Best Way To Bank In Thailand?

[ossie99]

Hi all, I am due to arrive in Thailand at the beginning of April and intend on trekking across SEA for the next 9 months. The problem I am having is with my bank(Wells Fargo) charging a USD $3.00 service fee and 3% currency conversion fee on all transactions made outside the US. Are there any US expats that have a better way to protect their money from greedy US financial institutions? I've considered opening a local acct, but will be also in India, Vietnam, Cambodia, etc. and wont have access to regional branches. Any suggestions are greatly appreciated.

ossie

[KevinN]

The very best thing to do is close your Wells Fargo acct. and open an acct at a less money hungry bank,There are a lot of smaller banks in the USA that do not look for ways to penalize their customers,Wells Fargo has always been the most money hungry of all the USA banks, along with Bank Of America running a very close second.

[Roger13]

Presumably you are aware of the usefullness of a Debit Card

(eg Visa Electron) that will enable you to withdraw Cash in

Local Currency from ATMs.

They do have drawbacks - eg system down

so do not get down to your last Dollar before topping up

AND have a back up of some Greenbacks in your wallet.

Roger

[NedKelly]

Ossie...youshould do as above....change your bank to another and get a debit card. My advice is to carry a combination of options withyou eg good old tarvellers cheques, cash, and a debit card as well as a credit card. The credit card comes in handy at the end of your trip if yo uare short of cash and wishtomake a purchase of something. You canorganise your bank to automatically deduct the desired amount from your normal savings, to pay the credit card monthly payment (minimum is best) so that you dont have to worry about it while away.

Having a combination of options means you will always have somehting with you in case you lose something or have somehting stolen. never keep it all in one place however....!! You can hide a few dollars or t/c's somewhere so you always have a back up. Also if you use the debit card and credit card only a few times then no problem whatever the banck charge as the charges are usually only small.....the odd one wont kill you.

[ossie99]

Thanks for the info. One suggestion a friend made was to withdrawl a substantial amount of money from my US bank, say 80,000 bhat when I arrive, and then in turn open a passbook acct at regional bank, with local debit card thereby avoiding paying transaction fees whilst in country. Any suggestions on banks to use. Likewise, can I still use this account while travelling through cambodia and Vietnam. Lastly, anyone know any good banks in the US that have lower fee percentages? Thanks in advance for your replies

[lopburi3]

If you can use your bank ATM card to obtain 80k baht after arrival why not just obtain/use it as needed? Most atm's in Thailand are part of the Plus/Cirrus system so having a local card is not a big advantage (it can not be used where there are no atms like Cambodia).

Surly you are not being charged 3% for cash withdrawals from an atm. If you are agree with others that it past time to change your bank. Cash from your account should obtain a good exchange rate (normal interbank minus 1%) and only be changed the $1-2 that use of any non bank atms are charged. Most atms here allow withdrawal of 20,000 baht per transaction (if your home bank limit allows).

[Wash]

I have a Wells Fargo account and have used it for 4 years while living in Thailand. I also have a Debit card and am able to withdraw 20,000 baht at a time, when it doesn't exceed the daily $500 max withdrawl. This is a daily limit so 24 hours later you can withdraw same amount again for as long as there is money in your account. There is a $3 Transaction fee for each withdarawl, same as you would encounter from any Non Wells ATM, her or wherever else, including the ATM of another bank down the street from your bank. There is no cash charge and I have found the exchange rates to be quite close to the published market rates.

I am very Happy with Wells Fargo services and will continue to ues that account.

Almost any ATM you walk up to will dispense funds with the Debit card, so in my humble recomendation I would do nothing more than advise you to get a Debit card if you don't already have one (make sure of expiration date) and nothing else. When you travel to other countries that do not have ATM's you will have to make other arrangements.

Have a fun trip.

[bob4you]

You can bring up to $10,000 US into LOS, deposit most of it in Thai Commercial Bank. Good exchange rate, Cirrus card made while you wait. Go and have a wonderful time In the Land Of 's

[lopburi3]

You can bring up to $10,000 US into LOS, deposit most of it in Thai Commercial Bank.

I guess he could bring anything he likes if he does the paperwork but if it is cash the exchange rate will likely be less than other methods and bills may not be accepted if dirty/wrong series/torn etc.

He might also have a rather hard time finding the phantom bank you recommend. Or did you perhaps mean to say "a Thai commerical bank"?

[Flummoxed]

When you arrive in Bangkok, just pop into any bar along Sukhumvit, Cowboy, Nana etc etc etc......There you will find many helpfull young ladies who will be only too happy to take care of your money for you while you sort out your account........such nice people.

[KevinN]

I don't see why he even needs to go downtown BKK.

He could go to San Francisco and spend a day there and he could see all the Whores,Queers and sexual deviates,and traffic congestion and then go out to the SF International airport and fly out and then he would have seen the best of BKK and would not even need to leave the complex before a flight north to CM,do his stuff there and start his trekking from there. It is going to be very hot in BKK by the time he arrives and I sure wouldn't want to walk from the south.and the monsoon season will be soon.