Best way to carry money ... - Thorn Tree travel forum

Best way to carry money

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

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Posted
18-Jul-2007 15:51
by: HollyANDTom

Posts: 4
Registered: 12/06/07

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

Posted
18-Jul-2007 16:15
by: Irishrover

Posts: 2,655
Registered: 02/10/02

1

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

Now in Thailand

Posted
18-Jul-2007 16:23
by: Mibro

Posts: 904
Registered: 11/01/05

2

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.

Posted
18-Jul-2007 18:35
by: ned14ani

Posts: 67
Registered: 09/05/05

3

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

Posted
18-Jul-2007 19:15
by: TedKarma

Posts: 342
Registered: 19/04/05

4

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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Posted
18-Jul-2007 22:31
by: louvan

Posts: 1,484
Registered: 06/11/01

5

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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Posted
18-Jul-2007 22:33
by: sjaak327

Posts: 3,282
Registered: 21/03/05

6

"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.

Posted
19-Jul-2007 01:10
by: Mibro

Posts: 904
Registered: 11/01/05

7

Read

Read

Posted
19-Jul-2007 01:11
by: losing_touch

Posts: 7,833
Registered: 13/01/05

8

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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Posted
19-Jul-2007 01:26
by: sjaak327

Posts: 3,282
Registered: 21/03/05

9

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.

Posted
19-Jul-2007 01:31
by: losing_touch

Posts: 7,833
Registered: 13/01/05

10

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

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Posted
19-Jul-2007 01:34
by: sjaak327

Posts: 3,282
Registered: 21/03/05

11

"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.

Posted
19-Jul-2007 02:47
by: Irishrover

Posts: 2,655
Registered: 02/10/02

12

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

Now in Thailand

Posted
19-Jul-2007 02:52
by: losing_touch

Posts: 7,833
Registered: 13/01/05

13

#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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Posted
19-Jul-2007 02:55
by: sjaak327

Posts: 3,282
Registered: 21/03/05

14

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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