Exchange and ATMs

[harry2]

Gentlemen,

Some money 'queries' if I may?

1. What (GBP/Baht) exchange rate can I expect from the ATMs in, say, Royal Garden Plaza?
2.What is your chosen money exchange venue for reliability and honesty?
3. Do you let your bank in your home country know (before travelling to LOS) that you will be using your Visa or Mastercard to withdraw cash, and for cash advances, or doesn't it matter?

I have noticed that some machines will accept onecard but not another, even though they are all 'good to go'. I tend to use the cash machine, when in Pattaya, in the Royal Garden Plaza outside the bank.

Thanks

Harry2

[bruce_nyc]

I have no idea about the GBP exchange rates. But.....

I always use the currency exchange just next door to the Family Mart at the top of the Boyztown Soi --- where Funny Boys, Toys Boys, Ambiance, Cafe Royale, Copa, etc. are. They seem to have the best rates.

Now, I always use that ATM at that same currency exchange too. It seems to work the best. Or another one that always seems to work is the one at the big yellow bank where it says WESTERN UNION... on the right, on the way toward Tukcom.

Yes, you should always telephone your card-issuing bank for all of your credit cards and debit cards and tell them you will be in Thailand, and whatever other countries, and for what dates. Exagerage the dates a bit on both the arrival and departure dates.... just in case something happens and you end up there longer than planned. If you fail to do this, your card could end up Blocked by your bank for "suspicious activity", and it might not be removed until you get home and call your bank again. It's not worth it. Always call every bank --- even if you don't plan to use that card.

Also, DO NOT RELY on cards.

My last trip I screwed up badly. My one card, with the most funds available, and which I had planned to use for the entire trip expenses.... I..... OOPS..... left it in an ATM at Tukcom. That stupid ATM.... at the very end of the transaction, it asks you if you want a printed receipt. You select Yes. It takes forever, then spits out the receipt. The screen goes blank, and you assume you are done.... You leave. THEN it spits out your card. If you are not VERY attentive, it's easy to leave before it spits out your card.

And when you leave your card.... The machine is smart enough to beep at you for about 120 seconds, at most.... Then it sucks it back inside of itself. Guess what happens next.... The company that services that ATM will retreive it.... 3 or 4 days later.... and they will simply cut it up. You are screwed.... with no access to that card for ATMs or purchases.

And I had a second card problem too. I discovered that for some reason I had a $300 per day ATM withdrawl limit on one of my cards. The limit was $300 per day cash at ATMs, and $500 per day in purchases. What a royal pain! I called the bank and they said that I certainly qualified for a high limit... but that, unfortunately, I would have to go in to the bank IN PERSON to request the change. Oh Brother! So I had to make a stupid little ATM run every single day after 12noon ( after 12midnight in New York), to get my measly $300 allowance. I also had to ask the Ambiance to charge $499 on that card once each evening until my balance had been paid. I hate banks.

So what I have learned is:

Bring cards. [/*:m:3fgsfr2x]
Call the issuing bank for each one and tell them you will be in Thailand. But... [/*:m:3fgsfr2x]
BRING CASH..... enough cash for your entire trip. Then... [/*:m:3fgsfr2x]
Go to the currency exchange and exchange what you need, as you need it. I would go almost every day. [/*:m:3fgsfr2x]
I keep the excess cash in a safe at my friend's apartment.... but the hotel's safe should be secure enough for normal amounts. Of course, I....[/*:m:3fgsfr2x]
Only carry around what I plan to spend that afternoon, or that evening, during that outing. and I will...... [/*:m:3fgsfr2x]
Never rely solely on cards again....[/*:m:3fgsfr2x]

[pepperami]

Hi Harry,

1 & 2, I to would like to know what other posters say - I've always used ATMs, and wonder whether I get the best rates for this.

3 - I think depends on your bank. I use Nationwide, they have an online form to fill in- and I've never had a problem. My partner uses NatWest, they won't accept advance notice of him going away (ridiculous I know) - so a couple of transactions into the holiday, his card gets blocked then we have to go phone them. Best thing to do is check with the bank I think...

[bruce_nyc]

Oh, I did learn that the ATMs ( in combination with your bank ) charge an EXTRA fee..... ON TOP OF the currency exchagne rate....

