Getting access to your cash abroad? (Thailand)

jackwoodson

There are plenty of ATMs in Thailand, they cost up to 5.5 euro to use, and then you have to look out for foreign exchange commission. Not so bad I guess.

But then the banks make an appearance. KBC, Ulster Bank, BOI, Permanent TSB, and more all charge 3.5% of your cash to get your cash! Capped at 11.43 plus whatever they charge to use the ATM (30 cent or something). AIB is 6 euro, and if I can't find anything else I'll change banks to them.

So it will end up costing 20 quid each time to use the ATM and about 200 bills over the course of the holiday- just to get access to my funds. Alternative is walking around pickpocket central with stacks of cash in my jocks. Between this and insurance I'll be paying over 300 euro just to be somewhat safe there. How do you lads do it, what's my alternatives?

Looked at a prepaid debit cards, Monzo is suspiciously "free" to take out money but they have a max monthly limit of 1k. Revolut charge 2% commission with no max cap (so 2% of all your funds going to them) and I don't know if either of these are reliable or safe. I heard their systems also go down a lot as their just a group of lads in an office, so you could be stuck with nothing but unsure how true that is at the moment.

Thanks

Lyle Lanley

Put money onto a credit card and withdraw from it, it'll be cheaper than a debit.

Don't use ATMs, take cash from the desk in the bank. You'll just need your card and passport.

jackwoodson

Why take it from the bank instead of the ATM? And I asked KBC about the credit card in their forum here and they said it cost the same, and I looked up the fees and I actually think it's more expensive not even taking into account the 30 euro stamp duty.

Doltanian

http://www.boards.ie/vbulletin/showpost.php?p=74530909&postcount=8

An interesting old post I found here recently as I was researching Thailand also. Try take as much cash as possible which you can safely handle.

killbillvol2

jackwoodson wrote: »

Why take it from the bank instead of the ATM? And I asked KBC about the credit card in their forum here and they said it cost the same, and I looked up the fees and I actually think it's more expensive not even taking into account the 30 euro stamp duty.

If you take it from the bank you're not charged ATM fees. The downside is that there always seems to be a huge queue in banks.

Cash is the best option but may not be safe depending on how you're travelling and where you're staying. Any decent hotel will have a room safe but obviously if you're in dorms it's a non runner.

Revolut is the next best option probably. Even the 2% charge after the first €200 is less than your bank. (N26 Mastercard might be an other option. There's a thread on it.)

If you preload your credit card the positive balance isn't covered in the event of fraud so that's not a sensible solution.

jackwoodson

Cash isn't safe, even in hotels with a safe there are plenty of reports of staff robbing the money. You need to keep it in the bank to avoid getting robbed supposedly. Even that guy in the thread linked had his money stolen, and everyone I've asked about Thailand seems to have a story about theft/scams, so I think theft and scams are a lot more common than the guide books let on.

That's good about the banks then, that means I'm down to about 12 euro charge from 20 to take out money. But why would the banks offer this service if they're not making any money off it?

JohnCleary

We go to Thailand every year and this is a bit of a pain for us.

No matter what, you're caught with what is now a 220 / 250 baht charge (It used to be 200 baht, think it's now 250? baht)

This is a charge by Thai banks, not Ireland. To avoid Irish charges, I used my credit card which was topped up (hence always in credit)