Kasikorn Now Charging 150 Baht Atm Fee

[heybruce]

I just made a withdrawal from a Kasikorn ATM and got hit with the 150 baht fee. Are there any banks left where we won't get hit with this ridiculous charge?

A broader question is: Does anyone know how to transfer money from an overseas bank to Thailand without getting overcharged?

I did a test transfer of $100 dollars from my U.S. bank to Bangkok Bank a few months ago and lost about 7% in the process; I was expecting about 3500 baht and received around 3250. I didn't get a breakdown of the cost so I don't know how much is a flat rate fee, how much a percentage fee, and how much a poor exchange rate. If it's mostly flat rate, meaning 250 baht for all transfers and a reasonable exchange rate, I can try transferring a large sum once a month, but I don't want to transfer a couple of thousand dollars and have 7% of that disappear. Does anyone have any information on this?

I will pose this question to my U.S. bank, but they won't be able to tell me what Bangkok Bank is charging, and I don't know who to ask at Bangkok Bank.

[jfchandler]

Read the several other running posts on the ATM fees subject...

In short, Government Savings Bank (pink signs) and Bank of Ayudhya (yellow signs) reportedly remain fee free. But GSB only accepts Visa logo cards, and you should only use Visa cards at Ayudhya, because using MasterCards with them produces a very bad exchange rate.

Re your BKK Bank transfer, you can call BKKB general customer service, choose the English language option, then give them the transaction involved, and they will give you a breakdown of the details of your transfer: exchange rate, fees, etc. BKK Bank New York charges a small, flat handling fee, if I recall, while the Thai home branch charges a small amount as well, a few hundred baht, depending on how much you have transferred. Your U.S. bank may have charged you also, but only they can tell you re that charge.

I just made a withdrawal from a Kasikorn ATM and got hit with the 150 baht fee. Are there any banks left where we won't get hit with this ridiculous charge?

A broader question is: Does anyone know how to transfer money from an overseas bank to Thailand without getting overcharged?

I did a test transfer of $100 dollars from my U.S. bank to Bangkok Bank a few months ago and lost about 7% in the process; I was expecting about 3500 baht and received around 3250. I didn't get a breakdown of the cost so I don't know how much is a flat rate fee, how much a percentage fee, and how much a poor exchange rate. If it's mostly flat rate, meaning 250 baht for all transfers and a reasonable exchange rate, I can try transferring a large sum once a month, but I don't want to transfer a couple of thousand dollars and have 7% of that disappear. Does anyone have any information on this?

I will pose this question to my U.S. bank, but they won't be able to tell me what Bangkok Bank is charging, and I don't know who to ask at Bangkok Bank.

[eek]

dam_n!!!! Thats bad news bruce.

Im in the process of trying out a way through paypal. I have my UK paypal account attached to my UK bank and recently opened a Thai paypal account attached to Kbank. I dont know yet what is the most efficient/simplest way, but for now I have requested my UK bank to add funds to the UK paypal account, then I will see if i can transfer over to the Thai paypal account, then into the bank account. Im just doing a test on it at the mo, so only a small amount. If you transfer higher amounts, its apparently free to do, but just takes some time (around 7 - 10 working days). My transfer is pending, so ill wait and see. Will post if it works out well.

If anyone has an easier solution via paypal (or any other solution) let us know..cheers.

[heybruce]

Read the several other running posts on the ATM fees subject...

In short, Government Savings Bank (pink signs) and Bank of Ayudhya (yellow signs) reportedly remain fee free. But GSB only accepts Visa logo cards, and you should only use Visa cards at Ayudhya, because using MasterCards with them produces a very bad exchange rate.

Re your BKK Bank transfer, you can call BKKB general customer service, choose the English language option, then give them the transaction involved, and they will give you a breakdown of the details of your transfer: exchange rate, fees, etc. BKK Bank New York charges a small, flat handling fee, if I recall, while the Thai home branch charges a small amount as well, a few hundred baht, depending on how much you have transferred. Your U.S. bank may have charged you also, but only they can tell you re that charge.

