Bank transfer vs Travellers cheques

[Chris100UK 519]

Just weighing up which option to go for?

 

I already have a kasikorn account

 

My bank would charge £25 for a bank transfer. The other option is to take Sterling TC's (1% charge on £1500 = £15)and pay them into the Thai account for convenience.

 

With bank transfers, do you tend to get a poorer exchange rate?

 

If taking TC's, will paying them straight into the bank be a mistake? Would i be better cashing them at a currency booth first to get a better exchange rate?

[Bullfrog 2,224]

Just weighing up which option to go for?

 

I already have a kasikorn account

 

My bank would charge £25 for a bank transfer. The other option is to take Sterling TC's (1% charge on £1500 = £15)and pay them into the Thai account for convenience.

 

With bank transfers, do you tend to get a poorer exchange rate?

 

If taking TC's, will paying them straight into the bank be a mistake? Would i be better cashing them at a currency booth first to get a better exchange rate?

 

Don't know how much or what you are using it for but one thing to consider is that your bank will have a record of a bank transfer showing money originating outside of the country. In case you want to transfer back out of the country, buy an apartment or use it as funds for a visa etc...

[MM 6,562]

My personal experience, and my impression based on that, is that the rates for bank transfers are generally better than for exchange booth/bank rates for TC's or Cash. You need to factor in the cost of the transfer, of course, which might offset any exchange rate benefit for a small transfer amount.

 

If I am reading the following correctly, the red arrow is pointing the the wire transfer exchange rate column, and the blue arrow is pointing at the rate you'd get for TCs. In every case, the wire transfer is a bit more baht per currency unit.

 

 

Still, you'd have to figure out what the transfer cost would be for the amount you are sending to know if it would be a better deal.

 

 

 

[Regyai 414]

I can echo what MM said

 

 

You can ameliorate the fees by using better accounts in the UK Halifax for the Swift Transfer and Lloyds TSB for the TCs

 

 

But if Im reading the OP correctly and the transfer value is £1.5K seriously put the folding in your pocket, chop it up on arrival in Patts (independent money changers) and put it in the Kasikorn for safety/convenience

 

 

 

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[joekicker 53]

I can echo what MM said

 

Ditto. Of course you can wire a tiny bit of money and prove that TC are better, cash is better, etc. But in real life, transfers are going to get you the best rate for a personal (not business) transaction.

[Chris100UK 519]

Thanks for the advice.

 

Bank transfer is a better option than i thought. It may be worth opening a halifax account to take advantage of cheap transfer rates.

 

I've also got a side trip to the P.I booked. I wonder if my Kasikorn card will be any cheaper than using a UK bank card for atm withdrawls?

Not really a fan of carrying cash. I've had some skimmed from a hotel room safe in AC, and some taken from my bag in a bkk hotel.

[js007 795]

I have Kasikorn account and a few USA accounts with ATM cards. Still, I always try to have some back-up funding. Cash, travelers checks, etc. Enough for a few weeks, at least.

[JONPAT 222]

I have Kasikorn account and a few USA accounts with ATM cards. Still, I always try to have some back-up funding. Cash, travelers checks, etc. Enough for a few weeks, at least.

 

I do the same, except I am going to try Moneygram before I leave the USA for my next trip. I want to send a few hundred dollars using Moneygram because if it works for ten or fifteen dollars via online using a credit card, then I'd be able to send myself money while in Thailand using the same method, a just in case scenario.

 

By the way, do you send money straight from USA bank to the Kasikorn? Bank of America is wanting $50 bucks to send a few thousand to Kasikorn via SWIFT.

Edited August 3, 2011 by JONPAT

[jacko 8,766]

Just weighing up which option to go for?

 

I already have a kasikorn account

 

My bank would charge £25 for a bank transfer. The other option is to take Sterling TC's (1% charge on £1500 = £15)and pay them into the Thai account for convenience.

 

With bank transfers, do you tend to get a poorer exchange rate?

 

If taking TC's, will paying them straight into the bank be a mistake? Would i be better cashing them at a currency booth first to get a better exchange rate?

No with bank transfers you get a slightly better rate than TCs. (Today at SCB, 48.595, for TT, 48.195 for TCs,) TCs also have the tax/duty at 33 baht per chq.

A bank transfer will incur a charge at the UK end, (for you £25, for me £15), and my bank, Bangkok Bank charges 500 baht on the money when it comes in.

You are nickel and diming yourself,but for me, the bank transfer is best.

