Why it's not possibly to change thai baht in some Asian nabour country's ?

[Sandman77]

Hello! I came back from my first philipine trip after 2 month, what I was wondering when I want change my 30k baht at a local banks , all Aswer was same , sorry we not change thai baht only a private money changer giving a bad rate was possible !

Even the thai debit cards also not was working in Phil!

Are any other country's , that are affected by this financial regulation ?

I never heard about it before

Is a normal Kk from Thailand working in other country's ?

Should this stop capital outflow ?

Is this the reason of it ?

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[fletchsmile]

Outside Thailand there's not much demand or use for THB so they don't want it. They end up with exchange risk and admin on small amounts they don't want. Hence either they often don't want it or the poor rate. It's not unique to PH and similar in other countries, particularly those that are not financial hubs/ centres in their region. Largely just simple supply and demand. (BTW Another technical factor is there is also an offshore Thai rate which financial institutions outside Thailand use between themselves anyway so again they don't really want THB cash. This offshore rate is weaker/ less favourable. The diff isn't much at the moment, but in times of serious exchange controls the offshore rate has gone out to 10% less)

 

Similarly try changing something like VND or IDR in Thailand. In reverse Thai institutions don't want it. 

 

I remember many years back my brother coming to Thailand from Bali and changing IDR to THB at one of the main banks. The rate he got was about half of what the wholesale mid-rate was. I took him back to the money changer and queried it as I thought it was a mistake. They showed the quoted IDR rate and said they don't have much call for it. In that case I asked them to reverse the transaction, which they kindly did at the rate given, and then I took it off him at a fairer price for my next visit to Indo

 

 

Edited March 6, 2017 by fletchsmile

[Sandman77]

Thanks for long Aswer
Same in suvanaphumi airport I have 1000 peso left when I was coming back and the give me only 500 baht for!
I often ask my self who controls the bank when rate is so bad
I Europe
If I would bring baht in cash I would get a Euro rate of 33 at moment !


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[siam2007]

since decades south East Asian countries gave each other a very poor exchange rate, as - except for the SG$ - all are considered WEAK currencies that suffer from high volatility.

Since the same number of decades, travelers who do their homework properly always change into US$ when traveling from one South East Asian country to the other and then change it again at their destination. Even if you failed to do so, you nowadays have the chance to get a decent rate at a private money changer. In Bangkok that would have to be the original genuine SUPERRICH and its various copycats, in Kuala Lumpur for example, there are great moneychangers at Midvalley Mall or NU SENTRAL (basement floor) where you get a good rate even for what is considered "Mickey Mouse Money" such as the PHP or IDR. Nowadays, Superrich (the green version, not the orange version) even buys and sells Myanmar Kyat at an acceptable rate (the genuine "orange" Superrich does too but at a poorer rate). That would have been unthinkable still 7 years ago.

Again: Doing your homework before traveling always saves you money, not only when it comes to currency exchange

[masuk]

Malaysia is the same.  Shops won't take baht, impossible to change at banks.

 

  I've found that I must buy foreign money in Thailand before I leave.

[Asiantravel]

22 hours ago, siam2007 said:

since decades south East Asian countries gave each other a very poor exchange rate, as - except for the SG$ - all are considered WEAK currencies that suffer from high volatility.

Since the same number of decades, travelers who do their homework properly always change into US$ when traveling from one South East Asian country to the other and then change it again at their destination. Even if you failed to do so, you nowadays have the chance to get a decent rate at a private money changer. In Bangkok that would have to be the original genuine SUPERRICH and its various copycats, in Kuala Lumpur for example, there are great moneychangers at Midvalley Mall or NU SENTRAL (basement floor) where you get a good rate even for what is considered "Mickey Mouse Money" such as the PHP or IDR. Nowadays, Superrich (the green version, not the orange version) even buys and sells Myanmar Kyat at an acceptable rate (the genuine "orange" Superrich does too but at a poorer rate). That would have been unthinkable still 7 years ago.

Again: Doing your homework before traveling always saves you money, not only when it comes to currency exchange

" Since the same number of decades, travelers who do their homework properly always change into US$ when traveling from one South East Asian country to the other and then change it again at their destination"

 

Won't help you in Luang Prabang in Laos if you visit the National Museum and try to pay your entrance fee in US dollars. They won't accept it and make you go to the nearby bank to change your American dollars into Kip. That confidence for you

[SOUTHERNSTAR]

I have traveled to most of the ASEAN countries and have never had a problem with Thai debit cards or credit cards not working. As for using the Baht in other countries shops, its the same as trying to use USD at UK or Japanese shops, they wont take it in most cases. As for exchanging it, thats the same as trying to exchange ZAR here, you either get hammered with the exchange rate or you cant exchange it. The best to travel with is an base amount of the currency of the country you are travelling to plus debit cards that you have confirmed with your bank that they can work outside the country. For example a few years back my daughters Debit card didnt work in NZ because she didnt change the pin code after she got the card at the bank. However today that cant happen anymore as they changed their procedures. 

