Carrying cash over (best way)?

[Daddee]

Pretty sure they've stopped tourists opening accounts

Just Americans...  The US is making it very difficult on foreign banks, so the banks are just saying no to Americans.

[felix the cat]

I always bring 4-5kAUD cash with me for a trip 2+ week trip. I fold the money into a small pocket wallet & place into my front pocket when boarding the plane, that way its always on you & wont be stolen from your carry-on luggage. 

 

Now i always stay in hotels that have good security & have a in-room safe.....haven't had a problem so far in 9yrs. 

[amar]

If you're from the UK then the best thing you can do before the trip is apply for a Halifax credit card. It gives the interbank rate (withdrew 25k the other day @ 54.5 BHAT <> GBP). No charges other than the 150-180 BHAT ATM fee from Thailand. I've used this card in nearly every country in SE Asia without issue (other than the usual false positive fraud block). Telephone support is excellent - they always answer within a few rings.

 

My security approach is to withdraw 25k as needed. I specifically go out just to do that and nothing else. The card and money then gets locked in the safe less my spending money for the night. Never had an issue with that over the past 13 months. If you make a faster payment to the card from internet banking then you have that balance available the next working day.

 

Halifax combined with First Direct is the perfect combination for the traveller!

how did you link your Thai bank/ Halifax tried their code but got no joy ??????

[socrates]

how did you link your Thai bank/ Halifax tried their code but got no joy ??????

 

You would have been given a Swift Code or BIC Code inside your passbook when you opened the K Bank Account

 

That is the one you input for the online transfer

 

If it is wrong the payment will be rejected

 

You can call K Bank Customer Services 24 hours a day and they can confirm it for you either way

[Perthie]

Taking cash is fine, as long as you're staying in reasonable accommodation with an in-room safe.  I've carted cash into LoS for most of my Thailand trips without any issues.  It goes in my carry-on bag, which is lockable.

 

For Aussies, using a bank card is prohibitively expensive.  My own bank would charge me $30 in fees and 'currency conversion charges' every time I put my card in a foreign ATM.  That works out to a lot of lost money over the course of a trip.  Of course, things are different depending upon your home country.

 

Because I'm slightly paranoid I tend to break my $5-6,000AUD worth of spending cash down into small bundles and seal each one in an envelope.  That's simply because it prevents Tilak from 'accidentally' spotting how much cash I have, and limits the risk of petty pilferage just in case I happen across a crooked hotel employee.  Nothing would stop me losing the whole lot if a hotel worker decided to open the safe and do a runner with my goodies - which is why I say it's best to use a reasonable hotel to stay in if carrying cash.

 

Thai banks have tightened up on giving accounts to tourists now, but I have read accounts of BM's still being successful in doing this.  You need to do the legwork to find out which banks and branches are still being cooperative, otherwise you'll be wasting your time.

 

I prefer the cash option overall in my own circumstances.  I change up what I need for each day and the exchange rates are better in LoS than anything my bank will offer me.  Everyone has their own preference.

 

Cheers

 

Perthie

 

 

[amar]

You would have been given a Swift Code or BIC Code inside your passbook when you opened the K Bank Account

 

That is the one you input for the online transfer

 

If it is wrong the payment will be rejected

 

You can call K Bank Customer Services 24 hours a day and they can confirm it for you either way

Definitely input swift code but even Halifax staff shrugged their shoulders. Will check passbook and see. THANKS

[DRFRANKIE]

Definitely not the best combination

 

You have Norwich & Peterborough - no commission charges - but attracts the 150-180 ATM charge

 

Nationwide Flex Plus - costs £10 a month but loads of benefits and earns 3% interest on £2500 so essentially ends up costing £6 a month - and includes Travel Insurance, Breakdown and Mobile phone cover for everyone in the household - also attracts 150-180 ATM charge

 

UK Charles Schwab Account - fiddly to get - but no charges for ATM withdrawals or commission charges

 

The best option is Halifax Current Account - online transfers £9.50 to Kasikorn £9.50 intermediary charge and 500 baht receiving charge - plus you can choose the time you send it over to get the best rate

 

One thing to bear in mind of you are carrying cash - the Thailand flights from Heathrow are getting special attention from UKBA - they have several officers in the departure lounge

 

You need to be able to satisfy them where this money has come from above £1000 - and they are persistent in their questioning - and it can be confiscated until your return

 

I use a combination of these methods with the cards being there mainly as a back up feature

[DRFRANKIE]

Just say you carry more that £1000 and you have a bank receipt are the custom officers ok with this?

[Quiet Guy]

I bring cash and keep it secured in a pacsafe hip-bag while traveling.

http://pacsafe.com/stashsafe-200-gii-anti-theft-fanny-pack

 

On arrival I go to the changing boot of TT exchange in soi bukhao and then put the Baht on my K-bank.

Changing cash gives a better rate then transferring money to my account.

 

The pacsafe also get useful to go to St rooms or massage places with shared shower as you can lock your phone and money safely in your room.

 

[socrates]

Just say you carry more that £1000 and you have a bank receipt are the custom officers ok with this?

 

Correct

[furryman]

Always used traveller cheques in the past due to the extra security. I'm an anxious person but gonna bring over cash this time.

 

What's the best way to bring cash over on the plane?

Do you lot just stash the lot in the hotel safe? Is this advisable?

 

Cheers

When I carried cash here I just used a moneybelt and felt fine about it. Once I was here I got a bank account and put all the cash in there. It's super easy to do and then all you need is an ATM to get at your money, way more secure than little mini-safe.

[Jarrod2518]

I found no problems opening Kasikorn Bank acct. Just need hotel regsteration and passport and cash to deposit. Gives you an ATM card and llong term facility to transfer funds to Pattaya. 

