Where to Exchange Money in Bangkok ?
With a strong baht it's more than ever really important to find the best place to exchange your money in Bangkok.
Even if Thailand remain a cheap country for most westerners, with the dollar and euro falling against the baht you need to know where to get the best rate in Bangkok.
In addition to the rise of the baht, which increases prices for tourists, Thai banks tend to charge quite high fees when using a credit card from another country.
So to avoid paying huge fees and getting ripped off by bad rates, here's where to exchange money in Bangkok.
- The two exchange rates : buying and selling
- Where not to exchange money in Thailand ?
- What are the best places to exchange money in Bangkok ?
- Last tips before you go
The two exchange rates : buying and selling
Before we start, and just to be clear, let's remember that there are two exchange rates :
- The buying rate : the rate at which you will buy the currency (Euros => Bahts)
- The Selling rate : the rate at which you will sell the currency (Bahts => Euros)
For example, the euro exchange rate on 14 January 2020 is :
- Buying : 36.60
- Sale : 37.70
The rate you are interested in is the buying rate. It means that the bank will buy euros from you for 36,60 baht for each euro.
Then if you change too much, you will have to sell your baht to the bank for euros. But this time you will have to pay 37,70 baht to get one euro...
Note that these two rates do not vary in the same way and are even different depending on the denominations you hold at some currency exchange.
Where not to exchange money in Thailand ?
The short answer is to not exchange money at the first currency exchange booth you encounter.
Avoid withdrawing money in Thailand with your card
ATMs in Thailand will charge you at least 200 Baht of fee (about 6 euros) which will be added to the fees that your bank back home charge (often a fixed amount + a percentage of the withdrawal amount).
When you add both fees, what you're charged for each withdrawal from an ATM in Bangkok can easily reach 8 to 10 euros per withdrawal.
🐵Mojo Tip : keep your credit card in a safe place in case of trouble, or to pay your hotel bill, but avoid using it for cash withdrawals.
Don't exchange money at the airport
Agencies located in airports often offer much lower exchange rates than agencies located in cities.
So avoid changing money at airports as much as possible.
If you still need to change money, don't change at the first money exchange you find. It's usually the worst.
At airports, the closer the exchange offices are to the travelers' exit gate, the higher their rates.
Walking 50 or 100 meters will save you several (tens of) euros when changing your currency.
At Bangkok's main airport, Suvarnabhumi, the best exchange rate is at the lowest floor, next to the AirportLink train to Bangkok.
This is where you will find the SuperRich office among others.
Note that SuperRich also offers a pre-loaded credit card which can be more convenient than walking around with a lot of cash.
But this card is not on sale at their branch at the airport. It's only available at the SuperRich branch in Ratchadamri.
SuperRich also offers an app that gives you live exchange rates, and shows you the closest branch near you.
Change as little money as possible
To keep your expenses to a minimum, change the minimum amount of money at the airport - just enough to buy yourself something to eat and pay for the taxi to your hotel.
You should change the rest of your money in the city centre, where you will find better exchange rates.
Don't exchange money back home
You probably have the possibility to exchange money directly in your home country. Either in a money exchange office near you, or at your bank.
In almost every case, and unless you urgently need to carry baht with you, we strongly advise against it.
The exchange rate you will get in your country will be way lower than in Bangkok for two reasons :
- The Baht is not necessarily a popular currency across the world, which implies a higher price.
- The costs of structures being more important in many other countries, and this, despite the absence of fees, you will often be offered a lower rate.
What are the best places to exchange money in Bangkok ?
Once again, you will have a lot of opportunities to exchange currencies but we're gonna focus on 3 that we feel are the best options.
Super Rich for those who don't know is a popular brand of Foreign Exchange Offices in Thailand.
They have branches all over Bangkok, and they have always offer very attractive exchange rates.
You can also consult their exchange rates directly on the SuperRich website : www.superrichthailand.com
And if you're wondering where is the nearest Superrich, their website offer a map with all the different branches across Bangkok and Thailand.
You can also follow their Facebook page where they post the exchange rates daily.
SCB - Siam Commercial Bangkok
SCB branches offers a currency buying and selling service.
In most branches, their rate is pretty good.
To know SCB exchange rates : SCB exchange rates
To find the nearest SCB branch : SCB locator
Another major bank in Thailand is Kasikorn Bank.
They also have a competitive exchange rate service.
To know Kasikorn exchange rates : Kasikorn exchange rates
To find the nearest Kasikorn branch : Kasikorn locator
Last tips before you go
Don't necessarily run after the best exchange rate and change all your cash at once.
Indeed, in case of theft or loss, the loss of all your cash will be much more important than the few dollars or euros that you will lose by changing elsewhere or more regularly.
So keep some money in your currency and exchange money as you go.