Exchanging AU to Thai Baht

[ThePezDispenser]

Didn't know whether to put this here or in the lifestyle thread, however I'm looking at exchanging a couple of grand of the AU to Thai Baht before I head off to Thailand for a holiday.

So I was just wondering where it would be best to get my money exchanged. I'm with ANZ and have read you have to go to their Collins st branch, and they still charge?

 

[Leper]

My advice would be to change $100 or so (+/-) at the airport (I'm assuming BKK or HKT) when you get there (enough for a cab fare and a meal); the balance at a money changer or bank in Thailand.

 

[ThePezDispenser]

Yep, thanks, just been doing some extra reading up on it.

Looks like it is best to have a little for the cab, food for the first day etc and then to exchange the rest in Bangkok (where we will be first)

 

[year of the roo]

If you have time before you leave, get yourself a 28Degrees Mastercard. No international transaction fees. Means you can transfer money to your credit card and have it 'in credit'. Then you can simply pull money out for free as you need it using Thai (or any other) ATMs.

Anyone who heads overseas without one of these cards should be stopped at Immigration.

 

[KENT2008]

is a 28 degrees card better for travel than say a NAB gold credit card or something like that?

 

[Eagle87]

If you have time before you leave, get yourself a 28Degrees Mastercard. No international transaction fees. Means you can transfer money to your credit card and have it 'in credit'. Then you can simply pull money out for free as you need it using Thai (or any other) ATMs.

Anyone who heads overseas without one of these cards should be stopped at Immigration.

Thai Bank ATM's charge a 150 baht fee (roughly $5) on cash withdrawals via any non-Thai ATM card (including Visa/Mastercard etc)....

How sure are you that a 28Degrees Mastercard is exempt from those fees (they aren't as I understand it)?

On the topic proper, you're always better off changing the money in Thailand than in Oz... Frankly (the fee above aside) you getter a better deal withdrawing cash at ATM's in Thailand than you do in Aussie banks or money changers ..

These 2 links show Travelex rates (in Oz) v Kasikornbank in Thailand - there is a difference:

https://www.holidaymoney.com.au/nab/daily-exchange-rates.html

http://www.kasikornbank.com/EN/RatesAndFees/ForeignExchange/Pages/ForeignExchange.aspx

 

[year of the roo]

is a 28 degrees card better for travel than say a NAB gold credit card or something like that?

Yes, there is no monthly fees attached to it, unlike the NAB Gold.

 

[year of the roo]

Thai Bank ATM's charge a 150 baht fee (roughly $5) on cash withdrawals via any non-Thai ATM card (including Visa/Mastercard etc)....

How sure are you that a 28Degrees Mastercard is exempt from those fees (they aren't as I understand it)?

On the topic proper, you're always better off changing the money in Thailand than in Oz... Frankly (the fee above aside) you getter a better deal withdrawing cash at ATM's in Thailand than you do in Aussie banks or money changers ..

These 2 links show Travelex rates (in Oz) v Kasikornbank in Thailand - there is a difference:

https://www.holidaymoney.com.au/nab/daily-exchange-rates.html

http://www.kasikornbank.com/EN/RatesAndFees/ForeignExchange/Pages/ForeignExchange.aspx

Well, in that case pull out one large amount.

Would still work out a heap cheaper than using a currency conversion agency.

 

[ThePezDispenser]

I was told at the bank that an extra currency exchange fee applies to ATM withdrawals.

 

[Freddy Bassett]

Dont exchange in Australia!

 

[Eagle87]

Well, in that case pull out one large amount.

Would still work out a heap cheaper than using a currency conversion agency.

Maybe it would but it removes the notion that all transactions are free. I mean if you meant free of Australian charges then fair enough, but indicating it was totally free was misleading.

You also indicated that anyone who doesn't have one of those cards should be stopped at immigration do you work for GE?

FWIW, plenty of us have cards that have no fees on O/S transactions from Aussie Banks.

Also if you used your GE card you mention what conversion rate is used by them? The Australian bank rate or the Thai bank rate? You can charge no fees but still hit your customers by hammering them on the exchange rate ...

 

[Eagle87]

I was told at the bank that an extra currency exchange fee applies to ATM withdrawals.

Yes, that depends entirely on your bank and the account you have with them.

The Thai ATM will charge you 150 baht (roughly $5) per withdrawal. Most have a maximum single withdrawal of 20,000 (about $650).

