Best option to help the parents with currency exchange

[mattk1]

Hi guys,

I hope this is the correct forum for me to ask this question, apologies if not!

Ok so I have my parents due to arrive in Bangkok next weekend (Saturday 11th) and I'm trying to help them sort out the best way to get their spending money together.

I have read through the website's that offer all the advice about holiday spending money and it would seem there are certain credit cards that are the safest and most cost effective way of spending abroad (no ATM fees, best exchange rate etc).

However we have left it a bit late for this and the chances of any credit card arriving before their flight date is unlikely.

So that leaves the obvious choice of exchanging money in the UK, which is fine but I had an idea. Taking into account the transfer send/receiving fees that the banks add on, would it better to have my parents send their money to my Bangkok Bank or SCB account and then they can just withdraw money while they are here?

If not, then I will just tell them to go to a travel shop and exchange money the old fashioned way..

Thanks guys

[craigt3365]

A few questions. How long will they be here? Will they only be in Thailand? Where are you located?

I would suggest they do NOT exchange money back home before coming here. Worst case, hit an ATM at the airport and take out the max they can, then bring some cash to exchange at one of the better exchange places (i.e. Super Rich). The money exchanges at the airport, if I remember correctly, don't normally have the best exchange rate.

Transferring money here is a bit pricey ($30-50 per transaction). If you are only here for a short time, I'd use an ATM and take out the max. And if you can, find an AEON that has no transaction fee. If not, it's normally some $3-6 per hit. Not too bad if you take out the max. And good exchange rates, normally, at the local ATMs.

We're also having this discussion here:

http://www.thaivisa.com/forum/topic/693605-best-way-to-handle-money-for-sea-trip-from-australia/

[96tehtarp]

A few questions. How long will they be here? Will they only be in Thailand? Where are you located?

I would suggest they do NOT exchange money back home before coming here. Worst case, hit an ATM at the airport and take out the max they can, then bring some cash to exchange at one of the better exchange places (i.e. Super Rich). The money exchanges at the airport, if I remember correctly, don't normally have the best exchange rate.

Transferring money here is a bit pricey ($30-50 per transaction). If you are only here for a short time, I'd use an ATM and take out the max. And if you can, find an AEON that has no transaction fee. If not, it's normally some $3-6 per hit. Not too bad if you take out the max. And good exchange rates, normally, at the local ATMs.

We're also having this discussion here:

http://www.thaivisa.com/forum/topic/693605-best-way-to-handle-money-for-sea-trip-from-australia/

Good advice given above.

Please do have your parents call their UK bank and inform them that they will be travelling to Thailand. I would also recommend calling back a day later to verify with the bank to rule out bank employee error or incompetence.

I have had plenty of UK visitors not able to use their cards in Thailand and having to wait on hold long-distance calling to their UK banks to have their cards unblocked. Several of these people told me they had called their bank prior to travelling but cards were still blocked.

I've always found the Thai banks at the Bangkok airports give good rates for foreign cash.

Plan to use a combination of cash and cards.

I hope your parents have a safe and pleasant visit.

[Upnotover]

Whatever they do don't let them change anything in the UK, the rate will be awful.

[craigt3365]

A few questions. How long will they be here? Will they only be in Thailand? Where are you located?

I would suggest they do NOT exchange money back home before coming here. Worst case, hit an ATM at the airport and take out the max they can, then bring some cash to exchange at one of the better exchange places (i.e. Super Rich). The money exchanges at the airport, if I remember correctly, don't normally have the best exchange rate.

Transferring money here is a bit pricey ($30-50 per transaction). If you are only here for a short time, I'd use an ATM and take out the max. And if you can, find an AEON that has no transaction fee. If not, it's normally some $3-6 per hit. Not too bad if you take out the max. And good exchange rates, normally, at the local ATMs.

We're also having this discussion here:

http://www.thaivisa.com/forum/topic/693605-best-way-to-handle-money-for-sea-trip-from-australia/

Good advice given above.

Please do have your parents call their UK bank and inform them that they will be travelling to Thailand. I would also recommend calling back a day later to verify with the bank to rule out bank employee error or incompetence.

I have had plenty of UK visitors not able to use their cards in Thailand and having to wait on hold long-distance calling to their UK banks to have their cards unblocked. Several of these people told me they had called their bank prior to travelling but cards were still blocked.

