Spreaders of Conspiracy Theories: Unmasking the Motivations Behind the Lies

[wilscoop]

I have an Aussie bank account and an empty Thai bank account.

When withdrawing money should I

1. Just use the Aussie ATM card and suck the money from my account in Australia -- 2 per cent charge plus 150 bht Thai ATM fee?

2. Pump money from my Aussie account into my Thai account and extract it using my Thai ATM card? Anyone know about currency conversion/banking charges?

Which is more economical? Option 1 is easier but seems pricey.

Thanks in advance for your input

Edited May 3, 2010 by wilscoop

[aussiedoug]

If you bank at a bank bank, not a credit union or building society, you can send a swift transfer from OZ to Thailand for $35, and the exchange rate will be the same 2% grab.

[aurelius]

Definately the second option, especially if you tend to take multiple smaller amounts.

[bails]

You might want to have a look at opening a NAB gold visa debit account. The only fee involved is the 150 baht ripoff. No charge for currency conversion and the account pays a higher rate of interest than you would get in a Thai bank account. The monthly fee is $10 but this can be reduced to zero if you deposit $5000 per month into your account. This $5000 does not have to stay in the account i,e, you can shift it somewhere else anytime you want.

I have a Nab gold visa debit account and have found it excellent and certainly think you should consider it.

[wonder6281]

I use securecash express. Costs me $7.95 Aud to make deposit. First withdrawal free. Exchange rate has been 28 baht. Works well for sending my missus money every fortnight.

[david96]

Transfer using Commonwealth Bank Internet banking, fee $22 same day to Thailand, transfer in AUD for best FX rate.

[david96]

I use securecash express. Costs me $7.95 Aud to make deposit. First withdrawal free. Exchange rate has been 28 baht. Works well for sending my missus money every fortnight.

You mean http://www.securecash.com.au/

They are a courier service that only picks up money and delivers to your bank in Australia on your behalf.

[ozzieovaseas]

I use the "pay anyone" feature from ANZ internet banking. You can nominate your thai bank account as the reciever and the info is kept on your internet banking system for future transactions.

The fee is $25, no matter what the amount, which obviously works out better the more you shift.

You will also have to pay a small % fee to the thai bank but thats usually not a huge amount.

The important thing ive learnt from others on TV is to make sure the Aussie bank send the funds in AUS$. If you fall into the trap of getting them to send the funds in Thai Baht you'll get slugged even more.

This might be a bit supersticious but i've generally found if i do the transaction on a wednesday night (when the exchange rate is good) i have a better chance of still getting the good exchange rate and the cash in my account on the thursday or friday.

I have been watching threads like this but i have generally noticed you can expect to loose a little over 3% in charges whichever way you go.

I know the fee for using the credit card is a staight out 3%, without the hidden extra fees and you get a decent exchange rate, so IMO its probably better if you use credit card as much as possible, especially when the exchange rate is up.

good luck with beating the b*stards, we all know Aus banks are sharks

[david96]

If you use a bank in Australia other than your own you are charged $2 per transaction.

As the bank you use in Thailand is not your own they charge 150THB ($6).on top of your banks fee for an ATM transfer.

With a single transaction of about $800 the fee for an ATM card and a CBA internet fee are the same over this amount the internet transfer becomes cheaper at $22 per transaction.

[MDJase]

Hi wilscoop,

I was thinking about the same thing a month ago. I can provide you some help with that. Firstly, let me correct you on something. If you choose to withdraw from ATMs using your Australian ATM card, you'll be charged 150 Baht from the Thai bank PLUS $5 AUD from the Australian bank - total of 300 Baht (approx). Also, you'll be charged at either the Australian bank's or Visa's/Mastercard's (or whichever credit card/ATM card company you're with) exchange rate, which is approx 28.5 Baht. But if you choose to transfer money from your Australian account to your Thailand account, you'll be provided with the Telegraphic Transfer exchange rate, which is much, much higher than most other types of exchange rates including notes (i.e. exchanging Australian currency for Thai currency using cash). I've found that TMB offers the best Telegraphic Transfer exchange rate for Australian currency. Currently the exchange rate is 29.47875 (http://www.tmbbank.com/rates/index-en.php).

When I did my Telegraphic Transfer I got 29.81 exchange rate with Bangkok Bank (but TMB had an even higher rate), which is a bloody good deal!. I did my Telegraphic Transfer with ANZ and they charge a flat $25 AUD with NO extra charge. As ozzieoverseas had already advised you, when you make the Telegraphic Transfer make sure you keep the money in AUD when your Australian bank gives you the option of converting it to Thai Baht. If you convert it to Thai Baht right there and then, your exchange rate will be the Australian exchange rate (which is approx 28.5). If you keep the money in AUD, it will be automatically converted to Thai Baht when it arrives into your Thailand account and will be converted based on your Thailand bank's Telegraphic Transfer exchange rate.

