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mr. bojangles
Joined: 23 Oct 2009
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 Posted: Wed Nov 23, 2011 7:13 pm Post subject: Withdrawing Cash in SE Asia from Chequing Account in Canada |
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Has anyone had any problem withdrawing funds while traveling around SE Asia from your chequing account back in North America (specifically Canada)? I have an account with CIBC.
Can I withdraw funds from an ATM in SE Asia or would a money wire transfer using Western Union be better? What way saves the most on fees?
Any info would be much appreciated! |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Nov 23, 2011 7:33 pm Post subject: Re: Withdrawing Cash in SE Asia from Chequing Account in Can |
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| mr. bojangles wrote: |
Has anyone had any problem withdrawing funds while traveling around SE Asia from your chequing account back in North America (specifically Canada)? I have an account with CIBC.
Can I withdraw funds from an ATM in SE Asia or would a money wire transfer using Western Union be better? What way saves the most on fees?
Any info would be much appreciated! |
Yes, you can use your ATM card in SE Asia.
The fees vary widely.
In the Philippines you can expect a service fee of about $2-3 for the network fee plus your fee for internatioal use from CIBC.
In Thailand you can expect fees for international use of 150 baht per transaction (about $5) for the network use PLUS the fees from CIBC.
Other countries have similar fees.
Western Union typically charges about 20% of the funds wired.
Taking a pocket full of cash ($1000) works wonders and really, in the great, grande scheme of things isn't that much money (about 10 banknotes (10*$100).
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mr. bojangles
Joined: 23 Oct 2009
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| Posted: Thu Nov 24, 2011 12:30 am Post subject: |
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Western Union charges 20% of the funds wired?!? Thats ridiculously expensive.
When you say to take a pocket full of cash (ex. $1000), do you mean before you start your trip? I understand that is ideal, but what do you do if your payday isn't until 1 week after your traveling starts and you only have limited funds until then?
What would you recommend doing? Withdrawing funds from with your ATM card and paying the service/network fees? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Nov 24, 2011 2:43 am Post subject: |
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| mr. bojangles wrote: |
| Western Union charges 20% of the funds wired?!? Thats ridiculously expensive. |
Don't believe me, check the rates yourself. Maybe you can get a better deal from inside Canada.
| mr. bojangles wrote: |
| When you say to take a pocket full of cash (ex. $1000), do you mean before you start your trip? I understand that is ideal, but what do you do if your payday isn't until 1 week after your traveling starts and you only have limited funds until then? |
I don't know. It is going to cost you either way. It is up to you who you want to pay the fees to.
| mr. bojangles wrote: |
| What would you recommend doing? Withdrawing funds from with your ATM card and paying the service/network fees? |
I recommend taking as much as you can in cash and then the costs for using your ATM will be minimized as much as possible. You also have to remember that there may be daily limits on your account and their will certainly be transaction withdrawal limits on the machine; some machines have limits as low as about $100 per transaction with fees in the $5-10 range.
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Peter258
Joined: 18 Dec 2009
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| Posted: Tue Nov 29, 2011 5:28 pm Post subject: |
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| coming from korea, does that mean you exchange korean won for thai baht? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Nov 29, 2011 5:31 pm Post subject: |
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| Peter258 wrote: |
| coming from korea, does that mean you exchange korean won for thai baht? |
Buy US$ in Korea and buy THB when you get to Thailand.
Unless you are talking about multiple millions of won to THB the difference is negligible (less value than the shoe leather it takes to do your running around to save a couple of chun won).
DO NOT TAKE WON OUT OF KOREA.
The value of KRW (as paper currency) quickly approaches the value of toilet tissue if you do.
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young_clinton
Joined: 09 Sep 2009
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| Posted: Wed Nov 30, 2011 3:51 am Post subject: Re: Withdrawing Cash in SE Asia from Chequing Account in Can |
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| ttompatz wrote: |
Yes, you can use your ATM card in SE Asia.
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As long as your ATM card has the Visa logo on it. That means your money can be extracted via Visa. If it has none of the borrowing logos on it at all, like Visa, Mastercard etc. you can't depend on it. For some banks, ATM money can not be extracted via Visa or Mastercard if necessary and those will not work, so be sure it has those. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Nov 30, 2011 6:22 am Post subject: Re: Withdrawing Cash in SE Asia from Chequing Account in Can |
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| young_clinton wrote: |
| ttompatz wrote: |
Yes, you can use your ATM card in SE Asia.
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As long as your ATM card has the Visa logo on it. That means your money can be extracted via Visa. If it has none of the borrowing logos on it at all, like Visa, Mastercard etc. you can't depend on it. For some banks, ATM money can not be extracted via Visa or Mastercard if necessary and those will not work, so be sure it has those. |
Obviously not familiar with Canadian banks.
CIBC cards do work globally on multiple, global networks, not just VISA/MC.
CIBC cards will work in ALL major bank ATM machines in Thailand (experience talking).
You WILL pay for the privilege of using one.
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