Cash passport / preloaded currency cards. Advice please.

[KarlosInBKK]

I'm a UK citizen and will be coming to Thailand soon, initially as a tourist then I'll get a job teaching English. It will be around 2-3 months before I get my first pay cheque so I'll be using my savings until then. I don't want to use my UK debit card for cash withdrawals as I get charged 150 baht from the Thai ATM then I get my bank charges on top of that. I'll bring some travellers cheques but I'm also considering bringing a mastercard cash passport as I can add funds to it as and when needed. I'll be loading it with USD as it's commission free whereas there's a 2% charge for sterling. So, my questions to people who have used them:

What are the Thai ATM charges for cash withdrawals?

What's the exchange rate like in comparison to travellers cheques?

What's your overall experience of them?

Would you recommend them?

Any advice from people that have used them would be greatly appreciated.

[Upnotover]

Can answer one of them, it'll be 180 baht per ATM withdrawal (mastercard is more than visa).

[KarlosInBKK]

Thanks for that Upnotover. Useful to know.

[prestburypark]

I have used them a lot, the T Cook one, and the prepaid one, same name. Great way to move funds IF you don't mind the fee on withdrawal. best of the bunch are T Cheques but I found a real reluctance to issue them in UK.

The prepaid Cash Passport had a crap exchange rate, a full 2 baht lower than the banks. Bringing cash is good, there are exchange places, not banks who will give you good rates, particularly if you have higher denomination (50) notes. Just be aware of the 10,000 euro limit at UK airports..and have provenance for the cash to hand in case of money laundering questions that could ruin your trip.

[KarlosInBKK]

Thanks for the info Pestburypark. I think taking travellers cheques and some cash is probably the best bet. Cheers mate.

[7by7]

I always use my UK debit card when in Thailand.

Despite ATM fees etc., I've always found that the better exchange rate you get makes it the preferred option.

Certainly better than travellers cheques.

As prestburypark says, if bringing cash you will usually get a better rate for £50 notes; which surprises me as many places in the UK are reluctant to take them due to the supposed high number of forgeries floating about!

[Pib]

Use an AEON ATM as they do not charge a foreign card use fee of Bt150 (Visa)/Bt180 (Mastercard) like Thai bank ATMs do. The exchange rate given for a standard Mastercard debit/ATM card is the Mastercard exchange rate as published on their currency exchange website...now this is the exchange rate before any foreign transaction fees are applied by the card-issuer. But be sure to confirm what a preloaded card provides as they may use a different (lower) exchange rate which is basically a hidden fee. The exchange rate you will get for traveler cheques will be approx 0.1 to 0.2 baht/USD lower (depends on the Thai bank) than the rate a person gets for a TT Buying Rate which is used for incoming wire transfers. Keep in mind there is also a 30 baht fee plus 3 baht stamp duty for each travelers cheque...so bring large value cheques to minimize that fee. The Mastercard exchange rate is usually real close to the traveler cheques/sight bill exchange rate given by Thai banks, give or take a few stang. And be sure when using the card at an ATM "do not" accept a Dynamic Currency Conversion (DCC) exchange rate which may be offered under some warm & fuzzy name like Home Rate, Bank Rate, etc....because if you do you will get a lower exchange rate of approx 3 to 4%.

And don't come over with only "one" method to get cash...like using your debit card only because if your debit card is rejected by the ATM for whatever reason and you are really low on cash, then that could put you in a world of hurt. You may want to visit with cash, debit card and some travelers cheques in hand.

Edited January 31, 2014 by Pib

[sustento]

If you buy a dollar prepaid card you'll have to pay 2 exchange rates baht-dollar and then dollar-pound. You pay 33 baht per cheque for traveller's cheques when you cash them in. Try and get hold of a Halifax Clarity credit card. You pay no foreign exchange charges and the rate is excellent. If you go inside a bank with the Clarity and your passport you won't pay the ATM fee. Leave it a couple of days till the withdrawal has arrived in your Clarity account and use online banking to clear it. You'll pay pennies interest on the withdrawal while it's uncleared in your Clarity account. I paid £1.03 interest on 90,000Bts worth of withdrawals the last time I was in the LoS.

Edited January 31, 2014 by sustento

[KarlosInBKK]

Thank you all for your advice, especially Pib for your detailed reply. It's all been very useful. Thanks again

[CharlieH]

Cover your bases, have more than one option. Also, remember you can always go into the bank with your card and passport and do a withdrawal, no fee,safer, no worries on losing the card or it being skimmed.use this for the first month whilst getting settled and sorted.

My advice longer term, open a bangkok bank account, transfer from your uk account online to bangkok bank london, they pass it to your thai account, better exchange rate, arrives next day.

Good luck, stay safe, dont leave common sense in departure lounge.