Thanks for the info. Unfortunately my ATM card has the Mastercard logo, so it looks like I'm not going to get cheap ATM withdrawals in Thailand. I'll look up that Bangkok Bank customer service number.

[clokwise]

If you transfer higher amounts, its apparently free to do, but just takes some time (around 7 - 10 working days). My transfer is pending, so ill wait and see. Will post if it works out well.

Indeed a withdrawal of 5000 baht and over is free and takes about 1 week. Paypal gets a sweet deal on the exchange rate, so watch out for that. Plus you probably noticed they take a nice cut when you transfer funds from one paypal account to another.

Also be careful that after a few withdrawals paypal will eventually lock your account and demand "additional documentation" even though their demand is probably for something you had already sent them before.

[jfchandler]

Thanks for the info. Unfortunately my ATM card has the Mastercard logo, so it looks like I'm not going to get cheap ATM withdrawals in Thailand. I'll look up that Bangkok Bank customer service number.

One of the very good accounts I have been principally using here in Thailand also has been a MC-logo debit card. But now, the way things are going, that card and account are headed for the shelves. Fortunately, since we saw these ATM changes coming some time back, I've added some fee-free U.S. Visa cards/accounts to my portfolio.

They have the advantage of working better with GSB and BofAyud as long as those two remain fee free. And even if either begins charging a fee, the new Visa debit cards I've added reimburse for others ATM charges. So I should be OK regardless... Gotta change with the changing times.

[Dustoff]

~

I stopped using my Visa/Debit card to withdraw money from my U.S. bank long ago due to the expense.

The system I use now is:

My U.S. bank sends an electronic deposit for free (Billpayer service) to Bangkok Bank in New York;

BKK Bank NY charges $5 to accept the deposit and transfer it to my account here in Chiang Mai within 3 biz days;

BKK Bank Thailand charges 0.25% up to a max of 500 THB but otherwise gives me the exact current exchange rate.

Obviously the trick is 'the more you send, the cheaper it gets' so I send as much as I can each time.

This is by FAR the cheapest method I have found but I am open to hearing of a better alternative...

[jerrybeirne]

I just made a withdrawal from a Kasikorn ATM and got hit with the 150 baht fee. Are there any banks left where we won't get hit with this ridiculous charge?

A broader question is: Does anyone know how to transfer money from an overseas bank to Thailand without getting overcharged?

I did a test transfer of $100 dollars from my U.S. bank to Bangkok Bank a few months ago and lost about 7% in the process; I was expecting about 3500 baht and received around 3250. I didn't get a breakdown of the cost so I don't know how much is a flat rate fee, how much a percentage fee, and how much a poor exchange rate. If it's mostly flat rate, meaning 250 baht for all transfers and a reasonable exchange rate, I can try transferring a large sum once a month, but I don't want to transfer a couple of thousand dollars and have 7% of that disappear. Does anyone have any information on this?

I will pose this question to my U.S. bank, but they won't be able to tell me what Bangkok Bank is charging, and I don't know who to ask at Bangkok Bank.

i withdrew from krungsri atm today, no charge

[mcgriffith]

Hey Dusty, good to hear from you, stranger!

Actually Bangkok Bank (New York), the transfer agent for account holders here started charging $10 USD for inbound SWIFT transfers about a year or so ago.

I see it clearly, as when I (for example only) transfer say $4998.73, from my HSBC account to BKK Bank New York.

On the "Record Inquiry" which I get here after the transfer is completed at my local branch, it will show $4988.73. So I know that Bangkok Bank New York took a $10 fee.

Then, the rest is as you stated. Point 25 percent, up to a maximum of 500 baht, charged by Bangkok Bank here in Thailand. This also shows on the same report...it's a one page filled with a lot of code, but is thoroughly understandable if you look at a few of them.

If you pencil it out, the optimal way for this method to work is to transfer at least $5000 at a time, as the maximum charges incurred ($10 USD plus max 500 baht) works out to about one half of one percent for this amount of money.

And it takes about 1-2 days. The rate given is the "Telex" rate on the day the monies hit Bangkok Bank New York.

Of course, this only works for those who have a Thai bank account here.

