Nicole79 Posted October 16, 2012 Share Posted October 16, 2012 I'm looking for some personal opinions here based on your own experiences. I've been debating Traveler's Cheques versus Credit Cards for a while now. From what I gather, the exchange rate on Traveler's Cheques is not as good as what you will get just withdrawing money from ATMs, and that you can get fee-free transactions from AEON ATM machines. But, there are many stories out there of people withdrawing money from ATMs, not receiving their cash, and having their accounts debited for the requested amount anyway. Not to mention credit card scams involving your credit card info being stolen and account wiped out. So it seems to me that Traveler's Cheques might be more secure and provide some peace of mind on your travels. When you travel, how do you handle your money? Also, if you have (or still do) use Traveler's Cheques, what was the process involved in cashing them? Did you have any trouble with a language barrier? What company offers the Traveler's Cheques that are most widely accepted in Thailand? And lastly, which banks are most likely to cash them without any problems? I'd appreciate it if we could keep this a troll-free topic. Thanks in advance. Link to comment Share on other sites More sharing options...
GreenSnapper Posted October 16, 2012 Share Posted October 16, 2012 TCs, mom? This is 21st century. Wake up! 2 Link to comment Share on other sites More sharing options...
Bangkokhatter Posted October 16, 2012 Share Posted October 16, 2012 TCs, mom? This is 21st century. Wake up! Am sure the OP will be mighty thankful for that advice ! ATM's are fine as long as you use machines tied to banks or in shopping malls, this may prove a bit harder if you plan on leaving the beaten track a bit. As for travellers cheques and what company to use, would depend where you come from. I used to use T/C,s cheques from the post office back in the UK when i first come here for a holiday. Don't remember too much difference in rate, but was a while back now. 2 Link to comment Share on other sites More sharing options...
falkan Posted October 16, 2012 Share Posted October 16, 2012 creditcard TCs is a joke nowdays, are you from usa? Link to comment Share on other sites More sharing options...
RKASA Posted October 16, 2012 Share Posted October 16, 2012 Take your TC to a bank like Bangkok bank they pay T bill rate and the rate list is posted daily. They just have you present ID with the check like a passport and have you sign it. Takes a few minutes never had an issue, but have no used one in a few years - I am sure nothing has changed I never use outside ATM's only the one in the bank or in the bank inside lotus etc. I don't use CC much and then only in places like a lotus or a large establishment in the mall where the card never leaves my site. Bars, PTT for gas etc no way neve a CC. If your around here a lot get a local account and once a month move just enough into that account and use a local ATM card at trusted sites and for gas or to get more cash when you need it during the month. I normally only have a single transaction with my US bank each month. 1 Link to comment Share on other sites More sharing options...
Popular Post russianrobert Posted October 16, 2012 Popular Post Share Posted October 16, 2012 Use the ATM's and have two cards from different banks. Keep them both safe and separate at all times. 3 Link to comment Share on other sites More sharing options...
55Jay Posted October 16, 2012 Share Posted October 16, 2012 Yes, I have heard some stories about ATM malfunctions. Happened to me once and for a machine, over a period of 40 odd years, that's not a bad rate. Easily sorted out too, but that was in US. But, not enough to put me off using them. Correct on AEON. I would further recommend (if you are from US?) opening an account for overseas travel with a bank offering no % foreign transaction fee ATM/Debit cards - some examples are State Farm, Capitol 1 and Charles Schwab bank. This, plus AEON, is a great combination and what I've organized for myself. Far as credit cards, also not put off by them and as far as having your account "wiped out", if you've been swindled and it's clear you have been, there are consumer protections for that - pretty standard these days. I would further recommend finding a card for your overseas travel which offers no % foreign transaction fee. I have Capitol 1 MasterCard and it's worked as advertised and has a cash back feature which is even better. Safe travels and good luck to you. J 1 Link to comment Share on other sites More sharing options...
wellred Posted October 16, 2012 Share Posted October 16, 2012 I've never used travellers cheques so can't comment on that. I think in terms of getting the best value for money with exchange rates taking cash is the best way. However I have always taken a pre paid ATM. The rates are not too bad depending on what card you use but the main point is safety and piece of mind which you might not get with carrying large amounts of cash. Me personally I use the Traelex Globe cash passport, not to be confused with the standard Travelex cash passport. It's a flat rate of 1.49% per transaction but importantly no ATM fee. The rate is set by MasterCard so it's quite good vs XE. You will however be subject to the ATM fee for using a foreign card but I think that generally goes for all of us. Not sure if AEON still waives this. The other option is setting up a local bank account but depending on your length of stay this may or may not be a worthy option. I like the fact that I can reload using my online banking or even via phone and I get a spare backup card in case the primary one goes missing. 1 Link to comment Share on other sites More sharing options...
