What is the best way to bring funds into Thailand?

[MrDudley]

Hi all big lurker, seldom poster

Please forgive me, I'm sure this has been asked before, and I'm sure there is a link, I just can't find it.

I'm Planning on coming to Thailand for a months Hol in June, My wife is a Thai national, we reside in Australia

I would like to bring about Aud$13 to 15K with me to make sure we have a good holiday, my wife is also getting a cosmetic procedure done.

All our accomodation has been paid, in various places, and flights.

In my past experience I have found the best exchange rate is in Thailand in cash at the banks, However I am a bit skittish about having that much cash on my person.

It's the first time ever I've been in this position.

If anyone has any suggestions, on the best balance, i would appreciate it

kind regards

[tharae]

If you're uncomfortable taking cash then take travellers cheques. You can obtain them at the Post Office.

[vivasamui]

Use ATM machine and your Aussie bank card. Get your bank to pre-approve A$1-2k daily withdrawals, or more if necessary for your wife's cosmetic surgery.

This is safer and more convenient than carrying a lot of cash.

[smacko]

Cash rate is hard to beat. Bring cash exchange it and deposit it locally if you don't want to hold onto it

[AsiaCheese]

Cash rules, but do exchange it at a non-bank affiliated exchange booth; they tend to have better exchange rates than banks offer for TT ("telex transfer"), which in themselves are better than the notes rate. As far as "safety" is concerned: when was the last time you heard of someone who lost his wallet on a flight? $15k doesn't make for a huge fat stack of bank notes.

[1FinickyOne]

I found years ago that both cash and travel checks are less desirable and take more time to cash - easiest is to have an ATM card though likely there will be daily limits to consider... usually about 20,000 baht but you can have 2 different accounts - - a good thing to do is to know the branch manager at your bank at home so if there are any problems, they can be more easily resolved - also, let them know that you will be here, using the card... good luck

[jacko45k]

Do either you or the wife have a Thai bank account?

A transfer into it would be safe. Transfer Oz $ of course.

Edited March 25, 2016 by jacko45k

[markeewan]

As you say that you are going for a holiday comprising a medical procedure and flights and hotels are paid. I would suggest using the credit card for the procedure bills, which i will guess is the bulk of your estimated expenses, and take cash for the balance of your holiday bills.

Although the credit card will probably have the highest fees or lowest exchange rate you may have some recourse if the procedure did not go as planned. If you are still uncomfortable with the amount of cash then you could spit it with travellers cheques.

Another option, if your wife is Thai would be to open a bank account and stick cash in there, they will give you an ATM card so getting cash out is easy. You can just give the hotel address as your address in Thailand.

If you are in Bangkok then Superrich or Yenjit will give better exchange rates than the bank. You can check the daily exchange rates here to see if it is worth the journey to get the absolute best rate.

[aussiandrew]

Carry half each and using 100 dollar notes does not take up alot of space. Most people have had to wonder about this question at some stage. Best of luck and enjoy your holiday.

[orpheus454]

http://bankexchangerates.daytodaydata.net/default.aspx

Cash will get you the best rate with no fees.

If you're not happy carrying cash and you have a Thai bank account, set up an account with OzForex or BahtSmart.

[elgenon]

When banks started charging me 150THB per TC I kept what I had for emergency and starting bringing cash.

I use a CC for hotels. Daily stuff cash from exchange, not bank. Make sure you use a CC with no Foreign transaction Fee. You get a decent exchange rate.

If bringing in a bunch of cash you are supposed to report it. Don't know what it is for Aud. I think equivalent to 10K American.

All the Indians, Arabs etc bring in $100 bills.

[Monti]

From the UK and find the best and cheapest way is to use my credit card.Gets a better rate and less fee than using the ATM.Otherwise transfer funds via a foreign exchange company to a Thai bank account.

[Skeptic7]

A no foreign transaction fee cash back credit card is the way to go. As previously mentioned many times, cash is king and will get the best exchange rate, but credit cards (US anyway) give very competitive rates.

ATM's are a RIPOFF here. They will jack you for B180 per withdrawal. Thievery!

Edited March 25, 2016 by Skeptic7

[sometimewoodworker]

AU$ 15,000 is a little under ฿400,000 that while not peanuts isn't huge. Your best rate of exchange will almost certainly be at Super Rich (Thailand) near bigC pratunam, today's buying rate is 26.30 then as carrying that much in Baht is much less easy than the AU$ open an account just across the street in SCB, Bangkok bank or Kasikorn. As your wife will be with you you can open a joint account or one in her name easily, you may get lucky and be able to open one in your name, though that will depend on the branch policy and is unpredictable. You will then have an ATM card that you can use, with no fee, in Bangkok and to pay any hospital bills.

My wife and I have been bringing in 2 and 3 times your amount each trip, in the last few years as we are currently building a house and it has always been the best option. We have often got several thousand baht more from them than any other way would have.

BTW there are 2 Super Rich companies the green Super Rich (Thailand) and the orange Super Rich (1965) they are opposite each other in Pratunam. In my experience the rates are always better in the green Super Rich (Thailand) for the currency we exchange.

Edited March 25, 2016 by sometimewoodworker

[TSF]

You're allowed to take $aud 10,000 out of Oz without having to fill in currency declaration forms, get $100 notes from your bank, and both you and wife carry the cash in your wallets. Change the $100 notes as needed at money changers.

[chicowoodduck]

Each year I load up my pockets with cash and do the hop, skip and jump across the pond....head for Vasu Exchange near the Nana BTS Station and cash in my chips....??