Then your Aussie bank will charge whatever fees they charge. On a normal boring Debit ATM card with NAB it's $4 per withdrawal.

So you could take $30 out of a Thai ATM and pay $5 for a foreign ATM fee + a $4 fee to your Aussie Bank... So only an idiot or a drunk would do that

Most people who travel a lot would have a Visa or M/C that doesn't charge overseas fees or, like me, you also open a local account. Technically in Thailand you need a visa but typically, in tourist locations, some banks will open them for you on the spot and you get ATM card immediately. Which gets rid of the $5 per transaction fee but you wouldn't worry about that if you were only on a one off, one week type holiday ...

 

[Leper]

You also indicated that anyone who doesn't have one of those cards should be stopped at immigration do you work for GE?

Funnily enough I came to the conclusion this guy must work for the bank or mastercard also.

He's effectively claimed that anybody who does not use this card is a ********, but has failed to disclose what the current exchange rate is (compared with, say, the Thai bank rates you've quoted). I'm wondering if it comes with a free bottle of snake oil.

 

[Scotland]

Haven't been to Thailand, but from my experiences overseas using ATMS and exchanging/withdrawing cash always attracts the most fees compared to paying with a credit/debit card or booking online. Obviously you aren't going to pull out your Visa card to buy some food from a roadside vendor, but it's better to avoid using cash for those things that don't have to be paid in cash, IMO.

 

[Eagle87]

Haven't been to Thailand, but from my experiences overseas using ATMS and exchanging/withdrawing cash always attracts the most fees compared to paying with a credit/debit card or booking online. Obviously you aren't going to pull out your Visa card to buy some food from a roadside vendor, but it's better to avoid using cash for those things that don't have to be paid in cash, IMO.

True, with some caveats about credit card skimming in some Asian countries - a big issue in Malaysia. Never let the card out of your sight, even in many restaurants that would appear reputable. Never had this issue in Thailand.

My point re ATM's was simply illustrated by my experience leaving Perth recently (last couple of weeks). Travelex at Perth Airport were giving me 28.6 baht if I exchanged there + a transaction fee (minimum was about $15). It was entirely a info gathering exercise for me as I had no intention of converting anything.

Then that night, in Bangkok, I got 31.5 baht using an ATM with my NAB Visa card...

Sure, I copped the Thai Fee of $5 but my NAB card has no overseas transaction fee...

EDIT: use of Credit Card can also be problematic if you do the transaction in local currency and it's then converted back to Aussie under the terms of your card. The rate can be s**t. Some outlets allow you to choose local currency or AUD and actually show you what the AUD conversion amount is ... It's often much worse than the rate you'd get cashing the money out via an ATM or bank branch (certainly in Thailand)...

 

[Happy Mastenator]

Withdraw money overseason your visa, i find that's the best way, may pay on some withdrawal fees but who wants to carry round $1K plus, great way to have you holiday ****ed up if gets stolen.

Most banks have travelcards can get that minimise fees overseas. I used commbanks when wasin Eurpe as they have a facility to convert ot Euro's and ounds beforehand.

 

[Suspense]

i have a 28 degrees card and have used it o/s and in thailand.

iirc it uses mastercard exchange rates which are much better than oz banks/travelex etc. and has no additional foreign currency conversion fees. you do have to pay the atm fee per transaction however (150 baht generally).

only caveat is that it is a credit card and apparently ge aren't fond of ppl pre-loading it with cash and then using it's facility as sort of a debit card without foreign currency conversion fees. some ppl have had the card blocked whilst o/s but this is rare and only has happened when they've tried to withdraw more than their credit limit, or so i've heard.

that said, most people, including myself, have used it for that purpose before and had no problems whatsoever. i think it is boss.



nb. don't work for ge.

 

[Scotland]

True, with some caveats about credit card skimming in some Asian countries - a big issue in Malaysia. Never let the card out of your sight, even in many restaurants that would appear reputable. Never had this issue in Thailand.

My point re ATM's was simply illustrated by my experience leaving Perth recently (last couple of weeks). Travelex at Perth Airport were giving me 28.6 baht if I exchanged there + a transaction fee (minimum was about $15). It was entirely a info gathering exercise for me as I had no intention of converting anything.

Then that night, in Bangkok, I got 31.5 baht using an ATM with my NAB Visa card...

