Nationwide & Other Uk Fee Free Banks Or Cards.

[thecatman]

It appears that I am unable to open a foreign currency exchange account (with Kasikorn anyway) as I do not have a work permit (which is required for a non-resident foreign currency account, and I do not have premanent residence or a house registration certificate, which is required for a resident foreign exchange account.

Thanks anyway, it was worth finding out about as my circumstances may well change in the future.

Edited May 20, 2009 by thecatman

[Mali1964]

UOB bank pay interest on foreign deposits.

http://www.uob.co.th/announcement/FCD/FCD10Apr09_en.pdf

This from the same website

Regulations:http://' target="_blank">

It must be noted that Bank of Thailand's regulation required declaration on the purpose of fund for both inward and outward funds transfer IF the fund is over US$20,000. To download the forms required by Bank of Thailand

Must say i've never been asked but i have read that some have.

[Mali1964]

From the FCD account inward charge is clear 0.25% max 500 baht so anything over around 400,000 baht is free but there clearly is a charge.

I transferred 10,000 into my account... result? 10,000 in my account - no charge - what can I say?

Have you checked your baht current account you have with this bank?

Its possible they levy the 500 baht fee there,if not then their making a mistake but must say 500 baht is a reasonable charge if they do levy this in the future.

[ChiangMaiFun]

From the FCD account inward charge is clear 0.25% max 500 baht so anything over around 400,000 baht is free but there clearly is a charge.

I transferred 10,000 into my account... result? 10,000 in my account - no charge - what can I say?

Have you checked your baht current account you have with this bank?

Its possible they levy the 500 baht fee there,if not then their making a mistake but must say 500 baht is a reasonable charge if they do levy this in the future.

No they didn't - but maybe I was lucky? and as you say 500 is reasonable anyway - I'm pleased that posters to this thread may now understand what I was trying to get across (maybe badly)

[ChiangMaiFun]

It appears that I am unable to open a foreign currency exchange account (with Kasikorn anyway) as I do not have a work permit (which is required for a non-resident foreign currency account, and I do not have premanent residence or a house registration certificate, which is required for a resident foreign exchange account.

Thanks anyway, it was worth finding out about as my circumstances may well change in the future.

That's bad luck - sorry about that. I don't have a work permit either - but I do own a condo and so obtained a resident permit by getting the condo management to give me a letter stating I owned a condo - I took that to immigration and got a residence certificate - then opened the account. I believe, please don't everyone shout me down, that it may be possible to do it without actually owning the condo - just proving you reside there but not 100% on that one.

[ChiangMaiFun]

UOB bank pay interest on foreign deposits.

http://www.uob.co.th/announcement/FCD/FCD10Apr09_en.pdf

This from the same website

Regulations:

It must be noted that Bank of Thailand's regulation required declaration on the purpose of fund for both inward and outward funds transfer IF the fund is over US$20,000. To download the forms required by Bank of Thailand

Must say i've never been asked but i have read that some have.

A 'friend' - not me of course! always declared it was for the purchase of condos (he said not me of course) that they never checked afterwards to see if it was actually spent on property - TIT

[Mali1964]

It appears that I am unable to open a foreign currency exchange account (with Kasikorn anyway) as I do not have a work permit (which is required for a non-resident foreign currency account, and I do not have premanent residence or a house registration certificate, which is required for a resident foreign exchange account.

Thanks anyway, it was worth finding out about as my circumstances may well change in the future.

That's bad luck - sorry about that. I don't have a work permit either - but I do own a condo and so obtained a resident permit by getting the condo management to give me a letter stating I owned a condo - I took that to immigration and got a residence certificate - then opened the account. I believe, please don't everyone shout me down, that it may be possible to do it without actually owning the condo - just proving you reside there but not 100% on that one.

Maybe one thing the yellow tabean baen (spl) (house book) would come in handy.

I think you would be OK with passport & immigration resident certificate this is Thailand what you read is not what you get, TIT!

