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In the recent past, using an ATM appeared to be the best course for obtaining cash in a foreign country - you'd get the best exchange rate and it was simple, safe and convenient.
Now it seems all the thieves (WOOPS! I mean "big banks") are charging a per-transaction fee for foreign transactions. I'm not sure of the amount but I think it's significant enough to consider a change to my normal routine of using ATM's for all my money needs.
I recently saw information from another LOS traveler that set up a local bank account at K-Bank; it cost him 500 baht to set the account up and he then used their local ATM's for all his cash needs through his trip.
Is setting up the account a royal hassle, or is it worth the time (20 minutes according to him) and the expense (about $15 US)? When I figure that I'd usually get 20,000 baht out of the cash machine every 3 or 4 days (5 total transactions) and the bank fees might be as much as $5 or $10 per transaction that seems like a good idea.
Or, what about bringing US cash, putting it in hotel safe, and only exchanging $500 US at a time with the exchange kiosks? If that's a better plan, where are the best kiosks found?
I've also read anecdotal info about some of the banks refusing to set up accounts for people with tourist visas, although that didn't seem to be a problem at K Bank according to the information the gentleman posted. Perhaps that was the reason for the 500 baht fee?
Anyone have experience to share on this?
Now it seems all the thieves (WOOPS! I mean "big banks") are charging a per-transaction fee for foreign transactions. I'm not sure of the amount but I think it's significant enough to consider a change to my normal routine of using ATM's for all my money needs.
I recently saw information from another LOS traveler that set up a local bank account at K-Bank; it cost him 500 baht to set the account up and he then used their local ATM's for all his cash needs through his trip.
Is setting up the account a royal hassle, or is it worth the time (20 minutes according to him) and the expense (about $15 US)? When I figure that I'd usually get 20,000 baht out of the cash machine every 3 or 4 days (5 total transactions) and the bank fees might be as much as $5 or $10 per transaction that seems like a good idea.
Or, what about bringing US cash, putting it in hotel safe, and only exchanging $500 US at a time with the exchange kiosks? If that's a better plan, where are the best kiosks found?
I've also read anecdotal info about some of the banks refusing to set up accounts for people with tourist visas, although that didn't seem to be a problem at K Bank according to the information the gentleman posted. Perhaps that was the reason for the 500 baht fee?
Anyone have experience to share on this?
For anyone in Phuket there's a new Kasikorn opened up on Nanai Road- they're gonna be keen to sign up new customers. I want a decond bank account to ringfence my retirement visa money in 3 years time and they will probably be it. Will open the account after I get back from Patts on 1 Feb and update then
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