Money Management and Storage

[xenono]

Hello.

I was wondering about a couple of things that I couldn’t seem to find an answer.

1. How do you take a large amount of money with you? I was thinking of taking 2000-3000 USD in traveler's checks and then just cashing out into Baht what I needed for the day. Is this practical? As someone with no international travel experience, I really don’t know. Are traveler’s checks easy to exchange? Where can I do this? Are there any other good suggestions for taking a large amount of USD? I was thinking about just getting cash advances from from credit cards as needed. But the added fees don't see to make it worthwhile.

2. How do you protect your wallet/money/passport during LT sessions? Couldn't the girl just walk out of your hotel with your wallet and passport while you are sleeping? Do most hotels provide safes to store these items?

Any info is appreciated. BTW, I am planning my first trip to BKK in November. Ticket is already purchased. I am thinking about staying a President Park for the first two nights in BKK, then heading down to Pattaya for the rest of the trip. Any good hotel suggestions along the same lines as President Park in Pattaya? I was thinking about Penthouse.

Thanks.

[thalenoi]

Hi Xenono,

Don't you have Cirrus on one of your cards?

You can withdraw money at almost any ATM in most places. There is a daily and weekly limit. Ask your bank. I could withdraw 20.000 baht each shot at ATM's.

Most hotels have lockers, use them for passport & tickets & money. I walk with a photocopy of main page of passport and have important telephone number and travel insurance contract & contact numbers in my wallet.

I never go out whith more money than needed (up to you...)

You can change TC's at every bank mentioning "Exchange", not every bank though. Rate on TC's is better than cash.

When you pick-up a bg you will be asked to shower first. Try to get her in the shower as well (difficult to obtain but heavenly if she washes you) If you must shower alone don't leave your wallet in the room. Be smart and avoid temptation.

In 20 trips to LOS never had a gf steal a single baht from me. The funniest that happened was at some period I was crazy about taking pictures. I had rented a car with driver to Mae Sai at the Birman border. Wallet and photo equipment was on the rear cover of the car. Once parked in Mae Sai i jumped out of the car to take pictures and forgot my wallet. Driver and gf said they were hungry and would find something to eat. 15 minutes later i found them eating at a food stall. I joined them, ordered some food and realised in panic i lost my wallet somewhere. My gf smiled and showed my wallet she hid somewhere carefully in her clothing.

"Food no problem, already paid" she smiled, showing my walet. How sweet she was, sigh....

We passed by her native village where her mother lived. I let her visit her mother whilst i had some food with my driver. I gave her money every day, gave me feeling of freedom to break-up any time. That night i was suspicious and checked her wallet whilst she was in the shower (we did not shower together) Her wallet was empty. When she came out the shower i asked her to show her wallet. She obliged and i asked her "why you have no money I gave you?" Answer "i give mama"

That was during my first trip, i do trust these girls since, just don't fall asleep...

[ July 01, 2001: Message edited by: thalenoi ]

[OldAsiaHand]

I imagine I'll get blasted for this, but if I were you, I'd forget the traveler's check routine and just bring cash. A mix of hundreds and fifties will do nicely. Traveler's checks can be a nuisance to cash, there is frequently a charge for cashing them which isn't insignificant, and of course there is a charge when you buy them in the first place. I haven't bothered in twenty years.

All (reasonable) hotels have secure safety deposit facilities and frequently room safes as well. If you are going to lock your stash in a safety deposit box anyway (which of course you should), it doesn't matter whether it consists of cash or checks. Just take out a hundred or two at a time, exchange it at any of the bank kisoks that are on every major tourist street in Bangkok (and ofer remarkably fair rates without fees), and Bob's your uncle.

[Guest]

Xenono,

1. Please don't take it ALL in cash - although the odds are you won't have any problems - as it is your first trip IMHO it is just tempting fate.

Speaking as someone without credit cards (boohoo!) you will have no problem at all relying on cashing T/c's at the countless "Currency Exchange" booths which are all around the main touristy areas and relying on a mix of 10% cash and 90% T/c's (and for longer trips funds sent to a bank account in Thailand) has never in practice been a problem or any aggravation - it only takes a couple of minutes to cash a T/c.

