Managing money in Thailand

wivy

Heading to Thailand for three and a half weeks in July. Starting to get a few bits and pieces together for it.
Im just wondering how to manage my money.. Should I set up a seperate bank account? Does anyone know any ways to avoid high charges for taking money out whilst/banks etc over there? Also considering using travellers cheques? Any opinions or experience?
If anyone has any tips on how much spending money I would need I would really appreciate it!..
Thanks a mil

Stinicker

wivy wrote: »

Heading to Thailand for three and a half weeks in July. Starting to get a few bits and pieces together for it.
Im just wondering how to manage my money.. Should I set up a seperate bank account? Does anyone know any ways to avoid high charges for taking money out whilst/banks etc over there? Also considering using travellers cheques? Any opinions or experience?
If anyone has any tips on how much spending money I would need I would really appreciate it!..
Thanks a mil

I was in Thailand last year and wrote a post here about managing money there.

You don't need a seperate bank account so long as you have a current account with a Laser off it but more importantly a credit card is very helpful and will reduce some of the cost your pay for withdrawing money abroad.

As for spending money, well it is down to what you want to do whilst in Thailand, will you travel around, stay in hostels or hotels and how flexible with food you are, if you eat local thai food this is much cheaper compared to western food which is more expensive.

Thailand is cheap but not super cheap either and the current ex rate is 39.5bt to €1 so watch this and if the Euro strengthens buying some Baht might save you a few quid.

Any questions just ask as I was there for 3 weeks last years and have written loads on boards, just search and I am heading back there in April for a few weeks again.

wivy

Fantastic thread! thanks so much stinicker! I'm currently with Ulster Bank. They told me I wil be charged a 3.5% commission on the amount withdrawn from my account. I will definetely look into getting a credit card.
Well I was thinking of bringing €2000 worth of spending money with me?
Where would I be able to buy baht before I go? It must have made quite the impression if your heading back again!
Thanks so much for all your help! Much appreciated

Stinicker

wivy wrote: »

Fantastic thread! thanks so much stinicker! I'm currently with Ulster Bank. They told me I wil be charged a 3.5% commission on the amount withdrawn from my account. I will definetely look into getting a credit card.
Well I was thinking of bringing €2000 worth of spending money with me?
Where would I be able to buy baht before I go? It must have made quite the impression if your heading back again!
Thanks so much for all your help! Much appreciated

You can purchase thai baht here from both AIB and BOI, although AIB are cbetter on the ex rate, I'm with BOI but always get my foreign exchange in AIB as they are cheaper for foreign currency. However if you took Euro you will get a better rate if you change it out there, just make sure you understand the rate as there is as many conmen as legit money changers.

€2k is a large amount to take from a security point of view, I got robbed off $200 so you would need to take precautions or else go the credit card route which while more costly is safer as I never withdrew more than €500/20,000bt and I'd take around 10,000bt in person in my wallet and leave the rest either in the hotel safe or the lockup at the reception.

I always hide a bit in a shoe or somewhere inconspicuous as a backup emergency fund incase I'd get cleaned out so as to have enough to phone home, get a taxi to the airport or embassy etc. Having my credit and laser cards both blocked in Australia in 2010 taught me the value of having a backup cash reserve also, I eventually got them unblocked but it took three days.

Yeah Thailand is cool although not for everybody, I like it because it is so much cheaper than here, there is always something new to try or see and the people are so friendly always smiling, add to that a nice warm climate with the occasional downpour and something quirky and interesting each day, it is transitioning between 3rd world and 1st and you can have opulence, or slumming it all with ease. I'd rather give a week there than a month in some generic spanish resort where I'd go insane from boredom within about 2 hours of arriving.

rothai

All good advice above.
I wouldn't bother with the traveler cheques. I think they are more hassle than they are worth. I was in Thailand for 3wks as well, savage place, could spend months there. Go with the flow, always smile and you will have a great time

wivy

Thanks a million! Will stay away from the travellers cheques so and bring some baht and euro with me.
The two thousand would be on my visa card or credit card. Wouldnt carry it on me. Would you suggest using a bank for changing euro in thailand?
Also, on an aside will my iphone work out there? Or will I end up paying crazy international charges and roaming charges if I used my internet?
Thanks again,
Wiv

rothai

wivy wrote: »

Thanks a million! Will stay away from the travellers cheques so and bring some baht and euro with me.
The two thousand would be on my visa card or credit card. Wouldnt carry it on me. Would you suggest using a bank for changing euro in thailand?
Also, on an aside will my iphone work out there? Or will I end up paying crazy international charges and roaming charges if I used my internet?
Thanks again,
Wiv

