Thai banks, do they know something I don't?

[ntg187]

They should pay a little extra for the USD considering all US currency in circulation has trace amounts of cocaine. I've never had a problem exchanging currency at the places in the bkk airport - although I never really stopped to consider what condition they were in.

[Nickiboy03]

Hey Guys try gold that is really the worlds reserve currency

[uptheos]

You think that's bad?

Try using USD notes in Myanmar.

When I worked there last year and was paid in USD, I used to have to iron every note before trying to use it. Any slightest imperfection, even just a ballpoint pen dot, and the note was rejected.

Simon

A few years ago I had a pristine $10 bill for departure tax at Yangon, which I folded in half making a nice crease down the middle and put it in my shirt pocket..........wrong, it was rejected. But I happened to be standing near an American guy who had a few pristine unfolded notes and was happy to exchange.

If anyone has been to Myanmar, they will know the state of the money they give us, some of it is just black and you can hardly see any picture or writing.

[hellodolly]

To the OP

I always believed I knew roughly the criteria the Bank of England holds on valid currency/notes, and have also researched it to find it's correct. Am I missing something here, do the rules change when the money is offshore?

Why would you think that had any thing to do with Thailand?

Did you bring winter clothing worn in English winters?

[Mudcrab]

What's wrong with using an ATM ? Less hassle. I've done it the world over

[sirineou]

What's wrong with using an ATM ? Less hassle. I've done it the world over

There are fees associated with ATM withdrawals,

ATM withdrawals might be subject to unfavorable exchange rates

ATM withdrawals are monitored

and are limited to a certain amount per day

If you don't mind the above limitations ATMs are fine.

[VINCENT2012]

Thai banks, do they know something?

i would tell you yes.... they know...and very well .....exactly like western. no doubt

[malcoml]

What I found funny was a while back they must have changed the 50 pound notes and many places in Thailand had a sign up showing they would not accept the old ones.

Then I withdrew money from the foreign currency Siam ATM machine in the airport and the machine was spitting out old 50 gbp notes.

[mogandave]

The banks are picky but, but the airport seems to take what the bank wont.

Anymore, when bringing cash from the US, I just order new bills. Takes a days' notice, but solves the problem.

[bangon04]

I had a bunch of UK 20s with minor marks and small tears. I had nothing better to do one day, so took them around the various kiosks in lower Suk. After about 4 different kiosks, they were all changed, except 2 notes. The notes they all consistently refused had marks somewhere on the Queen's face.

[Ulic]

This is not a Thai bank/money exchange issue. Banks and money exchanges around the world want foreign

currency in as close to pristine condition as possible. Certainly no tears or rips. Also many places will not take

US currency older than 2003. With the new US bills having better anti counterfeiting security it will be the only

US bill accepted in a few years I am sure. When bringing foreign currency on vacation always bring new bills in

as close to pristine condition as possible. No bank stamps or accounting scribbles, and no tears.

[bbudd]

And try using a soiled note to get into Burma.Even after pointing out that the banknote they were rejecting was one they gave me as change.

[IDL]

I had a load of cash which I changed ok at the bank except for a few ten-pound notes that had marks on them. My girlfriend took them and stuffed them down her bra. Later on she surprised me by giving me a handful of baht of about the right amount. Good girl.

555, that in itself must of been worth it! A brief re-sculpturing.

Thanks

[IDL]

First, you should know, this is not a Thai thing. This is common all over the world, no matter what foreign currency you are talking about.

Second, the locals all know what 'good' and 'bad' notes are in the local currency. Why would you expect them to know what is good from bad in the dozens of foreign bank notes they are asked to handle. Perhaps their employers have experienced difficulties in the past in depositing such notes, or exchanging such notes in other currency transactions.

Third, as employees, they are trained to certain procedures. Why do you insist they deviate from their employer's rules? And if they get fired or reprimanded for accepting bad notes? You aren't around to know or care.

Advice: when you bring currency into the country, bring only un-torn, unmarked notes. When in a foreign country and exchanging/accepting foreign bank notes, check them before leaving the bank window and reject any that are torn or marked.

Oh, and don't be a dick to the currency exchange workers. They know their job; you don't.

Oh my, it must be wonderful being YOU. I can only sit here HOPING I too will one day be so special.

Many thanks for your comprehensive input, and I’ll try to improve myself in future.

[IDL]

Being in the electronics industry for 43 years I have some experience with high speed counting machines. The machines, especially older ones, will reject or misread bills with marks on them and ones with tears can jam the machines.

Thanks for your 'on-topic' remarks.

That's a fair point.

I've lived here for many years, and have occasionally had some GBP to exchange. A few years back I used an exchange machine in front of Bangkok Bank HQ on Silom Road. This machine was fine, no 'wondering' what's good or bad, just accepting notes, reading the necessaries and spitting out THB. Contrary to some replies saying "they're right, I am wrong", I wonder how that bank coped with less-than-perfect notes, at the end of the day.

