Bringing money to Thailand

[intel4004]

I'm going to be in Chiang Mai for up to 5 months very shortly and will look at opening a local bank account. I don't want to bring a wedge of sterling for my whole trip for obvious reasons. So was looking at taking out a prepaid card like FairFX which I've used before in Ireland when travelling for the euros. I will be on a tight budget so won't need a lot of money.

Using the FairFX Anywhere card loaded with sterling the plan is to take out what I'm told is the max for a Thai ATM per transaction of c£400 (B20,000) as and when and deposit it in my local account. All local spending whether it be via POS or ATM withdrawals will then be from the local debit card.

Does this make economic sense. Or is there a better way?

Many thanks

[intel4004]

One other thing I've just checked on FairFX site and for £995.69 I will get B52,000 which equates to £1/B52.22.

Having looked at moneysavingexpert I found out about the following:

I know there is a Halifax credit card with no ATM fees and a rate of B54.6! Unfortunately my credit rating is not too good so will give that a miss

The best I've seen is B53.48 from bestforeignexchange.com and you go into a local branch and collect the same day.

If I did go to Chiang Mai with a wedge of sterling am I likely to get better rates?

Thanks again

[CBR250]

You will get slightly better rates for cash than a card. Especially if you use a money changer such as SK (behind night market near Iron Bridge).

A FX card costs a little more, but does offer some security for the price.

[sandmonster]

you will get around 5% better with cash than with the FairFX card e.g Your 52.22 rate compares with 54.7 at superrichchiangmai money exchange this morning.

The halifax clarity credit card will give you the mastercard wholesale rate which is pretty much spot which is a tad better than best money exchange rates. However, in addition, you will be charged a surcharge by the Thai ATM of 150bt per withdrawal. Also as its a cash withdrawal, so you will be charged daily interest at an extortionate rate from the day you withdrawal the cash. So if you use that method, pay off the full amount withdrawn to the account as soon as the transaction appears to reduce the daily interest. Pre-loading the clarity card is not really allowed but. i have never tried. With the surcharge fee of 150bt, its advisable to take out your daily cash withdrawal limit in each transaction.

[true blue]

bring cash,exchange at money changer,54.7 open bank account stick it in the bank,easy.

[intel4004]

bring cash,exchange at money changer,54.7 open bank account stick it in the bank,easy.

Okay I know this may sound daft I'm not sure I like the idea of all my meagre funds sitting in a Thai bank especially in the current situation.

Carrying around that amount of cash is a pain and slightly risky, but it is an option but not for the whole amount. TBH I can get a similar rate here in London as your local markets.

Like the backup of having my money sitting in a bank outside of Thailand which I can dip into when I need. I guess for the security I'm paying a bit more but I can just about live with that.

Many thanks

[true blue]

bring cash,exchange at money changer,54.7 open bank account stick it in the bank,easy.

Okay I know this may sound daft I'm not sure I like the idea of all my meagre funds sitting in a Thai bank especially in the current situation.

Carrying around that amount of cash is a pain and slightly risky, but it is an option but not for the whole amount. TBH I can get a similar rate here in London as your local markets.

Like the backup of having my money sitting in a bank outside of Thailand which I can dip into when I need. I guess for the security I'm paying a bit more but I can just about live with that.

Many thanks

up to you but every transaction cost you money,and exchange restrictions,bring half and if your happy transfer the rest and only one set of charges,how much are we talking about anyway,as its not all that cheap here,like to no were your going to get nearly 55baht in uk from,but as i say up to you,imho,iwould trust the banks here more than uk,

[HansBlinkers]

Not sure if it's that easy to open a Bank Account anymore

[sandmonster]

You can get same TH rates as local market rates in London ? ..umm. i have travelled in over 50 countries and one thing i know is to never ever change money in UK. UK is known as rip of Britain in general but its financial services its more like a mugging. Pray tell me where you can get even 50bt in UK !

[Mapguy]

Entirely too much unnecessary hassle to open a bank account for ordinary reasons for your proposed length of stay. Just use an ATM card. There are more ATMs in Chiang Mai than flowers, and that is saying a lot! Best to have more than one card to access to funds at home in case you misplace a card. Simple card replacement here upon loss can take a few days, even if it is a Thai bank.

To transfer funds to a Thai bank account (anybody's) is a piece of cake

Keep it simple.

Postscript: I don't know if you are male, female or whatever, but if you decide to fall in love and buy someone a house or a lot of gold (Yes, even in lovely Chiang Mai!), then you are dealing with more than is appropriate for financial advice here. it gets complicated, shall we say ?

