Best way to carry money

Replies: 23 - Last Post: 23-Jul-2007 00:24 Last Post By: wildpossum

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HollyANDTom

18-Jul-2007 15:51
Posts: 4

Best way to carry money

Holly and i will be in Thailand for a month. We will be spending most of our time in Koh Samui and the surrounding islands.

If i was to take over most of my money in travellers cheques are they easy to change in that area. We really want to avoid carrying large amounts of cash with us. Or is it better just to withdraw money in lump sums as we go ?

Your opinions would be greatly appreciated !

Thanks very much

Holly And Tom

Irishrover

18-Jul-2007 16:15
Posts: 2,709

Do you not have an ATM card ? . Thats the easiest and best way .

Now in Thailand

Mibro

18-Jul-2007 16:23
Posts: 904

Some banks have been reported as to not allow ATM usage in Siam.

I've never had a problem with TCs in Siam, I now use VISA TCs.

ned14ani

18-Jul-2007 18:35
Posts: 67

my visa got skimmed at atm in pattaya, the only time i used it! mostly travellers checks and a budget for me..

TedKarma

18-Jul-2007 19:15
Posts: 342

Cash in the pocket works best for me.

ATM when you need to.

All of my cards work here - no problem.

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louvan

18-Jul-2007 22:31
Posts: 1,521

You can change traveller cheques everywhere in and around Samui.
No need to bring cash.
ATM card is best though (maybe bring both)

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sjaak327

18-Jul-2007 22:33
Posts: 3,295

"Some banks have been reported as to not allow ATM usage in Siam."

Really, on what grounds ? I mean that would be a major deal breaker for me. I pay for a bank account with ATM, and I expect it to work in compatible atm's wordwide, never mind what country.

Mibro

19-Jul-2007 01:10
Posts: 904

Read

Read

losing_touch

19-Jul-2007 01:11
Posts: 7,978

I find a combination of TC's and ATM to work well for me. I have never had a problem with my ATM card, but my bank likes to charge me some crazy fees. This time (here for 4 months), I brought a crapload of TC's and opened a Thai Bank Account. Also, exchange rates in the country are better than outside of the country. Therefore, I get raped by my bank using my ATM card. Bringing the TC's allowed me to get better rates in Thailand. That being said, I can be a bit of a cheap charlie sometimes. Those extra 3 Baht per dollar add up for me =)

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sjaak327

19-Jul-2007 01:26
Posts: 3,295

Some banks are just plain rubbish. I mean let's be honest, no bank could justify the fees they are charging. ATM transactions are basically fully automated. The only real costs are virtual exchange fees between the banks.

I have never used tc's in Thailand, but I have always relied on ATM and as backup credit card. I have a package at the bank that includes worldwide free atm withdrawals, so even if I use it 20 times a day, or once, there are no withdrawal fees. The rate I get are onshore rates - 0,1 % For that tenth of a percent, I'm not going to be bothered with TC's. The main advantage of course is that ATM's are plentifull and open 24 hours a day. There are two right outside of my aparment complex, so I only need to walk 20 meters. I do like the convenience. The rates I get withdrawing using ATM are the same as using TC's minus that 0,1%

The package for the free atm withdrawals, also includes year round travel insurance and a credit card among other things, and only cost an additional 30 euro a year, quite frankly that's what I would pay for the travel insurance alone.

losing_touch

19-Jul-2007 01:31
Posts: 7,978

Sure wish I had that bank sjaak! I get the offshore rate - 3.0%!

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sjaak327

19-Jul-2007 01:34
Posts: 3,295

"Sure wish I had that bank sjaak! I get the offshore rate - 3.0%! "

Bloody hell, that looks like daytime robbery !

I would change to another bank if I were you, with those terms my holiday would be at least 5% more expensive.

Irishrover

19-Jul-2007 02:47
Posts: 2,709

10.
If you have a Thai Bank A/C,just transfer a lump sum there from the western Bank .

Now in Thailand

losing_touch

19-Jul-2007 02:52
Posts: 7,978

#12 - I just opened it when I got here this time. I will explore that option when I get back to the states and can talk to my bank. Before, I never had to deal with all of this onshore/offshore crap. I have never done this, so I need to check with my bank about how this business goes! I will be back in December. Unfortunately, I need to leave in August. I am sure I will need to sign some crap to do this, but I am in Bangkok. There is no Chevy Chase Bank here =) I also need to figure out how I will get the onshore rate when I do that!

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sjaak327

19-Jul-2007 02:55
Posts: 3,295

Of course transferring funds into Thai banks, also costs money, best thing to do in your case is deposit the money, after you have cahsed in traveller's cheques !

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