Cheers

[IDL]

Banks send damaged currency back to the central banking of their perspective countries and that currency is exchanged for new one.

It is very difficult for a Thai bank to send damaged US currency back to the US to be exchanged for new,

So when they are offered damaged US currency they are reluctant to accept it

Certainly understand that, but hey, I'm talking about a note with a maximum 1 cm tear. Some of the earlier replies would have you think this note had been to hell and back. I may be totally off the plot here, but really can't imagine the US, UK, or similar being so petty about such a small/clean imperfection...?

In fact, this very bank/branch accepted, some weeks back, half a dozen notes from me, that a previous exchange desk had rejected because of scribble. These 'offending' notes were top of the pile and the cashier didn't batter an eyelid. How'd you guys say, "go figure?".

Cheers

[IDL]

To the OP

I always believed I knew roughly the criteria the Bank of England holds on valid currency/notes, and have also researched it to find it's correct. Am I missing something here, do the rules change when the money is offshore?

Why would you think that had any thing to do with Thailand?

Did you bring winter clothing worn in English winters?

!"£$%^&*?

[Soutpeel]

Banks send damaged currency back to the central banking of their perspective countries and that currency is exchanged for new one.

It is very difficult for a Thai bank to send damaged US currency back to the US to be exchanged for new,

So when they are offered damaged US currency they are reluctant to accept it

Certainly understand that, but hey, I'm talking about a note with a maximum 1 cm tear. Some of the earlier replies would have you think this note had been to hell and back. I may be totally off the plot here, but really can't imagine the US, UK, or similar being so petty about such a small/clean imperfection...?

In fact, this very bank/branch accepted, some weeks back, half a dozen notes from me, that a previous exchange desk had rejected because of scribble. These 'offending' notes were top of the pile and the cashier didn't batter an eyelid. How'd you guys say, "go figure?".

Cheers

Think of it this way would you accept a new car or a new household appliance with a 1cm long scratch in the paint work ? you might you might not ...the bank in a similar way is buying a "product" off you therefore what they will or will not accept is up to them, there is nothing in law which says a bank must exchange your currency

I can assure in the UK at least, I took some "damaged" USD to a UK to change and because of the damage they didn't want them....this issue is not uniquely Thai or petty in the least

[IDL]

Banks send damaged currency back to the central banking of their perspective countries and that currency is exchanged for new one.

It is very difficult for a Thai bank to send damaged US currency back to the US to be exchanged for new,

So when they are offered damaged US currency they are reluctant to accept it

Certainly understand that, but hey, I'm talking about a note with a maximum 1 cm tear. Some of the earlier replies would have you think this note had been to hell and back. I may be totally off the plot here, but really can't imagine the US, UK, or similar being so petty about such a small/clean imperfection...?

In fact, this very bank/branch accepted, some weeks back, half a dozen notes from me, that a previous exchange desk had rejected because of scribble. These 'offending' notes were top of the pile and the cashier didn't batter an eyelid. How'd you guys say, "go figure?".

Cheers

Think of it this way would you accept a new car or a new household appliance with a 1cm long scratch in the paint work ? you might you might not ...the bank in a similar way is buying a "product" off you therefore what they will or will not accept is up to them, there is nothing in law which says a bank must exchange your currency

I can assure in the UK at least, I took some "damaged" USD to a UK to change and because of the damage they didn't want them....this issue is not uniquely Thai or petty in the least

new vs old/second-hand...

Interesting about your experience in UK though, I've not tried it.

[LawrenceN]

My theory is that, if someone (including the bank manager) gets scolded down the road for accepting a bad bill, they lose face whether they followed all the rules or not. It's risky, from their point of view, with nothing to gain by doing you a favor, and nothing to lose by turning you down. Turning you away is the least risky thing to do.

[malcoml]

Imagine the problems poor old Pablo Escobar would of faced. He was writing off ten percent of his net cash holdings each year due to damage from rats.

[Suradit69]

I always believed I knew roughly the criteria the Bank of England holds on valid currency/notes, and have also researched it to find it's correct. Am I missing something here,do the rules change when the money is offshore?

You might have noticed that this isn't England. If a Thai bank takes in a damaged note, they aren't going to send it to the Bank of England. It's going to be given to someone in Thailand who wants to buy pound notes and that person will probably refuse to accept a note given to them by a bank if it is torn.

There's another thread about someone buying US dollars from a Thai bank and refusing to accept one note that was not (in his view) perfect. So if the Thai banks take in damaged notes, what will they do with them?

Edited January 5, 2014 by Suradit69

[GinBoy2]

I'm assuming that most of you carrying currency into Thailand, don't live here. If you do and have a Thai bank account, better option is a wire transfer, best exchange rate you're going to get, and no issue with damaged bills

[mogandave]

I'm assuming that most of you carrying currency into Thailand, don't live here. If you do and have a Thai bank account, better option is a wire transfer, best exchange rate you're going to get, and no issue with damaged bills

I don't get free international transfers from my US bank.

