USA dollar exchange scam

[61guitarman61]

I recently had an interesting revelation. I went to change some U.S.currency to baht.I brought ten $20 bills to Kasikorn. I saw the board had three different exchange rates for U.S.currency.

1-2 : 34.46

5-20 : 34.85

50-100: 35.41

Without really thinking about this too much I just assumed it meant lower total currency to be exchanged resulted in lower exchange rate. I was exchanging $200 total. I received only 34.89 per dollar. It turns out that a $1 bill is worth less than a $100 bill per dollar. Much less. So if I present one hundred $1 bills I receive 3,446 baht but a $100 bill gives me 3,541 baht.

In contrast no other foreign currency has different values on different denominations. How can they do that? I would classify that as fraud, theft, scam.

Edited March 2, 2016 by 61guitarman61

[williewolf]

A lot of exchange places give better rates for higher denomination notes not just USD

[beachproperty]

Why is everything a scam to some people

Different rates for different size bills happens EVERYWHERE. Larger bills less hassles .....duh!

[61guitarman61]

This was not an exchange booth in the airport or walking street in Pattaya. This was a bank branch and they did not have any rate difference by denomination on ANY other currency. One Euro or one thousand Euro bill exactly the same rate.

[TheAppletons]

Since they tell you in advance what the exchange rate is for each denomination, it's difficult to understand how that could be classified either "fraud, theft, or scam".

Regarding why other currencies are not laddered as such, many of the widely traded currencies don't even have notes for denominations of 1, 5, or even 10....they have coins. Since most currency exchange places won't take coins, it's not really an issue for the other currencies.

[bubba1]

The rates were clearly posted it's not a scam.

Every exchange in thailand follows the same practice.

[61guitarman61]

Why is everything a scam to some people

Different rates for different size bills happens EVERYWHERE. Larger bills less hassles .....duh!

In the U.S.A.this is illegal. Exchange THB to USD at any bank in the states and 1 baht is exchanged at exactly the same rate as 1,000 baht bill. So, duh, scam.

[IMA_FARANG]

A lot of exchange places give better rates for higher denomination notes not just USD

-------------------

It has always been that way.

For the bank the cost of counting and processing 100 small bills is higher than processing larger bills.

That is why a bank prefers larger bills.....on a cost versus value ratio basis....larger bills are better for them to handle.

In exactly the same way a store would rather sell one high profit item than 100 smaller profit items.

Edited March 2, 2016 by IMA_FARANG

[bubba1]

Why is everything a scam to some people

Different rates for different size bills happens EVERYWHERE. Larger bills less hassles .....duh!

In the U.S.A.this is illegal. Exchange THB to USD at any bank in the states and 1 baht is exchanged at exactly the same rate as 1,000 baht bill. So, duh, scam.

Maybe you should go home again then

[TheAppletons]

Why is everything a scam to some people

Different rates for different size bills happens EVERYWHERE. Larger bills less hassles .....duh!

In the U.S.A.this is illegal. Exchange THB to USD at any bank in the states and 1 baht is exchanged at exactly the same rate as 1,000 baht bill. So, duh, scam.

Wrong. The bank will not accept a 1 thb coin or a 5 thb coin or any coin. So it's virtually worthless in the USA because it cannot be converted to dollars.

[CNXBKKMAN]

61guitar if you were working at the bank and I came up to you with $1000 in single dollar bills do you think it would take longer to count these, check them, reject the ripped and damaged ones. Would you be able to process ten $100 faster than the thousand grubby $1 bills. If you think about that you will understand why you get a worse rate for a $1. Plus they get counted more than once. Later they will be counted again and handed over to another bank worker who will count them again as they go through the banking system.

[61guitarman61]

www.kasikornbank.com/EN/RatesAndFees/ForeignExchange/Pages/ForeignExchange.aspx

[sandgroper2]

Why is everything a scam to some people

Different rates for different size bills happens EVERYWHERE. Larger bills less hassles .....duh!

In the U.S.A.this is illegal. Exchange THB to USD at any bank in the states and 1 baht is exchanged at exactly the same rate as 1,000 baht bill. So, duh, scam.

If you dont like it, go back to where you come from, or, call your insurance agent.

[TheAppletons]

www.kasikornbank.com/EN/RatesAndFees/ForeignExchange/Pages/ForeignExchange.aspx

What is the point of the link? Everyone knows the rates for dollar notes are laddered....it's that way at every bank and every currency exchange booth in Thailand.

Remember when you were in school and you took an exam and after the exam you started comparing answers with others in the class? And everyone else had one answer and you had another answer?

That's you in this thread. (And your avatar is absolutely perfect.)