Postscript: I should have added a basic rule of thumb. Except for minor amounts (say, less than Bt30-60,000, it is not difficult to move money OUT of Thailand, but one should be should be aware that Thailand welcomes investment and does not appreciate repatriation of capital.

Edited May 23, 2014 by Mapguy

[Beetlejuice]

bring cash,exchange at money changer,54.7 open bank account stick it in the bank,easy.

i heard long ago that for tourists here short time, the Thai banks have ceased letting them open short term bank accounts here. It is no longer just a case of a tourist walking into a Thai bank, showing a passport and opening an account.

Please someone correct me if I am wrong?

Edited May 23, 2014 by Beetlejuice

[intel4004]

You can get same TH rates as local market rates in London ? ..umm. i have travelled in over 50 countries and one thing i know is to never ever change money in UK. UK is known as rip of Britain in general but its financial services its more like a mugging. Pray tell me where you can get even 50bt in UK !

Yes you are correct about it being a rip off. In London I can get about 53Bt, thats the best I've seen apart from the credit card I already mentioned.

[intel4004]

Entirely too much unnecessary hassle to open a bank account for ordinary reasons for your proposed length of stay. Just use an ATM card. There are more ATMs in Chiang Mai than flowers, and that is saying a lot! Best to have more than one card to access to funds at home in case you misplace a card. Simple card replacement here upon loss can take a few days, even if it is a Thai bank.

To transfer funds to a Thai bank account (anybody's) is a piece of cake

Keep it simple.

Postscript: I don't know if you are male, female or whatever, but if you decide to fall in love and buy someone a house or a lot of gold (Yes, even in lovely Chiang Mai!), then you are dealing with more than is appropriate for financial advice here. it gets complicated, shall we say ?

Postscript: I should have added a basic rule of thumb. Except for minor amounts (say, less than Bt30-60,000, it is not difficult to move money OUT of Thailand, but one should be should be aware that Thailand welcomes investment and does not appreciate repatriation of capital.

Will keep that in mind, thanks

[intel4004]

bring cash,exchange at money changer,54.7 open bank account stick it in the bank,easy.

i heard long ago that for tourists here short time, the Thai banks have ceased letting them open short term bank accounts here. It is no longer just a case of a tourist walking into a Thai bank, showing a passport and opening an account.

Please someone correct me if I am wrong?

I keep hearing conflicting reports on this which is a good thing. Because then I know its possible!

[Cheesekraft]

buy bitcoins. Safe, no ID required no fees no restrictions on importing, and they are very easy to sell, exchange, and use here. Good alternative method.

[sandmonster]

Really 53bt ? How much commision is on top ?

Seriously I am interested to know where you can get a rate of 53 today, or was that about 5 years ago

[true blue]

bring cash,exchange at money changer,54.7 open bank account stick it in the bank,easy.

i heard long ago that for tourists here short time, the Thai banks have ceased letting them open short term bank accounts here. It is no longer just a case of a tourist walking into a Thai bank, showing a passport and opening an account.

Please someone correct me if I am wrong?

bit naive sunshine arent you or your usual negitive attidude,the word is in the name BANKS,and MONEY,belive me they love it.

[intel4004]

Really 53bt ? How much commision is on top ?

Seriously I am interested to know where you can get a rate of 53 today, or was that about 5 years ago

Read my second posting

type bestforeignexchange.com into google, UK based exchange

See their T&Cs and their rates.

[chiang mai]

The words, "I've heard" should be banned from this forum, you may as well say, "there's a rumor" or, "the bloke on the next bar stool told me..."!

Regardless, I'm thinking of starting a new business in Chiang Mai and wonder what you think:

At noon, three days a week, I'll stand in the centre of Airport Plaza with a brightly colored flag on a stick, you know, the sort that the Chinese and Korean tour guides use. Any hapless tourist (or resident) who can't manage to open a bank account should meet me there, pay their fifty baht joining fee and then follow the flag to the nearby bank where accounts will be duly opened. I haven't yet decided whether to negotiate with the banks for a fifty baht per person referral fee but it seems to make sense that I do. I don't believe any of that constitutes working thus I believe no work permit will be required, I reckon I'll be rich by Xmas!

[intel4004]

The words, "I've heard" should be banned from this forum, you may as well say, "there's a rumor" or, "the bloke on the next bar stool told me..."!

Regardless, I'm thinking of starting a new business in Chiang Mai and wonder what you think:

At noon, three days a week, I'll stand in the centre of Airport Plaza with a brightly colored flag on a stick, you know, the sort that the Chinese and Korean tour guides use. Any hapless tourist (or resident) who can't manage to open a bank account should meet me there, pay their fifty baht joining fee and then follow the flag to the nearby bank where accounts will be duly opened. I haven't yet decided whether to negotiate with the banks for a fifty baht per person referral fee but it seems to make sense that I do. I don't believe any of that constitutes working thus I believe no work permit will be required, I reckon I'll be rich by Xmas!

