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Home » Reader question » Reader question: I think withdrawing money in Thailand is very expensive
Dear readers,
I read somewhere that a pin in Thailand will quickly cost you € 20 to € 30. This has to do with the fact that costs are charged several times. The ATM itself in Thailand costs 200 baht (€ 5,07) each time. Your own bank charges a rate surcharge on top of the exchange rate of approximately € 2,50. Most Dutch banks also charge for debit card payments abroad.
What many do not know is that you also get an unfavorable exchange rate when using a debit card. That is about 2 baht lower than the actual exchange rate. With a withdrawal of 10.000 baht, that is still a loss of € 13 extra on top of the bank costs. All in all, you end up with a loss of 20 – 30 euros in costs. And that every time you pint!
I think it is therefore much cheaper to carry cash? Or am I mistaken?
Regards,
Arnold
Hello Arnold,
Cash money is the easiest, especially if you have a Thai account.
Exchange at super rich or other exchange offices, better rate too!
Can all be arranged on Suvarnabhumi.
No carrying around money etc etc.
If you do not have a Thai bill, you will have to carry it with you.
Completely correct, take cash with you and put it on a Thai account
I also switched from debit cards to taking cash with me. It is of course less safe, but you quickly save 1000 euros on 40 euros if you add everything together (costs over there and here at the bank, the unfavorable exchange rate you get)
It has long been known to many that withdrawing money from ATMs in Thailand is (or has become) very expensive.
Especially the fee that Thai banks have been asking for years is the reason that I no longer withdraw money in Thailand (or elsewhere).
And that the exchange rate is unfavorable… that has always been the case.
Exchanging cash gives the highest yield and that is more fun than "trying" to incur as many costs as possible to get your money.
Just bring money (and a bank card and a credit card if there is no other option) ... I have been doing that for almost 10 years now. I used to always take traveler checks with me, but exchanging those checks has also become so expensive. So that is not an alternative.
The above is not quite correct. Debit card costs 2.25 euros per transaction at sns bank. Other than that, nothing comes on top. Not the case last year.
I think the cheapest will be if you have an account with a Thai bank, and make sure there is enough in advance, for when you are in Thailand. Then you can simply withdraw money from your Thai account via the ATM, or am I wrong?
Idd Gert, If you have a Thai bank account and you transfer an amount from the Ned. bank to your Thai bank you pay 5.5 Eur per transaction and in Thailand you can withdraw money for free (at your own Thai bank).
I don't know about other banks, but this is ABN Amro.
You are indeed wrong.
At the Thai bank, pinning is usually free (not everywhere!), but you must first transfer the money to Thailand at a cost AND an unfavorable exchange rate.
The cheapest is, and remains for the time being, to bring enough cash with you up to 10,000 euros, exchange an amount (say 1000 euros), and then the rest when the baht is favorable again. Over the course of a month or two, that can sometimes save 2 to 3 baht per euro, so at 9000 euros that is up to 27000 baht extra profit. Can you still kick in an extra door? If necessary, you can always transfer it to your Thai bank account.
They love 500 bills, and you only have to put 20 of them in your pocket.
I've been doing it this way for years and I love it!
"Over the course of a month or two it can sometimes make a difference of 2 or 2 THB, so on 3 Euro..." Do you have 9000 Euro per month? what are you still worried about?
But the course is very important. If you are not forced to transfer money every month, you can also wait until the Euro picks up and it is more favorable, but you never know in advance and how long will you wait?
I'm going to live in Thailand and just have my pension transferred to my Dutch bank account and bank online. I have a bank account with a Thai ATM card and can take the exchange rates into account. Of course I accept all costs for myself when I make a transfer and my bank charges 31 Euro per transfer whether it is 10 Euro and the maximum is 999 Euro also for 31 Euro. According to my kids, the exchange rate is quite good because they get more THB credited to their account than I usually expected….
In addition to cash, paying with Visa is a good option as much as possible. Although some shops then want to charge a surcharge. No problem with the big supers such as Tesco and Big C. The Baht rate is also reasonable.
Arnold.
Cash money gives the best rate. If the rate is now 39.3, you will get approximately 37. Incidentally, the rates per bank differ per bank. So it pays to first see what you pay if you withdraw 20000 baht, for example. Write it down and break it down. Then do this at every bank. Can quickly save 500 euros on 20 euros.
