thai baht rate update

[84gunner]

In AsiaPac, PLUS System ATMs is more common. Some banks may impose some service or admin fees, some banks dont. In general, the service/admin fee is about 5 SGD or 25 HKD, the exchange rate is the ATM bank's rate.

I had oredi posted b4, but juz tat many samsters here kinda heart-pain about the banks' rates & the admin fees.

In many countries, u dont have private retail $$ changers on the streets like in Msia & SGP, u gotta go 2 the banks 2 change currencies, or local ATMs 4 local currencies. Example, Thailand, Taiwan, PRC, etc etc.

U go change several 100s or 1000s of SGD on the streets, especially overseas, u run the risks of being potential targets 2 pickpockets & robbers. Those amounts of $$ u change, may be several months or even 1 year's salary 2 those people in poorer countries!

While if u use PLUS ATM systems, many locals oso withdraw $$ from local ATMs, the amounts they withdraw is often several 100s THB or RMB, the risks is not as high. Of course, it'll make more sense 2 withdraw more if your bank impose a service charge per withdrawal, so juz be more discreet/careful when withdrawal larger amounts at the ATMs. U may juz look like any other locals withdrawing several 100s THB or RMB, u dun attract tat much attention from the crooks.

The other thing is, travelling 2 specific $$ changers oso take time & transport costs. I'd rather incur a little unfavorable exchange rate, but I get 2 do watever I'm busy wif, or have more quality leisure time / rest, comparing 2 having to plan / squeeze time & effort juz 2 get a more favorable exchange rate. My life goes on...

[Red_Tirak1099]

Now no one use travellers cheques anymore? Travellers cheques are very safe but can be a bit of a hassle. Many retail outlets now don't accept travellers cheques too.

[dream888]

IMHO, I work in a bank, the most favourable way to exchange money is to change your local money into the foreign currency at the money changer. Never do so from banks or buy travellers cheque.

Let me break down the charges. Usually for foreign bank withdrawal by your Singapore atm card, U will incur upfront cost of SGD 3 to SGD 8 depending on which bank atm card U are holding on. The rates that are offered are at least about 3 percents more than the money changer as there was a mark up rate for the usage of the atm card.

And how much the maximum U can get from the atm also is depending on the maximum limit of the atm, some atm, for example: U can withdraw only 10k baht so for around SGD 463.50 (inclusive of the exchange rate) + upfront charge of SGD5= SGD468.50. But on the streets, U can change SGD450 for 10k baht, so essentially, U are paying SGD18.50 for the usage. So for every 10k baht U withdraw 10k baht, U are paying 4% plus for the charges.

For the international cards, Mastercard is taking 1.1% while Visa is taking 1%, the debiting local bank also usually take 1% while the debiting foreign bank also take 1%, so these are the breakdown charges.

Just always take precautions whenever U are in foreign land. I always look stupid with a secure pouch which is slash and tamper proof and can be locked but I made it through 7 Thailand trips in the last 1 year without any trouble (touch wood).

I changed at 22.32 in Dhoby Ghaut for 10000 baht yesterday. Hope my info can give people a rough idea. Pls up my points, if U find it useful. Thks

[NobleEagle]

Originally Posted by bkkstar

yesterday's mustafa's rate 22.32.

bro could u let me know the address of mustafa?

tot normally GM rates r better?,,

[Mr.romantic]

Originally Posted by 84gunner

I had oredi posted b4, but juz tat many samsters here kinda heart-pain about the banks' rates & the admin fees.

In many countries, u dont have private retail $$ changers on the streets like in Msia & SGP, u gotta go 2 the banks 2 change currencies, or local ATMs 4 local currencies. Example, Thailand, Taiwan, PRC, etc etc.

U go change several 100s or 1000s of SGD on the streets, especially overseas, u run the risks of being potential targets 2 pickpockets & robbers. Those amounts of $$ u change, may be several months or even 1 year's salary 2 those people in poorer countries!

While if u use PLUS ATM systems, many locals oso withdraw $$ from local ATMs, the amounts they withdraw is often several 100s THB or RMB, the risks is not as high. Of course, it'll make more sense 2 withdraw more if your bank impose a service charge per withdrawal, so juz be more discreet/careful when withdrawal larger amounts at the ATMs. U may juz look like any other locals withdrawing several 100s THB or RMB, u dun attract tat much attention from the crooks.

The other thing is, travelling 2 specific $$ changers oso take time & transport costs. I'd rather incur a little unfavorable exchange rate, but I get 2 do watever I'm busy wif, or have more quality leisure time / rest, comparing 2 having to plan / squeeze time & effort juz 2 get a more favorable exchange rate. My life goes on...

84gunner the financial guru is back! haha.

so you might as well ask people to open a thai bank account like you did some time back. for those who can't open a thai bank account. 84gunner will say you have cash flow problem! haha what a joker.

