Bringing Cash Vs Foreign Atm Card

[asiancup2007]

Hi,

I'm coming to Thailand for a couple of months on a double entry tourist visa.

Ignoring the obvious security issues I'm wondering if I should bring the $15000 Australian

I plan to spend and open a Thai bank account whilst in Thailand instead of using my Australian ATM card

My bank charges $4 plus 2% for a foreign ATM withdrawal, add the Thai banks 150 Baht and 15 withdrawals would cost me. Correct me if calculations are wrong please.

$1000 @ 2% $20

Withdrawal fee $ 4

Thai ATM fee $ 5.5 (150 baht)

$29.5 x 15 =

$ 442.50

Thanks.

Edited August 20, 2009 by asiancup2007

[jazztech]

Hi,

I'm coming to Thailand for a couple of months on a double entry tourist visa.

Ignoring the obvious security issues I'm wondering if I should bring the $15000 Australian

I plan to spend and open a Thai bank account whilst in Thailand instead of using my Australian ATM card

My bank charges $4 plus 2% for a foreign ATM withdrawal, add the Thai banks 150 Baht and 15 withdrawals would cost me. Correct me if calculations are wrong please.

$1000 @ 2% $20

Withdrawal fee $ 4

Thai ATM fee $ 5.5 (150 baht)

$29.5 x 15 =

$ 442.50

Thanks.

[jazztech]

Hi,

I'm coming to Thailand for a couple of months on a double entry tourist visa.

Ignoring the obvious security issues I'm wondering if I should bring the $15000 Australian

I plan to spend and open a Thai bank account whilst in Thailand instead of using my Australian ATM card

My bank charges $4 plus 2% for a foreign ATM withdrawal, add the Thai banks 150 Baht and 15 withdrawals would cost me. Correct me if calculations are wrong please.

$1000 @ 2% $20

Withdrawal fee $ 4

Thai ATM fee $ 5.5 (150 baht)

$29.5 x 15 =

$ 442.50

NAB do a $10 a month account no charge for foreign withdrawals gold account (i think)

Thanks.

[churchill]

Bring some of it in cash or TCheques and then I think I would just use my ATM .

[Carmine6]

Not quite sure of the $Aus/THB exchange rate, but there is a max number of bills the ATMs will dispense. I think you're over that with $AUS 1,000. If so it would take a few more transactions than you've calculated.

[asiancup2007]

Not quite sure of the $Aus/THB exchange rate, but there is a max number of bills the ATMs will dispense. I think you're over that with $AUS 1,000. If so it would take a few more transactions than you've calculated.

Well its a AUD $1000 limit per day,

not sure of the Thai baht limit, 30,000

And I guess you get a slightly improved exchange rate from an ATM

compared to notes eg atm rate 28.07 to a note rate of 27.81 when i just checked.

here http://bankexchangerates.daytodaydata.net/default.aspx

Edited August 20, 2009 by asiancup2007

[jgm005]

You can avoid the 150bt Thai charge if you stick to GSB (Government Savings Bank)(Visa Only) or UOB or AEON ATMs'. Plenty of them around in BKK, Pattaya

Hi,

I'm coming to Thailand for a couple of months on a double entry tourist visa.

Ignoring the obvious security issues I'm wondering if I should bring the $15000 Australian

I plan to spend and open a Thai bank account whilst in Thailand instead of using my Australian ATM card

My bank charges $4 plus 2% for a foreign ATM withdrawal, add the Thai banks 150 Baht and 15 withdrawals would cost me. Correct me if calculations are wrong please.

$1000 @ 2% $20

Withdrawal fee $ 4

Thai ATM fee $ 5.5 (150 baht)

$29.5 x 15 =

$ 442.50

Thanks.

[Chang_paarp]

Wizard Master card do not charge for foreign withdrawals or transactions. This is OK for smaller amounts, you can load the card so it does not go into the red. I would recommend you use the card for other things as well or they will block the card for ATM only withdrawals. A call to them in Melbourne usually fixes this but it is annoying.