I've always found the Thai banks at the Bangkok airports give good rates for foreign cash.

Plan to use a combination of cash and cards.

I hope your parents have a safe and pleasant visit.

I now travel with 2 credit cards and 2 different ATM cards. From different banks if possible. I've had cards locked before, even though I told them I was traveling. It was a pain to get them unlocked. I think easier now with Skype available on your PC and/or smart phone to contact your bank and most hotels have wifi now.

[RabC]

Not too sure about the fees on UK(£) travellers cheques now when you purchase them, but an idea should your parents be looking for security. They are a pain in that you need your ID with you to cash them, but if they cash them in largeish chunks its not too bad.

[stoneyboy]

I think you answered your own question,my parents were over for a month and I simply told my mother to deposit the required amount of spending money she wanted into my UK account,I then transferred some money of my own and theirs to my BKK Bank account.

Every few days I would withdraw the required amount,very easy and safe way to avoid carrying large sums and the like.

[yermanee]

Hi Mat,

Some good advice here, and yes avoid exchanging in the UK.

I noticed in another topic that you plan to stay at Jomtien with your parents.

In my experience best exchange rates are from Yenjit exchange in Walking street, and/or in soi 5 Jomtien.

This just in case your parents decide to bring cash money (which I prefer but I'm old fashioned).

Have a good holiday with your parents.

Yermanee

[mattk1]

Hi guys, thanks for all the tips and suggestions, I really appreciate it!

A few questions. How long will they be here? Will they only be in Thailand? Where are you located?

I would suggest they do NOT exchange money back home before coming here. Worst case, hit an ATM at the airport and take out the max they can, then bring some cash to exchange at one of the better exchange places (i.e. Super Rich). The money exchanges at the airport, if I remember correctly, don't normally have the best exchange rate.

Transferring money here is a bit pricey ($30-50 per transaction). If you are only here for a short time, I'd use an ATM and take out the max. And if you can, find an AEON that has no transaction fee. If not, it's normally some $3-6 per hit. Not too bad if you take out the max. And good exchange rates, normally, at the local ATMs.

We're also having this discussion here:

http://www.thaivisa.com/forum/topic/693605-best-way-to-handle-money-for-sea-trip-from-australia/

They will be here for two weeks and will only be visiting Thailand, Jomtien beach to be specific. Thanks for the link to the other discussion!

Again thanks to all who replied with great advice! I will re-read all the posts again when I get home and decide which path to take

All the best,

Matt

[96tehtarp]

Not too sure about the fees on UK(£) travellers cheques now when you purchase them, but an idea should your parents be looking for security. They are a pain in that you need your ID with you to cash them, but if they cash them in largeish chunks its not too bad.

This is a great suggestion. Travellers Cheques used to be essential for international travel.

I completely stopped using them 20+ years ago when Thai banks started to refuse to cash them without seeing the original receipts. The traveller cheque companies specially tell their customers to keep those receipts at home or at least in a separate place. If thieves have the receipts you cannot claim a refund for stolen cheques!

I recall the American Express Co. with their television commercial showing the stranded tourist relaxed at a hotel's pool waiting to have his T/C refund hand delivered, no worries. That was throughout the 70' and 80's.

The ideal tourist travel method would be ATM cards, + Travellers Checks, +cash in a couple of separate currencies.

Does anyone use travellers cheques these days?

[RabC]

Commission on £10000 with of Amex travellers cheques from the post office is £15 (1.5%) better than most ATM card rates and they are insured if lost. Also TCs get a slightly better rate than cash, just checked and TC get 0.3 baht/£ more on SCB web site.

[LAKRA]

I would suggest that your parents use online Bangkok Bank in London to remit funds into your account which would arrive the following working day. Its also a good idea to carry some 50's as they could get a better rate for them at places like Super Rich ( Central Department store Pattaya) or Bangkok.

[cassde]

I agree that transferring money from the UK to your account in sterling, via the Bangkok Bank London Office is best. It costs £20 plus 500 baht in Thailand, far better than most FX companies. It also arrives the next working day.

[watcharacters]

A few questions. How long will they be here? Will they only be in Thailand? Where are you located?

