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Home » Reader question » Reader question: What is the best way to get a favorable Thai baht exchange rate?
Dear readers,
I'm going to Thailand for a month soon. Now my question is: What is the most interesting thing I can do in terms of the exchange rate:
1) Bring cash and:
a) exchange at the airport
b) exchange in a bank and which bank has the cheapest rate (of course according to the exchange rates, but also varies from bank to bank))
2) Transfer money to a Thai account (which I already have)
Other tips are also welcome!
Thanks in advance
Long Johnny
For a month? How many millions will you spend? The differences are really very small. I wouldn't bring anything. A credit card or Maestro card (in the Netherlands you have to have it activated, I believe) is sufficient. I would withdraw the maximum amount from the ATM in Thailand and put it on your account in Thailand. Then store your Dutch cards somewhere safe and withdraw the money from your Thai account and then repeat. It always costs a bit to draw about 15000 baht, but you are on the safer side.
This in connection with skimming. This way you do not have too high an amount on your Thai account. If someone can get hold of it, your loss is not great. And no one can access your Dutch account if your cards are safely stored…
That's how I live here in Thailand. In fact, I have two bank accounts in Thailand and divide the money between them. If I lose (or forget) a card, I always have another account…
I know I didn't give a direct answer to your questions, regarding the exchange rate, but it's really not about a big earning here… you might be talking about a difference of a few hundred baht on big amounts…. a difference of a few glasses of beer or wine…
If you have a debit card from your Thai bank account, simply withdraw money from an ATM of that bank.
These kinds of questions keep coming up. Cash never, of course. Wire transfer, using interbank exchange rates and swift is best unless it's a messy amount. Then the bank costs are too high again. Transferring to your own account via internet banking, say RABO, goes well and you don't lose too much. ATM limited withdrawals that, on top of costing your bank, wrong exchange rates, also snatch another 200 baht or so for ATM use. By limiting the maximum, banks try to take even more in percentage terms.
Johnny,
The cheapest is, of course, to bring cash and wait for a favorable exchange rate. In the meantime you can compare banks, check the internet every day, that can sometimes save a few satang! Strike when the baht is the best!
However, that may take a few months.
In your case: I wouldn't worry about a month's vacation. From the difference in costs you can at most go to the Febo.
Bad advice, just look at the buy and sell spread on the bank's publication boards. Then you know what sticks to the bow. But agree with you that if it's about 50.000 baht, what would you care about. At most it saves half a warm smoked sausage from the Hema
1) Bring cash and exchange it in the center of Bangkok, look for an exchange office, there are plenty, and look there for the most favorable rate.
What I would do myself, bring € 9.999 in cash, exchange as described above, enjoy a month, leave the rest on your Thai account, good luck
Eddie van Twente.
Everyone is only talking about a Thai bill, that man goes for a month. It's like applying for a Thai account for a month is a piece of cake.
He already has that Thai bill. Good read Ruud.
Done yesterday. Walk in with a cashiers check for 3 million baht and it takes about 15 minutes. Kassikorn, Citibank. If you want to open a bank account with almost nothing on it that you then empty again in a few weeks, then the bank does not like this.
Bring cash up to a maximum amount of 9.999,00. Normally you can't finish that in a month.
NEVER exchange at an airport
Change in Bangkok at the headquarters of -Superrich- in Rajadamri 2 (street) diagonally opposite Central World Plaza.
For more info look at: http://superrichthai.com/exchange.aspx
Take € 500,- banknotes with you. In total you have less paper with you and you get a better exchange rate. Request these banknotes in good time (2-3 weeks) from your bank.
TLB at argenta Belgium it takes a few days to get money in cash… 500 euro notes you have to ask explicitly not to get any…..
It is most interesting to take everything with you in cash and when the Euro is the highest, exchange everything at the bank that gives the most Bahts for a Euro. But that will probably not work, exchange rates are generally only predictable in retrospect.
Exchanging money at the airport is not very attractive.
In fact, just like speculating in general, you have to spread your risk here as well.
