Taking cash to NZ - convert TH฿ to US$ first?

[a1falang]

Hello, flying "home" for a visit soon. I've been searching the forums for discussions on how to take cash to NZ and get the best conversion rates. I can't find the thread now (it was old and may not apply anymore anyway), but someone wrote that because NZ$ are not common in Thailand, and Th฿ not common in NZ, they could be considered "exotic" with a poor conversion rate. However, I could instead convert Th฿ to US$ in Thailand first e.g. at SuperRich, then convert the US$ to NZ$ once there. Even with two conversions, it would work out better. Any Kiwis with recent experience in taking cash home? I have layovers in Malaysia and Australia so perhaps the same method might work better for those countries too?

[JusMe]

I'm not Kiwi, but I'd recommend avoiding the double conversion. You lose not only in each conversation, but have fees attached to each conversion.

I'd think a major bank in NZ should be able to handle Thai baht in cash to convert to NZ dollars.

[IMA_FARANG]

Experienced travelers know that it is usually a good idea to convert Baht to one of the "Big Three" international currencies the U.S. dollar, the British Pound, or the Euro before leaving Thailand as one of these "Big Three" core currencies are usually the easiest to exchange at your destination country when you arrive.

This is just a generalized "rule of thumb rule", however.

It can be modified depending on the country and the banking system you are headed to however.

Edited November 6, 2015 by IMA_FARANG

[blackcab]

Why not do it the easy way? Choose a good currency exchange (Super Rich is good) and change your baht into NZD.

Currently, 24 baht gets 1 dollar.

If you change the baht into any other intermediary currency and then change to NZD it will be painful.

[a1falang]

Why not do it the easy way? Choose a good currency exchange (Super Rich is good) and change your baht into NZD.

My understanding is I get the best rate if I convert funds "onshore" in NZ if I want NZ$. Maybe I'm wrong?

Edited November 7, 2015 by a1falang

[meatboy]

the best rate you will recieve is HERE IN LOS.

do not,"repeat" DO NOT CHANGE OFFSHORE.

[Jai Dee]

If you have a Thai bank account then your ATM card will work fine in NZ.

I just returned from a holiday there and my SCB ATM card worked everywhere I needed it.

[Jai Dee]

Experienced travelers know that it is usually a good idea to convert Baht to one of the "Big Three" international currencies the U.S. dollar, the British Pound, or the Euro before leaving Thailand as one of these "Big Three" core currencies are usually the easiest to exchange at your destination country when you arrive.

This is just a generalized "rule of thumb rule", however.

It can be modified depending on the country and the banking system you are headed to however.

If travelling to NZ the better currency to take would be AUD... easy to change and widely accepted.

[a1falang]

I'm not Kiwi, but I'd recommend avoiding the double conversion. You lose not only in each conversation, but have fees attached to each conversion.

I'd think a major bank in NZ should be able to handle Thai baht in cash to convert to NZ dollars.

I am restricted to 50,000 baht if I take only Thai currency with me. See:

http://www.customs.go.th/wps/wcm/connect/custen/travellers/departing+from+thailand/departingfromthailand

"The amount of 50,000 baht or more in Thai currency must be reported on departure"

I need to take more than 50k and I believe there is no restriction on other currencies. At least, it doesn't say "The amount of 50,000 baht or more in Thai currency or equivalent in other currencies must be reported on departure".

Also bear in mind I mentioned layovers in Malaysia and Australia and it might be easier to have US$ on me to convert to a small amount of local currency, since I won't need much for each stay.

I'm also exploring whether I can use my SCB HIP Debit ATM card in NZ. Apparently a few travellers have been able to use theirs in overseas ATMs, although mostly Asian ones. I would use my SCB Platinum credit card but I've forgotten the PIN and there's not enough time to get a new card issued (you can't just get a new PIN, a new card must be issued.)

[a1falang]

If you have a Thai bank account then your ATM card will work fine in NZ.

I just returned from a holiday there and my SCB ATM card worked everywhere I needed it.

Funny, I just happened to mention this possibility in reply to another poster on this thread. Did you have to advise SCB in advance that you would be using your ATM card overseas and not to block or cancel access to funds fearing "fraud"? What bank ATMs did you use it on without problems e.g. ANZ, ASB, National Bank, Westpac, BNZ? And what were the additional charges at the NZ and Thailand ends?

Edited November 7, 2015 by a1falang

[Sophon]

To get an idea of what is better, just take a look at the current exchange rates.

Australia & New Zealand Bank in NZ (picked at random, I don't know if you can do better elsewhere):

THB: 25.3291

USD: 0.6973

AUD: 0.9599

Super Rich (who gives some of the best rates in Thailand):
USD: 35.57

AUD: 25.45

NZD: 24.00

Changing directly to NZD in Thailand:

THB 10,000 would give you NZD 416.66

Changing to USD in Thailand and then to NZD in New Zealand:

THB 10,000 would give you USD 281.13

USD 281.13 would give you NZD 403.17

Changing to AUD in Thailand and then to NZD in New Zealand:

THB 10,000 would give you AUD 392.92

AUD 392.92 would give you 409.34

Changing THB to NZD in New Zealand:

THB 10,000 would give you NZD 394.80

Super Rich has different exchange rates for USD depending on nomination, so if the the total amount is not to big you could get 20 dollar notes for which the rate is 35.47. That would bring your total per THB 10,000 to NZD 404,31, so the difference is nominal.