I can't remember for sure, but I think it was something ridiculous like a 5% extra fee.

......at least my cards all did.

That's one more reason I will only bring cash.... and change it myself at the currency exchange window. I know for sure I am not paying any extra hidden fees, on top of extra hidden fees. At the currency exchange I get exactly the exchange rate they have posted.

[harry2]

Many thanks for the very helpful replies. Appreciated.

Harry

[francois]

From my experience all ATMs/Bank and Exchanges give about the same rate. I never call my banks regarding overseas use of an ATM card. In some instances it may be wise to notify a credit card company if you never used the card abroad.
Most of my funds come from the ATM and I always have two or three ATM cards just in case.

[ceejay]

1. The Exchange rate you will get with Nationwide on an ATM card transaction will be good - close to the commercial rate. They use the daily Visa settlement rate. You will, however, be charged 150 baht per transaction by the Thai bank that owns the ATM, plus (I think) ┬г1.50 per transaction plus 1.5% by Nationwide. Avoid using credit cards in ATM's as there are higher transaction fees and you are charged interest from day 1. In fact, I only have a credit card with me as an emergency card - "skimming" and CC fraud are serious problems in Thailand. There are only a few places where I would use mine.
2. I don't agree with the advice to take all cash. Hotel safes are rarely really secure, and you just read too many stories in the press of people who have, one way or another, lost really large amounts of money from them. I am not comfortable taking more than about ┬г500 cash, which I usually exchange in a bank.
3. Yes, I always notify the bank and have never had a problem.

Have you considered the old-fashioned option of Travellers Cheques? If you order them specially from the Post Office, you can get ┬г200 TC's. I always order these only, because there is a 33 baht per cheque fee for exchanging them. You get very nearly as good a rate as for cash, and they are much more secure. The Post Office charge a commission of 2% for selling them, but this is capped at ┬г50 no matter how many you buy.

Bruce NYC - you can get round the daily limits on at least some credit cards by presenting the card at the counter of the bank and asking for a cash advance. That's then good for anything up to the available credit limit on the card (presumably because you are there in person with ID - you need your passport). Of course, you then have the relatively high CC fees for cash advances to pay.

[bruce_nyc]

The daily limit I encountered was on an ATM card which was a debit card. Not a credit card. But if it had been a credit card, that would be good advice.

On 1 of my cards, I did not call the bank in advance to tell them I would be in Thailand. I forgot to do that. That card was immediately blocked the first time I tried to use it, and it remained blocked until I got back home to New York. That rendered it completely useless for my trip.

I have even had a problem cashing American Express travelers checks. This was not in Thailand, but it was in Taiwan.

Again, these are all reasons why I prefer cash as my primary method of payment. Cash is never blocked, declined, over charged, skimmed, or limited. You can never find a place that won't accept cash. You just have to be very smart about where you keep it, and minimizing the amount you have. Better hotels have a main safe at the front desk in the back office where customers keep valuable jewelry etc.

Besides, you're not much better off if your cards and travelers checks are stolen either. In either case, you have to be very smart about keeping them safe from theft or loss. For all the hype about how these banks will replace them, you'll still be in a major dilemma if you lose them. No fun at all. But at least with cash, protecting it from loss or theft is the only problem I have to worry about..... not limits or fees or being blocked or accidentally leaving it in an atm machine, etc.

[Neal]

The worst exchange rates I ever got was from bank exchanges. The best I ever recieved was from the two right outside Boyztown. Exit Boyztwon aat secon rod. Turn right against traffic and there are two that are both owned by the sme people. Yellow signs about a 1/2 block don on either side of the road.

[bruce_nyc]

Yes. Those are the two I was talking about.... I called it "next door to Family Mart"... but you all get the idea. Same same.

[francois]

Bruce; cash can be declined. Usually necessary to bring new, crisp notes; anything old, damaged, disfigured, etc can be declined. And best to bring largest denominations for best rate.

[Up2U]

You can avoid the 150 baht charged by Thai banks by using Anon atm's. There is one at Homeworks and another at the Anon bank at Tesco on North Pattaya Rd. Find out when your bank business day ends. For me it is 3:00PM Pattaya time. Do one transaction just before the hour and another just after the hour, helps a little with the daily withdrawal limit.

