Currency exchange

Thu Dec 01, 2005 12:37 pm

Hello to the expat community. I was just at my Canadian Bank ( TD Canada Trust) and wanted to wire a fairly good chunk of Thai Baht to my Siam Commercial account in Hua Hin. I was informed that because of trouble with settlements from the Thai side that they can no longer wire Thai Baht. Since I am going to be there over 5 months, and anticipate some large purchases, I am looking for advice on the cheapest way to get the money over there. TD said that I should take US $ travellers cheques and convert them once in Thailand, but then we are looking at 2 currency conversions, and the accompanying "spread" in buy / sell rates, I don't think this will be a good course of action. I could see taking Canadian $ travellers cheques though. I am thinking about 100 k baht quantities.
Cheers folks, thanks for any ideas...

Post by **johnnyk** » Thu Dec 01, 2005 1:19 pm

Hi,
I found CDN$ TCs to be ok, it just costs 33 baht tax every cheque so I would take the biggest ones I could get.
Or, you could stick it in the bank and access it with your interac card (doesn't work with all banks)
or pay it to your visa account and access it with your visa card.

Post by **Gin tonic - no lime** » Thu Dec 01, 2005 2:17 pm

Yes, thanks johnnyk I think you are correct, just checked Siam Commercial's website and they are quoting 34.9925 for can$ travellers cheques.

Wish I had done some homework before last years trip, as I thought ATM withdrawals at a Thai ATM would be exchanged at 'close' to the official rate, but acording to my contact at TD Canada Trust, it is ~31.... no where close....

I owe you another beer.....!!

Post by **dr dave soul monsta** » Thu Dec 01, 2005 5:47 pm

The rates in your own country will less than the exchange here. the atm transactions will be calculated and converted at your own bank not the thai bank

Post by **Jaime** » Thu Dec 01, 2005 7:15 pm

I send (wire?) UK sterling to the Hua Hin BKK Bank branch rather than Baht. It then gets exchanged at the receiving bank at the local rate, with a 500 baht flat fee on top. The exchange rate is always much better than that of my UK bank and the daily rates given by my Thai bank can be checked on their web page before sending.

Couldn't you do this from Canada? If the issue is that they won't send Baht just wire Canadian Dollars instead. If Canadian banks are anything like UK ones your bank will probably advise you against this course of action citing various scary reasons why you shouldn't do it. Of course it's just because they stand to make less money out of you.

Post by **westie** » Thu Dec 01, 2005 11:39 pm

Hi All.
I have quite a few thousand in GBP sterling to bring back with me for furniture etc. Is it worth bringing large notes and changing them at the banks.

Westie

Post by **Gin tonic - no lime** » Fri Dec 02, 2005 2:33 am

Thanks everyone.

Dr. Dave... yes, I am pretty sure that is the way it works. Unfortunately I did not check the conversion rates last year, and got hosed for it!

Jamie... The new guy I deal with at my Cdn. bank said it would be better to take Cdn. dollar or US dollar travellers cheques and have them converted at the Thai end. But I think it is better, like you say, to wire the Canadian funds to my Siam Commercial account in HH, and have it converted at the advertized rate (minus the service charge) there.

Post by **johnnyk** » Fri Dec 02, 2005 2:47 am

I've wired funds and it was fine except it takes a bit longer, IME, than between western banks. I think the Thai banks are, ahem, a little less efficient.

Post by **chelsea** » Fri Dec 02, 2005 9:28 am

I was in HH in June and just accessed the money via my Australian Bank Cheque Account through the hole in the wall. I got whatever the daily rate was and cost me $5 (AUD) 150baht for every transaction charge.
Obviously I took large amounts out to keep the charges down and all was OK.
For some reason though, there was one bank that I could not use, and that has been the same wherever I have been in Thailand.
For all other bills that needed to be paid while I was away, I used my normal internet banking system to do that, so there was no problem at all.
Only reason that I do not take TC's is because if you loose them or have then nicked, you could get stuck. If you loose your cash card, without your PIN number, there is nothing that can be done with it.

Fri Dec 02, 2005 10:14 am

Chelsea wrote

If you loose your cash card, without your PIN number, there is nothing that can be done with it.

Do not be fooled, software and hardware are readily available for Credit cards and ATM card reading
Access into your accounts by professional criminals can be within the hour
Take care of your cards at all times