About to visit and asking ATM question

[ggobkk]

I'll be venturing to Bangkok next week. 

 

This will be a short visit of 6 days, weather predictions indicate it is supposed to be hot. My hope is that some of my interpersonal interactions will also be hot.  I've made copious notes from board postings/suggestions/ etc and will try to write a report on the visit.

 

I've booked a series of day tours with Moses' recommendation: Siamroads.  It's been fairly seamless in making the booking and planning the touring with good give and take from Ya.  

 

I booked tours as my visit last fall was circumscribed by Sol Twilight and environs and shopping centers I could get to by public transit.

 

The last time I did any touring was in 1972 when I did a post college trip which took me to the major sights and kept me away from where I was last fall.  I suspect some of the major sights are different or that I'd now remember them.

 

I made my second trip 20 years later.  On a night off from friends, I walked from my hotel on the river toward Sol Twilight and stopped at the first sight of boys congregating and...well things went from there.  I think it was a place on Soi Than Tawan.  I remember at least a dozen boys on a stage, not sure there was a show. No recollection of the name but it did have a 2nd floor with rooms. I was totally out of my depth but was able to swim through the night.

 

No further visits until one early last spring followed by another in the fall.  Didn't think to make notes but had a mix of experiences (Sol Twilight, Tawan, massage places, and one attentive bar boy who I will see at least once this visit). Will try to be more organized as to reporting.

 

Now for my question.  I followed with interests, the board postings on recommendations for currency exchanges.  My credit union does not charge me for any currency exchange costs when I use its atm card so I use that and don't carry much cash when I leave the Bay Area.

 

I will again be staying at Tarntawan.  Last visit, when cash was needed I went to the closest ATM.  I am suspecting that some bank atms are better than others.  Suggestions, recommendations, etc are appreciated.

 

 

 

[farangyai]

" My credit union does not charge me for any currency exchange costs when I use its atm card..."

 

I would check a bit closer to find out what net exchange rate your credit union uses and how that compares to current exchange rates of the banks in Thailand for the same time period. That answer may be much more important that what ATM you use.  For example, their translation rate may be higher and therefore have a "hidden" fee.

 

I have always wired money before my trip in USD to my account at Bangkok Bank in Thailand, have them translate it to Thai Baht, and then used their ATM's for withdraws.

[Guest]

ATM withdrawals can be damaging to your finances.

 

1   The actual exchange rate is likely to be just fine. 

2   You need to check what your bank adds on to that.  In the UK 2.75 or 3% is common.  The best option costs 0%.   I have no idea what the situation is in your own country.   google will find your answer

3   Thai banks screw foreigners with an ATM fee.   150 baht, or whatever it is not.

 

I would cover at least part of your trip cost by bringing a wad of good old fashioned cash & changing it at Superrich.

[vinapu]

 

 

I would cover at least part of your trip cost by bringing a wad of good old fashioned cash & changing it at Superrich.

this is what I 'm always doing and using ATM only at end on trip when my budges is busted already.

 

My favorite exchange place is Natty gems beside soi Twilight, next to Family Mart

[Travellerdave]

My experience is that there is not much difference in the ATM rate of exchange between the various banks, although at the airport I think it is generally a little poorer. These rates are better than the ones you get for exchanging cash. The same applies to the Thai bank fixed fee which is the same at 150 or 180 baht (I can't remember). Then you will get another charge from your home bank.

Thus it is better not to withdraw small amounts (say 5000 baht) from ATMS, that amount would be better obtained by changing cash.

I withdraw 20,000 baht at a time from ATM's within banks, as those standing in the street are sometimes faulty and it's a lot of hassle if no notes are dispensed and you are charged. This has happened to me twice.

Long time visitors get a much better rate by opening a Thai bank account and transferring money there in bulk.

When I first visited Thailand some 12 years ago I used travellers cheques but not now.

[steveboy]

My preference when traveling overseas is to take cash with me and two credit cards.  Hotel and any larger expenses I pay with a credit card that does not charge exchange fees,  and everything else I pay cash. For a two week stay I take about 2,000 USD in shiny $100 bills carried in the deep pockets of my jeans where they are safe, and as soon as I arrive at the hotel they go into the safe in my room together with my passport.  I usually bring also some 10,000 baht that I brought back in previous trips.  So far I have had no problems.

