting i asm whispering...casnt see a damm word with thos tiny letters you use.

did yu not read th posting above abot difficuly for us pensioners to read miniscule scrpt . ...we cantmak out th leters.

any softwre to convert upper to lowr case and wil glady us it. sorry.....thks

PLEASE FORGIVE ANY SPELLING ERRORS BUT MY EYESIGHT NOT GOOD. SEE POSTING ABOVE CRITICISING AIR ASIA FOR DISCRIMINATION RE WHEELCHAIRS. WHY CRITICISE US FOR OUR SIGHT DISABILITY. ANYHOW SURELY ITS THE CONTENT THAT IS IMPORTANT. DO YOU PREFER A BADLY WRITTEN LOWER CASE POSTING TO A WELL WRITTEN UPPER CASE ONE ?

ANYONE KNOW OF ANY SOFTWARE TO CHANGE UPPER TO LOWER CASE AND WILL GLADLYVAND HAPPILY USE IT.

[Lucifer]

TOPFIELD,

ON YOUR SCREEN, GO TO "VIEW", "TEXT SIZE" AND INCREASE SIZE.

Is that better?

[zoltannyc]

Dear topfield,

Apologies, did not know that you are using CAPS due an absolutely respectable condition. In online forums CAPS means shouting and some people just get angry or simple ignore (like me) messages in CAPS.

Unfortunately there is no easy way to increase the font size within the editbox of the forum.

I have an idea for you:

Write your postings in your favorite word processor and set height of the text to as big as you like it, when you are ready with your posting just cut and paste the text into the editbox of the Thaivisa Forum (don’t worry the text formatting will not be carried over to the text box).

If you need a word processor you may consider openoffice http://www.openoffice.org

(this is a very big download)

Or you can try AbiWord from: http://www.abisource.com/

Best regards

[sleepyjohn]

A thought:

I think unless one has a basket of currencies whilst living in Thailand one is essentially gambling or passively currency trading.

ps: I think the banks here give good value, everyone's gotta make a living.

Edited May 12, 2006 by sleepyjohn

[kudroz]

I'm sure it's a very interresting topic but I didn't read it because of the caps. Lose the caps please.

[~G~]

Funny thing is that many people have the strange idea that banks care about their customers or are concenred about their interests, and being surprised when they see it is not so.

As was said here, Banks are merely businesses, following the number one principle of any business - to maximize profits. When you deal with them assume they will take care of their interests - you take care of yours.

[JimmyGreaves]

Now, if I'm going to exchange 100,000 Ponds Sterling, then I might bother to shop around a bit.

Cheers!

Indo-Siam

Must have more money than sense. might shop around

[Terminator]

on the corner of sukhumvit soi 7/1 there is a travel agent with behind a chinese exchange shop, always give better rates than the bank

[topfield]

Yes, that is VASU. Normally good note rates for but THEY DO NOT ACCEPT TRAVELLERS CHEQUES.

However not this weekend where one bank ie Siam Commercial is paying 69.5 for the pound and another Bank of AYUDHYA paying 70.80. A MASSIVE difference for a bank.

Reason : US dollar been falling heavily since Thursday some some banks decided not to update their rates as normal , but instead triple/QUADRUPLE their profit margin on every exchange.

A more blatant case of profiteering is hard to imagine.

ADVICE : DO NOT EXCHANGE POUNDS BEFORE MONDAY 10AM .CURRENT RATE IS /SHOULD BE 71.50.BAHT TO THE POUND . ( sorry...can't advise on other currencies)

[andythaitiger]

So in this case, if you want to get better rates for USD = THB exchange, there are some shops around Silom and Sukhumvit Rd., which will usually give you better rates than the banks, which have one unified exchange rates these days, 1-2 satang do not make a lot of difference, but one Baht over a large amount of money does. So in this case, can you give me the locations on these exchange shops on Silom or even somewhere around the Naraiphand Mall, they have some exchange bereau, which gives much higher rates, but I do not know where it is. So in this case, if you have any directions or locations for these shops, please let me know, since I need to visit them very soon.

Thank you all

Best Of all

Andy