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Is it better to exchange cash to Thai baht in Malaysia or in Bangkok?

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Apr 7, 2023

2 years ago

ORIGINAL POSTER

Visiting Malaysia today and I had to close out my bank account here. They gave the money to me and cash. It's a significant amount. 

Is it better to buy Thai baht here or bring it back to Bangkok and then deposit it in the bank as is (if possible) or Go to the money Changers? My bank is Bangkok Bank. I think I know the answer but I'm just double checking with the experts here.

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TLDR : Answer Summary

A user seeks advice on whether to exchange a significant amount of cash received from closing a bank account in Malaysia to Thai baht there or return to Bangkok for the exchange. Community responses suggest evaluating options like depositing directly in a Bangkok Bank branch in Malaysia, comparing exchange rates at local money changers, and being mindful of customs regulations regarding importing cash. Several members recommend checking rates and consider transporting cash safely.

Rob **********

You can open up a FCD account with Bangkok bank, we have one, and we just leave our AUD in there.

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Jack *********

ORIGINAL POSTER

interesting I'll look into that thanks

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Jack *********

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Kool *******

Just do a bank to bank transfer, or bring the cash here, and deposit it into your Bangkok Bank account. You will get a slightly higher exchange rate than an in the street exchange booth. be aware that you must declare it if it is more than US$20,000 equivalent on your customs entry form when you enter the country with it.

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Incognia **********

10K or 20K

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Kool *******

20k if you are entering Thailand. 10k if you are entering the USA

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Kool *******

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Russell *******

Pay it back into the bank account and make a transfer to your new bank

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Vincent *****

Better to change to usd and change usd to Thai bahts here. Also if you import more than 10kusd you have to declare it at the custom when you arrive.

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Nick **********

If you are comfortable bringing it as cash, change at super rich (not all branches give same rate), deposit the baht you got at your bank.

You can check all the rates yourself to compare.

Of course, depends on the amount and where you are located to work out if the most favourable rate is worth any additional transport costs to get there.

----- edit added : after doing the math with the rates I found on internet, it turns out

is right : the extra exchange through USD can give some extra profit if done at the proper exchangers.

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Nick **********

double change is twice the cost of changing

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Vincent *****

Nick MuayPlam exchange rate for MYR is 1%, almost 0% for usd

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Nick **********

It COULD maybe be cheaper to go around via USD. But unless I see the exact rates I won't bet on it.

I'll do the test as I'm writing (and put up the comment no matter how the result turns out) and look up and do the math as I write.

You : via USD, the best rate I could find somewhere in Kuala Lumpur is with mymoneymaster : 100K MYR -> exchange rate to USD is 4.393 => gives 22,763 USD Then at Super Rich main branch change to THB at 34.07 THB for the

******

bills and a bit less for the other bills => 775,533.75 THB

Me : 100K MYR to super Rich at 7.7 = 770,000 THB

Wowww... (Unless somebody can point out any mistake I made) for 100K MYR it would be worth it, even with some transport costs... Looked up another money exchanger with a bit less favourable rate, and there was still some profit going through USD.

You're right.

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Vincent *****

Also MYR to usd in KL exchange is close to 0%

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Vincent *****

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Bob **********

You probably would get a better rate at a money changer in Thailand

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William ****************

I am going through the same process. I was told they would transfer to BB here in Thailand

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Bonnie *******

There are bb branches in kl. You could deposit it

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Cliff *********

It’s a bit late, but you could see if BB has a branch in Malaysia. Then take a cashiers check or wire the money between the two banks in Malaysia as a domestic transfer.

Beats carrying a bunch of cash.

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Brandon ************

It's always cheaper to buy a currency from the country it's from.

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Brandon ************

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