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What are the risks of exchanging currency at a bank in Thailand?

Currency ExchangeThai BankingForeign CurrencyVietnam DongExchange RatesFinancial AdviceScams in ThailandExpat Life in Thailand
Nov 2, 2023
a year ago
ธรรมะ ******
ORIGINAL POSTER
Unbelievable 6.000.000 vnđ exchange 5400 bath. Careful
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TLDR : 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.
Tommy *********
a year ago
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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
a year ago
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ธรรมะ ******
ORIGINAL POSTER
a year ago
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Terry ******
WTF?
a year ago
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Danny *********
Rate is 0.0009 in stead of 0.9
a year ago
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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
a year ago
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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.
a year ago
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Charles ******
I think SuperRich exchange will give a very reasonable rate on VND?
a year ago
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Marco *********
@Charles *****
 super rich def best exchange rate in Thailand
a year ago
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Jeffrey *********
@Charles *****
 Yes. You can also buy THB at good rates from downtown money changers in VN before leaving the country.
a year ago
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Jeffrey *********
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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.
a year ago
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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)
a year ago
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Andy *********
@Darren ******
 (some)Viet tour companies will change their passengers vnd too - and give a terrible rate
a year ago
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Darren *******
@Andy ********
 it's a completely useless currency outside of Vietnam, similar to Cambodia and Laos currency
a year ago
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Incognia **********
@Darren ******
 Laos i am using Thai baht.Cambodia is usd everywhere ok
a year ago
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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
a year ago
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Darren *******
@Andy ********
 I deliberately spent what I had leftover on random stuff at the airport on the way out of Laos 🤣
a year ago
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Darren *******
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Kelvin ******
Bank exchange rate not same la.
a year ago
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Manfred **********
Exotic currencies should be converted at specialised money changers only
a year ago
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Incognia **********
@Manfred *********
 yes this is not convertible money.Rate is good i think
a year ago
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Incognia **********
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Jacob ********
The tourist slum banks example Koh Samui are famous for scams having said that most anywhere on the island.
a year ago
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Greg ********
@Jacob *******
 "touris slum banks" 😂
a year ago
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Jacob ********
@Greg *******
 My mistake Tourist/Expat slum banks.
a year ago
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Jacob ********
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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!
a year ago
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Jeffrey *********
@Derek **********
 This wasn't a scam, just a poor exchange rate.
a year ago
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Derek ***********
@Jeffrey ********
 most definitely.
a year ago
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Derek ***********
@Jeffrey ********
 this was years ago that’s what the rate was at the time.
a year ago
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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.
a year ago
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Jeffrey *********
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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.
a year ago
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Fernando ************
@Si **********
 thanks for saying this. Makes one feel at ease. Thx you Si
a year ago
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Greg ********
@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
a year ago
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Greg ********
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Guy ******
Buy gold
a year ago
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Charlie ******
@Andy ********
 if you look in the corner the date was 1 November 2023.. 🥱
a year ago
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Andy *********
@Charlie *****
yeah, I read it as Jan 11....
a year ago
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Andy *********
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Mark ***********
A communist economy. What can one say?
a year ago
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Hovvard ******
@Mark **********
 it's actually a monarchy with a military junta.
a year ago
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Momo *******
@Mark **********
Thailand? Since when?
a year ago
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Mark ***********
@Momo ******
 I was referring to Vietnam. There is a reason why their currency is virtually worthless outside of Vietnam.
a year ago
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Stéfan ********
@Mark **********
 dude, the problem comes from a Thai bank. Vietnam is awesome BTW...
a year ago
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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 unimpressive
a year ago
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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.
a year ago
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Stéfan ********
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Daniel *********
@Mark **********
 Of course the American has to make it political. You guys are insufferable.
a year ago
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Stéfan ********
@Daniel ********
 Thailand, where brain cells come to die and where everyone else is a whinger, particularly the Brits 🤣
a year ago
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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 somewhere
a year ago
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Mark ***********
@Greg *******
 communist? Trump is a fascist.
a year ago
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Mark ***********
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Francesco **********
@Daniel ********
 america is communist too now… hopefully will trump win the next elections but yeah it’s still long time from now…….
a year ago
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James *********
@Francesco *********
 FUCK trump the traitor
a year ago
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James *********
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Hovvard ******
That can't be right, it should be 8700 baht.
a year ago
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Steve ********
Why would you use a bank for foreign currency exchange
a year ago
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Todd *********
Today’s rate. ⬇️

File that under ‘lessons I learned from travelling’.

Next step is to learn better from others.
a year ago
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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?
a year ago
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Todd *********
@Stelar ******
 What do you not understand here?
a year ago
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Todd *********
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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
a year ago
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Bhola **********
Who goes to a bank for money exchange 😂
a year ago
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Jeroen *************
@Bhola *********
 People that believe QR codes and injections are a good thing
a year ago
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Brett **********
@Jeroen ************
 i must have missed this latest bit of conspiracy BS. What is the problem with QR codes? I bet it's a belter
a year ago
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Brett **********
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Andy *********
Ouch! A Superrich exchange would have netted 8580 baht (today, don't know what it would have been back in Jan.)
a year ago
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Mark ******
@Andy ********
 This was this month, not January.
a year ago
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Andy *********
@Mark *****
yeah, I read it wrong
a year ago
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Andy *********
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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!
a year ago
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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?
a year ago
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Garrett ***********
@Leo *****
 Doubt that happened
a year ago
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Andy ********
@Garrett **********
 of course it didn't happen.
a year ago
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Andy ********
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Guy ******
@Leo *****
 what bank was that
a year ago
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Uwe ****
@Leo *****
 Thai banks are great. Never had a problem. What are you talking about?
a year ago
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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!
a year ago
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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.
a year ago
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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
a year ago
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Janey ******
@Terry *******
 yes, this happens in Thailand after a certain time.
a year ago
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Incognia **********
@Terry *******
 this is also a law.What is problem?
a year ago
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Daniele ***********
@Terry *******
 close the account and make the money disappear? Is that normal?
a year ago
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Incognia **********
@Daniele **********
 yes normal.There are this kind of law in many countries
a year ago
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Daniele ***********
@Stelar ******
 can you show anything to support what you say?
a year ago
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Incognia **********
@Daniele **********
 Bank can close your account after years without any notification.U are signing this when u open bank account.
a year ago
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Daniele ***********
@Stelar ******
 if account is empty some banks might do that, they can't just keep your money
a year ago
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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.
a year ago
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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.
a year ago
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Louis ************
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Fernando ************
they tried to give you 5,400bht instead of 5,400,000 Bht ?

Did I read this correctly?
a year ago
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Johnny ********
@Fernando ***********
 vnd
a year ago
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Todd *********
@Fernando ***********
 they gave him 5400 baht. 5.4M would be one massive error
a year ago
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Todd *********
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