Answered3 years ago
What are the risks of exchanging currency at a bank in Thailand?
Unbelievable 6.000.000 vnđ exchange 5400 bath. Careful
Answer summary
A user expressed disbelief over receiving a low exchange rate for Vietnamese Dong to Thai Baht at a bank, indicating a conversion of 6,000,000 VND to only 5,400 THB. Comments revealed concerns about banks offering poor exchange rates compared to other options like money changers. Previous negative experiences with banks in Thailand were shared, along with advice to avoid exchanging exotic currencies at banks due to inadequate rates. Suggestions included using specialized money changers and learning from experiences to improve financial decisions.
80 repliesnewest first
Click comment and we will ask for your email, then OTP, then name.
Sri ***
Usually asian currencies like Indian, Vietnam, cambodia etc has low exchange rates anywhere in the world, it’s not scam when you exchanged from authorized bank, these are their bank’s official rates, always suggested to carry USD
Terry ******
WTF?
Danny *********
Rate is 0.0009 in stead of 0.9
Greg ********
i hate exchange ripoffs. just for fun whenever i fly into bangkok airport, i stop and look at the exchange rate boards and laugh, then walk off
Angy ********
many people go to the first exchange counter and only later discover to be defrauded. That is one example. Bangkok Bank as some good exchange rates sometimes but not in this case. I bought rubles from them in May at the best rate available in Thailand and also better then in Moscow.
Charles ******
I think SuperRich exchange will give a very reasonable rate on VND?
Marco *********
@Charles *****
super rich def best exchange rate in Thailand
Jeffrey *********
@Charles *****
Yes. You can also buy THB at good rates from downtown money changers in VN before leaving the country.
Darren *******
VND isn't particularly easy to exchange outside of Vietnam which most likely accounts for the awful FX you've been given. You'd have been better trying to find someone who is going there soon or living there but here at the moment and exchanging directly with them. You live and learn.
Andy *********
@Darren ******
Understand. Exactly what we did. In Vietnam, we always get my wife's sister to change our money at the market, get a better rate there (and she's a local so doesn't get scammed like Viet Kieu sometimes do)Andy *********
@Darren ******
(some)Viet tour companies will change their passengers vnd too - and give a terrible rateDarren *******
@Andy ********
it's a completely useless currency outside of Vietnam, similar to Cambodia and Laos currencyIncognia **********
@Darren ******
Laos i am using Thai baht.Cambodia is usd everywhere okDarren *******
@Andy ********
I deliberately spent what I had leftover on random stuff at the airport on the way out of Laos 🤣Andy *********
@Darren ******
Exactly. We went to Laos last year. Tried to change currency in the way out, they said "we don't want that", lol
Kelvin ******
Bank exchange rate not same la.
Manfred **********
Exotic currencies should be converted at specialised money changers only
Incognia **********
@Manfred *********
yes this is not convertible money.Rate is good i think
Jacob ********
The tourist slum banks example Koh Samui are famous for scams having said that most anywhere on the island.
Greg ********
@Jacob *******
"touris slum banks" 😂Jacob ********
@Greg *******
My mistake Tourist/Expat slum banks.
Derek ***********
My brother almost got scammed 3,000 baht right in the airport.
Cashed in $500 USD. (Roughly 15,000 baht at that time)
He found it very odd that the teller was giving him all 500 baht notes instead of 1000 baht notes. He counted it in front of her. 12,000 baht and some change.
$3,000 short of what he was owed.
Typical scam. Always do the math yourself and count your money!
Cashed in $500 USD. (Roughly 15,000 baht at that time)
He found it very odd that the teller was giving him all 500 baht notes instead of 1000 baht notes. He counted it in front of her. 12,000 baht and some change.
$3,000 short of what he was owed.
Typical scam. Always do the math yourself and count your money!
Jeffrey *********
@Derek **********
This wasn't a scam, just a poor exchange rate.Derek ***********
@Jeffrey ********
most definitely.Derek ***********
@Jeffrey ********
this was years ago that’s what the rate was at the time.Jeffrey *********
@Derek **********
Sorry, I didn't express myself clearly - I was just noting that the situation you described was an out-and-out scam, while the one mentioned in the OP was just a case of accepting a bad exchange rate.
