Traveller's cheques

[Gawd Elpus 798]

In the past I have always brought TCs with me, and paid a small commission, but got a slightly higher exchange rate. I have never felt comfortable with a large amounts of cash, even with room safes. Someone told me the other day that the exchange booths in Pattaya have hiked their commission rates up, is this true and by how much ? Would I be better of taking my Nationwide card with me and using the hole in the wall, as opposed to bringing cash?

Edited March 21, 2015 by Gawd Elpus

[jacko 8,813]

Yes, I believe it is 153 baht per traveller's cheque now, similar to what you pay on the Thai end for an ATM withdrawal (mostly 180 baht).

Apparently the 'cheapest' way is to take the card into the bank and make a withdrawal as a debit card.

Edited March 21, 2015 by jacko

[Gawd Elpus 798]

Yes, I believe it is 180 baht per traveller's cheque now, similar to what you pay on the Thai end for an ATM withdrawal.

I am going to go check that number now.

 

Wow, that is a bit steep

[Sailfast 503]

After my last trip I have given up on Travelers checks. The fees skyrocketed just after I deposited all my checks in my Thai bank account so it did not affect me. Now, it's just too expensive. I'll do a bank transfer and bring some cash, maybe a couple hundred in TC just in case. I can always cash them in when I get home if I don't need them.

[jacko 8,813]

 

Wow, that is a bit steep

Just edited it to 153..... still a bit steep particularly with small denomination cheques of course.

[MeGoDanceNow 4,281]

Yes, I believe it is 153 baht per traveller's cheque now, similar to what you pay on the Thai end for an ATM withdrawal (mostly 180 baht).

Apparently the 'cheapest' way is to take the card into the bank and make a withdrawal as a debit card.

 

Jacko, can you explain how that works? I think I tried that once and the lady looked at me like I was from Mars, then pointed me at the ATM.

[THE_DRUID 21]

 

Jacko, can you explain how that works? I think I tried that once and the lady looked at me like I was from Mars, then pointed me at the ATM.

 

I have done this with my Halifax Clarity Visa Credit Card.You just go into the branch with your Card and Passport and ask for a cash advance.Sign a fransaction form and that's it.I did this on numerous occasions at the K Bank in the Avenue on 2nd Road.No problems and avoided the ATM fee.Halifax Clarity is one of the best CC's to use abroad for Brits.

[MeGoDanceNow 4,281]

 

I have done this with my Halifax Clarity Visa Credit Card.You just go into the branch with your Card and Passport and ask for a cash advance.Sign a fransaction form and that's it.I did this on numerous occasions at the K Bank in the Avenue on 2nd Road.No problems and avoided the ATM fee.Halifax Clarity is one of the best CC's to use abroad for Brits.

 

Ah, a credit card advance. OK. I believe Jacko is talking about a debit card, though.

[THE_DRUID 21]

 

Ah, a credit card advance. OK. I believe Jacko is talking about a debit card, though.

 

You can make a cash advance with any card be it CC or DB.You just have to be careful of poor ex rates in the particular card that you use.As i mentioned for Brits Halifax Clarity is reputedly the best card to use (good ex rates and low 0% APR).The trick is to make the advance and then pay the Halifax Bill online as soon as possible hence avoiding/Minimalising the interest on the transaction.

[Scottie 5]

Yes cost is 153 per cheque,so bring highest you can get.

However not all banks change them now.Just changed

some opposite Witherspoon's Soi Bukhao.

Scottie.

[THE_DRUID 21]

The Best Cards To Use Abroad

 

http://www.moneysavingexpert.com/travel/cheap-travel-money

[jacko 8,813]

 

Jacko, can you explain how that works? I think I tried that once and the lady looked at me like I was from Mars, then pointed me at the ATM.

I know people have done credit card withdrawals, but I thought it was also possible to use a debit card, with passport. Personally I haven't done it ( I live here and have a local account of course), I just researched this a bit more and it appears to be being 'phased out' in the Thai banks and customers told to go use the ATM.

One poster in the link below did say I withdrew cash, over the counter, at a Bangkok Bank branch yesterday 4/3/2015 (shopping center branch) using a UK Visa DEBIT card. I have been withdrawing cash, about once a month, at the same branch for a couple of years, never any problem.

Here is a thread on Thai Visa/

 

I have heard the same claim at the Expats Club a number of times. Although most guys there are senile, including me.

