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alinkorea
Joined: 02 May 2005
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 Posted: Sun Jan 11, 2009 6:52 pm Post subject: Thai money |
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Hi,
I know it's not a good idea to exchange Korean Won outside of Korea. But what's the best method of exchanging won for Thai Baht?
a) exchange Won for Dollars in Korea, and change Dollars for Baht in Thailand
b) exchange Won for Baht in Korea
c) buy US dollar traveler checks
thanks |
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boatofcar
Joined: 20 Dec 2006
Location: Sheffield, UK
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| Posted: Sun Jan 11, 2009 8:25 pm Post subject: |
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We really need a sticky for Thailand questions.
I believe the answer is "a." |
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losing_touch
Joined: 26 Jun 2008
Location: Ulsan - I think!
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Mr_Anderson
Joined: 05 Dec 2008
Location: New Zealand
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| Posted: Sun Jan 11, 2009 9:23 pm Post subject: |
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| boatofcar wrote: |
We really need a sticky for Thailand questions.
I believe the answer is "a." |
Really? Wouldn't it be cheaper (by saving on multiple money changers' fees) to just convert directly from Won to Baht? |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Sun Jan 11, 2009 11:39 pm Post subject: |
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| Mr_Anderson wrote: |
| boatofcar wrote: |
We really need a sticky for Thailand questions.
I believe the answer is "a." |
Really? Wouldn't it be cheaper (by saving on multiple money changers' fees) to just convert directly from Won to Baht? |
I think it costed me about the same when I did both; sold won in Incheon for dollars and sold dollars for baht in Bangkok that I had bought in Incheon or sell Won in bangkok for baht.
The spread between dollars, won, and baht and finance fees makes it where you still have about the same amount of money regardless how you do it even though it looks better to sell dollars in Bangkok when not figuring in paying 2 finance fees for the 2 transactions. The system does not let you get over by profiting on several thousand dollars of cash currency on an airplane trip, thus, letting you get free travel and even free money. You'd have to give it time and get lucky to get over on them.
In my on the spot calculations of various transactions, it all just about evens out so you can make money trading currencies on the spot. To take advantage of currencies, you have to hold them for at least 1 day and get lucky on tomorrows change. |
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losing_touch
Joined: 26 Jun 2008
Location: Ulsan - I think!
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| Posted: Mon Jan 12, 2009 4:26 am Post subject: |
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| sojourner1 wrote: |
| Mr_Anderson wrote: |
| boatofcar wrote: |
We really need a sticky for Thailand questions.
I believe the answer is "a." |
Really? Wouldn't it be cheaper (by saving on multiple money changers' fees) to just convert directly from Won to Baht? |
I think it costed me about the same when I did both; sold won in Incheon for dollars and sold dollars for baht in Bangkok that I had bought in Incheon or sell Won in bangkok for baht.
The spread between dollars, won, and baht and finance fees makes it where you still have about the same amount of money regardless how you do it even though it looks better to sell dollars in Bangkok when not figuring in paying 2 finance fees for the 2 transactions. The system does not let you get over by profiting on several thousand dollars of cash currency on an airplane trip, thus, letting you get free travel and even free money. You'd have to give it time and get lucky to get over on them.
In my on the spot calculations of various transactions, it all just about evens out so you can make money trading currencies on the spot. To take advantage of currencies, you have to hold them for at least 1 day and get lucky on tomorrows change. |
The condition your are describing is called arbitrage. Supply and Demand ensure that there aren't any arbitrage opportunities in the financial system. Yes, there really people who just stare at the computer and wait for for arbitrage. They are known as Arb Traders. They get the interbank rate and trade $10 million on average. |
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