Thai Baht Weakens Against U.S. $

[Dodger]

Doing my routine monthly check of the Bangkok Bank Exchange rates I was pleased to see that the Baht has finally weakened against the U.S. dollar. It held at 29 Baht per U.S. dollar for what seemed like years - finally it has creeped back up to 31 and I hope this trend continues.

[Phred]

Please forgive a financial question but the buying/selling part of exchanging money confuses me. The exchange rate on Bangkok BankтАЩs web site currently lists buying rates at 30.60 and selling at 31.44 baht. I thought the selling rate was what you got when you exchanged money. However, in their currency calculator, when you enter 1 US dollar in the тАЬcurrency you haveтАЭ and select Thai Baht in the тАЬcurrency you wantтАЭ it converts to 30.06 baht, the buying rate. So that means if I exchange $100 I will only get 3006 baht? Also, is the rate on their web set what you get when you actually go to the bank? If anyone can help this financial nescient figure this out much appreciated.

Yes you're buying Thai baht from them so it's the lesser price. Lots of advice here via Search about where to get the best exchange rate for cash but it's never from a bank and never at the airport are the two golden rules.The consensus view from this and other travel sites is that Super Rich (http://www.superrich1965.com/) (booths and offices in many places) offers the best deal. If you have a bank account in Thailand and you're wiring yourself money then always send your home currency, never let your home bank rip you off (and they will) with the lousy rates they offer. Your Thai bank will always give you a better rate when they receive the money.

[Dodger]

kommentariat wrote:

Lots of advice here via Search about where to get the best exchange rate for cash but it's never from a bank and never at the airport are the two golden rules.

I'm not so sure about that. I've always found that the major banks and their satelite operations at the airport offer the best rates.

[Phred]

Thanks for your feedback kommentariat. My search didnтАЩt turn up much that was recent or relevant. I appreciate the link to SuperRich. I just wish they were in Pattaya. Does anyone have a suggestion for better exchange rates there?

Dodger wrote:


I'm not so sure about that. I've always found that the major banks and their satelite operations at the airport offer the best rates.

Well IтАЩve always assumed that the airport was a bad place to exchange money so IтАЩve never done so there and always exchanged money before leaving. However, the bank in the past has always done right by me. I live in Asia and use the local Bangkok Bank branch here. In the past I have always gotten what seemed to be rates that were better than when I occasionally had to go exchange more cash at a kiosk while in Thailand. However, this year, if I exchange my local currency (not US$) at Bangkok Bank siteтАЩs buying rates I would lose almost 20% in value compared to the past!

One thing I donтАЩt understand is that in Yahoo Currency Exchange or using an exchange app on my smart phone the rate comes up close to the rate I had gotten in past years. I assumed that would transfer over to Bangkok BankтАЩs rates here, but not at all by what their web site rates are.

[soi_toi]

The rates you find online I believe are like wholesale rates that banks and currency traders use to buy and sell currencies between each other.
Any bank or other financial institution providing a FX service wants to make money off you, so they adjust their rates slightly to meet their needs in order to cover their costs and get their cut out of the transaction.

There is this website that has a handy little tool I love.

http://bankexchangerates.daytodaydata.net/default.aspx

Provided the info is up to day, it should point you to whoever has the best rate at the time and it does fluctuate during the day.
I usually double check it against the banks website to verify before I head over.

[Phred]

Thanks for that link soi_toi, a very useful tool. It seems to confirm that if I exchange money now I would lose at least 17%. In a dozen years of exchanging to Thai baht this has never happened. It has gone up and down somewhat over the years but never by much more than 5% on either side. As I only change money once a year I never pay attention to the rates. What a rude awakening!

[lukylok]

Thanks for that link soi_toi, a very useful tool. It seems to confirm that if I exchange money now I would lose at least 17%. In a dozen years of exchanging to Thai baht this has never happened. It has gone up and down somewhat over the years but never by much more than 5% on either side. As I only change money once a year I never pay attention to the rates. What a rude awakening!

I don't follow you : the baht is weak and you loose money if you change now ?

[Krazy4thai]

The rates you find online I believe are like wholesale rates that banks and currency traders use to buy and sell currencies between each other.
Any bank or other financial institution providing a FX service wants to make money off you, so they adjust their rates slightly to meet their needs in order to cover their costs and get their cut out of the transaction.

There is this website that has a handy little tool I love.

http://bankexchangerates.daytodaydata.net/default.aspx

Provided the info is up to day, it should point you to whoever has the best rate at the time and it does fluctuate during the day.
I usually double check it against the banks website to verify before I head over.

This was the website I used on my recent visit. I have never understood why so many people change currency before they leave home. You will never get the same decent rates OS that you get in Thailand. I am an ATM person and the quoted website rates were very accurate when shown on my statements. When using ATMs as a "savings a/c transaction you are more likely to receive the rates reflected on the above mentioned web-site as the conversion is immediate. When using the credit option at an ATM the conversion is done by visa at their rate, not necessarily the same as the bank rates. Remember to use the TT rate when looking at the website. Although the Yahoo converter showed the B v $AU as 27.8 one day I never received less than 28B/$.

[scottish-guy]

If changing banknotes in BKK, some of the best rates around can be found at "Natty Gems" jewellery shop just near the entrance to Soi Twilight on Surawong Road.

:hello2: