Guest Posted June 3, 2002 Report Share Posted June 3, 2002 I was wondering where all of you old hands, residents and financial wizards go for the best exchange rate of US frog skins to Bhat? I ask because the "official" exchanges like those at airports IMHO are notoriously bad deals. Are the banks any better? The offical rates at the airports and most banks in the Philippines vary as much as a whole peso or two over that which you can get at a pawn shop or liquor store. I dont remember if the LOS has and other outlets other than banks etc, I usually did my transactions at Don Muang or hit an Atm before whooping it up, always thought I could do better. No, I dont want to deal with someguy named 'yai" who has a booth in the alley either. Thanx Dentface Link to comment Share on other sites More sharing options...
Guest Posted June 3, 2002 Report Share Posted June 3, 2002 I'm paid in baht, so rarely have to exchange, but the exchange booths at the airport here are really not bad, at least not for U.S. dollars. I've been told the best rates are at the booths on Kha San Road, but going inside any bank should be good enough. There's no Black Market system here, at least that can be seen by tourists; my wife tells me there's a place that will exchange with Thais who are going to take trips abroad and need dollars, civil servants and such, and they'll actually go to the Thais' office. Wherever you change, a large difference between the sell and buy rates is an indication of a bad rate. Link to comment Share on other sites More sharing options...
ThaiHome Posted June 3, 2002 Report Share Posted June 3, 2002 I'm paid in USD into account in US, except for living allowance paid in baht, so when the living allowance runs out, I go to ATM. Unless your bank charges excessively for international withdrawals, it is probably the best deal for convenience and rate. TH Link to comment Share on other sites More sharing options...
thalenoi Posted June 3, 2002 Report Share Posted June 3, 2002 I just did a comparison exercise for some friends on this topic. You get the best rate by ATM, but for europeans the bank costs outweight the rate advantage: as of 1st july: eur 2.85 + .30% transaction cost + 1.63% exchange commission. That's around 10 euro for 10.000 baht. I made a calculation based on an ATM transaction dated 15 may of 5.000 baht: ATM 38.65 before costs, 37.10 after cost, cash at Siam Commercial Bank same day: 38.07 Amex or Visa card withdrawel: transaction cost 3.5% + 1.35% exchange commission Traveller cheques: buyers costs: eur 2.48 + 1% commission. + minimal transaction cost in Thailand (rate depends on value of cheques) 38.385 on 15 may Link to comment Share on other sites More sharing options...
ThaiHome Posted June 3, 2002 Report Share Posted June 3, 2002 Just did one of my Bangkok Bank ATM to Bank of America account transactions dated 28-May. 10,000 baht = USD236.02 = 42.37 baht per USD plus USD1.50 BofA (flat) fee = 42.19 baht per USD. Don't know what Thai banks were giving that day, but Pacific Exchange service says the rate was 42.565 that day. TH Link to comment Share on other sites More sharing options...
sanukdee Posted June 3, 2002 Report Share Posted June 3, 2002 While were on the subject I found a good currency conversion web site. The feature I like the best is they have printable Travelers Cheat Sheets. Great for the mathematically challenged. It is always good to think in Baht but also know exactly what it comes out to in your home currency. http://www.oanda.com/convert/classic Link to comment Share on other sites More sharing options...
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