Nicole79 Posted October 16, 2012 Author Share Posted October 16, 2012 Thank you for the helpful responses. Yep, I am in the US. I haven't traveled outside of the country since '98, and things have obviously changed since then. I'll look into some of the banks mentioned here. Link to comment Share on other sites More sharing options...
creck Posted October 16, 2012 Share Posted October 16, 2012 What are Travellers Cheques? Oh yes! I had some from my company for a foreign trip many, many decades ago. I use a direct debit card for living; home and away. Cash is for taxis and small purchases, or where discount is offered for cash. For company expenses - a company credit card. Am I lucky? From China to Brazil, I’ve never found a faulty ATM. Link to comment Share on other sites More sharing options...
aarn Posted October 16, 2012 Share Posted October 16, 2012 Quick comment on ATMs - if possible use one outside a bank, so if anything goes awry, you can go inside the bank and get help. I reported here (~ 6m ago) losing 2kB at an 'isolated' machine, yet within a shopping complex. A friend later told me that he would have lost 20kB, except that he was at an ATM outside a bank, and so went inside to get the bank to open the thing up - the (local) bank staffer said she had a similar experience. AA 1 Link to comment Share on other sites More sharing options...
WilliaminBKK Posted October 16, 2012 Share Posted October 16, 2012 A little off topic, have a friend who wakes up and worry's about everything - on a recent trip he left a cheque filled out & signed for £1000 with a friend and said in case I get robbed cash it and send the money Western Union. If you know the area you are staying, google VISA ATM finder if that is what you are using and you will see all the ATM's, they really are everywhere, I would really take a miss on TC's they can be a real pain. 1 Link to comment Share on other sites More sharing options...
54321 Posted October 16, 2012 Share Posted October 16, 2012 How long are you travelling for ? If its only a few months I would take cash. If for longer I would still say cash and open a bank account here- cash gets the best rates and is most liquid. Link to comment Share on other sites More sharing options...
yoshiwara Posted October 17, 2012 Share Posted October 17, 2012 TCs can be useful, particularly AE TCs to be used as emergency backup. 1 Link to comment Share on other sites More sharing options...
ajarnpot Posted October 17, 2012 Share Posted October 17, 2012 Bring some $ to the country, you get a better exchange rate here than you could even hope for in us. use your atm if you need more cash, always use a big bank atm to draw out money or in shopping centre, always have cash when in out of the way places, its amazing the number of times especially if following tourist trails that an atm will have no cash in atm or no bank where you are Link to comment Share on other sites More sharing options...
daxbr Posted October 17, 2012 Share Posted October 17, 2012 TCs can be useful, particularly AE TCs to be used as emergency backup. true, the problem is they no longer sell high denomination tcs in the US (500s, 1000s) which are the only ones that make sense to exchange in Thailand (tt exchange rate, government per check fee). Link to comment Share on other sites More sharing options...
californiabeachboy Posted October 17, 2012 Share Posted October 17, 2012 (edited) Those that ridicule TC's probably haven't seen the bank fees associated with using an ATM. One my first trip to Thailand I used my US debit card for ATM withdrawals and had three fees - the ATM I was using (150 baht), a Foreign transaction fee (another $4 USD from my US Bank (Chase) and another fee charged by Visa/Mastercard. It came to about 8 USD in fees for each withdrawal, no matter how much you withdraw. I now use TC's often, When I went into the local Bank near my hotel (Kasikorn) they charged me a 30 baht fee, and the rate is better than cash. My suggestion is that there are some cards that waive or reimburse the ATM fees - Schwab is one, so you should consider that if you will be traveling often. TC's may not be cool these days, but at least in my experience, they can come in handy. Edited October 17, 2012 by californiabeachboy 1 Link to comment Share on other sites More sharing options...
isawasnake Posted October 17, 2012 Share Posted October 17, 2012 Steps to become a pro: Get a capitol one credit card Get a Charles Schwab account with debit card Learn how to carry at least 500 dolla in your shoe Link to comment Share on other sites More sharing options...
Morakot Posted October 17, 2012 Share Posted October 17, 2012 Learn how to carry at least 500 dolla in your shoe Alternately go for the practical safety suitcase with high voltage electric shock. http://ajoka.com/safety_Suitcase.html Link to comment Share on other sites More sharing options...
