Best Exchange Rates Bank or Other

[RubbaJohnny]

In Bangkok I find Vasu and Superich better than bank or airport

 

Any advice welcome to change Swedish and Danish Kronor Sterling in downtown area

 

 

[EricTh]

Go to Loi Kroh road. There are two exchange booths there.

 

The bigger company has a place for you to sit with air-cond while the smaller one only has standing place.

 

The smaller one has the best rates in CM.

 

Both are within 5 minutes walking distance from each other.

 

[RubbaJohnny]

thanks

[Barley]

Going from Singharat Road into Rachadamnoen Road the 1st exchange place on the left side (need to go up some stairs) has much better rates than any other place I have seen. But I have not compared with the other place mentioned above.

Would be good to know which place is better.

[jonwilly]

My Mate a regular visitor is a Jock and therefore Financially careful.

He says the small place down Loi Kroh Rd consistently has the best rate and a good attitude thrown in for free.

 

john

[Barley]

Are you close to that area?

If I went by the place in old city and gave you the rate, could you compare to the Loi Kroh rate the same day, so that we can see which one is better?

[EricTh]

13 hours ago, Barley said:

Going from Singharat Road into Rachadamnoen Road the 1st exchange place on the left side (need to go up some stairs) has much better rates than any other place I have seen. But I have not compared with the other place mentioned above.

Would be good to know which place is better.

I believe that shop is called Super Rich Money Exchange. They actually have several branches and one of the branch is in Loi Kroh Road.

 

http://superrichchiangmai.com/

 

Their rates is better than the banks but the other smaller shop (not Super Rich) has the best rates.

 

I have compared both shops many times in the past because both are within 5 minutes walking distance from each other in Loi Kroh. You can compare yourself since both shops are so near.

 

[Barley]

Are you sure we are talking about the same two shops?

I thought the shop you mentioned was in Loi Kroh (NE of old city).

The shop I was talking about is close to Wat Phra Singh - going from Singharat Road into Rachadamnoen Road the 1st exchange place on the left side. Thus shop usually gives around 0.50 TBH better exchange rate than all the other shops I compared it with.

Definitely not 5 minutes apart (on foot or bike - at least according to my slow speed).

For me, I don't need a comparison, because your shop is too far away, anyway.

I suggested the comparison for the sake of the OP to find the best exchange rate in CM.

But anyway, the OP has these two options now, and he can compare them for himself if interested.

[noise]

What would really be informative would be for someone to take, say, U.S. $500 to the "best" money exchanger and then immediately take out $500 from the ATM using a U.S. bank ATM debit card.   Wait for the debit to be processed and then post  what effective exchange rate she/he got for both transactions.  

 

My impression is the ATM route giving that days international exchange rate should be better than a money exchanger trying to hedge his costs.  He takes your dollars or Kronor Sterling now but physically make his exchange later.  How much later and what will the rates be then?

[EricTh]

On 4/30/2018 at 5:48 PM, Barley said:

The shop I was talking about is close to Wat Phra Singh - going from Singharat Road into Rachadamnoen Road the 1st exchange place on the left side. Thus shop usually gives around 0.50 TBH better exchange rate than all the other shops I compared it with.

 

I went to this shop today.

 

It's name is Super Exchange. It is the same shop as the HQ on Loi Kroh road. I compared the rates of the two branches and the Loi Kroh road branch has the best rates. The rate on Ratchadamnoen is better than most though.

 

This is surprising as they are supposed to be the same company but because Loi Kroh branch has a tougher competitor along the same road.

 

[cyberfarang]

Another point to mention is that if exchanging cash, the banks and bureau de change do not accept coins and will only take foreign notes in pristine condition.

 

But this is not of any use for me or those in a similar situation as myself.

 

My income in sterling comes from the UK and is directly paid into my UK bank account. The only way I can bring my money over to Thailand is via TT paid into my Thailand bank account. This means I have no ways of bypassing the banking system. All the Thai banks offer more or less the same rates give or take a few points.

[Jip99]

56 minutes ago, cyberfarang said:

Another point to mention is that if exchanging cash, the banks and bureau de change do not accept coins and will only take foreign notes in pristine condition.

 

But this is not of any use for me or those in a similar situation as myself.

 

My income in sterling comes from the UK and is directly paid into my UK bank account. The only way I can bring my money over to Thailand is via TT paid into my Thailand bank account. This means I have no ways of bypassing the banking system. All the Thai banks offer more or less the same rates give or take a few points.

 

 

Transferwise bypasses the banking system as far as the transfer is concerned.

[cyberfarang]

1 hour ago, Jip99 said:

 

 

Transferwise bypasses the banking system as far as the transfer is concerned.

Just checked, the £ to bahts exchange rate using Transferwise , is almost exactly the same as Bangkok Bank.

[EricTh]

9 hours ago, cyberfarang said:

Just checked, the £ to bahts exchange rate using Transferwise , is almost exactly the same as Bangkok Bank.

The banks' rates are much lower than the money exchange rates.

 

It's better to bring cash should you go back to UK for a holiday and then back to Thailand again.

 

[Sparkles]

Cash has always been King and always will be

[scubascuba3]

Cash has always been King and always will be

My Halifax Clarity card often gives a better rate than changing cash at currency booths

[Dante99]

1 hour ago, scubascuba3 said:

1 hour ago, Sparkles said:

Cash has always been King and always will be

My Halifax Clarity card often gives a better rate than changing cash at currency booths

I have a card that is like that too.  Bank TT rates always beat bank cash rates and often beat the money changer rates.  My debit card always beats money changer cash rates in Singapore and Indonesia.

