DEBIT CARD? TRAVELLERS CHEQUES? CASH?

[gra46]

Every time i go to LOS i take my DEBIT CARD and withdraw 20,000 baht at a time every 3 to 4 days ,but always leave 15,000 baht in safe for last 2 days .....im just wondering is this the best way or should i take travellers cheques or cash????
Is it better exchange rate with Aussie cash in Thailand ???? As i returning early July all the 3 above is not a problem but which is better for me ???

Every time i go to LOS i take my DEBIT CARD and withdraw 20,000 baht at a time every 3 to 4 days ,but always leave 15,000 baht in safe for last 2 days .....im just wondering is this the best way or should i take travellers cheques or cash????
Is it better exchange rate with Aussie cash in Thailand ???? As i returning early July all the 3 above is not a problem but which is better for me ???

Gra46 - I think you need to check
(i) What the current fee YOUR bank charges for foreign cash withdrawals is. 2.75% is quite common in the UK. I have no idea about Australia, but expect it may vary from bank to bank. So you need to check your bank.
(ii) If they offer a competitive exchange rate. You can do this by checking the last withdrawals you made in Thailand against the over the counter rate that was valid at the time.

Then add in the 150 baht ATM charge from the Thai banking cartel, then work out if you can get a better rate anywhere else.

[HawaiiBoy]

I assume you are looking to minimize the bank and conversion fees you pay. I find that AM EX Travelers Checks get the best exchange rate, will be replaced if stolen or lost, and are readily accepted at all banks or exchange booths.

Personally, I find debit cards to be less than satisfactory.....with the varying exchange rates, you are never quite sure exactly how much you have left in the account. However, for an Aussie, travellers cheques are best (safer than cash and usually better exchange rate). Go to your friendly Australia Post Office and ask to purchase travellers cheques in aussie dollars. You will need to take the same amount in cash. If you ask for travellers cheques in any other currency they will charge a conversion fee....but for aussie dollars NO FEE...(go figure!!) At no cost, you end up with the security of travellers cheques and a better exchange rate.

NOT CASH! You usually get the worse rates AND you have a security problem.
I actually looked into buying Thai Baht here in San Francisco and the conversion rate was a huge 10%!

The last time I looked at Travelers Checks I was put off by the additional fees on top of the exchange rate. Plus the hassle of waiting at the bank.....

ATM is a 24 hour, any day, any time option. The downside is an additional 3% fee plus the "non bank atm" fee. The new 150 baht fee can be avoided by picking the right bank. Anyone want to post the latest on this? (I'll be coming next week).

Just another opinion......

[HawaiiBoy]

The Travelers Check fee charge has been 30 baht per check. That is why I purchase the $500US denomination checks. It is not necessary to take them to a bank. The exchange booths will readily process them ... and at a better exchange rate than cash. So you definitely come out ahead.

My bank sells me AmEx checks at no charge and I can also purchase them with my AmEx card from their office at no charge.

Travelers checks are definitely the way to minimize the bank fees and conversion fees.

[neddy3]

I have to agree that travellers cheques are a good option. It's what I use.

They offer safety, a better rate than cash, and minimal cashing fees (about 33 B per cheque). Get larger cheques like $200 or higher.
Finding cashing points is very easy in tourist areas of Thailand.
I can get my cheques commission-free, which helps.
They are reportedly easy to replace if lost. Fortunately, I have never needed to test this.

American Express seem to be convertable anywhere, and I recommend them. Once I had VISA travellers cheques, and had these declined in a couple of places. Never made that error again.

[lonelywombat]

I have a Thai bank account and they have also issued me with a visa card.

I have not tried yet but I assume I could pay money into that card here in OZ and draw from that via the ATM.

That would save all the carrying of cash or traveller's cheques.

Not sure what costs would be involved.

Abbey have reintroduced their Zero Credit Card which gives zero transaction fees on overseas purchases and a few other benefits. Remember though it is a credit card, not a debit card. Not sure how it works with regard to taking out money from ATMs but check Abbey's website. For non UK people, Abbey is a bank in the UK.

Great info there, it would be a good idea if one is using it for ATM cash withdrawals to have "cash" already "on" the credit card. That way, one "should" avoid the daily interest charges. I say "should" because I suspect they might charge for whatever reason even though you have money in credit.

