spending in Thailand

NiftyDigits

socrates wrote: »

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

Sorry, but you are just making this up as you go along.

The best you'll get currently is between 47.25 and 47.35 baht to the £.
See here

The rate from the banks is a little lower and just like AEON ATMs, the best exchanges are also few and far between.

NiftyDigits

ImSkinFlint wrote: »

I've been going to LOS for the 15 years I save up my holiday and spend 6 weeks there

last year I spent around £1800 + £90 in Nationwide bank charges this end, & that's including the £500 cash I took with me

I have friends on Koh Samui so spend the majority of the time there, that would be where I'd open an account.

However i meet another mate in BKK & spend time in Patts or travel around A bit before going to Samui so don't realy whant to have £2k in cash.

Nether had issues with stuff going missing in Patts, not all hotels have safes, in fact the one I've stayed before only has a locker behind reception. Thats fine for Passports etc but if they see someone stuff a wad of cash in an envelope Temptation being what it is!

I guess if you are using Hull that you might not be in London. So a Metro Bank debit card may not be open to you.
There are AEON machines available in both Samui and Pattaya, so the best rates available... though there are a couple of good cash exchanges in Pattaya I hear.

There are no Super Rich exchanges on Samui, so you will get the normal bank exchange rate if you exchanged your cash.
Not every Kasikorn Bank branch will allow you to open an account using a Tourist Visa. So don't depend on it.

I just use AEON machines, decent credit cards and cash. Covers all bases.

socrates

NiftyDigits wrote: »

Sorry, but you are just making this up as you go along.

The best you'll get currently is between 47.25 and 47.35 baht to the £.
See here

The rate from the banks is a little lower and just like AEON ATMs, the best exchanges are also few and far between.

I do apologise I meant to type 47.25 not 49.25 it was a typo

socrates

NiftyDigits wrote: »

I guess if you are using Hull that you might not be in London. So a Metro Bank debit card may not be open to you.
There are AEON machines available in both Samui and Pattaya, so the best rates available... though there are a couple of good cash exchanges in Pattaya I hear.

There are no Super Rich exchanges on Samui, so you will get the normal bank exchange rate if you exchanged your cash.
Not every Kasikorn Bank branch will allow you to open an account using a Tourist Visa. So don't depend on it.

I just use AEON machines, decent credit cards and cash. Covers all bases.

You apply via Hull wherever you live its a postal application

I know you are determined to be right but you can open an account with any K Bank and its not about the tourist visa they do not even copy that page

It's about having what I mentioned you need with you that counts

Yes Pattaya does have some places that give good rates but it's. £1000 minimum

I agree with your means of getting money apart from travellers cheques

NiftyDigits

ElDavido wrote: »

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.

In Thailand, it depends on the ATM. It might be the Visa/Mastercard rate or it could be on determined by the bank(a form of DCC).
Since there is only one fee free VISA debit card, it is unlikely you have access to the full VISA rate anyway. So not sure why you are quoting it at all.
If you withdraw inside a bank, the rate you may get may also differ from the VISA/Mastercard rate.

The best way will depend on your individual circumstances.

There is not a 'one size fits all' best solution for Thailand.

I use Metro Bank DC and CC, Santander Zero CC and cash, in the main.

NiftyDigits

ImSkinFlint wrote: »

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?

Perhaps 2% to 3% for using a CC is more likely. But most large hotels and supermarkets make no surcharge.

As suggested, you can make an early online payment to the Clarity card to reduce or even eliminate the interest.

Prepaid cards are really not amongst the best value options for Thailand. Regardless of the type.

NiftyDigits

socrates wrote: »

You apply via Hull wherever you live its a postal application

I know you are determined to be right but you can open an account with any K Bank and its not about the tourist visa they do not even copy that page

It's about having what I mentioned you need with you that counts

Yes Pattaya does have some places that give good rates but it's. £1000 minimum

I agree with your means of getting money apart from travellers cheques

I'm not so interested in being right as I am in not being wrong.

You will find that not every branch will allow the opening of an account.

See here and here. Often depends on the location.

I know how and why you can apply to Hull, but as I'm from London I can have the visa in my hand the next day and no risky sending my passport off in the Christmas post.

As I written before, there is no 'one size fits all' solution. A mix of some is best.

Local bank account is an option, but it is not devoid of fees either. Fee for the card, an annual fee, fee for sending, fee for receiving and exchange rate spread. In addition to that, there are possible ATM fees. Not neglected to mention the hassle of trying to get your money back if your card is skimmed

For me, it's simple enough to go to the AEON machine when I need some cash.
I get the full Mastercard rate, which is good enough for me.

socrates

NiftyDigits wrote: »

I'm not so interested in being right as I am in not being wrong.

You will find that not every branch will allow the opening of an account.

See here and here. Often depends on the location.

I know how and why you can apply to Hull, but as I'm from London I can have the visa in my hand the next day and no risky sending my passport off in the Christmas post.

As I written before, there is no 'one size fits all' solution. A mix of some is best.

Local bank account is an option, but it is not devoid of fees either. Fee for the card, an annual fee, fee for sending, fee for receiving and exchange rate spread. In addition to that, there are possible ATM fees. Not neglected to mention the hassle of trying to get your money back if your card is skimmed

For me, it's simple enough to go to the AEON machine when I need some cash.
I get the full Mastercard rate, which is good enough for me.

I do not know what the YouTube video was all about...

The second one is written by a Junior Poster with 8 posts to his name and if he asked his question as ambiguously as he did on the forum then naturally the bank employee would have not even understood his question

They issue the account in the branch and have card printing equipment there and then and that is available for Thai people too - who also need the same info as we do but do not need to provide proof of address

As for the skimming it is possible to happen at any ATM machine in the world

Anyway in this case the OP seems very happy to use the option I put forward

I just arrives in Thailand this evening and I will see if there is any paperwork regarding opening this type of account for foreigners and what happens in the event of skimming

One interesting point - yesterday in Heathrow there were Border Agency staff everywhere and I was asked on 2 separate occasions (outside of the X-Ray Security area) how much cash I was carrying.

Once in the section just before you enter Duty Free Shopping and it seemed random

The second time was just before the gate and they also had sniffer dogs

They asked how much I was carrying and I told them three thousand sterling and they did not ask to look and waved me on.

This seemed a more specific Check Point

I will look closer into the AEON route for my next visit in 6 months time (or so)

For now I am stuck with a terrible exchange rate compared to last time a few months ago - its lucky I still have 50,000 baht in my KBank account which I exchanged at 49.55 back then - another advantage of a Thai Bank account I can take a good rate when I need one and future proof against currency fluctuations

booler

I am probably going to Thailand in March and I read this thread with interest ... at first! It seems to have deteriorated into a contest with all of you claiming to know better than everyone else about this and leaving people like me totally confused.

You cannot all be right so I think I will just trust my own judgement.

socrates

I agree entirely but if you go to Thailand regularly the KBank - account is useful - but the other posters points are also very valid