Genericnic Posted October 17, 2012 Share Posted October 17, 2012 Steps to become a pro:Get a capitol one credit card Get a Charles Schwab account with debit card Learn how to carry at least 500 dolla in your shoe With the exception of the $500 in your shoe, I agree. I would note that with Schwab, I have both their Hi-Yield checking and savings accounts. Each has it's own debit card that I store separately. You can transfer funds between accounts online. Very helpful if you loose one. David Link to comment Share on other sites More sharing options...
koolbreez Posted October 17, 2012 Share Posted October 17, 2012 American Express TCs in $500 size checks (you can still get them. and most banks give out TCs for free to their customers), a few ATM debit cards, a few low amount credit cards, and some $100 bills. The best rate for exchange right now is with the $500 TCs, lower than $100 bills by bt20 (bt60 total charge for each TC cashed), unless you can find the few Aeon ATM machines around, and that your bank does not charge a foreign transaction fee, and gives current international exchange rates. Most banks charge at least 1% foreign transaction fee for overseas ATM withdrawals, then all other ATM machine (except the very few Aeon ones) withdrawals charge bt150. The worst way to get cash is with a credit card as the rate is real high for cash withdrawals (usually 5%, and a minimum charge). For credit card purchases not many businesses accept American Express cards, just Visa, and Mastercard. Then if you pay for transactions with cash you can usually get a discount of 5% off the price at any major store even after price negotiations, except most hotels. Another reason to have a credit card with you is in case of medical emergencies. Most all insurance companies require you to pay out of your pocket for overseas medical services, then they reemburse you, with most requiring the bill to be written in dollars, and not baht. A credit card gives you the cost in dollars on the statement, and gets you out of the hospital after treatment. Medical is cheap in Thailand, but can still run into thousands of dollars in an emergency accident situation. Because of unforseen circumstance that can pop up anywhere out of the country, you want to have multiple ways you can get cash, and ways to get cash if everything gets lost, or stolen, another reason for the large denomination American Express TCs. Most people use ATMs, and large denomination TCs though, with a CC for hotel security bookings, or flight changes. 1 Link to comment Share on other sites More sharing options...
davejones Posted October 17, 2012 Share Posted October 17, 2012 I've never come across a faulty ATM anywhere in the world, ever. Never had any phantom withdrawals either. I'm sure some people take money out when they are drunk, but then can't remember it and assume it's been stolen. Had my credit card used fraudulently online a month or two ago though. Got all the money back fairly quickly. So I wouldn't stop using either. Link to comment Share on other sites More sharing options...
CharlieH Posted October 17, 2012 Share Posted October 17, 2012 Dont forget, you can walk into any major bank, with passport and card and have them do it manually. Draw out what you need for a few days or a week at a time, The fee's wont be the same as ATM but will be processed the same as a purchase made electronically. This in my opinion saves multiple and unnecessary trips to an ATM where the fee's are high (excluding Aeon). Carry two cards, keep separately and you should be covered. Getting money from the bank like that also wipes out any daily limit transactions that the machine may have and you may need for some reason. Link to comment Share on other sites More sharing options...
Naam Posted October 17, 2012 Share Posted October 17, 2012 Dont forget, you can walk into any major bank, with passport and card and have them do it manually. Draw out what you need for a few days or a week at a time, The fee's wont be the same as ATM but will be processed the same as a purchase made electronically. This in my opinion saves multiple and unnecessary trips to an ATM where the fee's are high (excluding Aeon). Carry two cards, keep separately and you should be covered. Getting money from the bank like that also wipes out any daily limit transactions that the machine may have and you may need for some reason. Link to comment Share on other sites More sharing options...
55Jay Posted October 17, 2012 Share Posted October 17, 2012 Steps to become a pro: Get a capitol one credit card Get a Charles Schwab account with debit card Learn how to carry at least 500 dolla in your shoe Er, just don't forget if you gotta take your shoes off in Thailand and re-think totally if, like a lot of the population and tourists, you wear flip flop/sandals. She appears to be a female so if she insists on carrying a lot of cash around, which is not advisable in the first place and what this was all about, perhaps conceal in her undergarments? This is not advisable for males visiting certain venues/locations due to the morphing of the western handshake greeting. Stick it and leave it in the bank, read up on personal safety in Thailand, exercise common sense and you'll be fine. Link to comment Share on other sites More sharing options...
