1 GBP gets 29 Baht

[gerefan2]

Yes the new exchange rate.

But before you all have a coronary this is the actual exchange rate I saw today passing through Stansted Airport on the way to Pattaya. I even asked the lady behind the counter if it was a mistake. The predictable reply was that she didnt make up the rates.

So newbies DONT EVER get your Baht at a UK Airport unless you don’t mind getting about 33% less than the going rate.

Has anyone seen a worse rip off anywhere? Makes the rate at Swampy (another rip off) look positively inviting.

Rant over!

PS I should add that according to XE Currency the going rate right now is 43.8 (although you never actually get that ).

[Old git]

The other great con springing up all over the place are ATMs in airport arrival halls that charge rip off conversion fees.

Make sure you use a regular bank ATM - not a 'specialist' one..

[Nirish guy]

For those wishing to check one source that shows the in country rates for Thailand before travelling TravellerJom posted a handy link a while back ( below) for superrich, I actually used it yesterday myself and it shows Superrich at Swampy giving 43.9 which isn't too shabby at all these days ( whether they're ACTUALLY giving that I cant confirm). I checked here in the UK yesterday also and M&S were giving 41.25 ( if you're one of their M&S card holders).

As I'm travelling to three different Countries out fo sheer laziness I was going to change all of my money at once here but on doing a quick count and knowing that my blow out money total will soon add up then bollick to them, there's still just too much of a difference NOT to simply fire a wad of old fashioned cash in my carry on bag and just change it in each location still rather than give them money literally for "nothing".





https://www.superrichthailand.com/#!/en/exchange?utm_source=facebook&utm_medium=social&utm_campaign=Daily%20Rate%20%0D%0ASuperrichTH-rate

[Blacktouch]

All exchange places at Airports give very bad rates. If you have to change money, just change very little to get you to your hotel etc, the exchange the rest once in your area of holiday.

The UK exchange places are the worse, and the lowest ever.

[Nirish guy]

All exchange places at Airports give very bad rates. If you have to change money, just change very little to get you to your hotel etc, the exchange the rest once in your area of holiday.

Whilst I generally would have held the same view ( certainly re here in the UK) I believe that several members have reported that some of the booths in Swampy are actually giving at least just a good as rate ( if not better) than some of the booths in silom etc !?

Personally I've found a small back of shop type chinese exchange booth place up one of the streets beside in Patpong market who seem to give exceptional rates and so I intend to keep using them. To be honest I actually wondered ( feared) exactly HOW they were managing to give the rates they did that was worried about counterfeit money etc being used perhaps, but so far so good and no one has refused any notes they've given me to date and on talking to a few locals about it they simply said he was playing the long game and going for study business rather than the quick kill of some of the main street booths, who can be an absolute rip off if you're not on your toes.

So, as you say I now change enough for the first day or two to tide me over and then pop along to them when needed and so far so good.

* Oh I should add if ever in Bali NEVER do that and ONLY use the formal exchange places and not the local shops as those fuckers will skim and scam you every single time ( I know from sore experience and having to have some serious words with said shop keeper to get him to return my scammed money!!!)

[gerefan2]

[QUOTE=Nirish guy;245324I believe that several members have reported that some of the booths in Swampy are actually giving at least just a good as rate ( if not better) than some of the booths in silom etc !?
!!!)[/QUOTE]

Def NOT when I passed through this evening. All give the same rate which was 41 baht per GBP. TT in Pattaya gives almost the same as XE currency which is 43.

Whoever said avoid the Specialists is dead right. That's exactly what the outfit at Standted called themselves.

[Captain Swing]

Apparently there are booths on the lowest level of the airport at the entrance to the rail link which give considerably better rates than the major bank booths in the arrivals area. Here is a link to a YouTube video that shows them and where to find them (it's not complicated). One caveat: the video is from August 2016--I don't know if things have changed since then (the rates have, obviously).

https://www.youtube.com/watch?v=VI3X_rU6vCs

[goji]

So newbies DONT EVER get your Baht at a UK Airport unless you don’t mind getting about 33% less than the going rate.


I'll second this. Don't ever change money at UK airports with the walk up rate.

However, in a lot of cases, if you actually reserve your airport cash in advance, they will give you a quite respectable rate, comparable with some of the better delivery options.