It is possible that if you have a foreign currency denominated account (say you have a yen or pound sterling or Aus dollar) you might be able to do a likewise transfer at the same fee schedule. Check with your bank for details.

I know this is a bit off topic; we are discussing ATM fees, not SWIFT transfers.

But I am offering the info in the hopes that it may help a few people who are looking to save money.

[Sansai Sam]

I am told UOB does not charge and has a good exchange rate. Can anyone confirm this?

[MJo]

~

I stopped using my Visa/Debit card to withdraw money from my U.S. bank long ago due to the expense.

The system I use now is:

My U.S. bank sends an electronic deposit for free (Billpayer service) to Bangkok Bank in New York;

BKK Bank NY charges $5 to accept the deposit and transfer it to my account here in Chiang Mai within 3 biz days;

BKK Bank Thailand charges 0.25% up to a max of 500 THB but otherwise gives me the exact current exchange rate.

Obviously the trick is 'the more you send, the cheaper it gets' so I send as much as I can each time.

This is by FAR the cheapest method I have found but I am open to hearing of a better alternative...

Same here, transfer as much as you can at the time. Haven't used CC's and ATM's for years now. Even before these extra fees with Thai banks transfer was cheaper. And i do pay more than above when transferring from europe.

Everyone here with non-imm visa or one year extension is able to get bank account open. Tourists could do with travel cheques

[Dustoff]

Hey Dusty, good to hear from you, stranger!

Actually Bangkok Bank (New York), the transfer agent for account holders here started charging $10 USD for inbound SWIFT transfers about a year or so ago.

Good to hear from you again as well, McG. I have been here all along, just not posting much..

I don't know about your SWIFT transfers but I just received a transfer five days ago thru BKK Bank NY and the charge was $5. I never gave my bank a SWIFT number since my Billpayer service sends out a check the first time then makes arrangements with the receiving bank themselves to change that to an electronic transfer.

I know this is a bit off topic; we are discussing ATM fees, not SWIFT transfers.

But I am offering the info in the hopes that it may help a few people who are looking to save money.

Perhaps I missed something? My impression was that the great majority of the OP's original post was about an inexpensive way to transfer lump sums of dollars over here from the United States.

We have four different bank accounts in three different banks but have never run into an instance of any of those banks charging an ATM fee for taking money out of one of their own ATMs. There is little chance that I or my wife would tolerate being charged to take our own money out of our own bank account at any of their outlets. 7-Eleven maybe but not at our own bank's ATM. We have, however, been charged something like 20 or 30 THB to deposit money in a remote location like Phuket or wherever...

Da Dustbin

[mcgriffith]

I'm being ripped off!

Seriously, it is not an issue. The difference between 5 and 10 bucks is next to nil when you transfer $5000.

Whatever works for you, works for me too...!

I think your point is well taken. Folks who live here long term need to look into doing a different way of transferring money, from withdrawing money from a Thai bank ATM, using a foreign bank ATM card.

There was a letter to the editor in today's Bangkok Post on this very issue.

Pick up a copy or read it on their website.

[jfchandler]

I am told UOB does not charge and has a good exchange rate. Can anyone confirm this?

There haven't been a lot of user reports here about people dealing with UOB...and what has been said has been mixed and sometimes vague....

One thing I can say for certain. I tried to use a UOB ATM on Sunday with my U.S. MasterCard logo debit card, and the machine wouldn't take it... That, and I noticed, at least at the Silom Road ATM, there were no stickers on the ATM saying what network cards it would accept... (Plus, Star, Cirrus, etc). So MasterCard logo cards are a definite no-no for UOB...

I didn't try my U.S. Visa logo card with them, that day...

[Carmine6]

Bangkok Bank NY's fee is actually tiered. So $5 is right and $10 is right depending on the amount.

There's an itemization of the fees somewhere on their website but it takes dumb luck to find it.

Edit: Ok, I got lucky. Here are the fees for an ACH transfer. I assume they're taking the same fees for SWIFT transfers.

