Changing Thai BHT in London?

[ptitprince]

Hello,

I have quite a few thai Bahts left (I used to live in Thailand) and think of changing them in London, where I will be soon.

Is it a good idea? If yes, what are the best places? Banks? Airports? Other places?

Thank you.

D.

[KittenKong]

You will get a terrible rate. Try and find someone coming here on holiday etc and exchange them privately.

[IMA_FARANG]

Changing Baht outside of Thailand will almost always get you a worse rate than changing them in Thailand simply because the Bank in the U.K. (as per your example) will always get a lower rate when they come to change the Baht to back Sterling.

All Banks are Not a "non-profit" corporation. They make a profit by charging a fee for their services. That's why they will BUY Baht from you at a rate low enough to make a profit when they SELL that Baht back to a Thai bank later.

[ptitprince]

I see thank you.

Of course I realize that banks are there to make profit. But wouldnt it be the same if I changed my money in Thailand? The Thai banks would also charge me for buying pounds with bahts, right? Or would it be a bit better than doing the same in UK?

[Chivas]

I see thank you.

Of course I realize that banks are there to make profit. But wouldnt it be the same if I changed my money in Thailand? The Thai banks would also charge me for buying pounds with bahts, right? Or would it be a bit better than doing the same in UK?

Much better if you can do it within Thailand.

Yenjits rate are displayed for Buy and Sell........They'll buy back at 53.27 currently. If you used the Post Office (I noticed yesterday) they would want over 62 Baht for each £ exchanged back

http://www.yjpattayaexchange.com/4.html

[ptitprince]

I see. Thank you.

D

[Jiu-Jitsu]

You won't get better advice than above. If you were in London, there would be amongst your choices.

http://superrichuk.com/about-us/

Thomas Exchange Global

LinkFx Victoria

[Lukecan]

Go to a Thai restaurant in London, tip with baht.

[Suradit69]

I see thank you.

Of course I realize that banks are there to make profit. But wouldnt it be the same if I changed my money in Thailand? The Thai banks would also charge me for buying pounds with bahts, right? Or would it be a bit better than doing the same in UK?

The problem is that there is a very limited market for Thai bank notes in London, Europe or America compared to dollars, Euros or pounds.

If the bank was sure to turn over the cash quickly, as would a bank in Thailand, the rates would be better. But if they may sit on the notes for weeks before someone wants to buy them, they have to make a bigger profit on the transaction to make it worth the bother.

[VBF]

Go to a Thai restaurant in London, tip with baht.

That's a very good plan - why not extend it and discreetly ask the people in the restaurant if they'll buy them from you at a better rate than the bank?

There is a likelihood that they or their friends might be travelling soon - obviously you won't get the BEST rate that way (you'll need to offer an incentive) but you never know.

Worst that can happen is they say no.

Edited June 24, 2015 by VBF

[ptitprince]

I see thank you.

Of course I realize that banks are there to make profit. But wouldnt it be the same if I changed my money in Thailand? The Thai banks would also charge me for buying pounds with bahts, right? Or would it be a bit better than doing the same in UK?

The problem is that there is a very limited market for Thai bank notes in London, Europe or America compared to dollars, Euros or pounds.

If the bank was sure to turn over the cash quickly, as would a bank in Thailand, the rates would be better. But if they may sit on the notes for weeks before someone wants to buy them, they have to make a bigger profit on the transaction to make it worth the bother.

I see. Thank you.

[ptitprince]

Go to a Thai restaurant in London, tip with baht.

That's a very good plan - why not extend it and discreetly ask the people in the restaurant if they'll buy them from you at a better rate than the bank?

There is a likelihood that they or their friends might be travelling soon - obviously you won't get the BEST rate that way (you'll need to offer an incentive) but you never know.

Worst that can happen is they say no.

I see. Very good idea!

Thanks.

[ptitprince]

Go to a Thai restaurant in London, tip with baht.

Ok, great why not. Cheers.