[Suradit69]

I'm assuming that most of you carrying currency into Thailand, don't live here. If you do and have a Thai bank account, better option is a wire transfer, best exchange rate you're going to get, and no issue with damaged bills

I don't get free international transfers from my US bank.

Bangkok Bank has a branch in New York. You can make a domestic transfer from your US bank to the NY branch of Bangkok Bank ( using the account number you have with Bangkok Bank in Thailand). It's domestic transfer. Bangkok Bank is a member of the US Fed clearing system. Within a day or two the deposit will appear in your Thai account in baht and it will be treated as a foreign sourced deposit.

I've been doing it for over 15 years without any problem. My US broker does not charge anything. Bangkok Bank NY charges $10. It would not be cheap for small transfers, but if you're living here and making transfer every few months, the speed, better exchange rate, and ease of doing it all online make it a good deal.

New York Branch

Mr. Thitipong Prasertsilp, VP & Branch Manager

29 Broadway, 19th Floor, New York

NY 10006

Business Hours: Mon-Fri (9:00 am to 5:00 pm)

Tel: (1-212) 422-8200

Fax: (1-212) 422-0728

SWIFT: BKKB US 33

E-mail: [email protected]

FED Routing No: 026008691

CHIPS ABA: 0869

http://www.bangkokbank.com/BangkokBank/InternationalNetwork/InternationalBranches/NorthAmerica/Pages/BranchinUSA.aspx

[IDL]

I'm assuming that most of you carrying currency into Thailand, don't live here. If you do and have a Thai bank account, better option is a wire transfer, best exchange rate you're going to get, and no issue with damaged bills

...sure you know what 'they' say about assumptions?...

[WBS2555]

Guidelines for Exchange of Damaged Banknotes

Damaged notes can be redeemed for new ones according to the following criteria.

1. Half note, mismatched note, mutilated note, or defaced note (with less than three-fifths of the original banknote remaining)

- Fill out a completed claim form available at a commercial bank and submit it together with a damaged note to the commercial bank’s officer.

- The Bank of Thailand determines the value of the damaged note. The reimbursement is made by bank transfer or by post as specified in the claim form

- Fire-damaged, water-damaged, insect-damaged, or decayed banknote should be handled with care and presented to the commercial bank’s officer for the issue of tag to be used in the exchange service processed by the Bank of Thailand

2. A banknote with three-fifths or more of the original banknote remaining

- Immediate exchange can be made at the full face value

Sent from my iPad using Thaivisa Connect Thailand mobile app

[IDL]

Guidelines for Exchange of Damaged Banknotes

Damaged notes can be redeemed for new ones according to the following criteria.

1. Half note, mismatched note, mutilated note, or defaced note (with less than three-fifths of the original banknote remaining)

- Fill out a completed claim form available at a commercial bank and submit it together with a damaged note to the commercial bank’s officer.

- The Bank of Thailand determines the value of the damaged note. The reimbursement is made by bank transfer or by post as specified in the claim form

- Fire-damaged, water-damaged, insect-damaged, or decayed banknote should be handled with care and presented to the commercial bank’s officer for the issue of tag to be used in the exchange service processed by the Bank of Thailand

2. A banknote with three-fifths or more of the original banknote remaining

- Immediate exchange can be made at the full face value

Sent from my iPad using Thaivisa Connect Thailand mobile app

Thanks for the info.

However, I do think the 'point' was missed a long way back. One note with a teeny-incey-wincey tear, and a couple with ink/writing. Damaged/defaced/decayed notes were never part of the OP, other than the minuscule imperfections stated above.

Cheers

[wym]

I do think the 'point' was missed a long way back. One note with a teeny-incey-wincey tear, and a couple with ink/writing. Damaged/defaced/decayed notes were never part of the OP, other than the minuscule imperfections stated above.

Actually the 'point' was very well covered a long way back.

In the home country for a given currency, banks will cut some slack.

Once overseas, each country has its own standards for what they will accept.

In many Burmese locations, even a simple CREASE will render USD worthless, must be pristine mint condition, in effect transported flat with cardboard protection.

I've never come across ANY country in Asia that will accept foreign currencies with any degree of visible damage.

My first trip here I had about 20K USD of such bills, about 30% of what I'd brought over I couldn't exchange at regular outlets.

Took the equivalent of three full-time days hanging around the airport talking to fellow Yanks on their way out to get rid of it, didn't cost me anything but my time and in fact lots just gave me their small leftover Thai money just to be rid of it.

[rhodie]

I think you also have to look at the employee fear factor. 50 pounds is a lot more money to a Thai bank teller than a UK bank teller. There is a fear factor here. A teller here would probably be fired for accepting a note that was bogus so they are a lot more careful.

Cut them some slack.