Question about Exchange Rates

[TotallyOz]

My hotel always asks if I want to pay in Thai Baht or US Dollar. Which is the better deal? They always say Thai Baht.

[Up2u]

Always instruct the cashier, Thai baht, if you see USD anywhere on the receipt it means they have done an unfavorable DCC (dynamic currency conversion). I have had to tell cashiers to back out the transaction and do it properly using, Thai baht. If you are in Thailand and hand your card to the cashier, always say Thai baht. If you are at an ATM and are asked any question like "home currency" conversion, always decline.

[firecat69]

Good advice but you also have to make sure whatever credit card you have does not charge a conversion fee otherwise you will get screwed on the other end!

[Guest travelerjim]

Thai Baht...always...

 

IF you have NO International Conversion Fee...

American Express Delta Gold cards did away with the Int'l fee May 1st...

 

Many cards from USA...Marriott Rewards/Chase; British Air/Chase; Charles Schwab Bank;

some Capital One cards also have NO fee.

 

Watch the clerk...many times I have caught the error...even if I have ASKED for Thai baht...double check the receipt.

IF they have converted using US$..have them reverse it ON THE SPOT...they will.

 

tj

[Up2u]

I was at Central here in Pattaya and bought a nice watch on sale. I told the cashier Thai Baht but I checked the exchange rate immediately when I got home, and sure enough she had used the DCC rate and dumb me didn't look at the sales receipt. The difference was about $50.00. I jumped into the car and returned to Central. Of course, a new cashier was on duty and it was ordeal to get things sorted. Morale - always check your receipt before leaving. Good advice from TJ.

[Travellerdave]

I never pay hotels, shops and restaurents using my cards. I pay cash in baht. I withdraw this in relatively large amounts (say 20,000 baht) from the ATM's situated in banks (not on the street). This mitigates the fees charged. I keep the bulk of the notes in the room safe.

At the start of my trips I often change pounds or euros that i bring with me, although the rate seems to be worse than when using ATM's.

I suppose if i was resident in Thailand I would open a bank account and transfer money in bulk.

With the current turmoil you would think that there would be a further decline in the Thai Baht against dollar/euro/pound.

[Guest]

1 Paying in Thai baht would usually be cheaper.

 

2 I normally pay cash, however my "Halifax Clarity" credit card has a near-perfect exchange rate and no currency conversion charge.

Typical UK cards charge 2.75% for the same thing.    You need to ensure you have a similar best on the market card if using it a lot.   After all if we all worked 2.75% longer each year to pay for such waste, that might be quite a few days extra work.   Much easier to spend 30 minutes finding and applying for a better credit card.

 

The rate charged by hotels is likely to be considerably worse than the credit card rate.   That's why hotels are so keen to charge you in your home currency.

[Up2u]

Everybody's situation might be a little different. All my cards have no foreign transaction fees, I buy big ticket items so I can double the manufacturer's warranty and/or have VISA or MC intercede on my behalf if there is a dispute with the vendor. Some people get cash rebates or other perks and then simply pay off the balances within the grace period. Some people don't like carrying a lot of cash on their person.

[fedssocr]

I think most Chase cards have been moving to no fees.

 

I believe it's also possible that your credit card issuer could charge you a foreign transaction fee even if it is billed in USD if it is done in a foreign country (presuming that your card has foreign transaction fees). 

[Guest abang1961]

I alternate between paying in cash and using the credit card whenever I am in the Kingdom.

Any purchase below THB 1500 is strictly cash.

But then again, how often do I buy anything above it?

 

Yes when I am travelling, I always insist NO CONVERSION to SGD as the rates are very often unfavourable.

For example, instead of getting THB 25 to 1 SGD, I may get a little lesser than THB 22.

The difference may just be only THB 3 to 1 SGD but the multiplying factor may be quite frightening.

[vinapu]

Like Travellerdave I always pay cash in Thailand, if booking hotels before departure usually I pay right away in home currency using credit card or in USD using paypal. This reduces a bit amount of cash I'm taking, not much though as biggest expense are boys tips, obviously cash.

 

Never pay with credit card with exception of big department stores-never had screwed charges  there.

 

I take cash advances from account or card only if run out of cash usually at end of stay, if that's the case usually take big amounts 9900  or 19900  in order not to be stuck with big bills only. This mitigates impact of withdrawal fees.

 

I keep cash in hotel or room safe and exchange only once daily  what I need for the day.  Use only 100 USD bills as they have best rate even with double conversion / I'm not an American /.

 

I noticed  Sukhumvit has marginally better rates than Silom but not worth the trouble if you do not stay

there as one may save equivalent of bottle of beer in 7/11 on exchanging 200USD.

In Silom area  best rates are to be found in unit between Om Yim and Silom and at jewelers shops ,one in soi Thaniya on your left coming from Silom and one beside Family Mart on  Suriwong exit from Soi Twilight. 

