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Money Management and Storage


xenono

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coquetislander,

I was not aware that a foreigner could get an interest bearing account of any kind. Maybe things have changed since I last checked. Maybe it was that you have to have a permanent (non P.O. box) address in LOS. Maybe someone can enlighten me as to the current situation.

Regarding exchange rate. I was getting the same if not slightly better exchange rate with my ATM card as I was with $100 travellers checks but without the per check transaction fee. Your bank must be charging you hefty transaction fees for foreign ATM withdrawls. Try shop around. My bank does not charge any fees as far as I can tell. If there are any hidden fees I don't care because at the end of the day I am still getting a slightly better rate than with travellers checks.

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Alf

It's not the comission charged but the rate of exchange they use. 58 to the pound as opposed to 63/64 that's a lot if you stay for a while. I am advocating taking all the money in home country cash and going swiftly to the bank on arrival. My GF picks me up by car so I don't know how much I'd sweat "on the street"!

Interest bearing accounts are probably not available with hotel addresses. I have two, one with Bank of Asia and another with Thai Farmer's Bank.

Both were opened with only my passport, however as they never needed to send anything to my house (you collect the ATM cards from the branch) I could have been staying at a hotel. I have a permanent address in LOS but no one checked.

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[ July 02, 2001: Message edited by: coquetislander ]

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On the subject of ATM exchaneg rates, I just used my BofA ATM card on Friday to get 20K. Including the $1.50 flat fee, the rate they gave me was 44.67. I think the set rate was something like 45.2 on Friday, so that isn't too bad. Anybody buy Baht on Friday? What rate did you get?

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All of the comments are correct, it comes down to what you're comfortable with and how much you want to risk. I have not seen it discussed on this board, maybe the old Delphi board, but you can prepay your Visa/Master card and then draw against it and not have to pay interest as you would on a cash advance. My personal favorite is a few TC and ATM cards. There is something about pulling money out of your account half a world away that makes technology wonderful.

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Hi,

Alfalfa said:

"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."

If you do this with Thai money, just make sure no Thai person ever sees you do so. Placing your foot on the King's portrait is a very big insult here, and could cause you some major problems.

Sanuk!

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quote:

Originally posted by coquetislander:

Alf

It's not the comission charged but the rate of exchange they use. 58 to the pound as opposed to 63/64 that's a lot if you stay for a while.

[ July 02, 2001: Message edited by: coquetislander ]

Some banks hide their fees in the exchange rate they give you. In the USA some banks charge an additional 2% fee for foreign transactions (additional profit). But it does not show up as a transaction fee only as a lower exchange rate.

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I use a UK Nationwide Building Society account, which lets me withdraw from any ATM in the world linked with VISA without incurring commission charges.

Furthermore, I just checked a recent transaction and I found that I got an exchange rate of above 63 Baht to the Pound.

I recommend them heartily. smile.gif" border="0

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I usally bring about $200 in cash for getting back from the US airport. All other money is in Traveler's Checks. I never spend US currency in other countries. I also take credit cards and my auto teller card.

I keep enough money with me in the room for sanuk and a good tip. I keep everything important in the safe. I have some hidden compartments in a locking suitcase where I can keep additional money.

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