Nationwide flex up to 2% + £1

[grs90 49]

Bad news for those UK guys who, like me, have been using the Nationwide Flexaccount for cash withdrawals in Thailand.

 

From 1st November the conversion fee will go up from the current 1% to 2%. In addition, there will be a flat fee of £1 per transaction.

 

In a typical 2 week trip to Thailand I normally take 10 lots of 10,000 out of the ATMs. Assuming a rate of 50=£1 each withdrawal will be £200. So the fees will be £4 (200*2%) + £1 + £3 (ATM fee of 150baht) =£8 a go. Thats £80 per visit and I go 5 times each year so £400 per year.

 

So it looks like it is time for me to open a local bank account which I've never tried to do before because I'm always there on the 30day airport stamp and I just couldn't be arsed to try and do it. I understand you need a visa to open an account so can any of you advise which visa I need to get?

 

Cheers

Edited August 1, 2010 by grs90

[Torres09 0]

Conversation fee! or should that be conversion fee? Not being a spellcheck cunt but generally confused .

 

Cash is king anyhow.

[papillon 695]

I understand you need a visa to open an account so can any of you advise which visa I need to get?

 

Cheers

Not true, unless things have changed recently.

 

All I needed was to show my passport with 30 day stamp, hotel address and pay as you go cellphone number. Plus a deposit. All done in less than thirty mins. Bangkok Bank at the east end of soi 6 on Second Road

[grs90 49]

Conversation fee! or should that be conversion fee? Not being a spellcheck cunt but generally confused .

 

Cash is king anyhow.

 

Whoops!! Good spot - Now edited.

[Bazle 1,485]

Not true, unless things have changed recently.

 

All I needed was to show my passport with 30 day stamp, hotel address and pay as you go cellphone number. Plus a deposit. All done in less than thirty mins. Bangkok Bank at the east end of soi 6 on Second Road

Diito Kasikorn Bank in Royal Garden.

[grs90 49]

Not true, unless things have changed recently.

 

All I needed was to show my passport with 30 day stamp, hotel address and pay as you go cellphone number. Plus a deposit. All done in less than thirty mins. Bangkok Bank at the east end of soi 6 on Second Road

 

 

Right, well I won't bother buying a visa then. Thanks for that, I'll try that bank next time I'm over then as its just across the road from where I stay.

 

Cheers

[papillon 695]

Right, well I won't bother buying a visa then. Thanks for that, I'll try that bank next time I'm over then as its just across the road from where I stay.

 

Cheers

Tropical Bert's ?

 

Have stayed there myself a few times. Excellent food in the bar and good quality accomodation at a fair price.

[Bazle 1,485]

Bad news for those UK guys who, like me, have been using the Nationwide Flexaccount for cash withdrawals in Thailand.

 

From 1st November the conversion fee will go up from the current 1% to 2%. In addition, there will be a flat fee of £1 per transaction.

It would be interesting to know the source of this information as it does not seem to be on the Nationwide website (http://www.nationwide.co.uk/current_account/foreigntransactions.htm). Was it a Sunday paper?

[Irish boy 67]

It would be interesting to know the source of this information as it does not seem to be on the Nationwide website (http://www.nationwide.co.uk/current_account/foreigntransactions.htm). Was it a Sunday paper?

 

http://www.nationwide.co.uk/current_accoun...ransactions.htm

 

I'd like to know as well, as, as far as i know and as it says on the website, it's still 1% and no fixed charge

[rogero 4]

http://www.nationwide.co.uk/current_accoun...ransactions.htm

 

I'd like to know as well, as, as far as i know and as it says on the website, it's still 1% and no fixed charge

 

They are probably not in a hurry to admit this news, but unfortunately its true,

Saturdays papers had this info along with a few other banks who are withdrawing this facility.

 

Apparently some customers are using these cards purely for free foreign transactions without any thought for Nationwide profits

 

cheers rogero

[Torres09 0]

Just an aside ,sorry if it's a TF but did I see /hear that a brand new High st bank has just been launched in the UK ?

 

Are they offering any good rates for overseas bankers?

[elk 1]

Bad news for those UK guys who, like me, have been using the Nationwide Flexaccount for cash withdrawals in Thailand.

 

From 1st November the conversion fee will go up from the current 1% to 2%. In addition, there will be a flat fee of £1 per transaction.

 

In a typical 2 week trip to Thailand I normally take 10 lots of 10,000 out of the ATMs. Assuming a rate of 50=£1 each withdrawal will be £200. So the fees will be £4 (200*2%) + £1 + £3 (ATM fee of 150baht) =£8 a go. Thats £80 per visit and I go 5 times each year so £400 per year.

 

So it looks like it is time for me to open a local bank account which I've never tried to do before because I'm always there on the 30day airport stamp and I just couldn't be arsed to try and do it. I understand you need a visa to open an account so can any of you advise which visa I need to get?