For example, if you expect to spend €3000, you can transfer €1500 to your Thai account, bring €1500 in cash (exchange €375 weekly at a local office), and withdraw the amount by which you exceed your budget weekly from your Dutch bank account. .
You will then lose very little extra compared to someone who – by sheer coincidence – changed everything at the most favorable moment and you do not run the risk that it turns out afterwards that you have chosen the wrong moment.
Dear Johnny,
If I were you I would go to Grand super rich.
They're just south of the Berkley hotel.
If you take the skytrain from S. Airport and get off at Ratchaparop. Then it's still a bit of a walk there.
You can take a taxi or tuk tuk. Then don't say you want to go to grand super rich, you never know. Let yourself be taken to the Berkley hotel, from there it is a 200 meter walk across the canal in a southerly direction. The exchange offices are all on one site. Just google thailand money exchange.
Yours faithfully,
Kwaipuak
If you have to take a taxi to Grand Super Rich, as Kwaipuak suggests, you've already lost any exchange rate gain 🙂
Then you better follow the advice of SjaakS and Jasper and don't worry about a few hundred baht.
But I would transfer money to my Thai account (which the questioner has) and then withdraw money from that account for free. (Pins from a Dutch account costs 180 baht each time)
Dear loe,
If you read carefully…
From the airport to Ratchaparop it is 40 baht with the skytrain, link ding case. (The red one on google maps I think.)
If you then walk down Ratchaparop in a southerly direction to the canal. Turn left there, towards the Berkley hotel and cross the canal before the hotel on the right. That's easier to walk because that intersection on Ratchaparop is quite busy. And the option to take the taxi or tuk tuk from Ratchaparop won't cost you more than 100 baht. So that's already less than the 180 baht you have to pay every time you pin + the costs of your own bank, a small percentage I thought. I also referred to the taxi or tuk tuk. Because it is quite a walk from Ratchaparop to the Berkley hotel. And if you have a heavy suitcase with you, that is less pleasant. And from the Berkley hotel to Super rich it is +/- 200 m. This way you are the cheapest. You can always deposit it into your Thai account. And if you change 1500 euros, you can save a few thousand baht.
Yours faithfully,
Kwaipuak.
I would personally transfer the holiday budget to the Thai account as soon as possible. If you transfer everything at once, although this may differ per bank, you will only pay the costs once.
In January you received almost 45 baht for the euro and since May the baht has only become more expensive. Assuming that this continues (and I think that is not surprising towards December, then the demand will increase due to the high season), it is therefore better to change as soon as possible.
http://nl.exchange-rates.org/history/THB/EUR/G/M
I don't know how much time of your vacation you want to spend on the best exchange rate, which banks you want to travel to get a few more baths, how many hours you want to spend on the internet to get something extra?
Deposit money into your Thai account, pin the maximum per time (20.000 baht for Dutch banks; costs 180 baht), and take cash with you and enjoy your holiday.
It differs per bank, per day, sometimes even per hour. There's really no point in worrying about that if you're going for a month.
LJ myself I would never change money at the airport because that is usually expensive and you get less than if you go to a good exchange office in the city .. If you want the best exchange rate, it is best to transfer money to your Thai bank and in Thailand withdraw money with your Thai ATM card. Is also easy and then you don't have to go out to exchange money for those few satsang.
Grand super rich really has the best exchange rate. On 1000 euros you can really save up to 50 euros.
We are in Thailand at the moment and have already had several ATM's outside of Bangkok that would not give us money.
1x even eaten while the transction was almost complete,
Spoke to several other Dutch people, ING, Rabo, Amro with the same problem.
Dear Rob,
Do you have an idea which ATMs do and which do not give money to us Dutch people?
Grand super rich today has a purchase rate of 40.80 Baht per euro for 50 euro notes.
Yesterday I got 40.95 Baht for 1 euro here in Pattaya at the first exchange office I encountered on the street, without further costs.
For the ants…..s: Walk into Soi Diana Inn from Second Road, then it is on the left before Soi LK Metro. I don't know which bank, if I pass by again I'll have a look.