[rincondog]

This site will give you the present exchange rate at banks for ATM(TT), cash or traveller check exchanges. On top of this of course whatever your home bank charges for foreign transaction fee will be deducted as well. These rates are updated several times a day.
http://bankexchangerates.daytodaydata.net/default.aspx

We also have a currency convertor on the Forum Index or front page of this website that is hooked up for up to the minute exchange rates for nations world-wide.

[TravellerDave]

The pound has declined somewhat over the last few weeks and is now about 44 baht. It was 70 a few years ago. You can get perhaps 0.50 baht more when using one of the non-bank exchanges which have sprung up recently.
You get rather a better rate at the ATM but there are some per transaction charges, so I think you get better value for amounts above 10000 at the ATM,s, but withdrawing smaller amounts the value is worse than cash.
2 cards is good security. One with you and the other in the hotel safe is my advice. Carrying large amounts of cash is not a good idea.
I don't think the ATM rates vary much as between banks.
But never never buy Thai baht in the UK - the rate is very poor.

[ainamor]

Personally:
In Pattaya I only ever use the ATM at the bank in Royal Garden Plaza and then only when the bank is open. If my card gets swallowed as it did once at this bank I can just go inside and they will retrieve the card and hand it back. Also the security at the ATM is good as there is a guard posted outside of the bank during opening hours. Elsewhere in Thailand I follow the same pattern.

I always notify my bank / credit card company where I am likely to be using my card overseas. I also use Caxton Travel card which I preload with sterling before my visit, the rates are attractive without added service charges apart from the local ATM charge. It is also safer than a bank debit card as you can load a maximum amount to the card which if it does get skimmed is the most you will lose. It is easy enought to top the card up from my bank account using the iPad as needs be.

I always take out of Thaiand the maximum allowed of 50,000 Bat in notes to keep for my next trip. This hedges somewhat against currency fluctuations and is also a convenience factor.

I have never found that the very small difference in ATM rates in Thailand is worth the bother of chasing around especially when the daily amounts you can withdraw are fairly insignificant.

I gave up on Travellers cheques a few years ago as few places want to cash them and also they have the added inconvenience of having to produce a passort when cashing them.

[egel]

1.Take cash from home.
2.Go to the Yellow exchange booth near Boyztown and change into Baht.
3.Deposit into Thai bank account (anyone can open one).
Use...
Easy.

[Up2U]

This site will give you the present exchange rate at banks for ATM(TT), cash or traveller check exchanges. On top of this of course whatever your home bank charges for foreign transaction fee will be deducted as well. These rates are updated several times a day.
http://bankexchangerates.daytodaydata.net/default.aspx

Note that TT currency type is a telex transfer and is very close to but not exactly the same as the atm rate. The atm rate is set by your local bank based on the system used, Plus is VISA and Cirrus is MasterCard, for example. There are others, the interbank system used is usually printed on your atm card.

[Flossie]

I think up2u means "Aeon" not anon.

[Up2U]

I think up2u means "Aeon" not anon.
Yep!!

[anonone]

I think up2u means "Aeon" not anon.

Well...now I am bummed. I thought up2u was promoting my ATM? :sign5:


I agree with most of everyone's comments. We have all had our share of travel blips, and having some options for money is smart.

I typically use the ATM at whatever 7-11/Family Mart happens to be around.
I tried to use the AEON ATM once, but it would not accept my card...must be on a different network or something. Bummed about that one.

It took some work, but my ATM card is NOT a debit card also. It cannot be used for purchases, etc....only as an ATM card. Helps prevent problems with skimming and losses due to theft. Without the PIN, the card is worthless.

Once lost my card when I put it into an ATM that was not working correctly. Always good to have a backup. Always good to keep contact numbers for your bank/cc in your phone in case you need to cancel a card, etc

For money changing, I do like the 2 places near BT that have already been mentioned. If you can avoid it, don't change money at the airport. ATM there is OK. Also as mentioned above, do NOT change money at home. You always get awful rates and fees.