 

Cheers

 

 

Easy, just take cash

[Irish boy 67]

http://www.thisismoney.co.uk/savings-and-b...mp;in_page_id=7

 

Yep, just found it. I arrive 27th Oct, just before the deadline. I have a Kasikron A/C anyway, but don't like having a lot of cash about me, it's still cheaper than any other card and you can get free Travel Insurance if there's £750pm minimum going into your A/C, but think it'll be cash into my Kasikorn A/C after my next trip.

[THE_DRUID 21]

Diito Kasikorn Bank in Royal Garden.

 

Looks like i'll also be opening a Bank account next time i'm in Los.Just a few questions posed to those that already have Bank accounts in Los Banks.

 

1.What is the best way to deposit cash is it by bringing over Foreign Cash converting it and then depositing it?

2.is it just depositing foreign cash into you account where they then convert it?

3.Is the best way to transfer/wire money from a your home country Bank account to your Thai bank account?

My main angle if the questions is to find out which is the cheapest way to get deposits to your Bank account.

4.Finally is their a specified amount of cash you have to have/keep in a Thai Bank account to keep it a 'Live' account? I ask this because as i don't live in Los i wouldn't want to keep a large amount of cash in my account whilst i'm not there. I'd appreciate any feedback on these questions.

 

The Druid.

[THE_DRUID 21]

It would be interesting to know the source of this information as it does not seem to be on the Nationwide website (http://www.nationwide.co.uk/current_account/foreigntransactions.htm). Was it a Sunday paper?

 

It was in todays Money section of The Mail on Sunday

[Bazle 1,485]

Looks like i'll also be opening a Bank account next time i'm in Los.Just a few questions posed to those that already have Bank accounts in Los Banks.

 

1.What is the best way to deposit cash is it by bringing over Foreign Cash converting it and then depositing it?

2.is it just depositing foreign cash into you account where they then convert it?

3.Is the best way to transfer/wire money from a your home country Bank account to your Thai bank account?

My main angle if the questions is to find out which is the cheapest way to get deposits to your Bank account.

4.Finally is their a specified amount of cash you have to have/keep in a Thai Bank account to keep it a 'Live' account? I ask this because as i don't live in Los i wouldn't want to keep a large amount of cash in my account whilst i'm not there. I'd appreciate any feedback on these questions.

 

The Druid.

1. Please see 2.

 

2. Your account will be in THB. If you have foreign currency to deposit, it will need first to be converted into THB and that is the amount which is deposited.

 

When Kasikorn Royal Garden had a money exchange booth, the foreign money would be passed there to convert into THB and the THB physically handed over to the teller. Now they don't, the teller will accept the foreign currency and convert it into THB at a rate she looks up, and that is the amount entered in your deposit book.

 

3. I guess that depends on the cost of the wire transfer. With a wire transfer, you do not control the exact time the conversion is made into THB. When you take the money to the bank yourself, you can do so when you think the rate is at its best (good luck with getting that right!).

 

4. I do not recall being told that.

[Obsession 571]

Looks like i'll also be opening a Bank account next time i'm in Los.Just a few questions posed to those that already have Bank accounts in Los Banks.

 

1.What is the best way to deposit cash is it by bringing over Foreign Cash converting it and then depositing it?

2.is it just depositing foreign cash into you account where they then convert it?

3.Is the best way to transfer/wire money from a your home country Bank account to your Thai bank account?

My main angle if the questions is to find out which is the cheapest way to get deposits to your Bank account.

4.Finally is their a specified amount of cash you have to have/keep in a Thai Bank account to keep it a 'Live' account? I ask this because as i don't live in Los i wouldn't want to keep a large amount of cash in my account whilst i'm not there. I'd appreciate any feedback on these questions.

 

The Druid.

 

Hi mate. They took 50 bht a month from my Kasikorn account, maybe had something to do with it dropping below 1,000bht ( but it wouldn't have if they hadn't taken the first 250 bht ) . I asked two different times for an explanation, but it was vague and contradictory. I had just left 1,000bht in it and it was ok for ages. Then they just started taking the 50 a month for 7 months while I was in the UK and didn't know. I left more money last time, but don't know if they are taking any.

[nariad 6]

Re Nationwide Flexi, its true just reported on BBC news. Greedy Bastards.

[Bazle 1,485]

Hi mate. They took 50 bht a month from my Kasikorn account, maybe had something to do with it dropping below 1,000bht ( but it wouldn't have if they hadn't taken the first 250 bht ) . I asked two different times for an explanation, but it was vague and contradictory. I had just left 1,000bht in it and it was ok for ages. Then they just started taking the 50 a month for 7 months while I was in the UK and didn't know. I left more money last time, but don't know if they are taking any.

Thanks for the tip. I'll take my deposit book to be made up when I'm there next and check on that. However, I keep a reasonable amount in the account as I like to be able to get at some spending money when I arrive late in the evening.

[ingo67 8]

Bad news for those UK guys who, like me, have been using the Nationwide Flexaccount for cash withdrawals in Thailand.

 

From 1st November the conversion fee will go up from the current 1% to 2%. In addition, there will be a flat fee of £1 per transaction.

