re money issues

[t1ggyw1ggy10]

Hi everyone.

Im feeling bamboozled and need some advice.

The situation is that im coming to hua hin in january and and plan on spending a year maybe 2 there.Im not sure what to do about money I was going to use my lloyds debit card but knowing me ill probably lose it and then will be stuck because after reading some of the topics ,lloyds would appear not send me a new debit card to thailand.
Can anyone suggest what's the best way of funding my stay.

[Ginjaninja]

I think all U.K. banks have the same policy. If you were to use your Lloyds debit card you would be charged 150thb for every ATM transaction. You will also be charged a foreign transaction fee - same goes for in-store purchases.
You could open a Thai account and transfer your entire oneortwo-year budget in one go. Then you will only pay a one-time Swift transfer (max. £50).
Plenty threads on here regarding opening a Thai account.
Regards,
GN.

[benmo]

Open account with Norwich and Peterborough BS, debit card has no fees, then use Aeon bank on top floor at Market Village who do not charge the 150Bt fee that Thai banks do.

Cheers

[Dannie Boy]

I think all U.K. banks have the same policy. If you were to use your Lloyds debit card you would be charged 150thb for every ATM transaction. You will also be charged a foreign transaction fee - same goes for in-store purchases.
You could open a Thai account and transfer your entire oneortwo-year budget in one go. Then you will only pay a one-time Swift transfer (max. £50).
Plenty threads on here regarding opening a Thai account.
Regards,
GN.

If you do open a Thai account and transfer money here - even if not all you need in one go, transfer it in fairly big chunks - say £5-10k equivalent. Don't forget that when you send money here, send it in your home currency and get it transferred to baht when it arrives, that way you will get an extra 2-3 baht to every £1.

[STEVE G]

You could open a Thai account and transfer your entire oneortwo-year budget in one go.

Yes, I would open a Thai account and then use internet banking to transfer from your UK account, it's much cheaper than using a UK debit card in ATM's and if you loose your card, you just have to go to the bank. Lloyds charge £10 for an international internet transfer and it takes three working days.

[Pleng]

Thai bank account, yes. But don't transfer with your bank; you'll likely be charged a fee and get a poor exchange rate. Sign up for a money exchange service such as caxtonfx or the post office.

[Ginjaninja]

Thai bank account, yes. But don't transfer with your bank; you'll likely be charged a fee and get a poor exchange rate. Sign up for a money exchange service such as caxtonfx or the post office.

Pleng,
is there a way you can compare your bank's exchange rate between the two services you mentioned? How does it work? Do you do an internal (U.K.) transfer to the post office (example) and let them do the international transfer? What about waiting till you get the best rate? I will be looking at transferring a large sum in the next few months.
Cheers,
GN.

[t1ggyw1ggy10]

Thanks for all the advice . very useful information

[Gregjam]

Ginjaninja, not sure if it was Pleng that put me onto CaxtonFX but I have been using them for a while. They do not charge to transfer the money and the rate is somewhere between the tourist and bank rate. I get it sent in baht but I think you can (and it may be a better idea) to send it across and have it changed here.
Wifey in one of her recent stubborn moments insisted on bringing cash from the UK for a large purchase. We brought over £20,000 and apart from the cash declaration at Heathrow (did not do one in Suvarnabhumi as felt safer without doing it) and the risk because of the latter failure to declare it was hassle before we even got to the bank here. They then charged us for the pleasure of changing it and overall it probably cost more that 3,000 baht and a lot of wasted time as some money changers would not accept all the notes resulting in us using the main bank.
Transferring using CaxtonFX is simply a case of registering online, arranging a transfer where you see the rate you will get and then transferring the money in the UK to their account using the reference they send you in a message. Takes a couple of days but has been hassle free for me so far.

[Pleng]

Thai bank account, yes. But don't transfer with your bank; you'll likely be charged a fee and get a poor exchange rate. Sign up for a money exchange service such as caxtonfx or the post office.

Pleng,
is there a way you can compare your bank's exchange rate between the two services you mentioned? How does it work? Do you do an internal (U.K.) transfer to the post office (example) and let them do the international transfer? What about waiting till you get the best rate? I will be looking at transferring a large sum in the next few months.
Cheers,
GN.

Essentially you give them the details of the bank you want to transfer to in Thailand, then you tell them the amount you want to transfer. You then make payment either with a debit card or a bank transfer to their account in the UK. The money is with you in Thailand in 3-4 working days, providing there's no public holiday on either side of the deal!

You are told the rate you will be getting at the time you book. I don't know about the Post Office but with Caxton FX you should always do the trade in UK banking hours to get a better rate.

[Hilux]

Thai bank account, yes. But don't transfer with your bank; you'll likely be charged a fee and get a poor exchange rate. Sign up for a money exchange service such as caxtonfx or the post office.

Pleng,
is there a way you can compare your bank's exchange rate between the two services you mentioned? How does it work? Do you do an internal (U.K.) transfer to the post office (example) and let them do the international transfer? What about waiting till you get the best rate? I will be looking at transferring a large sum in the next few months.
Cheers,
GN.

Hi GN
You could also choose to open a "foreign currency account". I have one in Bangkok Bank, and when I transfer to it (which costs a small trasfer fee) the Money will stay in the currency of my home country. After that I can change whichever amount I like to THB without any exchange fee. I get the full TT rate (which can be seen at http://bankexchangerates.daytodaydata.net/default.aspx) and the THB is immediately available after the exchange.

Hilux

[benmo]

The N and P BS option is cheaper option than Caxton and similar services as lond as you use Aeon ATM