Is Travel Cheque Rate Still Higher Then The Daily Exchange Rate?

[Sandman77]

hi!

Is a travel cheque still have the better rate then the daily exchange rate?

Bank here in my country charge 1,75. Procent of the total amount value

Of the cheque!

So the visa exchange rate is always a half bath higher then the daily exchange rate, so it makes no sense to bring cash money to Thailand!

One time I have problem with a damage cheque in chaweng water comes in the boat during windy boat trip on Samui!

The street exchange shops want accept the cheque!

Go in the bank waiting 20 minutes the call somewhere and got confirmed by fax that cheque is still valid then I got money

Bk bank charge 1€ around for change cheque into money

But another idea , can the Thai banks also issued a cheque,-and will the 1,75 procent like in Europe also charge?

Sent from my iPhone using ThaiVisa app

[GreenSnapper]

TCs are something of the past, not worth the trouble. Use ATM cards or the good moneychangers in BKK.

[Phronesis]

TCs are something of the past, not worth the trouble.

Travellers cheques are not a thing of the past...in fact, they are still a very useful financial tool. I often trade currencies and hold my capital in travellers cheques. The risks from theft or fire are thus eliminated. There are also tax benefits that flow from not using electronic transactions.

The advantages of using travellers cheques as a Forex trading tool are also significantly increased if you have a platinum Mastercard. One of the perks attached to my Mastercard is fee free purchase, and sale, of TCs.

Just prior to the GFC I purchased 100K of USD TCs when the AUD was near to parity. I cashed them all in the wake of the GFC when the AUD dropped below 70c/USD. Circa 30% profit in a few months with no forex transaction fees whatsoever.

Another benefit of TCs is that they can be used to walk currency over a border. They can be left in ones checked in baggage. If your bag is lost, no problem, you make a claim to get the cheques reissued.

The above mentioned benefits of TCs are some of the reasons why banks are now actively encouraging (programming) the less financial savy to rely upon ATM cards and other electronic exchange solutions. Zero work for the banks, high associated fees, and the electronic transaction information is readily accessible by the Tax Man.

To answer the OPs questions:

1. Yes the rate for TCs is still higher than cash when changing here in Thailand.

2. And yes there is a flat fee of 30THB for cashing each cheque. So make sure that you carry only large demonination cheques.

Edited August 31, 2012 by Phronesis

[JimGant]

the less financial savy to rely upon ATM cards and other electronic exchange solutions.

A quick glance at SCB forex site:

http://www.scb.co.th/scb_api/index.jsp

My Schwab ATM card (Visa logo) averages about 10 satang better than the buying TT rate (plus, no fees whatsoever, and reimbursement for the Thai ATM fee, if applicable). At SCB, a TC (looking at US$) receives 20 satang less than the buyingTT rate. Plus, the TC's 30 baht fee. Even if I did an EFT (using ACH via Bangkok Bank NY), I average 10 satang less than the buying TT rate. So, either way, I'm doing better than having to go to a bank's lobby, with my passport, to cash in my TCs. "Less financial savvy, " indeed.

and the electronic transaction information is readily accessible by the Tax Man.

Electronic transfers are not taxable events. (But, if in the laundry or evasion business, yeah, I get your point.)

[GreenSnapper]

Travellers cheques are not a thing of the past...in fact, they are still a very useful financial tool. I often trade currencies and hold my capital in travellers cheques. The risks from theft or fire are thus eliminated.

TCs as a FX trading tool - never heard of something more absurd.

Or maybe I just don't understand the joke.

[Sandman77]

Hi!

I look exchange rate always at oanda.com

On my visa I have 0,5 bath higher rate around 39,5 at moment on visa card !

Scb shows me only 38,8 for tc, maybe not up to date yet!

The western union told me, that the exchange rate change 3 time a day but I think in Thailand only 2 time!

In many boards I read in past in Thailand you got better rates for cash euro!

But in meantime I recogneized visa has the best rates of all!

Always there always higher exchange rate is valid in europe not what the Thai bank shows!

My bank don't charge me fees for ATM withdrawal fees worldwide , and also refound me the foreign Thai bank Fees within one week when I send a email!

That's the best exchanges I found within the last 3 years

Sent from my iPhone using ThaiVisa app

[GreenSnapper]

Sandman, if you get Visa exchange rate without deduction, you do very well and better than TC.

For cash, you can check this moneychanger at BTS Nana, who is also better than TC:

http://www.vasuexchange.com/

[Pib]

As a rule of thumb, the exchange rate you get for a TC compared to the "TT Buying Rate" used for wire/SWIFT/ACH transfers is approximately 0.10 to 0.15 baht lower per USD/Pound/Euro. The TT Buying Rate is about the best the common man can get from Thai banks and is the rate used for wire/SWIFT/ACH transfers. And the exchange rate you get for actual currency/notes is almost always less than the TCs exchange rate. But the TCs also have that approx 30 baht per TC fee, so using large denominated TCs will help reduce that fee cost. But if the bank you get the TCs from charges a healthy fee to issue them, then that fee might large enough to hurt. A definite pro for TCs is the safety/reimbursement involved in case they are lost or stolen....but for cash, if its lost/stolen its just gone.

But if you are lucky enough to have a "no foreign transaction fee" debit/ATM card from you home country bank that is probably the way to go. The Visa card exchange rate will usually be equal to or just a little better than the TT Buying Rate....and the Mastercard exchange rate just a little less than the TT Buying Rate---remember, these Visa/Mastercard exchange rates are for "no foreign transaction fee" cards. The majority of banks don't offer this type of cards for cards (but a fair amount still do) but instead offer cards that come with fees like 0.5% to 4% per transaction plus maybe an additional flat fee per transaction. If you use your foreign debit/ATM card in a AEON ATM (a Japanese company with outlets/ATMs in Thailand) you will not be charged any foreign card fee like the 150 baht fee charged by Thai bank ATMs.

But don't come to Thailand with only a debit/ATM card and a little cash in your pocket because if the debit/ATM card don't/stops working for some reason or you lose it.....and you can't quickly & easily resolve the problem with your home country bank that issued the card.....and you only had a little bit of cash in your pocket until the card issue is fixed.....that could make your stay kinda unpleasant.