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 checkOriginally Posted by gra46
(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.
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......
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.
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.
..........and that's the way it is.
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.
Wombat : an Australian marsupial that eats,roots and leaves
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.
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