Withdrawing Cash Economically

[nong38]

With impending new charges by our beloved Nationwide BS I was wondering what alternatives there were apart from The Santander Zero Card and the Halifax Clarity? When I came here in January I seem to remember talk of an account at some Thai Banks of a current account whereupon you paid an annual fee, I think 100 bahts, which then gave you free ATM acces for a year from that Banks terminals. Provided you could bring cash and put and put it into the account thid would seem a cost effective option, any thoughts from anyone? I realize to bring out a large amount of cash would be risky and a cheque would likely attract a fee for transaction and that it might mean moving assets around to be able to do this. Any input would be useful not only to me I guess.

Thanks and I look forward to your thoughts

[BWPattaya]

Firstly, I doubt that you would get a current account with a Thai bank. They usually only give savings accounts to a foreigner. (Yes, I know some people have current accounts with chequebooks but the OP is not likely to be in the same position)

Open a savings account at the bank of your choice and you can withdraw cash free at their ATMs anywhere. So, all you need to consider is how you want to deposit the money. Direct transfer from your bank in your home country ( guess you are British as you spelt cheque correctly and mentioned Nationwide!) or carry cash over. Remember that some countries have a limit to how much you are allowed to carry, (money laundering, terrorism purposes)and such as the UK has money snuffer dogs to spot those carrying large amounts. As for cheques, forget it. It takes too long to clear and costs money.

[lopburi3]

Thai banks have a charge if funds are not withdrawn in the immediate area of the account branch. But in general it is a good method as if member of ATM Pool (most are) you can also use other bank ATM's up to 4 times a month without extra charge.

[coolerking]

Set up a HIFX Account and transfer funds straight to your Thai account from your Home account. Simple and reasonable exchange rates.

[flying]

Remember that some countries have a limit to how much you are allowed to carry, (money laundering, terrorism purposes)and such as the UK has money snuffer dogs to spot those carrying large amounts.

Actually most do not limit per se.....but they do require you declare it if over a certain amount....That amount is 10K for the USA

But it is just a short form to fill. They do not ask to see the cash etc.

(at least this has been my experience exiting the US ) A bit rude & nosy but as you say they use the TERROR as an excuse to search all not just those on their mile long list

[Cloggie]

BWPattaya,

Open a savings account at the bank of your choice and you can withdraw cash free at their ATMs anywhere

I think this is wrong!

You can ONLY withdraw free from the ATM at the branch you have opened your bank account, all other ATM you have to pay (TB 20 - TB 25)

Cheers,

M.

[coolerking]

I agree with Cloggie, it is true that you have to pay to use other ATM's but I believe it is only outside your branch catchment area. (about 10 baht fee)

[paulfr]

Set up a HIFX Account and transfer funds straight to your Thai account from your Home account. Simple and reasonable exchange rates.

Could you elaborate on this please ?

What is a HIFX account ?

What amount is "reasonable" ? 1%, 2%, $5 ?

Thanks

My bank just raised the cash disbursment fee from $3 to 3% which for me

is an increase of 300%. Grrrrrrrrrrrrr

[CharlieH]

Set up a HIFX Account and transfer funds straight to your Thai account from your Home account. Simple and reasonable exchange rates.

Could you elaborate on this please ?

What is a HIFX account ?

What amount is "reasonable" ? 1%, 2%, $5 ?

Thanks

My bank just raised the cash disbursment fee from $3 to 3% which for me

is an increase of 300%. Grrrrrrrrrrrrr

I use HIFX all the time, great service, quick and NO FEES guaranteed !! BKK bank charged me 500 baht each time the money comes in but HIFX refund it back.

Their exchange rate I think is reasonable against Thai bank rates.

As for ATM's, if you are using a card from the UK then go to an AEON machine they dont charge the 150 baht the other banks charge.

[nong38]

Thanks for the frredback so far, chums! Yes I am indeed from the UK. I was offered an ATM account in January but opened a savings account instead but did not get an ATM card as at the time I was happy to use the blessed Nationwide card, things have now changed and I suspect not just for me and in November this will be a not insignificant sum.

I was interested in the idea of transfering cash direct inot a Thai account. Is the transfer from sterling to thai done here or in the UK? It seems we get a better rate if it is done here and that would be an important question, anyone know? What are the costs for this?

In january when I opened my savings account I deposited a chegque for 1000 sterling, it took a month to clear ( I think they took it personally and came back with the cash - incredible but there we are ) and wascharged 336 bahts. A bit of a pain but this may be the best way to top up the account if one can wait a month and interests rates remain low, if interests rates rise then this is another consideration to mix in.

[Lite Beer]

If transferring cash from your Nationwide account it will cost you £20. After November 1st it is rising to £25. Your Thai bank will charge you a few hundred Baht.

Make sure you request the transfer in Sterling.

[lopburi3]

And an ATM card for your local passbook savings account should cost about 100 baht per year or 200 baht if also a debit card. Well worth the small cost.