CCs Travellers cheques or cash?

[pattaya_mad 208]

With my next trip coming up in January I am interested to know how most BMS fund their trips? the last two trips I have bought cash with all the uncertainty if you should have it stolen, before that is was mostly TCs but that is such a pain because of all the passport and signing issues.

Which brings me to credit cards, never done it before but as far as I can make out it is the most expensive option with your bank charging 3% on top of all transactions,with foreign exchange charges too. and what kind of exchange rates do you get?

 

[steamer 158]

With my next trip coming up in January I am interested to know how most BMS fund their trips? the last two trips I have bought cash with all the uncertainty if you should have it stolen, before that is was mostly TCs but that is such a pain because of all the passport and signing issues.

Which brings me to credit cards, never done it before but as far as I can make out it is the most expensive option with your bank charging 3% on top of all transactions,with foreign exchange charges too. and what kind of exchange rates do you get?

 

I normally do T-cheques but I found them difficult to cash in Ban Chang. Other places have been easier by far.

[js007 795]

I usually bring all three. Some cash, some travelers checks, and credit cards. I also have a Thai bank account and a thai ATM card.

 

You really don't want to be in Thailand and have your credit card and ATM cards frozen.

Edited November 17, 2013 by js007

[short 215]

Many credit unions offer credit cards that charge no ATM fees and take only a 1% international exchange fee. That is the way to go.

[steamer 158]

Many credit unions offer credit cards that charge no ATM fees and take only a 1% international exchange fee. That is the way to go.

 

I get my t-cheques for free and my bank charges me ~150 baht for each international transaction.

Edited November 17, 2013 by steamer

[yogi100 1,925]

Bring TCs, it's easy to lose money on holiday especially if you're partial to strong drink and consorting with prostitutes.

 

Better still if you're a regular visitor for a few hundred baht you can open up a Thai bank account and have no worries. I recommend the Kasikorn Bank with whom it is easy to set up internet banking.

[nkped 1,208]

Many credit unions offer credit cards that charge no ATM fees and take only a 1% international exchange fee. That is the way to go.

By dumb luck, I got one through a credit union which charges no foreign transaction fee and is competitive on the exchange rate. Try to avoid using cc's for most smaller purchases because many businesses will bump up the price to recoup the fee they pay on a credit card transaction.

[DrPat 423]

I have always used credit cards – but you have to have the right cards. At the moment the best UK card is the Halifax Clarity Card. There is no foreign exchange charge and no cash advance charge. The only additional cost is you pay interest from the day of the cash advance until it is paid off in full, but the charge is around 12% per year and you can set a timed payment before you leave the UK or pay by internet banking whilst in LOS. Worst case, you end up paying about 1% if you leave it for a month. If you use the same card to pay for hotels etc, spending over £300 a month results in a £5 ‘reward’, which often offsets any interest charges.

 

If you use Aeon or CitiBank ATMs (easy in BKK, not so easy in Pattaya) you can avoid the (now) 180 baht surcharge. You can also avoid the surcharge by going inside a bank with your card and passport.

 

On October 9 I got a rate of 49.98 Baht per £.

 

Check out my post #74 on

 

http://www.pattayatalk.com/forums/topic/61708-thai-baht-losing-against-western-currencies/page-3

[surry 30]

I have a Thai bank a/c easy to do with Kasikorn bank , I transfer money over before my trip,no charge to withdraw cash at atm

 

and a very safe way to do it.

 

I take a couple of credit cards as back up , and some cash as well.

[CheshireTom 1,377]

If you open a Kasikorn account, make sure you do it wherever you are going to be making the majority of your withdrawals. There is an ATM charge (15 Baht?) for "outside clearing area" withdrawals.

[jacko 8,822]

Many credit unions offer credit cards that charge no ATM fees and take only a 1% international exchange fee. That is the way to go.

Can you give him the address of one near Reading?????

[jacko 8,822]

With my next trip coming up in January I am interested to know how most BMS fund their trips? the last two trips I have bought cash with all the uncertainty if you should have it stolen, before that is was mostly TCs but that is such a pain because of all the passport and signing issues.

Which brings me to credit cards, never done it before but as far as I can make out it is the most expensive option with your bank charging 3% on top of all transactions,with foreign exchange charges too. and what kind of exchange rates do you get?

If you come here frequently, you could consider an account with a Thai bank.

Very convenient to just transfer some money over just before you travel and access it for free from an ATM.

 

If you do not have a bank account, bring TCs (look around for the best deal of £ TCs), and consider opening an account when you get here, and putting all the TCs in straight away.