[jinks]

Abbey have reintroduced their Zero Credit Card which gives zero transaction fees on overseas purchases and a few other benefits. Remember though it is a credit card, not a debit card. Not sure how it works with regard to taking out money from ATMs but check Abbey's website. For non UK people, Abbey is a bank in the UK.

Yes, it's split from MBNA and is part of the Santander Group.

I applied and after a full month I was given a huge 1k GBP credit limit.

Not even enough for a flight to Thailand.

.


Great to see "Romania" posting on something other than his usual obsession.

Keep it up!

:bounce:

TC's give you a better exchange rate than cash, and the fees involved in cashing them are nominally less than using a standard debit card.

If you are traveling to Thailand on a regular basis, or even if you plan on an extended stay of say 20+days, you would be best to open a Thai bank account. The best and easiest place I have found to do this, would be Kasikorn.

All you need to open an account, is your passport, and a letter from where you are staying, saying you are currently residing there. Most guesthouses are happy to do this for you. As are many smaller hotels. They will open whats called a Foreigner Savings Account for you.

Once you open your Thai account, you can then directly deposit money from your home country into your Thai account via PayPal or wire transfer, and get many times, even a better exchange rate than T/C's. This is becoming the most popular method for repeat visitors.

Its also convenient to be able to take only what you need this way, as personally I don't put too much confidence in hotel room safes. Especially if you get too intoxicated to remember to use them.

I hope that helps you out a little bit. :salute:

Once you open your Thai account, you can then directly deposit money from your home country into your Thai account via PayPal or wire transfer, and get many times, even a better exchange rate than T/C's. This is becoming the most popular method for repeat visitors.
I usually fund my Thai account using wire transfers. I never thought of using PayPal except for paying for my ebay purchases. Does PayPal charge a percentage fee? Is the exchange rate usually good?

From what all my friends tell me, its much cheaper than Western Union, and sometimes even cheaper then regular wire transfers. I believe, although I might be off by a couple dollars, its roughly about $20 USD to transfer money through Paypal. Even my former banks charged at least 25-35. Add to that, the fact that this can be done through Paypal while you are in Thailand, whereas many banks require someone on your home countries end to complete the transaction, or will not do it online for you.

When I first started to transfer money, I learned quickly my bank accounts in the USA were totally worthless, and I had no means of sending the money to myself over here. Someone had mentioned I could use my visa debit card to withdraw directly from my bank, then just top off my cards. The fees for this was $15 per transaction, and turned out to be a lifesaver. The exchange rates on using a credit card of debit card like this, are the same rates you get on the street in Thailand for bank notes, so slightly better then those of a T/C

I eventually had to return home for a short period in order to move the bulk of my money into Thailand, but I still keep the debit card for emergencies if I am out in the country and cannot find a Kasikorn branch.

They have a massive selection of companies online that offer transfers for as low as $3, but it comes down to being able to transfer the money while you are in Thailand. It just simply cannot be done by most conventional methods.

The USA is supposed to be the wealthiest nation in the world so to speak, and they haven't even bothered to utilize SWIFT codes lol. I knew there were a few other reasons I moved over here aside from loving the place.

Not sure what you mean by the USA not using swift codes...my banks there all have them, and I use them when wiring money there from Thailand.

I used to have the local type of banks. BOA, WM, even Wachovia. All of these only used routing numbers, so I was stuck when trying to do a transfer while in Thailand. Sending money back to the states is fairly easy, its getting it over to Thailand that I've found to be the tougher part, while in Thailand.

Every time I had opened an account, I tried to make sure the banks were capable of doing international transfers while I was in Thailand, every bank said no problem, but when it came time to transfer money, I was told I needed to go to the local bank branch to send it.

If there are bigger banks that use SWIFT codes, and allow you to send money to Thailand while you are here, I would greatly appreciate that info. I would like to be able to know, that I don't have to return home, or pay fees to send smaller amounts as there is a limit on the credit card drafts here.

I don't transfer money from the US to Thailand, only the reverse.

But my clients in the US have no problem paying my bills by money transfer from Bank of America, Wachova, Chase, etc.

