Getting the most out of my money?

[cnxvegan]

Hi all, i am from australia, when i first came here, i brought a bunch of australian cash because i knew it would be the simplest way to get the best exchange rate

anyway, now that i am here, i am considering cancelling my flight and staying atleast 2 more months, and also considering a large purchase which i will need to withdraw more money for

Currently the exchange rate is about 26 THB/aud, but if i were to withdraw from an ATM with my commonwealth debit card i would get 23.5 THB/aud, or 23.8 if i activated and used my travel card

is there any way to get a better exchange rate?

[55Jay]

When you say large purchase, what does "large" mean? Hundreds of thousands or millions of Baht?

[cnxvegan]

When you say large purchase, what does "large" mean? Hundreds of thousands or millions of Baht?

about 25k baht

[bamukloy]

The only way to get a better rate would be to get a Thai bank account and do an electronic transfer.

There will be hefty charges from the Aus banks, but main thing is you MUST get it sent here in $AUD and have it exchanged by the Thai bank.

Kasikorn bank is offering 25.45 at the moment.

It can be a challenge to find a bank that will let you open an account without a work permit but it is doable.

[55Jay]

When you say large purchase, what does "large" mean? Hundreds of thousands or millions of Baht?

about 25k baht

Personally, I wouldn't got through too much trouble for that amount in the short term.

If, however, you've been bitten by the Thai bug and plan to spend more time here over the years, the suggestion above ^ about trying to open a Thai bank account, is a good one. If you manage to get one on a tourist entry (I presume), it'll be useful for the long term. Also try to arrange your affairs in Oz with the most favorable cards for living/ traveling abroad in addition to internet transfer links between the accounts.

I don't pay attention to or have any practical knowledge about these alternative FX dot com outfits for transferring money, reckon someone will be along shortly to provide info about them.

[luap]

When you say large purchase, what does "large" mean? Hundreds of thousands or millions of Baht?

about 25k baht

honestly, if you are worrying about 25k and exchange rate .........do not cancel your flight, go home

[rockyysdt]

When you say large purchase, what does "large" mean? Hundreds of thousands or millions of Baht?

about 25k baht

That's about aud$1,000.

Is this correct?

[Aussie69]

That's about aud$1,000.

Is this correct?

Yes

[rockyysdt]

Then cash is king.

You'd only carry credit/debit cards for online purchases, situations requiring security and as a fall back measure.

The sum is so low, I think the OP might have made an error on his post.

[cnxvegan]

When you say large purchase, what does "large" mean? Hundreds of thousands or millions of Baht?

about 25k baht

honestly, if you are worrying about 25k and exchange rate .........do not cancel your flight, go home

lol.. you serious? if i am losing $160 aud in the exchange and i can just as easily not, why wouldnt i ask about it? you think even someone who is more well off than me would want to just be like "well, i am losing $400 a month in the exchange but eh i wont bother trying to do it cheaper"

seriously, should i just burn 200 dollars and be like "well, if i couldnt afford to burn 200 dollars for no reason i shouldnt be in thailand"

thanks for contributing

for everyone else, anyone know, would there be higher penalties trying to use my debit card directly which contains AUD, to make my purchase, versus withdrawing the money

[55Jay]

When you say large purchase, what does "large" mean? Hundreds of thousands or millions of Baht?

about 25k baht

honestly, if you are worrying about 25k and exchange rate .........do not cancel your flight, go home

lol.. you serious? if i am losing $160 aud in the exchange and i can just as easily not, why wouldnt i ask about it? you think even someone who is more well off than me would want to just be like "well, i am losing $400 a month in the exchange but eh i wont bother trying to do it cheaper"

seriously, should i just burn 200 dollars and be like "well, if i couldnt afford to burn 200 dollars for no reason i shouldnt be in thailand"

thanks for contributing

for everyone else, anyone know, would there be higher penalties trying to use my debit card directly which contains AUD, to make my purchase, versus withdrawing the money

Yes, I was. Obviously you took away a cavalier tone from my post, but I honestly did not intend it that way. I did not suggest you should leave Thailand, that was someone else. I was hoping someone would offer an alternative FX transfer method, as they often do on these types of questions. that would meet your short term need. Good luck going forward.

