Why Thai banks are trying to charge you for cash at ATMs and branches

[janclaes47]

1 minute ago, sjaak327 said:

As I said, it will probably be a little bit less expensive getting a Thai account, and using a single big transfer at transferwise. But I doubt the money saved would be more than the odd 5 euros, not willing to go through the trouble. 

 

Just for your information, a standard account in the Netherlands + ATM would cost you about 4 euros per quarter. I pay more, as I have worldwide free ATM withdrawals, credit card, and travel/cancellation Insurance included in the package. 

26.87 Euro transfer fee is 1005 Baht.

 

185.00 Baht would require 10 withdrawals, if each is 20.000 Baht, so 2200 Baht in fees, which looks to me as a 32 Euro difference.

 

If you look at the exchange rate, I think it's same as what most CC use.

 

All you have included in your Netherlands account is included with my free Belgian account, add to that a free healthcare insurance which pays the difference that your government insurance doesn't pay.

 

I believe that Dutch people can open an account in Belgium.

[janclaes47]

Just now, mogandave said:

 

Maybe the people in your country are superior to everyone else.
 

Maybe you are just a troll who can't stand when someone corrects with some facts

[mogandave]

As I said, it will probably be a little bit less expensive getting a Thai account, and using a single big transfer at transferwise. But I doubt the money saved would be more than the odd 5 euros, not willing to go through the trouble. 
 
Just for your information, a standard account in the Netherlands + ATM would cost you about 4 euros per quarter. I pay more, as I have worldwide free ATM withdrawals, credit card, and travel/cancellation Insurance included in the package. 

So with the worldwide free withdrawals they reimburse the 220 fee Thailand charges?

[sjaak327]

Just now, mogandave said:

 

So with the worldwide free withdrawals they reimburse the 220 fee Thailand charges?

 

No they do not, they do not levy the fee, the thai banks do. 

[sjaak327]

13 minutes ago, janclaes47 said:

26.87 Euro transfer fee is 1005 Baht.

 

185.00 Baht would require 10 withdrawals, if each is 20.000 Baht, so 2200 Baht in fees, which looks to me as a 32 Euro difference.

 

If you look at the exchange rate, I think it's same as what most CC use.

 

All you have included in your Netherlands account is included with my free Belgian account, add to that a free healthcare insurance which pays the difference that your government insurance doesn't pay.

 

I believe that Dutch people can open an account in Belgium.

Transferwise also makes money on the exchange rate, and Thai bank accounts aren't free either. Not to mention those are a bitch to obtain without a non immigrant visa. Even if it was 32 euro difference, I for one wouldn't go through the trouble. 

[janclaes47]

2 minutes ago, sjaak327 said:

Transferwise also makes money on the exchange rate, and Thai bank accounts aren't free either. Not to mention those are a bitch to obtain without a non immigrant visa. Even if it was 32 euro difference, I for one wouldn't go through the trouble. 

You can easily check the exchange rate your credit card use and compare. The transferwise rate is guaranteed, and there is no charge from the Thai bank. Thai banks charge a fee if you transfer from your foreign bank account.

 

What the transferwise site shows is what you get.

 

I have bank accounts with 4 Thai banks, and haven't ever been charged a dime for any of them, other then atm card fees, which I don't have.

 

With the Kasikorn mobile app I can withdraw money at any atm without an atm card.

[mogandave]

Transferwise also makes money on the exchange rate, and Thai bank accounts aren't free either. Not to mention those are a bitch to obtain without a non immigrant visa. Even if it was 32 euro difference, I for one wouldn't go through the trouble. 

You keep saying Thai bank accounts aren’t free, but many are. Most charge for ATM cards, but with a phone App you don’t need a card, you can use your phone.

Right now, if what you’ve said is true, you’re (apparently) spending over 1,000 a month on ATM fees.

[sjaak327]

Just now, mogandave said:

 

You keep saying Thai bank accounts aren’t free, but many are. Most charge for ATM cards, but with a phone App you don’t need a card, you can use your phone.

Right now, if what you’ve said is true, you’re (apparently) spending over 1,000 a month on ATM fees.
 

 

We are again going in circles. So what is this magic app that gets me hard currency ? Or are you suggesting I can pay for my som tam using that app ? Or my local watering hole. These people want currency not credit cards, debit cards or some phone app. 

 

I spend over 1000 baht per holiday. If I would live here, I would of course have a Thai bank account....

[sjaak327]

4 minutes ago, janclaes47 said:

You can easily check the exchange rate your credit card use and compare. The transferwise rate is guaranteed, and there is no charge from the Thai bank. Thai banks charge a fee if you transfer from your foreign bank account.

