Sterling Travellers Cheques

[Baht Simpson]

I arrive in Thailand soon and want to take GBP Travellers cheques to change at the airport into baht.

As we know in Thailand they charge commission by the cheque so I was advised by AMEXCO to take GBP 200.00 cheques. I'm sure this will be ok but I have heard of people having problems cashing large denomination cheques. Has anybody had experience of cashing these sorts of amounts in Bangkok?

[astral]

Any bank will cash them for a small charge.

No problem about the size.

[Dah fahrang]

Why bother with TC's?

If you hold a UK bank ATM card, it should display the Cirrus logo somewhere on the card. With this, you can simply draw out the amount you need each day at almost any Thai bank ATM machine (instructions appear in English,) your bank will tell you the withdrawal limit - I regularly draw out 150 to 200 pounds.

Then your funds stay in your UK bank (earning interest), you don't have to 'buy' and 'sell' TC's with commission both ends, or end up with unused cheques, and the UK bank charges a notional 1.5% to 2% per Thai ATM transaction.

The exchange rates are those that prevail on the day of the transaction.

Regards

[JimmyGreaves]

I always found using the ATM with my halifax card was fine. The only problem was the exchange rate they gave me. For example I was getting 74 ish baht in thailand, through the ATM I got 71.5 on the same day. That is alot. Not sure what the best solution is.]

I was going to open a bank account and send the money to the account in Sterling. That way I assumed I would be on the winning side.

[Baht Simpson]

Many thanks everyone. I think I will go the TC route this time due to the amount I will need early on, but I will try out my ATM card as well.

[Richard W]

Why bother with TC's?

If you hold a UK bank ATM card, it should display the Cirrus logo somewhere on the card. With this, you can simply draw out the amount you need each day at almost any Thai bank ATM machine (instructions appear in English,) your bank will tell you the withdrawal limit - I regularly draw out 150 to 200 pounds.

Then your funds stay in your UK bank (earning interest), you don't have to 'buy' and 'sell' TC's with commission both ends, or end up with unused cheques, and the UK bank charges a notional 1.5% to 2% per Thai ATM transaction.

The exchange rates are those that prevail on the day of the transaction.

Regards

<{POST_SNAPBACK}>

1.5% of £100 is £1.50. Typical buying cost of £100 traveller's cheque is 1%, i.e. £1. Cashing a traveler's cheque costs less than 50p, and you generally get a much better exchange rate to boot.

Can you get £200 traveller's cheques? I thought I'd seen them once, but my bank doesn't sell them.

I believe the ATM exchange rates are actually at the UK bank's discretion! There's a similar rip-off if you use a debit card.

[Rinrada]

[the UK bank charges a notional 1.5% to 2% per Thai ATM transaction.

1.5% of £100 is £1.50. Typical buying cost of £100 traveller's cheque is 1%, i.e. £1. Cashing a traveler's cheque costs less than 50p, and you generally get a much better exchange rate to boot.

Can you get £200 traveller's cheques? I thought I'd seen them once, but my bank doesn't sell them.

I believe the ATM exchange rates are actually at the UK bank's discretion! There's a similar rip-off if you use a debit card.

The good thing about T.Cs (amex)is that if you lose them or have them nicked you get the dosh back.

I had 2.5K "vanish "at the airport and 3 days later had them all refunded.

Dont however forget to make a list of the individual cheque numbers.(I had mine for over 10 years)and contact the company ASAP plus get a police report number........no probs.

Re:Amounts ..I have them in denoms of £500 and have had no bother changing them in Bangers or anywhere else for that matter.Also 1 cheque 1 charge @20Bt.

On ATM exchange rate RIP OFFS almost all the Basts...sorry Banks are at it....Halifsx,RBS,Barcs,LLoyds etc all without exception..EXCEPT as has been highlighted many times on the forum before ...the Nationwide (if UK based)...they are simply ...the BEST......

I compare a number on all of my visits and still the same...Top rates...and NO charges...NIL..ZILCH...

[katana]

I've found the UK's Nationwide Building Society Flex Account card works fine in Thailand. There's no fee for withdrawls, and the rates are the same as the Thai banks and money exchangers give.