Money exchange

[Big Boy]

Yes, that's where I looked, and the rates looked favourable. However, if I use my Master Card, I get hit with a foreign transaction fee. Does anything similar apply to Visa transactions?

[Chromeman]

That is up to the bank who issued the card, some charge a fee and some don't...

[Artilery]

For cash, we always look at the several different exchange booths on Damnoern Kasem road as the rate can vary, but last year the one near McDonalds seemed to often be the cheapest.

Is Aeon bank, (which I think is only on 3rd floor, Market village, Phetch Kasem 88/1) still offering no charge debit card withdrawals? I know it used to be the only bank which was not charging, but I do not know if it has changed in the last year?

Regards, Art

[Chromeman]

I used Aeon Bank ATM's in August and there were no extra charge for withdrawals with a Visa card.

[benmo]

The TT rate is very slightly better than visa rate but the TT rate will incur a bank charge will it not?

[Artilery]

Yes - we tried TT's last year when we were touring Thailand - - Malaysia - Singapore by train and did not think they were worth the bother. They gave a slightly better xchange rate than cash (in Thailand, but not always in Malaysia), but you have to pay 1 - 2% to buy them, which wiped out any advantage on the exchange rate.
Of course, TT are more secure than cash if you get robbed, but we wear any larger sums of money under our clothes and divided between us, so unless we are actually mugged I think it is fairly secure.

Thanks for the update on Aeon bank. We will definitely use this.

I would not mind if the Thai banks charged a percentage on the withdrawal. They have to make their money like everyone else, but the fixed charge means that if you are just a bit short at the end of the holiday and withdraw a small amount you still get ripped off for the full ThB 150, which is 6% on a £50 withdrawal.

Art

[Big Boy]

but you have to pay 1 - 2% to buy them, which wiped out any advantage on the exchange rate.

I used to use Travellers Cheques all of the time and never ever paid the bank one penny for them.

[Chromeman]

I have started to check the Thai website for Aeon bank to locate the closest ATM to where I am planning to stay.

[migrant]

but you have to pay 1 - 2% to buy them, which wiped out any advantage on the exchange rate.

I used to use Travellers Cheques all of the time and never ever paid the bank one penny for them.

I think it depends on the bank and your account. Last time I asked for TC's the bank said no charge due to my account.

We stopped using them also though, now we bring cash. My wife's brother knows a Chinese exchange place in BKK that always has given more than the posted rates so we exchange there and then deposit in our account in LOS

[Chromeman]

How much better rate do you get on average by exchanging cash compared to withdrawal with a Visa card in an Aeon Bank ATM? Is it worth the hassle and security risk?

[migrant]

How much better rate do you get on average by exchanging cash compared to withdrawal with a Visa card in an Aeon Bank ATM? Is it worth the hassle and security risk?

Where we go it seems to average around .3-.4 so not huge but my wife likes to get her monies worth!

Hassle for us is nothing, I have my bank, throughout the year, set aside new $100 bills for me so we always have enough.

Security, well we get picked up at the airport by her brother and we exchange the next day, and deposit while he is with me.

I couldn't tell you how to get to the place, and if one spouse is not Thai, it may not work out. I thought I would toss it out there in case someone else does the same and may have better directions

[johnnyk]

I bought traveler's cheques yesterday and the bank lady asked why I would do this, seems they are not that popular any more.
Well, I don't like using a foreign bank card and paying at both ends.
If the card is lost or stolen everything goes to hell, eggs in one basket etc. And my bank has no offices in Thailand. Major headache. Been there, done that when I was pickpocketed once.
I can keep TCs in separate places so all is not lost or stolen in one fell swoop.
AMEx can replace missing TCs.
I like the safeguards TCs offer.

[Chromeman]

Traveler's cheque is almost impossible to get hold of in Norway. As far as I can see, none of the Norwegian banks issue those any more. As far as I can see, the only one is the Forex Bank, a Swedish specialist in currency exchange, but looks like they charge 3% for selling traveler's cheques. And Norwegian banks advices to use a mix of cash and cards, and having both a credit card and a debit card with you is advised.

[PET]

For Visa cards issued by any European banks, you can find the current exchange rates here.

Yes it seems to work well. I checked the Visa rate for 28 Dec and it was quoted 53.650947, although the average rate from Thai banks that same day was 53.806325.

[oakdale160]

The baht is dropping (I wonder why?) The farang are getting a few more baht for their pounds, euros,d ollars, krone and roubles.
PREDICTION TIME---- How far will it go. What will the exchange rate be (That is rate on the street inHH) on March 1st?give your opinion/best guess THB to either £ $(US) or €