[Bob]

I'm a bit puzzled by your comments, Mr. Dream. All US banks use the swift codes for international wire transfer and have for many years. I've had amounts wired to my Thailand account for several years (and always using the swift code for my Thai bank).

You question how do you get your US funds sent over to Thailand while you are in Thailand. I'm not sure but I set it up with my local US bank that they would wire the funds to my Thai account if/when I sent them an email asking them to do it (I just went in and talked to a guy at my local bank to set that up). No extra fee but there is the usual wire fee of $40.00 per transfer (given that, I don't do it often and wire larger amounts).

Ok, as far as I was under the impression, when I questioned my banks for their swift codes to transfer money into my Thai accounts, they were unable to give me anything other then the routing number. I had tried to setup the same thing with my banks back home prior to moving over, and everyone had said just do it when your ready. When I was finally ready to transfer money from the states to Thailand, while I was in Thailand, they were unable to process the transfer. As I needed to do this in person, as they would not allow me to do them online, which was the whole point of getting accounts at specific banks.

I guess my point would be that its a hassle to transfer money from an American account, while you are in Thailand. I had even switched to HSBC online, making sure of the same questions, because they had HSBC outlets in Thailand. For some reason though, they would not allow me to transfer funds from the HSBC account based in America, to an international account, unless I was doing the transfer in person.

I know it might sound kind of cryptic, and apologize if it does. I didn't have major CD accounts or anything of the sort. I just went into the banks, told them I was moving to Thailand, and wanted to make sure I could transfer money into my Thai accounts without having to come back to the USA. The banks said no problems, but were unable to do this when I requested them to, I couldn't transfer the funds online through my accounts, as the accounts only had routing numbers, I was unaware of swift codes until I had moved to Thailand, or that I would need them to transfer funds internationally.

Most likely it was just a matter, of me dealing with your everyday bank tellers at small banks, who had no experience in people transferring large funds to an overseas account while overseas. The end result was that I had to transfer funds to a family members account, and then have them wire the money into my thai accounts, along with using the visa debit card I was provided with.

I hope that clears up what I meant. I had never had to deal with overseas transfers prior to the move, so I just assumed the customer service tellers at my local banks, knew what I was talking about.

Bob, I understand what your saying, as you don't even use the codes from your home countries bank when transferring from them to Thailand, you just give your Thai bank info and they can process it. My problem was trying to transfer the funds over the phone with my bank, which they refused to do while I was in Thailand. I then thought I could bypass the phone tellers, and use my online banking to send the money directly, however the online banking only accepted routing numbers not swift codes. So in effect, my money was in limbo, as I had no access to it from Thailand, and no means to get it in person, as I was not in the states to personally do the transactions. Again, my final result was transferring a large sum to a family members account, paying the fee for that, but because it was the same bank, was only $5, then had to wire it to my Thai account which was another $35 or so.

Again, sorry if I'm still not coming out clear on this. Its a long drawn out thing for me to try to explain. Trying to find the words to explain what I mean is taking quite a bit of words lol. I think that makes sense. :scratch:

[Bob]

I set it up with a guy at my local bank......I went into to see him about it and made him send me an email confirming that he would wire the funds upon my request by email. I thought he'd want me to sign wire transfer forms ahead of time or establish a password or something but he didn't care about any of that. So, I'd guess your best bet is to go talk to an account person or the manager at your local bank (don't bother with a teller).

I'm still puzzled by your comments about the ABA routing numbers. ABA routing numbers (a 9-digit number code also called a Routing Transit Number or RTN) are used between banks within the US. Swift Codes (a series of English letters - e.g, SICO TH BK is the swift code for Siam Commercial Bank) are used for all international transfers and even your US bank has a separate Swift Code it uses during an international transfer.

The forms from my K-bank accounts, allow you to wire money between any other account you have. My missus wires money from K-bank to Siam for example, just by stopping in at Siam and filling out that form.

I was not able to do this from Thailand for American bank accounts with BOA, as they did not have a SWIFT code. When I tried to do a transfer online, it would not accept the swift code from K-bank, it only has an area for the routing number in the online transfer form. Thats what I was getting at. I was able to freely transfer money between any account that had a routing number, but if I tried to put in letters in the routing number section, it wouldn't accept them, only numbers.