However, for Thailand, the way to do it is arrive at BKK and head down to the airport rail link.
There you find at least 8 exchange rate booths with very competitive exchange rates. I didn't see a better rate in Bangkok. I also checked the rate on line before boarding in Heathrow & as I was flying on a Saturday, the forex rates don't move when in the air, so I knew it was a good rate as soon as arriving. This was verified later, when checking against mid-market rates.

As for UK airports, the useless ****s at the OFT should look at this, instead of investigating current accounts or supermarkets for the umpteenth time -any fool can see we have choice with these, but get completely screwed at the airports, on a variety of services. Once they have done that, move onto motorway service stations.

[cdnmatt]

You guys do know that banks off ATM cards now, right? And they magically work in basically every ATM machine in the world.

I guess you get dinged 200 baht, but just pull out the maxium, and it's probably cheaper and definitely a lot easier than screwing around with
exchange booths.

[Blacktouch]

* Oh I should add if ever in Bali NEVER do that and ONLY use the formal exchange places and not the local shops as those fuckers will skim and scam you every single time ( I know from sore experience and having to have some serious words with said shop keeper to get him to return my scammed money!!!)

Thanks for the info. Yes I will avoid those places once in Bali next year February.

[newalaan2]

Def NOT when I passed through this evening. All give the same rate which was 41 baht per GBP. TT in Pattaya gives almost the same as XE currency which is 43.


Whilst I generally would have held the same view ( certainly re here in the UK) I believe that several members have reported that some of the booths in Swampy are actually giving at least just a good as rate ( if not better) than some of the booths in silom etc !?


Apparently there are booths on the lowest level of the airport at the entrance to the rail link which give considerably better rates than the major bank booths in the arrivals area.

Gerefan……..as Captain Swing and Nirish guy suggest all the booths on the arrival levels or anywhere in the airport apart from those on the very lowest floor (-2?) where the rail links to central Bkk are, give exactly the same poor exchange rate no matter which bank logo they have. But the booths on that lowest floor give as good a rate as any of the Surawong/silom places and more than TT in Pattaya. Start of June when I arrived I changed all my Sterling £50's at one of the Superrich booths on the airport lower floor and got just under 43baht-£, none of the Pattaya exchange booths including TT could match it.

TT is no longer even the very best in Pattaya since they opened so many branches around the city, they are obviously better than the banks but some of the small independent booths often beat them narrowly. I checked online when I was at the booths on the lower floor and compared them to TT who were at Bt42.65 compared to 42.95 at the airport. Only X-One on Surawong down from Tarntawan matched the airport booths on lowest floor. It's not a great difference but I was at the airport already and didn't have to go out of my way, and on the rate for the Sterling I had to change the difference paid for the Limo to Pattaya, and as I was met by Limo driver right after I exchanged it, the cash was safe on my person until I checked into hotel in pattaya and deposited in safe.

Updated info as at start June.

[frequent]

You guys do know that banks off ATM cards now, right? And they magically work in basically every ATM machine in the world.

I guess you get dinged 200 baht, but just pull out the maxium, and it's probably cheaper and definitely a lot easier than screwing around with
exchange booths.Since the maximum from an ATM is around 20,000 baht it doesn’t sound that good a deal. It also depends what the home bank’s fees/rules are about cash withdrawals overseas

[poshglasgow]

Whilst I generally would have held the same view ( certainly re here in the UK) I believe that several members have reported that some of the booths in Swampy are actually giving at least just a good as rate ( if not better) than some of the booths in silom etc !?

Personally I've found a small back of shop type chinese exchange booth place up one of the streets beside in Patpong market who seem to give exceptional rates and so I intend to keep using them. To be honest I actually wondered ( feared) exactly HOW they were managing to give the rates they did that was worried about counterfeit money etc being used perhaps, but so far so good and no one has refused any notes they've given me to date and on talking to a few locals about it they simply said he was playing the long game and going for study business rather than the quick kill of some of the main street booths, who can be an absolute rip off if you're not on your toes.

So, as you say I now change enough for the first day or two to tide me over and then pop along to them when needed and so far so good.

* Oh I should add if ever in Bali NEVER do that and ONLY use the formal exchange places and not the local shops as those fuckers will skim and scam you every single time ( I know from sore experience and having to have some serious words with said shop keeper to get him to return my scammed money!!!)

