Keeping currency conversion charges down

[uncle tom]

When I come to The Kingdom, usually for about ten weeks, I only bring a modest amount of cash to cover emergencies; putting my faith in a debit card, backed up by credit cards when the ATM system doesn't play ball with card #1.

But I get a bit hacked off with the charges raised for the debit cash transactions on the ATM - it works out at nearly 5% with a Barclays debit card.

So I wonder if there is a clever way round this?

Is it possible to set up a local bank account in Thailand, with a debit card, and transfer all the cash I need in one hit, thereby minimising transaction charges?

How do you seasoned expats keep your currency conversion costs down?

Tom

[sargeant]

Change to nationwide

I am awaiting an ombudsmans ruling on a major complaint with barclays and my connect card as i type

[BaaBaa.]

Is it possible to set up a local bank account in Thailand, with a debit card, and transfer all the cash I need in one hit, thereby minimising transaction charges?

Yes, No problem.

Siam Commercial bank just ask for your passport, takes about 20 minutes and you leave with your Debit Card.
Internet accounts nice and simple to set up for Transfers etc.

I dont know about the other banks.

As Sarge says, Nationwide do not charge a penny for withdrawals either.

[JimboPSM]

As Sarge says, Nationwide do not charge a penny for withdrawals either.

......... and generally with the further advantage of a more favourable exchange rate.

[johnnyk]

Excellent service at Kasikorn also.

[bajm]

It does not matter if the European bank charges for withdrawal or not. If they don’t charge, they will make their profit on the exchange rate.
Last year I compared it with my brother. His bank did not charge, mine did. But he was charged more for taking 10.000 baht from the ATM, than I was.
To avoid these excessive charges, we have opened an account at Kasikorn bank. Before our visit to LOS, we transfer the amount we expect to spend. I use the Kasikorn debet card to make the withdrawals without charges. Even with small amounts.
And I can also use e-banking for checking the account.

[uncle tom]

Is it possible to open an account with Kasicorn or Siam from the UK?

The Nationwide option is tempting, but the issue over exchange rates needs to be checked out.

Barclays seem to use roughly the same exchange rate as the money changing booths in the town, but then add two lots of fees..

Tom

[crazy88]

HSBC to Ayudhya ,next working day,better rates than the booths ,no fees .Next door neighbour uses Nationwide,same story .

Crazy 88

[nevets]

Bangkok bank account and atm card does it for me.

[sargeant]

Uncle Tom Barclays have a standing charge and commission Nationwide do not therefore smaller sums are infinitely cheaper with nationwide than Barclays since last June 2007 i have worked it out on my pension 1,200 quid i am saving about 65 quid a month in transaction fees compared to barclays

[STEVE G]

I've just discovered that Lloyds now have a scheme called money-mover where you can give someone else an atm card in another country and then transfer money onto it from your account. It might be an alternative for those that need to get money to partners in Thailand.

[Big Boy]

I've been doing that for years with my daughter, and I have several friends who do it for girlfriends in Thailand. The difference being that it has always been at my risk, using NatWest.

Apart from having Lloyds' blessing, how would this differ from what I've been doing?

[dtaai-maai]

HSBC to Ayudhya ,next working day,better rates than the booths ,no fees .Next door neighbour uses Nationwide,same story .

Crazy 88

Is that a recent thing? I'm pretty sure it cost me 20 odd quid by fax request a couple of years ago. (with HSBC-Ayudhya)