Money Access Woes

Guys im having serious problems here with credit cards iv had 3 blocked. Amex(American Express), Mastercard and Visa. Its a real pain trying to ring them up and get them unblocked!

Eventually got through to Mastercard and then security did not start until 9am UK time - 3pm here. Eventually get through to an Indian call centre and could not understand them. unblocked now but really ruined my day!

How can you stop this? The situation could have been significantly worse. I guess wihdrawing money on a credit card in Pattaya rings loads of alarm bells with their software. Sometimes this happens more than once i have to ring them many times. I just dont trust they are going to work anymore - so much for their convienence.

Good Advice from an Expat
Using credit cards in Thailand is not a good idea, except in emergencies.

Brits coming to LOS should open a Nationwide Flex account. There are no charges for using an ATM anywhere in the world and the exchange rate is always better than most other banks. Make sure the card is not also a debit card so that if lost or stolen the card is useless to anyone unless they also have the pin number.

Always check an ATM out before using it to make certain that there are no electronic devices designed to steal card details. This is common in Pattaya, only today the local media is warning that a new device has been found which is better at fooling ATM users.

If anybody starts talking to you while you are using an ATM, do not listen to them or reply, just cancel the transaction and remove your card. Some of the scammers are very skilfull at distracting an ATM user and using the opportunity to steal the card and/or pin number.

If the ATM screen ever says " Transaction cancelled, refer to issuing bank" you will be charged for the cash requested even though no cash has been dispensed. Make a note of the location of the ATM and the time because you will need to reclaim the money from your own bank. For some reason Bangkok Bank ATM's used to be more prone to this problem.

Back Home
Find this subject quite confusing, as to the best way to get thai baht.
Im home now and just had a look at a statement where it gives you a break down...

Cash withdrawal at Scib/Flipper Lodge Thailand
10,000.00 baht at exchange rate of 66.791
it includes commission of £4.01 and a fee of £2.99

So i probably lost a good few baht on a low exchange rate and then got charged a whopping 7 pounds for withdrawing my money. This was with a debit card.
This is ok, for a few withdrawals, but if you were out there long term, this could end up cutting a couple weeks off your stay all these charges. On return to UK I had a few thousand baht to change to sterling, they buy back at 78 baht and charge two pounds on top!

Nationwide the way to go - UK only

Advantages:
Cheapest way to have foreign cash and make purchases

Disadvantages:
Without a backup source of money or payment system, if it fails for whatever reason, then you could have a problem . But that applies to whatever method chosen . The foreign bank that owns the ATM could charge a handling fee, but that applies to all cards .

Recommend to potential buyers:
yes

Full review
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If you travel abroad and want to make the most of you holiday make sure you have a Nationwide FlexAccount.

If you don’t already have one, OPEN ONE!
It only takes a £1

Why? I hear you ask.

Well it is the most cost efficient method of obtaining foreign currency abroad.
It is also the cheapest method of paying for goods and services where a debit card can be used.

The reason it that the Nationwide does not levy any additional fees or charges for using the card abroad.
They treat it exactly the same as using it within the UK.

I have used my card several times when on holiday in foreign lands and to date the
EXCHANGE RATE has ALWAYS been BETTER THAN when using ANY OTHER METHOD,
for the cash received or goods and services purchased.

This applies to credit cards, traveller’s cheques and using bureau de change offices to exchange sterling.

I was sceptical at first and only withdrew small amounts on a couple of occasions during the holiday.
The ATM’s always had a button that allowed the transaction to be completed in English, which gave some comfort.
This was always on the same day that I would use my Visa or MasterCard for another purchase.
I would usually exchange some sterling, also on the same day, recording the exchange rate if not provided with a detailed receipt. After returning home I’d have a quick check of my receipts, credit card and FlexAccount statements.

I have had almost a 10% difference in the actual sterling cost of obtaining or spending the same amount of foreign currency. The smaller the value the worse it can be.
The FlexAccount always came out top.

I tried this on 3 holidays to different destinations before I came to rely on this method.

Places tried include France, Spain, Bahrain, Lanzarote and Tenerife.

I have yet to be charged a handling fee by the foreign bank whose ATM I used to make the withdrawal, although I understand that this is possible.
All the more reason to get the best deal to start with since this would apply irrespective of which English bank your account was held at.