Cash is always best. At location. Bkk.pattaya phuket in places where there are many tourists. Airport is very bad
When withdrawing money in Thailand, the Thai bank charges 180 Bath per transaction, and at many banks you can withdraw up to 10.000 Bath. However, there are also banks where you can withdraw 20.000 Bath in one go, where the Thai bank also charges 180 Bath costs. The only catch is often the exchange rate difference, so it can happen that when you withdraw 20.000 Bath, you do not pay 180 Bath, but also the exchange rate difference, so that the total costs often amount to more than 700 Bath. What the main bank in Europe charges extra depends on the bank and the country. Someone who withdraws money in Thailand should pay much more attention to the exchange rate difference and not be distracted by the one-off costs per transaction that he has to pay everywhere. Carrying cash is certainly cheaper, but if lost it is incomparably expensive. Everyone has to decide for themselves whether they want to take this risk.
The difference can be minimized by always selecting the 'Continue WITHOUT conversion' option when pinning. As a result, the exchange rate of the ATM is not maintained (dynamic currency conversion), but the exchange rate of VISA/Mastercard. This is often many times closer to the rate you get when exchanging cash (sometimes even better). Often it is only the PIN costs of the ATM itself that make the difference if you do NOT have the conversion arranged automatically by the Thai bank.
During my last holiday in Thailand, the costs for debit cards were minimal. So minimal that in my opinion it is simply not worth walking around with cash.
I tested it, let my girlfriend withdraw money in Thailand with my card and at the same time transferred money with transferwise to her Thai account. transfer was 26 euros cheaper than debit card!
https://transferwise.com/u/869d15
Just returned from 2 months in Thailand. I definitely recommend taking euros with you in cash and exchanging them for Bath at exchange offices in Thailand.
When you arrive at the airport you will come across numerous exchange offices right at the baggage carousel. Do not change here, but take the trouble to go down 2 floors with the elevator and walk to the place where you can take the Rail link to Bangkok. Just follow the signs.
Here you will find the Superrich exchange office.
In practice: In January at the baggage claim 37,4 Bath for 1 euro
At Superrich at the boarding point of the train 38,75 Bath for 1 Euro.
There are numerous exchange offices in the larger tourist towns.
In Pattaya, TT is the best. The course is indicated everywhere.
The exchange rate from January to last week fluctuated between 38,25 and 39,05 Bath per euro.
You do not pay any commission at the exchange offices.
Unfortunately, I also had to pin a few more times in the last few weeks. Very bad for your wallet.
Costs 200 Bath per pin transaction. Rate 37,45 Bath per euro and afterwards ABN will charge another 2,25 euros per pin transaction.
So advice to everyone. Bring euros and change there. Please note: damaged, torn and crumpled euro banknotes will not be accepted.
From my notes from August last year (the 180 Baht has now become a little more):
.
Cash at TT exchange: 10.000 Baht costs 10.000 / 39.70 = € 251.89.
Pins (Kasikorn/ING): 10.000 Baht costs 10.180 / 38.08 = € 267.33 + € 2.25 = € 269.58.
Pinning is therefore 7% more expensive if you pin 10.000 Baht at a time.
And 5.8% if you pin the maximum (now 18.000).
Pinning at Atm in Thailand with Knab bank card is 0,5% exchange rate surcharge (one of the cheapest)
Turn on recording abroad, otherwise it won't work.
With all due respect.. Most people go on vacation for 2 to 4 weeks. Why would you take all your holiday money with you and risk losing it..
I always do it 50/50. And if you pint do it as everyone says without conversion..
Imagine it costs you 50 euros over the entire holiday, what does that matter, go for safety.
Example am now in koh lanta the rate fluctuates a bit between 37 and 38 here at the offices.
But if I pin 10000 bath I get a rate of 38,4
The bottom line is we are on vacation enjoy it and don't be fooled by a saving of between 30 and 50 euros.
Gr Giovanni.
For short stays it is advisable to bring enough cash; for long stays the following should be considered:
I transfer money to my Thai friend every month. I do that through Transferwise. Very attractive: the exchange rate is very favourable, sometimes even better than the rate I get when I exchange cash in euros at an exchange office (and then I also select the most favorable exchange office). Only transferwise does that for a reason: € 7,00 at 20.000 THB. Of course you have to transfer money to a Thai account. My boyfriend obviously has a Thai account, but I have also opened a Thai account myself.
The banks have the power, the only thing that still works is cash money, now negative interest and we get even less ... cash is king