Cheapest Way To Take Money To Los

[nicholasmerwood]

Hey guys,

I thought this may have been posted several times before but when I went searching the forum I couldn't the answer I wanted.

Going to Thailand for a 1 month holiday, want to know the cheapest way to take money over.

I can either get heaps of cash out in Oz, and exchange it as I need it in those little exchange booths.

or

Get money out of a Thai ATM as I need it from a Savings account

or

Send our expected spending money to my wifes bank account in Thailand which we can draw from over there.

I havn't been to thailand for 18 months and am not sure of the fees involved.

Thanks in advance

Nick

[steppenwolf108]

Option 1 will be the cheapest, but that involves carrying large amount of cash

Option 2 is more expensive, incurring on Thai and Oz banking fees + exchange rate

Option 3 will cost you 500 baht for banking fee in Thailand + whatever you pay for a swift in Oz, but once the money is there, you'll be safe and easy to use ATM cards

[BuckBee]

option 3 is your best option.

The exchange rate will be higher on a TT (SWIFT) transfer compared to cash or traveller cheque exchanges & fees.

Just pick a good day for exchange rate & be sure to state/tick option for offshore currency conversion as by sending Aus $ & converting in Thailand will be far more rewarding.

[songhklasid]

You could take cash, go straight to lucky rich money exchange pratunam, you will certainly get a better exchange rate, then open a bank acc, with visa card attached, withdraw you money as you need avoiding the 150 baht withdraw fee, maybe have to go inside bank for teller withdrawal?

regards songhklasid

[ding]

I bring a mix. That way all my eggs aren't in 1 basket. Some $100 tarvllers checks, a bunch in the money belt, and an ATM card with VISA (just in case).

Rates are low in Thailand so I don't go to the exchange booths with lines, not worth wasting expensive holiday time.

[NamKangMan]

Option 3 is the cheapest, BUT, This Is Thailand (TIT) and I would advise you to do option 2, simply because, it's the safest.

Bring a small amount of Aussie Dollars with you, and pull the rest out of the ATM, with your card.

Option 1 - you could come home one day and find your "stash" gone. This also happens in hotels.

Option 3 - transfer it to the wife (I don't know her - I'm sure she is nice) BUT, you get to Thailand and get some story how "Mama very sick. She go hospital and I give money to doctor. Sorry darling but what can I do? She very sick darling." (with all the tears etc etc) Of course, nothing was wrong with mama. Yes, call me cynical, but, hundreds, if not thousands, have been done over this way before.

For the cost of some bank fees, I suggest, you go the safest option and keep your own money in your own account and pull it out as you need it to minimise any loss due to robbery.

One thing you may also consider, get your own bank account and then internet transfer the lump sum into it. This is what I do.

Edited February 10, 2010 by NamKangMan

[AZBill]

I bring a mix. That way all my eggs aren't in 1 basket. Some $100 tarvllers checks, a bunch in the money belt, and an ATM card with VISA (just in case).

Rates are low in Thailand so I don't go to the exchange booths with lines, not worth wasting expensive holiday time.

I always bring a good supply of cash, a fully paid off visa card and my atm bank card. Always call your bank and let them know you are travelling so they dont start putting fraud holds on your credit cards and atms when they start seeing charges in Thailand.

[jdinasia]

Never have only 1 source for available cash

I would suggest some cash .. travellers checks for the remainder (but having a prudent reserve available via ATM etc)

[my friend I]

wizardclearadvantage.com.au

[rfukata]

I would go option 1: bring cash and exchange it at a foreign EX broker such as super rich or Vasu, then create a bank account

with debit card so you can withdraw as you go. (downside, just becareful carrying the cash until all is completed)

good luck

[nicholasmerwood]

Hmmm my wife and I live in Oz with a joint bank account already, so it's not as if putting in her account in thailand is going to make much difference. I understand where you are coming from though.

I think what I'll do (and what I have always done) is bring some cash with me, maybe 1-2k, carried in 500$ bundles in different locations (one in my bag, one in wifes bag, one on us etc) and bring a fully paid off mastercard and atm card to withdrawl once cash used up.

I don't know whether you get a better exchange rate from ATM's or from the exchange booths though? That may influence how much cash I actually bring over. What's the max amount you can drawer out from a Thai ATM in a signle transaction? I recall it being only 20,000THB.

[tooninthai]

Best exchange rates are usually found at the airport. So if you want to bring cash, exchange it there.

visa charge ridiculous rates for withdrawals from ATM + Thai banks wanting their 150 Baht on top.

Travellers cheques are not a cheap option either.

Not always that easy to open a new bank account without an O or similar visda in the passport.

[fantuzi]

Best exchange rates are usually found at the airport. So if you want to bring cash, exchange it there.

visa charge ridiculous rates for withdrawals from ATM + Thai banks wanting their 150 Baht on top.

Travellers cheques are not a cheap option either.

Not always that easy to open a new bank account without an O or similar visda in the passport.

Who told you that?Is it your experience??I think you mix-up seling/buying rates.

In LOS Airport - rate is not to bad,but always little bit worse,then in town.

There are ATMs,which do not charge service fee - from finance company AEON

OP comes with wife here - he can use her account for transfer or local deposit.

The diff between ATM and money changers are noticable if you change much(,if you buy house or car),

then you can find branches of the same bank offering better rates and it makes sense to shop around

or go to SuperRich and try to bargain.

Have a ChockDee and be mindfull.

[tooninthai]

Best exchange rates are usually found at the airport. So if you want to bring cash, exchange it there.

visa charge ridiculous rates for withdrawals from ATM + Thai banks wanting their 150 Baht on top.

Travellers cheques are not a cheap option either.

Not always that easy to open a new bank account without an O or similar visda in the passport.

Who told you that?Is it your experience??I think you mix-up seling/buying rates.

In LOS Airport - rate is not to bad,but always little bit worse,then in town.

There are ATMs,which do not charge service fee - from finance company AEON

OP comes with wife here - he can use her account for transfer or local deposit.

The diff between ATM and money changers are noticable if you change much(,if you buy house or car),

then you can find branches of the same bank offering better rates and it makes sense to shop around

or go to SuperRich and try to bargain.

Have a ChockDee and be mindfull.

Personal experience.

[nicholasmerwood]

If we take, say 5k across with us. And deposit it into my wifes bank account over there, what sort of fees are her bank going to charge for depositing a foreign currency?? Will they give us a good exchange rate? I guess if we have any left over we will have to get it out again and swap it back to THB incurring more fees.