Cheap cash!

[thecolonel]

I'm certain many others have had this dilemma!

 

Trying to weigh up all the pros and cons of getting at my UK cash in Thailand for weekly expenses.

 

I have an account with BKK bank I just havent 'funded' it yet. For years I have just gone to atm, withdrawn from a UK account( nb but one with no fee applies) and pay the 220 baht ATM fee

 

Wondering whether to move the cash required for rest of trip (5 months) into my Thai acc and withdraw it for 'free of charge'. Nb Not actually free as Bkk bank charge 300 baht per year for atm card!(are other banks free to wd cash?)

 

It's not a straightforward calculation as there's an element of loss of interest from UK account.

 

Sometimes I think its as broad as its long!

 

Thoughts and tips please?

 

Thanks

 

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[Andyfez]

1 hour ago, thecolonel said:

I think its as broad as its long!

Yes I think the silent majority agrees.

 

Hardly worth worrying about. Pass me another beer......

[RaveBlond]

I would say, though, that there are significant benefits with availing yourself with a local ATM card.  You can pay with it at the POS, in restaurants, supermarkets, etc. removing the need to always carry enough cash. Also, buying stuff online, having groceries delivered, a local ATM card offers more options.  Then, when your bank in the UK goes belly up, you have an emergency fund locally.

[geejay]

Hi although years ago Western Union was a quick method to get funds here, it was expensive.

Now it has changed, I have found it very competitive with rates , fees and speed of transfer.

You need to log on and register etc, you then ask for an online quote and please note that the rate is much better once you want to send 501.00 pounds upwards.

I have compared the daily yellow TT booth rate in Pattaya with that of Western Union and its very good also there are offering a zero fee.

Once you are happy with the the rate and amount that is shown on the screen you need to pay by Debit/Credit card and when finalised that is the amount that will go into your Thai bank in Baht and normally within two days and no conversion costs from the Thai Bank.

You can always do a dummy run without being registered etc to compare rates

[BritManToo]

2 hours ago, thecolonel said:

Thoughts and tips please?

Leave it in your UK account, transfer it to your Thai account using Transferwise and online UK banking.

24hrs from UK to Thailand, and XE exchange rate.

I usually move 3,000 GBP every 3 months.

Edited December 18, 2018 by BritManToo

[Tapster]

Obviously it's a little more trouble to move money into your Thai account, than simply to use your UK ATM card.

 

However, 220THB per transaction using your UK card, compared with approx 20THB from a Thai account, is a factor of 10x more expensive every time you use an ATM.

 

If you're very well off it may not be worth the bother, but I'd do it for sure. Financially, it's not as broad as it's long.

????

[OneMoreFarang]

37 minutes ago, BritManToo said:

I usually move 3,000 GBP every 3 months.

And from what do you live in the meantime? ???? 

[RandG]

We use a UK credit card (one with no fees for overseas use) where credit cards are accepted  (hotels,  higher end restaurants,  domestic flights,  Tops etc.).  In parallel,  we transfer a few thousand pounds across to a Thai bank account every now and then,  with an associated debit card,  which we use to withdraw cash for daily use.  Have done it for years and works well for us. 

[RandG]

We use a UK credit card (one with no fees for overseas use) where credit cards are accepted  (hotels,  higher end restaurants,  domestic flights,  Tops etc.).  In parallel,  we transfer a few thousand pounds across to a Thai bank account every now and then,  with an associated debit card,  which we use to withdraw cash for daily use.  Have done it for years and works well for us. 

[Peter Denis]

1 hour ago, BritManToo said:

Leave it in your UK account, transfer it to your Thai account using Transferwise and online UK banking.

24hrs from UK to Thailand, and XE exchange rate.

I usually move 3,000 GBP every 3 months.

