Notice from TT exchange currencies no longer accepted

[Yesitisdakid]

[john luke]

14 minutes ago, Yesitisdakid said:

I know they will not accept Czech Koruna either.

[Freee!!]

What is the reason for this? I can understand not accepting certain currencies, but those three (four including the Czech Koruna) would not make my list for that.

[andycoll]

It's Pattaya. Nobody wants an old Krone.

[Nightcrawler]

I was just searching the Internet to see if I could find any reasoning for this, without success. Obviously doesn't affect me, but there are lots if Scandis who visit Pattaya. What happens to those who have brought cash with them? I guess the question is, is it just TT Exchange or all exchange booths and banks? 

Probably not.  Would be interesting for boots on the ground to report back on this, as to whether other Exchange centres and banks have followed suit. 

 

[Yesitisdakid]

7 minutes ago, Nightcrawler said:

I was just searching the Internet to see if I could find any reasoning for this, without success. Obviously doesn't affect me, but there are lots if Scandis who visit Pattaya. What happens to those who have brought cash with them? I guess the question is, is it just TT Exchange or all exchange booths and banks? 

Probably not.  Would be interesting for boots on the ground to report back on this, as to whether other Exchange centres and banks have followed suit. 

 

I read the banks are also not dealing with them either so my guess is the other exchanges will follow

[Bazle]

^^^

Could this be anything to do with the Scandi countries abolishing cash? 

[Aqualung]

3 minutes ago, Bazle said:

^^^

Could this be anything to do with the Scandi countries abolishing cash? 

My thought aswell. Sweden is virtually a cash free society and my mates here just take their bank cards to Thailand which they can use without charge. 

[Nightcrawler]

 I read a few months ago that Sweden was to become a cashless society but did not know about other Scandivian countries following suit. 

If that was the case though,I would have thought that it's possible for digital bank transfers of money and cards  to Thailand rather than cash? 

I wonder if visitors were prewarned

[Stillearly]

3 minutes ago, Aqualung said:

My thought aswell. Sweden is virtually a cash free society and my mates here just take their bank cards to Thailand which they can use without charge. 

Do the Swedish banks refund the Thai ATM fees ? 

Edited May 29, 2023 by Stillearly

[Aqualung]

5 minutes ago, Stillearly said:

Do the Swedish banks refund the Thai ATM fees ? 

ATM fee has to be paid but no fees for a Swedish bank to add to a card. 

[forcebwithu]

Found this article that might explain why you can't exchange the Danish krone. Perhaps the same reason for Swedish and Norwegian money?

60% devaluation of the Danish Krone?

The Danish krone is no longer what it used to be. From being the star on the European sky, the Danish krone has now apparently been relegated to pariah status.

When a Danish tourist in Thailand goes to the exchange booths to get Thai baht for their – in the eyes of the Danish tourist – good solid Danish kroner, they will be met with a wall of rejections and – if lucky – will be offered a “grey-market” suggestion of around 40 pct. of the official exchange rate.

Currently, a 1000 krone note is worth only 2000 Thai Baht despite the flashing light-board promising 4.970 Baht.

What is going on?

The problem is that the strict Danish money laundering-rules have crippled the foreign cash-exchange between Denmark and abroad. The private Danish banks no longer want to buy back from abroad large amount of cash money due to the risk of violating the tough money laundering regulations. This means that banks in for instance Thailand can no longer sell the Danish cash to the Danish banks like before and consequently they see no reason why they should accept the Danish banknotes.

The situation is grotesque, since the Danish currency happens to be as strong as ever – so strong, that the Danish central bank has to maintain an interest base-rate far below the corresponding interest rate at the European Central Bank, just to avoid excess capital inflow in Denmark.

The Danish Ministry of Foreign Affairs has issued a statement that the Danish authorities are not to be blamed.

“The challenges is not due to rules or guidelines issued by Danish authorities,” the statement says.

Denmark’s Central Bank “Nationalbanken” also rejects any responsibility.

“It is the responsibility of the Danish banks, in cooperation with their foreign partners, to find a solution that meets the rules,” the Central Bank comments.

The commercial banks put the blame on the money laundering rules, shooting themselves in the foot, as the fast expanding fintech-industry – services like “Revolut” and “Wise” among others – are more than wiling to fill the gap with far better exchange rates, faster execution and no nonsense service.

[Lirchenfeld]

On 5/30/2023 at 10:55 AM, forcebwithu said:

Found this article that might explain why you can't exchange the Danish krone. Perhaps the same reason for Swedish and Norwegian money?

60% devaluation of the Danish Krone?

The Danish krone is no longer what it used to be. From being the star on the European sky, the Danish krone has now apparently been relegated to pariah status.

When a Danish tourist in Thailand goes to the exchange booths to get Thai baht for their – in the eyes of the Danish tourist – good solid Danish kroner, they will be met with a wall of rejections and – if lucky – will be offered a “grey-market” suggestion of around 40 pct. of the official exchange rate.

Currently, a 1000 krone note is worth only 2000 Thai Baht despite the flashing light-board promising 4.970 Baht.

What is going on?

The problem is that the strict Danish money laundering-rules have crippled the foreign cash-exchange between Denmark and abroad. The private Danish banks no longer want to buy back from abroad large amount of cash money due to the risk of violating the tough money laundering regulations. This means that banks in for instance Thailand can no longer sell the Danish cash to the Danish banks like before and consequently they see no reason why they should accept the Danish banknotes.

The situation is grotesque, since the Danish currency happens to be as strong as ever – so strong, that the Danish central bank has to maintain an interest base-rate far below the corresponding interest rate at the European Central Bank, just to avoid excess capital inflow in Denmark.

The Danish Ministry of Foreign Affairs has issued a statement that the Danish authorities are not to be blamed.

“The challenges is not due to rules or guidelines issued by Danish authorities,” the statement says.

Denmark’s Central Bank “Nationalbanken” also rejects any responsibility.

“It is the responsibility of the Danish banks, in cooperation with their foreign partners, to find a solution that meets the rules,” the Central Bank comments.

The commercial banks put the blame on the money laundering rules, shooting themselves in the foot, as the fast expanding fintech-industry – services like “Revolut” and “Wise” among others – are more than wiling to fill the gap with far better exchange rates, faster execution and no nonsense service.

The largest bank in DK has been the target for a massive money laundry trial over the recent years, Danske Bank is under fire for laundry of approx 1500 milliard danish krones - 200 milliard  euros (that's 200 billion for those of you who prefer the short number scale). Banks in Denmark are just trying to protect them selves from something similar. 

The financial market in Denmark is fully liberal. The government has no influence and The National Bank has only 2 responcibilies, replacing old damaged notes and coins with new notes and coins and it's own base interest rate.