What is your preferred method of funding your trip!

[Guest topjohn5]

So, what do most people take with them on their trip to Thailand?

I wasn't going to bring any travelers checks but I read that they get a better exchange rate than either cash or cards.....seems really odd to me!

I was going to bring a small amount of Thai Baht and some USA dollars and then my atm and credit cards for the bulk of it.

Does this sound reasonable?

 

[Guest GaySacGuy]

Your number one option, in my opinion, is your atm card. You can get baht with that nearly anyplace at any hour. There is one at every 7-11 and Family Mart, and those are everywhere in the tourist/gay areas.

 

You might want to bring some traveler's checks, but make sure thay are a name company...Like American Express. Some small, more unknown companies might not be accepted. And, you can only exchange during certain hours at banks or exchange booths.

 

You really don't need to bring any Thai baht, as you can use your atm at the airport, and this will be a much better exchange rate than buying in another country.

 

The US dollars are not much use here, except to change into baht. Be warned, that the exchange rate for $100 bills in much more generous than for smaller bills, so if you are bringing it to exchange, bring 100's. Some 1's could be used to tipping here if you like, but thai baht would be better. Otherwise, the Thai must exchange the 1's for baht, and the rate as mentioned above isn't too good.

 

Your credit cards (mastercard and Visa) are acceppted at most of the larger restaurants and some larger bars. But for the gay area, baht is pretty much the name of the game except for some restaurants.

[Gaybutton]

First, I suggest you do not bother obtaining Thai baht in advance of your trip. There is absolutely no reason to do that and you'll be charged rip-off prices for it.

 

I also suggest sticking primarily to your ATM card. You'll find ATMs virtually as soon as you step off the plane. They're everywhere you look in Thailand and every one of them have an option to do all transactions in English. Unless your issuing bank is some obscure bank, such as First National Bank of Ouagoudougou or something, your card will work just fine at any ATM in Thailand.

 

If you can, try to bring a duplicate ATM card with you in case your existing card gets lost, stolen, or eaten by an ATM.

 

It can't hurt to bring traveler's checks, but the only real reason to bring them is for back-up if something happens to your ATM card and there would be a delay getting another one. I wouldn't bring too much. Yes, you do get a better rate, but unless you plan to spend thousands and thousands of dollars, it won't make a significant difference.

 

Here's a couple of suggestions:

 

1. Before you come to Thailand, make sure to contact the issuing banks of any ATM or credit cards you intend to use in Thailand. Make sure the bank knows the dates you will be in Thailand and where you expect to be. That makes life much simpler. It will prevent your bank from locking the card and will also make life much easier for you in case the card is lost, stolen, duplicated, or something else. Also, make sure to get an international collect call number from your bank, in case of a problem, and keep that number in a safe place.

 

2. If you intend to make additional trips to Thailand, I urge you to open a Thai bank account while you are here. You can open one with as little as 500 baht. Most Thai banks charge an additional 300 baht fee for an ATM card. The card will be usable internationally. Having a Thai bank account will make life a lot easier. You can deposit your money into that account and use the ATM card anywhere in Thailand. If something happens to the card, you don't have to worry about international calls, delays in getting a new one, or anything else. You would be able to close the card and get a new one the same day.

 

By the way, if you do lose a Thai ATM card, call the bank and cancel out the card, but go to the police station before trying to obtain a new card. Most banks require a police report before they'll issue a replacement card.

 

From what I understand, the easiest bank where you can open an account with a tourist visa is the Kasikorn Bank. If you do intend to return to Thailand, then do it now. Open the account during this trip. Don't wait. The regulations keep changing and it could easily end up being difficult to impossible later on.

 

If you want any assistance opening a Thai bank account, or anything else for that matter, please feel free to contact me. I'm always happy to help and I'll be just as happy to personally take you to do these things. All you need to do is to send me an Email ( gaybutton@gmail.com ) and I'll respond with my telephone number.

[Guest fountainhall]

Yes, you do get a better rate, but unless you plan to spend thousands and thousands of dollars, it won't make a significant difference.

