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carlcarlson89

How to get the best exchange rates

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carlcarlson89

I haven't mongered in SE Asia yet but in my current exp of (Mx, USA, JP) the worst way is to order you currency in advance of your trip. Instead, i've open a mongering account with a bank that waives foreign atm fees and does not charge foreign exchange fees to use their cards. They also protect me from fraud and other items so I feel secure using my ATM card at a seedy location. They also given me the best exchange rates. If you've used other ways to get foreign currency, i would like to hear about it.

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brutox
Posted (edited)

If you are on the ground, exchanging foreign currency, there is one very good place to go .. Super Rich Currency Exchange.

By a significant margin, they blow away the opportunist Thai banks and other local exchanges.

www.superrich1965.com

They started out years ago in Bangkok in what was nearly a hut located on a remote side soi just off of Rachadamri .. jeez, I thought they might be money launderers .. now they are monsters of local currency exchange, putting a big bone up the Thai banks' asses.

They have kiosks all about Bangkok (at many BTS stations), including one at Suvarnabhumi, and I believe they now have service Pattaya.

I found them to be the best in the business .. check 'em out .. don't allow the Thai banks the pleasure of screwing you.

 

Edited by brutox

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andoni
Posted (edited)

I've been researching this topic for the last weeks, putting some serious thought and math behind it.

I've basically been travelling to Patts and not minding losing a bit of money here and there. But after 4 trips, I've made the decision to make it my permanent holiday destination, and come every 3 or 4 months. It was time to raise my game and get the max from my money!

Currency exchange is a complex issue, with many variables and intrincacies. There's pros and cons to each of the options, so depending on your personal philosophy, one option might be better than others (e.g. some people would never carry more than 500$ in cash, while some others don´t mind it at all if that means they get more value!) The more I've researched, the more thought I felt it required to get the math right.

As per today, the 2 routes that make more sense to get the max from currency are:

1) Risky but most effective - Bring all of the foreign money to Pattaya, and change it here. It would even make sense to change to USD in advance, or even do a double conversion in Pattaya GBP - USD - THB or EUR - USD - THB

2) Safer - Get a card that uses mastercard daily exchange rates and has truly no commision. New banks such as Revolut or Starling offer this (but beware of daily and monthly limits). You still get stung by the 220 THB comission by Thai ATMS, but at least get rid of the local bank´s fee (for example when using a HSBC card, I got charged a fee twice: 1 by HSBC and 1 by Thai ATM!)

My research is UK-centric, using EUR and GBP as base currencies. However, I plan to extend to USD as I've read the smart move is to bring USD to Thailand, then change the money here.

I'm working on a spreadsheet, which at the moment is a random collection of thoughts, but I'm happy to share it with the forum if that´s of interest.

EDIT: tried to share a table but the post got broken...

               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
Edited by andoni
formatting breaks post!

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davidge

It’s a matter of balancing value for money and security/convenience.

The best rates you’ll get are by carrying cash and finding the best rate in the ground in a Thailand - Superrich at airport, TT in Pattaya etc. The risk, obviously, is carrying that much cash. You also need to try and make sure the notes aren’t torn or written on as they can be more difficult to change. Definitely no benefit in changing £ or € to $ at home. You’re just screwed twice then.

If you don’t want to risk carrying cash, then find a travel card or credit card that gives the best rate and lowest fees. Halifax Clarity usually the best in the UK. You’ll still pay the local ATM fee in Thailand unless you can manage to withdraw cash at the counter in a branch.

For me now, convenience is more important so I have a Thai bank account and transfer money from the UK before travelling. I lose on exchange rate, bank charges then but pay no ATM charges in Thailand and don’t have to worry about carrying cash.

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Ludhamlad
22 minutes ago, andoni said:

I've been researching this topic for the last weeks, putting some serious thought and math behind it.

2) Safer - Get a card that uses mastercard daily exchange rates and has truly no commision. New banks such as Revolut or Starling offer this (but beware of daily and monthly limits). You still get stung by the 220 THB comission by Thai ATMS, but at least get rid of the local bank´s fee (for example when using a HSBC card, I got charged a fee twice: 1 by HSBC and 1 by Thai ATM!)

The daily limit of £300 with Starling doesn't apply in Thailand if you use a bank.  I can confirm this regularly withdrawing more than this over 3 months earlier this year, never paid any ATM fees as never used one.  Krungsri Bank in Central Festival was the one I used.

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usexpat46

I see that the OP is an American and it sounds like he has an account with Charles Schwab or similar.  I have friends with Schwab and they tell me that they are refunded ATM fees and they get the bank to bank exchange rate which they say is the best exchange rate.

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ned100

I always bring cash and make sure I have enough with me from previous trip to get a SIM card credit and transport down to Pattaya. If you have to exchange money at the airport avoid the baggage hall booths at all costs. UK prices you'll get 40 or if lucky 41 baht to the pound. If you have time follow the signs to the train link in the basement, and look for the twelve victory booth. This evening exchanging at 42.85 which is the same as their places and TT in Pattaya today.

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Bertman

If coming here often on holiday open a bank account here and use transfer wise to move your money here. I live here and when I move money even with the fee transfer wise take I get a higher rate so I found I get what I would get if I have sterling and exchange it here. After the first time i usually have the money in my bank the day after I sent it to transfer wise. That way no worries about bringing large amounts into Thailand and no worries about your safe getting turned over 

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Maverick__83

if u r looking for the best in-site Pattaya exachange shop surely SUPER T is the one you should looking for

their exchange rate is EVER the higher than other exchange booths (regular banks or TT exchange) all around in town

2nd road - opposite Dream hotel

 

Cattura__.JPG

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