Buying a new car with cash or transfer?

[ukmark67]

Can anybody help us and recommend the best way to pay for our new car. We're comming from the Uk. Would it be best to transfer from our bank in UK or just take cash and exchange it there?

Thank you.

[hkt83100]

Instead of cash I always (well, for the two cars I bought here) used a cashiers check. As good as cash, but not as risky on the way from bank to dealer. The money must come from a local bank account...

[ukmark67]

Thank you for your answer. I have a savings account and ATM card with Bangkok bank but they are always a total nightmare wanting passport and marriage certificate for every currency exchange despite having an account with them. Could I trust them to issue a cashiers cheque?

Thanks

Mark.

[Pieter1964]

If you in bkk, go to superrich, close to silom cetre.

Take cash with you and passport.

They have even the best rate you want.

After that, deposit on your account.

Best way to safe money and not too nosy why and what.

For the rest, i would change the bank very quickly if they want a marriage certificate every time.

Kasikorn want nothing, just a passport, na,e pf hotel you stay and you can open an account in pattaya, easy.

Even do internet banking from europe with kasikorn.

[Toany]

If you want. You can pay by cash. It might be as well to call the garage first. Last car I bought I paid cash rather than pay the banking fees.

[Pieter1964]

Or make sure you get the bank fee also as an discount.

[TSF]

I bought a new Mitsubishi Triton ute about 3 months ago, had the money already sitting in my Thai bank account, I just withdrew the cash (400,000 BT) and carried that in a shoulder bag to the Mitsu dealer. No danger in carry large sums of cash just as long as you don't do anything dumb.

[BlueSkyCowboy]

If you in bkk, go to superrich, close to silom cetre.

Take cash with you and passport.

They have even the best rate you want.

After that, deposit on your account.

Best way to safe money and not too nosy why and what.

For the rest, i would change the bank very quickly if they want a marriage certificate every time.

Kasikorn want nothing, just a passport, na,e pf hotel you stay and you can open an account in pattaya, easy.

Even do internet banking from europe with kasikorn.

I am not familiar with "superrich". Is it a bank?

[janpharma]

Thank you for your answer. I have a savings account and ATM card with Bangkok bank but they are always a total nightmare wanting passport and marriage certificate for every currency exchange despite having an account with them. Could I trust them to issue a cashiers cheque?

Thanks

Mark.

My experience is that a cashier check is the best to get, but at Kasikorn it took more than one hour to get it...too

[JacChang]

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If you in bkk, go to superrich, close to silom cetre.
Take cash with you and passport.

They have even the best rate you want.

After that, deposit on your account.

Best way to safe money and not too nosy why and what.

For the rest, i would change the bank very quickly if they want a marriage certificate every time.

Kasikorn want nothing, just a passport, na,e pf hotel you stay and you can open an account in pattaya, easy.
Even do internet banking from europe with kasikorn.

I am not familiar with "superrich". Is it a bank?

Superrich is Thailand's best foreign exchange rate counter. They have about 6-7 branches across Bangkok, and on some bts stations. The head branch gives the best rates, opposite the world trade center.

The local banks have a higher spread such as USD Buy 30 Sell 30.9 As you can see, they earn 0.9 just from between.

Supperrich will have close to the spot for you, minus a little commission only. The best in my opinion, and I have used them only for cash exchanges. No fuss, go in copy your passport and contact details, get a number for the currency you want, in less than 5 minutes, get your cash, and on your way out.

[Robert24]

Bangkok Bank can issue a cashier's checque for a small fee. I would do that.

but no issue if you want to use cash...it's just not my preference to walk around with a bag full of cash.

[ikbenhet]

Also using a cashier check means that there will be a trail from you all the way to the account of the dealer.

This can be useful, or not.

[ukmark67]

I think I'd prefer cash but then I've the headache of finding somewhere to change £20k. Also I believe that were only allowed to take into Thailand $20,000 without declaring it? ....thanks for all input ?

[brewsterbudgen]

I'm about to buy a new Nissan and the Nissan dealer has stipulated a cashier's cheque (504,000 baht).

[TSF]

I'm about to buy a new Nissan and the Nissan dealer has stipulated a cashier's cheque (504,000 baht).

Really? So you walk into the dealer's office and slap 504,000 baht down on his desk he'll say sorry I only accept cashier's cheque? Somehow I don't think so.

[brewsterbudgen]

I'm about to buy a new Nissan and the Nissan dealer has stipulated a cashier's cheque (504,000 baht).

Really? So you walk into the dealer's office and slap 504,000 baht down on his desk he'll say sorry I only accept cashier's cheque? Somehow I don't think so.

You may be right. But that's what he said.

[malt25]

All dealers LIKE cash. I purchased my Mazda in BKK earlier this year. Dealer employee accompanied me to Kasikorn bank. I withdrew 700,000 baht & handed it to dealer guy as it was presented to me. Dealer guy witnessed the counting & bank staff witnessed the cash being handed to dealer guy. Received the invoice / receipt. All Kasikorn requested was my passport.