Edited March 2, 2016 by TheAppletons

[61guitarman61]

61guitar if you were working at the bank and I came up to you with $1000 in single dollar bills do you think it would take longer to count these, check them, reject the ripped and damaged ones. Would you be able to process ten $100 faster than the thousand grubby $1 bills. If you think about that you will understand why you get a worse rate for a $1. Plus they get counted more than once. Later they will be counted again and handed over to another bank worker who will count them again as they go through the banking system.

Point taken absolutely. What would you say if you went to pay for your $20 grocery purchase back home with 20 $1 bills and the cashier told you that you have to pay more than the $20 total because you did not use a $20 bill? The value is in the national currency itself, not in what denomination of that currency it is.

[sunnyjim5]

"I would classify that as fraud, theft, scam"

You should

1. Make a police report about what you believe to be criminal activity
2. Return home ASAP where you will never be exposed to "scams" or any other form of criminality !

[beachproperty]

Why is everything a scam to some people

Different rates for different size bills happens EVERYWHERE. Larger bills less hassles .....duh!

In the U.S.A.this is illegal. Exchange THB to USD at any bank in the states and 1 baht is exchanged at exactly the same rate as 1,000 baht bill. So, duh, scam.

AND you get such a lousy exchange rate they can afford to do it. DUH!!

[CNXBKKMAN]

The price of processing the cash is factored into the price of the groceries on the shelves. When the supermarket banks all the bags of coins and bundles of notes the bank has charges for accepting them. It may take a long time to count and sort a supermarkets takings.

[61guitarman61]

www.kasikornbank.com/EN/RatesAndFees/ForeignExchange/Pages/ForeignExchange.aspx

What is the point of the link? Everyone knows the rates for dollar notes are laddered....it's that way at every bank and every currency exchange booth in Thailand.

Remember when you were in school and you took an exam and after the exam you started comparing answers with others in the class? And everyone else had one answer and you had another answer?

That's you in this thread. (And your avatar is absolutely perfect.)

You can make personal jabs. Whatever. But you did not answer the base question. I'll be glad to leave the topic die if you can answer.

Why only the U.S.dollar? Not the Euro. Not the Canadian dollar. Not the Australian dollar. These all have denominations ranging from one to hundred, five hundred, and even thousand. If it were laddered for all currencies then the game is fair and I don't question it.

Edited March 2, 2016 by 61guitarman61

[61guitarman61]

Why is everything a scam to some people

Different rates for different size bills happens EVERYWHERE. Larger bills less hassles .....duh!

In the U.S.A.this is illegal. Exchange THB to USD at any bank in the states and 1 baht is exchanged at exactly the same rate as 1,000 baht bill. So, duh, scam.

AND you get such a lousy exchange rate they can afford to do it. DUH!!

The U.S.doesn't make up some arbitrary exchange rate for currencies. Those are global rates. Your comment is nonsensical.

[TheAppletons]

www.kasikornbank.com/EN/RatesAndFees/ForeignExchange/Pages/ForeignExchange.aspx

What is the point of the link? Everyone knows the rates for dollar notes are laddered....it's that way at every bank and every currency exchange booth in Thailand.

Remember when you were in school and you took an exam and after the exam you started comparing answers with others in the class? And everyone else had one answer and you had another answer?

That's you in this thread. (And your avatar is absolutely perfect.)

You can make personal jabs. Whatever. But you did not answer the base question. I'll be glad to leave the topic die if you can answer.

Why only the U.S.dollar? Not the Euro. Not the Canadian dollar. Not the Australian dollar. These all have denominations ranging from one to hundred, five hundred, and even thousand. If it were laddered for all currencies then the game is fair and I don't question it.

I already answered that in post #5 of the thread:

"Regarding why other currencies are not laddered as such, many of the widely traded currencies don't even have notes for denominations of 1, 5, or even 10....they have coins. Since most currency exchange places won't take coins, it's not really an issue for the other currencies."

So you can't even exchange 1 euro - at all - because it's not a paper note. That's why the others aren't laddered exchange rates at lower denominations - they don't issue paper notes and paper notes are all that currency exchange places will accept.

[BookMan]

61guitar if you were working at the bank and I came up to you with $1000 in single dollar bills do you think it would take longer to count these, check them, reject the ripped and damaged ones. Would you be able to process ten $100 faster than the thousand grubby $1 bills. If you think about that you will understand why you get a worse rate for a $1. Plus they get counted more than once. Later they will be counted again and handed over to another bank worker who will count them again as they go through the banking system.

Point taken absolutely. What would you say if you went to pay for your $20 grocery purchase back home with 20 $1 bills and the cashier told you that you have to pay more than the $20 total because you did not use a $20 bill? The value is in the national currency itself, not in what denomination of that currency it is.

They have a notice informing you of what they give for what denomination

They can give whatever rate they want.