[kokopelli]

Just use your ATM card. Exchange rates pretty much same from bank to bank. ATM card charges by all Thai banks is 200 Baht which is about $6 USD. Why carry wads of  cash and take chance on losing it?  I typically have two ATM cards just in case of a loss. And, as others said, better to make one large withdrawal to avoid multiple 200 Baht fees. 

 

Maximum withdrawals on ATM are 20,000 Baht in most cases but have heard some machines give more.

 

You said your credit union does not charge currency exchange costs? Not sure what you mean?

 

My Credit Union charges a $2 USD fee plus a "cross border fee"  which is often $5, so a double whammy.. My Saving Bank has no fee and no "cross border fee"  and even gives me a small rebate of $1-$2. 

 

And yes, always good to have some cash, just in case!

[Londoner]

The airport is definitely not the place to change your currency. Turn right as you leave Tarntawan and you'll arrive at a booth which will give much better rates.  Beyond that, there's another which offers much the same. Remember that they tend to open late in the morning.

In twenty years, the only time I've been cheated was in a bank- TMB- and I immediately confronted the cashier who made good the error (sic). If you use a bank, you'll probably have to queue.

[abidismaili]

When you compare the ATM fee with the costs of only one night visiting bars and offing boys it is minuscule.

 

Why bother about these small fees when you have no problem paying 400 baht for a drink in a go go bar, offing two boys a day, etc. The ATM fees at the end of your trip sum up to maybe only 1000 baht. Why bother about that amount and try to save a few hundred baht? So you can buy one extra drink? 

[stijntje]

I have been staying in Tarntawan until a few days ago.

Lots of ATM machines in the neighbourhood. They all charge 200 baht for the transaction.

ATM suggests you to book the transaction in euro (my currency) but I decline that.

 

What I always do when travelling abroad : I go to TravelEx in my home airport, buy 200 euro foreign currency with a buyback guarantee after returning home. This costs me 5 euro. Rate is crappy, but I always give the cash back at the end, so it costs me 5 euro but i never have to look for cash immediately upon arrival.

[farangyai]

It cost me nothing to set up my bank account in Thailand and I have never been charged ATM fees as long as I used one of their ATM's which I have always found in all major cities. It also enables me to easily transfer money in case a friends buffalo dies which can happen near the end of the month (hehe).

[Guest]

The airport is definitely not the place to change your currency.

The exception might be the exchange booths just as you enter the airport rail link station.

SuperRich are there and at least one of the bank booths felt obliged to match the Superrich rates last time I was there.

 

Whilst this might not be quite the best rate in Bangkok, it was better than the vast majority of banks & exchange rate booths in town & was  competitive.

[Up2u]

You are fortunate your American credit union does not charge a foreign transaction fee, typically credit unions charge 1% and big banks 3%, so your only costs should be the 200 baht per transaction Thai bank charge and an out of network charge by your credit union. The actual exchange rate will be set by VISA or MasterCard depending on how your ATM card is branded. Just use the most convenient and safe Thai ATM available since you will receive the same exchange rate at any Thai bank ATM. Just one word of caution, should you be asked Would you like this transaction in your home currency (USD)?, be sure to say NO. Say YES and you will have triggered a dynamic currency conversion (DCC) which could cost you 2-3.5%. This also applies to purchases using your credit card; tell the cashier Thai baht only (no USD transaction).

[anddy]

I have a card that allows me to withdraw money globally without fees from the card issuer, so I've been using that exclusively when I travel for years, though now not in Thailand anymore now that I live and have a bank account here. ATM is so much more convenient and safe than cash and having to go exchange it. Well worth the fee, which is very small as some pointed out here. Especially if you withdraw one large sum right away, THB 20,000 for example, so you incur the ATM fee of 200 only once. 

 

Tip: the ATMs of Citibank on Silom road do not charge that 150 or 200 Baht ATM fee, at least the last time I tried which is admittedly more than a year ago. 

[Travellerdave]

Ive been told it's much more difficult to open a Thai bank account now and that this is really an option for ex pats only. But then again I've never tried. Probably the cost of money changing is a tiny part of my budget behind boys, hotels, food, drink and travel.

[ggobkk]

Thanks...your posts are very helpful.  I will bring some cash.  I will AVOID the airport ATMs - correcting past habit.  My credit union waives overseas costs on withdrawals, I will make sure to use THB option not home currency - correcting another past mistake.  

[Up2u]

Thanks...your posts are very helpful.  I will bring some cash.  I will AVOID the airport ATMs - correcting past habit.  My credit union waives overseas costs on withdrawals, I will make sure to use THB option not home currency - correcting another past mistake.

