Hi,
I should know this, But off to BKK soon, I’ll have approx £8,000. On my card but I will use it to pay for something medical.
Thailand company wants (Fiat) Cash, OR +2% if I Pay by Credit card, Even debit card.
So what is the daily limit I can withdraw at an ATM ?
Could I withdraw a much larger amount at a bank?
Is there a limit to that IF it’s possible?
Thanks
Depending on your plan you’ll pay 2% to after 200, 400, 600 € or equivalent. I’d just pay with card and avoid the hassle and so much cash is not clever anyways.
Also, yes: your questions keep being FAQ trivia or a simple search.
Can you also pay by bank transfer? Then Transferwise would also be a possible option to avoid fees.
edit: the 8k might be too much and have the AML algorithm flag you. better check with the support beforehand.
Take GBP to Thailand and exchange there? Or is there some stupid limit imposed by law which you cant get across borders? These new AML laws create many problems for normal people
I agree. Honestly it’s a waste of your time. Because some ATMs have a limit on the cash value per transaction per day/week/month, some impose an arbitrary limit on the total number of bills per transaction. So you might have to do several withdrawals from different cards over a number of days to withdraw the value you need.
Regarding your idea to bring they money with you… just don’t do it. You must declare the money to the UK authorities 72 hours prior to departure, to the authorities in all countries where you transit, and finally, to the Thai authorities. And the money could be seized at any point in time. So just don’t do it.
OK, I agree - just checked in WU website, if you send 4000gbp and cash out it in Thailand, then you loose about 126gbp in fees compared to xe.com exchange rate.
The cashback (~80£) doesn’t even outweigh the cost for metal so unless other benefits would contribute to that, it is probably not worth it (not to forget the 0.5% markup over the free monthly exchange limit for standard users that does not apply for premium and metal users) .
Transferwise costs about 50£ to have ~8k £ converted to THB. This might be significantly cheaper than 2% fee due to card payment + 1% exchange markup on THB by Revolut + 0.5% markup for amount over monthly free limit.
At worst there’s even another 1% markup due to transaction “outside foreign exchange market hours”.
Currently, Sunday 23 February 2020, 8050£ would result in: