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Post by mick on Oct 26, 2013 7:07:09 GMT 7
Just wondering what people do in regards to withdrawing their money overseas. For me a foreign bank account is not an option. I am seriously looking at a prepaid multi currency cash card as there are no ATM fees or purchase fees. You just pay to load the card. Is most of the business in Thailand done with cash or card? Does anyone else have any other ideas?
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Post by Banjo on Oct 26, 2013 7:34:25 GMT 7
You may have trouble using a card for transactions in Thailand especially in small businesses. I use my Australian bank ATM card in branches and ATMs of AEON, a Thai finance company usually found in larger shopping malls like Central. They don't charge the $5 ATM fee.
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Post by mick on Oct 26, 2013 10:01:37 GMT 7
So does your Australian bank charge their own fee? And do you use your card often, or do you mostly use cash?
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Post by Banjo on Oct 26, 2013 10:11:33 GMT 7
The Australian banks all charge a fee, for instance NAB charge $4 a transaction plus 2%. No, I'm not going through them all to see which is the cheapest. I live like most pensioners in Australia, I withdraw the cash I require from an ATM when the pension comes in then use cash for local purchases and services.
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Post by mick on Oct 26, 2013 10:17:04 GMT 7
So you just get your pension paid into an Australian bank account then withdraw the money in Thailand as Baht?
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Post by Banjo on Oct 26, 2013 10:31:35 GMT 7
That's it.
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Post by itsmylife08 on Oct 26, 2013 16:14:41 GMT 7
I go to the Philippines get charged 200 pesos about $5 by local banks then $5 plus 3% of the transaction by Westpac Recently I went into a local branch in OZ to complain about their fee's to cut a long story short this lovely girl with the whitest teeth I've ever seen said ok sir I take it you are over 52 we can off the $5 fee but nothing can be done about the transaction fee
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Post by Banjo on Oct 26, 2013 17:26:54 GMT 7
That's because the transaction fee covers the conversion of AUD to local currency, no one does that for free.
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Post by ding on Nov 13, 2013 17:05:22 GMT 7
When I'm in Philippines I use a remittance business here to transfer funds into an account my girlfriend helped me open, then just withdraw from ATMs. It costs me $8.00 to transfer from my savings account in Aus and I can set up automatic periodical transfers for the time I intend being there. My bank used to charge a flat fee, then a percentage, then took a percentage of the exchange rate. The remittance company used the current official exchange rate, and with a flat rate if is so cheap and simple.
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Post by ding on Nov 13, 2013 19:37:13 GMT 7
And thanks for the welcome. I've lurked here for some years, but thought perhaps I should participate occasionally.
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Post by Banjo on Nov 13, 2013 19:39:34 GMT 7
Always an advantage...
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Post by ding on Nov 13, 2013 20:12:18 GMT 7
Always an advantage... I have also used CashCard though I found using a local bank account works best for me and by using the remittance company it is cheap. But Mick says it is not an option for him.
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Post by Denis-NFA on Nov 14, 2013 3:22:34 GMT 7
Welcome ding. I do the same but take a marginal extra hit because I prefer to use Western Union.
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Post by mick on Nov 14, 2013 6:18:30 GMT 7
Well I dont think they would let me open a bank account overseas, would they?
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Deleted Member
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Post by Deleted on Nov 14, 2013 7:59:02 GMT 7
Welcome ding. I do the same but take a marginal extra hit because I prefer to use Western Union. So what is this remittance company Can this be opened in any country ??
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