Good U.k. Banks While In Thailand.

[Axelator]

Hi,

I'm ging to Thailand in Feb for 6 months to do some thaiboxing and hopefully get some fights. I have my visa and everything sorted but my current bank (HSBC) is going to be charging me 2% for every visa transaction at an ATM up to £5, and I can only withdraw a max of £200 a day.

Since I'm on a tight budget and don't like to carry cash around I'm wondering if anyone knows any UK banks that will let me have an account that doesn't charge me for atm withdrawals in Thailand and doesn't require a monthly subscirption. HSBC will only let me have free transactions if I pay £12 a month for some special account, which seems like a rip off.

Thanks for any help.

[Tafia]

I understand the Post Office does a charge card which you load with cash which you can then use over here to withdraw from ATMs, the PO dont charge but be aware thai ATMs charge 150 Baht a transaction.

Nationwide are another who continue to give free withdrawels but again the ATM fee will apply.

[Springman]

There is only one I know of Nationwide Building Society they did charge but have recently introduced a small charge..check with them they are the best. The 150 baht withdrawal charge seems to have been removed i have used two diferent banks recently and was not charged

Whoops should say did not charge

Edited January 21, 2010 by Springman

[george]

You can do free transfers with HSBC.

HSBC International / Offshore / Premier:

http://www.thaivisa.com/hsbc

[WeeGB]

I'd definitely go with Nationwide - cheapest by far. If you have time before you leave the UK, set up an online account with them, it's easy and free, then if you have any problems here, they're relatively easy to contact. Don't forget to inform them that you're coming here, makes ATM withdrawals easier, and finally, open an account ASAP, as you'll need their portable bank card reader to bring with you, and setting this up takes a few days.

Also, try using the KrungThai bank ATM machines - have never been charged 150 baht for withdrawals there, unlike other Thai Banks.

Good look with the Muay Thai boxing, and make sure you have good health insurance cover, while you're here - you need to set this up, before you leave the UK.

[apple88]

i seem to never get charged if i withdraw cash, not from the ATM but from inside banks/currency exchange booth at banks, showing passport.

I'm supposed to get charged a % by my UK bank too but have never been charged this withdrawing from a bank teller.

To avoid carrying alot of cash around, I recommend opening a Thai bank account, its easy to open an account with Kasikorn Bank (just need your passport and an address).

Then u could get Kasikorn bank to withdraw upto 20,000baht at once from your UK ATM card, then you could simply deposit this cash into your Thai bank account. And just withdraw however much cash you need at a time from there...allowing you to just carry small amounts £2 - £20 at a time, without getting charged lots of fees by your UK bank.

[Chaimai]

You can do free transfers with HSBC.

HSBC International / Offshore / Premier:

http://www.thaivisa.com/hsbc

I doubt the OP will meet the criteria for Premier.

A couple of choices, with mix and match options.

Partly depends where you will be based and who you are with but:-

(a) Open a Nationwide Flex account before you leave the UK. You are running out of time.

( Consider opening a Halifax Reward account - they are best/cheapest for SWIFT transfers (care, should NOT be used overseas for making transfers etc).

© Arrange your health cover - care standard travel policies typically only cover 30 days away. Make sure the insurer knows you are away for 6 months AND are engaging in hazaress sports. Try www.flexicover.co.uk

(d) Open a Thai bank account in your locale - not always as easy as some suggest but should be OK if you take a Thai with you. The Visa is a plus.

(e) Although George is promoting HSBC, avoid using standard HSBC ATM debit cards (or credit cards) for cash. Credit card not so bad for purchasers if you can avoid the Thai trader's 4% charge and poor HSBC exchange rate (not even close to Nationwide's VISA transaction rates).

Given your limited budget you may wish to have 'little and often' as far as cash is concerned. Best achieved through using your Thai bank ATM and fund the account with, say, one initial payment from the UK - it seems that you have probably calculated your total budget anyway. Halifax charge GBP 9.50 for an online SWIFT transfer - given the possible issues with trying to do this from abroad you could consider getting a relative or friend to do this from the UK.

The Nationwide card can be used as a back up. Cash can be paid into a Flex account in the UK and withdrawn minutes later in Thailand. I have lost track of who is charging 150 Baht for ATM withdrawals but the Nationwide Flex 'over the counter withdrawal' usually side-steps the 150 baht and the only charge that Nationwide pass on is the VISA transaction charge:-

Third party charges

Nationwide continues to offer "commission-free" foreign transactions.

"Commission-free" means that we do not add any additional charges for exchanging currency which are designed to generate profit for the Society. We do, however, pass on any fee we incur from our card scheme providers for processing transactions in certain currencies (generally those outside of the European Economic Area and Turkey and Israel) other than sterling.

The fee is currently 1.00% and it will be included in the sterling amount shown on your statement.

Edited January 22, 2010 by Chaimai

[PattayaParent]

Open a Thai bank account when you get here and transfer the money you'll need for 6 months into it.

