200 Baht ATM transaction fee...

[thaibound]

(PigDogg @ Apr. 16 2009,01:24) Not always easy to buy $500 TC though.

after a week of Bank of America confirming 'yes we can' with regard to getting me $500 TC's, i finally conclude that's the best way to go and ask for them. suddenly it's "oh, you mean $500 in *each* check? no. no way. can't do that."

[rxpharm]

Thaibound, unbelievable!

If they are handling American Express or Visa travelers cheques, they can definitely get the $500 denominations, but you have to ask ahead of time.

Who says customer service is better in USA?

[driftwood]

OK, with my departure a few hours away I have passed the panic stage and realize that the less one has to deal with the banks (Thai or American) the better off you are. Less is more.

I bought AmEx T-checks in $500 denominations for my visit, but I will also use my ATM card in LOS for similar amounts if necessary. It will require a little planning and more caution than normal, but one adapts. I despise bank fees, especially the double-dip on ATM transactions. F**K the power!

[rxpharm]

Enjoy your trip driftwood! If you have time, please confirm the stamp charge per $500 USD cheque!

[Stogie]

...and let us know where you cashed them. Lots of places won't accept TCs over $100.

[thaibound]

(Stogie @ Apr. 18 2009,21:21) ...and let us know where you cashed them. Lots of places won't accept TCs over $100.

say what??
is there no end to these complications?
and i was ready to roll a wheelbarrow into my bank and say either you give me $500 denomination TC's or i withdraw every fucking penny in my account... and i mean ask for it in fucking pennies!
maybe i'll just take a mellow pill and try not to sweat the small stuff until i can find a thai bank where i can open an account. what do you guys in the know figure to be the most solvent/safe/secure banks to put at the top of my list -- with branches in pattaya and bangkok. and in a perfect world, also in phuket and samui -- or is that asking *way* too much?
thanks.


wheels up in 60 hours.

[Ivor Biggun]

I pay TCs straight into my bank account out here, makes things easier. What i did when the exchange rate was better was to send a sterling cheque to the Bkk Bank Branch in London, cost me Stg15 to process the cheque and deposit the money in my account here- took about 10 days if memory serves. if the exchange rate improves I'll do that again but at the moment I just 'trickle cash' 1k lumps of TCs.

[rxpharm]

Thaibound, don't sweat it! As far as $500 USD travelers cheques go, I have never had a problem cashing them at the major bank foreign exchange booths - Bangkok Bank, Siam Commercial Bank, Krungthai Bank. If the policy has changed, it must be recent.

As for opening an account - there is a mixed policy of non-residents being able to open a bank account. It seems to vary from branch to branch even of the same bank. However, it has been posted that Krungthai Bank seems to be most flexible for foreigners to open accounts.

[guydesavoy]

I still think using ATMs gives a better end result. No margin, just the exchange rate at the time from that bank and the fee. I think TCs take a cut both ways don't they ?

[rxpharm]

that may have been the case in the past with certain cards like Nationwide Flex - now all banks charge a fee to use the cards in other banks ATMs - so my Canadian CIBC ATM card will charge me $5.00 to use the card in a non-CIBC atm, and now most Thai banks will be charging 150 Baht for any foreign ATM card used in their ATMS. That's $10.00 Canadian. On top of that many banks do not give the exact exchange rate - they will shave some percentage points off to make some additional profit off of you. If you check with your bank, they should be able to tell you.

If you have a bank account or credit card that has extra benefits, you can get travelers cheques for no commission. If you looked at the Thai bank foreign exchange rates, you will see travelers cheques have better rates than cash. The only thing being a stamp/duty fee of 33 baht per cheque.

In many other countries, yes cashing a travelers cheque may involve a commission in %, but in Thailand it is a flat 33 Baht fee per cheque (at least as of last year - jaidete posted he thought it was a multiple per $100 denomination. We are awaiting verification if this is a policy change). With the changes in Thai bank fees, it will be more advantageous to use $500.00 denomination travelers cheques if you can get them commission free from your home bank.