 

If you are not a frequent visitor, it is a toss up between £TCs, and using an ATM card (have a backup perchance there is a problem)

ATM, well this is becoming expensive 150 or 180 baht local charge per withdrawal plus what your bank charges.

I have never liked the idea of travelling with cash...(unless you open an account here with all of it and tuck it away safely).

 

I personally would not consider using a UK CC, but that is an old fashioned fear as years ago they were hitting you up for interest straight away for cash advances...plus a hit on the exchange rate.

Edited November 18, 2013 by jacko

[BeerBelly 1,026]

I just ran into a problem with my Visa credit card here in Pattaya. It is a new style credit card with the RFID chip in it. The issue is the people at Chase decided having the embossed numbers is no longer needed. Well, it may be the case in the US, but here in Thailand there are still plenty of places that can only take a credit card by making an imprint with carbon paper.

[The_Fat_Controller 25]

For UK travellers, cash is now king as the money exchange booths are giving more than the Thai TT transfer rate.

 

For comparison, Bangkok Bank would give you 50.4475 last Friday (TT Rate), whereas the money changers in Soi Diana were giving 50.5 for cash.

 

For direct transfers there are charges at the Thai bank of up to 500 Baht or so and most UK banks charge a fee, Nationwide is now £25

 

TC rates are lower than cash and transfers and there is a charge per cheque to change them and possibly fees to buy them.

 

I used my Nationwide CC to pay the hotel bill and the rate was almost exactly the same as the money changers, but as my card does not charge a fee at all that was a sensible use.

Edited November 18, 2013 by The_Fat_Controller

[Severn 109]

I too use my Nationwide Credit Card for as many purchases as possible and get the same rate as the exchange booths. There are not transaction costs although as previously stated, some retailers pose a minimum transaction limit.

 

I used my Nationwide CC to pay the hotel bill and the rate was almost exactly the same as the money changers, but as my card does not charge a fee at all that was a sensible use.

 

posted from my Samsung using Tapatalk 2.

 

 

[steamer 158]

I too use my Nationwide Credit Card for as many purchases as possible and get the same rate as the exchange booths. There are not transaction costs although as previously stated, some retailers pose a minimum transaction limit.

 

 

posted from my Samsung using Tapatalk 2.

I don't use a cc much in Thailand but the few times I have the hotels charged an extra fee

[jimbowx 341]

For what it is worth (not much I suspect), here is how I handle it. I pre-pay a lot of my hotels with a credit card using Agoda. So far this has worked great and no fees on the card. It does screw you if you change your mind and don't use the reservation (or so I understand I've never done it). I use the credit card at any other hotels I didn't pre-book and maybe for dinner/drinks at a high end location (Hilton bar etc). I've never had anyplace add a fee but there is a hit for "transaction fee" by my credit card company. I always have 3 cards in country but never more than on on my person.

 

I have had trouble with travelers checks over the years. That combined with the extra cost and hassle I quit using them years ago. I go to the bank and get them to give me new $100.00 bills. I carry about $200.00 per day I will be there. I split the bills into envelopes and carry them scattered on my person and carry ons. Figuring that I will not get it all stolen if something happens. While in Thailand, I never carry more than $200.00 on me and keep the remainder in a safe. I use this system everyplace I travel and have had zero issues. However, I never get drunk ever so I can't comment on that. I have (just once or twice) had interactions with a hooker and there have been no issues. I inform my credit card and bank I will be in Asia and have the option of getting cash from them if required but I've only done that once (had travelers checks that no one would cash hence my ban on using the damn things).

 

Most of my stays are for in the 2 week range. If I was going to stay longer I would look into opening a bank account.

[nkped 1,208]

Some Agoda reservations are refundable, others aren't. It's in the fine print. If it is refundable and you notify Agoda in the time required, they are very prompt in processing.

Edited November 18, 2013 by nkped

[hillybilly 55]

for what its worth i always bring cash, just buy a money belt off ebay and travel with cash inside it, till you get to your hotel, very easy to use and its unseen under a t shirt. Never has problem this way

Hope this helps

[Guest King_Midas]

I normally bring £3000 Hard Cash backed up with Bank Withdrawal Slips on the odd chance you get tugged by a money dog leaving Uk Airport.

Then access to similar amount via Debit Cards and then couple credit cards as a last resort.

Gave up with TC's back in the 90's on the basis that after a week on the beer my signature never seemed to match !

[jimbowx 341]

Gave up with TC's back in the 90's on the basis that after a week on the beer my signature never seemed to match !