You don't like it, don't exchange

I would say the bigger scam is that you actually exchanged at Kasikorn bank and not at an outlet that gives you a better rate

[PattayaAl]

Why is everything a scam to some people

Different rates for different size bills happens EVERYWHERE. Larger bills less hassles .....duh!

In the U.S.A.this is illegal. Exchange THB to USD at any bank in the states and 1 baht is exchanged at exactly the same rate as 1,000 baht bill. So, duh, scam.

In USA you wil not be able to change 1 baht, because banks do not accept coins to exchange

[PattayaAl]

Why is everything a scam to some people

Different rates for different size bills happens EVERYWHERE. Larger bills less hassles .....duh!

In the U.S.A.this is illegal. Exchange THB to USD at any bank in the states and 1 baht is exchanged at exactly the same rate as 1,000 baht bill. So, duh, scam.

AND you get such a lousy exchange rate they can afford to do it. DUH!!

The U.S.doesn't make up some arbitrary exchange rate for currencies. Those are global rates. Your comment is nonsensical.

Again incorrect .

You get lower rate in US than you do in Thailand for Thai baht, at least 10% less

[61guitarman61]

The price of processing the cash is factored into the price of the groceries on the shelves. When the supermarket banks all the bags of coins and bundles of notes the bank has charges for accepting them. It may take a long time to count and sort a supermarkets takings.

Really....

So a kid who takes his/her piggy bank to the bank and wants counting and cash returned can expect to receive less than the total pennies in the piggy bank because the cashier has to dump it into a machine that counts them automatically? In fact, on large scale, obscene quantities of coins, commercial banks actually use scales to determine quantity, and no fees there either.

[beachproperty]

Why is everything a scam to some people

Different rates for different size bills happens EVERYWHERE. Larger bills less hassles .....duh!

In the U.S.A.this is illegal. Exchange THB to USD at any bank in the states and 1 baht is exchanged at exactly the same rate as 1,000 baht bill. So, duh, scam.

AND you get such a lousy exchange rate they can afford to do it. DUH!!

The U.S.doesn't make up some arbitrary exchange rate for currencies. Those are global rates. Your comment is nonsensical.

Then WHY do different banks give you different exchange rates for the same denomination of any foreign note ?

Edited March 2, 2016 by beachproperty

[AYJAYDEE]

Why is everything a scam to some people

Different rates for different size bills happens EVERYWHERE. Larger bills less hassles .....duh!

In the U.S.A.this is illegal. Exchange THB to USD at any bank in the states and 1 baht is exchanged at exactly the same rate as 1,000 baht bill. So, duh, scam.

lol! so if a country does something different than americans its an illegal scam? lol

[61guitarman61]

www.kasikornbank.com/EN/RatesAndFees/ForeignExchange/Pages/ForeignExchange.aspx

What is the point of the link? Everyone knows the rates for dollar notes are laddered....it's that way at every bank and every currency exchange booth in Thailand.

Remember when you were in school and you took an exam and after the exam you started comparing answers with others in the class? And everyone else had one answer and you had another answer?

That's you in this thread. (And your avatar is absolutely perfect.)

You can make personal jabs. Whatever. But you did not answer the base question. I'll be glad to leave the topic die if you can answer.

Why only the U.S.dollar? Not the Euro. Not the Canadian dollar. Not the Australian dollar. These all have denominations ranging from one to hundred, five hundred, and even thousand. If it were laddered for all currencies then the game is fair and I don't question it.

I already answered that in post #5 of the thread:

"Regarding why other currencies are not laddered as such, many of the widely traded currencies don't even have notes for denominations of 1, 5, or even 10....they have coins. Since most currency exchange places won't take coins, it's not really an issue for the other currencies."

So you can't even exchange 1 euro - at all - because it's not a paper note. That's why the others aren't laddered exchange rates at lower denominations - they don't issue paper notes and paper notes are all that currency exchange places will accept.

Thank you for your thoughtful response.

With regard to Canada, Australia, and the Euro, they all have small denomination paper bills: 5, 10, 20, 50, 100, and the Euro has 500 as well. As none of these are laddered the explanation you have does not hold true. The only paper bill smaller in U.S.money is $1. I'm not going to beat this dead horse but it still makes one wonder why. Maybe not you....

Peace out.

[HooHaa]

Why is everything a scam to some people

Different rates for different size bills happens EVERYWHERE. Larger bills less hassles .....duh!

In the U.S.A.this is illegal. Exchange THB to USD at any bank in the states and 1 baht is exchanged at exactly the same rate as 1,000 baht bill. So, duh, scam.

I realize you may be having trouble with this, so lets clarify for you -- thailand is NOT the US.

the rates were clearly posted, you were just too thick to understand what they meant.

stop being foolish, it is most unbecoming.

Edited March 2, 2016 by HooHaa

[saakura]

OP, is it really so difficult to understand or you just want to entertain us?