[Sandman77]

Now thai ATM cards have 6 pin secret code instead of 4 before , maybe some ATM mashine outside Thailand have problem with it?


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[alant]

This seems to show, once again that ASEAN is meaningless, if the member countries do not honour the member currencies there is a problem.

[Pib]

Don't tell Thailand this, but the world outside of Thailand don't care about Thai baht...it's just another 3d world currency for which little demand exists outside of Thailand.

[bangkokorbust]

Don't tell Thailand this, but the world outside of Thailand don't care about Thai baht...it's just another 3d world currency for which little demand exists outside of Thailand.

Garbage! Lol

[4evermaat]

Malaysia is the same.  Shops won't take baht, impossible to change at banks.
 
  I've found that I must buy foreign money in Thailand before I leave.

In malaysia, only licensed money changers can exchange currency notes. Not all bank branches have money changer license, and will usually inform you to go to the nearest money changer. Besides the airport, about every shopping mall i went to had at least 1 money changer.

With that said, the rate to some of the more exotic currencies can be high on the weekend. Like now the THB to MYR rate is appx 7.9 to 1 (thb amount / 7.9) but over the weekend the exchamgera might raise it to 11-12 to 1; which is crazy but i guess they are guarding against risk. But USD and other major currency do not get that weekend treatment.

Those who exchange their money somewhere like superich, thai bank, or a private changer like the guy on train Hat Yai Padang Besar get good rates everytime.

Edit also atm will give visa/mc rate. But then you may have foreign transaction fees from the issuing bank. I dont luckily with grandfathered acct.

[alex8912]

2 hours ago, Asiantravel said:

" Since the same number of decades, travelers who do their homework properly always change into US$ when traveling from one South East Asian country to the other and then change it again at their destination"

 

Won't help you in Luang Prabang in Laos if you visit the National Museum and try to pay your entrance fee in US dollars. They won't accept it and make you go to the nearby bank to change your American dollars into Kip. That confidence for you

Why don't you read the post you quoted. He didn't say to use USD when you arrive in another country. He said to change your USD into local currency when you arrive in another country ?

[Asiantravel]

1 hour ago, alex8912 said:

Why don't you read the post you quoted. He didn't say to use USD when you arrive in another country. He said to change your USD into local currency when you arrive in another country ?

I'm aware of that already and you missed my point entirely.

7 or 8 years ago when you travelled to any of Thailand's neighbouring countries particularly Cambodia, Laos and Vietnam they didn't want to deal in anything other than the US dollar and if you tried using their local currencies they would laugh at you.

Now in 2017it's completely the opposite and yet nothing has changed fundamentally regarding the strength of these local currencies.

 

[alex8912]

18 minutes ago, Asiantravel said:

I'm aware of that already and you missed my point entirely.

7 or 8 years ago when you travelled to any of Thailand's neighbouring countries particularly Cambodia, Laos and Vietnam they didn't want to deal in anything other than the US dollar and if you tried using their local currencies they would laugh at you.

Now in 2017it's completely the opposite and yet nothing has changed fundamentally regarding the strength of these local currencies.

 

Every single person would miss your point from your original post sorry. Not clear at all. Of course you would use kip at the national museum. If you were talking about 8 years ago then you would have to have made that point clear.  No one can read your mind. 

[Suradit69]

7 hours ago, alant said:

This seems to show, once again that ASEAN is meaningless, if the member countries do not honour the member currencies there is a problem.

Banks and currency exchanges are business and cash is a commodity. You buy something you know that you can sell quickly at a profit.

 

That's the reason why banks don't want to take foreign currency, even US$ or Euros, if they're slightly damaged. They only want them if they can sell them on to another customer and those customers won't want damaged or soiled notes even if they would be acceptable back in the US or Europe.

 

If banks or currency exchanges don't have a steady demand for the Thai baht, they don't want to hold onto it and being in Asean doesn't magically change something that is not profitable int to something that is.

6 hours ago, Pib said:

Don't tell Thailand this, but the world outside of Thailand don't care about Thai baht...it's just another 3d world currency for which little demand exists outside of Thailand.