You can set up a bank account in LOS (Do a search on this and you will find a number of threads.) and use internet banking to transfer to that account from Oz. Com bank charges $22 for an internet international TT, ANZ $24 for an internet international TT. This is a fixed fee for any amount of the transfer. For a better rate send $Au not THB, the exchange rate is a lot better if the Thai bank does the currency exchange, this limits you to ANZ in this scenario, Com will not let you send AuD allow 2-3 working days for the transfer and you will be in OK. So any transfer over $600 you will be in front, and also have a local card for use there.

Just some ideas to think about.

[nakachalet]

JUST FOR YOUR INFOMATION:

chieng mai poster stated that as of a few days ago, united overseas bank there, already assessed 150 baht fee for farang atm withdrawal.

[el jefe]

My bank charges $4 plus 2% for a foreign ATM withdrawal, add the Thai banks 150 Baht and 15 withdrawals would cost me.

Change banks. My bank charges $0.00 plus 0.00% for a foreign ATM withdrawal, add they reimburse me for the Thai bank's 150 Baht. 15 withdrawals would cost me nothing.

My bank is in the US (Charles Schwab). You may be able to open a Schwab a/c in Australia. Otherwise you need to move.

If that doesn't work, bring cash and open a Thai bank account.

25,000 baht is the maximum limit I've seen for any one withdrawal. Many ATM's have a lower limit still.

[nakachalet]

el jefe

My bank is in the US (Charles Schwab).

i couple of years ago, charles schwab was only a brokerage company with internet acct for traders who could also write checks, have debit/credit cards under schwab's banner pinned to balances in the trading accounts etc.?

just wondering when does it become a commercial banking entity per se? not doubting your statement el jefe, but just want to update my semi senile mind.... lol

[guava]

The exchange rates you will get are probably the more critical factor - and physical cash exchangers anywhere are not renowned for giving anything close to the best rates. And carrying cash is just risky.

Open the Thai account first. Withdraw your funds in as few transactions as possible, over the counter if possible. Or arrange a SWIFT transfer direct to your new account.

[Time Traveller]

My advice is bring cash, convert it into baht when you arrive in Thailand. If there is a limit on the amount you can carry out of australia, I would bring half in cash then TT the remaining funds from your australian bank account to your new thai bank account after you arrive. The reason is the exchange is always better in Thailand than at those Australian banks. Secondly, you won't need to pay ridiculous bank fees each time you use ATM.

Provided you don't let anyone know you're carrying that much money, and that you go and open a bank account straight away then you shouldn't have any worries about security.

[xen]

Regulations only allow you to take 10,000 AUD out of Oz in cash before they start asking for serious explanations.Same if u send any transaction as aTT especially if it is over 10,000AUD it will be monitored. Nothing wrong with the government/law enforcement agencies doing that but u should be aware of it. I usually take some cash and and use a credit card when the cash runs out .

The other thing is stay away from those Travelex Cards. The fees may seem reasonable to an extent (2% to load your card) but their exchange rate is quite a few baht down from the daily trading rate so they make a killing there. I will never ever use them again . In fact i would never use any Travelex/Western Union for any transaction .

[Carmine6]

Not quite sure of the $Aus/THB exchange rate, but there is a max number of bills the ATMs will dispense. I think you're over that with $AUS 1,000. If so it would take a few more transactions than you've calculated.

Well its a AUD $1000 limit per day,

not sure of the Thai baht limit, 30,000

And I guess you get a slightly improved exchange rate from an ATM

compared to notes eg atm rate 28.07 to a note rate of 27.81 when i just checked.

here http://bankexchangerates.daytodaydata.net/default.aspx

I wasn't really clear.

There is a physical limit to the number of bills that the machines will dispense. I believe 20 or 25 bills. 20 sticks in my head, but that may vary by machine or be totally wrong. I just can't remember but I've hit the limit before and had to do 2 transactions.

Since the highest denomination bill is 1,000 baht, you'll be taking out about 28 bills. If the machine maxes out at 20 or 25 bills, you can't take out 28.

