Withdrawing Cash & Managing Money

[popmybubble]

I wanted to ask those of you who go to Thailand for months at a time how you manage your cash? For example do you withdraw roughly how much you would spend in a week or withdraw cash as and when you need it? (if you are using a UK/overseas bank account)

Just because my bank is LloydsTSB and I know they charge me for withdrawals abroad so I was thinking of trying to budget per week instead of as and when.

[jackr]

Used to do it weekly, but this was a long time ago when the pound was up and there was no 150 baht charge this end per transaction. If you're here for several months, see if you can get yourself a local account and card and SWIFT over your dosh. I've had an account as a tourist although you may need a non-imm visa. If you need one of them, go through the consulate in Hull and say you're visiting friends.

[BB1950]

Most Thai banks require a Non-immigrant Visa with more than 90 days remaining on the Visa to open an account (i.e. Siam Commercial Bank). Many banks however, also require a Work Permit to open an account. There are two banks that I know of that allow you to open an account with a Tourist Visa (Bangkok Bank and Kasikorn Bank). Bangkok Bank also requires a Residence Certificate (obtainable from the Thai Immigration after providing 2 photos, copy of rental contract, and 300 baht) if you open an account using a Tourist Visa. Kasikorn Bank does not (I learned this from a 'helpful' Thai Immigration Official).

Because of Fraud, most of my UK friends find that their ATM cards are 'blocked' from being used in Thailand. The have to contact their bank, prior to coming over, to have the card 'unblocked' to use at ATM machines in Thailand. Sometimes they have to again contact their bank for each transaction.

Your bank will change you a fee in addition to the 150 baht fee the Thai banks impose for each ATM transaction. Best to open a Thai bank account and have your funds transfered to it via SWIFT, if you stay more than a week or make frequent trips to Thailand. Much safer, you won't become one of those unfortunate victims who are robbed of more than 10,000 baht.

It takes a minimum deposit of 500 or 1,000 baht (depending on the bank) to open a Thai bank account. A debit ATM can be issued immediately (for a 300 or 500 baht fee, depending on the bank).

As far as your budgeting, it really depends on your lifestyle. The Thai Government figures that a 'retired foreigner' needs a minimum of approx 17,000 baht/week to live in Thailand (the reason behind the 800,000 baht income requirement for a 1 year Visa), although many 'retired foreigners' actually live on approx 10,000 baht/week. I'm retired and live quite comfortably on about 15,000 baht/week. The average 'tourist' spends approx 4,000 baht per day.

[sarahsbloke]

Most Thai banks require a Non-immigrant Visa with more than 90 days remaining on the Visa to open an account (i.e. Siam Commercial Bank). Many banks however, also require a Work Permit to open an account.

Siam Commercial only require a passport and 300+bht (Bank book 200bht, Debit card 100bht), my friend just opened an account on a tourist visa on entry.

(I only went with him in case of a problem)

Up to the manager of each branch who they take on though.

Bangkok Bank only requires a letter of reccomendation from another bank or existing account holder if you are a tourist, passport and 300+bht.

(but they can be very hard to deal with)

None of the banks seem to know/follow/care about their own rules.

Bank say no, smile and move to next bank (unless you speak Thai or take along someone who can speak Thai).

Edited March 25, 2010 by sarahsbloke

[popmybubble]

That sounds like a plan, never thought about opening an account before. I remember the nightmare last time of contacting my bank to tell them I was going to Thailand and then they blocked my card anyway and I spent an insane amount of phone credit getting them to unblock it

I don't suppose I'll need a lot to live on (fingers crossed) my bf estimated 9000b a month! I'm thinking more like 25000...

Can SWIFT be used with online banking? So I would just transfer a specified amount whenever I need to for free?

[Lite Beer]

Can SWIFT be used with online banking? So I would just transfer a specified amount whenever I need to for free?

It would depend on your bank. Swift is not free. Anything up to £30 each transfer.

Moved to the banking forum.

[Lite Beer]

From Lloyds bank site. http://www.lloydstsb.com/travel/sending_mo...t_more.asp#tab2

Question 1. How much money are you sending?

The Lloyds TSB fee you will pay depends on the amount of money you send:

* If you are sending up to £5,000 = £20

* If you are sending £5,000 and over = £35

[sarahsbloke]

Can SWIFT be used with online banking? So I would just transfer a specified amount whenever I need to for free?

Use an online exchange firm like HiFx

[schmutzie]

The short answer: Do your maths...

If you're a frequent visitor or a big spender it might make sense to do a lump sum transfer either via FX service or SWIFT.

I roughly calculate 600THB overhead on every ATM transaction of 12000THB whic is equiv to my daily withdrawel limit.

On a side note, I have noticed that the Bank of Ayutthaya (yellow) ATMs do not seem to add a 150THB surcharge...

So how much money will you need and what are your expectations vis a vis the FX rate?

As someone who's here for the longterm I'm looking to ge out of the ATM withdrawel nightmare and transfer a larger sum in order to also hedge against a very volatile GBP. That may not be a concern to you.

For a SWIFT transfe you should open a Thai bank account. I only have experience with Kasikorn who in 15 minutes arranged an account costing me 600THB for the debit/VISA card whIch was isssued on the spot. They also required a 500THB deposit. Of course I brought my passport along.

I think your main issue will be if you have a permanent address Herr, but to be honest they did not seem too fussed with the details of this and certainly did not request proof.

Give them a valid mobile number and email so they can setup telebanking and internet banking.

I would highly recommend them.

[popmybubble]

I think what I'll do is set up a bank account when I get to Chiang Mai (will try Kasikorn). Then transfer 25000b each month (will be there about 5 months) using SWIFT & withdraw weekly spends. Actually it's probably better if I transfer 125000b then I'll save on transfer fees each month.

I'm not good with maths, so will assume that this works out better than paying fees for withdrawals from Lloyds every time and hopefully more secure in the case of losing bank card or something.

Edited March 25, 2010 by popmybubble

[Lite Beer]

The Swift transfer will cost you £20 every month plus the Thai bank fee.

As you said just do one big transfer and it will be a one time £20.

[popmybubble]

Cheers.

Just been reading about this on Lloyds website and they don't do online money transfers I either have to go in branch (impossible as I'll be out of the country) or use 'PhoneBank' which will probably cost shitloads calling from Thailand. So in this case would it be better to use an online money transfer company or just pay the costs for the phonecall? Sarahsbloke mentioned HiFx, but I've never done anything like this before so don't know if it's a good idea.

Edited March 29, 2010 by popmybubble

[flying]

Since your talking about a relatively small overall total....Have you considered just taking traveler checks?

Once in Chiang Mai you can open an account & deposit or just cash them weekly & use.

[popmybubble]

Would they give me £2500 in travellers cheques??

[flying]

Would they give me £2500 in travellers cheques??

Sure....I have taken 20-30,000 in TC

Also many places ( here in US) will give them no charge if you have an account.

Although some banks have a very small fee.

But yes you can get any amount & also they are insured which is nice for piece of mind.

Where I get mine they are available in books of 5000 also nice as they are small only 5....$1000 notes/checks

But you can get 100's etc.

[flying]

PS: I am talking about American Express brand Travelers Cheques

[12DrinkMore]

With the decline in the GBP maybe you should transfer all you need now rather than wait for more bad news, such as Brown remaining prime minister.....