Why is THB - Thai baht exchange worse than a week ago

I checked a week ago, on XE currency, and saw that EUR-THB rate was more or less on pair, perhaps a cent or two difference.
Today, I am noticing the big difference between these two currencies, where XE currency shows roughly 38,72 THB for 1 EUR and Revolut rate is 38,11 THB for 1 EUR that roughly makes it about 1,5-2 % worse than last week.

Why is that. Shouldn’t this rate be fixed on the interbank ?

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I’ve been looking at finding the best way to get Thai baht. However as The Bank of Thailand adopted a series of exchange controls on December 19, 2006, which resulted in a significant divergence between offshore and onshore exchange rates, with spreads of up to 10% between the two markets it very hard to find 2 places with the same rate.

Thai Baht is not fixed on the Interbank rate and is one 1 of a few currencies Revolut will not give you the interbank rate (as it can’t) but will give you the best possible rate at the time you use your card.

From Revolut FAQ Section

Thai Baht Revolut provides the real interbank exchange rate for 87 out of 90 currencies which work on the Revolut card. 3 of 90 currencies (THB/RUB/UAH) are difficult to provide and will be provided at the best available exchange rate.

I hope this helps and fear not that with Revolut you will still be getting the best possible rate you can.

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I know the interbank rate is not offered on THB. What bothers me is that in the past weeks, I have been following and comparing the EUR/THB rate, and it was indeed very close to the “interbank” rate. But today I noticed a sudden drop in the rate, and the exchange rate became unfavorable to a point where virtually all banks and currency exchange places had better rate than Revolut. A week ago and the time before that, Revolut had a significant advantage on the exchange rate.
I understand, that the exchange rate cannot be always so close to “interbank” rate, but it has gotten quite far from the “ballpark” it used to be.
Even the official “visa-europe” exchange rate was 50% better compared to revolut (Visa rate was around 1% over the “interbank” and revolut was approaching 2%)

I will be following how this changes, but suddenly my own banks Visa and local exchange shops offer better rates than Revolut does, which makes me wonder what happened.

Hopefully this will improve as this is the currency I most commonly use.

Still no improvement.

XE currency rate: 38,75 THB/EUR
Thailand local exchange/ major bank office: 38,50 to 38,70 THB/EUR
Visa/Mastercard international official exchange rate: 38,44 THB/EUR
Revolut rate: 38,13 THB/EUR

Still a significant disadvantage compared to virtually every other option for Thailand.


This is nonsense, promising that Revolut gives the best rate, down right wrong. See mastercard rate below that is used for Halifax Clarity card.


I am surprised Revolut team does not provide any explanation or reply on any of the Thai baht topics.

I would really like to hear from them, the specific reason why their rate is so bad.
Especially considering that even regular Mastercard international rate is much better.

I think they made it pretty clear.
Illiquid currency - sometimes you get good rate, sometimes you wont. What else is there to add ?

As I’ve said a few times now, Clarity mastercard somehow manage the process well so their THB rate is much better than Revolut. Revolut need to work out how to do it better

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Well, Illiquid is more or less just an excuse. THB is Illiquid currency as far as Forex and investment purposes go. Acquiring THB for use of Revolut is however on a much smaller scale.

On top of that, if Revolut is unable to provide a good rate, then they should let Mastercard take care of THB for them. Mastercard has significantly better rate and nothing shows that they have difficulties obtaining THB because of illiquidity.

I agree with @scubascuba3 Revolut needs to work out how to do it better and get users rates that are better than an average exchange office or an average bank.

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I agree with you, THB ratte is unacceptable. I will write a detailled post.