The 'new' notes issued to me by a discreet 'exchange booth' in a Soi just off Patpong were, I was informed, designed to derail any tendency to produce counterfeit notes based on the status quo. The 'new' 1000 baht notes that they gave me bore a striking portrait of Judy Garland (complete with ruby slippers) cuddling Toto. I queried it, of course, but they replied: "Had you a brain, heart and courage there would have been no need to ask such an impertinent question!"
I stared at them in disbelief and said:
"Life is sad, believe me, Missy,
When you're born to be a sissy
Without the vim and verve.
But I could change my habits, never more be scared of rabbits
If I only had the nerve.
I'm afraid there's no denyin' I'm just a dandelion,
A fate I don't deserve.
But I could show my prowess, be a lion not a mowess
If I only had the nerve."

I've still got most of the notes, for no one would entertain them in Pattaya - except for one: the wicked witch of the east in Jomtien, who recognised them instantly as legal tender in the land of the Emerald City. She's off to see the wizard to ask for assistance in having the handle of her broom surgically removed from her arse, following a disagreement with a customer.
"What number you like, dahling?"

[frequent]

I checked a couple of fee schedules for using a domestic ATM card in a foreign ATM; the standard fee appears to be 3% of the value. If - and we're talking Thailand here - you can find a Thai bank that is in an international network with your bank, the 3% fee may be waived. However if your international bank is the largest domestic bank in the USA as far as personal customers goes (I'm speculating) - Bank of America (https://locators.bankofamerica.com/international.html) - you're screwed as good ol' BoA has no interest in Asia part from China

Any other suggestions, cdnmatt?

[cdnmatt]

HSBC.

[frequent]

HSBC.Excellent. Are there many HSBC ATMs in Thailand? https://www.tripadvisor.com.au/ShowTopic-g293916-i3687-k9664091-HSBC_are_there_any-Bangkok.html

[frequent]

The cheapest way to hold and move money about these days is the Transferwise Borderless account. If you have a Thai bank account it's a piece of cake, although transfers to Thailand can take up to 36 hours so needs some planning. Residents in the UK & Europe can get the Transferwise debit card

https://transferwise.com/au/borderless/?source=publicNavbar#coverage

[Up2U]

Looks like UK members here do have a few options. I guess I'm lucky, no foreign transaction fees and my Thai bank card fee (220 baht) is reimbursed at the end of the month.

https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/

[goji]

Def NOT when I passed through this evening. All give the same rate which was 41 baht per GBP. TT in Pattaya gives almost the same as XE currency which is 43.

For fuck's sake, 41 is not almost the same as 43. Without even getting the calculator out, I can see this is almost a 5% loss.

Some people spend a long time on holiday & if we go through life pissing 5% of our money down the drain, when no extra effort is required to eliminate most of that waste, it has bad consequences.
For example, if you work 30 years, are you happy to defer retirement by 1.5 years to pay for all the 5% losses taken along the way ?

Incidentally, my total loss on forex for the last Thai trip was 0.4%, compared with XE mid market. I changed the whole lot into baht in the station under the airport, which is as convenient as it gets.



You guys do know that banks off ATM cards now, right? And they magically work in basically every ATM machine in the world.
200 baht on a 10,000 baht whithdrawal = 2% loss.
Also, it's quite common for banks to charge a 2.75 or 3% loading on the forex.
Total loss 4.75%++. Much worse than changing cash (as little as 0.4% loss).

Even if you go to one of the very few cards which do not have this (at least in the UK), there is still the 200 baht fee.

[scottish-guy]

The way things are going in Sunee and BT you soon won't have to worry about the rate you're getting as there will be nothing worthwhile to spend it on.

Except 119B breakfasts, the occasional meat loaf dinner party held in a toilet cubicle, and "fine dining" such as lasagne made with noodles

[paborn]

sorry for straying off topic but is there a lasagna without noodles?

[goji]

The way things are going in Sunee and BT you soon won't have to worry about the rate you're getting as there will be nothing worthwhile to spend it on.

There is a long way to go before the availability of boys in Pattaya falls to the level in the village where I live. Although, not quite zero at home, a choice is guaranteed in Pattaya.