Everyone was happy.

Cheers..... Mal.

[regedit]

Cashiers cheque also gives you some independent proof of payment (in the unlikely event that it would be needed).

[DrDave]

Why not just transfer the funds from your UK bank to your account at Bangkok Bank, then transfer on to the Dealer's account when picking up the car?

Transferring from the UK to BKK Bank in Pounds will give you the T/T interbank rate, which is much better than the rate you get when exchanging notes. Do NOT instruct your UK bank to convert to Thai Baht before sending. I've used SuperRich in BKK before, and while they offer a better "buy" rate on notes than banks, I don't recall if they give a better rate than an interbank T/T. I doubt it.

If the Dealer has an account at Bangkok Bank, and the two branches (yours and the Dealer's) are in the same banking region, then any transfer fees should be minimal.

Seems a lot simpler than carrying a big bag of cash around.

[Sophon]

Superrich is Thailand's best foreign exchange rate counter. They have about 6-7 branches across Bangkok, and on some bts stations. The head branch gives the best rates, opposite the world trade center.

The local banks have a higher spread such as USD Buy 30 Sell 30.9 As you can see, they earn 0.9 just from between.

Supperrich will have close to the spot for you, minus a little commission only. The best in my opinion, and I have used them only for cash exchanges. No fuss, go in copy your passport and contact details, get a number for the currency you want, in less than 5 minutes, get your cash, and on your way out.

If you decide to go to Super Rich, note that "The World Trade Center" is now named CentralWorld (and has been for the last decade). Many still call it World Trade Center, but if you have to ask for directions not everyone will remember the old name.

Sophon

[Sophon]

Why not just transfer the funds from your UK bank to your account at Bangkok Bank, then transfer on to the Dealer's account when picking up the car?

Transferring from the UK to BKK Bank in Pounds will give you the T/T interbank rate, which is much better than the rate you get when exchanging notes. Do NOT instruct your UK bank to convert to Thai Baht before sending. I've used SuperRich in BKK before, and while they offer a better "buy" rate on notes than banks, I don't recall if they give a better rate than an interbank T/T. I doubt it.

If the Dealer has an account at Bangkok Bank, and the two branches (yours and the Dealer's) are in the same banking region, then any transfer fees should be minimal.

Seems a lot simpler than carrying a big bag of cash around.

Actually, Super Rich often has a cash buy rate that is slightly better than the bank's TT rate. At this moment Super Rich offers 52.2 THB/GBP for 50 GBP notes and 52.1 for smaller denominations, while Bangkok Bank's TT buy rate is 51.9825 THB/GBP.

Of course, it's an individual decision if the slightly better rate (and no fees) is worth the risk of carrying large amounts of cash around.

Sophon

[ukmark67]

Thanks Dr Dave ... Good advice. ?

[Tywais]

I used a cashier check from Bangkok bank. Believe the fee is 50 Baht but waved for me as I have an exclusive membership card with them.

[Anon999]

Thank you for your answer. I have a savings account and ATM card with Bangkok bank but they are always a total nightmare wanting passport and marriage certificate for every currency exchange despite having an account with them. Could I trust them to issue a cashiers cheque?

Thanks

Mark.

Open a FCD (Foreign Currency Deposit) account with bangkok bank then transfer the funds in Sterling. Once you have selected your car you'll need to pay a deposit. Transfer money from your FCD account into a baht account and then make a direct payment to the dealers account. You can copy and paste the transaction on your account online to an email and send that as confirmation of payment. Repeat for balance when the car is ready for delivery. Safe as houses and no waiting for a cheque to clear.

[Anon999]

All dealers LIKE cash. I purchased my Mazda in BKK earlier this year. Dealer employee accompanied me to Kasikorn bank. I withdrew 700,000 baht & handed it to dealer guy as it was presented to me. Dealer guy witnessed the counting & bank staff witnessed the cash being handed to dealer guy. Received the invoice / receipt. All Kasikorn requested was my passport.

Everyone was happy.

Cheers..... Mal.

Not true many dealers like interbank transfers. Cash would raise my eyebrows and create thoughts of WHY?

[villagefarang]

For our recent purchase they asked for a bank draft but I opted for an electronic transfer because it was quicker and cost half as much. The bank gave us a receipt which my wife photographed and sent immediately using Line. That way they knew when to check their account. Everyone was happy in the end.

[Toany]

I think upcountry have a problem with a cashiers cheque. They prefer a Banker's draft which costs a lot more. So I paid 1,600,000 in cash for free.

[ukmark67]

Just an update here... I took 'DrDaves's' advice and transferred from my UK to BKK bank account which took about 3 days. I elected for the money to be exchanged at point of entry to my Thai bank account as the rates are much better.

I presented the dealer with a bankers draft which the bank didn't charge me for.

All pretty easy in the end.