Opening Bank Account In Dollars

[smo]

I'm coming to BKK for medical treatment. Will be paying with cash. My question to dear board members is which method of getting the money to BKK is the smartest? Bringing in a large amount of dollars and opening a bank account in dollars then using ATM/Debit card to access the money in local currency? Or opening a bank account in baht then wire transfering from my US account - the SWIFT method, I believe, that gives the best exchange rate?

Anxious to know, thanks.

smo

[Sunbelt Asia]

Swift at least at the Bank of Ayudhya. They give our clients the "mid-rate"

[bkkharry]

If you have a major credit card, why not use it to pay for your medical expenses?

Can also use your US atm card to withdraw funds from your US bank account, usually pay a $1.50 service charge per transaction.

[huski]

Bringing in a large amount of dollars and opening a bank account in dollars then using ATM/Debit card to access the money in local currency?

This is Thailand and the bank accounts are in baht.

Swift at least at the Bank of Ayudhya. They give our clients the "mid-rate"

pay transfer fees and 'mid rate'. not recommended

If you have a major credit card, why not use it to pay for your medical expenses?

the most convenient, but you are at the mercy of an unknown low exchange rate and fees at the swipe of your card when you pay your bill. not recommended

Can also use your US atm card to withdraw funds from your US bank account, usually pay a $1.50 service charge per transaction.

only in an emergency should you use an atm machine in thailand, the worst exchange rate and also fees, some can be hidden.

Bringing in a large amount of dollars

recommended, bring either travelers checks or 100 dollar bills...exchange at a bank/exchange in thailand for the best rate and no fees.

[Sunbelt Asia]

pay transfer fees and 'mid rate'. not recommended

"Mid rate" is a higher exchange rate. Transfer fees depends on the bank thats sending but most charge around $31.00. If you are wiring $500 then you are better bringing cash. Around $5,000+ then better to wire.

[huski]

"Mid rate" is a higher exchange rate. Transfer fees depends on the bank thats sending but most charge around $31.00. If you are wiring $500 then you are better bringing cash. Around $5,000+ then better to wire.

how can wiring money from outside the country give you a better exchange rate than inside thailand?

and then to pay fees on top of that...its better to bring cash into thailand and get the best exchange rate here without any fees.

[Sunbelt Asia]

how can wiring money from outside the country give you a better exchange rate than inside thailand?

They don't covert the dollars till they reach Thailand. Your bank in Thailand then calls you and gives you the rate which at least in my experience has been much higher than the rate quoted for exchanging one hundred dollar bills. That rate more than offsets the wiring fee charged by your bank.