[ikarus]

Bruce; cash can be declined. Usually necessary to bring new, crisp notes; anything old, damaged, disfigured, etc can be declined. And best to bring largest denominations for best rate.
Though many exchangers will not accept 100 US Dollar bills (due to large amounts of counterfeits). The best way is to open Thai bank account and wire funds as necessary. HSBC Thailand was ideal but unfortunately now closed. For international travel from US open bank account with Charles Schwab. They will reimburse
all ATM fees worldwide including in Thailand. Never blocked my ATM card. In Bangkok those who have CITIBANK accounts worldwide, can use CITIBANK ATMs
with no ATM fees. In Pattaya those with CRCM accounts in Malaysia,Singapore and Indonesia may use CRCM ATM with no fees (one is near Central).

[francois]

Though many exchangers will not accept 100 US Dollar bills (due to large amounts of counterfeits). .

Never had this problem with $100 USD bills; The $100 gives the best exchange rate; smaller notes not as good exchange rate. I use a bank exchange in TukCom in Pattaya.
Just have to be careful to see if "made in N. Korea" is printed at bottom of the bill. :blackeye:

[ikarus]

Though many exchangers will not accept 100 US Dollar bills (due to large amounts of counterfeits). .

Never had this problem with $100 USD bills; The $100 gives the best exchange rate; smaller notes not as good exchange rate. I use a bank exchange in TukCom in Pattaya.
Just have to be careful to see if "made in N. Korea" is printed at bottom of the bill. :blackeye:

This January several Arabs approached me in Central and wanted to exchange their 100 Dollar bills cause bank exchangers over there did not accept them.
Several taxi drivers wanted to sell me their 100 Dollar bills for Thai baht in Pattaya during the same time.

[lukylok]

Never had problems with the 500 тВм notes. (If you want large denominations bills).
I should try the 1.000 CHF. :party
I'll never forget the story of a friend who went to the US with a 1.000 $ bill !
He got arrested and detained for half a day when he tried to change it in a bank.

[francois]

Just for clarification, the $100 USD notes are rejected at Money Exchanges after they are electronically scanned and determined as unacceptable. Possibly some money exchanges may decline notes from certain individuals based on "profiling" or lack of sufficient ID?
Taxi drivers with $100 USD bills seems a bit unusual!

[Neal]

Never had problems with $100 notes. Before every trip I would get several 1000$ worth of them. I would make sure they were the new series of notes as they don't like the old ones from years ago. I would try to get them in as good condition a possible with absolutely no marks on the front or back. No markings with that ultraviolet pen or anything. It is amazing though when you come to think of it. They stamp thier notes here, they write on them nd everythng but when it comes to a foreign note, well it better be clean!

[harry2]

Many thanks guys.

harry

[ikarus]

Just for clarification, the $100 USD notes are rejected at Money Exchanges after they are electronically scanned and determined as unacceptable. Possibly some money exchanges may decline notes from certain individuals based on "profiling" or lack of sufficient ID?
Taxi drivers with $100 USD bills seems a bit unusual!
Francois, I do not know but I am just telling you my experience. Let me throw in another thing. There have been couple of cases (widely publicized) for whatever reason in Phuket where several people found themselves in hot water when they tried to exchange a large amount of money. The one was from UK and another one from South Africa. Both were accused in trying to exchange fake money (the guy from UK tried to exchange substantial amount of UK pounds, by the way).
Whether the money were fake (and there are reasons to doubt that) or it was another scam, who knows. In general, IMHO, travel with a lot of cash is asking for trouble. It creates a lot of unnecessary temptations (of course, having some cash is only prudent). There is definitely no need in doing so at least if one goes to Thailand.

[Neal]

I know I haven't disagreed with you in a long time but I used to bring $9,000 every other month over from USA. I only ran into a problem the first couple of times when I brought over old series, crinked bills and bills with stamps or markings on them. The only problem you have is to watch where you stash it and not let anyone see it. Get someone go with you to the exchange booth so you are not alone not for the change booth people but for people seeing you haave a large amount. Go deposit it to a Thai bank and take some out with an ATM card or have a hotel safe.....(not recomended). The only problem you have is if the plane goes down and it won't matter much to you anyhoo. :dontknow:

[francois]

. In general, IMHO, travel with a lot of cash is asking for trouble. It creates a lot of unnecessary temptations (of course, having some cash is only prudent). There is definitely no need in doing so at least if one goes to Thailand.

I agree with you; I rely on ATM cards for my money and not bring large amounts of cash.

[jinks]

. In general, IMHO, travel with a lot of cash is asking for trouble. It creates a lot of unnecessary temptations (of course, having some cash is only prudent). There is definitely no need in doing so at least if one goes to Thailand.