I've only recently joined this forum and the very strong impression I get is there are far too many people on here with far too much time to kill and are doing it with far too few active brain cells.

I take a lot of comments on here with a grain of salt. Anybody basing a potential visit to Thailand on what they read here would most likely change their minds.

The only reason I post on here is to get a feel for what most likely is fact, after I've filtered out the not so helpful posters.

[chiang mai]

The words, "I've heard" should be banned from this forum, you may as well say, "there's a rumor" or, "the bloke on the next bar stool told me..."!

Regardless, I'm thinking of starting a new business in Chiang Mai and wonder what you think:

At noon, three days a week, I'll stand in the centre of Airport Plaza with a brightly colored flag on a stick, you know, the sort that the Chinese and Korean tour guides use. Any hapless tourist (or resident) who can't manage to open a bank account should meet me there, pay their fifty baht joining fee and then follow the flag to the nearby bank where accounts will be duly opened. I haven't yet decided whether to negotiate with the banks for a fifty baht per person referral fee but it seems to make sense that I do. I don't believe any of that constitutes working thus I believe no work permit will be required, I reckon I'll be rich by Xmas!

I've only recently joined this forum and the very strong impression I get is there are far too many people on here with far too much time to kill and are doing it with far too few active brain cells.

I take a lot of comments on here with a grain of salt. Anybody basing a potential visit to Thailand on what they read here would most likely change their minds.

The only reason I post on here is to get a feel for what most likely is fact, after I've filtered out the not so helpful posters.

As a newer poster to the forum you would perhaps not be aware that the subject of opening bank accounts in Thailand is, I would guess, the most often discussed subject - there are more threads about this subject than any other including one that is pinned. Typically people will complain that they've been refused permission to open an account citing some reason or other, longer standing members will usually then chyme in with, "try another branch" - eventually an account will be opened. It's therefore frustrating that longer standing members should disrupt normal service by suggesting it might not be possible to open an account, that's unhelpful.

The fact is that opening a bank account here is quiet dooable, it just requires the person to try different branches of different banks. One recent poster in a different but similar thread suggested recently that it was not possible open an account without a work permit (because that is what they were told) and then stopped trying, the new business I jokingly suggested above is aimed at such folks and I think that hapless is a fair description of them.

[intel4004]

I perhaps should apologise for my previous post which was a bit scathing of some people on here who are probably trying to offer what they know but are ill informed.

Think I will bring cash, sterling or dollars I'm not sure yet and just convert when I get to Chiang Mai.

The words, "I've heard" should be banned from this forum, you may as well say, "there's a rumor" or, "the bloke on the next bar stool told me..."!

Regardless, I'm thinking of starting a new business in Chiang Mai and wonder what you think:

At noon, three days a week, I'll stand in the centre of Airport Plaza with a brightly colored flag on a stick, you know, the sort that the Chinese and Korean tour guides use. Any hapless tourist (or resident) who can't manage to open a bank account should meet me there, pay their fifty baht joining fee and then follow the flag to the nearby bank where accounts will be duly opened. I haven't yet decided whether to negotiate with the banks for a fifty baht per person referral fee but it seems to make sense that I do. I don't believe any of that constitutes working thus I believe no work permit will be required, I reckon I'll be rich by Xmas!

I've only recently joined this forum and the very strong impression I get is there are far too many people on here with far too much time to kill and are doing it with far too few active brain cells.

I take a lot of comments on here with a grain of salt. Anybody basing a potential visit to Thailand on what they read here would most likely change their minds.

The only reason I post on here is to get a feel for what most likely is fact, after I've filtered out the not so helpful posters.

As a newer poster to the forum you would perhaps not be aware that the subject of opening bank accounts in Thailand is, I would guess, the most often discussed subject - there are more threads about this subject than any other including one that is pinned. Typically people will complain that they've been refused permission to open an account citing some reason or other, longer standing members will usually then chyme in with, "try another branch" - eventually an account will be opened. It's therefore frustrating that longer standing members should disrupt normal service by suggesting it might not be possible to open an account, that's unhelpful.

The fact is that opening a bank account here is quiet dooable, it just requires the person to try different branches of different banks. One recent poster in a different but similar thread suggested recently that it was not possible open an account without a work permit (because that is what they were told) and then stopped trying, the new business I jokingly suggested above is aimed at such folks and I think that hapless is a fair description of them.