[rockyysdt]

You'll find anyone helping you shift money will set minimum amounts.

Here is your best bet.

1. Start a Thai Bank account.

Dress conservatively and head for a branch. If rejected head for another branch or another bank.

2. Set up an online account with OFX (formally OzForex)

They give the very best rates and will charge $15 per transaction.

Their minimum is higher than $1000 but are keen to do regular business. in my case $600 per month. You're then not committed do a monthly transaction but they will set your account to accept the lower figure.

The process is simple.

Create a beneficiary, in your case you (name, address, Thai bank account details in your OFX account.

When you're ready to do a deal place the amount you wish to send in the OFX calculator. It will not only quote you in baht but will also compare what you would have got with 5 competing banks on the day.

If you accept their quote you assign the money to the beneficiary and commit.

You are then emailed a bill with a bpay account number. There is a $15 fee on top of the money being sent. Best rates given.

Simply log into your Aussie Online bank account and make a bpay transaction to pay OFX or get someone to do this from back home.

OFX will keep you notified by email at every step until money lodged.

Recipient bank should receive the money within 2 days.

Thai bank will hold it one day before adding it to your Thai account. They will charge 290 baht.

Edited June 20, 2016 by rockyysdt

[HampiK]

Hello,

I would bring cash to thailand and the exchange the cash at http://superrich1965.com/ which is 26.10 at the moment. Second is trying to open an bank account that you not have to carry all the cash with you all the time.... Cost you about 200 baht for an ATM Card.. and no more costs.

I do it that way many times, because they have the better exchange rates on cash than every bank on bank transfers. And you have to option to choose the day to change your money. I not sure if where you want to go in Thailand also have something similar.. Superrich (Orange or the green) ones have similar exchange rates and are located in Bangkok... Best rates are at the main branches near BTS Chitlom (Maybe 10 minutes to walk)

[rockyysdt]

Hello,

I would bring cash to thailand and the exchange the cash at http://superrich1965.com/ which is 26.10 at the moment. Second is trying to open an bank account that you not have to carry all the cash with you all the time.... Cost you about 200 baht for an ATM Card.. and no more costs.

I do it that way many times, because they have the better exchange rates on cash than every bank on bank transfers. And you have to option to choose the day to change your money. I not sure if where you want to go in Thailand also have something similar.. Superrich (Orange or the green) ones have similar exchange rates and are located in Bangkok... Best rates are at the main branches near BTS Chitlom (Maybe 10 minutes to walk)

Hi H.

I think you'll find the OP is aware of cash being best but he plans to stay in Thailand and sell his return ticket.

He made this thread as he'll be here in LOS and in need of an income stream.

[scotty4243]

World First Forex is a great way of transferring money, it is available in Australia

[dotpoom]

When you say large purchase, what does "large" mean? Hundreds of thousands or millions of Baht?

about 25k baht

honestly, if you are worrying about 25k and exchange rate .........do not cancel your flight, go home

25k.....large purchase?

[GreasyFingers]

You'll find anyone helping you shift money will set minimum amounts.

Here is your best bet.

1. Start a Thai Bank account.

Dress conservatively and head for a branch. If rejected head for another branch or another bank.

2. Set up an online account with OFX (formally OzForex)

They give the very best rates and will charge $15 per transaction.

Their minimum is higher than $1000 but are keen to do regular business. in my case $600 per month. You're then not committed do a monthly transaction but they will set your account to accept the lower figure.

The process is simple.

Create a beneficiary, in your case you (name, address, Thai bank account details in your OFX account.

When you're ready to do a deal place the amount you wish to send in the OFX calculator. It will not only quote you in baht but will also compare what you would have got with 5 competing banks on the day.

If you accept their quote you assign the money to the beneficiary and commit.

You are then emailed a bill with a bpay account number. There is a $15 fee on top of the money being sent. Best rates given.

Simply log into your Aussie Online bank account and make a bpay transaction to pay OFX or get someone to do this from back home.

OFX will keep you notified by email at every step until money lodged.

Recipient bank should receive the money within 2 days.

