I have usually found in Bangkok that exchange rates at the various on-street booths are almost identical, apart from Siam Commercial Bank which tends to be slightly less favourable. Purely as an exercise (since I have accounts here), between 16:00 and 18:00 this afternoon in Pattaya, I checked the rates at various bank booths and found much more variation. I was checking Hong Kong dollar rates which, as the HK$ is tied to the US$, means the percentage variations should be virtually similar for US dollars.

 

Siam Commercial Bank: 4:00

Thannachart: 4:03

Kasikorn: 4:04

Bangkok Bank: 4:05

Western Union: 4:05

Krung Thai; 4:06

Islamic Bank of Thailand: 4:06

TMB: 4:06

 

The 1 1/2% difference rather surprised me. Almost a case of caveat emptor - except it could also be construed as caveat seller, if only I could remember the Latin word for 'seller'!

Back in December, the best cash rates in Pattaya were at TT (many kiosks) and best of all at Super T. As far as I know, Super T has just one shop which is just past where that long line of baht buses waits to collect punters for the trip to Jomtien beach. Cunningly disguised as some kind of art shop, so very easy to walk past.

 

In Bangkok, the best rates were at Vasu (Nana Plaza) & Super Rich (by the KFC & Subway shops at Sala Daeng).

 

All of these beat the big banks.

Purely as an exercise (since I have accounts here), between 16:00 and 18:00 this afternoon in Pattaya,

Apparently, you have a lot of time to kill. Lucky you!

It's interesting to hear of private exchanges that have better rates that the banks. I will assume that there are no flat rate fees that offset the slight difference in the currency rate.

 

BTW, be cautious using the HKD as a proxy for the USD. While it's true that the HKD is pegged to the USD, it's a loose peg; it's nominally fixed at 7.80 HKD per USD, but allowed to fluctuate between 7.75 and 7.85.

Apparently, you have a lot of time to kill. Lucky you!

Haha! Merely some afternoon exercise back to my hotel to walk off an exceedingly heavy lunch! Oddly though, in South Pattaya there are so many cash booths that you could do the entire exercise in about 20 minutes.

 

I will assume that there are no flat rate fees that offset the slight difference in the currency rate.

 

BTW, be cautious using the HKD as a proxy for the USD. While it's true that the HKD is pegged to the USD, it's a loose peg; it's nominally fixed at 7.80 HKD per USD, but allowed to fluctuate between 7.75 and 7.85.

There were no flat fees. And you are absolutely correct. There is indeed a slight margin for movement up and down. But I had assumed that the US$/HK$ rate would be the same for almost all financial institutions on the same date. Had it been a couple of days apart, the

I was checking Hong Kong dollar rates which, as the HK$ is tied to the US$, means the percentage variations should be virtually similar for US dollars.

 

Your assumption does not hold-for lesser used valuta, like the HKD, the diferences tend to be much larger as for USD, EUR and JPY.

You might also have looked the difference in rates offered for cash and TC (check)-and note that even for a 100 note, in many banks the slightly higher rate is more as eaten up by the 33 bt fee levied on TCs.

For the rest agree-in BKK Vasu/SuperRich (they are much of a same thing) offer best rates for CASH-and cash only. They wont touch TCs.

They are also very good at offering other Asian valuta at lower sell-rates-f.e. I had a better yearn on changing euro-notes into THB and on to CNY (chinese renminbi) as I got in China.

S-Rich also operates a few windows trading as RAINBOW-recently also one on Silom-somewhere between sois 2-4. But their rates are lower (but still higher as other banks). There is also a private non-bank exchange at Suriwong, between soi Tawan and the canal (going away from Patpong) offering god rates-again cash only.

Your assumption does not hold-for lesser used valuta, like the HKD, the diferences tend to be much larger as for USD, EUR and JPY.

As I said, it was merely a little exercise relating to cash transactions in Pattaya, that's all. I have not noticed such variations in Bangkok. Am I out of touch?

 

I'm not sure I agree with you re the HK$ having a larger difference than the US$ - although I admit have not checked! I have however changed a lot of HK$ over the years and, because it is pegged to the US$, the differences each day are so small as to be virtually nil in cash transactions. But maybe that has changed.

 

If I have a large sum to change, I'll always use a TT which has a far superior exchange rate.

I suspect that weekends may have greater variations than weekdays.

 

And a tense bloody weekend may have greater variation than normal weekends.

if only I could remember the Latin word for 'seller'!

Vendor

Wow! So simple. Should not have forgotten that!