Edited March 21, 2015 by jacko

[jimbowx 341]

I thought last time I was there not only was there a fee but the exchange rate for TC was lower than the rate for cash (at least lower than $100.00 bills). I quit using TC years ago because they are a PITA.

[Sailfast 503]

As to credit, my Chase United card did well, no fees and a good exchange rate. I published some info in a trip report and at times the exchange rate I got was better than what was available from the banks in Thailand.

 

Plus, as long as you are not putting yourself in debt, you are building those lovely miles.

[tarkan 1]

I have been using my Halifax debit card in the banks for years,it's very simple and no charge just take your passport with you

[Siam Sam 964]

I tried to get some travellers cheques two years ago and I got told that very few places cash them now because they are being phased out. I didn't bother in the end. Get yourself a Thai bank account, before you go to Thailand you can transfer your money.

[DrPat 423]

 

I have done this with my Halifax Clarity Visa Credit Card.You just go into the branch with your Card and Passport and ask for a cash advance.Sign a fransaction form and that's it.I did this on numerous occasions at the K Bank in the Avenue on 2nd Road.No problems and avoided the ATM fee.Halifax Clarity is one of the best CC's to use abroad for Brits.

 

 

 

You can make a cash advance with any card be it CC or DB.You just have to be careful of poor ex rates in the particular card that you use.As i mentioned for Brits Halifax Clarity is reputedly the best card to use (good ex rates and low 0% APR).The trick is to make the advance and then pay the Halifax Bill online as soon as possible hence avoiding/Minimalising the interest on the transaction.

 

 

The Best Cards To Use Abroad

 

http://www.moneysavingexpert.com/travel/cheap-travel-money

 

 

I have been using my Halifax debit card in the banks for years,it's very simple and no charge just take your passport with you

 

The Druid and Tarkan have summed it up nicely. Can I add that debit cards can be one of the worst ways to raise cash, as the associated fees are generally much higher than with credit cards.

 

During my February ’15 trip I used the Krungthai Bank Kiosk (open every day 11:00 to 20:00), next to Pizza Hut, outside Big C. Going inside the bank (to avoid any ATM charge) with my Halifax Clarity credit card and passport, the whole process took less than two minutes each time, although there is a 15,000 Baht limit. Paying off the cash advance via internet banking the following day, I paid a total of just over £2 in interest for three week’s worth of advances – the only additional charge.

 

Nationwide used to be my credit card of choice, but now they have a cash advance charge. With any card always check what any additional charges will be. I use Halifax Clarity, with Santander Zero as a backup and Nationwide as my third reserve, but in all of my trips I’ve never had to use any other than my first choice.

 

I’ve never been challenged about not using the ATM. If I was, I’d say I once lost a card in an ATM and don’t want it to happen again.

 

In BKK I use Citibank ATMs as they are (to the best of my knowledge) still free to use. Sadly the branch on the corner of Sukhumvit and Asok (near Soi Cowboy) seems to be closed now. I was told it was relocated to the opposite diagonal in ‘Interchange 21’ (not Terminal 21), but couldn’t find it.

[JohnIrish 9]

I use a Schwab ATM card... They pay all the ATM fees and do not charge any fee for international use...pretty simple.

[jacko 8,813]

I use a Schwab ATM card... They pay all the ATM fees and do not charge any fee for international use...pretty simple.

The OP is from the UK so I do not think that is an option for him.

[Gawd Elpus 798]

The OP is from the UK so I do not think that is an option for him.

 

F**k It, am going to use Bit Coin

 

Thanks for the replies and info. What I think I will end up doing is taking 50% cash and 50% Nationwide card at ATM. I have never liked leaving cash in wall safes, although I have never had any thefts before, there is always a first time.

Edited March 23, 2015 by Gawd Elpus

[jacko 8,813]

 

F**k It, am going to use Bit Coin

 

Thanks for the replies and info. What I think I will end up doing is taking 50% cash and 50% Nationwide card at ATM. I have never liked leaving cash in wall safes, although I have never had any thefts before, there is always a first time.

Well bitcoin and the £ are going down!

[DrPat 423]

Post 1:

 

...Would I be better of taking my Nationwide card with me and using the hole in the wall, as opposed to bringing cash?

 

Post 20:

 

 

Thanks for the replies and info. What I think I will end up doing is taking 50% cash and 50% Nationwide card at ATM...