 

You can use the airport ATM's from the major banks with confidence as the exchange rate will be the same as Bangkok or Pattaya. Just be careful about the DCC charge wherever you are. Enjoy your holiday!

[Bob]

Seems like all of this is good advice although I remain puzzled as to why, for a 6-day trip, that pretty much all of the concern can't be handled by bringing cash, exchanging that at Thai banks as needed, and using the ATM or credit cards for emergency money only; however, for a 6-day trip, just about any option isn't going to bankrupt anybody.

 

US financial institutions usually make their money two ways when one uses an ATM card here in Thailand - the "international transaction fee" and a lousy conversion rate.  While the OP and some others are lucky to have no international transaction fees, I'd be suspicious that they're really making their money by a fairly lousy conversion rate. Those institutions usually are not charitable (or dumb) enough to not get a cut somewhere. 

 

Farangyai mentions correctly that Thai banks generally charge no ATM fees.....so long as you use the ATM machines of your bank in your home province (i.e., I've never known a Thai bank not to charge for using an ATM machine outside the province where you opened the account.....but perhaps things have changed?).

[vinapu]

 

Why bother about these small fees when you have no problem paying 400 baht for a drink in a go go bar, offing two boys a day, etc. The ATM fees at the end of your trip sum up to maybe only 1000 baht. Why bother about that amount and try to save a few hundred baht? So you can buy one extra drink? 

I'd rather give those 200 saved to the boy than feed bank's bottom line so yes , I pay attention to withdrawal fees and try to use ATM as little as possible.

[Guest Promsak]

A visiting friend here needed 500 Baht to get a late night meal and resented paying 200 Baht to get it.

 

My European bank limits ATM withdrawals in Thailand to 10K Baht. It is imposed by the European bank, not the Thai ones.

[firecat69]

Bringing cash is a function of the length of visit. Certainly for a week or less, I would bring cash if I knew the Hotel I was staying in had a safe etc.

 

Opening a bank account for a frequent visitor continues to be simple I believe. Just have to realize that one branch of the same bank may say unable and the one around the corner will open it.

 

Also at least when I withdraw from my bank out of province the charge is only 20 baht so certainly not worth worrying about.

[Guest Stewart]

I currently use a Caxton FX currency card. Although not yet in Thai Baht but I load the card with Sterling. So far so good. There is a 200 BHT charge for using the ATM (Thai charge) and the rate of exchange used to convert the amount withdrawn works out to be about 49 to the GBP. I am comfortable with this.

 

In addition I have on my Caxton account an additional card in the name of my boyfriend and so when i am not in Thailand I just use the app or web site to load the necessary amount and he can take it immediately from the ATM. A huge upgrade on western union which I have been using to date which was expensive but convenient. Plus the fact he now has a recognised Mastercard in his name which gives him huge status around his peers.

[ChristianPFC]

Why carry wads of  cash and take chance on losing it?

 

Maximum withdrawals on ATM are 20,000 Baht in most cases but have heard some machines give more.

 

For me, the risk of losing the money is smaller than the fees I would pay by ATM withdrawal, thus I bring enough cash and have ATM only as backup.

 

I vaguely remember there are ATMs that dispense up to 30 kTHB. Of course you have to consider your credit card's limits, my limit was 500 Euro which did not allow me to withdraw 20 kTHB.

 

(This subject has been discussed many times on all forums and the information should be put into a wiki, maybe there is something out already on the internet that has all information about money withdrawal and exchange in Thailand in concise and up-to-date form?)

[Guest shamahan]

For Americans, the best option is an account with Charles Schwab bank which reimburses all foreign ATM fees to its customers and provides excellent exchange rates. The other option is HSBC US which is doing the same but only for Premier customers. As for credit cards, the best option I am aware of Capital One Quick Silver Signature Visa card: no foreign fees and 1.5  percent cash back on all worldwide charges.

[Guest anonone]

Shamahan is spot on. For those based in USA, Charles Schwaab is tough to beat. Full refunds of the pesky 180 baht fees without fail. Very good customer service.

 

I do tend to bring some cash on my trips. $500 USD as a sort of insurance in case of ATM difficulty, which I can exchange toward the end of the trip for seed baht for the next visit.

 

Probably the worst option is to try and exchange for baht anywhere outside of Thailand. I have looked at the exchange rate offered by kiosks at USA departure airports. Unbelievably bad.