Thai bank will hold it one day before adding it to your Thai account. They will charge 290 baht.

If you are here long term this is the best solution I have found. I brought cash for 2-3 month holidays but now here 'permanently' so need to bring in larger amounts. You may have a little bit of trouble with the paper work to open the OFX account but just ask to speak to a supervisor if there is a problem. The police would not certify my documents but was lucky enough for a postal worker to do it and was accepted.

[Jedsada3]

25k.....large purchase?

It reminds me this story:

As the control light turns red, the Bentley driver jumps on the breaks and stops the car suddenly. The following Mercedes driver could not react fast enough and crashes into the Bentley. The third car, a Toyota crashes in the back of the Mercedes. All 3 drivers come out and check the damage at their car.

The Bentley driver says: Oh sh!t! My car is totally damaged, I will have to work one full week to earn the money to buy a new one...

The Mercedes driver says: Oh damned! I will have to work one full month to buy a new one...

The Toyota driver looks at his car and says, crying: Oh my God! I will have to work 6 years before I can buy a new car...

And the Bentley driver answers to the Mercedes driver: I don't understand that people buy such expensive cars...

All that to say that some people have to work a lot to earn little money.

THB 25k might be peanuts for you but it's big money for others.

[Global Guy]

I have no idea if this site, transferwise.com works for AUD/Thailand but I read it has low rates.

It's the site that Richard Branson invested in.

[bazza40]

If you have cash, the best exchange rate in Chiang Mai is SK Money Exchange on Charoen Prathet Road just after the iron bridge that goes over to Rimping Supermarket. Spread between buy/sell is usually only 0.2 baht. You may also get a deal if you present the ATM card, must try it one day myself.

We all know Australian banks are the biggest ripoff merchants around. Below 24 baht is daylight robbery. The OP could try opening a credit union account.

I usually transfer large amounts from my Australian credit union to Bangkok Bank with a fixed fee of $28, and I lose about 0.7 baht on the cross-rate. Using an ATM with my credit union Visa card, I get charged $4 on the Credit Union end, 180 baht this end, and would get about 25 baht to the dollar when the cross rate is at 26. So I only use an ATM for emergencies.

If the OP can open a Thai savings passbook, that's the way to go. Security on that is thief-proof.

[rockyysdt]

If you have cash, the best exchange rate in Chiang Mai is SK Money Exchange on Charoen Prathet Road just after the iron bridge that goes over to Rimping Supermarket. Spread between buy/sell is usually only 0.2 baht. You may also get a deal if you present the ATM card, must try it one day myself.

We all know Australian banks are the biggest ripoff merchants around. Below 24 baht is daylight robbery. The OP could try opening a credit union account.

I usually transfer large amounts from my Australian credit union to Bangkok Bank with a fixed fee of $28, and I lose about 0.7 baht on the cross-rate. Using an ATM with my credit union Visa card, I get charged $4 on the Credit Union end, 180 baht this end, and would get about 25 baht to the dollar when the cross rate is at 26. So I only use an ATM for emergencies.

If the OP can open a Thai savings passbook, that's the way to go. Security on that is thief-proof.

Hi Bazz.

OFX is not a bank.

They specialize in international money exchange transferring large sums daily.

Their rates are equivalent to the best you can get on the street in Thailand if you have cash.

[rockyysdt]

You'll find anyone helping you shift money will set minimum amounts.

Here is your best bet.

1. Start a Thai Bank account.

Dress conservatively and head for a branch. If rejected head for another branch or another bank.

2. Set up an online account with OFX (formally OzForex)

They give the very best rates and will charge $15 per transaction.

Their minimum is higher than $1000 but are keen to do regular business. in my case $600 per month. You're then not committed do a monthly transaction but they will set your account to accept the lower figure.

The process is simple.

Create a beneficiary, in your case you (name, address, Thai bank account details in your OFX account.

When you're ready to do a deal place the amount you wish to send in the OFX calculator. It will not only quote you in baht but will also compare what you would have got with 5 competing banks on the day.

If you accept their quote you assign the money to the beneficiary and commit.

You are then emailed a bill with a bpay account number. There is a $15 fee on top of the money being sent. Best rates given.