 

So after all of the advice offered, nothing has changed from the OP. Gawd Elpus, indeed.

 

On the positive side, he did thank us.

[teelack 9,631]

 

 

 

 

 

 

 

The Druid and Tarkan have summed it up nicely. Can I add that debit cards can be one of the worst ways to raise cash, as the associated fees are generally much higher than with credit cards.

 

During my February ’15 trip I used the Krungthai Bank Kiosk (open every day 11:00 to 20:00), next to Pizza Hut, outside Big C. Going inside the bank (to avoid any ATM charge) with my Halifax Clarity credit card and passport, the whole process took less than two minutes each time, although there is a 15,000 Baht limit. Paying off the cash advance via internet banking the following day, I paid a total of just over £2 in interest for three week’s worth of advances – the only additional charge.

 

Nationwide used to be my credit card of choice, but now they have a cash advance charge. With any card always check what any additional charges will be. I use Halifax Clarity, with Santander Zero as a backup and Nationwide as my third reserve, but in all of my trips I’ve never had to use any other than my first choice.

 

I’ve never been challenged about not using the ATM. If I was, I’d say I once lost a card in an ATM and don’t want it to happen again.

 

In BKK I use Citibank ATMs as they are (to the best of my knowledge) still free to use. Sadly the branch on the corner of Sukhumvit and Asok (near Soi Cowboy) seems to be closed now. I was told it was relocated to the opposite diagonal in ‘Interchange 21’ (not Terminal 21), but couldn’t find it.

 

Dr Pat. Let me see if I understand this. What you are saying is that you go into the bank with CREDIT card and passport and ask for 15000 baht. They in turn debit your credit card in the UK for the value of the 15000 baht in pounds sterling and without any fees. By putting money in your credit card account the following day the fees are minimal. It sounds like a great deal but please confirm that neither your bank or the Thai bank charge any fees other than the 24 hours interest on the advance.

[DrPat 423]

 

Dr Pat. Let me see if I understand this. What you are saying is that you go into the bank with CREDIT card and passport and ask for 15000 baht. They in turn debit your credit card in the UK for the value of the 15000 baht in pounds sterling and without any fees. By putting money in your credit card account the following day the fees are minimal. It sounds like a great deal but please confirm that neither your bank or the Thai bank charge any fees other than the 24 hours interest on the advance.

 

Teelack! Absolutely correct – but you need to have the correct (UK) card, as all of the banks have different terms and conditions and most banks have different Ts&Cs for the various cards they issue. Bizarrely, credit cards often work out cheaper than debit cards when the various charges are taken into consideration.

 

For example, (to the best of my knowledge) currently the best UK credit card for foreign cash advances is the Halifax Clarity. There is no cash advance charge and no loading for foreign currency. The only charge is 12% (i.e. 1% per month) interest, which can be minimised by paying off the cash advance soon after getting the cash.

 

Contrast this with a Halifax debit card which has a loading of 2.75% for any foreign transaction, a £1.50 cash withdrawal fee (regardless of the amount) and they also take an additional £1.50 ‘spending penalty’ each time you use the card abroad - because you have the nerve to spend your own money. I kid you not! The loading and ‘spending penalty’ apply to both cash advance and purchases.

 

Using my Halifax Clarity credit card some of the actual exchange rates (baht/£) I was given in February were as follows:

 

09/02 49.42

12/02 49.92

16/02 49.94

18/02 49.79

 

Basically these rates were the same as the ones I was given for purchases (hotel bills).

 

The total interest on three weeks-worth of cash advances (the only additional cost) was just over £2. There are no other charges or fees from my bank or the Thai bank.

 

The moral is always check the charges involved and use comparison web sites to find the best cards. As The Druid pointed out in #11, in the UK MoneysavingExpert is excellent for this purpose.

 

One final point, to achieve the best rates always pay with your credit card in the local currency not you home currency. If the merchant does the currency conversion you will always get an inferior rate.

[teelack 9,631]

Thanks for the response Dr Pat.

 

Very interesting but I fear that there is a lot of homework ahead for me checking terms and conditions of credit cards. One other issue that I didnt quite understand. I didnt understand the final paragraph. I would have assumed that once you had your money in your hand at a pre determined exchange rate that it was fixed in concrete what your charges would be.

 

I am also unsure how to pay with local currency. If I borrow for example $1000 to buy some baht surely I need to pay that in the currency of my credit card? How do I pay it off in baht?