 

What the transferwise site shows is what you get.

 

I have bank accounts with 4 Thai banks, and haven't ever been charged a dime for any of them, other then atm card fees, which I don't have.

 

With the Kasikorn mobile app I can withdraw money at any atm without an atm card.

Yes I know, I have been using transferwise for many years. The point is, I am going on a holiday, why would I go through the trouble to save just 30 odd euro ? Again, opening a Thai bank account without a visa isn't all that easy. 

[janclaes47]

4 minutes ago, sjaak327 said:

Yes I know, I have been using transferwise for many years. The point is, I am going on a holiday, why would I go through the trouble to save just 30 odd euro ? Again, opening a Thai bank account without a visa isn't all that easy. 

I was not aware that you are on a holiday, so indeed in that case transferwise is not worth the hassle.

 

But going through your posts in this thread, you keep insisting that you pay a quarterly fee to your bank, and therefor expect withdrawals without a fee.

 

You pay a quarterly fee to a Eurozone bank, and last time I checked Thailand is not in the Eurozone, so I'm a bit baffled as why you expect free withdrawals in Thailand

[sjaak327]

1 minute ago, janclaes47 said:

I was not aware that you are on a holiday, so indeed in that case transferwise is not worth the hassle.

 

But going through your posts in this thread, you keep insisting that you pay a quarterly fee to your bank, and therefor expect withdrawals without a fee.

 

You pay a quarterly fee to a Eurozone bank, and last time I checked Thailand is not in the Eurozone, so I'm a bit baffled as why you expect free withdrawals in Thailand

I do not. And I am not complaining at having to pay the 220 baht. My point is, that Thai banks already charge their customers for an ATM card, and they therefore should not charge people to access their money using an ATM. 

 

It is that principle I was talking about. I regret having mentioned the 220 baht foreign atm charge, that was just to indicate Thai banks love to levy fees. But the issue or topic now is, they want to charge their own domestic customers, everytime they use an ATM which they already paid for, just to access their own money.

 

I am sure if your Belgium bank did the same, you would take issue as well.

 

 

[janclaes47]

Just now, sjaak327 said:

My point is, that Thai banks already charge their customers for an ATM card, and they therefore should not charge people to access their money using an ATM. 

Thai banks don't charge to withdraw from their own atm's, which are plentiful available.

 

They charge for an ATM card, but these days everyone has a smartphone, so they download the free online bank app, and withdraw from atm's without the need for a card.

 

In the past they would charge if you withdraw from a concurrent bank atm machine, but I thought those fees have been removed also since at least half a year.

 

Not sure of the latter, since I never withdraw using a concurrent bank's atm, because each Thai bank has atm's all over the place.

[sjaak327]

Just now, janclaes47 said:

Thai banks don't charge to withdraw from their own atm's, which are plentiful available.

 

They charge for an ATM card, but these days everyone has a smartphone, so they download the free online bank app, and withdraw from atm's without the need for a card.

 

In the past they would charge if you withdraw from a concurrent bank atm machine, but I thought those fees have been removed also since at least half a year.

 

Not sure of the latter, since I never withdraw using a concurrent bank's atm, because each Thai bank has atm's all over the place.

The point of this thread is, they are now asking the BOT to be able to charge their customers when they withdraw money using an ATM of the issuing bank. Right now your first sentence is correct, but that is exactly what they want to change. 

 

Not everyone has a smartphone by the way, I wished people would stop this <deleted>. There are loads of people that don't own a smartphone, stop using it as an excuse for banks trying to fleece their customers. 

[janclaes47]

2 minutes ago, sjaak327 said:

The point of this thread is, they are now asking the BOT to be able to charge their customers when they withdraw money using an ATM of the issuing bank. Right now your first sentence is correct, but that is exactly what they want to change. 

 

Not everyone has a smartphone by the way, I wished people would stop this <deleted>. There are loads of people that don't own a smartphone, stop using it as an excuse for banks trying to fleece their customers. 

Ok I get your point.....finally ???? , but didn't you say that a customer from a Netherlands bank pays 4 Euro quarterly without making a single withdrawal?

 

 

[sjaak327]

2 minutes ago, janclaes47 said:

Ok I get your point.....finally ???? , but didn't you say that a customer from a Netherlands bank pays 4 Euro quarterly without making a single withdrawal?

 

 

Yes they do, but no Dutch bank is charging them for ATM withdrawals, as the EU law will prevent this. So technically speaking they could use the ATM several times a day, and still only pay the 4 euro. As it should be. 

