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Easiest And Cheapest Ways To Bring Money To Thailand

jayinoz
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jayinoz Silver Member

jayinoz

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I am finding it hard to find a listing of the cheapest Vs easiest ways to bring money from OS. When you are in Thailand, if you have your banks OS. Mine are in Aussie...

I need approx 300,000bt within the next 2 weeks to purchase a car and motorbike. Tried BKK Bank with Saving Account ATM card from Aussie and they will not do. Limit of 20,000bt per day. They stress to open a savings account with them, but i do not really wish too.

Can anyone tell me the best option for the best exchange rate and lowest fee. Speed of delivery is a lower priority. Please advise. :)

1) ATM- Up to 15000 to 20000bt depending on the Bank per day.

Pros: Easy and quick

Cons: 150bt fee + international transfer fee + limitation of money per day = Expensive and Inconvenient. Plus the exchange rate is a rip off.

2) Cash- Limited to taking $10000 out of country in any one plane trip. Without declaring you are doing so.

Pros: Easy and great exchange rate in Thailand. Bring your own currency and never change in your country. Always better in Thailand.

Plus easy to exchange. Handy and available.

Cons: Safety, insurance will not cover if lost, limitation to how much you can bring in any one trip, inconvenient as you cannot often plan exactually how much you need in anyone trip.

3) Bank account in Thailand

Pros; send in dollars to get best exchange rate, takes up to 5 working days, over $10,000 in any one time must be declared, easy when set up.

Cons: setup account issues (Visa status, etc), international transfer fee, may feel not as safe as bank in own country, interest rate not as good here typically, inconvenient.

4) Western Union like transfers.

Pros: Easy and immediate.

Cons: Need someone to send for you, or you need to perform for yourself over the internet, typically poor exchange rate, very high fees.

5) Visa, Mastercard, etc.

Pros: Easy and quick inside bank.

Cons: Like ATM card limited to 20K bt per day, inconvenient, high fees from everywhere, etc.

Any other options??? Cheers

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steppenwolf108 Explorer Member

steppenwolf108

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300,000 baht in cash in OZ $ is a small pack of notes.

There are no problems in bringing that much cash and immigration will only stamp your passport, customs checks only for extra bottles or smoke...the chances of being "caught " are close to zero and if you just say you spend a lot when you travel for leisure, customs will just smile and say thanks! [unless your family name is Bin Laden or so].

Other option is to open an account at Bangkok Bank [1/3 days max to process oversea transfers] where you can get ATM card with no limit [just a phone call, simple instructions and there you are, no limits whatsoever!].

Option one would be the best cuz you could chose to change the cash at companies like Super Rich and get higher rates than the banks offer.

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jayinoz Silver Member

jayinoz

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Paypal

Paypal must be hooked up to a bank account anyhow, so I do not see the advantage...

So if hooked up to my Aussie back accounts still need to get the cash out of my account...

I think you mean have a Thai bank account hooked up to paypal and another hooked up to an Aussie account. Transfering between the 2... Maybe that could work. Must withdraw fees when you deposit from Aussie account then withdraw to Thai account. Maybe not-- Mmmm will look into that. Not sure of the exchange rate for Paypal however, probably not so good. Yet if can deposit in Thai bank in Aussie dollars then the Thai bank should give their Thai rate- Bonus.

Exchange rate wise nothing beats bringing in the cash direct if possible. Going straight to Super Rich- none in CMai. I know of one Super Rich exchange in Pratuwan, BKK.

Sick of fees on transfers and ATMs that is for sure... :)

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bangon04 Ruby Member

bangon04

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Paypal

Exchange rate wise nothing beats bringing in the cash direct if possible. Going straight to Super Rich- none in CMai. I know of one Super Rich exchange in Pratuwan, BKK.

Sick of fees on transfers and ATMs that is for sure... :)

Is SuperRich in Pratunam open for business at the moment - it is right in the middle of the fighting. Where are the other branches?

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steppenwolf108 Explorer Member

steppenwolf108

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Paypal

Exchange rate wise nothing beats bringing in the cash direct if possible. Going straight to Super Rich- none in CMai. I know of one Super Rich exchange in Pratuwan, BKK.