[socrates]

I found no problems opening Kasikorn Bank acct. Just need hotel regsteration and passport and cash to deposit. Gives you an ATM card and llong term facility to transfer funds to Pattaya. 

 

Its the Americans that are having problems opening accounts with K-Bank

 

It seems from another forum Bangkok Bank are picking up the slack

[hggcraig]

Thanks for all the help. Is there a minimum amount I have to desposit each year to keep the account open?

[amar]

Thanks for all the help. Is there a minimum amount I have to desposit each year to keep the account open?

No but ATM carries annual charge of 500bh. Confirm with bank & the cost when opening account.

[socrates]

The account needs to maintain a balance of 2000 baht minimum to be on the safe side

[Daddee]

When I carried cash here I just used a moneybelt and felt fine about it. Once I was here I got a bank account and put all the cash in there. It's super easy to do and then all you need is an ATM to get at your money, way more secure than little mini-safe.

furry, banks aren't letting yanks open accounts in Thailand anymore...

 

because our lovely govt is making the reporting of accounts so complicated it is easier for them to just say no to Americans.

 

so far I have not heard of anyone who has one losing it, hope it stays that way for you lucky guys...  

[amar]

furry, banks aren't letting yanks open accounts in Thailand anymore...

 

because our lovely govt is making the reporting of accounts so complicated it is easier for them to just say no to Americans.

 

so far I have not heard of anyone who has one losing it, hope it stays that way for you lucky guys...

don't be too sure as most bank staff lack customer service & language problems. Need to check with Jomtein Kasik right as soon as you enter Beach Rd who have English speaking, helpful staff. Some Ameri can on ground could check snd confirm.

[fusionx]

furry, banks aren't letting yanks open accounts in Thailand anymore...

 

because our lovely govt is making the reporting of accounts so complicated it is easier for them to just say no to Americans.

 

so far I have not heard of anyone who has one losing it, hope it stays that way for you lucky guys...  

 

I hope you are talking about tourists not being able to open new accounts, and not people actually moving to Thailand on Retirement Visas!

[Daddee]

I hope you are talking about tourists not being able to open new accounts, and not people actually moving to Thailand on Retirement Visas!

from what I understand, the thai banks are refusing to open new accounts for Americans, period.

 

http://money.cnn.com/2013/09/15/news/banks-americans-lockout/

 

Americans, take your money elsewhere!

That's what banks around the world have been telling their U.S. customers, as they try to avoid having to comply with a new tax law due to come into force next year.

Jimmy Sexton, an American, was forced to close his checking account at Volksbank in Austria earlier this year. And Genevieve Besser, an American living in Germany, was given two months notice last year to close her securities account at ING-Diba, the German arm of Dutch bank ING (INGVF).

The U.S. Foreign Account Tax Compliance Act, which requires businesses to report all assets held by Americans, aims to recoup the hundreds of billions the U.S. says it loses each year from tax evasion. But it's also leading global banks big and small to dump U.S. customers rather than wrestle with the complicated law.

"U.S. citizens living abroad are really having a hard time with their banks," said Gerard Laures, a partner in the financial services tax division at KPMG.

Proper compliance -- which means reporting everything from basic savings accounts, pension funds, investments, and more -- could easily cost institutions millions each year, he estimated. And penalties are severe; businesses face a 30% tax on U.S.-sourced income if they fail to comply.

"Many banks have taken the decision to tell U.S. customers to go away," Laures said.

Ross Badger, a tax adviser at Satis Asset Management, estimates that half of his clients have had difficulties with their banks, and expects the trend to continue.

Besser was told that new U.S. regulations would "mean a considerable increase in costs," according to a letter she received from the bank. Instead of charging American customers higher fees to offset the new costs, the bank simply decided to shut down the accounts. Sexton received a similar explanation.

Related story: Americans turn in passports as new tax law hits

A number of other banks have also kicked out Americans.

Deutsche Bank (DB) decided in mid-2011 to close the securities accounts of U.S. residents outside America because of the new law, and HypoVereinsbank, part of Italy'sUniCredit, (UNCFF) followed suit.

HSBC is no longer offering wealth management services for Americans in some countries. Neither is the Bank of Singapore, the private banking operation of the Oversea-Chinese Banking Corp. And Raiffeisen bank in Switzerland has cut ties with Americans.

That's only a small sample of banks that are refusing to do business with Americans, who now face a "banking lockout problem," said Marylouise Serrato, executive director of American Citizens Abroad.

[momomo]

been done to death as well...: http://www.pattaya-addicts.com/forum/topic/49732-setting-up-a-thai-bank-account-updated-mar-2014/page-43

[furryman]

Its the Americans that are having problems opening accounts with K-Bank

 

It seems from another forum Bangkok Bank are picking up the slack

That might have to do with folks trying to do it on a 30 day entry permit, which a lot of my fellow Americans do because they wont be here more than 30 days. Pretty sure you need an actual visa. 

[Daddee]

read my post above furry... things have changed since you opened your account...   

[fusionx]

from what I understand, the thai banks are refusing to open new accounts for Americans, period.

 

http://money.cnn.com/2013/09/15/news/banks-americans-lockout/

 

 

Thanks for the link - much appreciated.

 

Man, I served in the Navy, and I love my country, but wow.. we used to be called the "Land of the Free". Now we're the land of the monitored and assumed guilty.

[furryman]

Thanks for the article, It's odd because I just opened a new account 3 or 4 months ago. I had closed mine when I went to KPP and just recently got around to opening a new one, took 10 minutes, all I needed was my passport.

 

It was at the kbank inside the big c on Pattaya Klang.