Go with BritManToo's advice! For sure it is the  most economic solution as TransferWise uses the REAL exchange-rate and only charges a modest fee to have the funds next day or day after in your thai account.  The difference between using TransferWise and regular banks to transfer money abroad is HUGE, and they are faster and more transparent.  With TransferWise you can also 'play' the exchange-rates and transfer at the moment when the rate is favourable (e.g. by requesting an email rate-alert).

[wgdanson]

8 minutes ago, Peter Denis said:

Go with BritManToo's advice! For sure it is the  most economic solution as TransferWise uses the REAL exchange-rate and only charges a modest fee to have the funds next day or day after in your thai account.  The difference between using TransferWise and regular banks to transfer money abroad is HUGE, and they are faster and more transparent.  With TransferWise you can also 'play' the exchange-rates and transfer at the moment when the rate is favourable (e.g. by requesting an email rate-alert).

Or get a Foreign Currenct Accont at Bangkok Bank, transfer GBP to it, then exchange what you need as and when you need it. I said in another post that First Direct charge NOTHING at either end to transfer GBP to Bkk Bank in less than 24 hours.

[4MyEgo]

Check out Transferwise if anyone hasn't already advised you too as I haven't read any of the replies to your post yet.

 

I live here and transfer a lump sum to last me a year, there is no charge from my bank when the money is deposited or upon withdrawal from the ATM as long as I use their ATM in my area.

 

Transferwise give you the best rate and that's after they take their one time fee.

 

Check out their website, easy to register, scanned copy of passport, couple of questions to answer and it's as easy as pie as they say.

 

Just remember, it's harder to shift money out of Thailand, than it is bringing it in, suffice to say, maybe shift 50% now and whatever else you require later, however you will pay a fee to Transferwise each time, alternatively if you send it over once and will be returning at a later date, the money will be there in your account when you return.

 

Just stick to your monthly budget and your laughing, as for paying 220 baht for each withdrawal from the ATM with a limit of about 20,000 to withdraw per time, that's highway robbery. 

Edited December 18, 2018 by 4MyEgo

[thecolonel]

Obviously it's a little more trouble to move money into your Thai account, than simply to use your UK ATM card.
 
However, 220THB per transaction using your UK card, compared with approx 20THB from a Thai account, is a factor of 10x more expensive every time you use an ATM.
 
If you're very well off it may not be worth the bother, but I'd do it for sure. Financially, it's not as broad as it's long.

[emoji848]

It's nowhere near as simple as that but thanks anyway

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[thecolonel]

Check out Transferwise if anyone hasn't already advised you too as I haven't read any of the replies to your post yet.
 
I live here and transfer a lump sum to last me a year, there is no charge from my bank when the money is deposited or upon withdrawal from the ATM as long as I use their ATM in my area.
 
Transferwise give you the best rate and that's after they take their one time fee.
 
Check out their website, easy to register, scanned copy of passport, couple of questions to answer and it's as easy as pie as they say.
 
Just remember, it's harder to shift money out of Thailand, than it is bringing it in, suffice to say, maybe shift 50% now and whatever else you require later, however you will pay a fee to Transferwise each time, alternatively if you send it over once and will be returning at a later date, the money will be there in your account when you return.
 
Just stick to your monthly budget and your laughing, as for paying 220 baht for each withdrawal from the ATM with a limit of about 20,000 to withdraw per time, that's highway robbery. 

Seems like Transferwise is the very popular choice! I will get cracking with them

Wondered if anyone could comment on the other part of my post that referenced Bkk bank fees for wd atm 300 baht y1 then 200 per Yr after that. My instincts tell me their might be a bank who won't charge me any fees and maybe I should open an account with them?

Any comments on that part?

Thanks again re Transferwise [emoji106]

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[4MyEgo]

1 minute ago, thecolonel said:

Seems like Transferwise is the very popular choice! I will get cracking with them

Wondered if anyone could comment on the other part of my post that referenced Bkk bank fees for wd atm 300 baht y1 then 200 per Yr after that. My instincts tell me their might be a bank who won't charge me any fees and maybe I should open an account with them?

Any comments on that part?