You are probably right, that there are banks that are capable of doing this. I guess I've just had really bad experiences with small local bank branches not understanding that I was looking to transfer money into my foreign accounts online or via the phone while I was overseas. I asked the bank if they accepted Swift codes for me to do while I was here, and they said yes. They do accept the swift codes at my banks, just when you are at the bank branch in person. They wouldn't do any overseas transfers without a representative of my accounts being physically present at the sending bank.

Kind of like the same thing, where many visa companies used to take your passports across the borders to renew the visa and you didn't even have to go. Now they require you to go, to at least show your face to verify you are exiting the country to renew them.

And K-Banks Swift is KASITH BK PCL, so its longer then the 9 digits, which from the sounds of it, might very well have just been the problem to begin with. I tried to get a routing number since the swift was invalid for me to use from K-bank, and again it was a no go.

I'm really sorry guys, I started out the post with the legitimate, pertinent information to the topic at hand, and have kind of drifted off a bit.

I guess I either didn't know the right avenues to pursue to send money when I first came over, or dealt with banks where I either myself or the tellers didn't understand what I was trying to accomplish.

Hence I know the nifty little shortcuts I stated in my first post on the topic, so I don't have to deal with any problems like that anymore.

Although one thing I would be interested to know, I am only 30 now, but will be elgible for SS when I come of age, am I able to have that money directly deposited into a foreign account, or an American one, then have access to it from LOS?

Sorry to steer off topic again.

[Bob]

Although one thing I would be interested to know, I am only 30 now, but will be elgible for SS when I come of age, am I able to have that money directly deposited into a foreign account, or an American one, then have access to it from LOS?

To my knowledge (saw this somewhere recently), the automatic deposit of social security checks only involve US financial institutions (i.e., Treasury won't wire them to a foreign account); however, I just read the following statement: "The U.S. Federal Reserve Bank of New York and several central banks around the world have agreed to provide an international direct deposit service." So, maybe it's possible. I know that Treasury (which issues SS checks) requires the every bank that wants to receive the direct deposits to first sign some agreement with Treasury (which provides, for one example only, that the bank guarantees it'll return any monies paid to a dead person). My guess is most foreign (non-US) banks won't sign onto the agreement for various reasons.

While I don't want to prolong this either:
(1) What the heck is K-bank? That a US bank, a Thai bank, or what?

(2) ABA routing numbers are 9 digits (numbers). Swift Codes consist only of English letters - and I just looked at a list of the swift codes for Thai banks and all were 7 or 8 letters.

(3) If a US bank is capable of wiring funds to a foreign financial institution, then that US bank has a swift code (only swift codes - not any ABA routing numbers - are used in international transactions). Got it?

[quiet1]

Bob, on one of the forums (maybe the old Sawatdee or thaivisa.com?) was an explanation of how to direct-transfer funds from a US bank to a Bangkok Bank account in Thailand for a domestic bank transfer rate (usually a couple dollars). I know the specific example given was a Bank of America account with electronic banking, and using that method one simply enters the ABA routing number for the Bangkok Bank branch office in New York City and the account number for the account in Thailand. When Bangkok Bank receives the "domestic" (USA) transfer to its NYC branch, it recognizes the account number to be a Thai account and then transfers the funds directly from New York to the Thai account, either for free or a small fee (I forget, but I remember it was not expensive.) ISTR, that the entire cost for such an EFT was less than US$5.

In fact, one of the posters on that thread was somehow connected to the Social Security Administration and was responsible for setting up direct-deposit for SS benefit payments, and had arranged the Bangkok Bank transfer from the SSA to Bangkok Bank Thai accounts for several SS benefit recipients.

I recall this rather clearly as I was at the time very tempted to move my Thai bank accounts from Siam Commercial Bank to Bangkok Bank, but "never got around to it."

I think "K-Bank" refers to Kasikorn Bank.

