spending in Thailand

caseyjones207

Hi, I am holidaying in Thailand in a few months and have saved up really hard to go. What is the cheapest way to take my spending money ?? Is it best to take cash (sterling) ?, take travellers cheques, or get a pre-paid travel money card ?? There are so many loopholes, eg commission for topping-up, commission for exchanging over there etc etc. Even if I take sterling I expect the banks over there will charge to exchange to Bahts. Any experts out there who can advise please.
Much appreciated.

NiftyDigits

Cash is the most cost effective way. Followed by large denoination Travellers Cheques in Pounds. I think they can be obtained commission free from Halifax and Lloyds.
Prepaid cards are not recommended for Thailand, as most ATMs charge a separate fee of 150 baht per withdrawal and over the counter withdrawals may attract a further charge.

Doshwaster

On the other hand... carrying large amounts of cash is always a risk and in more remote areas it can be hard to find a bank to exchange TCs.

Yes, almost all ATMs in Thailand do charge 150 BHT but if you take out 10,000 BHT a time then the markup isn't significant and the overall cost probably cheaper than changing money before you go.

As always, you need to balance cost and convenience. I go to Thailand twice a year and always use a pre-paid card as my main means of spending with a backup credit card for emergencies and larger purchases. I haven't used TC since last century.

frankie16

Hi there, my husband and I have always taken our debit cards & used ATMs over there, just withdrawing a few days spending money at a time. It worked out cheaper to take the 150THB fee each time. Also our bank (Nationwide) always gave very good rates of exchange. There are tonnes of ATMs all over the place. We've visited Bangkok, Chiang Mai, Phuket, Koh Lanta, Phi Phi and never had a problem locating one. They were usually outside the 7-11 grocery stores.
I hope that helps.

ElDavido

Best exchange rate on MSE, £1 = 46.00B

If you carry all your money in cash, and you spend £210/week, each week costs you 9660.00B

Visa exchange rate is, £1 = 47.460...B

So if you withdraw enough money for one week at one time you get, 9966.6B, minus the 150B fee this is 9816B.

More than the cash equivalent, plus you only have to carry around cash for 1 week, not the whole trip.

caseyjones207

Thank you All, I appreciate your help.

Think a mixture of all may be good, as they say, dont put all eggs in one basket.
Have a good weekend.

socrates

You can open a deposit account in Thailand with Kasikorn Bank - it takes 20-30 minutes and you get an ATM card and PIN Number there and then. Even though it is a Deposit Account it acts like an English Debit Card

There are K Bank branches all over Thailand.

Cost will be around £5.00 and if you want to keep the account for when and if you go back leave 2000 baht in - around £40 - there is an annual £5 charge to keep the account open

However withdrawals are only free in the town you open the account - otherwise they cost 15 baht - about 30p.

To open:

All you need is a Thai Mobile Number - probably you will need one anyway and you can get one a Sim Card at Bangkok Airport when you land near Meeting Point 2

Your passport

A compliment slip or business card from your hotel or guest house

Then change your cash into Thai Baht and deposit - you can set your own withdrawal limits and spending limits - you will also get online banking

Do not change any of your money in UK and in Bangkok Airport change up £50 - no more - as the rates are terrible

Make sure you have proof (bank statement) of taking your cash from the UK out of your bank as carrying a large amount without proof can be confiscated in the UK

Any more questions just ask away

NiftyDigits

ElDavido wrote: »

Best exchange rate on MSE, £1 = 46.00B

If you carry all your money in cash, and you spend £210/week, each week costs you 9660.00B

Visa exchange rate is, £1 = 47.460...B

So if you withdraw enough money for one week at one time you get, 9966.6B, minus the 150B fee this is 9816B.

More than the cash equivalent, plus you only have to carry around cash for 1 week, not the whole trip.

This post makes no sense at all.
What has the VISA exchange rate to do with anything?
Does the OP have a VISA card that levies no charges and access to an ATM that gives access to the full VISA exchange rate?
What does the exchange rate on MSE have to do with anything?

Seriously poorly thought through post.

Anyone who has actually been there will know that you can get better rates for cash and TCs.

Example: Current Mastercard rate is 46.83 baht to the £1.
Cash exchange rate at Bangkok Bank is 46.82.

So explain to me how you would get better value from a Prepaid card or otherwise?

Find an independent exchange such as Super Rich and the rate is currently 47.1 - 47.2 baht to the £1.

Perhaps if the OP had access to an N&P Gold account debit card, your post might begin to make sense.
Then I would recommend entering the bank for an 'over the counter' withdrawal.
I wouldn't try that with a Prepaid card.

NiftyDigits

socrates wrote: »

You can open a deposit account in Thailand with Kasikorn Bank - it takes 20-30 minutes and you get an ATM card and PIN Number there and then. Even though it is a Deposit Account it acts like an English Debit Card

There are K Bank branches all over Thailand.