Less than USD 50.00 Free

USD 51.00 - 100.00 USD 3.00

USD 100.01 - 2,000.00 USD 5.00

USD 2,000.01 - 50,000.00 USD 10.00

USD 50,000.01 or more USD 20.00

Bangkok Bank in Thailand also charges a fee of 0.25% of the amount in the Baht currency (minimum of THB 200; maximum of THB 500) when the funds are deposited into the recipient’s Bangkok Bank account in Thailand.

http://www.bangkokbank.com/Bangkok+Bank/Pe...orm+USA+Fee.htm

For the OP, note the fees total about 300 baht on the $100 transfer depending on the rate, or about 8%.

Edited May 20, 2009 by Carmine6

[CMMCB]

I am told UOB does not charge and has a good exchange rate. Can anyone confirm this?

There haven't been a lot of user reports here about people dealing with UOB...and what has been said has been mixed and sometimes vague....

One thing I can say for certain. I tried to use a UOB ATM on Sunday with my U.S. MasterCard logo debit card, and the machine wouldn't take it... That, and I noticed, at least at the Silom Road ATM, there were no stickers on the ATM saying what network cards it would accept... (Plus, Star, Cirrus, etc). So MasterCard logo cards are a definite no-no for UOB...

I didn't try my U.S. Visa logo card with them, that day...

My HSBC Singapore Mastercard Electronic/Cirrus debit card works fine in UOB ATMs in Chiangmai, where I've been taking 30,000 THB per transaction with no 150 baht fee. I'll try it again today and post the exchange rate I get too. The ATM machine outside their branch on Huay Kaew Rd does have the Cirrus logo.

CMMCB

[jfchandler]

CMMCB, Thanks for that info re your experience using UOB ATMS....

Maybe I got a bad/down ATM that day (Sunday) on Silom Road. Or maybe there is some difference in using a U.S. based card, though my MasterCard logo debit card also is a Cirrus logo card, same as yours.

I'll find out today...going out, and will try a different UOB location in BKK and will report back here...and also what if any stickers I see on their ATMs re network affiliation.

PS - Some other posters have said UOB is giving a bad exchange rate... What was your experience with the rate, CMMCB???

Edited May 20, 2009 by jfchandler

[hml367]

An alternative to the ATM:

You can take your plastic into a branch of your favorite bank (a branch which offers this service, of course) and ask to draw an amount from the plastic. You can deposit, take cash, or most anything else you would end up doing with your funds.

This bypasses the ATM only. You will still be hit with the cross-border exchange rate if YOUR financial institution passes it on to you. This is not charged by the Thai banks...... it is YOUR financial insitution passing on the fee they pay to Visa International. You can verify this by cruising to Visa International's web site and looking for the information.

In my experience MasterCard did not give the same exchange rate as Visa did.... So I don't use my MasterCard anymore.

Many financial institutions in USA use a Visa card for their debit cards and you can get the same benefits as a Visa credit card. A debit card is not the same thing as an ATM card. They could be linked together, but they are different animals.

It has been a few years, however, I have drawn 300,000 baht at one time inside of Bangkok Bank Thapae branch on a Visa debit card. This was before the cross border exchange fee was separated out of the exchange rate, so there were no extra fees at that time. That's another story some people were confused about when it happened.

The limits of drawing from an ATM machine are set by the ATM owner AND the card issuing financial institution, so there can be many different limits of what each person can draw. Asia, by the way, is a high risk area and most financial institutions put stricter limits on foreign transactions in Asia.

As far as a Thai bank charging for drawing cash from their own ATM machines, it used to be that if you went outside the Chiangwat where the issuing branch is located, you had to pay a fee of 10 to 20 baht. For example, you have a debit card from a Bangkok Bank, Thapae branch account. You travel to Bangkok and want to draw money from a Bangkok Bank ATM. You would pay a small fee for drawing money outside the Chiangwat of the issuing branch. I haven't done this in a while, so I am not certain it is still their practice.

And always remember... . you will get different responses from different people to a question posed on a forum... Well... Maybe I just interpret the responses different.

MSPain

[Tee2008]

I think this question has been answered before. One way of doing this is to open a Forex account and transfer the money through that account into a Thai bank account ( your own or someone else's). Then take out your cash with the bank's ATM card at no charge.