I don't know if doing the exchange in New Zealand will attract a fee as well as the loss on the exchange rate, but either way you are probably better of with exchanging directly to NZD here in Thailand. Definitely avoid taking THB to New Zealand.

Sophon

Edited November 7, 2015 by Sophon

[a1falang]

To get an idea of what is better, just take a look at the current exchange rates.

Australia & New Zealand Bank in NZ (picked at random, I don't know if you can do better elsewhere):

THB: 25.3291

USD: 0.6973

AUD: 0.9599

Super Rich (who gives some of the best rates in Thailand):

USD: 35.57

AUD: 25.45

NZD: 24.00

Changing directly to NZD in Thailand:

THB 10,000 would give you NZD 416.66

Changing to USD in Thailand and then to NZD in New Zealand:

THB 10,000 would give you USD 281.13

USD 281.13 would give you NZD 403.17

Changing to AUD in Thailand and then to NZD in New Zealand:

THB 10,000 would give you AUD 392.92

AUD 392.92 would give you 409.34

Changing THB to NZD in New Zealand:

THB 10,000 would give you NZD 394.80

Super Rich has different exchange rates for USD depending on nomination, so if the the total amount is not to big you could get 20 dollar notes for which the rate is 35.47. That would bring your total per THB 10,000 to NZD 404,31, so the difference is nominal.

I don't know if doing the exchange in New Zealand will attract a fee as well as the loss on the exchange rate, but either way you are probably better of with exchanging directly to NZD here in Thailand. Definitely avoid taking THB to New Zealand.

Sophon

Thanks for all your calculations, really appreciated - and thanks also to meatboy for his STERN WARNING. I'll just buy Malaysian ringgit, Aussie and New Zealand dollars here in Thailand at SuperRich then.

[Jai Dee]

If you have a Thai bank account then your ATM card will work fine in NZ.

I just returned from a holiday there and my SCB ATM card worked everywhere I needed it.

Funny, I just happened to mention this possibility in reply to another poster on this thread. Did you have to advise SCB in advance that you would be using your ATM card overseas and not to block or cancel access to funds fearing "fraud"? What bank ATMs did you use it on without problems e.g. ANZ, ASB, National Bank, Westpac, BNZ? And what were the additional charges at the NZ and Thailand ends?

I travel in SEA regularly so I never usually notify the bank first, however as I had never travelled to NZ before I thought it prudent to let them know before I left.

ATM's used were Westpac, ANZ, and BNZ.

All fees were charged at the Thailand end... As far as I can tell from my bank statement, the charges are listed in NZD and converted to THB (at a reasonable exchange rate). No additional fees.

[a1falang]

If you have a Thai bank account then your ATM card will work fine in NZ.

I just returned from a holiday there and my SCB ATM card worked everywhere I needed it.

Funny, I just happened to mention this possibility in reply to another poster on this thread. Did you have to advise SCB in advance that you would be using your ATM card overseas and not to block or cancel access to funds fearing "fraud"? What bank ATMs did you use it on without problems e.g. ANZ, ASB, National Bank, Westpac, BNZ? And what were the additional charges at the NZ and Thailand ends?

I travel in SEA regularly so I never usually notify the bank first, however as I had never travelled to NZ before I thought it prudent to let them know before I left.

ATM's used were Westpac, ANZ, and BNZ.

All fees were charged at the Thailand end... As far as I can tell from my bank statement, the charges are listed in NZD and converted to THB (at a reasonable exchange rate). No additional fees.

This is really useful, thanks. What were the fees? A flat rate like 100 or 500 baht, or a percentage of the total transaction?

[Jai Dee]

No additional fees appeared on my bank statement... just a straight conversion.

I assume the transfer fees were included in the conversion rate.

[a1falang]

No additional fees appeared on my bank statement... just a straight conversion.

I assume the transfer fees were included in the conversion rate.

Great. I'll convert some Thai currency here into various currencies at SuperRich here, and use my SCB debit card in NZ, tracking withdrawals online. I've already contacted SCB to let them know I'll be using the card overseas and not to block access to my funds or account. They required a contact number in case their processing centre wanted to call anyone about overseas transactions. Thanks to everyone for their advice.

[Jai Dee]

They required a contact number in case their processing centre wanted to call anyone about overseas transactions.

If you have a pre-paid Thai mobile make sure that you have a couple of thousand baht in credit before you leave.

Roaming charges and international calls are very expensive.

[a1falang]

They required a contact number in case their processing centre wanted to call anyone about overseas transactions.

If you have a pre-paid Thai mobile make sure that you have a couple of thousand baht in credit before you leave.

Roaming charges and international calls are very expensive.

They accepted the number of a close Thai friend in Thailand, but I must remember to disable all international roaming services on the phone when I leave. Thanks for the reminder.

[xylophone]

Have had no trouble using SCB and BK Bank ATM cards in NZ with ASB or CBA Oz for that matter.

If you have internet or online banking and an account in NZ, why not transfer the majority of your funds this way and change a small amount in Thailand to get you by?

[blackcab]

"Thanks for all your calculations, really appreciated - and thanks also to meatboy for his STERN WARNING. smile.png I'll just buy Malaysian ringgit, Aussie and New Zealand dollars here in Thailand at SuperRich then."

Exactly.

If you have a bit left over keep good of it for next time. No need to lose on the conversion when you change it back. You also have the option of watching the prices and changing it back to make a small profit.

Remember that if you change back at Super Rich they only accept really good quality notes. No rips, tears, holes, missing corners, stains or too much writing. Any of this and they will give you the note back.