Money exchanging
 

Where is the best place to exchange currency? I'm going to Egypt and to Thailand from the states and want to get the best rates, obviously! Any one have experience exchanging at the airport, state side vs. international terminals vs. hotels vs. atms, ect. please share. Thanks so much.

about the worst rate you can get is in a US airport and they probably have neither egyption or thai currency anyways...

the best all around rate if from an atm machine in the country you are visiting, imo...

i think i changed all my money in egypt in the hotel which is usually only a so so rate....here is an example for thailand...

changing $300 in the marriott in thailand vs at the bank on the same property, i received $25 more in thai baht (1000 B) by changing trav. cks at the bank instead of in the hotel./....significant...

ATM's are the best option all around these days....

you did ask about currency....i hope you are not bringing US currency..reason being: security of the cash while travelling/potential for theft...

a credit card is also a good method of purchasing things, but of course it may not be accepted at all places, i.e. markets or street vendors...but they are not a good way to obtain cash because of the fees involved...


hope this helps

RHKMK, I'm arriving at the Marriott on Saturday. Will the banks be open for currency exchange and did I understand that there is a bank on the Marriott property? Thanks, Russ

You can get cash from an ATM upon arrival a the airport in Bangkok. If you carry some US cash (I always carry about 5 US $100 bills "just in case") or travlelers checks you can exchange it at a good rate at the exchange windows at the airport or at any of the exhanges in town. It doesn't have to be a bank to get a good rate. Bob obviously got a terrible rate at the hotel. My experience is that any of the exchanges or banks will give you approximately the same rate, which is almost as good as the ATM rate (but the fee your bank charges to use an ATM will likely equaize the rate with a bank or exchange).

It's been so long since I was last in Egypt, I can't remember how we exchanged money.

russ----yes ther is a bank there...cross the parking lot out near the main street at the marriott mini mall...turn left and go about 100 feet down and on your left is the bank....i doubt it is open ater noon but it may be....there is an ATM there also which is fee free....there is a private AMT in the mini mall too, but not sure what the deal there is....probably not good..

the hotel can change money for you however....

kathie is correct, the rates are all about the same, except i find that the hotels tack on a hidden fee---its in the exchange rate they give you, not as a seperate rate....there will be banks open at the airport 24/7...their rate is acceptable...

all around town you will find money changers as well....they give an excellent rate with no commission--just need your passport....my favorite is at the corner of sukhumvit and soi 4, sukhumvit....just to the right of the gas station...a whole in the wall...open all day until evening...right near the nana skytrain station...

have a wonderful trip....

Bob,
Thanks for all of your responses, not just to my questions but to all the info I've obtained from you via your comments on this web site. You're obviously an enthusiastic fan of BKK and I greatly appreciate all of your postings. You've really made my trip planning less stressful and less anxiety ridden. I originally thought this would be my first and only trip to Thailand, but I'm already convinced I'll be returning and I haven't even gotten there yet! Thanks again.

I too thank you all for the wonderful advice I've received here. It has added to the sense of security I have even before leaving. Russ

hey everyone - I just opened a First Republic Bank account - they claim to have a type of account that will reimburse all ATM fees (even fees charged by other banks, and even internationally) and the card is really a VISA debit card so it's supposedly accepted in almost every ATM...

If all the claims are true, this would seem to be the way to get the best exchange rate... I gather VISA no longer charges an international exchange fee (they used to charge 1%) - so the only charge should be the ATM fee, which supposedly gets reimbursed at the end of the month.

I'll let everyone know what I actually find when I get back at the end of March and look at my statement!!!

I do have one question though - how do you tell the ATM machine that you'd like some small bills for taxis, tips, etc?

Thanks... Ken

There are a number of places that offer accounts where they reimburse ATM fees, and it's generally a good deal. Your bank always charges 1% on the wholesale rate of exchange, but it will still be a better exchange rate than you can get anywhere else.

You can't get small bills from an ATM, you'll need to go to an exchange window to do so.

One caution: I would never use a debit card internationally (Indeed, I don't use one at all). Why? You don't have the same protections that a credit card gives, and if it's misused, someone can quickly drain your bank account. While you bank may (MAY) refund your money, it take time, and in the meantime, you have no money in your account. Ask your bank for an ATM card that is only an ATM card, not a debit card. All banks (so far as I know) will issue you an ATM only card. It's much safer.