Holiday in Thailand

theabbot_2

I am going to Thailand for Christmas and want some advice on money. The last time i went I used my bank card to withdraw cash, later finding at a terrible exchange rate. I keep looking at the best rates to take cash with me. None seem that good. I have heard about preloaded currency cards but do not know if they are any better or even work. Any advice please?

catokelly

theabbot wrote: »

I am going to Thailand for Christmas and want some advice on money. The last time i went I used my bank card to withdraw cash, later finding at a terrible exchange rate. I keep looking at the best rates to take cash with me. None seem that good. I have heard about preloaded currency cards but do not know if they are any better or even work. Any advice please?

As far as I know, you are better off to take Sterling there as you get a better rate of exchange in Thailand,that is what I have heard from people who have been there. But maybe take a small amount of Thai Bahts with you for when you arrive, for taxis etc. Personally, I would avoid the pre paid cards, in case they dont work (has happened a few times), and the 'small print' regarding fees etc, some ATMs will charge a fee when you are using the pre paid card, at least with cash you know what you are spending.

SaveTheEuro

When I was in Thailand I used a Nationwide debit card to withdraw baht and the exchange rate was excellent. But Nationwide has brought in charges this month so it no longer to be recommended. Other options are the Halifax Clarity credit card (but clear the debt quickly) and debit cards from Santander (if you qualify), Metro Bank (if you can find one!) and Norwich and Peterborough (if you delay your trip until the New Year!)

vicshippers

Pretty much all ATMs charge a 300 baht fee regardless of what card you use - there's nothing the issuer can do about that.

I'm in a similar situation and think I'm going with the Caxton card, it's not ideal that I won't know the rate when I withdraw but it has always been pretty good for me in the past (I think it's the interbank rate+2.5% but I'm open to be corrected) and the bank cards mentioned above aren't available as we leave in a week!

Heliflyguy

Last time I looked it was 150 thb from a Thai ATM pretty sure it still is.

Doshwaster

vicshippers wrote: »

Pretty much all ATMs charge a 300 baht fee regardless of what card you use - there's nothing the issuer can do about that.

300B sounds expensive. That's around 6 quid. I'm sure it was less than that a few months ago - more like 150B.

stilltheone

vicshippers wrote: »

Pretty much all ATMs charge a 300 baht fee regardless of what card you use - there's nothing the issuer can do about that.

I'm in a similar situation and think I'm going with the Caxton card, it's not ideal that I won't know the rate when I withdraw but it has always been pretty good for me in the past (I think it's the interbank rate+2.5% but I'm open to be corrected) and the bank cards mentioned above aren't available as we leave in a week!

If you are going with a card, then take the Travelex Cash Passport Globe. It's the cheapest and you can pick it up at the airport.
Forget about the Caxton Globe for your usage.

Other than that, Pounds Sterling and/or TCs in Pounds Sterling.

vicshippers

It is 150THB sorry, in my mind it was just over £3 which made me think of 3's when I was recalling it :-S *slap on the wrist for me for not concentrating*!

I've not really heard of the Travalex passport globe, will look into it now.

Thanks guys.

greeneyes68

My first post but here goes. My wife is from Thailand and we travel to there at least twice a year. Nationwide used to be the best but since the Thai banks introduced the 150 baht charge for non Thai accounts it has not been the best. Now Nationwide charge a loading fee as well but most annoying is their security system that keeps blocking the cards and no matter how many times you inform them prior to your trip or during your trip; their automated secuirty system randomly blocks your card due to Thailand being a high risk country for fraud. I have had numerous expensive calls from Thailand and eventually got informed that no matter how many times we inform the bank of our travelling times; the system will almost certainly block the cards at some time.
Anyway we have got CaxtonFX cards so we can send money to my wife's family in an emergency and there has never been an issue. Still a 150 baht charge and not the same top exchange rate as Nationwide used to be but still ok. We chose CaxtonFX over Fairfx due to the zero charges when withdrawing from atm's in Thailand (except for the 150 baht compulsory charge for non Thai cards) despite a slightly inferior exchange rate, the fact we could have two cards linked to the same account (One for us and one for the family) was the deciding factor and for the sums we send it makes more sense.
We have since got both Santander Zero and Halifax Clarity cards as well as opening a Metro bank account (very easy to do if yo can get to a branch). These are our back up cards.
However, the absolute best way to maximise your money in Thailand is by purchasing good old fashion Sterling Travellers Cheques. You do get charged 1% here in the UK but this is a small price to pay for security and the fact that when you exchange in Thailand the rate for TC's is always better than for cash. You could get Euro or US dollar cheques for no commission but you lose out on the exhange rate you are given in this country. You do get charged between 30 and 35 baht per cheque when cashing them in but we always order the largest denomination of £200 travellers cheques to minimise this cost.
Admittedly we have a couple of Thai bank accounts that we just exchange all the cheques into when we arrive, then we use our Thai atm card with zero charges.
If you are a regular traveller to Thailand or are staying for a long trip I would suggest opening a basic account with Bangkok bank or Siam bank. I have friends who have opened accounts by just showing their passport and giving their hotel/apartment address. There is a fee of about 300 to 500 baht for the opening of the account which normally includes an electron style atm/debit card. The whole process from application to receiving the card takes about 30 minutes and there is always an English speaking member of bank staff in the main tourist areas.
We have also travelled all over asia and travellers cheques are easily exhanged with good rates if you go to banks and not to hotel receptions or vendors.
Hope this helps.