Nicole79 Posted October 17, 2012 Author Share Posted October 17, 2012 No, the point of this thread was not to figure out how to carry around a lot of cash, it was more to find out what was the most secure way to carry my cash. I won't be carry around large amounts, that's for sure. Just wanted to say thanks again for all of the constructive replies. Link to comment Share on other sites More sharing options...
canuckoverseas Posted October 18, 2012 Share Posted October 18, 2012 Carry the cash/cards on your person, in a secure thief proof pocket (such as found on numerous kinds of pants/ shorts) . Don't carry a purse/bag, or backpack. The good hotels ( ie, international brands) all have room safes, so you can store your cards and passport there when going out. Use ATM machines from official, international banks ( good advice). Also make sure to tell your credit card company when and where you will be traveling to avoid them locking your card. $ 1000 USD traveling cash is enough for emergencies. I have never seen the point in Traveller checks, but carrying a few couldn't hurt. Remember, Thailand is one of the top countries for credit card fraud. Sent from my iPad using ThaiVisa app Link to comment Share on other sites More sharing options...
isawasnake Posted October 18, 2012 Share Posted October 18, 2012 Carry the cash/cards on your person, in a secure thief proof pocket (such as found on numerous kinds of pants/ shorts) . Don't carry a purse/bag, or backpack. The good hotels ( ie, international brands) all have room safes, so you can store your cards and passport there when going out. Use ATM machines from official, international banks ( good advice). Also make sure to tell your credit card company when and where you will be traveling to avoid them locking your card. $ 1000 USD traveling cash is enough for emergencies. I have never seen the point in Traveller checks, but carrying a few couldn't hurt. Remember, Thailand is one of the top countries for credit card fraud. Sent from my iPad using ThaiVisa app They don't want her carrying cash. They'd rather have her go to ATM machines every 5 minutes. If only you guys would put yourself in that place of an actual thief you'd know how bad this advice is. Fine with me, but my only point is carrying cash in a good spot is actually a very good thing (=less atm visits). But I agree with you^ Link to comment Share on other sites More sharing options...
daxbr Posted October 19, 2012 Share Posted October 19, 2012 American Express TCs in $500 size checks (you can still get them. and most banks give out TCs for free to their customers), a few ATM debit cards, a few low amount credit cards, and some $100 bills. The best rate for exchange right now is with the $500 TCs, lower than $100 bills by bt20 (bt60 total charge for each TC cashed), unless you can find the few Aeon ATM machines around, and that your bank does not charge a foreign transaction fee, and gives current international exchange rates. Most banks charge at least 1% foreign transaction fee for overseas ATM withdrawals, then all other ATM machine (except the very few Aeon ones) withdrawals charge bt150. The worst way to get cash is with a credit card as the rate is real high for cash withdrawals (usually 5%, and a minimum charge). For credit card purchases not many businesses accept American Express cards, just Visa, and Mastercard. Then if you pay for transactions with cash you can usually get a discount of 5% off the price at any major store even after price negotiations, except most hotels. Another reason to have a credit card with you is in case of medical emergencies. Most all insurance companies require you to pay out of your pocket for overseas medical services, then they reemburse you, with most requiring the bill to be written in dollars, and not baht. A credit card gives you the cost in dollars on the statement, and gets you out of the hospital after treatment. Medical is cheap in Thailand, but can still run into thousands of dollars in an emergency accident situation. Because of unforseen circumstance that can pop up anywhere out of the country, you want to have multiple ways you can get cash, and ways to get cash if everything gets lost, or stolen, another reason for the large denomination American Express TCs. Most people use ATMs, and large denomination TCs though, with a CC for hotel security bookings, or flight changes. What bank sells $500 amex tcs with no fees? Link to comment Share on other sites More sharing options...
aussiep Posted October 21, 2012 Share Posted October 21, 2012 Hi, This is only for Thailand. I have used T/C for the last 10 years comming from Australia. I get AUD cheques in $200s. It only costs 33THB per cheque to cash, not a % of the value, cash them at any bank and the rate is highter. It might be an old system but spreads the risk around, stolen or lost you get them back. Many years ago I used ATM cards, withdrew 20,000THB and payed $25AUD in charges, before the new Thai 150B charge. Passport and room/hotel address needed. Best are American Express, in OZ now it costs nothing to buy them, think they are going to phaze them out. But still bring ATM/credit cards to get out of jail with. Aussiep...... Link to comment Share on other sites More sharing options...
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