Or bring it in in travellers cheques.

[Tafia]

The 150 baht withdrawal charge seems to have been removed i have used two diferent banks recently and was not charged

Whoops should say did not charge

Which banks?

[gmac]

I would definitely say Nationwide is the way to go, some of the other UK Banks charge up to 2% as a transaction fee in addition to loading the exchange rate by about 2.75% which means that even where a fee is not obviously being levied you are still losing out on the rate. Nationwide have always converted convert at the current Visa rate, although even they have recently started loading that rate by I think just under 1% (can't remember exactly), but still far better than any of the others that I know of and no fee.

Also, in Thailand, avoid the ATM charges by, as already suggested, using the exchange kiosks outside banks who will cash you money against the Nationwide Flex card when presented with your passport for no fee.

[Hugh Jarse]

I'd definitely go with Nationwide - cheapest by far. If you have time before you leave the UK, set up an online account with them, it's easy and free, then if you have any problems here, they're relatively easy to contact. Don't forget to inform them that you're coming here, makes ATM withdrawals easier, and finally, open an account ASAP, as you'll need their portable bank card reader to bring with you, and setting this up takes a few days.

Also, try using the KrungThai bank ATM machines - have never been charged 150 baht for withdrawals there, unlike other Thai Banks.

Good look with the Muay Thai boxing, and make sure you have good health insurance cover, while you're here - you need to set this up, before you leave the UK.

Agree NAtionwide a good option as their fees are minimal. When in Thailand use Bank of Ayuthea (yellow ATM machines) as they are the only bank here not to charge the £3 withdrawal fee.You will only need Nationwides card reader if you are going to pay bils from here.

Dont forget to photocopy important docs. ie passports driving licence etc. so if you lose them in Thailand you have a copy to help you.

All the best and enjoy your trip.

[Axelator]

Thanks for the replies guys, I'm going to look into setting up a nationwide account and putting the money I need for the trip into that then just use the visa debit card to withdraw money. Thanks again.

[seaeagle]

Thanks for the replies guys, I'm going to look into setting up a nationwide account and putting the money I need for the trip into that then just use the visa debit card to withdraw money. Thanks again.

No - read Pattayaparent again!!

If you have the lump sum already to put into a UK bank account, why do you want to pay debit card fees every time you want to take money out?

Transfer once-only all your 6 month money over to your bank account here, and withdraw for free from your Thaibank account anytime.

Keep a little in your UK account, and use that card over here only in an emergency.

[pkrv]

Thanks for the replies guys, I'm going to look into setting up a nationwide account and putting the money I need for the trip into that then just use the visa debit card to withdraw money. Thanks again.

No - read Pattayaparent again!!

If you have the lump sum already to put into a UK bank account, why do you want to pay debit card fees every time you want to take money out?

Transfer once-only all your 6 month money over to your bank account here, and withdraw for free from your Thaibank account anytime.

Keep a little in your UK account, and use that card over here only in an emergency.

Just a moment - I doubt the guy has a Thai Bank account here, we are talking about 6 months small dosh only. Yes it is more cost efficient to transfer over a large amount in one go to a Thai Bank, but for this (UK) guy's situation JUST having a Nationwide account with cash point card will IMO be enough. He does not need the card reader that is more for online transactions, not cash withdrawals (including cash withdrawals overseas). The Nationwide account is IMO by far and away the best option, IN THIS INSTANCE.

There will be a 150 THB cost per transaction - Nationwide do not Charge (this is actually a visa mastercard charge) BUT Nationwide DO give the best FX rate which is far more important. So draw out maximum cash each time (about 13,000 THB but keep it safe)

As to HSBC - Forget it except under exceptional circumstances.

Edited January 25, 2010 by pkrv

[rIKmAN]

I understand the Post Office does a charge card which you load with cash which you can then use over here to withdraw from ATMs, the PO dont charge but be aware thai ATMs charge 150 Baht a transaction.

Nationwide are another who continue to give free withdrawels but again the ATM fee will apply.

The Post Office Travel Money card DOES charge you for withdrawals, as I have one and am wondering whether I`ll be using it when I come to Thailand in Feb, pretty much doing the same as the OP - getting fit and doing some Thai Boxing/MMA kinda stuff and relaxin.

edit:

Just got the details from the site on what they charge...(My card in is Sterling GBP)

Topping up:

0% for euro (€) Card. 0% for US dollar ($) Card

1.5% for sterling (£) Card, subject to a minimum fee of £3, maximum fee of £50

*** So if you put £1000 on the card, they charge you £15 for the honour ***

Transaction Fee

A Cross-Border Fee of 2.75% of the transaction amount will apply if transaction is in currency other than that of the Card, applicable to both Card Purchases and Cash Withdrawals.

Where the transaction is a Cash Withdrawal, a Cash Withdrawal Fee as outlined below will also apply.

