carrying a lot of cash or open siam acct?

[WildOnE]

Just a quick question, on the last trip I made. I carried around a lot of traveler's checks and cash. I was wondering if all this can be avoided if I open an account in thailand, and transfer my money into that account. That way I can just make quick trips at the ATMs when I need it. Also, how would the bank convert my money ? Once I deposit it? Or everytime I take out and see what the going rate is ?

Thanks.

[Tarzan]

Originally Posted by WildOnE

Just a quick question, on the last trip I made. I carried around a lot of traveler's checks and cash. I was wondering if all this can be avoided if I open an account in thailand, and transfer my money into that account. That way I can just make quick trips at the ATMs when I need it. Also, how would the bank convert my money ? Once I deposit it? Or everytime I take out and see what the going rate is ?

Thanks.

Why dont you keep it on your account and use your creditcard in the ATM`s instead? There is a small fee from your bank when you use it in Thailand, but you still have to pay a fee when you transfer to the Thai account...
To open an account in Thailand i think you need an adress in the country. I have heard that you can open anyway, but im not sure.

Think there was a thread in this matter earlier so try the search funktion...

[Geir]

Originally Posted by WildOnE

Just a quick question, on the last trip I made. I carried around a lot of traveler's checks and cash. I was wondering if all this can be avoided if I open an account in thailand, and transfer my money into that account. That way I can just make quick trips at the ATMs when I need it. Also, how would the bank convert my money ? Once I deposit it? Or everytime I take out and see what the going rate is ?

Thanks.

Why dont you bring your creditcard? you can use Visa,mastercard,american express etc.
Sometimes I transfer money to my girlfriends acount, but it takes about one week before she get the money.

Geir

[butterflyblonde]

Originally Posted by WildOnE

Just a quick question, on the last trip I made. I carried around a lot of traveler's checks and cash. I was wondering if all this can be avoided if I open an account in thailand, and transfer my money into that account. That way I can just make quick trips at the ATMs when I need it. Also, how would the bank convert my money ? Once I deposit it? Or everytime I take out and see what the going rate is ?

Thanks.

You can open an account in los but you need to supply an address just like you would back home , obviously it will need to be an address inside thailand and not out , some people get round this by the help of a bargirl but can you really trust her ?

I hear bangkok bank is one of the best ones & don't give you too much hassle in joining , as for transfer from home , the money will automatically convert from your currency to thai baht , but there will be exchange rate charges & it will also be subject to a fee (taxed by the bangkok bank)

The easiest way to avoid carrying too much cash & travellers cheques is simply to take 1 or 2 credit cards with you , Visa & Mastercard both will be no problem and there are many ATM machines all over thailand.

I usually find using CC's works out just as cost effective with the exchange rates over there than using cash & cheques.

Most Bm's here use a mixture of all 3 methods as that way you are not putting all your eggs into 1 basket.

[Geir]

My girlfriend in thailand , if I didnt mention that

[dawsey]

Why not leave the cash in a Visa or Mastercard account back in Bayville and just use the ATM machine to draw out cash when you need it.You'll get a better exchange rate there as well.

[marc26]

i just use my ATM card for my bank account in the US

[WildOnE]

Originally Posted by marc26

i just use my ATM card for my bank account in the US

I guess the only way for me to find out how much the charge will be is to call up my credit card company eh? Last time, I went with my friend and he wanted to use his credit card to purchase some gold. the guy told him there would be a charge from thailand and also his local bank. And I believe the charge was like a percentage.. and it was a pretty big precentage too. That is why I am hestitant on using my credit card anywhere outside of US.

[butterflyblonde]

Originally Posted by WildOnE

I guess the only way for me to find out how much the charge will be is to call up my credit card company eh? Last time, I went with my friend and he wanted to use his credit card to purchase some gold. the guy told him there would be a charge from thailand and also his local bank. And I believe the charge was like a percentage.. and it was a pretty big precentage too. That is why I am hestitant on using my credit card anywhere outside of US.

There are CC scams you need to be aware of , avoid using your CC to purchase in shops or even hotels etc..

Simply use the card for bank ATM machines only , then use the cash you withdraw to pay your hotels and whatever else you want to buy.