[scottish-guy]

Well I've no idea where your village is, but the "availability" and the "desirability" are two different matters.

What I posted was that in the future there may be "nothing worthwhile to spend it (your money) on", and even now some are reporting that the choice in BT is the worst they have ever seen.

I think a +50yo massage "boy" was mentioned. I could get far better than that here at home, courtesy of Grindr (if I was looking)

[gerefan2]

For fuck's sake, 41 is not almost the same as 43. Without even getting the calculator out, I can see this is almost a 5% loss.



And for fucks sake read my post properly before going into one of you rants.

[goji]

And for fucks sake read my post properly before going into one of you rants.

Er, sorry, you're right. Must read properly in future.

[christianpfc]

A while ago I had a look at exchange rate in Berlin Tegel Airport, and the for EUR to USD the spread was about 30%.

When I go to Thailand, I bring a lot of cash (100 EUR notes) and use transferwise (which now almost matches exchange of cash) to send money to my Thai bank account.

[Nirish guy]

Just as an update to my above several of the airport / Silom booths were advertising rates around 41.6 etc yesterday, I ended up using super rich in robinsons mall ( I think Robinson a maybe central ?) where I got 43.9 - so definitely still worth checking around if exchanging larger amounts perhaps.

[frequent]

If you're in the Silom area have you tried the new-ish Super Rich at Silom Complex - or is that the one you're referring to?

[Nirish guy]

Yeah that's the one - sorry, I've only had two hours broken sleep after a late night and now on the plane to KL so my brain isn't in gear at any level yet so couldnt think of the name above the mall door but as it WAS in Silom yeah of "course" doubtless that was it. Up on the third floor ? if I recall right beside the "up" elevator so very handy.

[frequent]

Yeah that's the one - could think of the name above the door but it was Silom so yeah doubtless that was it. On the third floor if I recall right beside the "up" elevator so very handy.Yes - Central Department store at the rear, although I guess I shouldn't talk rear entrances too much for fear of exciting the membership

[justaguy]

Yes the new exchange rate.

But before you all have a coronary this is the actual exchange rate I saw today passing through Stansted Airport on the way to Pattaya. I even asked the lady behind the counter if it was a mistake. The predictable reply was that she didnt make up the rates.

So newbies DONT EVER get your Baht at a UK Airport unless you don’t mind getting about 33% less than the going rate.

Has anyone seen a worse rip off anywhere? Makes the rate at Swampy (another rip off) look positively inviting.

Rant over!

PS I should add that according to XE Currency the going rate right now is 43.8 (although you never actually get that ).

How is that a rip-off ? You are trying to exchange a few GBP for Baht outside of Thailand, of course you are getting the offshore rate, not the onshore rate. Hardly rocket science.

I do agree, the rates at BKK are a rip-off courtesy of the "concession of Siam Commercial bank and Khasihorn, that consistently have the EXACT same rate at BKK, and that rate is consistently about 2 baht to the Euro less than the same two banks in BKK or on their website. Certainly a rip-off, getting less at Stansted is not, you are getting the offshore rate.

[justaguy]

Whilst I generally would have held the same view ( certainly re here in the UK) I believe that several members have reported that some of the booths in Swampy are actually giving at least just a good as rate ( if not better) than some of the booths in silom etc !?

Personally I've found a small back of shop type chinese exchange booth place up one of the streets beside in Patpong market who seem to give exceptional rates and so I intend to keep using them. To be honest I actually wondered ( feared) exactly HOW they were managing to give the rates they did that was worried about counterfeit money etc being used perhaps, but so far so good and no one has refused any notes they've given me to date and on talking to a few locals about it they simply said he was playing the long game and going for study business rather than the quick kill of some of the main street booths, who can be an absolute rip off if you're not on your toes.

So, as you say I now change enough for the first day or two to tide me over and then pop along to them when needed and so far so good.

* Oh I should add if ever in Bali NEVER do that and ONLY use the formal exchange places and not the local shops as those fuckers will skim and scam you every single time ( I know from sore experience and having to have some serious words with said shop keeper to get him to return my scammed money!!!)