Also, keep in mind that TT (Telegraphic Transfers) cost a flat $25 AUD (depending on the bank), while ATM withdrawls (using an Australian ATM card) costs a flat $10 AUD, but with worse exchange rates. So obviously, use TT for exchanging large sums of money and use ATM withdrawls for small emergency sums.

I hope that helps!

Jason.

Edited May 4, 2010 by MDJase

[ProThaiExpat]

In the last year, I have made 4 transfers from ANZ, cost $22 in NSW to SCB in Thailand, same day service if you transfer early am in OZ. Transferred in AUD and SCB converts to Baht at about a half baht below the forex average for the day.

[wonder6281]

I use securecash express. Costs me $7.95 Aud to make deposit. First withdrawal free. Exchange rate has been 28 baht. Works well for sending my missus money every fortnight.

You mean http://www.securecash.com.au/

They are a courier service that only picks up money and delivers to your bank in Australia on your behalf.

And, is it a bad way of sending cash? She has a Debit Visa as do I. I send her 400 Aud = just over 11000 baht. If I send her 400 Aud via TT, I pay 20 and she pays 20. She doesn't get 11000 baht doing it this way. When I was using Western Union, I would send her 10000 baht and pay over 400 aussie. Last time I came over I bought cash!

Using securecash she gets more and I pay less.

[david96]

I use securecash express. Costs me $7.95 Aud to make deposit. First withdrawal free. Exchange rate has been 28 baht. Works well for sending my missus money every fortnight.

You mean http://www.securecash.com.au/

They are a courier service that only picks up money and delivers to your bank in Australia on your behalf.

And, is it a bad way of sending cash? She has a Debit Visa as do I. I send her 400 Aud = just over 11000 baht. If I send her 400 Aud via TT, I pay 20 and she pays 20. She doesn't get 11000 baht doing it this way. When I was using Western Union, I would send her 10000 baht and pay over 400 aussie. Last time I came over I bought cash!

Using securecash she gets more and I pay less.

Western Union and Travelex in Australia charge the highest rates for transfer and give the lowest FX rate. You would only use them to send money in an emergency to someone you know who does not have a bank account. Plus you have the cost of an international phone call to give them the transaction number.

The lowest cost method is by TT with a bank and in AUD for individual amounts over $800.

This http://www.securecash.com.au/ does not give any information on money transfers at all.

Can you explain the procedure, your figures do not seem correct.

You state that if you transfer by TT with a bank you are charged $20 and she is charged $20

the reason for this is may be it is transfered again by a financial institution in Thailand to her account.

[wonder6281]

Western Union and Travelex in Australia charge the highest rates for transfer and give the lowest FX rate. You would only use them to send money in an emergency to someone you know who does not have a bank account. Plus you have the cost of an international phone call to give them the transaction number.

The lowest cost method is by TT with a bank and in AUD for individual amounts over $800.

This http://www.securecash.com.au/ does not give any information on money transfers at all.

Can you explain the procedure, your figures do not seem correct.

You state that if you transfer by TT with a bank you are charged $20 and she is charged $20

the reason for this is may be it is transfered again by a financial institution in Thailand to her account.

Hi david96,

This is correct. I bank with St George Bank and she with Kasikorn. St George Bank charge me 20AUD and Kasikorn charge her 600baht. As I said that is about 40AUD all up. So 400Aud ends up 360Aud in the end and the exchange rate is ordinary. In fact it was less than WU!!

If I transfer money into my securecash account (we both have a card) the 400 is deducted by the admin fee of $7.95 Aud and then fees for her using an ATM. They claim the first withdrawal is free from the ATM fee, but she tells me it is not. So that is $7.95 (Admin Fee)+ $5 (ATM) = $12.95. The Exchange rate is the Visa rate.

If I had my own Thai account what would I be charged from transferring from my OZ account into it?

AS for WU and the like, they are rip-off, hence the move to this system. If there is a better one, I am all ears.

Cheers.

Edited May 4, 2010 by wonder6281

[david96]

Western Union and Travelex in Australia charge the highest rates for transfer and give the lowest FX rate. You would only use them to send money in an emergency to someone you know who does not have a bank account. Plus you have the cost of an international phone call to give them the transaction number.

The lowest cost method is by TT with a bank and in AUD for individual amounts over $800.

This http://www.securecash.com.au/ does not give any information on money transfers at all.

Can you explain the procedure, your figures do not seem correct.

You state that if you transfer by TT with a bank you are charged $20 and she is charged $20

the reason for this is may be it is transfered again by a financial institution in Thailand to her account.

Hi david96,

This is correct. I bank with St George Bank and she with Kasikorn. St George Bank charge me 20AUD and Kasikorn charge her 600baht. As I said that is about 40AUD all up. So 400Aud ends up 360Aud in the end and the exchange rate is ordinary. In fact it was less than WU!!

