Exchanging Currency at the Right Time and Place Saves You Money When is the right time to exchange currencies?
Planning a vacation or a holiday in another country can be stressful; especially if it’s the first time you’re visiting that part of the world. Flight details, restaurant choices and hotel reservations, as well as checking out all the local attractions are important, but if plans about exchanging currency are not on that list, the trip could turn into an expensive adventure. Waiting until you arrive to beautiful Thailand to exchange money will put a major dent in a vacation budget and may even ruin the trip, if the currency pair USD/THB experiences a sudden change in value.
Experienced international travelers know that exchanging money is the most important ingredient in producing an accurate vacation budget. They know that credit cards, banks, airport exchange merchants and hotels exchanges can be very expensive choices, especially if the budget is substantial. Exchanging currency is a for-profit business and is very profitable for the companies that prey on a consumer’s lack of knowledge to increase their bottom line results. That’s why exchanging currency should be researched when you begin planning the trip; you need information to make quality choices. Because there are so many different exchange rates available on websites and through other merchants, the choices become a breeding ground for confusion. Consulting an expert when you are in the trip planning stage, will give you the information you need to put a budget together using real costs, rather than estimates.
A professional currency trading broker will explain different exchange strategies, like averaging. Averaging offsets value surges in the currency market. A broker will always give you a real time rate, without any hidden fees or transaction fees that can wind up costing you hundreds of dollars. Once the exchange is completed, a professional will securely send your money next day delivery.
Why not use a bank or credit card to make exchanges?
Banks love to exchange currency. They may only post one or two rates a day, so you never know if you are getting a real time rate, plus they add a hefty transaction fee to every exchange. Credit card companies make up their own exchange rate, which is filled with profit, plus they add a transaction fee and then add a surcharge to every trip purchase, so you don’t know how much you’re spending until you get the statement. Airport merchants and hotels can cost you 20% more than a professional currency broker, which means when you exchange your currency to Baht, you only receive 80% of your money’s value in Baht.
The value of a currency pair, like the Dollar/Thai Baht pair, is always fluctuating and that’s why averaging with a currency broker is such a good idea. When you average, you exchange small amounts of currency at different times while you’re planning the trip. A broker will inform you when the pair is trading in your favor, so you can make exchanges at the right time, without fees and surcharges. The broker does make a profit, but you save money and have an accurate budget in your host countries currency, which eliminates exchange surprises.
Other travel tips
Carry your money and documents in a money belt or leg pouch that’s secure and out of sight and use hotel safes and other security measures when you arrive at your destination. Although Thailand has no restrictions, some countries limit the amount of cash you can carry through customs, so check with your broker and stay within that limit. Remember common sense is your best security weapon when you use it.
One of Southeast Asia`s most visited holiday destinations, the exotic country of Thailand offers tourists an attractive combination of idyllic beaches, remote hillside villages and vibrant city nightlife. Most visitors to Thailand enter via the bustling city of Bangkok, which promises an exhilarating mixture of history, culture and modern entertainment. From the beaches of Koh Samui in the south to the lush, green villages of the north, Thailand has something for everyone and anyone taking the time to explore this diverse and fascinating country will be rewarded with special memories that will last long after you leave.
The Thai tourist industry is one of the most developed in the region, which brings both positive and negative consequences. On the plus side, the competition among accommodation and tourist operators keeps prices low and English is widely spoken in most major tourist areas. However, the flipside is that in some areas, foreign visitors have reported becoming victims of various scams during their visit. However, such incidents are no more problematic in Thailand than any other busy tourist resort around the world and applying basic common sense will generally help you to stay safe during your visit. Some of the more common scams include tuk tuk drivers claiming to have no change or asking for exorbitant fares on arrival at your destination. It is easy to avoid this by carrying small denomination notes and always agreeing a price before getting in the vehicle.
Two of the bigger scams to be wary of in particular involve `TAT` offices and deception at the Grand Palace. If a tuk tuk driver or individual on the street offers to take you to a `TAT` office (Tourism Authority of Thailand), do not go with them. They are only trying to pressure you into purchasing tours, flights and accommodation at vastly inflated prices. TAT is the state tourism agency for Thailand and while they promote tourism, publish marketing materials and represent the Thai tourist industry abroad they do not own or run any travel agencies. They do not sell tickets, accommodation or run tours anywhere in Thailand. So if you are approached by a tuk tuk driver offering to take you to an `official` TAT office, they are a scam artist. Similarly if someone approaches you on the street wearing an `official` TAT uniform they are also a scam artist. Be aware that they can be quite forceful and intimidating and will try to extort money from you just so you can leave. There a
re plenty of TAT registered travel agencies in Thailand but this is just a basic association. They are not owned or operated by TAT and this is what leaves the system open to anyone claiming they are an official TAT office. The best place to find legitimate tourist offices in Bangkok is around the Khaosan area and Rambutri Road.
The other popular scam to look out for is someone approaching you at the Grand Palace to tell you it is closed. In reality the Grand Palace is open every day. Tourists fall for this as the person approaching you does not ask for anything but they will have a colleague waiting a small distance away to offer you other temples, jewellery factories and tailor shops to go to at over inflated prices.
Before travelling to Thailand, research a little of the culture and history of the country to contextualise your visit and the things you see and hear along the way. One thing all visitors should be aware of is the enormous respect the Thai people have for their monarchy. It would be ill-advised for visitors to make any negative comments about the royal family, past or present, as this could lead to serious trouble, or even imprisonment. The country is predominantly Buddhist and respect for religion is an important aspect of responsible travel in any country. Always cover shoulders and legs and remove footwear before entering a temple or shrine and never climb on a Buddha statue or point your feet at an image of Buddha.
As with any foreign holiday, it is important to be vigilant about your health and safety throughout your stay in Thailand. Visit your GP at least six weeks before travel to arrange any vaccinations or booster shots that may be required. One of the best things about visiting Thailand is the delicious array of local foods available, but do exercise some caution when visiting small stalls. Ensure foods are piping hot throughout and assess the cleanliness of the stall and tables before choosing where to eat. Crime against foreigners is rare in Thailand however solo females should avoid beaches at night and all visitors should avoid flashing large amounts of cash. On the whole, the Thai people are friendly and welcoming and, as long as you are sensible, your Thailand holiday is likely to be a memorable and enjoyable experience. The cost of living is low and with some great deals on Bangkok flights available, it
is possible to enjoy the very best that this wonderful country has to offer without breaking the bank.
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