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NZ dollars currency exchange

Auckland Region...
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16 posts
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NZ dollars currency exchange

Hey Guys,

I was looking at the foreign exchange rates on the thailand banks websites and noticed that they pay better rates for travelers cheques than notes.. Is this the case and why so??

Also would i get better rates with travelers cheques or ATM cards (I also get a 5 dollar charge everytime I use my ATM card overseas)

Thanks

Phuket, Thailand
Destination Expert
for Phuket, Kata Beach
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1. Re: NZ dollars currency exchange

Yes, that is always the case for all currencies. However for TC's you pay a commission, making them more expensive that cash exchange (but also more secure, so that is the price you pay for the security).

Bangkok
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for Bangkok, Air Travel, Thailand
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2. Re: NZ dollars currency exchange

Hi,

I agree.. but.. one technical point of correction

"... However for TC's you pay a commission,.."

If that is a reference to the B33 that is withheld, It's not a commission.. it's a government mandated stamp and duty tax that is levied on most all financial draft (cheques) instruments converted here in Thailand...

In this case foreign denominated T/C's are classed as foreign issued letters of credit for purposes of tax computation.

As such, unlike a commission that is purely business controlled and in some cases can be negotiated, the banks and other venues are not a liberty to discount the stamp tax, or otherwise..

You can see the full text of the Stamp Duty tax here:

http://www.rd.go.th/publish/21986.0.html

Travel Safe,

Edited: 21 December 2011, 05:18
Gold Coast
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3. Re: NZ dollars currency exchange

I would take cash. Can put it in the hotel safe and take out when needed.

Bangkok, Thailand
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15,864 posts
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4. Re: NZ dollars currency exchange

T/Cs are probably the most secure way to carry your money and the 33 baht fee applies to every cheque irrespective of its face value, so for larger denomination cheques is good value.. Bank ATMs charge 150 baht on top of any charges your own bank makes.

Sydney, Australia
Destination Expert
for Patong
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5. Re: NZ dollars currency exchange

I would just take cash and you Debit card only as backup.

Michelle

6. Re: NZ dollars currency exchange

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