Sure, I copped the Thai Fee of $5 but my NAB card has no overseas transaction fee...

EDIT: use of Credit Card can also be problematic if you do the transaction in local currency and it's then converted back to Aussie under the terms of your card. The rate can be s**t. Some outlets allow you to choose local currency or AUD and actually show you what the AUD conversion amount is ... It's often much worse than the rate you'd get cashing the money out via an ATM or bank branch (certainly in Thailand)...

True, there are always risks with using credit cards, and there are always risks carrying around $1,000 in cash in your pocket.

I had to use Travelex in Perth CBD once as I needed some foriegn currency that night and the banks were shut and the rates and fees were obscene. I wandered past the Travelex at the airport the last time I was there and just shook my head. From memory AUD/USD was at parity and they were offering something in the 80s in US cents to the AUD - plus fees. Pass.

 

[year of the roo]

Funnily enough I came to the conclusion this guy must work for the bank or mastercard also.

He's effectively claimed that anybody who does not use this card is a ********, but has failed to disclose what the current exchange rate is (compared with, say, the Thai bank rates you've quoted). I'm wondering if it comes with a free bottle of snake oil.

I'm a strong advocate of Breaking Bad too, clearly I also work on that show

 

[year of the roo]

Maybe it would but it removes the notion that all transactions are free. I mean if you meant free of Australian charges then fair enough, but indicating it was totally free was misleading.

You also indicated that anyone who doesn't have one of those cards should be stopped at immigration do you work for GE?

FWIW, plenty of us have cards that have no fees on O/S transactions from Aussie Banks.

Also if you used your GE card you mention what conversion rate is used by them? The Australian bank rate or the Thai bank rate? You can charge no fees but still hit your customers by hammering them on the exchange rate ...

There are 2 cards from Australia that offer no international transaction fees. 28 Degrees and the NAB Gold. 28 Degrees has no monthly or annual fees, NAB charges $12 a month for this privilege. So your use of 'plenty' was also misleading. Perhaps we should both cease exaggerating.

I still maintain that the 28 Degrees card would be most appropriate here for the OP. And I have no vested interest in this at all, aside from ensuring a fellow Roo Boy gets a good deal and has a good trip.

 

[Eagle87]

I'm a strong advocate of Breaking Bad too, clearly I also work on that show

Do you suggest that anyone who doesnt share your enjoyment of it is a ****wit who should be stopped at immigration?

Probably not.

 

[Eagle87]

There are 2 cards from Australia that offer no international transaction fees. 28 Degrees and the NAB Gold. 28 Degrees has no monthly or annual fees, NAB charges $12 a month for this privilege. So your use of 'plenty' was also misleading. Perhaps we should both cease exaggerating.

I still maintain that the 28 Degrees card would be most appropriate here for the OP. And I have no vested interest in this at all, aside from ensuring a fellow Roo Boy gets a good deal and has a good trip.

How the **** would you know that?

I don't have a NAB Gold and I pay no international transaction fees and I certainly dont pay $12 a month for the privilige ...

That said, I'd still appreciate you providing the methodology that the 28 degrees card uses for currency conversion so that we can see if/where they are clipping their punters ... the 20.99% interest rate is nice ...

 

[year of the roo]

Do you suggest that anyone who doesnt share your enjoyment of it is a ****wit who should be stopped at immigration?

Probably not.

Oh wow, you thought I was being serious with the "should be stopped at immigration" line. Deary me, forgive me for not including a smilie...

 

[year of the roo]

How the **** would you know that?

I don't have a NAB Gold and I pay no international transaction fees and I certainly dont pay $12 a month for the privilige ...

That said, I'd still appreciate you providing the methodology that the 28 degrees card uses for currency conversion so that we can see if/where they are clipping their punters ... the 20.99% interest rate is nice ...

I would know that because I have researched it and they were the only 2.

I wasn't going to mention it again as it had already been mentioned, but 28 Degrees uses the official Mastercard exchange rate. But feel free to assume they are ripping everyone off.

BTW, what card are you using that doesn't have international transaction fees? I'd love to be able to consider other options.

 

[Leper]

FMJ. This is like having the Mormons knock on the bloody door and you can't get rid of them.

Out of curiosity grand messiah, what is the current "official Mastercard" rate versus, say, the Kasikorn rate linked to above? I'll happily bet my left nut (don't need em anymore anyhow) that is not as good as what you get in a Thailand bank.