It doesn't have anything to do with emotional issues like caring about the Thai baht. Banks and currency exchanges are not collecting currency to put in a scrap book. If they buy something they want to sell it at a profit quickly. If there is not much demand, they won't want it. 

I remember having some pound notes issued by the Bank of Scotland. Very difficult to exchange for the same reason.

 

[siam2007]

8 hours ago, Asiantravel said:

" Since the same number of decades, travelers who do their homework properly always change into US$ when traveling from one South East Asian country to the other and then change it again at their destination"

 

Won't help you in Luang Prabang in Laos if you visit the National Museum and try to pay your entrance fee in US dollars. They won't accept it and make you go to the nearby bank to change your American dollars into Kip. That confidence for you

 

Sorry, but if you had read my words properly, you would have discovered that I said "AND THEN CHANGE IT AGAIN AT THE DESTINATION" - this means, changing the Dollars into local currency. Thus, you would have enough bundles of KIP to pay for the entrance fee at LPQ National Museum. Unlike most, I even get myself some RIEL when traveling in CAMBO, as RIEL always attracts cheaper prices than paying in US$ 

[siam2007]

8 hours ago, alant said:

This seems to show, once again that ASEAN is meaningless, if the member countries do not honour the member currencies there is a problem.

 

 

I don't think this has to do with ASEAN as such, but rather the fact that many ASEAN countries are truly third world, their economy is weak and their currency highly volatile. You have Singapore as a safe haven and then you have the likes of Cambo, Myanmar, Laos, Timor Leste.....

[alant]

8 hours ago, siam2007 said:

 

 

I don't think this has to do with ASEAN as such, but rather the fact that many ASEAN countries are truly third world, their economy is weak and their currency highly volatile. You have Singapore as a safe haven and then you have the likes of Cambo, Myanmar, Laos, Timor Leste.....

Sounds like you agree with me given you argue that ASEAN has not been able to stabilize this in its 50 year life to date.

[Asiantravel]

9 hours ago, siam2007 said:

 

Sorry, but if you had read my words properly, you would have discovered that I said "AND THEN CHANGE IT AGAIN AT THE DESTINATION" - this means, changing the Dollars into local currency. Thus, you would have enough bundles of KIP to pay for the entrance fee at LPQ National Museum. Unlike most, I even get myself some RIEL when traveling in CAMBO, as RIEL always attracts cheaper prices than paying in US$ 

but  have you ever wondered why this phenomena of rejecting US dollars in place of their local fiat currency seem to have happened in all these Asian countries almost simultaneously.  What were the changes in economic fundamentals that caused them one moment to want nothing but US dollars but suddenly only accepting their own worthless bits of paper ? Zimbabwe has gone back to using US dollars after the use of its own dollars resulted in complete disaster.

Here is a picture of a sign on a pharmacy in Sihanoukville

 

 

[LALes]

Simple law of supply and demand.  Once you are outside of any of these 3rd world countries, demand plummets.

I'm still amazed that I can get a very good rate for Thai baht in Saigon.  Must be enough Thai tourists there to warrant

a good rate.  

[sandemara]

What an embarrassing question. Are there any military "government" authorities willing to answer frely, without inhibition?

[rickudon]

Never had any problem using Thai baht in Laos between 7 and 3 years ago, although admittedly near the border. In Vientianne some shops show prices in baht. Never changed any money into Kip. Even the street vendors.

[HooHaa]

First of all, your thai debit card will work at any cirrus/visa atm in the phils, only a few smaller bank atms will have an issue, this is the same the world over, not just in philipines. Bangko bank chipped cards are essentially useless however, they barely work anywhere in thailand other than bangkok bank machines.

 

Secondly, most banks here will not change your money unless you have an account, they are just not interested. And when they do change your money the rate is awful.

 

For example yesterday kabayan was giving 50.28 to the dollar, the bank, rght next door was giving 50.05.

 

Personally i really enjoy getting 10000 pesos and change for a couple hundred bucks.

 

Private money changers like kabayan will change thai baht, but as others have said, you will get the offshore rate. This would be true anywhere you travel.

 

You will always get stung switching between minor currencies. Usd/euro to local is the way to go. Spend it before you leave.

[Sandman77]

I tried all avalible banks ATM in philipine traveling with taxi around one hour and there was not any ATM my kasikorn debit was accepted !
It was not the typical only locals card accepted
Card come back also bdo and may banks !

But it was possible to pay flights with my kasikorn visa that's strange


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