 

Totally agree. Remember the security of travel checks and the slightly better redemption rate come at a cost - commission at both ends. They are definitely more expensive in the long run. I travel all over the place for about 3 months each year and have not used travel checks for probably 15 years. At the airport this morning, the travel check rate was only around three-quarters of one percent more favorable, and I think the commission is around Bt. 30 per cheque (but I may be wrong on that!).

 

Even if rates in town are better, it's highly unlikely you can save by using cheques. If it's security you want, though, that's a different matter! In that case, you have to go to American Express or a fully international bank to ensure you can get the cheques reissued quickly if they disappear. GB's "First National Bank of Ouagoudougou" ain't gonna do that for you without huge hassle, delay and expense.

[Guest luvthai]

I use AmEX travelers cheques and always bring a few 100 dollars bills just for back up or to use when traveling between countries. I also carry a low balanced Visa card for emergencies or ATM needs. However I hate the charges for ATM servics if not by your bank the charges put on by the thai banks.

[Guest MonkeySee]

Totally agree. Remember the security of travel checks and the slightly better redemption rate come at a cost - commission at both ends. They are definitely more expensive in the long run. I travel all over the place for about 3 months each year and have not used travel checks for probably 15 years. At the airport this morning, the travel check rate was only around three-quarters of one percent more favorable, and I think the commission is around Bt. 30 per cheque (but I may be wrong on that!).

 

Even if rates in town are better, it's highly unlikely you can save by using cheques. If it's security you want, though, that's a different matter! In that case, you have to go to American Express or a fully international bank to ensure you can get the cheques reissued quickly if they disappear. GB's "First National Bank of Ouagoudougou" ain't gonna do that for you without huge hassle, delay and expense.

 

The traveler check is a good way to safely bring money to Thailand. The Thai banks charge a fee for cashing the check but give you a better rate. The fee is 33 baht per check. That is 33 baht for each check no matter if it is a $20 traveler check or a $1000 check. I cashed a $1,000 check yesterday and was given a rate of 34.95 baht to the dollar and the fee was the 33 baht. In the past, AAA Auto Club would provide traveler checks to members at no fee. Because I am a good customer, my bank does not charge me a fee for American Express traveler checks. This same bank charges me a 3% foreign transaction fee for using my ATM. Check with your bank TopJohn and see what the best or cheapest option for you.

[Guest topjohn5]

Thanks all for you wise comments and thoughts....all very good.

And, GB I for sure will open an account at a Thai Bank.....good idea.

Monkey See, just so you know....AAA stopped giving or even selling travels checks due to the fact that too many have been forged and many places in the world do not like them anymore....that's their story anyway.....

And, just in case you are looking for the ultimate free atm card.....use a CapitalOne online bank account. They give you an atm card (not a debit card so there is no mastercard or visa logo on it) and they charge zero, nada for a fee in any foreign country. In other words they charge no percentage and no atm charge anywhere in the world! I have used it all over the world and never have been charged a dime. It's the only one I have come accross like it but they will only give you one of them and no duplicates and No Debit logo. The exchange rate is on par with other banks as well so they don't try and rip you off on the exchange rate to make up for it......love it!

Thanks again!

[Guest MonkeySee]

Thanks all for you wise comments and thoughts....all very good.

And, GB I for sure will open an account at a Thai Bank.....good idea.

Monkey See, just so you know....AAA stopped giving or even selling travels checks due to the fact that too many have been forged and many places in the world do not like them anymore....that's their story anyway.....

And, just in case you are looking for the ultimate free atm card.....use a CapitalOne online bank account. They give you an atm card (not a debit card so there is no mastercard or visa logo on it) and they charge zero, nada for a fee in any foreign country. In other words they charge no percentage and no atm charge anywhere in the world! I have used it all over the world and never have been charged a dime. It's the only one I have come accross like it but they will only give you one of them and no duplicates and No Debit logo. The exchange rate is on par with other banks as well so they don't try and rip you off on the exchange rate to make up for it......love it!

Thanks again!

 

Thanks TopJohn for the update on the AAA travel checks. I have not used AAA in a while since I get TC free at my bank. The Capital One bank ATM card sounds like a good deal. Is there a yearly service fee or how do they make money?