[marc26]

i know that they charged me 5USD no matter what i took out. i would usually take out 20,000baht(about 500us)

[butterflyblonde]

Originally Posted by marc26

i know that they charged me 5USD no matter what i took out. i would usually take out 20,000baht(about 500us)

Yes a good point there , it is advisable never to take anything less than 10.000 baht a time as its not worth getting the same charges on say 5.000

[barfly]

I get charged a % for taking cash out of an ATM. Last time out I was charged £7 to take out £150 worth. That is why I'm going to try and open a bank account next time and feed it with Baht bought commision free(and a good rate from M&S) from UK. A friend opened an account with Bangkok Bank very easily. Only ID needed was a passport(which had a UK address).

[Nicke]

Swedish Banks charge 3% or minimum 4.50 USD if you use your credit card card, so in the past I used to transfer 40,000 baht into my Thai account and use my local Thai ATM card for smaller amounts.

Thai banks dont charge anything if you use the Thai banks own ATM machines, otherwise there is a fee of 20 baht.

The fee of 4.50 USD is not suitable for smaller amounts.

[Nic]

The Bank of Ahudah opened an account for me with no worries. Really helpful and they gave me a visa ATM card. Total cost about 2,000 Baht (1000 deposited and a charge for issuing the card).

I will make a transfer from my country before I fly in the future to reduce the "shrinkage" I always suffer in LOS

[Nicke]

Just to clearify my post, I did use my VISA card and put 40,000 baht into my account. Not transfer by wire/swift, there is a cost involved there too.

But I calculated that even if you pay the 3% fee involved with VISA card the exchange rate was very good compared to exchange notes.

[Bobby]

You're right Nicke! I always use credit cards and always got a better exchange rate than the one you would have when changing cash.
Concerning the 3% commission rate that some hotels, shops, ... may require when paying with a credit card, as it's equal or sometimes less than the commission percentage the bank asks for an ATM transaction, just simply use your card to pay and don't bother to take cash at an ATM to pay it. You won't see the difference and you will not take the risk to carry a lot of cash with you.
Regards,
Bobby

[marc26]

i used my visa extensively last time to pay for hotels, dinners and the exchange rate you recieve is far superior than anything else but, like nicke said, you get charged a currency conversion fee so in the end, it all ends up being the same. maybe a little cheaper to use your visa than use the ATM. the only thing is that bars in Patong dont take visa. in NYC, i just start a tab with my visa when i go to the bar

[andy50]

if a uk "subject" ,you can open an acc, with the nationwide building society ,and use their card at atm-s worldwide for no charge/fee withdrawals

[maipenrai]

Just a small warning because this has happened to me 3 times recently ( for those with thai bank accts ) the banks at around 12 pm the atms start to do some sort of accounting and the atms go can not conect to server for a couple of hours so its always best to have a bit of cash .

The other night i went out and felt a right plonker was potless went to the atm just around 12 and it did not get up and running again i came back home at 2 am gave up but was ok when i tried next morning .

[Nicke]

Malaysian told me not long time ago I maybe should accept cards in MTB

I have merchant account already so it would be easy to do. Quite often people run out of cash and need to go to an ATM. I dont think many people would pay by card but maybe a good service to offer that service.

Originally Posted by marc26

the only thing is that bars in Patong dont take visa. in NYC, i just start a tab with my visa when i go to the bar

[IRISH JONNY]

Originally Posted by Nicke

Malaysian told me not long time ago I maybe should accept cards in MTB

I have merchant account already so it would be easy to do. Quite often people run out of cash and need to go to an ATM. I dont think many people would pay by card but maybe a good service to offer that service.

NEXT THING IS THE BGs WILL ACCEPT VISA..................
JONNY

[Bobby]

Great idea! It can be very useful, especially when ATMs run out of order, like maipenrai said (yes, it happens! Sometimes, I was unable to get money with my Visa card - I got a communication error message - but no problems with my Cirrus/Maestro card).

Originally Posted by Nicke

Malaysian told me not long time ago I maybe should accept cards in MTB

[JayBee]

Originally Posted by marc26

i know that they charged me 5USD no matter what i took out. i would usually take out 20,000baht(about 500us)

My bank charged me 3 USD per transaction for use of my ATM card.