exchanging mone

[Jordandawg05 13]

Hi VJ Thai forum members !

I'll be having my honeymoon in Thailand and i wanted to see what you all think the best option to exchange dollars to thai bhts. i called a local exchange place and they are given me 26 bahts per dollar. I have an app on my iphone but its given me the 'market' rate (31 bahts per dollar). My questions is, should i exchange my dollars in the US or wait until i get to Thailand to exchange them? i am sure you all have some personal experience in this matter.

Thanks !

JD

[Karee 4,190]

Hi VJ Thai forum members !

I'll be having my honeymoon in Thailand and i wanted to see what you all think the best option to exchange dollars to thai bhts. i called a local exchange place and they are given me 26 bahts per dollar. I have an app on my iphone but its given me the 'market' rate (31 bahts per dollar). My questions is, should i exchange my dollars in the US or wait until i get to Thailand to exchange them? i am sure you all have some personal experience in this matter.

Thanks !

JD

Definitely do it in Thailand. 26 is way to low. Go to a bank in Thailand to exchange money.

Bangkok Bank is offering 31 THB per Dollar if you exchange $100 or more.

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Foreign%20Exchange/FX%20Rates/Pages/Default.aspx

[happyHiker67 0]

Hi VJ Thai forum members !

I'll be having my honeymoon in Thailand and i wanted to see what you all think the best option to exchange dollars to thai bhts. i called a local exchange place and they are given me 26 bahts per dollar. I have an app on my iphone but its given me the 'market' rate (31 bahts per dollar). My questions is, should i exchange my dollars in the US or wait until i get to Thailand to exchange them? i am sure you all have some personal experience in this matter.

Thanks !

JD

Trading dollars for THB is very easy, you will get about 31 THB to the dollar. The rate doesn't seem to vary much in any significant way. There are many exchanges right in the airport, and ATM's are an option, they charge about 150 baht for the transaction though. Your credit card may charge a foreign transaction fee though, check on that before you go, because those fees add up quick. Have fun in the land of smiles!

[Ning 619]

Definitely do it in Thailand. 26 is way to low. Go to a bank in Thailand to exchange money.

Bangkok Bank is offering 31 THB per Dollar if you exchange $100 or more.

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Foreign%20Exchange/FX%20Rates/Pages/Default.aspx

Spend the money you saved by following the advise of Karee on a copy of the book Thailand Fever. Buy two copies and leave one with her. Find it on Amazon or in many book stores in Thailand.

[joonphon 7]

When i went back last year, I brought bunch of $20 bills and some $100 bills. My fiance banks w/ Kasikorn bank so went there to exchange, they gave me lower rate for $20 bills than $100 bills.

[Jordandawg05 13]

Thanks all for the quick replies !

it seems the general idea is to exchange in Thailand as 26 was not good enough rate ! i want to exchange 1500 dollars so i would be loosing 200+ dollars with that rate !! no way !

is it going to be a problem if i exchange 1500 at once at the airport? I am going to call my bank and see how much they charge me for a foreign ATM withdraw. i will try to use my credit card where i can as i don't have any foreign transaction fees ( yay!)

Thanks !

When i went back last year, I brought bunch of $20 bills and some $100 bills. My fiance banks w/ Kasikorn bank so went there to exchange, they gave me lower rate for $20 bills than $100 bills.

that what i read as well, i probably should take $100 bills with me to get a better rate.

[Jamnan_n_Steve 17]

Many ATM and credit cards charge a 3% foreign transaction fee and pass along the 150 Baht Thai bank fee. When changing $500 this brings a 'bank' rate of 31 down to 29.77. Capital One among others does not charge the 30=% fee on some of their cards. If your bank charges the fee, you can bring cash. If there will ongoing transfers to Thailand, try to open a Bangkok Bank account as you can send money at low fees through their New York branch.

steve

[Karee 4,190]

The easiest way to tell if you're getting a good deal is to look at the difference between the buy and sell rate. If it's a large spread, you're getting robbed. The smaller the spread the better deal you're getting.

[AaronLV 12]

DON"T EXCHANGE MONEY AT THE AIRPORT!!!

The rates are far off from what you will get at many of the banks in town.

When I picked up my friend last year he was waiting for me, he went and exchanged money. The difference on the amount he exchanged and what he could have gotten at the bank was about 2500 baht.

I use my ATM card, on all my cards I get the current exchange rate and pay the 150 baht fee which with Charles Schwab and USAA is refunded at the end of each month. I have had good luck with Bangkok Bank, and SCB, the other banks I have gotten screwed before because they do the exchange at the ATM rather than letting the US bank process it.

I have a Bangkok Bank account, and I have figured out it is cheaper to get money out on my US ATM card than it is to transfer money in via the Bangkok Bank ACH transfer (20.00 charge, and the rate is has not been as good as the ATM withdrawals). Plus when I use my Bangkok Bank ATM card in Chiang Mai, they charge me 30 baht, since the account is in Bangkok, and they cahrge me 1% to deposit money in Chaing Mai into my Bangkok account.

Another good trick to avoid the 150 baht fee is to go into the bank and go to Foreign Remittance, and have them swipe your card. No 150 baht fee and no limit on the amount you can withdraw where as the ATM is 30K, some are 15 or 20K. I just called my US Bank told them I need to take out X dollars over the counter, they upped my daily limit to the amount, and had no issue taking the money from the counter.

[Darin S 0]

Airport gives bad exchange rate, but its good to have a small amount of local currency for transportation.

ATM is very convenient, just be aware there are usually transaction, exchange, and cross border fees. If you use your VISA/MC debit card, don't let the merchant convert currency for you, have them charge you in the local currency. It'll be converted at whatever the market rate is for your bank, but its most likely better than the rate/fee the merchant will charge.

Most smaller exchange booths (and Banks) do not like to exchange more than a few $100 bills.

You should be aware, Money Exchangers can be very picky about currency they will accept. Make sure your bills are in excellent condition with no marks or tears. Even creases from excessive folding can be grounds for refusal. Series is important, some places will not accept Series 2003 or previous.

"Super Rich" seemed to have the consistently best rates... main branch located near Central World in Bangkok.

If you're converting a small amount of currency, its not worth going out of your way to the currency exchanger with the best rates. $1500 would probably be worth a trip to Super Rich if you're in Bangkok.

http://www.thebangkokshoppingguide.com/money_exchange_bangkok - I think this is where I found info on Super Rich before I traveled to Thailand earlier this year.

Darin