stephbayne

We're traveling to Thailand, Vietnam, Indonesia, and Singapore and will need to change money in all countries.

My research indicates that generally speaking, using my US ATM card to withdraw money is probably the best way, although my bank charges a 3% FEE (same as most credit card companies) as well as having to pay the ATM fee to whatever bank I withdraw money from.

My question is, is there really no cheaper way? Cash is not a better alternative?

I'm told not to bother with traveler's checks - correct?

I've changed money in other countries, but SE Asia is new to me. Thanks for sharing your personal experiences.

Stephanie

MissGreen

I don't know the best and cheapest way. I just take money out of my ATM at whatever the charge. I agree about the charges. Some are exhorbitant. I recall one charge of $45. I do take a big chunk of cash in overseas currency as well as what Aussie dollars I have in my purse.

Traveller's cheques are old school! A lot of places won't accept them.

Sorry I can't be more helpful and really answer your question.

rhkkmk

no trav cks for sure..

I use ATM's exclusively... in Thailand there is a $5. surcharge on each withdrawal, so I w/d a larger amount..

I think the others do not have a charge generally.

its still the safest and easiest way to do it..

consider opening an a/c at another bank and use a fee free credit card as much as possible (capitol 1, many chase cards {Marriott and hyatt for instance}).

Kathie

ATMs in VN charge ABout US$5 per use as well. Do you have time to do some research before you go? If so, you may want to open a new bank account specifically for getting cash in foreign countries.

- I have a bank account at my brokerage that charges just a 1% conversion fee and refunds ATM fees (up to 6 per month, I believe)

- Many small banks and credit unions offer to refund ATM fees.

- Even my "big" bank will refund foreign ATM fees for me (special account type), but they still charge 3% conversion fee.

If you are comfortable carrying cash, you can exchange US cash in all of these countries.

Do note that VN Dong are not an exchangeable currency. Spend it all before you leave the country, as money changers outside VN will not exchange it.

And Bob is right about credit cards - find one that does not charge a foreign exchange premium.

rhkkmk

I may be wrong but I don't think I paid a fee in VN??

SirHalberd

Not all of the countries are the same for changing money.

For Thailand cashing travelers checks is easy. I get mine free of commission through my credit union. Only take the largest denominations you can get. The fee to cash a travelers check in Thailand is 33 baht per check so don't waste fees on low value denominations. Travelers checks also get a little better rate of exchange than cash in Thailand.

By the way, in Thailand the fee to withdraw cash from an ATM is 150 baht - not including what your bank charges! (There are a few Aeon ATM's without fees in Thailand but not always as convenient as regular bank ATM's.)

I always have travelers checks for Thailand. For cash stick with the larger denominations and make sure they are not old, dirty or torn.

Good luck.

pattyroth

I found it easy to get crisp $ 100 bills and carry a LOT of cash hidden underneath my clothes. I/we have done that for several trips and it has worked well, especially when you have to pay a few thousand to a travel agent for your flights and hotels.

Cattail

We carried credit cards, travelers checks, an ATM card and cash. The ATM card did not work everywhere. Not every place took c/c. Cash worked, of course, but we ran out. Some spots in Thailand changed tcs for us, no problem, but others refused (Phuket Airport, for example). A combination of payment options works best for us, wherever we travel.

Hanuman

pattyroth - no need to do that! The next time you're in Thailand just sell me one of your "L" lens and you're covered for the whole trip.

mareeS55

$US cash is fine anywhere, plus a Visa ATM cash card, an MC/Visa credit card, and AMEX line of credit in an emergency.

Otherwise, phone home to Mum, as our children do on regrettably frequent occasions.

Forget travellers cheques, you'd need to find a bank willing to process them.

mareeS55

Another piece of advice, don't carry a swipe/scan credit or debit card in Asia. Our son had AUD$2500 swiped from his account in Indonesia last week by a new app download that operates off I-phones now if a person is standing within a metre of your pocket.

Carrying cash is becoming a sensible thing to do in Asia.

crellston

Not sure whether they are yet available in the US but I use preloaded Debit Cards in various currencies. They use whole MM rates and charge a low flat fee for each withdrawal. Arguably safer than a standard debit card as they are not linked to your main bank account. In any event, at least in the UK, you are protected against fraudulent use as long as you are not careless with PIN etc. Generally, chip and pin cards are safer than the old magnetic strip cards.

I always carry a back up of a small amount of cash just in case card systems fail.