Thanks again re Transferwise

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I belIeve the standard annual bank charges here in LOS IS 300 Baht for a bank account, then its no fee for ATM  withdrawal in your banks area, e.g. if you opened your account in Phuket and withdraw from the banks ATM, there is no fee, however is you use another bank's ATM you will pay a fee, or if you use another ATM same bank as the one you have for example in Pattaya, you will pay a fee. The bank will also charge you usually 200 baht for a letter to immigration that you have had funds in your account for 3 months prior to your application, although that's another story.

 

Withdrawing funds from an international debit or credit card has high fee charges, depending on the bank, the ATM  charge is usually 220 baht per 20,000 baht withdrawal, the thing I like is, you can have a international bank limit of 60,000 baht as I do on my debit card, but if I withdrew 3 x 20,000 limit its 660 baht, suffice to say, I NEVER use my international debit card on Thai ATM machines, however I believe Krungsri bank have an over the counter withdrawal amount/limit of 150,000 baht for 220 baht, perhaps something to look into if you are looking at withdrawing funds in such a manner, better than 220 baht per 20,000 baht ATM withdrawal.

 

Hope that helps. 

[MadMuhammad]

23 minutes ago, 4MyEgo said:

I belIeve the standard annual bank charges here in LOS IS 300 Baht for a bank account, then its no fee for ATM  withdrawal in your banks area, e.g. if you opened your account in Phuket and withdraw from the banks ATM, there is no fee, however is you use another bank's ATM you will pay a fee, or if you use another ATM same bank as the one you have for example in Pattaya, you will pay a fee. The bank will also charge you usually 200 baht for a letter to immigration that you have had funds in your account for 3 months prior to your application, although that's another story.

 

Withdrawing funds from an international debit or credit card has high fee charges, depending on the bank, the ATM  charge is usually 220 baht per 20,000 baht withdrawal, the thing I like is, you can have a international bank limit of 60,000 baht as I do on my debit card, but if I withdrew 3 x 20,000 limit its 660 baht, suffice to say, I NEVER use my international debit card on Thai ATM machines, however I believe Krungsri bank have an over the counter withdrawal amount/limit of 150,000 baht for 220 baht, perhaps something to look into if you are looking at withdrawing funds in such a manner, better than 220 baht per 20,000 baht ATM withdrawal.

 

Hope that helps. 

Jut a quick one, Krungsri do 30K withdrawals at ATMs from memory. Not that that makes it any better really.

[jackdd]

3 hours ago, Peter Denis said:

Go with BritManToo's advice! For sure it is the  most economic solution as TransferWise uses the REAL exchange-rate and only charges a modest fee to have the funds next day or day after in your thai account.  The difference between using TransferWise and regular banks to transfer money abroad is HUGE, and they are faster and more transparent.  With TransferWise you can also 'play' the exchange-rates and transfer at the moment when the rate is favourable (e.g. by requesting an email rate-alert).

It depends on how much money you transfer. Usually Transferwise is better for smaller transfers, and a bank transfer is better for bigger transfers.

[thecolonel]

Jut a quick one, Krungsri do 30K withdrawals at ATMs from memory. Not that that makes it any better really.

All Intel gratefully rec'd Muhammad!

FWIW... Bkk Bank daily limit is 50000 but in two 25k chunks



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[4MyEgo]

42 minutes ago, MadMuhammad said:

Jut a quick one, Krungsri do 30K withdrawals at ATMs from memory. Not that that makes it any better really.

Hey MadMuhammed it does make it 10,000 baht better, and to be honest I have used them twice in one month for the maximum amount where I needed those funds on the day, fortunately for me I am with ING Bank, and as I have an Orange Everyday debit card with them, if you make 5 purchases a month, you don't get charged any international transaction fee of 2.5% the following month, or pay any ATM fees to the ATM bank that you use here, so they pick up the tab for me twice, but apart from that, I won't use any ATM's here because I believe the 220 baht to be a rip off, and personally do not support such bank practices preying on the vulnerable, so its' Transferwise by a mile ????

