Thread: Baht into dollars or Euro? Best way to exchange

Baht into dollars Best way? ...and get it to account in Singapore ?


I'm about to unload the baht, any advice for getting it into dollars?
Seems banks in Thailand are all about gouging fees in foreign exchange accounts - should I wire it to my Singapore foreign currency account in baht?

Any thoughts on better to buy dollars or euros?

Why are rates on buying different than selling? Which applies to selling baht and buying dollars?

Thanks

Also do not understand 1 / 5- 10 / 50 - 100 is this actual bill denomination?

Todays rate from KAsikorn

http://www.kasikornbank.com/EN/Rates...nExchange.aspx



FOREIGN CURRENCIES Description BANK NOTES TRAVELLERS' CHEQUES EXPORT SIGHT BILL TELEX TRANSFER TT&DRAFT T/CHEQUES BANK NOTES USD 1 USD : 1 28.71 29.64 29.64 29.74 29.99 30.09 USD 5-20 USD : 5-20 29.05 29.64 29.64 29.74 29.99 30.12 USD 50-100USD : 50-100 29.48 29.64 29.64 29.74 29.99 30.14

Originally Posted by Ripley

Also do not understand 1 / 5- 10 / 50 - 100 is this actual bill denomination?

yes, these are for notes, you can ignore since your THB isn't in cash

^thanks for that

Sorry to have hi jacked other thread

Am calling Sing to ask about hold baht

Originally Posted by Butterfly

Originally Posted by Ripley

Also do not understand 1 / 5- 10 / 50 - 100 is this actual bill denomination?

yes, these are for notes, you can ignore since your THB isn't in cash

but it could be it is in cd

cold hard cash, CD isn't hard cash per se

or.. GOLD !!!

Originally Posted by 9999

from other thread baht appreciates

^ yep but also saying Thai banks will exchange Baht to USD, EURO etc in house at close to the best retail exchange rates in the world. You can buy USD bank notes from a chinese money changing house here for extremely competetive rates if it's a decent amount.

Chinese money house? Sounds dubious. So get the cash and walk it in ?

( Make appointment first so as to assure robbery ?)

Originally Posted by Ripley

Chinese money house? Sounds dubious. So get the cash and walk it in ? ( Make appointment first so as to assure robbery ?)

Super Rich, so damn easy. The wife is changing 930,000 baht for me today.

We have Super Cheap here on Phuket

Originally Posted by aging one

Super Rich, so damn easy. The wife is changing 930,000 baht for me today.

except the rates they advertise on their website are not the one you actually get, at least in the "Shop Booth" the rates are in par with everyone else, sometimes even worse

make sure to check the fine print

Ok Need to call bank and ask the rate and decide from there..

Thanks for the help .

Whoops wait still confused on" buy" or "sell" , which pertains ?

I'm selling baht and buying another currency, so..

Using this graph...

http://www.krungsri.com/en/foreign-exchange-rates.aspx

it's the same depending the base you are using:

1/Sell Bid == Buy Ask

to make it easy, always take the worst rate between the 2 and that is what you will get, quite simple

I'm selling baht, so do I use the sell rate?

OR

I'm buying dollars so do I use the buy rate?

I don't see bid or ask - is that for-ex term?

Originally Posted by 9999

Originally Posted by Ripley

or.. GOLD !!!

Originally Posted by 9999

from other thread baht appreciates

^ yep but also saying Thai banks will exchange Baht to USD, EURO etc in house at close to the best retail exchange rates in the world. You can buy USD bank notes from a chinese money changing house here for extremely competetive rates if it's a decent amount.

Chinese money house? Sounds dubious. So get the cash and walk it in ?

( Make appointment first so as to assure robbery ?)

Well, as safe as a bank IMO. Just trying to help giving real world examples. Up to you. If you're so flush why don't you have a HSBC account?

I appreciate it, I just hadn't heard of it and thought you're were being flippant
I would have to travel to Bangkok and I was joking about putting 3 mil BAHT into a bag.

I went to Singapore several years ago and DBS was the bank I could open an account with. HSBC wanted me to have a referral and I didn't. I spent the rest of the day trying to apply at several other banks ending up at DBS where I stood outside the Orchard St branch finally getting a stranger with an account there to vouch for me.

^^If you convert the 3 mil into USD in Thailand and carry to Singapore you will be required to file a Physical Currency and Bearer Negotiable Instruments Report (Traveller) or NP727 form when entering.
Personally I would avoid carrying some 100k USD in cash with me pretty much anywhere, much less on a plane into Singapore.
Just go to your bank and tell them to wire the money as USD into you Sing bank account.