[Briggsy]

Interesting results of comparison of ATM withdrawal versus 'in-branch' withdrawal

I conducted a small experiment. I withdrew 10,000 Baht from a Bank of Ayudhaya ATM and then immediately went into the branch and withdrew another 10,000 Baht over the counter.

ATM Withdrawal

No fee

Rate 52.413

Deduction from Flex a/c £190.79

Date appeared on 'full' statement 19 May 2009

'In-branch' withdrawal

No fee

Rate 53.027

Deduction from Flex a/c £188.58

Date appeared on 'full' statement 21 May 2009

Initially on the mini-statement, there was £381.58 less available. N.B. This is £190.79 x 2. However 3 days later the rate for the 'in-branch' withdrawal was amended to a better rate.

We can conclude from this the following:-

Ayudhaya still not charging fees for either kind of withdrawal.

ATM withdrawals attract the rate at the time of withdrawal.

'In-branch' withdrawals attract the rate at some later time, possibly at the end of the day's business.

I hope this is of assistance to some of you out there.

[gdhm]

Interesting results of comparison of ATM withdrawal versus 'in-branch' withdrawal

I conducted a small experiment. I withdrew 10,000 Baht from a Bank of Ayudhaya ATM and then immediately went into the branch and withdrew another 10,000 Baht over the counter.

ATM Withdrawal

No fee

Rate 52.413

Deduction from Flex a/c £190.79

Date appeared on 'full' statement 19 May 2009

'In-branch' withdrawal

No fee

Rate 53.027

Deduction from Flex a/c £188.58

Date appeared on 'full' statement 21 May 2009

Initially on the mini-statement, there was £381.58 less available. N.B. This is £190.79 x 2. However 3 days later the rate for the 'in-branch' withdrawal was amended to a better rate.

We can conclude from this the following:-

Ayudhaya still not charging fees for either kind of withdrawal.

ATM withdrawals attract the rate at the time of withdrawal.

'In-branch' withdrawals attract the rate at some later time, possibly at the end of the day's business.

I hope this is of assistance to some of you out there.

Very interesting.

Thanks for your effort and report

It would suggest that whilst Ayudhaya do not charge at the ATM then one is in better control of the ER which I assume was not reduced (seems in line with those used by Kasikorn, Siam and Bangkok Banks withdrawals for that day).

Regards

Dave

[Briggsy]

Indeed, I believe that it has always been the case that ATM withdrawals are given the exchange rate at that instant. Thus, yes, you are pretty much in control and aware of what the rate will be, give or take a tiny percentage. I have not had any nasty surprises doing ATM withdrawals and Ayudhaya with its fee-free policy (for now) leads the pack.

On the other hand, if there was a big movement on the exchange markets, an 'in-branch' withdrawal could vary a lot from one's expectations. I gained over 1% - better than a game of soldiers.

N.B. This thread is dealing with £ sterling account holders only.

[maechanman]

It appears that I am unable to open a foreign currency exchange account (with Kasikorn anyway) as I do not have a work permit (which is required for a non-resident foreign currency account, and I do not have premanent residence or a house registration certificate, which is required for a resident foreign exchange account.

Thanks anyway, it was worth finding out about as my circumstances may well change in the future.

Try the Ayudyha Bank,I opened a foreign currency account there 2 months back.Only documentation I took was my passport.

There's a minimum of £500 to open it but bear in mind that they charge 1% to deposit and 1% if you wish to withdraw in the same currency,you can however transfer into your Thai Baht account for free,presumably this would be at the cash rate at the time.

[citizen33]

Try the Ayudyha Bank,I opened a foreign currency account there 2 months back.Only documentation I took was my passport.

There's a minimum of £500 to open it but bear in mind that they charge 1% to deposit and 1% if you wish to withdraw in the same currency,you can however transfer into your Thai Baht account for free,presumably this would be at the cash rate at the time.