[sinbinjack 243]

Take TCs they will give you a better exchange rate than Cash,they are safer as they are insured against loss or theft and if you play wisely some banks and Building Societies give you them free of charge (Nationwide gives me £2500 free twice a year)so even with a 33 baht charge for each TC it will work out better than cash ,but only if you get large denomination TCs.

[jacko 8,766]

Take TCs they will give you a better exchange rate than Cash,they are safer as they are insured against loss or theft and if you play wisely some banks and Building Societies give you them free of charge (Nationwide gives me £2500 free twice a year)so even with a 33 baht charge for each TC it will work out better than cash ,but only if you get large denomination TCs.

Why have you brought cash into the discussion?

OP was pondering TCs against a bank transfer.

 

He also asked whether some places offer better exchange rates than the banks for the TCs. I believe apart from a few special places, the exchange booths are affiliated with a bank and offer their posted rates. He has a Thai account already, for me it is 45 seconds on the internet and 20 hours later, I get an SMS from Bangkok Bank telling me the money is there.

 

For a tourist, without a Thai bank account, TCs are good, they allow you to budget and if you are fortunate enough to have any left over, they are as good as cash back home, can be taken to other countries or retained for a future trip. Some may not like to leave a balance sitting in a Thai bank while they are working 1000's miles away, but there is no harm if you intend to return within a year, beyond this it may be flagged dormant and incur charges.

Edited August 4, 2011 by jacko

[Grandpollo 366]

I do the same, except I am going to try Moneygram before I leave the USA for my next trip. I want to send a few hundred dollars using Moneygram because if it works for ten or fifteen dollars via online using a credit card, then I'd be able to send myself money while in Thailand using the same method, a just in case scenario.

 

Moneygram costs $15 or whatever PLUS their horrible exchange rate which is never as good as even buying from your local airport. They tell you on the form but that is really how they and Western Union make money since most of the fee goes to the merchant doing the send and the payouts. Watch out for how much you are actually getting.

 

Also if you've never sent by credit card before they often require you to call them to clear it and the call has to come from your phone that is registered to the card.

 

If you need emergency money and you have it to send anyway take traveller's cheques. You might find Moneygram works great when you are at home and falls apart when you are away. AMEX will replace traveller's cheques the same day. If you insist on Moneygram then have a friend or relative send you money from one the thousands of merchants in your town.

[joekicker 53]

He also asked whether some places offer better exchange rates than the banks for the TCs. I believe apart from a few special places, the exchange booths are affiliated with a bank and offer their posted rates.

 

That is misleading. Most money changer are not affiliated with banks, and most of them give slightly better rates than banks - and post them. It's true that most money changers are not booths -- and most booths are run by banks. But there are a LOT more legal, licensed money changers than bank-run booths.

 

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[jacko 8,766]

That is misleading. Most money changer are not affiliated with banks, and most of them give slightly better rates than banks - and post them. It's true that most money changers are not booths -- and most booths are run by banks. But there are a LOT more legal, licensed money changers than bank-run booths.

 

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I believe in Pattaya, they are mostly affiliated to banks and the independent exchangers are fewer. Many money exchange booths are right in front of banks, as they don't want customers going inside into the AC! The better independent ones also need to be pointed out to a tourist.

In fact beware of those not affiliated with banks, like in hotels and Mike's Shopping Mall where you will be given very poor rates.

 

I haven't seen anything akin to Al Khobar, where a wizzened Arab sits on the floor behind piles of cash in a scruffy room, or even on the street.

Edited August 5, 2011 by jacko

[Regyai 414]

Unless Ive got things very wrong, the independents dont deal in TCs

 

In fact when I last had a bundle of TCs to cash up (never again) the cash rate at the independents (R'land Bank Gold, Vanee, etc) could NOT be matched with TCs ANYWHERE

 

 

But to the OPs dilemma its all a matter of volume. The Xfer fee is basically a' per occasion' charge so he will need to do the maths as to what amount needs to be Xfer'd to make it viable. The cash/TCs conundrum at 'holiday spends' levels makes little financial difference (despite the above) so the security aspect wins the day. Once you're talking amounts over say what can officially be personally transported in folding stuff - then SWIFT is the only real alternative .

 

 

 

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[sinbinjack 243]

Why have you brought cash into the discussion?

OP was pondering TCs against a bank transfer.

 

 

Cause someone else (regyai) said that for such a small amount to just bring cash.I gave my advice based on what else was posteds not just the OP

[joekicker 53]

I haven't seen anything akin to Al Khobar, where a wizzened Arab sits on the floor behind piles of cash in a scruffy room, or even on the street.

