Need a little advice

[captcraig2 120]

The family and I are leaving on Tuesday for a 30 day holiday in Thailand, the wife has been saving money due to the fact that she wants to buy her dad a used pick up truck while we are there.

 

I checked with my bank about wiring funds to her moms account and the fee's were pretty darn expensive. I would like to save all the extra fee's and just take the cash with us, about $10,000 US.

 

I understand that most banks here no longer sell Travelers checks and I'm not sure about carrying that amount on my person. Does anybody have any ideas about what the best way to do this would be? Thanks for any tips!

 

 

[Shilo 371]

Off hand, I would suggest finding out the name of a bank that has branches close to her father's home and opening an account here in the same bank... make a deposit here in the new account before you leave and a withdrawal there once you find the truck.

 

Otherwise, take your question to your current bank and ask for suggestions... through they will no doubt suggest the wire with the high fees.

 

Good luck

[Chang_paarp 253]

When transferring money from bank to bank you should usually pay one set of swift fees, this varies a little from about $30 to $15 usually depending on the bank and whether you use internet banking or speak to a real person. Some US banks have to use several banks to get to Thailand and as such charge for that so check how they get their fees. A swift transfer is usually the quickest and easiest. The best way I have found is to use internet banking. If you do not have it already set it up before you leave and then open an account in LOS and transfer the money to yourself (or wife) then give the money to the folks. Funny enough for small amounts of money I have found that Western Union is cheaper in spite of their poor exchange rate and fees. (I am in Australia)

 

The best other advise I can give is to transfer the money in your domestic currency and let the Thai bank do the conversion, you usually get the best exchange rate that way. The difference can be more than the fees.

 

Another way is to carry cash, you and your wife can legitimately carry a certain amount, I think $10K or $20K each. More with proof of reason for carrying it. If you are comfortable carrying this amount of cash, if you get nervous about this you could be pegged as a smuggler which could cause you grief. This will get the best rate of exchange.

 

Travellers cheques are still available but getting them cashed can be a challenge at times. One story doing the rounds is about a person who signed a number of TC's in front of a teller only to have several rejected as the signature varied from the sample. This could be an issue especially upcountry.

[MM 6,562]

The family and I are leaving on Tuesday for a 30 day holiday in Thailand, the wife has been saving money due to the fact that she wants to buy her dad a used pick up truck while we are there.

 

I checked with my bank about wiring funds to her moms account and the fee's were pretty darn expensive. I would like to save all the extra fee's and just take the cash with us, about $10,000 US.

 

I understand that most banks here no longer sell Travelers checks and I'm not sure about carrying that amount on my person. Does anybody have any ideas about what the best way to do this would be? Thanks for any tips!

 

 

How much are the fees for a $10,000 wire transfer? I've never heard of them being higher than $50...in my case, I pay $25...on a $10,000 transfer, that is a very small amount compared to getting a better exchange rate than cash in country.

[captcraig2 120]

The wire is $50.00 but I was more concerned about the exchange rate difference. If I can exchange cash in country for 32 baht and the bank only exchanges at 30 wouldn't that be a better deal?

 

Just not sure how this all works.

[Chang_paarp 253]

The wire is $50.00 but I was more concerned about the exchange rate difference. If I can exchange cash in country for 32 baht and the bank only exchanges at 30 wouldn't that be a better deal?

 

Just not sure how this all works.

 

The wire is $50.00 but I was more concerned about the exchange rate difference. If I can exchange cash in country for 32 baht and the bank only exchanges at 30 wouldn't that be a better deal?

 

Just not sure how this all works.

 

 

Tell the bank to send US$, they are not to do the exchange, the local (Thai) banks give a better rate. They are taking the piss for the transfer. The fees are too high and the exchange rate is uncompetitive. I am guessing they are charging for the currency exchange and again for the swift transfer, they must have learned from the Aussie banks (the most profitable in the world due to BS fees). This is almost 10% they are trying to take from you.