Don't know if I missed something here, but this branch of the thread seems to be about the possibility of minimizing bank charges at the receiving end when GBPs are transferred into Thailand. Am I right in thinking that the charge for paying sterling from a UK account into an ordinary Thai current account is 0.25% and that this latest report confirms that the charge for paying GBP into a Thai foreign exchange account is 1.00%? This seems to suggest that the only positive advantage of a foreign currency account is being able to maintain a balance over time in sterling as opposed to baht, and that even this has to be offset against the risk of bank charges if the account falls below the required minimum balance. I've always thought that it was the sending fees that were the problem.

[endure]

Interesting results of comparison of ATM withdrawal versus 'in-branch' withdrawal

I conducted a small experiment. I withdrew 10,000 Baht from a Bank of Ayudhaya ATM and then immediately went into the branch and withdrew another 10,000 Baht over the counter.

ATM Withdrawal

No fee

Rate 52.413

Deduction from Flex a/c £190.79

Date appeared on 'full' statement 19 May 2009

'In-branch' withdrawal

No fee

Rate 53.027

Deduction from Flex a/c £188.58

Date appeared on 'full' statement 21 May 2009

Initially on the mini-statement, there was £381.58 less available. N.B. This is £190.79 x 2. However 3 days later the rate for the 'in-branch' withdrawal was amended to a better rate.

We can conclude from this the following:-

Ayudhaya still not charging fees for either kind of withdrawal.

ATM withdrawals attract the rate at the time of withdrawal.

'In-branch' withdrawals attract the rate at some later time, possibly at the end of the day's business.

I hope this is of assistance to some of you out there.

I think I mentioned this elsewhere but I've made multiple withdrawals from a TMB ATM with a Flexaccount card literally within seconds of each other and have received different rates for each withdrawal.

[BuckBee]

Just done the online option for opening the halifax current account.

Very easy process, gives you account number & online banking setup all within 10 minutes.

The online swift could be handy & is the best price I can find.

Visa card is subject to 2.75% & £1.50 fee per transaction (won't be using that)

Sterling TC's have a 1% fee.

I have accounts with Bangkok Bank & Ayudhya and in the past I have been subject to 500B fees when doing swifts.

Anyone recommend a Thai Bank with a better deal ?

Anyone here use Nationwide for Sterling Traveller Cheques ?

From their website it looks like its free of charge, anyone confirm this.

Used to use Lloyds for commission free TC's but they now charge 1.5%

Looks like the Nationwide flex account debit card is still the best card, easy ATM access & only a 1% fee if you use the fee free thai ATM's

I have looked at every debit & credit card I could find & none in reality beat the flex debit card, sure you can get charge free cards on the high end accounts but these have monthly fees of around £12 & that equates to 4 15,000B ATM withdrawals on my Flex debit card & at the most I would only do 2 a month.

The Post Office credit card looked interesting but it's mastercard & looks to me to have aditional charges for overseas ATM cash withdrawals.

[ChiangMaiFun]

Try the Ayudyha Bank,I opened a foreign currency account there 2 months back.Only documentation I took was my passport.

There's a minimum of £500 to open it but bear in mind that they charge 1% to deposit and 1% if you wish to withdraw in the same currency,you can however transfer into your Thai Baht account for free,presumably this would be at the cash rate at the time.

Don't know if I missed something here, but this branch of the thread seems to be about the possibility of minimizing bank charges at the receiving end when GBPs are transferred into Thailand. Am I right in thinking that the charge for paying sterling from a UK account into an ordinary Thai current account is 0.25% and that this latest report confirms that the charge for paying GBP into a Thai foreign exchange account is 1.00%? This seems to suggest that the only positive advantage of a foreign currency account is being able to maintain a balance over time in sterling as opposed to baht, and that even this has to be offset against the risk of bank charges if the account falls below the required minimum balance. I've always thought that it was the sending fees that were the problem.

Hi - I have commented extensively earlier in this thread - I have received NO charge to transfer into my foreign account at Ayudhya on many occasions - only the £25 Nat West charge and I pay nothing to transfer into Baht. I get a small amount of interest on my deposit in GBP and can transfer very, very quickly when the rate suits me (as now at 54). I also posted the link earlier to the banks site to avoid misunderstandings. Hope this helps.

