Replies: 14 - Last Post: Dec 6, 2012 2:11 PM Last Post By: BangkokBoy
Dec 5, 2012 2:11 PM
Exchanging moneyI have to pay for the house I'm renting up front upon arrival and am trying to figure out whether to get my baht from my bank in the US, or to just use the ATM once I get to Thailand.
My bank will give me 27.13 THB here in the states, no added fees.
Does anyone know what the ATM exchange rate is if taking money out in Thailand?
Dec 5, 2012 5:06 PM
1You will get better in Thailand. I don't have time to look, but check Bangkok Bank. Travelers Cheques will get you a better rate still.
Dec 5, 2012 6:06 PM
2That rate from your bank is a rip. The right way to do it is do a wire transfer in USD and not let the US bank do the exchange. Once the money reaches the Thai bank they will do the exchange at current market rates - you would get 30.56 THB at today's rate. Most banks charge a wire transfer fee around $30 or about THB1000. If you transfer USD1000 the rip-off on the exchange rate would cost you about THB3400.
If your bank refuses to do a USD international wire transfer then you need a new bank.
Dec 5, 2012 6:13 PM
Dec 5, 2012 6:17 PM
Dec 5, 2012 8:09 PM
5Alternatively, bring it in cash (USD) with you and make the exchange at SuperRich which provides one of the best rates you can get.
Dec 5, 2012 9:07 PM
6Bring a bunch of cash or Travellers Cheques if you don't have to pay for them. Go to a bank in Thailand and get 30.xx +-
ATM rates will most likelyeat you alive with foreign exchange fees.
Dec 6, 2012 5:19 AM
7I'd recommend bringing cash or travellers cheques with you. The banks give you good exchange rates, not sure how much USD can get you in Baht but the AUD is ~ 31.5 mark, USD is slightly less. Just note electricity here is on and off, they ration out the electricity so it might be tricky to find an exchange booth that's open.
Dec 6, 2012 5:22 AM
What the heck are you talking about? Everything is fine in Bangkok. The only problems I am aware of at the moment are on Koh Samui and Koh Phangan where there is a blackout because they are idiots and can't fix a damaged power line.
Dec 6, 2012 6:50 AM
Dec 6, 2012 7:06 AM
10Quote - What the heck are you talking about? Everything is fine in Bangkok.
Perhaps he isn't in Bangkok. :-)
Dec 6, 2012 7:11 AM
11FYI, link to Kasikorn Bank exchange rate page
You'll notice today's rates:
Trav chk: 30.43
I guess people don't bother checking the rates when they say cash and traveler's checks are the best. Travelers checks are worse than cash when you subtract the 33 baht fee per check. Example using the largest bills and travelers checks at today's rates:
$100 bill: 3,027 baht
$100 trav chk: 3,043 - 33 = 3,010 baht
By comparison, if you use a debit card from a bank that doesn't charge a foreign transaction fee (there are a number) and do a cash advance at the counter inside the bank you get the TT rate, usually minus a 1% network fee. So that looks like this:
$100 cash adv: 3,053 - 31 = 3,022 baht
If you do a wire transfer there is no 1% network fee but there are bank fees so that only makes sense for large transfers, like a few thousand dollars or more.
The best rate is via credit card purchase using, for example, a CapitolOne credit card. That's because you get the TT rate AND they do not charge the 1% network fee. Beware other credit cards that rip you on foreign transaction fees. And this is for purchases, not cash advances on the credit card.
Dec 6, 2012 1:44 PM
Dec 6, 2012 1:44 PM
Depending on how much you have to shell out really. TC's are a good way to go in one sense because they are safer. 33 baht per cheque so if you don't need a load and can get high denomination free issue ones then consider it. If you have to hand over too many 33baht fees then you may wish to take the risk and take cash. Or find an AEON ATM and do not pay the fee.
I used to go inside the bank and draw on an ATM card, they did not like it but I was prepared to wait in the queue take the stares and avoid the ATM fee. Not done it for a while, maybe would still work.
Dec 6, 2012 2:11 PM
14Nothing wrong with Geomark's arithmetic, but he did the calculation on a $100 TC.
It's 33 baht per cheque, also correct.
But, you can exchange a $500 or $1,000 Amex TC and it's still just 33 baht per check. 33 baht out of Baht 30,430 is a lot cheaper than 1% out of 30,530.
The only thing for sure is to tell your US bank where to to shove its lousy exchange rate - "no fees" indeed, with that rate they make plenty!
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