Simply log into your Aussie Online bank account and make a bpay transaction to pay OFX or get someone to do this from back home.

OFX will keep you notified by email at every step until money lodged.

Recipient bank should receive the money within 2 days.

Thai bank will hold it one day before adding it to your Thai account. They will charge 290 baht.

If you are here long term this is the best solution I have found. I brought cash for 2-3 month holidays but now here 'permanently' so need to bring in larger amounts. You may have a little bit of trouble with the paper work to open the OFX account but just ask to speak to a supervisor if there is a problem. The police would not certify my documents but was lucky enough for a postal worker to do it and was accepted.

Mine was set up online.

OFX phoned to interview me and I needed to scan and email a couple of documents for proof of identity.

Otherwise no drama.

Once used future transfers are seem less/online and Im kept informed at every step by both text and email.

Edited June 20, 2016 by rockyysdt

[cnxvegan]

Yes, I was. Obviously you took away a cavalier tone from my post, but I honestly did not intend it that way. I did not suggest you should leave Thailand, that was someone else. I was hoping someone would offer an alternative FX transfer method, as they often do on these types of questions. that would meet your short term need. Good luck going forward.

Yeah i was quoting luap, not you

[soc]

The only way to get a better rate would be to get a Thai bank account and do an electronic transfer.

There will be hefty charges from the Aus banks, but main thing is you MUST get it sent here in $AUD and have it exchanged by the Thai bank.

Kasikorn bank is offering 25.45 at the moment.

It can be a challenge to find a bank that will let you open an account without a work permit but it is doable.

l recommend Kasikorn Bank. Fast & efficient.

However l opened(& still have)an account with them & l do not have a work permit.

l opened my account in 2012, maybe the laws have changed?

For small amounts, l found that you get the best exchange rates from the cash change booths in the street.

Don't know what their upper limit is though.

Australian banks will rip you off.

Thats why they are fighting tooth & nail against plans to allow more foreign banks into Australia.

Cheers.

[lannarebirth]

25k.....large purchase?

It reminds me this story:

As the control light turns red, the Bentley driver jumps on the breaks and stops the car suddenly. The following Mercedes driver could not react fast enough and crashes into the Bentley. The third car, a Toyota crashes in the back of the Mercedes. All 3 drivers come out and check the damage at their car.

The Bentley driver says: Oh sh!t! My car is totally damaged, I will have to work one full week to earn the money to buy a new one...

The Mercedes driver says: Oh damned! I will have to work one full month to buy a new one...

The Toyota driver looks at his car and says, crying: Oh my God! I will have to work 6 years before I can buy a new car...

And the Bentley driver answers to the Mercedes driver: I don't understand that people buy such expensive cars...

All that to say that some people have to work a lot to earn little money.

THB 25k might be peanuts for you but it's big money for others.

That's a charming allegory, but in the real world, that poor Toyota driver is going to have to pay not only for his own damages, but for the damages of both the Mercedes and the Bently owners. Life isn't fair.

[muzmurray]

The only way to get a better rate would be to get a Thai bank account and do an electronic transfer.

There will be hefty charges from the Aus banks, but main thing is you MUST get it sent here in $AUD and have it exchanged by the Thai bank.

Kasikorn bank is offering 25.45 at the moment.

It can be a challenge to find a bank that will let you open an account without a work permit but it is doable.

l recommend Kasikorn Bank. Fast & efficient.

However l opened(& still have)an account with them & l do not have a work permit.

l opened my account in 2012, maybe the laws have changed?

For small amounts, l found that you get the best exchange rates from the cash change booths in the street.

Don't know what their upper limit is though.

Australian banks will rip you off.

Thats why they are fighting tooth & nail against plans to allow more foreign banks into Australia.

Cheers.

There never was any law regulating who could open a bank account!

