spending in Thailand

socrates

OK you are perfectly right about everything - happy now?

ImSkinFlint

I have had issues with travelers checks in Thailand Basically if your signature is not identical both times on the same TC & receipt slip they will reject it even with a letter from the issuing bank stating why & the cashier recognizing you!

Any way in Thailand Cash is good You can use Cards in the bigger hotels / restaurants to pay for goods but be aware you may also get charged a fee for doing so which can be 5-6% This can be cheaper then needing to go to an ATM 2-3 times over days to pay a Hotel bill.

If your going to the main tourist areas then there will be an ATM or exchange BTW if you going into a bank and get money on your VISA they don't charge a fee

If your going to some remote areas then take enough cash with you but hide it IE don't have a wallet stuffed with 1000 bht notes put the rest some place else on you not in a back pocket If you can hide it in your room Make it hard to find reducing temptation. taking only what you need for the day.

I'm personally looking at the halifax card BUT they charge interest on Cash with drawls so may not be the answer.

Doshwaster mentioned he uses pre-paid card but dosn't say which one he uses.

socrates Don't you need the right visa in your passport to open deposit account in Thailand?

socrates

socrates Don't you need the right visa in your passport to open deposit account in Thailand?

Absolutely not for K Bank which is exactly why I recommended it - it is not a well known fact

I am a member of every major forum connected to going to Thailand - and every time this question comes up - its always negative towards TC's - signature problems as well as phone calls needed to verify everything

I cannot see how taking 30 minutes to open an account (just once) - and having your money sitting safely in an account cannot make sense

You can exchange your money wherever you find the best rate and deposit it into the bank when you open the account

Compared to all the other options - remember even cards be they debit or pre-paid give a terrible rate of exchange - they have to make their money from somewhere

guesswho2000

I got back from Thailand about 3 months ago. I went there with no cash, cheques or anything else and just went through the whole trip using a Halifax Clarity card.

150THB charge on cash withdrawals (by the atm owner) is the norm, except Aeon I believe, although I didn't see any of them.

The interest on cash withdrawals is about 1% per month, so £10 if you drew out £1000 and repaid it after a whole month, less if you repay sooner. Even with the interest, the ability to use a card and not have to carry loads of cash etc is by far the best option imho.

socrates

guesswho2000 wrote: »

I got back from Thailand about 3 months ago. I went there with no cash, cheques or anything else and just went through the whole trip using a Halifax Clarity card.

150THB charge on cash withdrawals (by the atm owner) is the norm, except Aeon I believe, although I didn't see any of them.

The interest on cash withdrawals is about 1% per month, so £10 if you drew out £1000 and repaid it after a whole month, less if you repay sooner. Even with the interest, the ability to use a card and not have to carry loads of cash etc is by far the best option imho.

What was the rate of exchange?

guesswho2000

socrates wrote: »

What was the rate of exchange?

49.038THB = 1GBP according to my statement. You get the Mastercard exchange rate on the day the transaction hits your account.

ElDavido

NiftyDigits wrote: »

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.

Well that was a lovely post. You've made a lot of assumptions, which in your favour is fair enough with such a sparse post. However, for example, I did not mention prepaid cards...:s No idea where you got that from.

It could easily be that I don't understand the situation, if anyone could clarify the following things that'd be good.

When using an ATM what determines the exchange rate? I thought it was the network your card used. So if you use a Visa card you exchange currency on the Visa exchange rate. The ATM just charges you their fees. And of course the card you use might have fees, but let's assume it is a Metrobank/N&P one.

I just checked and the Bangkok Bank exchange rate, for CASH is £1=46.82B. This is less than the current Visa rate. It's been my experience that exchanging cash always gives you worse rate.

socrates

guesswho2000 wrote: »

49.038THB = 1GBP according to my statement. You get the Mastercard exchange rate on the day the transaction hits your account.

Not a bad rate but lower than the cash exchange rate 3 months ago

Also not everyone can get the Halifax Card - you need to have an account with them - and you would need a semi decent limit too

You will get extra charges on purchases if you use it in shops as a credit card as in Thailand the purchaser pays the fee in most cases

Added the £3.00 charge every time you withdraw cash which means you need to withdraw a decent amount to make it viable

Also what happens if your card is blocked which can happen overseas

Its definitely a good option but you need a back up plan

socrates

ElDavido wrote: »

I just checked and the Bangkok Bank exchange rate, for CASH is £1=46.82B. This is less than the current Visa rate. It's been my experience that exchanging cash always gives you worse rate.

In Thailand cash is king and the rate in local exchanges is much higher nearer to 49.25+

endure

socrates wrote: »

Not a bad rate but lower than the cash exchange rate 3 months ago

Also not everyone can get the Halifax Card - you need to have an account with them - and you would need a semi decent limit too

You will get extra charges on purchases if you use it in shops as a credit card as in Thailand the purchaser pays the fee in most cases

Added the £3.00 charge every time you withdraw cash which means you need to withdraw a decent amount to make it viable

Also what happens if your card is blocked which can happen overseas

Its definitely a good option but you need a back up plan

You don't need an account with Halifax to get a Clarity card. I have one and it's the only connection I have with them. As fas as blocking is concerned they ask you to give them a call 10 days before you go and let them know where you're going so you don't get blocked. If you use internet banking to pay for your withdrawals a couple of days after you make them you'll only pay pennies in interest.