I'd probably bring US dollars instead of euro. And as stinicker said put some never ever spend money unless in dire need somewhere really sneaky. Just in case. As for the fone. I can't advise, I wouldn't have one

rothai

I'd say internet on your phone will cost a small fortune, unless your connected to wifi

sombaht

wivy wrote: »

Thanks a million! Will stay away from the travellers cheques so and bring some baht and euro with me.
The two thousand would be on my visa card or credit card. Wouldnt carry it on me. Would you suggest using a bank for changing euro in thailand?
Also, on an aside will my iphone work out there? Or will I end up paying crazy international charges and roaming charges if I used my internet?
Thanks again,
Wiv

Your phone will work but the roaming charges will be crazy. If the phone is unlocked you can buy a PAYG sim out in Thailand and just text the number back to family and friends in Ireland. PAYG sims can be picked up in any 7-11 shop out there.
I wouldn't really go to the hassle of changing Euro to dollars and then dollars to Baht as you get hit twice for exchange fees. Euros are as widely accepted out there as dollars or sterling. Just to note you get a slightly better rate exchanging larger Euro denominations (>€100) as opposed to the smaller denominations.
One last thing to note, cash or any thing left in a hotel safe is left there at your own risk, the hotel is not responsible for anything that goes missing from your room, even if it is in the safe.
Oh and if paying by credit card some places will hit you with a 3% surcharge, just be aware of that.

Cheers,
sombaht

wivy

my iphone is unlocked so it should work alright there! will do that so because I would like to have some access to internet/banking online while I'm there.
Would you say its worth getting a credit card then or just sticking with my visa bank card if I'm likely to get hit with much the same commission.
Thanks so much again for all the advice and help

sombaht

Well personally I'd go with the CC for emergency expenses, be it an airline ticket home or medical expense (hopefully not). Think its a lot less risky carrying a CC than a wad of cash and having to worry about a hiding place for it as you travel around. Whatever you decide enjoy your trip, it really does live up to its name "Amazing Thailand".

Cheers,
sombaht

killbillvol2

rothai wrote: »

I'd probably bring US dollars instead of euro. And as stinicker said put some never ever spend money unless in dire need somewhere really sneaky. Just in case. As for the fone. I can't advise, I wouldn't have one

That makes no sense whatsover. Euro are just as easy to change as dollars so why would you pay to exchange money twice?

Stinicker

killbillvol2 wrote: »

That makes no sense whatsover. Euro are just as easy to change as dollars so why would you pay to exchange money twice?

Totally agree, I only took Dollars with me as I happened to have them in Ireland and took them with me to convert them to Baht instead of converting them to Euro and then Baht and losing twice on the transaction. I had them left over from a trip to the US previous.

wallpaper12

most people bring dollars to South east Asia to pay for visas for border crossings thats why you might see them mentioned. But if you are staying in Thailand then euros should do just fine

igorbiscan

wivy, I think the best is some in cash,some in bank(laser card) and credit card back-up.
If I recall my credit card co. (mbna) would cover me for any fraud against my debt balance,however if I lumped a large amount of cash on my credit card for travel spending then any fraud on the credit amount would not be protected.Just something to keep in mind or to check first.
Have a good one.

wivy

thanks very much guys for all the advice!
On another aside!... Would anyone reccomend particular travel insurance with good cover? was looking at travelinsurance.ie at the moment but would like to hear your reccomendations! ye are great thanks a million everyone!

cons80

wivy wrote: »

thanks very much guys for all the advice!
On another aside!... Would anyone reccomend particular travel insurance with good cover? was looking at travelinsurance.ie at the moment but would like to hear your reccomendations! ye are great thanks a million everyone!

any time i whened travelling to thailand i go travel insurance with aib reasonable but being two years now since i last had world wide travel insurance

frostie500

Im over in Bangkok now and there has been no issue with Euros or Sterling over Dollars. All three are the most accepted currencies in the world so it wont make any difference.
I know that someone mentioned Visas for other countries in SE Asia but for Thailand none is required for an Irish citizen so just go straight through to passport control.
You can get travel insurance with the VHI for 45 quid and to be honest the money you spend on insurance is the best money you'll spend all year.
In relation to phones over here when I got off the plane I was given a local SIM card and Ive topped it up and it seems pretty good value, defintely better than if i was using my own phone and roaming.

1stimpressions

Hi, I live in Bangkok so if you want any particular advice ask away. I would as suggested bring cash. If its possible I would change only the cab fare at the airport and exchange Euros in the city which will be very near the market rate instead of losing 2-10% of your money through other charges at the airport or with AIB etc. With CC as back up.

A shop called Super Rich give the best rates and they have two central locations if you google them. Bring your passport to the shop to change money. In case you don't know July is very rainy but it doesn't last more than a few hours at a time usually.