Si ***********
Leo Kwot a few people are asking what bank and I’m guessing you said their bank. So that’s Bangkok Bank . They are regulated and have over 30 branches in other countries. I use the phone app and can stop any payment or move my payments plus I get an email every time a payment is made. Your money is cover up to one million Thai baht.
Fernando ************
@Si **********
thanks for saying this. Makes one feel at ease. Thx you SiGreg ********
@Fernando ***********
i have never heard of anyone losing money in a thailand bank. He said nothing about what actually happened. He could have left the acct inactive for years and they closed it or scammers/hackers got in there and raided it or it was criminal activity on his part
Guy ******
Buy gold
Charlie ******
@Andy ********
if you look in the corner the date was 1 November 2023.. 🥱Andy *********
@Charlie *****
yeah, I read it as Jan 11....
Mark ***********
A communist economy. What can one say?
Hovvard ******
@Mark **********
it's actually a monarchy with a military junta.
Momo *******
@Mark **********
Thailand? Since when?Mark ***********
@Momo ******
I was referring to Vietnam. There is a reason why their currency is virtually worthless outside of Vietnam.
Stéfan ********
@Mark **********
that’s your personal opinion, and I respect that, yet, Vietnam attracts millions of tourists every year, amongst which many are repeat visitors.Mark ***********
@Stéfan *******
on multiple trips to Vietnam I found it consistently underwhelming found the people to be like cold fish and found the entire country to be unimpressiveStéfan ********
@Mark **********
dude, the problem comes from a Thai bank. Vietnam is awesome BTW...
Daniel *********
@Mark **********
Of course the American has to make it political. You guys are insufferable.Stéfan ********
@Daniel ********
Thailand, where brain cells come to die and where everyone else is a whinger, particularly the Brits 🤣Greg ********
@Daniel ********
yes insufferable, i'm american and it irritates me too. It gets really old after a while. I think they're so pissed off since the overthrow and install of a communist puppet biden gov that they have to vent their frustrations somewhereMark ***********
@Greg *******
communist? Trump is a fascist.
Francesco **********
@Daniel ********
america is communist too now… hopefully will trump win the next elections but yeah it’s still long time from now…….
James *********
@Francesco *********
FUCK trump the traitorHovvard ******
That can't be right, it should be 8700 baht.
Steve ********
Why would you use a bank for foreign currency exchange
Todd *********
Today’s rate. ⬇️
File that under ‘lessons I learned from travelling’.
Next step is to learn better from others.
File that under ‘lessons I learned from travelling’.
Next step is to learn better from others.
Incognia **********
@Todd ********
Vietnam dong what???This is not convertible money.Exchange rate is quite ok i think.Are you thinking Vietnam dong is usd or euro?Todd *********
@Stelar ******
What do you not understand here?
Jared **********
Always get worse rates in countries where the currency is foreign, not to mention banks aren’t known for good rates
Looks like a cheap lesson learned
Looks like a cheap lesson learned
Bhola **********
Who goes to a bank for money exchange 😂
Jeroen *************
@Bhola *********
People that believe QR codes and injections are a good thing
Brett **********
@Jeroen ************
i must have missed this latest bit of conspiracy BS. What is the problem with QR codes? I bet it's a belterAndy *********
Ouch! A Superrich exchange would have netted 8580 baht (today, don't know what it would have been back in Jan.)
Mark ******
@Andy ********
This was this month, not January.Andy *********
@Mark *****
yeah, I read it wrong
Leo ******
I had a bank account in their bank, and I had more than 30K in my account! 2,5 years later when I could return - ALL my money was gone - NO explaining! I never trust a thai bank again!
Bruce ****************
@Leo *****
😳. I have money in their bank, and my wallet was stolen in Vietnam, and the criminals tried to use my ATM card and tried to log into my account. So they locked my account. Told me I had to go to Thailand to show my passport before they would unlock my account . That was four years ago. I plan to go back to Thailand in a few weeks. I hope I don't have a problem. So what did they tell you?
