Bangkok- Exchange rates
 

Who offers the best exchange rate in Bangkok?
Would it be the banks? Money changers? Better rates that what I can get get here in the US?

Never buy Thai currency in the US.

The money changers in Bangkok are all pretty much the same. You'll get the most for your US$ by using ATM machines (unless your bank charges you a lot to use a foreign machine), and the second best exchange rate for US$100 bills at any of the money changers. It always costs more to exchenge traverlers checks as there is a small fee added to each travelers check.

Note that there are ATMs at the airport, just outside the arrivals hall, as well as lots of money changer. Unlike Europe, there is no big difference in rates give by various money changers in Bangkok. You'll usually get the worst rates at your hotel.

Kathie:
My bank indicates that it will charge $3 for each transaction and I suppose the Bangkok banks charge a fee also. Is it better to go to the money changers?
Do you know what the exchange rates are now?

Check with AMEX offices and banks, shop for the lowest fee, not just the best exchange rate, and limit the number of times you get cash to limit the number of times you pay the fee. (I don't think AMEX has a fee if you cash their trav checks at their offices). Remember, its always better to use your CC to pay for everything possible while travelling overseas. If you have more than one type of CC, call them to see if there is any difference among them. Your worst rate will be from buying Baht while in the US. I've also paid for goods in USD just to avoid the whole hassle in the first place.

I haven't been charged a fee at ATM's in Thailand, just the fee my bank charges me.

Anna:
Do you know if the ATM's give you a better exchange rate than the moneychangers there?
What are the limits there (here it is $200 US)

Your 'daily limit' is set by 'your' bank or card issuer not by the local ATM's bank.
Most will give out up to B 10,000 ($250) at a time, if you have say a $500 limit and you need more you simply put your card in again.
The limit for most local issued cards is B 50,000 ( $1,250 ) per day. So you need to check with your bank what your limit is.
Never rely on 1 card only, always have at least 2.

Important TIP: Do please be VERY careful with B 20 (50c) and B 1,000 ($25) notes, although the B 20 is smaller it is almost the same color as the 1,000 baht note. The B 100 note is easy(red) and the B 500 also easy(purple) but do watch the B 20 and B 1,000 carefully.

To All:
No one has answered the question- do you get a better deal from the ATM's or the money changers?????

Bill.. without knowing what your bank charges are I doubt anyone can tell you because when you change money at an Exchange you will get a stated 'Exchange rate' when you change cash of Travellers Cheques into Thai baht, whereas when you use an ATM you will simply clcik the buttom for the amount of Thai Baht you want, e.g 1,000 - 5,000 - 10,000, and that is what you will get, it's not going to tell you what that is in Dollars.

James A - my bank indicates that it will charge $3 per transaction.

I've never been charged a fee by a foreign bank anywhere and my bank in the States doesn't charge for ATM transactions overseas.

As to which gives you a better rate - well next to most ATM machines is an Exchange booth which does have their rate shown. Withdraw from an ATM one time and see how that conversion matches with what the Exchange booth is giving.

As to "money changers" - I can't imagine that the difference would justify chasing around to find one of these guys. Unless you're exchanging $1,000 at a time, at $250 (if that much) from an ATM, no big difference. And ATMs are everywhere in Thailand.

We exchanged so little to Baht during our visit, using credit cards for most meals or major purchases - it was just as easy to use USD in small denominations.

In the scheme of your entire vacation we're not talking about alot of money - ATM, Exchange booths, money changers.

Bill, the best exchange rate is always at an ATM, as you get the "bank rate." My bank fee is $1.50 for using a foreign machine, so it's basically a wash between changing US$100 bills at a bank or exchange booth and an ATM. For you, with a $3 fee, you would do slightly better exchanging US$100 bills at an exchange booth. However, do you want to carry those $100 bills around? There is a fee to cash travelers checks, so unless you have AmEx checks and cash them at the AmEx office, you are better off using an ATM.

By the way, check with your bank about the daily limit. I asked at my bank and they said I could withdraw up to $3000 a day!!

I use credit cards for everything I can (as I get frequent flier miles), but it does cost me slightly more, as most credit cards add 2-3% to foreign exchange. Still, since that's on top of the better bank exchange rate, it doesn't make much difference.

PS - one other note about credit cards: call your issuer before you go and let them know where you will be. That will ensure that they will accept your charges.

Bill,
If you go to an exchange place, like I do, you will get a better rate on $100 bills rather than $50, $20's and so on. And be sure your $100's are the newer ones. They hesitate taking the older style bills now. I wish I could give you specific directions to the place where I always exchange currency. It is near the National Stadium skytrain station, but down the street a block or so! I can walk right to it everytime. It is very near the entrance to Soi Kasemsan 1 (very little street 1-way).

You will most likely need Thai baht if you go to the Bangkok weekend market and try to buy things from the vendors there. Also, at Suan Lum night bazaar in Bangkok, should you go there, it will probably be easier to negotiate with Thai baht in hand. Also, the night bazaar in Chiang Mai has vendors who will bargain for your baht. Vendors who cannot speak English always understand their own currency and their calculators!

Tuk tuk drivers/taxi drivers etc want baht. Some of the vendors at MBK will probably give you a better bargain if you buy their goods with baht as opposed to the mastercard/visa option.

This is all my own experience in 5 trips to Thailand, with #6 coming in June of this year!

Carol

To All:
I have decided to go with the money changers in BKK. My credit card charges too much and the exchange rate does not look good. Also ATM charges are high and there is no way of knowiung the exchange rate until you get your statement.

I'll be on bangkok in August and my flight arrival could be a problem for currency exchange.I'll be in donmuang airport at 7.00 am on saturday morning.Someone can suggest me a way to change euros in bath in week days at a good rate?possible in airport?

You can either use the ATM at teh airport or the exchange booths at the airport to obtain baht. Both ofer good exchange rates. Both ATMs and exchange booths are open 24 hours a day.

Last question,dear friend... exchange booths you suggested me before are automatic or clerks working in ,changing currencies?i don't trust so much in automatic machines...Let me know.

They are just like any Exchange place, count your money over to them, you get Thai Baht back, you will certainly get a much better rate than in Europe, at the moment you will get about 46-47 for a Euro