Best Way To Bring In Money Into Los Via Bank Of America?

[RY12]

I'm completely new to this international banking thing; I'll be spending up to $5000 USD over 3 months in thailand and cambodia this summer, and I was wondering the best way to bring that money over in terms of exchange rate and fees. I'm using Bank of America, and I found some old posts that said they're pretty bad for this type of thing. So is there a way to get free ATM withdrawals, maybe in the bkk branch of B of A ? or should I bring traveller's checks (I don't even know what those are actually), or do a wire transfer into my gf's account? Maybe bringing cold hard cash is the best way? Shouldn't I be able to just withdraw that money for free from the Bangkok branch of B of A?

If the difference between using one method over the other is less than $50 or so over the summer, then I'll probably just use the most convenient method (atm).

Edited April 30, 2008 by RY12

[longball53098]

I would bring some hard cash,,,,,,,,,maybe one thousand or so when you travel here,,,,,,,,,,,convert here as needed and keep the balance secure in your wallet/hotel safe and then use the ATM system for your other needs,,,,,,,,,,,for that small amount over 3 months its not worth a money transfer.

[Theyreallrubbish]

My advice would be to sever all relationships with Bank of America. Thieving scum!

[RY12]

I just called them up and they said ATM withdrawals from the Bank of American Branch on Wireless Road would be free, but with other atm machines it would be 5$ plus 1% of the transaction amount. So is this a good way to do it? Are the exchange rates really bad at the BofA in BKK? Unless it's really bad exchange rate, seems like doing a few withdrawals from the branch's atm would be the best way to go (since i'm not going to carry $3000 on the airplane unless it's really economical).... am i right?

[worldfun]

all ATMs inside a country give you the exact same exchange rate as it's determined by the system your card is linked up with say plus, cirrus, visa etc. then they may load surcharge on top of course, but it'll be the same in all ATMs as I said!

however the potential best rate all things being equal is by TT (bank transfer/wire/swift) in my experience maybe upto 1% as long as you're able to send without fees or low fees your end to gf account...

thai banks receiving fee is small flat fee of 100bt or so so neglible for larger transfers...

[longball53098]

B of A's exchange rates will be within a satang or two of everyones exchange rates,,,,,,,,,,should not be a noticeable difference I think. Don't exchange any currency before you leave the US wait until you get here,,,,,,,,,,,slightly better rates.

[Macx]

Look into getting an internet bank account with free atm use abroad, firstinternetbank, ing, netbank, etc.

Bring some cash to exchange in emergency when atm will not work.

Ditto on B of A. I've had issues with their charges.

[gk10002000]

Open an account with Etrade. Their savings account pays a decent rate. If you have a total of $50,000 USD in your combined accounts at etrade, brokerage, CDs, Savings whatever, you pay 0 ATM fees. I was just in Thailand and have been their 8 times over the last 4 years. Never charged a penny for using their ATMs.

[Pib]

Use traveller's check's...you'll get a better exchange rate than cash, you won't incur any wire transfer fees, you may not incur any traveller's check issue fees depending on your bank/credit union, and you have some security (they get replaced) if the checks get stolen.

[jfchandler]

I've been a BofA customer in the states for ages.... In the states, they're fine...

In Thailand...they SUCK.... I wouldn't have anything to do with them here. Main reason, if you try to use your BofA ATM card here (to withdraw money or make debit purchases), they will hit you with both a per transaction fee and a foreign currency exchange fee, which used to be 3% (can't say now, since I haven't used my BofA card here for ages).

Also, in the states, BofA has one of the highest international wire transfer fees among the major banks, so I'd avoid using them for that also.

BofA does have an office on Wireless Road. I've never been there, but I've been told when calling them to ask that it's strictly for commercial banking, no retail/consumer services there. And I've NEVER heard that they have zero-fee ATM withdrawals from an ATM there. I'm wondering who told you that, and if they were reliable.

Safest way is just to purchase some American Express traveler's checks in the U.S., preferably from someplace that provides them fee free.... VISA traveler's checks are OK also, but not as widely accepted here. Then you're protected against theft/loss, and can exchange them at any of the bank exchange counters. Choose the larger deonomination checks, because the Thai banks charge a small per check fee.

[popshirt]

I would bring some hard cash,,,,,,,,,maybe one thousand or so when you travel here,,,,,,,,,,,convert here as needed and keep the balance secure in your wallet/hotel safe and then use the ATM system for your other needs,,,,,,,,,,,for that small amount over 3 months its not worth a money transfer.

Best advice here I think.

Bank of America has a terrible reputation for anything international and/or involving internet banking. Don't get me started!

I've had decent experiences with them stateside, however.

