August 20, 2017, 12:57:22 PM


Author Topic: Buying Thailand Baht  (Read 457 times)

Offline JNM

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Buying Thailand Baht
« on: July 03, 2017, 11:49:32 AM »
I am planning a family vacation to Thailand, and am wondering what the best option for pocket money is.  Looking at about 2 000 000 KRW (60 000 THB).

I have KRW, and CAD in my Korean bank accounts. 

The upshot is that I get paid in CAD, so I need to buy KRW as an intermediate transaction if I buy THB or USD here.

My options are:

1) Buy THB here - I get paid in CAD, so I need to buy KRW as an intermediate transaction.
2) Carry CAD and buy THB there
3) Carry KRW and buy THB there
4) ATM from KRW account
5) ATM from Canadian CAD account
6) Carry USD or EUR and buy THB there (CAD -> KRW -> USD/EUR -> THB)


I pay a service charge of 2600 KRW for every 100 CAD Canadian notes from my account, but I am thinking that going from one minor currency to another (KRW to THB), the rate might not be as good as buying THB there.

Thoughts?


Offline DaStrongOne

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Re: Buying Thailand Baht
« Reply #1 on: July 03, 2017, 11:53:12 AM »
Exchange it in Thailand at Super Rich.

Offline JNM

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Re: Buying Thailand Baht
« Reply #2 on: July 03, 2017, 12:06:23 PM »
So, what should I carry?


Offline Pecan

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Re: Buying Thailand Baht
« Reply #3 on: July 03, 2017, 12:13:15 PM »
http://bankexchangerates.daytodaydata.net/default.aspx

Super Rich doesn't have the best rates for KRW, though they do for some other currencies.

Considering that it isn't a very large amount of cash, your best bet is to go the "main" "head" branch of your bank in Korea and exchange your 2 million KRW for THB (you will only be carrying 60ish large bills/1,000).  Be sure to ask for the discount rate.

Enjoy your trip.

Offline JNM

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Re: Buying Thailand Baht
« Reply #4 on: July 03, 2017, 12:37:33 PM »
http://bankexchangerates.daytodaydata.net/default.aspx

Super Rich doesn't have the best rates for KRW, though they do for some other currencies.

Considering that it isn't a very large amount of cash, your best bet is to go the "main" "head" branch of your bank in Korea and exchange your 2 million KRW for THB (you will only be carrying 60ish large bills/1,000).  Be sure to ask for the discount rate.

Enjoy your trip.

Thanks Pecan - great link.

Any idea what the difference in rates between branches in Korea might be?  Trying to determine if it is worth my while to go across town during banking hours. I deal with KEB-Hana.


Offline JNM

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Re: Buying Thailand Baht
« Reply #5 on: July 03, 2017, 12:45:19 PM »
According to the KEB-Hana app, they sell THB notes at 35.69, which is consistent with the "good" options on the website, and not much worse than the "excellent" ones.

Offline Pecan

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Re: Buying Thailand Baht
« Reply #6 on: July 03, 2017, 12:49:13 PM »
It depends on how you value your time, but it could be the difference of 1,000-2,000 THB....

.029 or .030 on 2 million KRW

It is typically 1-3% more expensive to exchange at the airport depending on the currency, etc. compared to the main branch office.

Since you are with KEB/HANA, I believe you'd need to visit Myeongdong.

Offline JNM

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Re: Buying Thailand Baht
« Reply #7 on: July 03, 2017, 01:20:38 PM »
It depends on how you value your time, but it could be the difference of 1,000-2,000 THB....

.029 or .030 on 2 million KRW

It is typically 1-3% more expensive to exchange at the airport depending on the currency, etc. compared to the main branch office.

Since you are with KEB/HANA, I believe you'd need to visit Myeongdong.

Thanks again!

Offline Pecan

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Re: Buying Thailand Baht
« Reply #8 on: July 03, 2017, 02:36:19 PM »
The pleasure is mine.

Is it your first time ?  Only doing Bangkok?

Do you have your accommodation booked?

None of my business, I know.

Be well.

Offline JNM

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Re: Buying Thailand Baht
« Reply #9 on: July 03, 2017, 02:42:57 PM »
Phuket, actually.

My wife did the bookings based on advice of friends who go there a couple times a year.

Offline grey

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Re: Buying Thailand Baht
« Reply #10 on: July 03, 2017, 02:46:28 PM »
F myeongdong.

If you are going to travel to exchange money in Seoul go to Seoul Station. Better rates, less hassle.
Ko fills half his luggage with instant noodles for his international business travels, a lesson he learned after assuming on his first trip that three packages would suffice for six days. “Man, was I wrong. Since then, I always make sure I pack enough.”
-AP

Offline Pecan

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Re: Buying Thailand Baht
« Reply #11 on: July 03, 2017, 03:03:33 PM »
F myeongdong.

If you are going to travel to exchange money in Seoul go to Seoul Station. Better rates, less hassle.
Sorry for not being more clear, I was NOT advocating traveling to the Myeongdong area, in general, to exchange money.

I was referring to the location of the main office/headquarters of KEB/HANA.  It is located in Myeongdong, and that is where you will get a better rate than one of their regional branches, especially the airport.

That said, it sounds like JNM is all set with using the app.

Offline grey

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Re: Buying Thailand Baht
« Reply #12 on: August 12, 2017, 03:56:41 AM »
I just checked super rich in Thailand and was shocked at how low the fees are for the main currencies of the world. The won is still very good, better than Thai baht here, but not as good as the reserves.

If I remember correctly the normal bank fee for krwthb is ~6%, whereas it is ~0.6% in Thailand the other way. The reserves are ~0.2% in Thailand, with KRWreserve being ~1.75%.

Honestly, there are no low-fee options in Korea, just lower fee.

I think I'm going to do a basket of money exchanges when I get to Thailand.

As always, I will reiterate,

Do not trust anyone who tells you to exchange at any airport without stressing the convenience tax you will incur.
Ko fills half his luggage with instant noodles for his international business travels, a lesson he learned after assuming on his first trip that three packages would suffice for six days. “Man, was I wrong. Since then, I always make sure I pack enough.”
-AP

Offline grey

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Re: Buying Thailand Baht
« Reply #13 on: August 12, 2017, 04:00:59 AM »
http://eng.ibk.co.kr/lang/en/ps/excRate.jsp

Here is an exchange table of what you can expect to pay to exchange in Korea. It's pretty painful.
Ko fills half his luggage with instant noodles for his international business travels, a lesson he learned after assuming on his first trip that three packages would suffice for six days. “Man, was I wrong. Since then, I always make sure I pack enough.”
-AP

 

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