I agree with you; I rely on ATM cards for my money and not bring large amounts of cash.

Lots of cards together is asking for trouble too.

Use one, the others, at least two more, in your safe or better still, hotel safe if one is available.

[cdnmatt]

Couple things I haven't seen mentioned that may help:

1.) On your next trip to Thailand, open a Thai bank account. For future trips, just before you go wire a chunk of money into the Thai account, enough to cover your trip. No more worries about exchange rates or 150 baht ATM fees. If you're flush with cash, keep an eye on the exchange rates, and wire money into the Thai account when it's favorable.

2.) For example, have two bank accounts -- one that isn't attached to any card whatsoever, and one that is, but both are accessible via the same online banking account. Keep your money in the first account. This way when you want to pull money out of an ATM, you first have to login to online banking, and transfer some over to the other account that's attached to a card. So if your card gets lost / stolen, or you get robbed at knife point and taken to an ATM or something, your money stays safe, because it's sitting in an account that isn't linked to a card.

3.) Any card that has a VISA / Mastercard on it should have two numbers. The one printed on the card that can be used for in-store purchases only, and a second number that's nowhere on the card which can be used for online purchases only. This way if the waiter at a restaurant copies your number down, it's useless. He won't be able to buy a bunch of stuff online, because the number on the card can only be used in-store if the card is present. A lost / stolen card is still a risk, but much less of one, as in Asia for example most people aren't going to walk into a store and try to purchase something using a card with a farang's name on it.

[francois]

Yes, matt, good for visitors but what of people who live in Thailand year round, like you. How do you get you money? Cash, ATM, etc?

[cdnmatt]

Yes, matt, good for visitors but what of people who live in Thailand year round, like you. How do you get you money? Cash, ATM, etc?

It's up to the individual. Personally, I suck it up, eat the fees, and just pull money out via ATM from a Hong Kong HSBC account. Unless I make some large purchases or go on a trip or something, I basically never spend more than 80k/month, which is 4 ATM withdrawals, and I just eat the fees. I don't know why, and no real reason to be, but I'm just not comfortable having my money in Thailand. I sleep better at night knowing my money is in Hong Kong. Well, that and I incorporated in Hong Kong, so it was just natural to let personal money sit there too.

I know several farangs have a Thai bank account, and online banking in their home country allows for wire transfers without having to be present at the branch. So about once a month or so they'll wire a chunk from their home country to their Thai bank account, and that keeps them going for daily spend. Like me, they're not comfortable having too much money in Thailand.

Then other farangs just wire the whole kitten-kaboodle into Thailand, and hope nothing bad happens. That's something I would never be comfortable doing. As the old saying goes, only bring into Thailand what you're willing to walk away from.

One of my friends on facebook who is in Chaing mai at the moment just told me he only got 43.80 thb to the pound this morn
i've only been going to Thai in the last few years so never knew it when the exchange rate was really good
a few of my friends that used to go years ago dont go any more because of the exchange rate.....but i think they just went because it was cheeper than other countries...but i love thai so much ..i would try and go even if it became expensive

[Surfcrest]

It's up to the individual. Personally, I suck it up, eat the fees, and just pull money out via ATM from a Hong Kong HSBC account. Unless I make some large purchases or go on a trip or something, I basically never spend more than 80k/month, which is 4 ATM withdrawals, and I just eat the fees. I don't know why, and no real reason to be, but I'm just not comfortable having my money in Thailand. I sleep better at night knowing my money is in Hong Kong. Well, that and I incorporated in Hong Kong, so it was just natural to let personal money sit there too.

It sounds like you took the longest and most complicated route to move your money to Hong Kong simply to sleep better at night. I'm quite certain your condo in Vancouver is across the street from a large HSBC branch and by having funds deposited in that branch would make every dime eligible for Canadian Deposit Insurance protection....allowing you to sleep so well, fireworks could be exploding above your KK hut and you wouldn't even stir.
Did you slip into Hong Kong wearing a disguise and carrying a large suitcase full of cash? Because it would have been just as simple to have crossed the street and set that up when you were home last in a mere matter of minutes.
Even getting enough funds out of Canada to support an 80K monthly expense or earning that sort of income outside of Canada would be a complicated beast, compared to crossing Bute Street....but, back to your tale.........