According to Bangkok Bank you will need the following information to make the transfer out:
To transfer funds overseas you will need the following information:

• The recipient’s account name, account number and address
• The name and address of the recipient’s bank
• The SWIFT address of the bank that they have an account with (if any)
• Supporting document (Thai citizens – A document stating the purpose of the fund transfer; Foreigners - A document stating the source of the income).

As it appears you will be using the money in Malaysia, it seems to me you are going to lose whatever gains you make on the THB-USD conversion (minus comission and transfer fees) when you convert to MYR (minus commision again and transfer fee again).

If you are truely leaving Thailand forever, I would just send to Malaysia once, but that is just me.


TH

^^ It's not that uncommon in Thailand for people to deal with large amounts of cash (10K USD equivalent +). This chinese place is very professional with the same security set up as a bank. They might actually be a bank, I will find out more. They definately have the best exchange rates for the amounts you're talking about.

At least for coming in to Thailand, if you want to avoid all the fees, take cash in your home currency and go see the chinese brokers, then deposit that Baht into the bank. Save quite a bit and I'm almost certain it works the other way around. The risk you take carrying cash is up to you. I'd feel safer doing it in Thailand than say the USA or UK.

Originally Posted by Thaihome

^^If you convert the 3 mil into USD in Thailand and carry to Singapore you will be required to file a Physical Currency and Bearer Negotiable Instruments Report (Traveller) or NP727 form when entering.
Personally I would avoid carrying some 100k USD in cash with me pretty much anywhere, much less on a plane into Singapore.
Just go to your bank and tell them to wire the money as USD into you Sing bank account.

According to Bangkok Bank you will need the following information to make the transfer out:
To transfer funds overseas you will need the following information:

• The recipient’s account name, account number and address
• The name and address of the recipient’s bank
• The SWIFT address of the bank that they have an account with (if any)
• Supporting document (Thai citizens – A document stating the purpose of the fund transfer; Foreigners - A document stating the source of the income).

As it appears you will be using the money in Malaysia, it seems to me you are going to lose whatever gains you make on the THB-USD conversion (minus comission and transfer fees) when you convert to MYR (minus commision again and transfer fee again).

If you are truely leaving Thailand forever, I would just send to Malaysia once, but that is just me.


TH

That makes sense but I have funds already in MY .

I wasn't considering physically cashing in and carrying funds to Sing.

The question is;
To exchange in Thailand pre TT or Singapore post TT.

Originally Posted by Thaihome

^^If you convert the 3 mil into USD in Thailand and carry to Singapore you will be required to file a Physical Currency and Bearer Negotiable Instruments Report (Traveller) or NP727 form when entering.
Personally I would avoid carrying some 100k USD in cash with me pretty much anywhere, much less on a plane into Singapore.



TH

So what currency is least dense for secret smuggling purposes?

Uh Oh just noted this on bottom of the page

Amount greater than USD 20,000.- or equivalent , please contact treasury department, Telephone 662) 296-4361-70

Originally Posted by Ripley

I went to Singapore several years ago and DBS was the bank I could open an account with. HSBC wanted me to have a referral and I didn't. I spent the rest of the day trying to apply at several other banks ending up at DBS where I stood outside the Orchard St branch finally getting a stranger with an account there to vouch for me.

I had a friend in Singapore who had an account at DBS and therefore had to sponsor me. They are quite strict for banking over there, and they are a bit crazy with money laundering. Yet they remain the leading place for dodgy deals all over in Asia, like Switzerland, so that "good standing" crap is only superficial and for the obvious idiots like you and me trying to open a simple bank account.

Their stock market is even worse, full of dodgy and fraudulent companies that are rejected from everywhere, mostly HK. Terrible corporate governance provisions and market transparency. Thailand is 50 years ahead in that sense.

Originally Posted by Butterfly

Their stock market is even worse, full of dodgy and fraudulent companies that are rejected from everywhere

for example ? (second time I ask you this question actually)

Originally Posted by wefearourdespot

Originally Posted by Butterfly

Their stock market is even worse, full of dodgy and fraudulent companies that are rejected from everywhere

for example ? (second time I ask you this question actually)

Up to 2006, you could start with:

Citiraya Industries Limited
Advanced Micro Devices (S) Pte Ltd
ST Microelectronics Asia Pte Ltd (ST Micro)
Chartered Semiconductor Manufacturing Ltd
Performance Motors Limited
Centrepoint Properties Pte Ltd

Singapore trys very hard and does rate very high in corporate governance, but you just can’t keep the Chinese down.

TH

one famous one FIBRE CHEM, Bermuda Registered, factory in China, reporting in USD, and the CEO did a runner, and SGX refuse to delist or acknowledge the stock is a fraud

that's on the top of my head, but the list is quite long. There has been quite a few funny ones, one with non-existing cow semen storage room facility etc...