Cost will be around £5.00 and if you want to keep the account for when and if you go back leave 2000 baht in - around £40 - there is an annual £5 charge to keep the account open

However withdrawals are only free in the town you open the account - otherwise they cost 15 baht - about 30p.

To open:

All you need is a Thai Mobile Number - probably you will need one anyway and you can get one a Sim Card at Bangkok Airport when you land near Meeting Point 2

Your passport

A compliment slip or business card from your hotel or guest house

Then change your cash into Thai Baht and deposit - you can set your own withdrawal limits and spending limits - you will also get online banking

Do not change any of your money in UK and in Bangkok Airport change up £50 - no more - as the rates are terrible

Make sure you have proof (bank statement) of taking your cash from the UK out of your bank as carrying a large amount without proof can be confiscated in the UK

Any more questions just ask away

Seems an almost entirely pointless exercise.
As you have to pay for the card and for withdrawals too, as well as having to exchange from £s to Baht anyway.
May be of use if you live in Thailand, but not much point for the average holidaymaker.

OP should have a decent credit card to hand for hotels, car hire etc.
Halifax Clarity or Metro Bank CC are the best(especially as they can be used for ATM withdrawals too).
Best Debit cards; Metro Bank DC or N&P Gold.

Prepaid; perhaps a Kalixa card purchased via TopCashBack and topped up via Bank Transfer will be useful for purchases and for when an AEON ATM is near.

My advice for cash and TCs still stands, especially if you don't have access to mainstream cards.

Travellers Cheques(commission free)

socrates

NiftyDigits wrote: »

Seems an almost entirely pointless exercise.
As you have to pay for the card and for withdrawals too, as well as having to exchange from £s to Baht anyway.
May be of use if you live in Thailand, but not much point for the average holidaymaker.

OP should have a decent credit card to hand for hotels, car hire etc.
Halifax Clarity or Metro Bank CC are the best(especially as they can be used for ATM withdrawals too).
Best Debit cards; Metro Bank DC or N&P Gold.

Prepaid; perhaps a Kalixa card purchased via TopCashBack and topped up via Bank Transfer will be useful for purchases and for when an AEON ATM is near.

My advice for cash and TCs still stands, especially if you don't have access to mainstream cards.

Travellers Cheques(commission free)

Travellers cheques when you are travelling around Thailand:

Have you ever tried to exchange Travellers Cheques in Thailand? - it is not an easy process - plus you have to have your passport with you at all times - it can sometimes take 30 minutes or more - do not compare Bangkok with the rest of Thailand

Lets say you have cash as well - where do you keep this cash?

Hotel safe? That can be opened in seconds just do a quick search on YouTube

Withdrawals only attract a charge if you are withdrawing in another town/city from the one you originally opened the account in

I know you are trying to prove your point but there is nothing negative about having a bank account to add to all the valuable information you have given so far

If you are going down the TC route make sure they are large denominations

So my advice a combination of all of the above that you mentioned - including the bank account is sound avice

NiftyDigits

socrates wrote: »

Travellers cheques when you are travelling around Thailand:

Have you ever tried to exchange Travellers Cheques in Thailand? - it is not an easy process - plus you have to have your passport with you at all times - it can sometimes take 30 minutes or more - do not compare Bangkok with the rest of Thailand

Lets say you have cash as well - where do you keep this cash?

Hotel safe? That can be opened in seconds just do a quick search on YouTube

Withdrawals only attract a charge if you are withdrawing in another town/city from the one you originally opened the account in

I know you are trying to prove your point but there is nothing negative about having a bank account to add to all the valuable information you have given so far

If you are going down the TC route make sure they are large denominations

So my advice a combination of all of the above that you mentioned - including the bank account is sound avice

Yes, have exchanged TCs all over Thailand. America Express usually.Takes a few minutes. You just take your passport with you when you go to exchange.
Exactly the same when you wish to make a withdrawal over the counter. Passport needed there too. No big deal.

What has Bangkok got to with it? Did I mention Bangkok only?

If I have cash I lock it in my luggage. Hotel safe is just your conjecture. It's not a huge amount of cash, but useful if there is not a AEON ATM nearby.

Withdrawals only attract a charge if you are withdrawing in another town/city from the one you originally opened the account in

You still have to pay to exchange your cash in to Thai baht in the first place, so what is the point for your average tourist/traveller?
Surely the average tourist will be travelling around?? So they will have to pay a withdrawal charge in most cases too.

An almost pointless exercise for those who aren't staying in one place on a long term basis.

So, again I reiterate; forget about a local bank account for the average holidaymaker, it is just silly.
What happens to left over cash? What happens when your money goes missing and you have to deal with a local Thai branch instead of a UK bank?

What is the advantage over simply taking a top mainstream card into a branch, therefore saving having to pay the 150 baht charge?