If I transfer money into my securecash account (we both have a card) the 400 is deducted by the admin fee of $7.95 Aud and then fees for her using an ATM. They claim the first withdrawal is free from the ATM fee, but she tells me it is not. So that is $7.95 (Admin Fee)+ $5 (ATM) = $12.95. The Exchange rate is the Visa rate.

If I had my own Thai account what would I be charged from transferring from my OZ account into it?

AS for WU and the like, they are rip-off, hence the move to this system. If there is a better one, I am all ears.

Cheers.

You have a securecash Australian account and she has a debit card (visa) on this account.

Here is the BoT site that gives FX rates for banks in Thailand.

http://www.bot.or.th/english/statistics/fi...changeRate.aspx

Note that as with all bank sites the rates quoted are generally for the previous day at 1630hrs.

They are not in real time as displayed to Foreign exchange dealers, so you never know in advance the actual FX rate you will obtain.

Bangkok Bank charge a minimum 200THB and a max 600THB for inward FX transfers depending on the amount.

I use the BBL site and the BoT sites as a guide.

[david96]

Wonder6281, where does one obtain an Australian securecash account?

Thanks.

[wonder6281]

Wonder6281, where does one obtain an Australian securecash account?

Thanks.

david

Here is the home page.

https://www.securecashxpress.com.au/Content/Default.aspx

I just applied and set it up.

Regards

Mark

[david96]

Wonder6281, where does one obtain an Australian securecash account?

Thanks.

david

Here is the home page.

https://www.securecashxpress.com.au/Content/Default.aspx

I just applied and set it up.

Regards

Mark

Thanks for that information.

Safecash deposit fee $7.95

Thai bank ATM fee 150THB.

Visa Overseas Cash Advance fee?

Visa International transaction fee?

These were about $5.25 and $10.30 for a 10000THB transaction on a standard visa card.

[smacko]

get a wizard clear advantage master card... bpay money to it and use it like a debit card.. there is no monthly/yearly fees, no cash advance fee and no conversion fee... always gotten good rates on US dollars.. check it out

[david96]

get a wizard clear advantage master card... bpay money to it and use it like a debit card.. there is no monthly/yearly fees, no cash advance fee and no conversion fee... always gotten good rates on US dollars.. check it out

You will still be charged transaction fees have a look at your statement it will show them there.

[Chang_paarp]

get a wizard clear advantage master card... bpay money to it and use it like a debit card.. there is no monthly/yearly fees, no cash advance fee and no conversion fee... always gotten good rates on US dollars.. check it out

You will still be charged transaction fees have a look at your statement it will show them there.

Only the ones charged by the foreign bank, in my experience.

The only challenge I have had with them is they limit the amount you can withdraw in cash. You need to occasionally use it as a credit card to reset the cash withdrawal. I know it is a strange concept but it caused me to make a few calls to Oz when in Thailand, plenty of funds on the card but not available at the ATM, some of the operators understood that Thailand is a cash economy others were just wank3rs. Make a purchase of beer or groceries with the credit facilities at a supermarket every now and again and the problem goes away.

[Daewoo]

get a wizard clear advantage master card... bpay money to it and use it like a debit card.. there is no monthly/yearly fees, no cash advance fee and no conversion fee... always gotten good rates on US dollars.. check it out

I had the same same deal with BankWest Gold Mastercard -

No foreign currency transaction fees, No other bank ATM fees, just the MC exchange rate and the Thai Bank ATM fees... changed to StGeorge for all my accounts, and got the shock of my life this trip when I saw the way all the fees added up...

$22 to transfer to a Thai Account that the OP already has does seem like the cheapest way now that the Thai Banks are charging ATM fees...

Cheers,

Daewoo

[smacko]

You will still be charged transaction fees have a look at your statement it will show them there.

only fees are from the thai atm you withdraw from...

[ProThaiExpat]

I just got a ad for a wire transfer service from a subsidiary of McQuary Bank, see:

https://secure.ozforex.com.au/fx/register.asp

I registered and will speak to them in a couple of days, a requirement before you use their services.

Transfer fee is only $14 and they promise a favorable conversion rate, it might be worth sending the transfer in Baht if they convert it cheaper than Thai banks.

Certainly it is cheaper that ANZ wire transfer fee of $22 even if I only send it in AUD. They say two free transfers to new members!!!! It might be worth sending parallel transfers, one through bank as I did before and one through them. Minimum transfer is $2000 AUD.

[david96]

Commonwealth Bank Australia.

From the general information terms and conditions issued March 2009.

Access fees.

Cirrus, Mastercard or Visa Plus ATM cash withdrawal. AUD $5 plus 2.00% of the transaction value.

Credit Cards.

Overseas Terminal or Bank. $4.00 or 1.25% 0f cash advance amount (whichever is greater)

International transaction fee.

Transactions converted by Mastercard 2.95%

Transactions converted by Visa 2.95%

Transactions converted by any other means 2.00%