Garrett ***********
@Leo *****
Doubt that happened
Andy ********
@Garrett **********
of course it didn't happen.Guy ******
@Leo *****
what bank was that
Uwe ****
@Leo *****
Thai banks are great. Never had a problem. What are you talking about?Leo ******
@Uddhava ***********
So if U have 30 K and suddenly 2,5 year later they R gone - thats perfect? Have U google the word "perfect"? Maybe U will B surprised!
Janey ******
@Terry *******
yes, this happens in Thailand after a certain time.Incognia **********
@Daniele **********
no even have money inside account they have right to close because of inactivity.This is a rule in many countries.This money is going to Treasury of Thailand.
Daniele ***********
@Stelar ******
if account is empty some banks might do that, they can't just keep your moneyIncognia **********
@Daniele **********
Bank can close your account after years without any notification.U are signing this when u open bank account.Daniele ***********
@Stelar ******
can you show anything to support what you say?Incognia **********
@Daniele **********
yes normal.There are this kind of law in many countriesIncognia **********
@Terry *******
this is also a law.What is problem?
Louis ************
@Daniele **********
They can deduct money for annual ATM fee and fee to keep the account open. But you must check 30,000 Baht is a lot to be disappeared. Need to check where it went. Some bank staff wrre found to be stealing from accounts.Daniele ***********
@Terry *******
close the account and make the money disappear? Is that normal?
Terry ********
@Tim ********
agreed. Never had a problem. However, after so many years of inactivity, your account can be closed. The same thing happens in the USA
Tim *********
@Leo *****
Thai banks are regulated by the government. You would have statements, so you can see when your money went out and where it went.Fernando ************
they tried to give you 5,400bht instead of 5,400,000 Bht ?
Did I read this correctly?
Did I read this correctly?
Johnny ********
Todd *********
@Fernando ***********
they gave him 5400 baht. 5.4M would be one massive errorActivity
46 joined46
people
Related
25What are the implications of the current changes regarding the DTV visa in Thailand?
1.8k14213mo
What are the best options for exchanging New Zealand dollars to Thai baht in Thailand, and will I still receive a 60-day visa on entry?
3.6k33335mo
What is the best method to convert Saudi riyal to Baht for my trip to Thailand?
31827mo
What should I do to update my Thai banking app after getting a new phone and renewing my passport while on a DTV?
18.3k1791399mo
What is the process for opening a bank account in Thailand with a Non-O visa?
10.4k6415110mo
What are the fees and best methods for transferring USD to a Thai bank?
4.4k254710mo
Do banks in Thailand report on currency exchange transactions?
6.7k52791y
Can you open a bank account in Thailand with a DTV visa?
6.3k54531y
Is using Wise better than traditional banks for transferring money to Thailand?
9.2k53711y
Can I still exchange 500 euro notes in Thailand?
2.6k10282y
What are the risks of creating content on OnlyFans while in Thailand?
11.6k34552y
Can I easily change 500 euro banknotes in Bangkok?
3.6k20152y
Can I open a Thai bank account with a 60-day tourist visa for my wedding in Thailand?
2.2k17182y
What are the best methods to transfer money from the US to Thailand without losing too much on exchange rates?
11.5k1021002y
What is the cheapest way to exchange UK pounds to Thai Baht in Pattaya, Wise or currency booths?
8k76502y
Where can I find the best exchange rates for US dollars in Pattaya?
7.1k44773y
Is it better to open a Thai bank account in the city where I apply for retirement or can I maintain my account after moving?
5k37563y
Where can I exchange slightly dirty $100 notes in Bangkok?
9.9k62583y
What are the steps to open a bank account in Thailand as an expat?
3.7k33233y
What are the fees and exchange rates for withdrawing cash from ATMs in Thailand?
13.2k1001243y
What is the best time of day to exchange dollars for Thai Baht based on historical data?
3.1k8284y
What is the current best exchange rate for GBP to THB in Phuket?
3.8k30284y
Can I exchange currency and buy a SIM card at the airport during the Test and Go program in Thailand?
754415y
What are the benefits of using a Starling Bank account in Thailand?
4.3k36276y
Can we bring pounds sterling to Thailand instead of baht for the required entry amount?
890547y
Resources
Need help with your Thai visa?
#1 visa agent · 4,000+ reviews · 100,000+ expats served