[bKkRk]

So I just did exactly this not more than a month ago with no problems whatsoever. Log into your BofA account online and go to transfers and set up a link to your Thai bank. I've done it with both BB and SCB. After about 3-4 days you'll find 2-3 minsicule deposits to your Thai account. You need to go to the counter to have the amounts converted to USD depending on what the exchange rate was at the time. Go back to your BofA online and "verify" the amounts. Done. I transferred US5k. It takes about 5 days to post to your Thai account and there was about $20-30 in fees. The fees are not rediculous though I'm sure someone will object.

Hope that helps.

[thaihome]

So I just did exactly this not more than a month ago with no problems whatsoever. Log into your BofA account online and go to transfers and set up a link to your Thai bank. I've done it with both BB and SCB. After about 3-4 days you'll find 2-3 minsicule deposits to your Thai account. You need to go to the counter to have the amounts converted to USD depending on what the exchange rate was at the time. Go back to your BofA online and "verify" the amounts. Done. I transferred US5k. It takes about 5 days to post to your Thai account and there was about $20-30 in fees. The fees are not rediculous though I'm sure someone will object.

Hope that helps.

What state do you have your BofA account in? In mine (GA), the outgoing ACH transfer fee is only $3.

Don't be surprised if in a few days that approved account will be frozen once they realize it is a account outside the US. That has happened to me tiwce now.

TH

[bKkRk]

So I just did exactly this not more than a month ago with no problems whatsoever. Log into your BofA account online and go to transfers and set up a link to your Thai bank. I've done it with both BB and SCB. After about 3-4 days you'll find 2-3 minsicule deposits to your Thai account. You need to go to the counter to have the amounts converted to USD depending on what the exchange rate was at the time. Go back to your BofA online and "verify" the amounts. Done. I transferred US5k. It takes about 5 days to post to your Thai account and there was about $20-30 in fees. The fees are not rediculous though I'm sure someone will object.

Hope that helps.

What state do you have your BofA account in? In mine (GA), the outgoing ACH transfer fee is only $3.

Don't be surprised if in a few days that approved account will be frozen once they realize it is a account outside the US. That has happened to me tiwce now.

TH

My outgoing ACH was also $3; acct in OR. I got taxed by the Thai banks by about $20+, but I don't remember. You're right about the locking the transfers. <deleted> is that?

[jetjock]

Although most banks in the US now charge various fees for international ATM use, there are still a few banks and many brokerage firms that will still pick up all the ATM fees that are charged on transactions. I now use my Countrywide Bank account for my ATM transactions in Thailand and other countries as they have a zero charge policy since they pay for any fees related to ATM transactions. Countrywide is currently in the process of being acquired by Bank of America so there is always the possibility that the zero charge policy may change once the acquistition is complete. .

[jfchandler]

JJ.... I also have a Countrywide account, but it's an online savings account, which comes with no ATM card, but otherwise has been great.... What kind of Countrywide account are you using that has a no fee ATM card???

About the BofA thing, note that Countrywide used to be a consistent leader in CD rates, but lately, they've fallen out of the top ranks, though their rates are still at least competitive... Once the BofA acquisition is final, assuming that happens, I wouldn't bet on them remaining fee-free for very long, considering BofA's habits....

[Gumballl]

.... I wouldn't have anything to do with them here. Main reason, if you try to use your BofA ATM card here (to withdraw money or make debit purchases), they will hit you with both a per transaction fee and a foreign currency exchange fee, which used to be 3% (can't say now, since I haven't used my BofA card here for ages).

For the last couple of years (?), BoA has charged a flat-fee of $5 per ATM withdrawal + a 1% International Transaction Fee (of the dollar amount withdrawn). So for a $300 withdrawal (~ 10K baht), the cost will be $5 + $3, or a total of $8.

I have found that for small amounts, an ATM withdrawal is less expensive than wire-transferring equivalent amount of money to Bangkok Bank. BofA charges me a flat-fee of $3 to transfer to BB, however BB charges around 400 Baht (if not more) for the conversion. BB has a US-based branch in NYC... thus I have no worries that BofA would ever blacklist this branch. In addition to the fees charged by BofA and BB, there is another 10 Baht fee charged by BB for each ATM withdrawal (using BB's ATM card).

Edited June 22, 2008 by Gumballl

[jetjock]

JJ.... I also have a Countrywide account, but it's an online savings account, which comes with no ATM card, but otherwise has been great.... What kind of Countrywide account are you using that has a no fee ATM card???

About the BofA thing, note that Countrywide used to be a consistent leader in CD rates, but lately, they've fallen out of the top ranks, though their rates are still at least competitive... Once the BofA acquisition is final, assuming that happens, I wouldn't bet on them remaining fee-free for very long, considering BofA's habits....

jf....I just have the standard savings/checking account at Countrywide which is probably the same as the one you have. I suggest that you just call Countrywide and just request an ATM card as they normally do not furnish you one unless you request one. I share your skepticism that the fee-free may possibly change once B of A acquistion is complete however as for now it is still a good deal. The only thing I do not especially like about their ATM card is that they have a daily limit withdrawal limit of about $300. USD per day whereas most of my other bank cards have a $500. daily limit.