 

[mogandave]

You can get a free K-Bank or Krungsri account, and use "cardless" withdrawals at their ATM so you do not need an ATM card. No fees for the account, not fees for a card, no fees for withdrawals at there ATMs in the same province as the bank you opened the account with.

 

Only downside is with cardless you can only use their ATMs

 

As others have indicated TransferWise is cheap (<1%) for smaller transfers, large transfers not so much.

[rickudon]

Personally, i use a fee free Credit card (Halifax clarity)  and make 2 x 20,000 baht withdrawals per month from Aeon ATM's which only charge 150 baht per withdrawal. My credit card gives me a similar exchange rate to transferwise and the ATM fee is about the same as Transferwise's fee (on a 20,000 baht withdrawal, it works out as 0.75%). And i get my money on demand. I do have Thai bank accounts and deposit some of the baht i get in them to take out when i need more.

 

I did try Xe.com, who were even cheaper than transferwise, but i got hammered by the Thai bank instead (more than for a swift transfer!).

[thecolonel]

Personally, i use a fee free Credit card (Halifax clarity)  and make 2 x 20,000 baht withdrawals per month from Aeon ATM's which only charge 150 baht per withdrawal. My credit card gives me a similar exchange rate to transferwise and the ATM fee is about the same as Transferwise's fee (on a 20,000 baht withdrawal, it works out as 0.75%). And i get my money on demand. I do have Thai bank accounts and deposit some of the baht i get in them to take out when i need more.
 
I did try Xe.com, who were even cheaper than transferwise, but i got hammered by the Thai bank instead (more than for a swift transfer!).

I'm also clarity so at least no UK fee but getting fed up of the 220 baht hence investigating....

Didn't know Aeon.... Are they in Hua hin?

Interesting.... At 150bht ( per wd of 20000) the 70 baht saving might make it not be worth my while bothering moving money to Thai, id have to run the numbers again

Interesting re K bank no fees and no card too. Less of a security issue. I assume you use a bunch of numbers but there's a branch near me so I'll check it out!



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[Lokie]

5 hours ago, rickudon said:

Personally, i use a fee free Credit card (Halifax clarity)  and make 2 x 20,000 baht withdrawals per month from Aeon ATM's which only charge 150 baht per withdrawal. My credit card gives me a similar exchange rate to transferwise and the ATM fee is about the same as Transferwise's fee (on a 20,000 baht withdrawal, it works out as 0.75%). And i get my money on demand. I do have Thai bank accounts and deposit some of the baht i get in them to take out when i need more.

 

I did try Xe.com, who were even cheaper than transferwise, but i got hammered by the Thai bank instead (more than for a swift transfer!).

I have done exactly as above myself last three years no bother, I also use my Halifax clarity card for weekly shop at Big C and any other Card type purchases (Halifax Clarity is a Mastercard so uses the mastercard daily rates which normally are better than Visa rates) I then use my Kbank deposit a/c for slush money, is easy and cost effective (yes there are cheaper ways but I can live with this arrangement) cant be arsed messing about too much

[4MyEgo]

5 hours ago, Benroon said:

Depends what UK bank he’s with - Barclays do not permit over the counter withdrawals outside the U.K. I found out this week! 

Strange that they only allow over the counter withdrawals in the following countries and which "partner banks" you can use.

 

Too much power, personally I would be flicking them, because a bank is bank is it not, and it's your money is it not, so you should be able to withdrawal money anywhere in the world today, after all, the banks did promote this when the cards were first introduced.

 

https://www.barclays.co.uk/travel/using-debit-card-abroad/

[Nurseynutcase]

For nearly four years i have been using the atms for money from the UK.  I only heard about transferwise a couple of months ago.

Tried it and even though I consider myself to be 'computer thick' it was relatively easy the first time and after that very easy.  First heard about it in my local bar - now there are many of us using it from many different countries in the world.