Also worth remembering that not all ATMs are linked to the MasterCard or VISA systems for all banks even if they display the logos. I requested a link from my bank to the MasterCard site and all I had to do was put in the city and the site would tell me which banks would accept my card for that bank. Always useful when moving around a lot.

Kathie

The pre-loaded debit or credit cards are available in the US, but the fees charged make them more expensive to use than a regular credit or debit card. They have per-use fees, they usually have monthly fees on top of that, plus initiation fees, etc. Maybe they are a better deal in the UK.

I never use debit cards because if stolen, they can empty your bank account. Even though you will get the money back eventually if you can prove fraud, they are much more hassle than a credit card. Ask you bank to issue you an ATM card. Most banks will do so, and the card will only work in ATMs, not for point of service charges.

Bob, go back and look at your bank statements - VN has charged for ATM use for more than a decade.

khtodd

Is it a recent thing for Thailand ATM machines to charge the 150B fee? When I was there last (7 years ago), I used ATMS all over BKK, Chiang Mai and Krabi, got very close to market rate, and never once had a fee...

Kathie

Yes, it is a recent (unfortunate) change. I did love it back when the banks in Thailand didn't charge ATM fees. As noted, Aeon machines do not charge - at least, yet.

simpsonc510

*****(Whatever you do, don't ask about taking cash to Paris on the Europe forums. You'll get severely lashed and told it is IMPOSSIBLE (almost) to use any cash in Paris....ATM cards only!! There's no place to exchange cash, etc. LOL) We'll find out about this in the next two weeks!! And yes, I'll have my ATM card(s) with me as well as dollars.*****

I am still a firm believer in taking cash to Thailand to exchange at VASU, located on Sukhumvit and soi 7/1. I get very good rates there; better than the banks and walk-ups. I can't say I've ever tried TC's, and have not used them for at least 15 years, maybe.

Yes, do take cash that is clean and not torn or too worn out. I have had bills rejected for ink marks on them. I got a stack of pretty new 100s a few weeks ago, and decided they would NOT be good for BKK because each and every bill had an ink stamp on the back! Grrrrrr wish businesses/banks would not do that. Guess they don't know that doing that can cause headaches at the exchange counter. Oh well......

SirHalberd

"Forget travellers cheques, you'd need to find a bank willing to process them...."

*

In THAILAND I rarely find a BANK money changer not willing to take them. Sometimes the computer is down but for the most part I haven't had much of a problem with travelers checks in over 12 years. I only change them at bank money changers! These Thai bank money changers are open just about every day of the week and even late in some areas popular with tourists. You do need a passport with you for positive identification! If stolen or damaged travelers checks can be replaced!

I only use American Express because that is what I can get with out any commission back home. I never had any need to try and change a TC at a hotel or store. Usually their rates are lower for changing cash anyway.

There are times when ATM's work too. And there are times when a debit card gets jammed in an ATM. All methods of changing currency has the occasional hiccup. Even popular currencies like US and Oz dollars, Uk pounds and Euros can be turned down by banks because they are old, dirty, torn or look worn.

For Thailand a fee of 33 baht is much cheaper than paying the 150 baht ATM fee!

I never rely only on a single source for spending money. Debit cards can be lost or damaged. Cash can be stolen. There are potential problems with all methods of exchanging currency overseas.

Up to you.

pattyroth

Hanuman! I was wondering where you were since you hadn't chimed in on my many questions about Vietnam, Cambodia or Laos! LOL! I'm actually thinking about carrying less gear. That 70-200 f 2.8 is getting so heavy. One of my patients told me she loves the new L 28-70 2.8. Have you tried it?

Hanuman

Hi Patty,

Not really an expert on your next destinations so I didn't chime in. I have tried the L 28-70 mk2 at the camera shop and it's much lighter and from the reviews it should be much better than the old one. However, I am very happy with my 10+ years old L 28-70 so it's hard for me to change, unless I can get a good trade in price at my camera shop.

Hope you will have a great time and I've found LP, Ankor Wat and Hanoi very good for photography.

khtodd

Sorry - I forgot to reply about this earlier - but when we were in Hanoi 7 years ago, the first thing I did was take out a bunch of VND at an ATM... and then it turned out that practically every store we went to wanted US dollars! Practically all except the roadside Pho shop and bun cha place..

I had a very hard time getting rid of my VND before leaving...

But that was 7 years ago - who knows what has changed since then.