1 GBP gets 29 Baht

[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-for...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.