I would suggest they do NOT exchange money back home before coming here. Worst case, hit an ATM at the airport and take out the max they can, then bring some cash to exchange at one of the better exchange places (i.e. Super Rich). The money exchanges at the airport, if I remember correctly, don't normally have the best exchange rate.

Transferring money here is a bit pricey ($30-50 per transaction). If you are only here for a short time, I'd use an ATM and take out the max. And if you can, find an AEON that has no transaction fee. If not, it's normally some $3-6 per hit. Not too bad if you take out the max. And good exchange rates, normally, at the local ATMs.

We're also having this discussion here:

http://www.thaivisa.com/forum/topic/693605-best-way-to-handle-money-for-sea-trip-from-australia/

Good advice given above.

Please do have your parents call their UK bank and inform them that they will be travelling to Thailand. I would also recommend calling back a day later to verify with the bank to rule out bank employee error or incompetence.

I have had plenty of UK visitors not able to use their cards in Thailand and having to wait on hold long-distance calling to their UK banks to have their cards unblocked. Several of these people told me they had called their bank prior to travelling but cards were still blocked.

I've always found the Thai banks at the Bangkok airports give good rates for foreign cash.

Plan to use a combination of cash and cards.

I hope your parents have a safe and pleasant visit.

I now travel with 2 credit cards and 2 different ATM cards. From different banks if possible. I've had cards locked before, even though I told them I was traveling. It was a pain to get them unlocked. I think easier now with Skype available on your PC and/or smart phone to contact your bank and most hotels have wifi now.

.

It's been a while since I've used Skype but I recall the last time I did, Skype didn't get through voice menus since it produced no tone. Did that change?

I overcame that deficit by just calling direct with True or earlier with Deedial which worked well and produced a tone.

[Lancelot]

I was able to withdraw 30,000 from a TMB ATM, with my US ATM card. Had to pay the 150 baht withdrawal fee but at least I spread it over a large amount.

AEON is the best- no fees

[craigt3365]

A few questions. How long will they be here? Will they only be in Thailand? Where are you located?

I would suggest they do NOT exchange money back home before coming here. Worst case, hit an ATM at the airport and take out the max they can, then bring some cash to exchange at one of the better exchange places (i.e. Super Rich). The money exchanges at the airport, if I remember correctly, don't normally have the best exchange rate.

Transferring money here is a bit pricey ($30-50 per transaction). If you are only here for a short time, I'd use an ATM and take out the max. And if you can, find an AEON that has no transaction fee. If not, it's normally some $3-6 per hit. Not too bad if you take out the max. And good exchange rates, normally, at the local ATMs.

We're also having this discussion here:

http://www.thaivisa.com/forum/topic/693605-best-way-to-handle-money-for-sea-trip-from-australia/

Good advice given above.

Please do have your parents call their UK bank and inform them that they will be travelling to Thailand. I would also recommend calling back a day later to verify with the bank to rule out bank employee error or incompetence.

I have had plenty of UK visitors not able to use their cards in Thailand and having to wait on hold long-distance calling to their UK banks to have their cards unblocked. Several of these people told me they had called their bank prior to travelling but cards were still blocked.

I've always found the Thai banks at the Bangkok airports give good rates for foreign cash.

Plan to use a combination of cash and cards.

I hope your parents have a safe and pleasant visit.

I now travel with 2 credit cards and 2 different ATM cards. From different banks if possible. I've had cards locked before, even though I told them I was traveling. It was a pain to get them unlocked. I think easier now with Skype available on your PC and/or smart phone to contact your bank and most hotels have wifi now.

.

It's been a while since I've used Skype but I recall the last time I did, Skype didn't get through voice menus since it produced no tone. Did that change?

I overcame that deficit by just calling direct with True or earlier with Deedial which worked well and produced a tone.

Skype has a feature where you can pull up the dial pad. Just hit the buttons for the voice menus. I use it all the time.

[MilesofSmiles]

If they're going via Singapore, do the exchange there (airport or anywhere else, eg Sim Lim towers first floor), the rates in SG are very good.

[Lancashirelad]

Simple, easy & cost effective: Send from your parents own bank direct to your Thai bank IN STERLING.

They will get a good rate, there is no security issue of carrying cash (just daft in my opinion) + you have the possible bonus that if they don't spend it all they might not ask for the left over back. My bank (First Direct) charges £25 which is a fiver cheaper then the Bangkok Bank referred to above.