[thecolonel]

1) What U.K. bank is giving you interest on a current account ? Even a savings acct you would be getting what 0.5% ? Let’s move on
2) Is it really worth asking for advice over a 300 baht ATM card fee ? A whole 7 quid for the convenience of not being gouged every time you use an ATM ? Moving on
3) Azimo offer the best rates I’ve seen for sometime - for a 99p fee
 
 
 

1) who said it was a current acc? Not Me. It's in an instant access savings account getting 1.42%. It's then moved to Clarity(Halifax) from where I WD it(nb no UK fee, only the 220 b atm fee) One point I was making is that there are more than one set of 'costs' in moving that £ to thai because I will get approx 1% less interest in thai than I will in UK. You're quite entitled to think these details are minutia and tiresome("let's move on'') but I was simply pointing out all the factors involved in calculating the most financially efficient way of getting at your UK £ in Thailand, which is specifically what this discussion is about. Judging by the response it seems a popular and relevant discussion
2) 300 baht card fee - yes I think it is as it's one of the several factors involved in this cost benefit analysis, up to you if you think trivial for your needs. Why pay 300 baht per year when you could chose a bank(eg K bank) where its zero? Again the discussion is not all about me, it's also for others who may be starting out( yes ok, for 300 baht I might not bother moving banks but the point is to discover my options). Also I have been 'gouged' twice(that was more about the actual ATM machine) so its a good point, but the free option(ie a local bank card) is the same as the paid option.
3) Azimo - thanks for that useful tip, not heard of them, I will check them out! Although I just did and Transferwise seem to be offering a better deal(as of now...) This prompts another discussion point ie Azimo fee is 99p(versus transferwise 58.93) but the overall deal APPEARS not as good(if I'm reading correctly?) Surely its how many baht you end up with(nett) that counts right? It's all about the rate/fee combo.
i.e who cares what their 'fee' is? Genuine question, I'm still learning here!

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[thecolonel]

Ps to my last post..

Meant to mention yet another considering factor in weighing up this whole scanario

If I tfr money into my from UK to my thai bank(Bkk bank) they will charge a min of 300 and a max of 500 baht to receive it.

But.... my question to you foreign currency gurus is...

Will they charge me that regardless, or ONLY if they recieve it in £GBP?(ie its a conversion cost)

If I just got my UK current acc holder to send say £5000 then yes I get why that fee would apply

But when you look on Transferwise it suggests that my bank will recieve XYZ in thai baht

So I'm wondering if BKK bank get Thai baht coming in will that charge apply?

I'm sure there are people on here who would know what the form is on that point as they do this often.



Thanks

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[jackdd]

2 hours ago, thecolonel said:

So I'm wondering if BKK bank get Thai baht coming in will that charge apply?

No

[KneeDeep]

14 hours ago, Benroon said:

Depends what UK bank he’s with - Barclays do not permit over the counter withdrawals outside the U.K. I found out this week! 

 

Not true. Some use the Barclaycard Platinum Travel card for just that purpose.

[KneeDeep]

17 hours ago, rickudon said:

Personally, i use a fee free Credit card (Halifax clarity)  and make 2 x 20,000 baht withdrawals per month from Aeon ATM's which only charge 150 baht per withdrawal. My credit card gives me a similar exchange rate to transferwise and the ATM fee is about the same as Transferwise's fee (on a 20,000 baht withdrawal, it works out as 0.75%). And i get my money on demand. I do have Thai bank accounts and deposit some of the baht i get in them to take out when i need more.

 

I did try Xe.com, who were even cheaper than transferwise, but i got hammered by the Thai bank instead (more than for a swift transfer!).

 

 

No banks up there that let you take a cash advance over the counter?

That should eliminate all issues Withdraw 40k over the counter in one go, with no fee and deposit it in your Thai account.

Some banks, like the purple one, might try to charge you for an over the counter withdrawal, so you'll need to shop around.