I have Forex accounts with Money Corp and Currencies Direct. Money Corp charges 8 Pounds Sterling per transfer, and Currencies Direct is free. Their exchange rates are close to any rate found at any bank, if not the same. You can Google these institutions for full details. You can set up regular payments or one-off payments.

Free is certainly better than 150 baht a hit ! If everyone used these services the banks may have a re-think ?

[mcgriffith]

Bangkok Bank NY's fee is actually tiered. So $5 is right and $10 is right depending on the amount.

There's an itemization of the fees somewhere on their website but it takes dumb luck to find it.

Edit: Ok, I got lucky. Here are the fees for an ACH transfer. I assume they're taking the same fees for SWIFT transfers.

Less than USD 50.00 Free

USD 51.00 - 100.00 USD 3.00

USD 100.01 - 2,000.00 USD 5.00

USD 2,000.01 - 50,000.00 USD 10.00

USD 50,000.01 or more USD 20.00

Bangkok Bank in Thailand also charges a fee of 0.25% of the amount in the Baht currency (minimum of THB 200; maximum of THB 500) when the funds are deposited into the recipient's Bangkok Bank account in Thailand.

http://www.bangkokbank.com/Bangkok+Bank/Pe...orm+USA+Fee.htm

For the OP, note the fees total about 300 baht on the $100 transfer depending on the rate, or about 8%.

Carmine6, thanks for clearing that up- most appreciated!

[mcgriffith]

An alternative to the ATM:

You can take your plastic into a branch of your favorite bank (a branch which offers this service, of course) and ask to draw an amount from the plastic. You can deposit, take cash, or most anything else you would end up doing with your funds.

This bypasses the ATM only. You will still be hit with the cross-border exchange rate if YOUR financial institution passes it on to you. This is not charged by the Thai banks...... it is YOUR financial insitution passing on the fee they pay to Visa International. You can verify this by cruising to Visa International's web site and looking for the information.

In my experience MasterCard did not give the same exchange rate as Visa did.... So I don't use my MasterCard anymore.

Many financial institutions in USA use a Visa card for their debit cards and you can get the same benefits as a Visa credit card. A debit card is not the same thing as an ATM card. They could be linked together, but they are different animals.

It has been a few years, however, I have drawn 300,000 baht at one time inside of Bangkok Bank Thapae branch on a Visa debit card. This was before the cross border exchange fee was separated out of the exchange rate, so there were no extra fees at that time. That's another story some people were confused about when it happened.

The limits of drawing from an ATM machine are set by the ATM owner AND the card issuing financial institution, so there can be many different limits of what each person can draw. Asia, by the way, is a high risk area and most financial institutions put stricter limits on foreign transactions in Asia.

As far as a Thai bank charging for drawing cash from their own ATM machines, it used to be that if you went outside the Chiangwat where the issuing branch is located, you had to pay a fee of 10 to 20 baht. For example, you have a debit card from a Bangkok Bank, Thapae branch account. You travel to Bangkok and want to draw money from a Bangkok Bank ATM. You would pay a small fee for drawing money outside the Chiangwat of the issuing branch. I haven't done this in a while, so I am not certain it is still their practice.

And always remember... . you will get different responses from different people to a question posed on a forum... Well... Maybe I just interpret the responses different.

MSPain

Spot on advice.

Yes, Bangkok Bank still charges for out of Chiangwat (as you termed it) transactions.

Example: in Feb I did a motorsai excursion to the North.

Even at a BBK ATM in Chiang Saen, Mae Sae, etc. I was charged 10 B per withdrawal.

Same same when using Kasikorn, or whatever bank's ATM

[elektrified]

Getting back to the OP's original question, the cost for an International bank to bank transfer 1s 1400 Thai Baht.

[jfchandler]

I believe I have good news for everyone, in terms of UOB ATMs continuing to be fee-free, and also accessible via both MasterCard and Visa logo cards.

Contrary to my report below, which was in fact accurate for that ATM, I went out hunting for another UOB ATM today, and found one within the Nana BTS station. By the way, UOB's Thailand web site is great, fully English capable and the ability to search for branches and ATMs, shows you location maps in English and Thai for the branches, hours of operation and more.