[thecatman]

Anyone here use Nationwide for Sterling Traveller Cheques ?

From their website it looks like its free of charge, anyone confirm this.

Yes BuckBee, it would certainly appear that they are free (only the 3.50 delivery fee to be paid). Which could make them a viable option.

My question is, how much does it cost to cash in traveller's cheques here in Thailand. It's been along time now since I last used them and just can't clearly remember the charges. I kinda recall a standard charge, maybe 30bt, either on each cheque or each transaction, then a small percentage charge also, can anyone elaborate on this please??

[BuckBee]

My question is, how much does it cost to cash in traveller's cheques here in Thailand. It's been along time now since I last used them and just can't clearly remember the charges. I kinda recall a standard charge, maybe 30bt, either on each cheque or each transaction, then a small percentage charge also, can anyone elaborate on this please??

The fee is 30B plus 3B tax each cheque, although I do believe banks & exchange booths in tourist hotspots have a higher fee.

I change mine at my local Ayudhya Bank.

The fee is the same regardless of the TC value, so it is wise to get £250/£500 cheques.

Lloyds TSB did do sterling TC's charge free & allowed you to choose Cheque values if ordering in branch.

Will be interesting to see what options we get with Nationwide, it may not be the best option for larger amounts but for initial bank account funds & a backup they can be a great option.

Edited May 25, 2009 by BuckBee

[thecatman]

My question is, how much does it cost to cash in traveller's cheques here in Thailand. It's been along time now since I last used them and just can't clearly remember the charges. I kinda recall a standard charge, maybe 30bt, either on each cheque or each transaction, then a small percentage charge also, can anyone elaborate on this please??

The fee is 30B plus 3B tax each cheque, although I do believe banks & exchange booths in tourist hotspots have a higher fee.

I change mine at my local Ayudhya Bank.

The fee is the same regardless of the TC value, so it is wise to get £250/£500 cheques.

Lloyds TSB did do sterling TC's charge free & allowed you to choose Cheque values if ordering in branch.

Will be interesting to see what options we get with Nationwide, it may not be the best option for larger amounts but for initial bank account funds & a backup they can be a great option.

Cheers BuckBee, that's certainly an option I'll consider in the future. I'm going back to UK next week for a few months so these may come in handy on my return. Of course I could always swift transfer funds, but if I done this I'd want to do quite a large amount, and if the pound's strengthening against the baht at that time (like it is now) I could easily end up losing out on quite a significant amount.

So to buy sterling traveller's cheques and cash them as I need them could prove to be the way forward until the rate settles (favourably).

[BuckBee]

Here a link to the Ayudhya Foreign Exchange Currency Accounts:

http://www.krungsri.com/en/ourservice-cons...st.aspx?cid=124

I can see no real advantages with this type of account.

It may be good in terms of securing you from some damage from EX rate fluctuations but you are still subject to the same charges for swift deposits, would be great for those flying in with a suitcase of cash (cash deposits are free of charge & then exchange from account balance to Thai Baht is free of charge) or perhaps for those who get paid in Baht & require some funds to be sent home.

For me it is better to keep my funds invested in blighty to maximise returns & access them when EX rates are personally acceptable.

Out of interest (no pun intended) what is the interest rate on Ayudhya FCE accounts, info is not yet listed on their website !

[BuckBee]

Slight deviation from main topic but as many of us have turned some of our currency to gold it has some relevance !

Anyone here have experience of using bank safe deposits & what annual costs are involved ?

I have some gold & consider it a risk keeping it at home.

Although any would be thief would first have to bypass my 5'2" 45KG trouble & strife who makes Smeagol look tame when protecting the precious.

I on the other hand am more delicate & don't fancy being stabbed, shot or beaten by gold hungry Thais.

Edited May 26, 2009 by BuckBee