Crosswords0 min ago
thai baht exchange rate
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I know the exchange rate for Thai baht is approx £1 for 50 baht. How much would I get when I return to England when I exchange unused baht, at say the Post Office ? Should it be the same?
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You would only be able exchange Thai baht back into sterling at the Post Office if you originally bought it from there (you have to keep the piece of paper to prove this, but you don't have to take it on holiday, just keep it at home in case you have any to change back). if you do change it back at the Post Office they will give you the rate for the day you are changing it back, not the day you bought it. This can work in your favour, or not, it's just a risk you have to take.
The Post Office will buy back your Thai currency without charging you any commission if you present your receipt to prove that you exchanged your sterling with them. Otherwise you'll have to pay commission. (1.5%, subject to a minimum of £3 and a maximum of £5).
However you'll still only get the 'sell' rate, rather than the 'buy' rate. The exchange rate used by banks currently equates £100 to 5125 THB. The Post Office makes part of their profit by currently only giving you 4803 THB for every £100 you give them. i.e. their 'sell' rate is about 6.3% below the commercial rate.
I can't find the Post Office 'buy' rate online but it's likely to be about the same percentage difference from the commercial rate, but 'on the other side'. So your £100 can become 4803 THB but if you hand the money straight back over the counter you'll only get about £87.90 in return for that.
Chris
However you'll still only get the 'sell' rate, rather than the 'buy' rate. The exchange rate used by banks currently equates £100 to 5125 THB. The Post Office makes part of their profit by currently only giving you 4803 THB for every £100 you give them. i.e. their 'sell' rate is about 6.3% below the commercial rate.
I can't find the Post Office 'buy' rate online but it's likely to be about the same percentage difference from the commercial rate, but 'on the other side'. So your £100 can become 4803 THB but if you hand the money straight back over the counter you'll only get about £87.90 in return for that.
Chris
<I can't find the Post Office 'buy' rate online but it's likely to be about the same percentage difference from the commercial rate, but 'on the other side'>
No - it will be a greater percentage difference - the Post Office, along with many other providers, skew their rates against buying back foreign currency as against selling it. Maybe a 50% bigger spread.
And AFAIK a PO with an on demand BdeC will change your currency without a receipt - it's only branches that don't stock currency that ask that you prove your bought it at a PO. Well I say 'only' - that's actually most of them.
No - it will be a greater percentage difference - the Post Office, along with many other providers, skew their rates against buying back foreign currency as against selling it. Maybe a 50% bigger spread.
And AFAIK a PO with an on demand BdeC will change your currency without a receipt - it's only branches that don't stock currency that ask that you prove your bought it at a PO. Well I say 'only' - that's actually most of them.
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