 

Always try to have small bills to minimize chance of being shortchanged while paying with big bills. Easiest way to break big baht bill is to go to change counter at BTS  station.

 

Airport rates are uniform and  worse than in the city but not dramatically so if one  needs to change money for the taxi and first night at hotel, exchange booth  just before train platform has better rates but closes early  / about 10 p.m.  / 

[vinapu]

 

Any purchase below THB 1500 is strictly cash.

But then again, how often do I buy anything above it?

 

I guess you don't off long time, right?

[KhorTose]

I always pay cash and when I have to use a credit card I use my Chase Card.  They stopped charging a foreign transaction fee a long time ago.

[Guest abang1961]

I guess you don't off long time, right?

Excuse me, haven't you realised that I am NOT into Thai boys.

Actually I am their competition.... or their worst competition..

I offer company and fun time without asking for a cent..

And sometimes, I am the one paying for the meal....

 

So bad for the Thai economy and the boys' market.. .and yes, I havent off anyone yet in all these years.

Wink wink, I was "off" by unsuspecting farangs on several occasions...

How funny to know that they are at least 10 to 20 years younger than me...

[Guest imkeev]

Hi guys. If I'm staying at Sofitel So Hotel, where should I convert my SGD to Thai Baht? And also, I need advise on one thing. My hotel is asking for a deposit for my stay at their hotel. So how should I do this? Give them the deposit in SGD or Thai Baht? If in SGD, I don't need to worry to change later on when I go back to my country. But if I change it into Thai Baht, then I have to change it back to SGD dollar again. Need your expertise on this matter. Cheers.

[Bob]

Would somebody staying at a hotel in Thailand at the moment ask the hotel desk what exchange rate they're offering to purchase/sell US dollars and/or British pounds and/or euros?  Would be interesting to see what the current spread may be.

[vinapu]

Excuse me, haven't you realised that I am NOT into Thai boys.

 

I know, just teasing you

[vinapu]

Hi guys. If I'm staying at Sofitel So Hotel, where should I convert my SGD to Thai Baht? And also, I need advise on one thing. My hotel is asking for a deposit for my stay at their hotel. So how should I do this? Give them the deposit in SGD or Thai Baht? If in SGD, I don't need to worry to change later on when I go back to my country. But if I change it into Thai Baht, then I have to change it back to SGD dollar again. Need your expertise on this matter. Cheers.

if they take deposit in SGD do that for reason you already outlined.

You don't need to change deposit baht back to SGD, spent it on the boy  on your last day 

 

 

They may  also just take imprint of your credit card instead of cash deposit.

By the way, I'm quite surprised that hotel of such class is requiring deposit 

[Guest imkeev]

Thanks. I am actually quite dissapointed though with the deposit requirement as I have fully paid my stay there in advance. I have to pay the deposit of half of my stay there.

 

So, any advise on where can I find the money changer around th hotel area?

[vinapu]

you are walking distance from Silom where you will find plenty of moneychangers and banks, hunting for best rate may be even fun but don't overdo it as variations are not that big, check my post # 11 above as I mentioned places I usually change money

[Up2u]

Super Rich always has excellent rates, locations here:

 

 

http://www.superrich1965.com/location.php

[Guest luvthai]

I always get American Express travelers cheques before leaving on my trips and only use the cards to guarantee payment and then paying in baht on checkout.  I always make sure to carry some baht home when I go so when returning have enough for taxi and first night expenses.

[Up2u]

I always get American Express travelers cheques before leaving on my trips and only use the cards to guarantee payment and then paying in baht on checkout.  I always make sure to carry some baht home when I go so when returning have enough for taxi and first night expenses.

Are you aware that most Thai banks have increased their service fee from 33 to 153 baht per cheque? Combining this with the overall hassle of tc's I would not recommend them.

[Guest]

The traditional requirement is NO deposit, or one night's deposit. Some European chains require a credit card to guarantee one night's occupancy, however that can be cancelled for free as late as 18:00 on the expected date of arrival.

 

I would resist paying any more than one night's deposit, as that's a clear increase in risk for the consumer. 

 

If the hotel goes bust, or your travel is disrupted by ill health, strikes, civil unrest, volcanoes, bereavement or any other reason, then you may struggle to recover your money. 

Closure of hotels is not unknown.   It might not be quite as high risk as airlines, travel agencies or furniture retailers. However, I would only ever pay a hotel deposit for 1 nigh and pay it by credit card.

 

Advance payment is also a good reason not to book long stays via Agoda.  Last year, I stayed in Pattaya in one hotel for 2.5 weeks. If booked via Agoda, they required the entire payment up front when booking.  If booking with the hotel, no advance payment was necessary.  So booking via Agoda had a clear disadvantage.

[vinapu]

I don't mind prepaying or leaving deposit as long as it makes some sense, either by securing much lower rate or making sure desired hotel has space for dates I need.

Prepaying for longer stay has advantage - no need to carry so much cash. I use cheaper places and would not dream of paying by credit card locally.