[Here It Is]

1 hour ago, scubascuba3 said:

1 hour ago, Sparkles said:

Cash has always been King and always will be

My Halifax Clarity card often gives a better rate than changing cash at currency booths

Long time Halifax Clarity card holder.  No good at ATM as fee wipes out any gains.  But walk into Thai bank and do counter transaction and all is good, even if it takes a while on occasion. 

[Barley]

What do you mean by counter transaction?

Getting cash from your Halifax card at the counter or changing cash at the counter?

[scubascuba3]

What do you mean by counter transaction?

Getting cash from your Halifax card at the counter or changing cash at the counter?

Rather than use the ATM outside you go to the counter inside and make a withdrawal using your card, then no ATM fee

[mikey88]

On 01/05/2018 at 10:07 AM, noise said:

What would really be informative would be for someone to take, say, U.S. $500 to the "best" money exchanger and then immediately take out $500 from the ATM using a U.S. bank ATM debit card.   Wait for the debit to be processed and then post  what effective exchange rate she/he got for both transactions.  

 

My impression is the ATM route giving that days international exchange rate should be better than a money exchanger trying to hedge his costs.  He takes your dollars or Kronor Sterling now but physically make his exchange later.  How much later and what will the rates be then?

The bank international exchange rate for Aus dollars at least is consistently and unmistakably always worse.

Thai ATM fees are applicable as well.

Your bank may charge you a fee in your own country plus there may be an additional ‘currency conversion fee’.

In short, 3 seperate fees plus a worse exchange rate.

Cash at a currency dealer has always been the best option.....for me.

[totally thaied up]

11 hours ago, mikey88 said:

The bank international exchange rate for Aus dollars at least is consistently and unmistakably always worse.

Thai ATM fees are applicable as well.

Your bank may charge you a fee in your own country plus there may be an additional ‘currency conversion fee’.

In short, 3 seperate fees plus a worse exchange rate.

Cash at a currency dealer has always been the best option.....for me.

ING Orange Card or Citibank Australia Debit Card

 

ING Orange Card (what I use)

• 5 purchases a month (like buying a coffee, buying an App on google store, paying 3BB/Dtac or a Lazada/Homepro purchase). Almost every month I just do 5 separate buys for things I need on Lazada
• deposit of AUD1,000 (my Australian pension) will gain you no fees on an exchange
•  ATM fees are given back to you the next day
•  Always choose Thai Baht/Visa rate, never DCC (direct currency conversion) = bad rate!

Citibank Debit

• Just do a Mastercard cash advance in a Bangkok Branch for a bundle of cash!
• Always choose Thai Baht/Mastercard rate, never DCC (direct currency conversion) = bad rate!

The DCC rate will be offered on an ATM as well as at a Vendors check out (example Homepro/BigC or Central Festival at counter checkout). NEVER use that option. It will show a Baht to Dollar conversion that is almost 1 baht LOWER. Use the second option of VISA/MASTER CARD/THB rate.

 

The Visa/Mastercard rates are very, very good. Just put the TransferWise app on your phone to check the closest going rates (without the fee is the going rate)

[mikey88]

The Transferwise rate is lower than the cash rate at a currency exchange.

[mikey88]

On 05/05/2018 at 6:40 PM, Sparkles said:

Cash has always been King and always will be

The bank rate has always been consistently lower than the cash rate over the last 5 years that I’ve been doing it....usually about a baht. Over a year’s expenses that can be a lot.

Transferwise rate has always been better but still lower than cash...in my experience thus far.

 

[Sparkles]

3 hours ago, mikey88 said:

The bank rate has always been consistently lower than the cash rate over the last 5 years that I’ve been doing it....usually about a baht. Over a year’s expenses that can be a lot.

Transferwise rate has always been better but still lower than cash...in my experience thus far.

 

I was  refering to carrying cash on your person  Obviously there is a limit but for a short holiday you are way in front

 

[fanjita]

4 minutes ago, Sparkles said:

I was  refering to carrying cash on your person  Obviously there is a limit but for a short holiday you are way in front

The only problem here is that if you lose your cash or get robbed then you've lost it all.  

[observer90210]

Do they also have the Super Rich with the green logo and the Super Rich with the orange logo in CM ?...As in Bangkok Airport ?

[EricTh]

5 hours ago, observer90210 said:

Do they also have the Super Rich with the green logo and the Super Rich with the orange logo in CM ?...As in Bangkok Airport ?

Yes,  they have Super Rich CM on Loi Kroh road, but their exchange rate is poorer than the Super Exchange (without the word rich) on same road but you get a more comfortable chair and room while waiting.

 

Although the company name is similar to the one in Bangkok, their logo are different although both are green, so they are not the same company. The company in Bangkok don't have a branch here.

 

[AAArdvark]

I know this is kind of an old forum but...  I will be needing to exchange a large amount of about ฿75,000.  I am concerned with someone seeing me make the transaction and getting ideas.  Are most of the exchanges privacy protected? 

[EricTh]

14 minutes ago, AAArdvark said:

I know this is kind of an old forum but...  I will be needing to exchange a large amount of about ฿75,000.  I am concerned with someone seeing me make the transaction and getting ideas.  Are most of the exchanges privacy protected? 

 

I've exchanged bigger amount than that without any problem.

 

What do you mean by privacy protected? No, they require your passport to photocopy and there's a CCTV there. So your transaction isn't confidential.

 

Of course, the passerby is going to know about it so it's better to exchange it inside a shoplot.