[Carmine6]

el jefe

My bank is in the US (Charles Schwab).

i couple of years ago, charles schwab was only a brokerage company with internet acct for traders who could also write checks, have debit/credit cards under schwab's banner pinned to balances in the trading accounts etc.?

just wondering when does it become a commercial banking entity per se? not doubting your statement el jefe, but just want to update my semi senile mind.... lol

About 2 years ago. Since I'm a former customer they sent me an email about it. Other companies like Fidelity also got in around then.

http://www.schwab.com/public/schwab/bankin...banking_lending

http://www.schwabbank.com/

[david96]

See here for information on declaring cash in Australia.

http://www.austrac.gov.au/reporting-_physical_currency.html

Comonwealth Bank of Australia will transfer AUD to overseas banks.

[personchester]

My bank charges $4 plus 2% for a foreign ATM withdrawal, add the Thai banks 150 Baht and 15 withdrawals would cost me.

Change banks. My bank charges $0.00 plus 0.00% for a foreign ATM withdrawal, add they reimburse me for the Thai bank's 150 Baht. 15 withdrawals would cost me nothing.

My bank is in the US (Charles Schwab). You may be able to open a Schwab a/c in Australia. Otherwise you need to move.

If that doesn't work, bring cash and open a Thai bank account.

25,000 baht is the maximum limit I've seen for any one withdrawal. Many ATM's have a lower limit still.

No, not correct, my ATM A/c has a daily limit is 50,000 THB, that amount was requested when I opened the ATM A/c, my first ATM A/c ... (I have two) where I did not request a withdrawal limit was automatically programmed at a maxi-output of 30,000 THB.

[Carmine6]

My bank charges $4 plus 2% for a foreign ATM withdrawal, add the Thai banks 150 Baht and 15 withdrawals would cost me.

Change banks. My bank charges $0.00 plus 0.00% for a foreign ATM withdrawal, add they reimburse me for the Thai bank's 150 Baht. 15 withdrawals would cost me nothing.

My bank is in the US (Charles Schwab). You may be able to open a Schwab a/c in Australia. Otherwise you need to move.

If that doesn't work, bring cash and open a Thai bank account.

25,000 baht is the maximum limit I've seen for any one withdrawal. Many ATM's have a lower limit still.

No, not correct, my ATM A/c has a daily limit is 50,000 THB, that amount was requested when I opened the ATM A/c, my first ATM A/c ... (I have two) where I did not request a withdrawal limit was automatically programmed at a maxi-output of 30,000 THB.

A daily limit and the amount that an ATM will physically dispense in one transaction are two different things. There is a physical limit on the amount of bills so even if people have a higher daily limit it could take two transactions to take it out. No problem if there are no fees, but the OP is facing fees for each withdrawal.

[monty]

My bank charges $4 plus 2% for a foreign ATM withdrawal, add the Thai banks 150 Baht and 15 withdrawals would cost me.

Change banks. My bank charges $0.00 plus 0.00% for a foreign ATM withdrawal, add they reimburse me for the Thai bank's 150 Baht. 15 withdrawals would cost me nothing.

My bank is in the US (Charles Schwab). You may be able to open a Schwab a/c in Australia. Otherwise you need to move.

If that doesn't work, bring cash and open a Thai bank account.

25,000 baht is the maximum limit I've seen for any one withdrawal. Many ATM's have a lower limit still.

No, not correct, my ATM A/c has a daily limit is 50,000 THB, that amount was requested when I opened the ATM A/c, my first ATM A/c ... (I have two) where I did not request a withdrawal limit was automatically programmed at a maxi-output of 30,000 THB.

As per Carmine's answer. I have a 200,000 limit on my card, but it would take 8 transactions of 25,000 Baht to get that money out of the ATM (Bkk Bank).

Bkk Bank ATM's do 25 banknotes at a time (25,000 Baht, or 12,500 Baht if the machine ran out of 1000's and on 500's remain)...

Most other banks give only 20 banknotes at a time...