Been talking to a couple of people about changing my money at home (England) or once i get to the airport in Bangkok.
Just wondered if anyone is there now and can let me know the rate for a Â£1.
The best I can find here is just under 46 baht.
Thank for any help.
#1 kfchris1 has been a member since 6/9/2011. Posts: 14
change it in bangkok , u will get a rate of about 49 baht per pound at the moment
i always change my money in country ,
http://www.bangkokbank.com/BangkokBank/Pages/homepage.aspx look here for the current exchange rates
Ditto what boxee said. Don't change ANY money before you get to Thailand! You'll get a much better rate than you can get at home even if you use the airport moneychangers. There are ATMs everywhere at the airport too, think I noticed some even before you get through immigration and customs.
If you're using an ATM be aware that there's a 150B surcharge for each withdrawal made with a foreign credit card. This applies to ATMs everywhere, not just at the airport.
This and the charges your own bank imposes means it's much more economical to take out large amounts each time you make a withdrawal. The maximum amount you can withdraw in one go is usually 10,000B or 20,000 B, depends on the bank/ATM machine. However if you want to take a taxi into town it's better take out only 9900B or 19900B so that you have some change to pay the driver and toll fees.
Thank you both for quick replies.
@SBE, thanks for the advice, im just trying to work out the best card to take with me, as my normal bank card charges me left right and centre for every use with the card. So trying to find one with the best rates on, any advice or anyone know of any good cards to use?? not too keen on TC or credit cards.
#4 kfchris1 has been a member since 6/9/2011. Posts: 14
I am using a pre-paid mastercard as I will also incur charges from my bank if I use a debit card. The card I have got is from the AA http://www.theaa.com/currency-card/index.html and the only charge is the 150 THB from the ATM machine in Thailand, provided you withdraw more than £50 at a time. You pay £10 for the card which is refunded if your first top up is more than £100. The fees are as follows http://www.theaa.com/currency-card/card-fees.html. The only downside is the exchange rate is pretty low, as you say just under 46 THB to £1.
#5 Natwock has been a member since 27/11/2011. Posts: 4
Thank you!! il have a look into it, but that sounds better than the cards i have been looking at so far
#6 kfchris1 has been a member since 6/9/2011. Posts: 14
Sorry, I don't live in the UK so I don't know which banks offer the best deals there. Nationwide used to always be quoted as the best bank for Brits to use abroad because they offered free ATM withdrawals. Unfortunately I think they stopped being so generous a few years ago but it might be worth checking to see what they charge.
Seeing as how every time you use an ATM you're going to walking round with a large amount of cash on you anyway, it might be an idea to take at least the pound equivalent of the first ATM withdrawal with you in cash. Then you can use moneychangers rather than ATMs and avoid all bank fees. You could change enough at the airport to get by for a day or so and change the rest as needed once you're in town. Licensed money changers usually offer better rates than the banks and you get a better rate with large denomination notes so try and bring 50 pound notes rather than 20s.
Agree with SBE about withdrawing large amounts in one go to minimise the fees (150 baht ATM fee here in Thailand, plus about the same again from the bank back home in my case - and the 3% conversion fee). Usually Baht 20k is the max, but I've recently discovered a Krungsri ATM that dispenses up to 30k in one pop. I assume all Krungsri ATMs do this, though I've only used the one so far.
Thanks everyone for the advice!! Much Appreciated :)
#10 kfchris1 has been a member since 6/9/2011. Posts: 14
You're welcome! There's one last thing you might not know.. pound baht exchange rates are always less favourable (for the tourist of course) at weekends. Exchange rates go down every Saturday and Sunday like clockwork. Have a look at the historical exchange rate graph on this currency converter.... you'll notice there's a very obvious pattern!
Exact same sort of thing happens with dollar and euro rates too, it's not just a sterling phenomenon. It just means it's better to change money on weekdays if you can. The Chinese licensed money changer I use is closed on Sundays anyway, (not sure if all licensed money changers are), but don't worry, you'll still be able to use the bank exchange booths. There are plenty of these in the areas of Bangkok most tourists go to and they're open 7 days a week.
I change a small amount into baht on arrival at the airport, then when in town go to Vasu exchange or Superrich for the best rates and change $1000 cdn cash into baht, If I need to use an ATM, I always try & find an AEON ATM to avoid the 150 baht fee. TC's are only 33 baht to change.
Since I have baht left over from my last trip I can skip the first step when I go back this Jan.