Today, I found a very new UOB ATM that had a full range of ATM network affiliations listed on the front. As you can see from the photo below, their ATMs say they pretty much accept all kinds of cards. And indeed, this time, the machine took my U.S. MasterCard logo debit card without any problem.

Then, I did a withdrawal of 2,000 baht. The ATM receipt had a line for a fee, but no fee was charged. The single and only withdrawal from my U.S. account was $58.36, for an exchange rate of 34.27 baht to the $, which I believe is pretty good for today. En route, I saw the local SCB exchange booth was offering something like 34.07.

So, at least for the time being, UOB does indeed seem a good bet: many branches and ATMs, good web site info, accepts VISA and MC and others (whereas GSB only takes VISA cards), and no sign of usurious exchange rates that someone here had mentioned. Just hope it lasts, unlike Kasikorn.

CMMCB, Thanks for that info re your experience using UOB ATMS....

Maybe I got a bad/down ATM that day (Sunday) on Silom Road. Or maybe there is some difference in using a U.S. based card, though my MasterCard logo debit card also is a Cirrus logo card, same as yours.

I'll find out today...going out, and will try a different UOB location in BKK and will report back here...and also what if any stickers I see on their ATMs re network affiliation.

PS - Some other posters have said UOB is giving a bad exchange rate... What was your experience with the rate, CMMCB???

[Priceless]

Getting back to the OP's original question, the cost for an International bank to bank transfer 1s 1400 Thai Baht.

If only it were that easy It all depends on the countries and banks involved. My case is certainly not the most common, but anyway:

Sending bank (SHB, Sweden): 40 SEK = 5 USD

Max amount/day: 100 000 SEK = 440 000 THB

Receiving bank (SCB, Thailand): 0.25%

Exchange rate: T/T

I have been told that US banks charge 40-60 USD, but that should be much less in more developed countries

/ Priceless

[Sansai Sam]

UOB is not a Thai bank as far as I know. It's a Singapore bank so it shouldn't change the fee policy and the exchange rate is usually better than most Thai banks.

[mcgriffith]

I have been told that US banks charge 40-60 USD, but that should be much less in more developed countries

/ Priceless

[CMMCB]

CMMCB, Thanks for that info re your experience using UOB ATMS....

Maybe I got a bad/down ATM that day (Sunday) on Silom Road. Or maybe there is some difference in using a U.S. based card, though my MasterCard logo debit card also is a Cirrus logo card, same as yours.

I'll find out today...going out, and will try a different UOB location in BKK and will report back here...and also what if any stickers I see on their ATMs re network affiliation.

PS - Some other posters have said UOB is giving a bad exchange rate... What was your experience with the rate, CMMCB???

Just to confirm, I did use my HSBC Singapore MC/Cirrus card again today at a UOB ATM (at around 13.50, in case anyone wants to look up exact exchange rates). Took out 30,000 baht. No local (150 baht) fee. Exchange rate worked out at 23.416461 after the HSBC fee (S$8) is subtracted, which compares pretty well with, for example...

SCB T/T rate = 23.31

UOB T/T rate = 23.296

CMMCB

[CMMCB]

UOB is not a Thai bank as far as I know. It's a Singapore bank so it shouldn't change the fee policy and the exchange rate is usually better than most Thai banks.

UOB Thailand is actually a Thai bank (they took over Bank Of Asia some years back). In fact, when I asked about special arrangements for transfers between UOB Singapore and UOB Thailand a year or so ago, they told me that they are completely separate entities so no special arrangement could be made.

CMMCB

[jfchandler]

I believe that's correct about UOB Thailand functioning as a Thai banking company....however they accomplished it.

Otherwise, they'd be hamstrung by the same Thai banking law that limits HSBC, Citi and all the others to just a single location inside Thailand.

That said, we can at least be hopeful that UOB won't go down the road of charging the 150 baht fee. They have a lot of branches in pretty high traffic, accessible locations, which make them relatively convenient.

[Mali1964]

Shame they only have 2 ATM's in Roi Et province at are not a big bank in Issarn

Issarn only has BAAC i'm amazed no one as tried a visa card in one of their ATM's.