stilltheone

greeneyes68 wrote: »

My first post but here goes. My wife is from Thailand and we travel to there at least twice a year. Nationwide used to be the best but since the Thai banks introduced the 150 baht charge for non Thai accounts it has not been the best. Now Nationwide charge a loading fee as well but most annoying is their security system that keeps blocking the cards and no matter how many times you inform them prior to your trip or during your trip; their automated secuirty system randomly blocks your card due to Thailand being a high risk country for fraud. I have had numerous expensive calls from Thailand and eventually got informed that no matter how many times we inform the bank of our travelling times; the system will almost certainly block the cards at some time.
Anyway we have got CaxtonFX cards so we can send money to my wife's family in an emergency and there has never been an issue. Still a 150 baht charge and not the same top exchange rate as Nationwide used to be but still ok. We chose CaxtonFX over Fairfax due to the zero loading and the fact we could have two cards linked to the same account (One for us and one for the family).
We have since got both Santander Zero and Halifax Clarity cards as well as opening a Metro bank account (very easy to do if yo can get to a branch). These are our back up cards.
However, the absolute best way to maximise your money in Thailand is by purchasing good old fashion Sterling Travellers Cheques. You do get charged 1% here in the UK but this is a small price to pay for security and the fact that when you exchange in Thailand the rate for TC's is always better than for cash. You could get Euro or US dollar cheques for no commission but you lose out on the exhange rate you are given in this country. You do get charged between 30 and 35 baht per cheque when cashing them in but we always order the largest denomination of £200 travellers cheques to minimise this cost.
Admittedly we have a couple of Thai bank accounts that we just exchange all the cheques into when we arrive, then we use our Thai atm card with zero charges.
If you are a regular traveller to Thailand or are staying for a long trip I would suggest opening a basic account with Bangkok bank or Siam bank. I have friends who have opened accounts by just showing their passport and giving their hotel/apartment address. There is a fee of about 300 to 500 baht for the opening of the account which normally includes an electron style atm/debit card. The whole process from application to receiving the card takes about 30 minutes and there is always an English speaking member of bank staff in the main tourist areas.
We have also travelled all over asia and travellers cheques are easily exhanged with good rates if you go to banks and not to hotel receptions or vendors.
Hope this helps.

You have made a mistake there; Caxton Global shaves 2.5% off the exchange rate, FairFx Anywhere takes a 1.5% commission but nothing off the exchange rate.

greeneyes68

stilltheone wrote: »

You have made a mistake there; Caxton Global shaves 2.5% off the exchange rate, FairFx Anywhere takes a 1.5% commission but nothing off the exchange rate.

Sorry my mistake. I ment the fact there are no additional atm charges apart from the fees charged by Thai banks for foreign cards.
The pre-paid cards are ok to a point but if used correctly Sterling travellers cheques will get a better exchange rate and have the added bonus of being insured if lost or stolen.
It seems that t/c's are not promoted much now due to the numerous travel pre-paid cards.
Overall, the most important thing to remember when travelling to Thailand (and pretty much all other countries) is not to limit yourself to one means of funding. Spread your money around between cash, t/c's and cards etc... We use t/c's more due to our circumstances but we always have the backup of a UK debit and credit card as mentioned in my previous post.
We never buy Thai baht (or any other currency) here or at the airport when in Thailand due to the terrible exchange rates (especially here in the UK). If you take cash in sterling to exchange in Thailand? Make sure the notes are in good condition with no rips or writing on them as they will probably not be accepted.