[1FinickyOne]

When you say large purchase, what does "large" mean? Hundreds of thousands or millions of Baht?

about 25k baht

honestly, if you are worrying about 25k and exchange rate .........do not cancel your flight, go home

lol.. you serious? if i am losing $160 aud in the exchange and i can just as easily not, why wouldnt i ask about it? you think even someone who is more well off than me would want to just be like "well, i am losing $400 a month in the exchange but eh i wont bother trying to do it cheaper"

seriously, should i just burn 200 dollars and be like "well, if i couldnt afford to burn 200 dollars for no reason i shouldnt be in thailand"

thanks for contributing

for everyone else, anyone know, would there be higher penalties trying to use my debit card directly which contains AUD, to make my purchase, versus withdrawing the money

I am not sure I follow this as you are calculating huge % losses on the transactions.

For myself, I have found that for large transfers of money, I work with a money wire direct from my bank in USA.

For regular withdrawals, I use my debit card at an ATM - there are some small fees but often my bank reimburses but even if not, I can take out 20,000 baht in one shot...

Just do the math as to which will be less costly for you. For me, and my guess for you would be using the debit card. I cannot imagine how you are losing large sums as you mentioned in pulling out small amounts. That should not be.

Edited June 21, 2016 by kenk24

[AlexRRR]

When you say large purchase, what does "large" mean? Hundreds of thousands or millions of Baht?

about 25k baht

honestly, if you are worrying about 25k and exchange rate .........do not cancel your flight, go home

lol.. you serious? if i am losing $160 aud in the exchange and i can just as easily not, why wouldnt i ask about it? you think even someone who is more well off than me would want to just be like "well, i am losing $400 a month in the exchange but eh i wont bother trying to do it cheaper"

seriously, should i just burn 200 dollars and be like "well, if i couldnt afford to burn 200 dollars for no reason i shouldnt be in thailand"

thanks for contributing

for everyone else, anyone know, would there be higher penalties trying to use my debit card directly which contains AUD, to make my purchase, versus withdrawing the money

I would imagin you have internet banking, the cost a few years ago was $AU22 to send any amount there and you get the current exchange rate, must send in $ local bank will convert to baht.

Get your self a local bank account or send to a girl friends account, other wise someone in AU can send via money gram smallish amounts over a week, not expensive, but that 25 gee purchase I would and have put on my credit card ur talking maybe 3b per $1 that's $100, it's not a big deal when your traveling, it's not like you have many options is it? Next time prepare better.

Ps, if you do open a bank account keep it active I lost mine after 1 year with no activity and the money with it, not a lot, the pain was trying to open a new account at the same branch and they rejected me.

[GreasyFingers]

You'll find anyone helping you shift money will set minimum amounts.

Here is your best bet.

1. Start a Thai Bank account.

Dress conservatively and head for a branch. If rejected head for another branch or another bank.

2. Set up an online account with OFX (formally OzForex)

They give the very best rates and will charge $15 per transaction.

Their minimum is higher than $1000 but are keen to do regular business. in my case $600 per month. You're then not committed do a monthly transaction but they will set your account to accept the lower figure.

The process is simple.

Create a beneficiary, in your case you (name, address, Thai bank account details in your OFX account.

When you're ready to do a deal place the amount you wish to send in the OFX calculator. It will not only quote you in baht but will also compare what you would have got with 5 competing banks on the day.

If you accept their quote you assign the money to the beneficiary and commit.

You are then emailed a bill with a bpay account number. There is a $15 fee on top of the money being sent. Best rates given.

Simply log into your Aussie Online bank account and make a bpay transaction to pay OFX or get someone to do this from back home.

OFX will keep you notified by email at every step until money lodged.

Recipient bank should receive the money within 2 days.

Thai bank will hold it one day before adding it to your Thai account. They will charge 290 baht.

If you are here long term this is the best solution I have found. I brought cash for 2-3 month holidays but now here 'permanently' so need to bring in larger amounts. You may have a little bit of trouble with the paper work to open the OFX account but just ask to speak to a supervisor if there is a problem. The police would not certify my documents but was lucky enough for a postal worker to do it and was accepted.

Mine was set up online.

OFX phoned to interview me and I needed to scan and email a couple of documents for proof of identity.

Otherwise no drama.

Once used future transfers are seem less/online and Im kept informed at every step by both text and email.

That is intersting. I set up my account last year and had to send certified documents. Makes it easy if all can be done online.

[rockyysdt]

I think banking regulations are getting tighter.

Everyone's concerned about another financial melt down.