[cat handler]

Use ATM machine and your Aussie bank card. Get your bank to pre-approve A$1-2k daily withdrawals, or more if necessary for your wife's cosmetic surgery.

This is safer and more convenient than carrying a lot of cash.

Worst idea EVER, an ATM will give you an exchange rate 2-3 baht lower than at a money machine THEN the Thai bank will charge you a withdrawal fee of $8 THEN the Australian Bank will charge you a fee.

Bring CASH, ON $10,000 you may end up 30,000baht better off, just don't carry it all in the same bag or pocket (or sock) , bring $100 notes and if over $10,000 declare it to Australian Customs.

[cat handler]

Oh, and only carry $200 in your wallet, if you get robbed they target your wallet not your jocks.

[Transporter]

Best exchange rate is clean undamaged notes at any gold shop. They will give the highest possible rate for larger bills too. Better than any bank.

[hugh2121]

If you have a Thai bank you can transfer from your Oz account via ozforex.com.au Otherwise bring traveller checks for safety. TT exchange give much better rate than Thai banks.

Edited March 25, 2016 by hugh2121

[oxo1947]

You didn't say what part of Thailand you will be in. Up in Issan most of us use gold shops, the exchange rate is usually better than the banks, & they are not so fussy about a pencil mark on one of the notes etc....... they don't have many exchange booths etc up here.... It shouldn't be a problem for your wife (Thai National) to open an account with an ATM card immediately.

[AboutThaim]

If you have, or can open, a Thai bank account use TransferWise to transfer money into your Thai account. They pay the current exchange rate and charge a fee. Use your Thai ATM card to withdraw money without any charge if it's in the bank's local area.

[asdecas]

Oh, and only carry $200 in your wallet, if you get robbed they target your wallet not your jocks.

Being Australian, he'll keep it in his budgie smugglers. Any self-respecting thief knows that.

[timendres]

As you say that you are going for a holiday comprising a medical procedure and flights and hotels are paid. I would suggest using the credit card for the procedure bills, which i will guess is the bulk of your estimated expenses, and take cash for the balance of your holiday bills.

Although the credit card will probably have the highest fees or lowest exchange rate you may have some recourse if the procedure did not go as planned. If you are still uncomfortable with the amount of cash then you could spit it with travellers cheques.

Another option, if your wife is Thai would be to open a bank account and stick cash in there, they will give you an ATM card so getting cash out is easy. You can just give the hotel address as your address in Thailand.

If you are in Bangkok then Superrich or Yenjit will give better exchange rates than the bank. You can check the daily exchange rates here to see if it is worth the journey to get the absolute best rate.

SuperRich typically has the best or second best exchange rate of all the exchange places and always better than the banks (in my experience).

Visu Exchange on the corner of Sukhumvit Soi 7/1 (across from the Subway sandwich shop) usually has the best rate in Bangkok.

[Bill Miller]

Plenty of options, for sure.
I do not know if the same sort of deal is available in Oz, but Bangkok Bank has a branch in New York City. Bank of the West where I have an account will transfer funds at no cost to that Swift destination, unless I need faster than three business days. For next day service they charge $3 US.
The funds are then credited to my savings account here in Bangkok. No charge for ATM use at BB ATMs. My GF thought I could only use my ATM card at BB ATMs, but I have made an "experimental" withdrawal at a Siam Commercial ATM with no problem..... probably because I have one of the newer "smart" cards with a chip. I will have to update my passbook to see if any fee was charged.
I have never used so many acronyms at one time!

[williamgeorgeallen]

Do either you or the wife have a Thai bank account?

A transfer into it would be safe. Transfer Oz $ of course.

i think doing 30 000thb or about 1000AUD withdraws from atm is the safest option. yellow ATMs give that amount and about 5AUD per transaction. this is very convenient and mean you dont have too much cash to worry about. i would suggest bringing at least 2 cards from home incase one has troubles.

[khunPer]

The cheapest way to bring money into Thailand and having the best exchange rate is to transfer foreign currency in one lot to a Thai bank account, and withdraw in Thai-baht from there. If OP's Thai wife has an account, then that could be a solution, if OP don't have one himself.

Using Travellers cheques probably begin to be a problem, as some banks charge a high fee or don't accept them at all (I see signs in windows).

Withdrawing money from a foreign ATM-card is possible at any ATM-machine, but fees applies (typical about 200-300 baht) and there is a daily limit and a transaction limit, i.e. fx. 10,000 baht per transaction and some cards may have a 30,000 baht daily limit; furthermore some cards calculate a not so favorable exchange rate, i.e. cover for interest free credit.

However, cash money has the worst currency exchange rate.

Re. "my wife is also getting a cosmetic procedure done" most clinics and hospitals accepts international credit cards like Visa and Mastercard; whilst American Express seem limited at some places.

[mihalis]

if you have a Thai bank account try this company https://www.ofx.com/en-au/

Been using them for 3 years, always good, and a much better rate than Oz bank offer....

[TonyBB]

You've been getting lots of advice. Let me just add my two cents.... We have generally gotten the best exchange rates by taking in cash - in large notes like USD $100 -- and going to SuperRich.

http://www.superrich1965.com/

On days when I have checked, the rates at SuperRich (USD-THB) have been better than the TT bank transfer rates listed on the bank websites.

Please be cautious when carrying cash in Bangkok. There have been bag-snatchings near the Super-Rich we go to, on Silom. Go during the daytime and be careful.

[Khon Kaen Dave]

In cash,in your pockets,they charge very severely on every TC you change.