The only places I have been to since and not used my ATM card to obtain cash are Turkey and Sri Lanka.
Reasons are:
The Sri Lanka visits were all to an all-inclusive hotel complex that we only left once in 3 holidays.
Turkey is a bit different. (But does have plenty of ATMs)

Anyone who has been to Turkey a few times will know what I mean.
You can become a “millionaire” by only exchanging £1.
The exchange rate can fluctuate by a significant amount on a daily basis because of their inflation problem.
Most businesses do not want to hold the Turkish currency overnight let alone longer periods, preferring sterling, Dollar or Deutschmark. In fact property, cars and motorcycles are usually bought and sold in these currencies.
Because of this you can change money “just about anywhere” with “just about anyone”.
Look out for the signs, try a favourite bar or restaurant, even try the hotel reception or staff.
Check what the rate is at the official exchanges and then just make sure you get a better rate.
This is not usually a problem and you’ll get a cup of apple tea or cold drink thrown in for free.
Might even have an English newspaper to read if you don’t want to watch the world go by.

But I digress.

THE REASON WHY NATIONWIDE IS BEST.

Until the weekend I only knew that they didn’t levy certain charges that other card issuers did.
The Nationwide “didn’t think that they should charge you to gain access to your own money.”
Well here are the details.
There tends to be 2 fees.
The first is a “published” “handling fee” of around 2.25%, usually subject to a maximum of £4 or £5.
My experience is that this has a minimum value of £1 to £2
The second is a “hidden” “exchange rate loading fee” and can be between 2.25% and 2.75%.

Using these figures:
This means a transaction with a value of £200 at an ATM ABROAD on your FlexAccount costs £200.
The same transaction at an ATM ABROAD using one of these other banks card and account would cost at least £210.
AND IT COULD BE MORE
They can be higher and if they are for your account then you are really being RIPPED OFF!

Travellers cheques have inherent additional costs, usually when both buying and cashing.
Even commission free exchanges tend to “adjust” the exchange rate so that they make money from the transaction.

Transactions of the ATM kind, are not based on the “tourist” rates that you or I can expect when exchanging small amounts of only a few tens or even a few hundred pounds.
They ARE based on “wholesale exchange rates” involving millions if not billions of pounds.
THESE RATES ARE MUCH MORE FAVOURABLE!

SO IT MAKES SENSE TO USE THEM
BUT ONLY IF YOUR BANK DOESN’T TAKE ADVANTAGE OF THE FACT!

SO BEFORE LEAVING HOME!

This bit applies even to non-Nationwide FlexAccount users taking similar cards.

Check that your holiday destination has ATM’s, most countries do but if you’re in the back of beyond.
Travel agents should be able to advise.
I understand that www.visa.com and www.mastercard.com has a worldwide list of cash machine locations.
You will need the Visa site if the card is a DELTA or PLUS type.
For MAESTRO or CIRRUS types, they are associated with MasterCard
The FlexAccount card I have has a CIRRUS logo on the back.

The FlexAccount is not somewhere I keep anything other than a token amount of money.
Better interest rates mean that my savings are elsewhere, but I LOAD IT WITH CASH before leaving.

Make sure the FlexAccount has more money in it than you are going to spend on holiday.
Remember this is NOT A CREDIT CARD ACCOUNT.
You are taking cash out of or spending money from, your own account.
If it’s not there you cannot get it, unless perhaps though an overdraft facility, but if you’re charged for this then you’re defeating the whole point.
Check that the ATM card works.
Make sure the PIN number is ETCHED ON YOUR BRAIN.
Check that it WILL NOT EXPIRE whilst you are away.
If possible, and like me your travelling with your partner, have 2 accounts and 2 ATM cards, 1 each!
Split the money between accounts and keep the cards separate.
Allows loss, theft and being “eaten” by a machine. The latter has never happened to me.
If you have credit cards always take these anyway, you never know what emergency might just happen.

WHEN YOU ARRIVE IN YOUR CHOSEN DESTINATION.
SIT BACK AND ENJOY UPTO AN EXTRA 10%

Activation
Just an update.

With credit cards i never use them to withdraw cash, just order things online etc. I took them on holiday with me in case of emergency. But the problems i initially had with Mastercard and Amex is that i had not activated them to withdraw cash. You have to do this first usually via a phone call.

Have now checked all my cards and there have been no fantom withdrawals.

I am now waiting for my Nationwide flex account to be opened. Before going on holiday in the future will load this up with cash to withdraw.

So the way to go is:

1. Inform all providers you will be travelling on the specified dates.

2. Transfer money to your nationwide account - remember takes a few working days for this to become available. Make sure its enough.

3. Take some cash for simple exchange or buy online at Travelex before departure for some initial cash.

4. Take some back up cards different types Mastercard and Visa etc.