Cash Withdrawal Fee

All ATM withdrawals outside the UK will be charged a fee, based on the currency of the card of £2.00, €2.50 or $3.00

and heres an example...

Example Usage Charges

If you have a Card denominated in sterling and you make a Cash Withdrawal of €100, the transaction will be converted into sterling at the then Rate of Exchange (i.e. €100 @ 0.80 + Cross-Border Fee of 2.75%), a Cash Withdrawal Fee of £2 will be applied and the total amount of the transaction will be immediately debited from your Account as £84.20.

The Cash Withdrawal Fee will be shown as a separate transaction

ie.

1) Withdraw 100 euros

2) Visa Rate: €100 @ 0.80 = £80.00

3) Cross-Border Fee: = £2.20 (£80.00 @ 2.75%)

4) Cash Withdrawl Fee: = £2.00

Total amount debited = £84.20 (so a whopping 4.20 in charges!!!)

Add to this the Thai ATM charge, and think how many times I will withdraw (lots as carrying loads of cash is a no-no!) and I`m thinking most of my budget will be wasted on pathetic fees and charges

So...How easy is it to open a Thai Bank Account?

I would not have an address as I`m travelling alone and will be staying in ho(s)tels etc, but the rates for the POTMC and normal bank cards are ridiculous!

Edited January 26, 2010 by rIKmAN

[PattayaParent]

^Kasikorn seems to be the easiest to open an account with, just fill in a form and give them 500 Baht minimum deposit and 200 Baht for an ATM card.

Edit: No proof of address required and you can open an account on a 30 day entry stamp (at least in RGP branch in Pattaya)

Edited January 27, 2010 by PattayaParent

[Axelator]

Well I tried to apply for a nationwide flex account and apparantly I'm not eligable for some reason. Can I set up a thai bank account from the U.K?

[Penkoprod]

Well I tried to apply for a nationwide flex account and apparantly I'm not eligable for some reason. Can I set up a thai bank account from the U.K?

No reason given as to why, huh?

I would see exactly WHY they refused, if i were you.

They even give accounts to people on social security benefits, so i cant see it being one of any bad financial circumstances on your part.

Are you on electoral roll in UK? (your username suggests you are not British)

Did they ask for any proof of identity, like a scan of utility bills etc?

Like i say, i would be wanting to know the reasons why they refused

[Axelator]

Well I tried to apply for a nationwide flex account and apparantly I'm not eligable for some reason. Can I set up a thai bank account from the U.K?

No reason given as to why, huh?

I would see exactly WHY they refused, if i were you.

They even give accounts to people on social security benefits, so i cant see it being one of any bad financial circumstances on your part.

Are you on electoral roll in UK? (your username suggests you are not British)

Did they ask for any proof of identity, like a scan of utility bills etc?

Like i say, i would be wanting to know the reasons why they refused

I applied online and they only offered me a cash card which is basically shit and I can only use it with a few select atms abroad that Im not sure they have in Thailand. I'm a U.K. national, have a part time job and have for 5 years, am 18, going to uni next year, never been in debt, never had an overdraft, live with my parents. So I'm not sure why I can't get one.

I went in to the local branch today and asked why i couldn't get a flex account and the woman just said my credit rating wasn't good enough, I asked her why and she just said it wasn't good enough again. So yeah, slightly confused.

Edit: I'm on the electoral role and they didn't ask for I.d.

Edited January 27, 2010 by Axelator

[lannarebirth]

Ignore all previous advice and do this. Get one months of expected expenses converted to travellers checks. Upon arrival to Thailand open an account at a Thai bank and deposit your checks in there as your initial deposit. Once you've determined how much you'll be spending, wire that amount to your Thai bank and withdraw as need for free using your Thai bank ATM.

[Penkoprod]

never been in debt, never had an overdraft, live with my parents.

Theres your reasons right there !!!!!

The banks and financial institutions dont have your balls locked up in a vault somewhere deep underground, because you are up to your eyes in debt. Look on the bright side, and think yourself lucky you AREN'T in debt (But just wait til your Uni fees/student loans)

If its the Cirrus card they are offering you, then there was much made of the fact that people WERE using it and bypassing the 150 Baht Thai banks usary fee. So i wouldnt dismiss it out of hand, without a little research.

[PattayaParent]

Ignore all previous advice and do this. Get one months of expected expenses converted to travellers checks. Upon arrival to Thailand open an account at a Thai bank and deposit your checks in there as your initial deposit. Once you've determined how much you'll be spending, wire that amount to your Thai bank and withdraw as need for free using your Thai bank ATM.

That's the way to go.

[Chaimai]

Ignore all previous advice and do this. Get one months of expected expenses converted to travellers checks. Upon arrival to Thailand open an account at a Thai bank and deposit your checks in there as your initial deposit. Once you've determined how much you'll be spending, wire that amount to your Thai bank and withdraw as need for free using your Thai bank ATM.

That's the way to go.

Agree. But cash would also suffice for the intitial requirements and bank deposit.