I once signed 20 0f them in front of a bank teller in Singapore. She watched me sign them all, then reviewed them and handed 7 back telling me my signature didn't match on those 7. She refused to take them after I pointed out she watched me sign them all. Of course after you sign the damn things, they will not take them anyplace else because they didn't see me sign them. Like I said T/C worthless to me.

[jacko 8,822]

For UK travellers, cash is now king as the money exchange booths are giving more than the Thai TT transfer rate.

 

For comparison, Bangkok Bank would give you 50.4475 last Friday (TT Rate), whereas the money changers in Soi Diana were giving 50.5 for cash.

 

For direct transfers there are charges at the Thai bank of up to 500 Baht or so and most UK banks charge a fee, Nationwide is now £25

 

TC rates are lower than cash and transfers and there is a charge per cheque to change them and possibly fees to buy them.

 

I used my Nationwide CC to pay the hotel bill and the rate was almost exactly the same as the money changers, but as my card does not charge a fee at all that was a sensible use.

I think you are talking of a particular money changers... not those associated with the big Thai banks.

For example, in Bangkok, Super Rich, perhaps TT in Pattaya.

 

Important for people to know that as the regular bank affiliated ones, and the banks themselves, will still offer more for TCs than cash, to offset the tax and fee of 11 baht/chq. Also TT rates are substantially better than cash at say BB, 50.63500 v 50.20 yesterday, this would offset transfer costs (500B at BB and whatever UK charges, £15-25). Those are minimised by transferring a large single amount.

 

My point being, pick your exchange place if you bring cash....

Personally I never felt comfortable having large amounts on me or in the safe.

[Severn 109]

I too use my Nationwide Credit Card for as many purchases as possible and get the same rate as the exchange booths. There are not transaction costs although as previously stated, some retailers pose a minimum transaction limit.

 

 

 

posted from my Samsung using Tapatalk 2.

I don't use a cc much in Thailand but the few times I have the hotels charged an extra fee

If you don't use your credit card here why do you feel it necessary to contradict other board members who do?

 

I too can post opinions about things that I do not use in Thailand but don't as I would not like to mislead the forum with irrelevant information. As previously stated some smaller businesses may ask for a surcharge; if so this is often 3% but with a no-fee card offering rates at parity with the market you can calculate if this is beneficial or not.

 

To the original poster: I recommend bringing several different options including cash but DO NOT buy Thai Baht in your own country. Rates here in Thailand are much better for exchanges.

 

posted from my Samsung using Tapatalk 2.

 

 

[steamer 158]

If you don't use your credit card here why do you feel it necessary to contradict other board members who do?

 

I

BECAUSE I'M PROBABLY 3 FOR 3 THAT I'VE BEEN CHARGED EXTRA.

 

My very first trip Secrets charged me ~4% and other hotels have done the same. It taught me a lesson esp since many places don't even take cc's and I've always gotten a better rate for T-cheques than cash at most booth's anyway (until recently,) I don't agree with the last bit of this quote.

 

 

While we're on the subject of credit cards...

You should be aware that many shops in Thailand, while they may accept credits, will often charge you more for using one. The typical surcharges are 3% for Visa or MasterCard and 5% for American Express. The reason: The credit card companies charge the merchant about these figures for handling the transaction for them. Of course, the credit card companies hate it when the merchant does this - it's specifically prohibited in the agreement the merchant signs with the credit card company. But from the merchant's standpoint, he's just being fair - if you want to use a credit card, you should pay the cost of it, and not the merchant's other customers. This practice is never encountered in hotels, restaurants or major department stores, but is quite common everywhere else.

http://thailandforvisitors.com/general/money.html

Edited November 19, 2013 by steamer

[Grandpollo 366]

I bring the ATM card and I don't care about the fees for a few withdrawals, two credit cards, one as a spare, different issuer, for the hotel in Pattaya and Bangkok, and a getaway fund of $5,000 in $500 traveller's cheques which I will never cash unless there's an ATM problem (so far, never an issue at the K-Bank branches with security guards) , and $1,000 US cash which is the universal currency for emergencies. The TC's and cash will get you out of any country to any better country anywhere in the world. To HK or to UK, whatever, if you have to go, you go.

 

When I get home, the money goes back in the bank. Or keep it if another trip is upcoming.

 

I have Baht I keep from trip to trip and HKD and yes, I do buy a bit if I need to, from commercial (non-tourist) money changers where I live, The difference over changing in Pattaya is minimal and I have maybe 30,000 Baht on arrival. They keep smaller bills which is nice as well.