Traveler's checks or Cash?

[SiLeakHunt]

Mr Monty

 

If you're from the UK, I 'd recommend opening a current account with the Nationwide, they offer free cash withdrawals from overseas and a good exchange rate.

I personally tend to use trav cheques which are safe and can be replaced if lost and once you've changed them you can't end up drawing another 10 000 baht out from the ATM by accident when you're pissed which is one of the reasons I favour them, but they can sometimes be a bit of a pain to change if you're off the beaten track.

 

Cheers

[exit2dos]

Sometimes it is hard to cash a travelor's check, if your signature doesn't exactly match your passport or the signature when you bought them. If you have a rushed signature, that can be a problem.

 

The bank can always verify, with Amex, but usually won't. I was turned down, at the airport, Thai Military Bank, by a nasty little jerk.

 

I have a large brokerage account which will waive all fees, if I ask. That's the best way, in my case, but I carry $3000. Travelor's Checks just in case.

 

 

[FreeTime]

There was a thread on travel cheques/fees a few months back. I have a bank card which I mostly use, but also bring travel cheques and some cash. If a bank card is lost/stolen or fails to work for some reason and you don't have a back up system to pay your bills, you might be in a tough spot. I bring along a quantity of $100.00 travel cheques and am charged 30 baht plus 3 baht for each $100.00 cheque. During the previous thread, someone claimed that for a $500.00 travel cheque, they got charged 33 baht X 5, or exactly the same ratio as the $100.00 travel cheque. Perhaps someone can verify what the exact charge was on a more recent $500.00 travel cheque transaction.

 

[Evel_Penivel]

I bring along a quantity of $100.00 travel cheques and am charged 30 baht plus 3 baht for each $100.00 cheque. During the previous thread, someone claimed that for a $500.00 travel cheque, they got charged 33 baht X 5, or exactly the same ratio as the $100.00 travel cheque. Perhaps someone can verify what the exact charge was on a more recent $500.00 travel cheque transaction.

 

It's definitely 33B per check - doesn't matter whether it is a $10 or $500 check.

 

Evel

 

 

 

[mongatu]

First of all, when I go to LOS, I usually stay for 3 or 4 months so I are not talking about a two week trip here, where the amounts involved would not be that significant.

 

I do already have a no fee, no minimum bal, checking account (USAA Fed Savings) that allows no fee ATM withdrawals from anywhere. They even reimburse me for any fees a "foreign" (i.e., non USAA) ATM might tack on, if any. So this is what I used to use to get money in LOS and the only thing I was ever charged was the 1% MasterCard fee and I would reliably get the Oanda published rates, plus that 1%.

 

But now that system is no longer ideal because of the difference between "offshore" and "onshore" exchange rates. And I definitely want to take advantage of the better "onshore" rates.

 

So my new solution is twofold:

 

First I intend to use another no fee, no min bal, checking account I have with Washington Mutual Bank, that also offers no fee ATM withdrawals with the important addition of FREE WIRE TRANSFERS. So I will be able to wire funds from that bank to a bank in LOS for free. That in itself may solve all my problems but I still need a back up.

 

BTW, with both these banks, I can use the internet to transfer money into these checking accounts from high interest paying accounts as needed so my funds are always earning decent interest until needed.

 

My back up will be some large denomination Visa traveler's checks which I can obtain without paying any commission or fees.

 

My final back up will be my ATM debit cards, but I hope to not have to use them at all the way things are now.

 

The thing I am still interested in is where/how one gets those special higher than bank exchange rates someone mentioned?

[cavanami]

Did an ATM withdrawl from my Bank of America account today, at a Bangkok Bank ATM and got 35.29 Baht exchange rate.

 

At this time, happy with it as at Citibank, in Citibank in Bank, they were giving me 32.9 Baht...bastards!!!!!!!!!!

[Evel_Penivel]

Did an ATM withdrawl from my Bank of America account today, at a Bangkok Bank ATM and got 35.29 Baht exchange rate.

 

At this time, happy with it as at Citibank, in Citibank in Bank, they were giving me 32.9 Baht...bastards!!!!!!!!!!

 

My BOA ATM card is Visa branded. Your's too? How about your Citibank card? Is it MasterCard branded?

 

Evel

 

[was_usvirgin]

I closed my BofA account after my last Thailand trip. They denied me access to my account something like 3 times in 4 days for suspected fraudulent activities because I was using my card overseas.

 

Yeah, I know that an advance call to the bank to let them know I'd be using it abroad might have saved me the trouble, but what pissed me off was the inconvenience of making multiple long distance calls at odd hours to sort it out and the fact that they did it repeatedly until one semi-competent individual finally sorted it out once and for good and acted as if he did me a big favor. Personally, I don't think that using your Visa debit card overseas should be a red flag in itself - the establishments I used it at when the red flags went up were hotels and hospitals!

 

I'm hoping that Wells Fargo, HSBC and Citi will behave more like international banking institutions, although Wells Fargo has warned me to also give 'em a call before I travel.

 

HSBC I got because it was one of the few ATMs where my BofA card would work in Manila (I think it was via STAR).

 

End rant.

 

[cavanami]

...My BOA ATM card is Visa branded. Your's too? How about your Citibank card? Is it MasterCard branded?

 

Evel

 

Yes, same-same.

 

B of A = Visa

 

Citibank = MasterCard

[nordicman]

If you have an American Express card and a checking account (at least in the States) you can go to an American Express office in Thailand or most places around the world and write them a check and receive travelers checks. The maximum is something like $3000/month for a gold card. This, I think, would provide safety and onshore rates.