Nope , the two banks that exist airside, will give you a very lousy rate. Both Siam commercial bank and Khasikorn, publish their rates on their website, twice a day, all the branches back in town will charge this rate, except for the ones at BKK, they will use a rate that is about 1.5 to 2 baht less to the euro, each and every time I checked. Do NOT exchange money airside at BKK, unless it is just a few baht to get you into town.

And yes, at the ARL there is a booth from superrich that will give you "normal rates" but that one isn't airside, and is not bound to the concession, but to get the best rate for superrich, one needs to go to Ratchadamri, as their main office always gives the best rate. And.. good to know, superrich is changing their rates on a Saturday as well, when the mainstream Thai banks do not, so when arriving on a Saturday or sunday, the mainsteam Thai banks might have a better rate.

In any case, trying to change THB outside of Thailand, and then complaining the rate is lousy is ridiculous. Of course you are not getting a good rate. Logic at work....

[gerefan2]

In any case, trying to change THB outside of Thailand, and then complaining the rate is lousy is ridiculous. Of course you are not getting a good rate. Logic at work....

Yes we all know that...it’s the huge difference we are complaining about...43.9 Baht compared with their 29 Baht

[snotface]

Perhaps the Stansted CE counter was just jumping the gun a little. 5-year prediction for GBP to THB is 29.178. Brexit the expat's friend (not).


https://walletinvestor.com/forex-forecast/gbp-thb-prediction

[goji]

Predictions should not be considered reliable.

Also, if the Pound was certain to lose 35% of it's value in 5 years, then in a low yield environment, much of that 35% would happen immediately, as people move their money.

Of course, 35% is very possible and even more than that could happen. It's just that I wouldn't consider the prediction reliable.

Also, for those of you in control of your pensions, ISAs etc, you can hedge against currency risk with all sorts of international finds, investment trusts & ETFs.


As for Stansted, well I don't fly to Thailand from there, so wouldn't dream of buying baht there. I have, however had some very good exchange rates on other currencies, obtained by PRE-BOOKING, which often gets a much better exchange rate.

The walk up rate is purely for them to fleece a few mugs. Really, the OFT should look at the monopoly situation in airport forex. Airport forex should be competitive, rather like in Manilla or even in the BKK rail terminal.

[gerefan2]

The walk up rate is purely for them to fleece a few mugs. Really, the OFT should look at the monopoly situation in airport forex. Airport forex should be competitive, rather like in Manilla or even in the BKK rail terminal.

The OFT will certainly start an investigation, if the receive a formal complaint.

Some years ago I suspected Curry’s were actually increasing their prices in their January sales. I had been watching them for a few years. One year I made a list of prices on selected items and sure enough in the January sales they went up. I formally complained to the OFT, or whoever they were then, enclosing my “evidence” and they started an investigation. A few months later I got a letter from them which contained a copy of a grovelling, yuck speak explanation from Curry’s.

So when I pass through Stansted on the way home I will take some pics of their rate and be forwarding a complaint if they are still at it.

[justaguy]

Yes we all know that...it’s the huge difference we are complaining about...43.9 Baht compared with their 29 Baht

But.. you should compare apples and oranges, why would anyone even try to exchange GBP for THB outside of Thailand, it does not make any sense, none whatsoever. Again, the offshore rates are considerably lower than then onshore rate, especially for currencies that are not mainstream, such as THB.


Having said that, the difference here is way more than it should be. But again, it beats me why one would not simply wait to exchange GBP inside of Thailand, or at the very least non airside at BKK airport.

And whilst you are at it, take some pictures of the two banks at BKK airport, note how their rates are exactly the same (to the digits) and then go to the website of both banks and note how their rates are considerably higher on their website. The two banks concerned have been fleecing passengers ever since they started operating at BKK, about 12 years ago. I guess AOT gets some of the spread too, after all that concession was granted for a reason :)

[paborn]

Isn't everything at any airport a rip-off? Ever buy the $4- 8 oz bottle of water?

[Nirish guy]

And it seems not just limited to bkk airports as having flown into Phuket last night I noticed the GBP rate up at 41.3 inter airport booth but even the booths right in the heart of walking street on paring were giving 43.6.

Oh and a quick note re Phuket 1st bar we were into for a so call show ( which was fairly dire) 750 for 3 shingha beers - I can only hope was as was "showtime" - other bars were nore usually priced im pleased to say.