 

Looks like you will be taking cash if they keep that attitude up. 10K is only 100x $100 notes fits comfortably in your shirt pocket or wife's handbag.

 

I try not to do any forex with Australian banks for this exact reason, they offer a bad exchange rate and then charge us a fee for the honour of doing business with them. My bank here charges $15 for an internet transfer if they do the exchange or $35 if we send $AU.

[MM 6,562]

The wire is $50.00 but I was more concerned about the exchange rate difference. If I can exchange cash in country for 32 baht and the bank only exchanges at 30 wouldn't that be a better deal?

 

Just not sure how this all works.

If you send the funds in USD rather than Thai baht, you will get the best rate..better than cash at an exchange booth generally.

Having your bank convert to Thai baht gives you a horrible exchange rate.

[teelack 9,645]

A couple of years ago I decided to use my trading bank to send funds to an account that I have at the Kasikorn bank in Thailand. In essence there we three fees!

 

These were (1) the fact that the TT exchange rate is lower that the standard cash for cash rare. (2) There was the base fee to be paid to the bank. (3) The Kasikorn branch hit me somewhere like 500 baht for handling the transfer.

 

The only suggestion that I can make is that you take the easy way out and transfer the money and deduct all fees from the amount that you were going to hand over.

[MM 6,562]

A couple of years ago I decided to use my trading bank to send funds to an account that I have at the Kasikorn bank in Thailand. In essence there we three fees!

 

These were (1) the fact that the TT exchange rate is lower that the standard cash for cash rare. (2) There was the base fee to be paid to the bank. (3) The Kasikorn branch hit me somewhere like 500 baht for handling the transfer.

 

The only suggestion that I can make is that you take the easy way out and transfer the money and deduct all fees from the amount that you were going to hand over.

Here's Kasikorn's rate sheet for today..the TT rate is slightly above the cash rate for the NZD.

The USD3 rate is 0.28 baht more, so on a large transaction ($10,000) that would be 2800 baht gross difference, minus 500 baht to Kasikorn, minus $25 (in my case to my US Bank), I'm ahead over cash by 1490 baht, or about $45 USD. There's a shag and a drink or two on Soi 6.

 

Wire transfer is the way to go, IMO.

[teelack 9,645]

Thanks for that. I have to agree with you that currently that is the situation however as a matter of interest the ANZ rates a few minutes ago for me to buy were 24.899 cash and 25.07 TT which means I would still be better off stuffing it down my undies!!

[Chang_paarp 253]

As MM is showing even the banks will give a better rate for larger amounts. The exchange booths have even more leeway to negotiate on larger amounts, so if you are spending a day or so in Pattaya or BKK before going to visit the relatives, the stay in either city will be paid for or heavily subsidised by the better ex rate. Don't be afraid to negotiate, tell the Mrs she can bargain for the best rate. In Pattaya I recommend Gold bank in Soi Rungland, don't have a BKK place for exchange. (Hint; they like newish $100 bills)

[Chang_paarp 253]

Thanks for that. I have to agree with you that currently that is the situation however as a matter of interest the ANZ rates a few minutes ago for me to buy were 24.899 cash and 25.07 TT which means I would still be better off stuffing it down my undies!!

 

I use ANZ in Oz (post #6), that is why I recommend taking cash overseas and exchange in any country but Oz. I see ANZ are no better in NZ.

[MM 6,562]

Thanks for that. I have to agree with you that currently that is the situation however as a matter of interest the ANZ rates a few minutes ago for me to buy were 24.899 cash and 25.07 TT which means I would still be better off stuffing it down my undies!!

 

Isn't ANZ a bank outside Thailand? Why would you use exchange rates at a bank outside Thailand rather than sending your country's currency to Kasikorn (in your case) and having it exchanged here?

[captcraig2 120]

That's what I needed to know, thanks guys for all the help!