Money exchangee wondered

[Old git]

"When exchanging cash, rates are better than everything else I tried and there is only one variable (where to exchange cash)."

Next time you're changing cash, note the difference between the buy rate and sell rate for notes - and see how far adrift the average of the two is from the buy rate - that's what your losing on the deal when you change cash.

My method is far more efficient..

[christianpfc]

"When exchanging cash, rates are better than everything else I tried and there is only one variable (where to exchange cash)."

Next time you're changing cash, note the difference between the buy rate and sell rate for notes - and see how far adrift the average of the two is from the buy rate - that's what your losing on the deal when you change cash.

My method is far more efficient..

Indeed I check the spread between buy and sell at money exchange booths. In Thailand it can be under 1%, in airports in Europe I saw spreads of 30%.

In your particular case you might get a better rate than I do, but your method is not generally applicable as it works only for your combination of home currency and home bank.

Currently on Superrich, Euro 100-500 notes: buy 37.6; sell 37.65; that's a spread of 0.13%;
xe.com 37.71 THB for 1 Euro; that means on superrich I lose 0.3% versus xe.com.

[fountainhall]

Indeed I check the spread between buy and sell at money exchange booths. In Thailand it can be under 1%, in airports in Europe I saw spreads of 30%.

The spread at the exchange booths at Bangkok's airports has just got higher and higher. They used to be the same as in town. Now the spread seems to be around 10%. Same at the official money changers in Hong Kong. There, always change cash at a bank's foreign exchange counter for far more favourable rates.

Currently on Superrich, Euro 100-500 notes: buy 37.6; sell 37.65; that's a spread of 0.13%;
xe.com 37.71 THB for 1 Euro; that means on superrich I lose 0.3% versus xe.com.

I always thought the xe rates are midpoint interbank rates. So currency exchange buying and selling rates will very.

[goji]

The spread at the exchange booths at Bangkok's airports has just got higher and higher. They used to be the same as in town. Now the spread seems to be around 10%.

I always thought the xe rates are midpoint interbank rates. So currency exchange buying and selling rates will very.

You can get an outstanding rate in the airport, just downstairs in the SRT rail station. About 8 booths, very competitive.

To answer your original question, I know of two guys who come once a year and both bring cash to exchange. One guy just makes one exchange at beginning of his trip while the other makes exchanges as Thai Baht is needed. A lot may depend on how the exchange rate is trending, up or down.

I know that I'm not smart enough to figure out which way it will move, short term, but I am smart enough to know where to find a good rate on the day. So I change it all in 1 go. Over my lifetime, this will even out.

Whilst I have no clue about the short term, with a little more confidence, I predict a weakening pound over the long term, just due to all the imports and debt we're rolling up.

The two booths in 2nd Road near Boyztown have been a godsend. I wonder why their exchange rates are so much better than others in Pattaya? The Bangkok booths don't compare.

I think you mean the yellow TT booths. They are a competitive independent and the other more expensive places survive because most tourists are too idle to keep their eyes open and spot a good exchange rate.
Bangkok booths DO compare, but you just need to look out for something like SuperRich. The one by the Subway/KFC at Sala Daeng didn’t seem to be open, but there are other locations which you can find on their website. Convenient enough, but not so many that you are constantly walking past them.