Money Exchange Regulations Discussed In Pattaya City Hall Meeting

[bulzit]

Khun Niran, the Mayor of Pattaya opened this two day seminar to discuss the laws pertaining to the operation of money exchange bureau’s which is fast becoming big business here in Pattaya. Khun Forngtip, a Senior Analyst from the Bank of Thailand came to speak with over 200 delegates which included many who are interested in starting up a money exchange business. Currently here in Pattaya the majority of money exchange shops are operated by Banks and there are only a handful of private businesses who offer the service. This is set to change and is expected to promote competition between shops. We can expect variable exchange rates in the future which is good news for those who wish to exchange foreign currency. This seminar went through the laws pertaining to the operation of such a business.

"Pattaya City News"

Do these places offer a better exchange rate then the banks?

[Kerryd]

Do these places offer a better exchange rate then the banks?

I wouldn't think so, as they have to make a profit on a slimmer margin of business than the banks do. How ever, they can't go overboard either, without risking losing business to the banks.

I stopped using the exchanges a couple years ago when a couple of them refused to exchange some US 50s and 100s. The bills the exchanges said they wouldn't accept were 1999 series (for fear of counterfeits). The bills I had were recent (2001 and 2003) but they wouldn't accept them.

I finally got them exchanged at a bank. Since them, I stick to using my ATM and keep the cash locked up for emergencies.

[bulzit]

Thanks

[monty]

There's two well known privated exchange boots in Pattaya, and both offer better rates then banks most of the time especially if you have to exchange bigger ammounts!

ShopGold on Rungland and the other one is on Walking street, forgot the name!

So yes, there is possibility for competition and even better rates... ESpecially selling rates, as these are traditionally very bad with banks in Thailand (much bigger spread between buy and sell rates then most other countries)

[Ling Kae]

Competition can only be a good thing. The travel agency you mentioned Monty is very good, about 10 metres up on the right passed the big tree on walking street. They are always better than the banks. In Indonesia, Malaysia, Cambodia etc. the private booths mostly offer a bit more. For that matter even Sydney in Chinatown the mostly Indian run exchange booths offer more than the banks do, can only be a good idea.

[Chang_paarp]

Many banks in Australia will also refuse to exchange US$100 for the same reason. They do not discriminate which year.

I have made a little cash on the side offering this service to people stuck in this way.