Regarding the girls - firstly use the hotel safe for the bulk of your money / t/c's and secondly make sure you have a lockable bag in your room, it doesn't have to be strong, just enough to prevent "little fingers walking in the night". Just keep your wallet in there when you sleep / pass out. (To save any "embarassement" LOL about locking your wallet away in your bag either just wait until she goes to the shower or if you shower first then just undress in the shower - so you have your wallet with you at all times.

Also don't flash lots of money around to try and impress them - their is no point in tempting fate.

The girls are unlikely to steal from you, but it does happen, just limit your potential losses by not keeping all your money in cash in your wallet whilst sleeping with a bargirl!

Have a good trip.

[shygye]

Here is what I do when in BKK. I take $300 USD in cash (make sure they are all new bills), $500 USD in travellers checks in $100 denominations, and my ATM card. I place my cash, checks, passport, tickets, and one credit card in the hotel safe deposit box. This way if something bad happened I would still have enough money resources for the rest of my holiday.

I have never been pickpocketed but I do not get drunk and I keep my wallet in my front pocket. As others have said, only have one days supply of money on you.

[Guest]

All of the above are good ideas. Here is my approach when traveling in BKK.

I usually travel with about $200 in cash and 2 credit cards. One is actually an ATM card with a Mastercard logo. I use this card to get cash advances from the various exchange places which seem to be open most of the time. I get about 10,000 Baht per time.

I have only stayed the the Manhattan Hotel, which has room safes and I keep my passport, US$ and excess cash in the safe. I generally go out at night with my spending limit for the night and a credit card. The credit card has protection for fraudulent use and is in case I need extra spending.

I have never had any problems with bg's and usually leave my wallet next to my bed or in my trousers when showering/sleeping. It seems they usually need more sleep than I do and I don't drink much so don't worry about being drunk.

Last piece of advice is that I carry notes in my front, usually in 500Baht notes or less and always pull the notes from my pocket. That way is it hard for anyone to know just how much money you are carrying around with you.

Best of luck for your first trip!

Cheers

[Guest]

You don't mention how long you are coming for, but think about opening a Thai bank account. You can open savings accounts with an ATM card instantly available. You only need a passport to do this. If you keep a few hundred baht in it you'll have it ready for the next trip (you will be back!).

I bring in a lot of cash and go straight to a branch of my bank, exchange for baht and deposit it to my account straight away. This saves comission fees and the rate is better than the UK. For instance 58 baht plus a 1.5% commission against 63 baht and no commission.

One tip no-one has suggested, carry a small amount of baht (500-700) in a cheap wallet to "give away" if the worst happens.

[ July 01, 2001: Message edited by: coquetislander ]

[Guest]

I don't think there is much advantage to opening a Thai bank account. Besides, I do not believe you can get interest bearing foreign bank accounts in Thailand so your money is just sitting there doing nothing.

I have bank accounts at two different US banks each with full internet access. I can transfer within and between them. I carry one ATM card from each bank plus a Visa card. If one ATM card goes bad or gets lost I still have the other plus the Visa. Simple, and my money is still accumulating interest until I withdraw.

Always a good idea to have $500-1000 in travellers checks and $200-500 cash as emergency backup. If absolutely everything gets stolen and you still have some form of identification you can get the travellers checks replaced. This can salvage your vacation or at least tide you. I like to put the cash under the soles of my shoes in case I every really need to get out of a jam ASAP.

[xenono]

Thanks for all the responses.

I guess the easiest thing for me to do is to call ahead to where I plan on staying and make sure the rooms have safes. If not, I will definetly store my passport and the bulk of my money in the hotel safe.

As far as cash management goes, I guess I will take some credit cards for cash advances, some cash, and some travelers checks. No need to put all my eggs in ONE basket.

Once again, thanks for all the comments and responses!

[Guest]

Alfalfa

I think you have misunderstood my post. I mean open a baht account, anyone can do it with just a passport. They pay interest so your money is not sitting doing nothing.

If you withdraw money from a Thai bank using an ATM card from a falang bank you are at the mercy of Visa or Mastercard to determine the exchange rate used. As an ex accountant I am very careful with my hard earned cash. If I had used my UK bank account ATM card and "bought" baht at 58 to the pound instead of 63/64 which is easily available in LOS; I would have cost myself £160 on the amounts I changed this year.

So my way is the best available exchange rate with no fees and I have a bank on every street corner in which I can use the card or passbook. I lose interest only during the flight time. Check out your statements when you return home and you'll see just how much they have shafted you for.