Taking Money To Thailand

[JonnyP]

Hello Folks,

Just wondering what is the best way to make the most of my money im taking to thailand.

Some people tell me take dollars, so tell me the pound is better at the moment.

If pounds then would the best way be to take travellers cheques or use the ATM's at 2.50 a widthdrawl.

Im planning taking around £1600 and previously i have used my card at the ATM's.

The ATM fee for all that would be 8 x £2.50 = £20, with the banks exchange rate.

Or

Would the fees to cash travellers cheques be less.

Please could somebody who knows the situation with GBP in thailand at the moment let me know.

Kind Regards J.Prior

[englishoak]

Just wondering what is the best way to make the most of my money im taking to thailand.

Don't get a bargirlfriend

[Guest endure]

Or a barboyfriend - they're just as expensive

[britmaveric]

Debit

[Guest endure]

I reckon George ought to ask Nationwide if they want a banner ad on TV

[Mighty Mouse]

Check the daily exchange rates and make your own decision.

http://www.kasikornbank.com/GlobalHome/EN/..._fx/rate_fx.jsp

[Soju]

There's lots of factors to consider when bringing in money, with your home country and bank being perhaps most important. I'm living in Korea, so my situation is different than yours, but here's my experience from here.

The exchange rate for changing Korean Won directly to Thai Baht is absolutely terrible, so I never do it. I first convert to another currency and then to Thai Baht, with the US Dollar getting the best rate, but nearly similar rates for the British Pound or Euro. In Korea, changing money into travelers cheques gets a much better rate than changing into cash, so that's what I do. On the Thailand end, exchanging travelers cheques to Thai Baht also gets a much better exchange rate than cash, so I win on both ends. Now you have to pay a fee for each travelers cheque you cash, I think it's 30 baht per cheque. So I ask for $1,000 denomination cheques. Those cheques aren't common, but they are available here in Korea. I don't know about the UK though, or what British Pound denominations are available. In your case, if you chose to use US Dollar cheques, and brought in $2,000 it would mean the difference between 2 cheques at 60 baht or 20 cheques ($100 denomination) at 600 baht, or a savings of 540 baht. Plus less hassles with fewer travelers cheques to sign. Of course, this means you have a big wad of money with you, which may or may not be safe for you. I just deposit the money into my Thai bank account and withdraw it as I need using my ATM card, so no problems with security.

If you want to use your ATM card from home, you need to check with your bank, or tell the people here what is your bank and hope someone can tell you what sort of exchange rate and fees you pay for using the card. A few times I used an American ATM card when travelling abroad and found that the exchange rate they gave me was something less than what I would have gotten if I'd taken cash with me. Plus they charged a fee. So in my case, using my home country ATM card was the more expensive route. But depending on your bank, your situation may differ.

If you exchange money, don't do it at the airport. If you will need Thai baht at the airport, then just bring enough cash, or your ATM card, to get what you need there. The rates at the money changers there are much less than elsewhere. When looking at the banks websites, they list a standard exchange rate, so I'm not sure why their exchange booths at the airport would give a lower rate than elsewhere. Maybe it was just my imagination. If someone has any more information on this, maybe they could post it, such as what precisely is the difference in exchange rates at the airport, in Bangkok, or in other cities. I don't have enough experience with that myself. I always have some extra baht with me when I leave and bring it back in the next time, then once in Bangkok go to my Thai bank and exchange my travelers cheques for cash deposited directly into my account.

A final note. If you can, calculate what is the difference between cash, travelers cheques, or using your ATM card, and then decide which method to use based on how much of a difference there is and which method is most convenient, safe, etc. Many times travelers go through hoops just to get a slightly better exchange rate, but when you calculate how much money it is they saved, it isn't worth their time they spent to save it. 1,600 pounds isn't all that much, so the difference in the exchange rate between the different methods might not be enough to make up for a lack of convenience/security.

[Neeranam]

1,600 pounds isn't all that much,

It what I came with and it's lasted me 13 years.

Op, don't worry about it - if you're keen to save money study the Bangkok and Thailand bus service so you never need to take a taxi.

Do you know Khao San Road?

[Misplaced]

The worrysome gives you more headache than what its worth. how much are you really gonna save, may be £50?.

I wouldn't be over concern. Its your vacation forgod sake.

Neeranam, £1600 lasted 13 years? Now thats a trick and a hel_l of a good one at that.

Edited March 8, 2006 by Misplaced

[Gary74]

Give it to me and I'll bring it over.

[wamberal]

I always take Australian dollars in cash. Works for me. You can exchange bank notes everywhere, from the airport, to lots of locations in downtown.

Rates are posted for all major currencies. No need to go from GBP to USD, that just costs you money.

[Thaising]

Exchange 1,600 either way wouldn't save you a bottle of beer.

[Tolley]

Travellers cheques in large denominations are the best bet....you can also get a refund if they are lost or stolen.

[astral]

I travel on business and these days I simply use my ATM card at the nearest machine.

Do not go changing money before you leave to get a better rate.

It is a waste of time. For heavens sake DO NOT buy baht overseas.

Just bring whatever you have, Pounds, Dollars etc.

Tavellers cheques are still the safest way to carry money.

Depending on the length of your stay, you could open a Thai bank account and have the money sent to you by Telegraphic Transfer (TT).

That is the cheapest way, costs around $25,

but it not very practical for a short holiday.

[bbigman21]

It would depend on the length of your stay but the assurance of the replacment of the travelers checks is nice the convience of your atm is some thing to take into affect and you need cash if you want to buy from the duty free at the airport. So I usually take all three.