 

In a typical 2 week trip to Thailand I normally take 10 lots of 10,000 out of the ATMs. Assuming a rate of 50=£1 each withdrawal will be £200. So the fees will be £4 (200*2%) + £1 + £3 (ATM fee of 150baht) =£8 a go. Thats £80 per visit and I go 5 times each year so £400 per year.

 

So it looks like it is time for me to open a local bank account which I've never tried to do before because I'm always there on the 30day airport stamp and I just couldn't be arsed to try and do it. I understand you need a visa to open an account so can any of you advise which visa I need to get?

 

Cheers

 

Only taking out 10,000bht per transaction is not the most efficient way to get your money out of an ATM - at £1=50bht you could get 14,000bht, more if the exchange rate continues to improve.

However, it looks like good old travellers cheques are going to be the cheapest way to get your baht. From Nationwide, Sterling TCs are free, except for £3.50 postage/delivery, max amount £2500.

[Tom Kagai 0]

Re. opening a local (Thai) account; this is always a lottery. Many will say "Mister, must have residence certificate, go to Immigration". That's a lot of poncing around with letter a from your Thai landlord, photos and other formalities plus a couple of hundred baht. I did this, but I had plenty of time, so it was no problem.

 

If I was here on holiday, I would just go to different banks until I found one that wanted the custom, and present my passport and an opening deposit.

 

Thereafter, SWIFT transfers are 20 quid a pop, and can even be done online. Really quick too.

[surry 30]

Bad news, in march 2007 i was getting charged £150.00 per 10,000 withdrawal on my nationwide flex a/c with nothing

 

extra to pay.In march this year it was up to £211.00 with 150 baht charge on top.So now with the conversion fee now at

 

2% plus a fee of £1.00 per transation nationwide is no longer a cheap option.Seems like i might have to go back to

 

travelers cheques route though it seems like a step back in time,but whot can you do.

[grs90 49]

Only taking out 10,000bht per transaction is not the most efficient way to get your money out of an ATM - at £1=50bht you could get 14,000bht, more if the exchange rate continues to improve.

However, it looks like good old travellers cheques are going to be the cheapest way to get your baht. From Nationwide, Sterling TCs are free, except for £3.50 postage/delivery, max amount £2500.

 

 

Yes, upping the withdrawn amount to 14000 would save a few £ I suppose.

 

I looked at getting travellers cheques from nationwide but they have just stopped doing them!! At the moment I'm looking at getting a Halifax Clarity credit card. This is a no fee card, including for all cash advances even those at foreign ATMs. By paying the planned spending money in to the credit card account before travelling I figure I will avoid the interest charges as well, just leaving the 150baht local fee to pay. So this is option 2 if I have trouble opening a bank account next time I'm over there.

 

Cheers

[Big_Brian 179]

Yes, upping the withdrawn amount to 14000 would save a few £ I suppose.

 

I looked at getting travellers cheques from nationwide but they have just stopped doing them!! At the moment I'm looking at getting a Halifax Clarity credit card. This is a no fee card, including for all cash advances even those at foreign ATMs. By paying the planned spending money in to the credit card account before travelling I figure I will avoid the interest charges as well, just leaving the 150baht local fee to pay. So this is option 2 if I have trouble opening a bank account next time I'm over there.

 

Cheers

Damn, the Nationwide was my last option for commission free Sterling TCs. Many places do € or $ cheques but they hit you on the exchange rate. As I don't trust cards in LOS, looks like I'll be paying 1% on TCs next trip. Not ideal, that's an evenings money gone or I'll be carrying cash next trip.

 

Hey, I've got 3 (small) accounts with the Nationwide and it's a mutual society, so I own a bit of it, maybe I should march in and demand that they do TCs again? Might work.

[THE_DRUID 21]

1. Please see 2.

 

2. Your account will be in THB. If you have foreign currency to deposit, it will need first to be converted into THB and that is the amount which is deposited.

 

When Kasikorn Royal Garden had a money exchange booth, the foreign money would be passed there to convert into THB and the THB physically handed over to the teller. Now they don't, the teller will accept the foreign currency and convert it into THB at a rate she looks up, and that is the amount entered in your deposit book.

 

3. I guess that depends on the cost of the wire transfer. With a wire transfer, you do not control the exact time the conversion is made into THB. When you take the money to the bank yourself, you can do so when you think the rate is at its best (good luck with getting that right!).

 

4. I do not recall being told that.

 

 

Hi mate. They took 50 bht a month from my Kasikorn account, maybe had something to do with it dropping below 1,000bht ( but it wouldn't have if they hadn't taken the first 250 bht ) . I asked two different times for an explanation, but it was vague and contradictory. I had just left 1,000bht in it and it was ok for ages. Then they just started taking the 50 a month for 7 months while I was in the UK and didn't know. I left more money last time, but don't know if they are taking any.

 

Thanks Bazle and Obsession for the insight on answering my questions on Thai Bank accounts.