Foreign Currency exchange
 

Can anyone advise where I can get the best exchange rates for foreign currency? (online or at a bank) I would like to purchase some Thai currency before I arrive. Also, please advise the same upon arrival in Thailand.

There is no reason to purchase Thai Baht before your arrival in Bangkok. There are ATM machines in the airport (through the doors after customs) as well as currenrcy exchange offices. The rates at the airport are the same as the rates in town. Generally, you get the best exchange rates via ATM machines - but do check with you bank to see what they charge for each use of a foreign ATM.

I've found that the best exchange rates, after you factor in the fees, is usually from a credit card company. Specifically, I've found American Express to be one of the fairest. When I was in Thailand, I barely used currency expect for taxis.<BR><BR>One caveat, a few credit card companies have started adding fees for foreign currency transactions. You may want to check with the one's who've issued your cards. Same caveat for banks. My bank, Fleet, tried to hit me with an additional fee of $10 for using my card in Europe recently.<BR><BR>In terms of exchaning money, for a minor currency like the Bhat, not minor for them, of course, that isn't widely traded, you'll usually get a much better rate in country than at home. Banks there are much more anxious to get their hands on Euro's, $ and pounds.

Ryan, I spoke with American Express (which isn't widely used in Asia anyway) in November and they add a 3% premium to anything you charge in a foreign currency. Virtually all Visa and Mastercards do as well now.

Some banks are doing the same for their ATM cards as well. You can find which credit cards do not charge the extra fee on the internet, unfortunately I didn't save the website address. Call your credit card issuer and your bank to see what kinds of fees they add (if any).

I was able to find the website for ATM/Debit fees. Its only a partial list of banks. Of course, there's no way to find out what the overseas bank would charge/if any. From everything I've read, using an ATM usually gives the best exchange rate. Banks receive wholesale exchange rates and are passed down to the customer. Here's the website:<BR> http://www.bankrate.com/brm/news/cc/20010625c.asp