[thaibound]

thanks rxpharm, i'll try for the $500 cheques one more time tomorrow. and when i get to thailand i'll start my bank search with Krungthai. worst case, i'll deal with some extra fees this trip, but before my next -- perhaps much longer visit -- i'll either have the account set up already or know exactly what i need to do when i get here.

now i'll stop obsessing over purple and orange atms and go back to worrying over red and yellow shirts.

[PigDogg]

I never had a problem cashing 500's at the exchange boots.

As far as getting them in the States, sometimes they have to be ordered.

Kasikorn (green) may be your best bet for opening an account. There's one at the Avenue mall, another across from TukCom. If one branch says no, you can try another.

Unless you need to show money for a retirement visa, it's probably best for Americans to never have 10K USD in a Thai account so you don't have to file the following form.

IRS Form

This form needs to be filed by June 30th of 2009 if you had more than 10K USD in a foreign bank account even for one day in 2008.

Some guys don't want to bother with this form, figuring they'll never get caught. My feeling is why not? The income tax on the interest earned in Thailand won't amount to much.

[Guest]

For sending 100 EUR to thai bank account I had to pay 22 EUR commision. This time I have cash only and credit card as a last backup.

BR

[Stogie]

On these cards, it's cheaper to spend on them than withdraw cash and spend it.

Overall Winner: Post Office. 0% load worldwide.

The Post Office* credit card has no foreign exchange loading anywhere, so you get the best possible exchange rate at all times.

It does charge a 2.5% fee for cash machine withdrawals though, so if you've an old (but now discontinued) card like Abbey Zero that gives 0% load AND free ATM transactions, it's worth sticking with that. Always double check T&Cs haven't changed though.

Post Office Credit Card Quick Stats. European Load: 0%. Worldwide Load: 0%. Cash withdrawal fee: 2.5% (min £3). Interest charged on cash withdrawals even if paid off in full: Yes. Cash withdrawal interest: 20.83%

Next Best: Nationwide & Saga. 0% load, but only in Europe, and ATM fees.

There are two other good credit cards that, if you haven't already, probably aren't worth ditching for Post Office.

Nationwide is fees-free in Europe, but on 6 May will start to charge 0.84% for worldwide purchases (this will rise to 1% on 1 July), and charges a 2.5% cash withdrawal fee. If you're over 50, Saga has no loading in Europe but charges 1% elsewhere, and has an ATM fee of 2% (min £2)

Nationwide Credit Card Quick Stats. European Load: 0%. Worldwide Load: 0.84% from May 6, 1% from 1 July. Cash withdrawal fee: 2.5% (min £3). Interest charged on cash withdrawals even if paid off in full: Yes. Cash withdrawal interest: 27.9%

Saga Credit Card Quick Stats. European Load: 0%. Worldwide Load: 1%. Cash withdrawal fee: 2.5% (min £3, max £50). Interest charged on cash withdrawals even if paid off in full: Yes. Cash withdrawal interest: 24.9%

The Top Debit Card

The only card of note is Nationwide's Flexaccount Visa Debit card. For European spending, this beats every card out there, even pipping the specialist credit cards.

It doesnt charge a load fee in Europe (from 1 June it'll charge 0.84% for worldwide spending, rising to 1% in July), doesn't charge ATM fees and is interest free (unless you're overdrawn).

Yet, to get it you need Nationwide's bank account, and while its account isn't bad, it's not the best buy (see the Best Current Account article). For the money savvy willing to play, it's possible to set it up as a second current account and just pre€“load it for spending before travelling abroad.

Then again, there is one other reason to stick with a credit card rather than debit card overseas, thanks to Section 75 consumer protection. Read my full article on Section 75 protection.

Nationwide Debit Card Quick Stats. European Load: 0%. Worldwide Load: 0.84% from 1 June, 1% from 1 July. Cash withdrawal fee: None. Interest charged on cash withdrawals even if paid off in full: N/A. Cash withdrawal interest: None unless overdrawn when its 12.9%

From moneysavingexpert.com

[ramboz]

Would it be cost effective to send yourself a Western Union Transfer ?? You could send 500, 1000, or whatever. Pay the fees at home and take the MTN (Transfer #) with you, get the money anywhere in BKK, Western Union is all over like 7-11's.

DANNO