Thai Baht

[PigDogg]

Seems ther is a huge difference, about 7% between the exchange rate in Thailand and the "offshore rate".

Does anyone know a way to take advantage of this situation. Is there anyplace in the West wher we can exchange our baht at the "offshore rate"?

[mardhi]

This was talked about on Thaivisa recently and I believe the simple outcome is NO - as the spread between buy and sell rates, coupled with the fact that removing more than 50,000b from Thailand is illegal basically means its a non starter.

Cheers
Mardhi

[katoeylover]

This is a very interesting situation.

All through the west the baht is trading at a mid market rate of 63bt/£, which means youwould actually get around 61.5bt. Yet in thailand you are getting 68bt at the roadside exchange bureaus.

What are the reasons behind these major differences?

[Tomcat]

Tourist rates

I would think that each Travelex Bureau De change booth at heathrow is probably getting charged around 100,000 pound a year upwards for ground rent alone so they have to skim as much as possible. hence a poorer rate at these type of places....

[moe666]

Go to the travel agency at Suk. soi 7/1 so far the best rates I have found at least 2 to 3 points higher than the kisk on soi 7 and a/c while you wait.

[Guest]

(Tomcat @ Apr. 14 2007,11:03) Tourist rates

I would think that each Travelex Bureau De change booth at heathrow is probably getting charged around 100,000 pound a year upwards for ground rent alone so they have to skim as much as possible. hence a poorer rate at these type of places....

That being the case then why do High St Banks and travel agents sell at the same UK tourist rate as airport bureaus.
Because in the UK and other european countries taxation is applied to currency exchanges in both buying and selling.
And they charge commission on top.

Not the case in Thailand.

[mardhi]

Actually not true Pentire - wherever they can do it legally, b-d-change increase the spread between buy and sell rates wherever they can. Great example of this is in HKG where Thomas Cook have a different spread to what they charge downtown. Once you add in the fee''s that are applied in the UK, the spread averages out to be very considerable and I used to work for them so am familar with how they do it.

Cheers
Mardhi

[moe666]

It can be almost 1 baht difference between the airport and the exchange place I use on Soi 7/1.

[daveduke007]

Are the Thai's still taking the old £20 notes?
This is a little worry to me if they are only taking the new £20's now as I arrive in 1 week
I dont use Credit cards and only carry cash and £10 notes will be kinda bulky



Dave...

[katoeylover]

Had no problems with either the new 20's or the old ones at the regular bank exchanges

[mardhi]

I was talking to a guy last week who tried to change NEW 20 pound notes and got knocked back. However I have no real idea, other than talk to me if you have a problem when your here Dave

Cheers
Mardhi

[Road Runner]

Changed a mix of old and new 20s at the airport about 10 days ago and they did not Bhat an eyelid

RR.

[mardhi]

(moe666 @ Apr. 23 2007,01:51) It can be almost 1 baht difference between the airport and the exchange place I use on Soi 7/1.

As any FYI, in my experience, the Banks use common rates in Thailand between airport and downtown. So if your using Bangkok Bank, it will be the same at the aiport as at a branch, however they do update the rates about 5 times a day. An unlicenced money changer will probably offer a better rate.

Cheers
Mardhi

[Road Runner]

I have always found that the change booth on Soi 7/1 gives about 0.2 Baht better rate than the airport and the small bank on On Nut BTS station gives another 0.1-0.2 Baht better than the change booth.

The other thing that Herself pointed out is that you nearly always get the best rate on a Monday.

RR.

[Tomcat]

(mardhi @ Apr. 23 2007,02:56) I was talking to a guy last week who tried to change NEW 20 pound notes and got knocked back.    However I have no real idea, other than talk to me if you have a problem when your here Dave

Cheers
Mardhi

This is true

The Yellow kiosk for example on soi 4 will not take the new 20 pound notes. The one outside Nana does.
Some do and some dont. pot luck.