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Exchanging $AUD to THB

J B
Surfers Paradise...
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Exchanging $AUD to THB

If the current "official" rate is $1 AUD = 31 THB

What sort of rate would the exchange booths be offering?

Would they offer 31 THB or is it less? If less generally how much less?

J B
Surfers Paradise...
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1. Re: Exchanging $AUD to THB

Just to clarify I'm heading to Phuket so I guess I'm thinking more around exchange booths in Patong Beach

Bangkok, Thailand
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2. Re: Exchanging $AUD to THB

These are the posted daily exchange rates for all the Thai banks; enter THB and AUD to see todays rate:

…daytodaydata.net/default.aspx

There are no Superrich outlets in Phuket.

Edited: 04 October 2012, 07:13
J B
Surfers Paradise...
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3. Re: Exchanging $AUD to THB

So in simple terms I'm wanting to understand what sort of difference there is between the official rate and what the booths offer..

Berlin/Bangkok
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4. Re: Exchanging $AUD to THB

There's no such thing as an "official" rate. Currency exchange rates in Thailand are determined by the international forex markets and fluctuate constantly. As you can see from the link above, the banks amend their rates numerous times throughout the day.

Berlin/Bangkok
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5. Re: Exchanging $AUD to THB

Booths run by banks offer the rates of their institution. Independent forex outfits may offer slightly better rates.

Edited: 04 October 2012, 07:26
J B
Surfers Paradise...
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6. Re: Exchanging $AUD to THB

To explain further there definitely is a difference in rates.

For example the current market rates are around 31-32 THB for $1 AUD however when I go to a booth here in australia they will only exchange give about 26-27 THB for $1. And I've been tracking this for a few weeks the exchange booth is consistently offer 4-5 baht less then the market rates.

So all I am asking is whats the "general" variance between market rates and what booths offer in Phuket? just a rough variance

I understand nothing is a given and markets changes constantly.

Berlin/Bangkok
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7. Re: Exchanging $AUD to THB

I try to explain again. The booths run by BANKS offer the rates that have been set by their various operating companies as in …daytodaydata.net/default.aspx

With one exception that I know of, the rates are identical everywhere in Thailand at the same point in time and the same bank. Exchange booths, bank branches, Bangkok, Phuket, all over the country, all offer the same set of rates.

The exception is at Bangkok Suvarnabhumi Airport (BKK). TMB is heavily represented there - even with booths near baggage claim in International Arrivals. TMB consistently offers the worst rates of all the Thai banks. And for some reason, its rival Siam Commercial Bank (which is the other main exchange provider at the airport) is offering rates identical to TMB's, but only at the airport. Elsewhere, SCB offers much better rates.

There is one sole exchange booth at the airport that offers better rates - Kasikorn Bank. THe rates at its booth on the Airport Rail Link level are identical with K-Bank's rates on …daytodaydata.net/default.aspx and those tend to be among the best of all the banks.

Berlin/Bangkok
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8. Re: Exchanging $AUD to THB

If you're asking what the spread is between what Thai banks are offering and the rates you see on online foreign exchange sites, that's plain to see if you look at …daytodaydata.net/default.aspx

For instance, right now Oanda: 1 AUD = 31.3258 THB

Google: 1 AUD = 31.2956 THB

(These are average interbank rates, neither the highest nor the lowest trading rates at this moment. The lowest is 31.01)

At this moment, Super Rich is giving close to the interbank rate at 31.3 and the best rate from one of the banks is 30.74 (Bank of Ayudya). Most other banks offer something just below 30.7 except for TMB which is giving only 29.9.

You can find out the interbank average rate quite quickly by typing "1 AUD in THB" into Google.

As you can see, the Thai banks take a fairly narrow spread, which is basically what they make on the transaction.

Antipodes
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9. Re: Exchanging $AUD to THB

You always get more bang for your buck exchanging in Thailand, there are no fees, and the rate they (Thai currency exchangers) clearly display is what you get.

When comparing what the thieves at Australian currency exchange shops are offering on the Thai ฿aht, use the link posted four times above already for your benefit. Those rates ARE what people exchanging AUD in Thailand, at THAT bank, at THAT moment, are getting - usually in the range of 5% - 10% more.

If you want to compare international interbank rates and actual cash exchange rates (in Thailand), once again use THAT website for your comparison.

Edited: 04 October 2012, 09:09
Phuket, Thailand
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10. Re: Exchanging $AUD to THB

You'll almost always get a better rate for a local currency in the country in which it is issued. Not a secret, not a surprise. Just higher volume business doing so.