[saintsrsaf]

Originally Posted by NobleEagle

bro could u let me know the address of mustafa?

tot normally GM rates r better?,,

Mustafa Centre, 145 Syed Alwi Road, Singapore 207704

[yinyang]

Originally Posted by 84gunner

...Some banks may impose some service or admin fees, some banks dont. In general, the service/admin fee is about 5 SGD or 25 HKD, the exchange rate is the ATM bank's rate.
I had oredi posted b4, but juz tat many samsters here kinda heart-pain about the banks' rates & the admin fees.

This thread is (simply) what it says: THB rate update. Keeping tabs on thai baht rate and currency trends, development.

For most of us here, updates here are just a guide for their spending money or remittances. Granted, the odd decimal place between 1 place and another will not break the proverbial bank. Sure, convenience (diff locations or ATMs) is an opportunity cost.

Daresay most of us here are with limited means, never mind tieing up their money in some thai bank account for hedging purpose. So I see nothing wrong with bros sharing intel or info here. No need to be snidey, as not everybody is so well heeled, savvy or widely travelled.

As for ATMs, we shd also be factually correct on posting info here. And exch rate is NOT necessarily the prevailing rate (bro dream888's insight on bank charges and exch rates).

Originally Posted by AmericanExpress

...only change $500 the usual recommendation is to change a few hundred S$ worth of foreign currency enough to tie u through the 1st few days of ur trip subsequently u may consider change the rest at the place u visit just bring along extra SGD

Sensible advice. You also don't want to end up with any surplus foreign currency (not likely for some, not enough to spend on puyings? hehehe).

Originally Posted by dream888

most favourable way to exchange money is to change your local money into the foreign currency at the money changer. Never do so from banks or buy travellers cheque.
..rates that are offered are at least about 3 percents more than the money changer as there was a mark up rate for the usage of the atm card.
...how much the maximum U can get from the atm also is depending on the maximum limit of the atm, some atm, for example: U can withdraw only 10k baht so for around SGD 463.50 (inclusive of the exchange rate) + upfront charge of SGD5= SGD468.50. But on the streets, U can change SGD450 for 10k baht, so essentially, U are paying SGD18.50 for the usage. So for every 10k baht U withdraw 10k baht, U are paying 4% plus for the charges.
...international cards, Mastercard is taking 1.1% while Visa is taking 1%, the debiting local bank also usually take 1% while the debiting foreign bank also take 1%

Agree, best deal is mc. Beware of ATM pitfalls. Not just the $8 levied by your own bank but also here are inter (foreign) bank charges. And we shd caution using credit cards advances -min charge + up to 3% finance charge on face value withdrawn. The forex is again, not prevailing rate but a "daily" determined by credit card groups. With the daily limit restrictions, you can work out if the cost is worthwhile.

Of course, at the end of the day.. if you need it, you gotta have it (hang the cost)

[sibaysong4u]

Originally Posted by NobleEagle

bro could u let me know the address of mustafa?

tot normally GM rates r better?,,

GM rates are the Best!!!

[Red_Tirak1099]

Originally Posted by sibaysong4u

GM rates are the Best!!!

But Mustafa operates 24hrs!

[Red_Tirak1099]

Can anyone verify if now still have any restrictions on foreigners bringing in Thai currency into Thailand? I checked the official website they did not mention anything to that effect. If remember correctly, they used to have a limit equivalent to USD10K few years back. Max amount can bring out is 50,000 baht now, if memory serves me right again it used to be higher.

[Cyberspace Nerd]

Originally Posted by Mr.romantic

84gunner the financial guru is back! haha.

so you might as well ask people to open a thai bank account like you did some time back. for those who can't open a thai bank account. 84gunner will say you have cash flow problem! haha what a joker.

this 84gunner is a cheapskate, taking bus and mrt to work when he is in BKK earning big bucks.

you think he will let the bank earn money by withdrawing from the ATM?

hahaha....

[Flagship]

I went to people park center yesterday. The rate is 2.225.

[Flagship]

Correction..should be 22.225!! sorry

[Red_Tirak1099]

Just got zap by some no lampard moron CBkia his comment -

thai baht rate update 02-09-2007 12:49 PM all the finance gurus in the thread alreadi say don't use traveller cheque..can u read be4 u post?! wasting ppl time to type. 4 goodness sake

CB you this thread fucking 92 pages long even I got read also can miss right? I just want to join discussion in this thread you so fucking unfriendly meh? Maybe others like me did not read also would like to know. Sharing info is the purpose of this forum.

[Soul_Reaper]

Originally Posted by High till Dry

Either it's a mistake made by the $$ changer or they're being dishonest...

I just tell that mama guy change $500 to thai $$$ and he give me back 10 800 baht...... perhaps my mistake not asking him the rate before changing.
Will never patronise him again....bloody chow ah neh ...ptui ptui !!