Is it better to exchange my pounds for baht here or in Thailand?

Question

i will be going to thailand in a month or 2 and wondered if anyone had any advice about exchanging money. is it better to do it here in england or in thailand or even to transfer english money to a thai bank account and then draw the money out over there. it seems there are a lot of charges around for this sort of thing with some terible exchange rates. can anyone give me some advice on this?

Answer 1

Tip 10 - Foreign Exchange

Foreign currency exchange: Foreign currency exchange in Bangkok is very simple. We will discuss 3 different techniques: exchanging foreign currency itself (in specie), travelers checks and using ATM machines. In Bangkok there are scores, probably hundreds, of bank branches at which to change foreign currency for Thai Baht. All things remaining equal, the rates are probably better than the visitor on vacation in Thailand would get at home as the difference between the buying and selling price, the bid-offer spread, in Bangkok is probably a lot lower than in other countries. Why this should be we don't know. Competition perhaps or the fact that land is cheaper in Bangkok than in many other countries means that a foreign exchange business in Bangkok doesn't need so much profit in order to pay overheads. There are also a number of independent foreign exchange establishments in Bangkok, open to those on vacation in Thailand, where the rates are even better; approaching, but not quite as good as, wholesale money market rates. If a person coming to Thailand on vacation does decide to wait until reaching Bangkok to buy Thai Baht, he or she does, of course, take the risk of a sudden appreciation in the Thai Baht as against
the home country currency whilst they are on vacation in Thailand, meaning that, despite the potential bid-offer spread saving, the visitor gets less Thai Baht than would have been the case if the foreign exchange transaction had been done at home. In 2006, the Thai Baht has gone up in value versus the US dollar (over 10 per cent. at the time of writing (Rate as at 14 Dec 06, USD1=Baht35).

Travelers checks: Assuming that the visitor on vacation in Thailand is using a well-known brand (eg. AMEX), he or she should get a better rate with these at a Thai bank than when using foreign cash; although probably not so good as it will cover the commission that was probably paid to obtain travelers checks in the first place.

ATM machines: The ATMs of leading banks in Thailand will accept cards which have the Cirrus network logo on them. There will be a Cirrus logo on the ATM if the card is usable in that machine. The foreign exchange rate/whether any transaction fee is payable for using the ATM will be a function of rules that the card-issuing bank has put in place. However, it has been know for ATM machines to not work or for ATM card issuer, normally the holders bank back home, to decide to issue a replacement card to their account holder whilst he or she is on vacation in Thailand, causing the 'old' ATM card to be canceled and not to work. Therefore, relying on the ATM network exclusively as a source of funds whilst on vacation in Thailand is not, it seems to us, completely prudent.

Answer 2

As of today (7th Feb 07) the £/baht rate is hovering around 69:£ if you can get better in the UK change there if not do it when you get to Bangkok.

But why bring money ATM's are plentyful and safe and offer a better rate than changing cash, travellers checks are as good as anything and provide an extra bit of security if you lose any.

Regarding ATM's open up a Nationwide Building Society Flexiaccount with an ATM card that can be used abroad, there is no charge for withdrawing money. The Co-op Bank has the same policy, the rest of the British wankers - oh sorry bankers - charge a small fortune.

As for opening up a bank account with a Thai bank unliess you have a business, have a work permit or a visa that allows you to live and remine in Thailand you are unlikely to be able to open up an account.

Answer 3

Exchange it there, but not at hotel. And only small amount at airport.
Don't transfer money, take cash or Traveller's Cheques.
Take a credit card for emergencies and don't use it.

Only exchange money into baht as you need it. don't end up with a wadge of baht at the end. There are exchanges everywhere in the tourist areas of Thailand.
Check the limit of cash you are allowed to bring in and take out of both UK and Thailand. Shouldn't be a problem for most 2 wk. tourists though.

Answer 4

Without a doubt you will get a better rate of exchange for your foreign currency in Thailand. Travelers Cheques get an even better rate of exchange but you must balance this out with the fact that you have to pay for travelers cheques. Do not exchange much at the airport. You will need to exchange just enough for taxi fare depending on the time of day you arrive. Check round several banks and exchange shops and fined the best rate on offer. I have been resident in Thailand for more than ten years.

Answer 5

You will usually get a better exchange rate here in Thailand. There is an obvious dual tier exchange rate but too difficult to post in here. Using your ATM is also an option but keep in mind that most Credit card and ATM cards are now subject to a 1% foreign transaction fee....Take your ATM and passport and go inside the bank and withdraw that way. You are still subject to the 1% but you avoid ATM charges and instead of being limited to daily withdrawal limit, you can get up to your daily PURCHASE limit.

Answer 6

It isn't easy to open a bank account unless you are living here as you need a letter of residence (to prove your address) from the Thai Immigration Police so forget that idea.
Don't change it in England as you will get a much lower rate than you will here. Change a small amount at the airport when you arrive, them change the rest in a bank over here for the best rates.
If you run short of cash you can use ATMs everywhere to take money from your UK account or even your credit card. If you have a Nationwide account they don't even charge you for withdrawing cash over here. Don't bother with travellers cheques unless you feel that you aren't able to carry your money securely. You will have to pay for them in England and possibly have to pay to cash them in. Finally, as everywhere where there are tourists, don't flash your money around. Your 100 pounds spending money for a day may be two months wages for someone here.
Hope that helps. Enjoy your holiday.

Answer 7

If you carry pounds, change them in Thailand. You will get better rates there.

If you want convenience, travel with an international ATM card and just draw the money in local currency you need, without the need to go to an exchange booth.

Answer 8

I have never exchanged money here ever,Wait until you get off at the airport,the fee is only 10 baht per transaction.The government here is now is watching for money laundering so it will be hard to transfer a large amount.Go to the Bangkok Bank in the U.K. I think the transfer is the best rate.

Answer 9

Change your money in Thailand, you should not need any Thai Baht until you leave the Airport. Get what you absolutely need for a taxi, hotel room for one night etc from the BKK airport money changers. After that, use money changers in town, either to change cash or travelers cheques. The BKK airport is cheaper than England, but anywhere else outside the airport in Thailand is cheaper than the airport.

Answer 10

It's way cheaper to exchange it in Thailand. I've been there many times- just exchange at the airport or in a mall. Way cheaper than in England or wherever. And whatever you do, DON'T exchange at the hotel- the prices are ridiculous.
Be sure to visit the night market-- tons of awesome stuff!
have fun in Thailand.