 

Never seen it on the street (the occasional ripoff guy, but rare). Money changers are typically jewellery shops, the pooyai at the back of the shop does it - something along that line. I think often they don't really advertise it, maybe even not at all. But there IS licensing, the licenses are pretty easy to get, and people in that sort of tourist-friendly business usually do it. Some of the tailors do it. Rarely gold shops, for some reason. You can get rates better than the banks every day, buying and selling - they just work on a smaller margin than the banks, is all.

 

"My" little jewellery store in Bangkok does a few thousand dollars worth of exchanges a day, doesn't even have a sign up, but he has a rep for very good rates. Pretty typical. Almost never ethnic Thais - Chinese and Indians in the main.

 

I've noticed in Pattaya a few garish booths that are NOT bank-connected, or at least apparently not. Never seen that elsewhere in Thailand.

 

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[jacko 8,766]

Never seen it on the street (the occasional ripoff guy, but rare). Money changers are typically jewellery shops, the pooyai at the back of the shop does it - something along that line. I think often they don't really advertise it, maybe even not at all. But there IS licensing, the licenses are pretty easy to get, and people in that sort of tourist-friendly business usually do it. Some of the tailors do it. Rarely gold shops, for some reason. You can get rates better than the banks every day, buying and selling - they just work on a smaller margin than the banks, is all.

 

"My" little jewellery store in Bangkok does a few thousand dollars worth of exchanges a day, doesn't even have a sign up, but he has a rep for very good rates. Pretty typical. Almost never ethnic Thais - Chinese and Indians in the main.

 

I've noticed in Pattaya a few garish booths that are NOT bank-connected, or at least apparently not. Never seen that elsewhere in Thailand.

 

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Well that's possible then, wild horses wouldn't drag me into a gold shop, so never noticd their second trade. Yes quite a few gold shops in town. As to Indian tailors, I even avoid the 5m radius from the front door, not sure why that is.

Banks and internet stuff is so advanced in LOS these days it seems easier to do things infront of my fan.

(Hot start to the day in Chonburi)

Edited August 6, 2011 by jacko

[Chris100UK 519]

The Post Office have been advertising free international money transfers to overseas bank accounts

 

Post office money transfer

 

I can only assume they give a poor excahnge rate to make their profit?

[jacko 8,766]

The Post Office have been advertising free international money transfers to overseas bank accounts

 

Post office money transfer

 

I can only assume they give a poor excahnge rate to make their profit?

When transfering money to Thailand, no currency exchange should be involved, (providing your source is a major currency). IE Let the Thai bank receive £ etc and change them to baht.

I took a look at the ad, and although they do not specifically say so I got the impression you are expected to change currency their end.

 

It costs you nothing to transfer your money. And with no hidden extras our international money transfer service is way ahead of the competition. We guarantee no transfer charges, no commission fees and no overseas bank receiving fees. If you’re charged receiving bank fees just send us a copy of your bank statement as proof of payment and we’ll give you a full refund. I am unsure how they can prevent say, The Bangkok Bank taking their usual 500 baht, but if they like to refund it, great. I am guessing they change it to baht first at 'tourist rates', but would be extremely interested to hear back from someone who has succesfully used the service to transfer to a Thailand bank.

[Regyai 414]

There are a plethora of service providers doing this

 

 

NONE of them will transfer sterling, only (as you correctly surmised) destination currency AFTER THEY'VE CONVERTED at their rates

 

 

SWIFT transfer of Sterling from UK Bank is still the way to go - search for cheapest fees not snake oil sales (like the Post Office/Bank of Ireland)

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[Pattaya Bill 34]

www.xe.com advertises on their website that they give the best exchange rate, change the funds to that of the recipient country, and dispatch to your bank in that country.I haven't used them personally, but it might be worth investigating.

[rb 20]

Let me show my ignorance here;

I think I remember someone saying they used there PayPal account to get money in LOS.

Don't know how or charges involved? Has anyone done this?

chers

rb

[Kev 173]

I agree bank transfers the way to go, especailly when sending a few bob (dollars).

 

Just make sure you send in original currency and let the Thai bank do the currency conversion, not the home bank otherwise you will get ripped off on the excahnge rate.

[rogero 4]

I agree bank transfers the way to go, especailly when sending a few bob (dollars).

 

Just make sure you send in original currency and let the Thai bank do the currency conversion, not the home bank otherwise you will get ripped off on the excahnge rate.

 

Absolutely correct !!

I can't believe people are still using TCs in this day & age.

Chequebooks are on the way out & so are TCs.

 

internet transfers are the way to go & so efficient with the best rates available !

 

cheers rogero :beer