Not a hair on my head thinking about traveling to a special address in Bangkok or anywhere else.
Five percent less than what Grand super rich gives is 38.76 Baht. I have not had to exchange at such an unfavorable exchange rate in the last few weeks in Pattaya.
Exchange your Euros at Vasu Travel on Sukhumvit (near Soi 7 or 9).
Response found on the Internet:
If you are near the Nana skytrain station, I suggest you go to Vasu travel and money exchange. They always have the best rates in the area. They are located on the corner of Soi 7 and Sukhumvit, right below the skytrain station. The front of the business is a travel agency and in the back to your left is the money exchange.
Highly recommend them. I've been there and have seen large transactions.
Cash, transfer or pin directly to your account. The following days will decide whether you did a good thing or not on that day.
In principle, you do not exchange in the airport, because the exchange rate is always low in the city.
If you go for cash, I find this a useful link to immediately compare the different rates between the banks
http://thailand.megarichcurrencyexchange.com/
You can also click through to the relevant bank for more details.
I can't help asking, but how did you do before that?
When I saw the question I was a little surprised that it came from someone who has a Thai bank account.
You would expect such a question from someone who goes to Thailand for the first time.
I would expect a more experienced person to be aware of this anyway.
But maybe it has a reason and everyone is of course free to ask any question.
So just a little surprised….
We are going to Thailand for 3 weeks at the end of the month. Honestly, I didn't think any further than that we can withdraw money with a visa or master card.
However, do I understand from the above that it is better to bring cash euros and exchange there? But is it safe to travel around with so much cash???
Thank you for your response
Dear Johnny, a lot of people give you advice where to exchange in Bangkok while you don't indicate to go there. I also have some advice: fly to Phuket, take a taxi to Patong Beach and get dropped off at Ocean Plaza on the sea side, right next to the Patong Merlin Hotel. On the sidewalk to the right in front of Ocean Plaza (not at the top of the stairs) is a change booth, always the best course and also a nice and friendly girl. Change your money, drink a beer at Pim from Blue Horizon (formerly The Famous Old Dutch), take the taxi back to the airport and fly to your holiday destination. Have you already seen some of Thailand?
Have a nice holiday! Ron.
you can get the best exchange rate at the airport at the exchange office located at the entrance of the skytrain…Cask is king.depending on bank to bank you can easily lose 2 percent on a credit card..Super rich will probably give you the best rate… .just google them
I transfer money from my ING account to my Thai bank. Costs for the receiving (ie Thai) bank. They charge much less than ING. Then I pin here from the Thai bank. That account runs at Kasikorn in Pattaya. When I use a card in Pattaya, I don't pay anything. In another region 15 Thb. That is much less than debit card via ING! (180 Thb!) Cost of Kasikorn for the transfer: 400 Thb. (10 Euro) Costs ING 25 Euro! Moreover, Kasikorn gives a great exchange rate!
Sept 25 or 26:
* 3000 euros transferred from ABNAMRO –> Kasikorn: exchange rate 40.8+ baht. Transaction costs 22.50 euros.
* Checked via PIN at ATM Kasikorn with ABNAMRO card: screen indicated that the transaction rate would be 39.40 (20.000 baht). + 180 baht fee. Transaction not done.
* Rate at TT Exchange, Jomtien Beach: 41 baht (may have been 41.2, can't remember exactly).
Conclusion: bring as much cash as possible from NL. (Risk of losing, leaving it in a taxi, getting robbed…)
Place your bets !
Kees, how did you come up with those 22.50 transaction costs? If you let the receiving bank pay it, you will lose less! I sometimes agree with bringing the money from the Netherlands.
I transfer amounts to my visa account cost 0 via ING. shots in Thailand 180 Bath and € 1.50 visa. That's the cost. This is the best and cheapest way. You can also pay with your visa in most places and that costs nothing extra. Be careful, there are things that charge 3% extra. Then paying Chase is the cheapest.
Good luck Art