I am going to Thailand at the end of June but I have never travelled there before and wondered what the best way to take my money is. I currently bank with Lloyds TSB and have both a Visa ATM card and a Credit card. The Credit card is there for emergencies however and I do not intend to use it unless I need to get home and have no other funds.

I intend to be in Thailand for at least 6 months and I currently have £7,000 with which to live on while I am there. Now what do most people prefer to use.

Is it ok for me to leave my money in the bank in the UK and use the ATM machines in Thailand or are the exchange rate charges quite high?

Are travellers cheques considered the best option. I have used them before travelling in Europe but I find the charges when changing your money to be quite high. Is this the same in Thailand?

Any help would be appreicated.

Regards

Graeme - Paul

I am going to Thailand at the end of June but I have never travelled there before and wondered what the best way to take my money is. I currently bank with Lloyds TSB and have both a Visa ATM card and a Credit card. The Credit card is there for emergencies however and I do not intend to use it unless I need to get home and have no other funds.

I intend to be in Thailand for at least 6 months and I currently have £7,000 with which to live on while I am there. Now what do most people prefer to use.

Is it ok for me to leave my money in the bank in the UK and use the ATM machines in Thailand or are the exchange rate charges quite high?

Are travellers cheques considered the best option. I have used them before travelling in Europe but I find the charges when changing your money to be quite high. Is this the same in Thailand?

Any help would be appreicated.

Regards

Graeme - Paul

Nip down to Nationwide on tuesday and open a Flexaccount with your 7 grand. Overseas ATM withdrawls are free and the exchange rate is fair.

Certainly bring as many sources of funding as you can just in case your card gets eaten (although it's usually reasonably easy to get it back).

Travellers cheques are always a good fallback.

What I would suggest.

Rely mostly on the Visa ATM card. Actually, I would suggest getting a second card in case the first one fails and/or opening a back up UK account.

You get the best rate through your ATM card but often the non-Thai bank will charge a fee for each withdrawal. So it is best to withdrawal your daily limit each time.

As a backup, bring some cash, and if you want to be extra careful, some traveler's checks also, but really, I think most people these days rely on ATMs.

Also open an online high interest bank account with the likes of ING direct. Drip feed the Nationwide account via weekly online transfers, so you aren't missing out on the interest for the money you haven't used yet.

Also open an online high interest bank account with the likes of ING direct. Drip feed the Nationwide account via weekly online transfers,

only if you are able to effect these transfers without using an internet cafe or similar.

Unfortunately I live in the Channel Islands and I do not have a Nationwide branch here so I am unable to open an account with them

Would about 1K in travellers cheques be about right? I have used American Express travellers Cheques in the past but these are quite expensive. What currency is best. USD or GBP.

Also open an online high interest bank account with the likes of ING direct. Drip feed the Nationwide account via weekly online transfers, so you aren't missing out on the interest for the money you haven't used yet.

Nationwide offers a linked e-savings account with a pretty decent interest rate (4.55% last time I checked), so no need to complicate things with yet another bank account. Transfers between the e-savings and Flex accounts is instantaneous, too.

Incidentally, you don't need to go into a Nationwide branch to open an account - it can all be done through the Internet and mail.

Edited May 1, 200620 yr by Oswulf

Use the ATM for all your banking needs. 2 different cards is a good idea.

A small amount in Traveler Checks for backup.

Bring a credit card but try not to use it.

Make a photocopy of your passport.

And don't forget to inform the ATM/Credit Card Companies that you will be traveling to Thailand or they could shut off access to your account after the first transaction oversaes.

Happens all the time.

When it comes to travellers cheques I used to prefer pound sterling but with the exchange rates right now it might be better to take dollars.

Better rates on travelers cheques. I haven't quite figured that one out yet.

When it comes to travellers cheques I used to prefer pound sterling but with the exchange rates right now it might be better to take dollars.

If you buy dollar t/cs in the UK you'll pay for the exchange rate differences anyway.

When it comes to travellers cheques I used to prefer pound sterling but with the exchange rates right now it might be better to take dollars.

If you buy dollar travellers' cheques with sterling you pay a charge and lose out on the exchange rate. When you cash them into Baht, you lose out again. Triple whammy.

At least if you take sterling TCs you're only ripped off twice.