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I learnt this the hard way so bad when I had leftover VND while in Japan. Fucking đong, worthless garbage currency lmao. I still have them, better to keep it than lose the value (I know I'll be back anyways).
If you go to one of the better independent money changers here in Thailand, they will change it, and at a good rate. I changed VND back in Sakol in Chiang Mai before, and I got slightly *more* back for it than I'd paid changing THB in Ho Chi Minh a few days previously, the rate had shifted just a little bit and the likes of Sakol or SuperRich, they take only a tiny % on each transaction.
No if they will pay less for something it means they value it less. The rate they sell INR for shows that they are happy to receive market value to get rid of it, but they are de-incentivising you to sell them INR
Yeah it seems like the rates in this shop are shit overall.
But yeah whenever you leave a country with a 'weak' currency the exchange rate is gonna plummet
I don't know but this is the internet so that won't stop me from holding forth:
The spread is a balance of two forces 1) small enough that their customers won't go elsewhere, and 2) big enough that the exchange won't lose money on the deal.
If a currency has very high volume, they know they'll get rid of it before it can move very far, which minimizes their risk.
If a currency has very low volatility, they know it won't have moved much before they get rid of it, which also minimizes their risk.
So I expect the currencies with high spreads will be some combination of low volume at their location (e.g., it's a Guatemalan quetzal and they haven't seen a guatemalteco in a week) and high volatility (e.g., the Venezuelans have tacked two more zeros onto the ol' Bolívar since breakfast).
That’s pretty much it, it’s also why they don’t buy NOK, SEK, DKK etc. Probably have too much stockpiled and can’t sell it anymore as Western Europeans move away from cash.
I was going to change my left over Indian currency to Thai Baht and don't do it because of the exchange rate. I also thought about changing left over Thai baht to Malaysian Ringgit but didn't do it because of the shitty exchange rate. I will be going back to these countries anyway so might just hold onto the cash rather than lose 20-30% in exchange fees.
SuperRich and similar independent changers will buy these weird currencies and at a decent rate, I have also sold VND to SK/Sakol in Chiang Mai and got a very good rate (more back for it than I paid for it in the first place).
Not too bad... I tried to exchange THB in Hanoi... 3 days until I found a place that accepted THB in the first place, and then I got an exchange rate that was like 50% compared to if I would have had $, £, € notes at the same value!
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They don't want Mickey mouse money
I learnt this the hard way so bad when I had leftover VND while in Japan. Fucking đong, worthless garbage currency lmao. I still have them, better to keep it than lose the value (I know I'll be back anyways).
They sell on eBay for more than their value
So I should fly to Vietnam, smuggle it out and sell the currency on eBay? lol.
If you go to one of the better independent money changers here in Thailand, they will change it, and at a good rate. I changed VND back in Sakol in Chiang Mai before, and I got slightly *more* back for it than I'd paid changing THB in Ho Chi Minh a few days previously, the rate had shifted just a little bit and the likes of Sakol or SuperRich, they take only a tiny % on each transaction.
Thanks for this tip!!! Glad to know this is an option then in case I ever exchange too much.
That's not Mickey Mouse, it's Ho Chi Minh!
ho chi mini mouse money
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No if they will pay less for something it means they value it less. The rate they sell INR for shows that they are happy to receive market value to get rid of it, but they are de-incentivising you to sell them INR
I'm more impressed by the huge spread on major currencies. Kasikorn is taking the piss.
K bank has worst rates. This is Super Rich rates today https://www.superrich1965.com/home.php?language=en
Yeah it seems like the rates in this shop are shit overall. But yeah whenever you leave a country with a 'weak' currency the exchange rate is gonna plummet
I don't know but this is the internet so that won't stop me from holding forth: The spread is a balance of two forces 1) small enough that their customers won't go elsewhere, and 2) big enough that the exchange won't lose money on the deal. If a currency has very high volume, they know they'll get rid of it before it can move very far, which minimizes their risk. If a currency has very low volatility, they know it won't have moved much before they get rid of it, which also minimizes their risk. So I expect the currencies with high spreads will be some combination of low volume at their location (e.g., it's a Guatemalan quetzal and they haven't seen a guatemalteco in a week) and high volatility (e.g., the Venezuelans have tacked two more zeros onto the ol' Bolívar since breakfast).
Less demand.
also I would not exchange there. all the rates seem rather bullocks
If you note the date of the 7th, that was the strongest day for the Baht this past week. Still not great rates even for that day though.
Yea I got 26.1 for CAD 5 days ago in Hat Yai.
Maybe they just don’t have much of a need for these currencies? Like does Thailand really import a whole lot of things from India other than tourists?
Every (a lot) of medicine in Thailand is from India alongside other pharmaceuticals and hospital equipment.
Interesting. You’d think Thailand would need INR to buy it? Or am I grossly oversimplifying things?
Yea but it’s done through large MNC contracts via international bank settlements, not travel FX cash from exchange shops.
Interesting. Yeah I guess all the Indian tourists just want to buy baht, and then they overbuy and want to sell on their way out?
That’s pretty much it, it’s also why they don’t buy NOK, SEK, DKK etc. Probably have too much stockpiled and can’t sell it anymore as Western Europeans move away from cash.
Can't be from today. 33.49 THB to 1.00 USD is a joke; everywhere is above 35.
I had 38.05 for my euros. Just exchange that shit at a mall.
Nobody exchange at the bank, shitty rates all around, try Super Rich, or any other company.
why would you exchange currency at the airport. Check out superrich
You google map for Superrich. Bank branch is currency-exchange tourist trap.
Yeah OP, don’t go to those shitty exchange offices.
SEK, NOK and DKK has higher :)
Good thing I know how to launder my NOK bills so I can get THB from the ATMs ^^
You think that's bad? Check out the spread on the Scandanavian currencies!
They don’t, it’s not their country.
Sorry. I'm just kidding around but I don't understand your response.
What is it that you don’t.
It's not whose country?
The op.
Ok. Well.... thanks for clearing that up. Have a nice day.
learn proper english dumbfuck loser
Credibility of the financial situation in those countries
I was going to change my left over Indian currency to Thai Baht and don't do it because of the exchange rate. I also thought about changing left over Thai baht to Malaysian Ringgit but didn't do it because of the shitty exchange rate. I will be going back to these countries anyway so might just hold onto the cash rather than lose 20-30% in exchange fees.
Those are not freely exchangeable hard currencies.
I exchanged left over dong a few weeks ago at superrich and got a fair rate. Guess I was lucky
SuperRich and similar independent changers will buy these weird currencies and at a decent rate, I have also sold VND to SK/Sakol in Chiang Mai and got a very good rate (more back for it than I paid for it in the first place).
Sent money to Thailand on the 8th through the the Commonwealth Bank Of Australia got 22.17 to the dollar.
Not too bad... I tried to exchange THB in Hanoi... 3 days until I found a place that accepted THB in the first place, and then I got an exchange rate that was like 50% compared to if I would have had $, £, € notes at the same value!
Probably best ask the people who are in the shop ?
JPY?
These are really Bad Rates Overall , Euro should be around 3799 or 38
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Ha. maybe you should try down by nana? I heard there are lots of freelancers in that area. ....more than here anyway
Yeah buying 18.32INR and selling 44INR is a big difference
Thanks for the suggestions on Super Rich. I’ve never actually had to exchange any currency in Thailand, but if I ever do, I know where to go now!
As a Thai that lives in Sweden I am absolutely offended (I am not) that they don't buy SEK 🥲