Sick of fees on transfers and ATMs that is for sure... :)

Is SuperRich in Pratunam open for business at the moment - it is right in the middle of the fighting. Where are the other branches?

The branch in Silom is closed, so by my knowledge, the ones available in town are one behind the Thai Airways head-office in Vipavadi Rangist and one in Khaosan Road [see also http://www.superrich1965.com/Eng/location.aspx]

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nakachalet Silver Member

nakachalet

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jay....

what makes you consider bringing in 300,000 thb is such a sum that might create problem, in thailand....?

just walk up to any cashier window with your cc and pp....

tell her how much you need from your acct....

done that zillion of times already.... with a smile of course.... :)

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longball53098 Platinum Member

longball53098

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If you carry the cash in as stated its only what? 110 AUD bank notes? Two packs of 50 and some extras. This would be easy to carry in and no one would have a clue.

Swift transfer in to my bank account is the next option and I won't charge too much for the transfer to you.

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newcomer01 Advanced Member

newcomer01

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Paypal

Exchange rate wise nothing beats bringing in the cash direct if possible. Going straight to Super Rich- none in CMai. I know of one Super Rich exchange in Pratuwan, BKK.

Sick of fees on transfers and ATMs that is for sure... :)

Is SuperRich in Pratunam open for business at the moment - it is right in the middle of the fighting. Where are the other branches?

Disagree about the best rate is cash see http://www.cb.ktb.co.th/prod/bishis.nsf and check there.

As far as for the question. Telegraphic transfer from one bank account to another bank account in Thailand (sending in AUD) is the cheapest and best rate. AUD20 - AUD25 using internet banking.

But if you don't have a bank account here cash advance from a credit card (inside the bank from a teller - need passport) would be the easiest way. Put the amount required into the credit card prior to withdrawal and the fees should be 2.5% for the card and the local bank fee. Depends on the credit card. PS Would also depend in the CC limits.

Bad time to bring AUD it has dropped nearly 2 baht in the last couple of weeks.

Edited by newcomer01
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Peterchap Rookie Member

Peterchap

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I have opened a Foreign Currency Deposit Account (FCDA) with Bangkok Bank (in Bangkok).

I transfer funds (in AUD) from my Australian Bank (Westpac) to my FCDA.

Westpac Bank in Australia charge a $30 fee regardless of the amount transferred, they transfer using SWIFT, usually in my FCDA in one or two days.

I usually transfer 30k AUD, so the fee works out at .001%.

Bangkok bank charge 500baht when they receive the funds, it stays in the FCDA in AUD, gets about 2% interest.

I also have a Bangkok Bank Savings Account (SA) in THB, so when I want funds I transfer from my FCDA to my SA and the funds are converted by the bank at the Telegraphic Transfer (TT) rate from AUD to THB.

Currently the cash exchange rate is 27.7600 THB for 1 AUD and the TT rate is 28.0825 THB for 1 AUD. The TT rate is always better than the cash rate.

When I need funds I go to the branch where I opened my SA (Khon Kaen), fill out a withdrawal form, the bank copies my passport, FCDA and SA bank books and faxes to Bangkok, within an hour or so the funds are transferred (at the current exchange rate) to my SA.

You can transfer any amount you wish and there is no fee for transferring from the FCDA to the SA.

Hope this helps

Regards from Peter.

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jayinoz Silver Member

jayinoz

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SWIFT transfers are quick, reliable, and the fees are negligible.

Negoitable fees- never heard of this- doubt it. Which bank and how did you do it.

Thanks for all the other responses...

Not a good time to transfer money over, as Aussie dollar just dropped 10% compared to Thai in a matter of days. I thought the reverse would happen when Thailand is nearly in a Civil war :) . I am confused i would have thought our dollars would be worth a lot more in an unstable country... approaching Burma and Cambodia if Taksin gets his way.

Thanks for the poster instructing on transfers of 30k, as one day i hope to trade on the stock market here when the time is right.

Not now- not now... I guess when the heat cools and stock market rebounds we will get a better rate---that a big IF !!!

Cheers J

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