Originally Posted by
transpac
Understood. The point was that most/all of your questions have been covered in this thread, many, many times.
So write a wiki, then, rather than getting off on insulting people. It would probably take less effort. Also, it's not like these things don't change and posts don't get out of date.
Originally Posted by
transpac
Many, many, many, many Thai people live/work in other countries, and repatriate large sums of money.
A foreigner wishing to legally purchase a condo here needs to repatriate, and document the source of, large sums of money.
A foreigner wishing to invest in a business here may need to repatriate, and document the source of, large sums of money.
A foreigner living here on an extension of stay (retirement/marriage) may be required to repatriate, and document the source of, large sums of money.
And they do it all cash? OK, so now I'm genuinely curious. Are these not tasks better suited to a bank wire if they are indeed legitimate?
Originally Posted by
nkedel
At one point past there was a spread between the in-country rate and the banks' out-of-country rate. At the worst (shortly after the currency controls in the wake of the 2006 coup) it was nearly a 10% spread, and it was well worth bringing cash. That's ancient history, now.
But you're referring to the difference between dollars-to-baht at an exchanger in Thailand versus one in another country, correct? So the ratio of baht produced by an equal number of dollars used in each geographic location. But wouldnt a big bank on an ATM network still have used a bank rate? Why would cash have been preferable at that time either? Now I'm just curious...
Originally Posted by
nkedel
Some bank ATMs in Thailand offer to do DCC -- notably including [at least at one point] the TMB ATM in the past-customs arrival hall at BKK.
I've never had an ATM do it without offering, and I've always turned it down. (Retail and hotel payments routinely do it, and it's only at some of the better hotels where the staff has enough English to turn it down.)
Ah, very interesting. Any idea what the language for this is phrased like so I know what to look out for? I'm just wondering, because, I mean, at the end of the day you're always getting out baht and being charged in dollars (that's all that's in the account after all), so what exactly do they say to indicate that they, rather than your bank, will be doing the exchange? It must be somewhat nuanced.
Originally Posted by
LIH Prem
True, but even for use in the US (and elsewhere) ...
there's almost zero effort in opening and getting a schwab one account and ATM card with the fee rebates. It's not a hard thing to do, and they make it easy to move money in and out of the account. You can link your other accounts and do ACH transfers between them.
It's one of the best banking deals out there if you can get one.
In a nutshell it makes ATM use at home and abroad completely hassle free. No need to find a specific ATM, no need to worry about the fees, etc. And they rebate all sorts of other fees as well (wire transfer fees, etc).
I can't imagine not having it.
This is exactly the sentiment I was trying to convey. Any ATM in the US is fair game now. Since I hardly ever carry cash, the ability to reach out to any ATM anywhere if I need $20 or so without worry is really nice. It's like night and day. I also like it as a security account - I only ever keep a small amount in the account at a time so I don't worry about it being compromised by using, say, an ATM at a bar or gas station.