[Bob]

Yep, Quiet, remember the post. Bangkok Bank opened in New York (as a a US federal chartered branch which functions as a wholesale bank), apparently signed the agreement with Treasury, and is eligible to receive the social security "direct deposits." To receive them, Treasury electronically transfers the money to the New York branch using the ABA routing number (as occurs in all internal transfers in the US). Then, Bangkok Bank can transfer the funds to Thailand (if done electronically, I believe that swift codes are used). The bank's routing number is 026008691 and its swift code is BKKB US 33. The swift code for Bangkok Bank in Thailand is BKKBTHBK (so it would appear they are separate banks and, while affiliated, not simply a branch bank).

If "K-Bank" is Kasikorn, its swift code is: KASITHBK (Mr. Dream - there's no "PCL" on the end of that so, yes, you had the wrong swift code).

Yep, Quiet, remember the post. Bangkok Bank opened in New York (as a a US federal chartered branch which functions as a wholesale bank), apparently signed the agreement with Treasury, and is eligible to receive the social security "direct deposits." To receive them, Treasury electronically transfers the money to the New York branch using the ABA routing number (as occurs in all internal transfers in the US). Then, Bangkok Bank can transfer the funds to Thailand (if done electronically, I believe that swift codes are used). The bank's routing number is 026008691 and its swift code is BKKB US 33. The swift code for Bangkok Bank in Thailand is BKKBTHBK (so it would appear they are separate banks and, while affiliated, not simply a branch bank).

If "K-Bank" is Kasikorn, its swift code is: KASITHBK (Mr. Dream - there's no "PCL" on the end of that so, yes, you had the wrong swift code).

Your right on the swift. Was thinking of the bank name, where its listed as Kasikorn Bank PCL lol.

I had thought with BOA, since there is a branch in Bangkok, you could get and transfer funds directly from American BOA accounts. To my dismay, its not even considered the same bank for some reason, and won't accept transactions from its American counterparts. I wonder if this would be the same for Bangkok Bank in NY. Since it is located in the states, does it not have association with its Thai counterparts?

I wonder if this would be the same for Bangkok Bank in NY. Since it is located in the states, does it not have association with its Thai counterparts?

What was previously discussed about Bangkok Bank is correct. You can EFT/ACH money to the account number in NY and the currency will be converted and deposited into your Thai account.

If you read between the lines, it is clear that the NY branch was set up solely for the purpose of accepting Social Security payments. You cannot open open a consumer account of any kind in NY--they seem to provide the minimal banking services required to be considered a bank for US legal purposes.

You can read about it on their website. (http://www.bangkokbank.com/Bangkok+Bank/Personal+Banking/Transfering+Funds/Receiving+Funds/Receiving+Funds+from+USA.htm)

Note that you cannot transfer funds from Thailand to a US bank using this service--it is inbound only.

If you read between the lines, it is clear that the NY branch was set up solely for the purpose of accepting Social Security payments.

Are you serious?

Are you serious?

Why else would you open a bank branch that new accounts cannot be opened at? Why else would transfers only be facilitated in one direction (into Thailand)? Combine that with the fact that the Social Security administration only allows checks to be deposited into US account numbers (via ACH) and it makes a certain amount of sense. I'm sure that a lot of foreigners open accounts at Bangkok Bank that otherwise would have opened one somewhere else.

Are you serious?

Why else would you open a bank branch that new accounts cannot be opened at? Why else would transfers only be facilitated in one direction (into Thailand)?

Lord.

Do you know how many foreign banks have rep offices in Thailand that do not operate as retail banks, and where you cannot open accounts? Well, take that number and multiply it by 100, and you'll have the number of banks in NY that have no retail operations. Almost every bank in the world of any size has a rep office in New York with no retail function.

And you seriously think they spend hundreds of thousands of dollars a year maintaining those offices for the convenience of American expats receiving social security checks? LOL.

Almost every bank in the world of any size has a rep office in New York with no retail function.

I am not in the banking business. Based upon what I can see on their website--where the only publicly available information discusses transferring money into Thailand, they certainly make it appear that it is their primary function.

I'm glad you're not an English teacher because you can't seem to share anything (whether the information is correct or not) without being pompous.

I'm glad I'm not an English teacher, either -- because that would mean I was a L-O-S-E-R.

Also the Government Savings Bank do not charge the 150 baht.I just completed a transaction yesterday.

[gra46]

Also the Government Savings Bank do not charge the 150 baht.I just completed a transaction yesterday.

Which ATM are these has anyone got a link to there location?????