Surfcrest

[jinks]

Just in case it is not known.......


HSBC = Hong Kong and Singapore Banking Corporation - a London bank.

[MiniMee]

Just in case it is not known.......
HSBC = Hong Kong and Singapore Banking Corporation - a London bank.

That is certainly not known to me.

I believe HSBC = Hong Kong and Shanghai Banking Corporation

[jinks]

SORRY = Shanghai CORRECT.

[gaymandenmark]

Ah well, we are all different.

I remember in the "good old days" I always travelled around with cash and TC or walked into the "secret" of a bank, and they had to call their headquarters, that maybe called VISA or Master, to confirm if you were allowed to withdraw some money from your card.

Then suddenly this machines, to takes cash out from, with a small plastic card issued on the other side of the earth, shot up on every corner, in most countries and even in Thailand, how was it technical possible?

As times went on, this technical monsters also came to islands like Koh Samet and Koh Chang. Before you had to know how much money you would use for the bungalow, food and drinking, before you took the boat or ferry...or else you had to go back to the mainland and start with all the timekillers again.

Would I go back to the times when I travelled around with a lot of cash, in my money belt, and had to take care, in nighttrains, busses, bungalows, and hotels...no way.

Maybe I pay a small fee now, but it is so much more safe and convenient to use some cards.
In case I am going to have trouble with a card, I now travel with 3, 4 or maybe 5 cards from different issuers.

Have you lost a card, you have not lost your money, it just takes a click on your netbank or a phonecall.

BTW. maybe it is an american phenomenon, that you have to call your bank or issuer, to be sure that your card is working when you travel overseas, but I have never been in that situation or have had that problem.

[cdnmatt]

It sounds like you took the longest and most complicated route to move your money to Hong Kong simply to sleep better at night.

Who says I moved money from Canada to Hong Kong? I do still work, eh? And guys like PayPal do offer HK based accounts as well.

[Surfcrest]

┬аWell, that and I incorporated in Hong Kong, so it was just natural to let personal money sit there too.



Who says I moved money from Canada to Hong Kong? ┬аI do still work, eh? ┬аAnd guys like PayPal do offer HK based accounts as well.

Well, now you have me intrigued because let me tell you Matt, I've had more than my share of headaches with the tax man back home.....especially with foreign income and investments and all the complexities with having to declare that.
It sounds like you are "working under the table" and having your fees deposited into a Pay Pal account or something similar.....I don't need the details, let's just keep this your little secret. And because the Hong Kong branch of HSBC is keeping your money safe, that the other arms of the bank stretching into Canada are totally unaware. Brilliant!
I can assume then, that you're not here on a Work Visa...and so whether it's Immigration / Canada or Thailand, HSBC, Hong Kong, China or Pay Pal....they all only know a fraction of your brilliant plan and could never put the pieces together to know the whole thing or what we here perhaps now know.
Clearly, I've underestimated you Matt and can't figure out why I've been such a dummy paying so much all this time...to make for the taxes smart guys like you have been getting around having to pay....eh?
By the way, sorry for the slip up calling it Bute Street when it certainly is Thurlow.
Sleep well pal!

Surfcrest

[christianpfc]

My experience exchanging Euros to Thai Baht: the exchange rate is the same no matter what domination the note has and all notes I brought were accepted (I just brought what the ATM in Europe gave me).

[Mancs]

I have had a few ┬г20 notes rejected at a bank in Ranong. They were a bit marked but not bad. I have never had notes rejected at the exchange booths on Silom. Are banks in smaller towns more fussy?

[francois]

My experience exchanging Euros to Thai Baht: the exchange rate is the same no matter what domination the note has and all notes I brought were accepted (I just brought what the ATM in Europe gave me).

Maybe only a difference with USD? About 0.5 Baht difference from $100 and $20 notes as I recall at Kasikorn Bank.

[lukylok]

Maybe only a difference with USD? About 0.5 Baht difference from $100 and $20 notes as I recall at Kasikorn Bank.

At Super rich which gives very good rates, there is a difference in euros. 100 and above get a few satangs more.

[Neal]

When I have gone to bank and or exchange booths the difference between 100's/50's and 10's/5's/1's is 28 for higher and 26 for lower. That is not chump change.