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Thursday, July 31, 2014

Where to Exchange Money in Bangkok

The best counters and offices to exchange foreign currency in Bangkok, Thailand. Where to get the best rates, and avoid paperwork.

Foreign currency exchange counters are not as prevalent in Bangkok as they are in other Asian cities, such as Kuala Lumpur and Singapore. It's hard to find a good exchange office, and even harder to find a good rate (or at least a fair rate). Avoid the airport counters - worst rates of any place. There are some exchange offices in Bangkok that do give better rates, with a little leg work. I've used all the of the office listed here. These are the best places to exchange money in Bangkok.

Super Rich Foreign Exchange
The Super Rich office is where you'll get the best rate anywhere in the city. They offer the tightest spreads and will accept the largest number of currencies. There is only 1 office, across the street from Central World shopping center. Take the BTS sky-train to the Chit Lom station. Walk a block to find Super Rich directly across from Central World. You may think it's strange, but there are two money exchange offices called "Super Rich" on the same street, but only one of them gives good rates. It's easy for you to peek into the window at both to see today's rate, then go to the one with the best rate offered. Update: there is now also a Super Rich at Paradise Park Shopping Center, next to Seacon Square on Srinakarin Rd.

Bangkok Bank - Asoke Station or Silom
Any bank will exchange money for you, but the rates are usually very bad. Additionally, they will require your passport, signing of papers, and a lot of extra time. You may have to queue up for this long bit of paperwork, so expect to spend an hour in the bank. To avoid all this, go to the outdoor service windows at Bangkok Bank at either Sukhumvit 11 (Asoke), or in Silom. Only these 2 offices will speak English and expedite your transaction without extra paperwork.

ATM Machines
Instead of exchanging hard currency, just use your ATM card to access your bank account back home. There is a 150 baht fee (about $5) on top of your home bank's fee (usually another $6), but the $11 is worth the convenience. You will also get the best interbank exchange rate. The limit is 25K per day (about $840) per ATM card at Bangkok Bank and 20K at other Thai banks. I carry 2 cards from 2 separate banks, just in case.


Don't Bring Old Money
Keep in mind that old dollar bills are not accepted at most Asian foreign exchange counters. US Dollars printed before 2003 do not have colors in them (2010 for 100 Dollar bills), and most foreign exchange windows will not take them. It's as if you're offering them Monopoly money. They will push them away as if a bad smell were attached. Before you leave the US, go to a bank and exchange all your old bills for new ones. No one wants singles and fives. Take only 50 and 100 Dollar notes to be exchanged.


Be careful at any ATM or foreign exchange window, as tourist areas are rife with pickpockets. Bangkok is one of the safest cities in the world, but any tourist area will attract pickpockets  -  many who pose as tourists themselves. Don't assume other "tourists" are what they seem. Take a partner with you to watch your back. Exchange your money wisely in Thailand, and enjoy the trip!


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