[mogandave]

We are again going in circles. So what is this magic app that gets me hard currency ? Or are you suggesting I can pay for my som tam using that app ? Or my local watering hole. These people want currency not credit cards, debit cards or some phone app. 
 
I spend over 1000 baht per holiday. If I would live here, I would of course have a Thai bank account....

Sorry, I thought you did live here.

Assumed you had a smartphone as well, my bad.

[mogandave]

Double up and beat the dealer!

[sjaak327]

Just now, mogandave said:

 

Sorry, I thought you did live here.

Assumed you had a smartphone as well, my bad.
 

 

I have several smartphones... But not everyone does of course. I am wondering how that app will get me hard currency though, I don't know. Seems to me, that people using that app are going to get charged as well if this scheme meets with BOT's approval ?

[janclaes47]

3 minutes ago, sjaak327 said:

Yes they do, but no Dutch bank is charging them for ATM withdrawals, as the EU law will prevent this. So technically speaking they could use the ATM several times a day, and still only pay the 4 euro. As it should be. 

 

So technically speaking they may not need an atm withdrawal ever, and still pay the 16 Euro per year.

 

 

[tropo]

On 12/7/2018 at 8:18 PM, sjaak327 said:

But some people do shop at the local market, many Thai and foreigners alike eat at places near to their home, most of them do not accept credit cards, or any other form of electronic payment. Yes if you use starbucks, or the big C, electronic payment is possible, if you go to the nearest pop and mum shop, it is not. 

 

My reference to France is not a coincidence, the simple fact is that compared to that Country, Thailand has a long way to go. Your lifestyle here might enable you to go electronic mainly, mine and many others do not. 

It's quite easy to live electronically here. I hardly carry any cash at all here in Thailand. I can get by with only a couple of thousand baht of cash per week as most places I frequent accept cards. I only need cash at the 7Eleven or other convenience stores. That does suggest I don't spend at markets or cheap Thai restaurants. I don't want to. When I'm not eating at home I'm eating at nice places which accept cards. There are a few exceptions though, but not too many in my restaurant list. In that case, ATM's are everywhere if I need some cash.

[tropo]

6 hours ago, moana said:

7 hours ago, sjaak327 said:

When it comes to charging ATM fees for foreign ATM cards, they all charge 220 baht

Personally I don't care much since I get full and immediate ATM fee rebates, but I do know that Bank of China doesn't charge the 220 baht. Not easy to find a branch though.

I use an AEON ATM, which charges 150 baht per pull. Unfortunately, they only allow 20k pulls, so it's equivalent to a 30k pull for 220 baht... but it allows me to take out less at the same rate. If I'm going to pay 220 baht, I will have to do 30k pulls.

[sjaak327]

4 minutes ago, janclaes47 said:

 

So technically speaking they may not need an atm withdrawal ever, and still pay the 16 Euro per year.

 

 

Yes, but I fail to see how they could function without ever making an ATM withdrawal... I know I can't. You pay a fixed price for an ATM card, and no fee when you actually use the card, just as it should be. That is exactly my point. 

[sjaak327]

11 minutes ago, tropo said:

It's quite easy to live electronically here. I hardly carry any cash at all here in Thailand. I can get by with only a couple of thousand baht of cash per week as most places I frequent accept cards. I only need cash at the 7Eleven or other convenience stores. That does suggest I don't spend at markets or cheap Thai restaurants. I don't want to. When I'm not eating at home I'm eating at nice places which accept cards. There are a few exceptions though, but not too many in my restaurant list. In that case, ATM's are everywhere if I need some cash.

Oh yes, you make valid points, my whole contribution to this thread is not about the typcial expat, or the typical tourist, it is about Somchai from si Saket, or that old lady from Chiang Mai. They mostly go to places where cash is needed. 

 

If I analyze the places I go to, it paints a completely different story. My aparment building near Thong Lor, takes cash, maybe a bank transfer, no credit card, no debit card. Many of the small restaurants in that neighborhood (Between Suk 38 and 40) don't accept electronic payment either, I doubt the vendors at the 38 night market do. The pop and mum shop downstairs, cash only. Quite a lot of the places I go to for drinking do only accept cash as well. I am dead sure one cannot pay for the chilli electronically in Talad Klong Toey either. 

 

When in thailand, I do pay for tickets and some hotels using a credit card via online booking, but that is pretty much everything. Granted, I am from a generation where paying by CC for small amounts is too much trouble and hassle. To me that simply doesn't make sense. I guess I can pay for my two beers at say HOBS Thong Lor, or Ekkamai beerhouse with a credit card, but the amounts are so small, I simply pay by cash. 

 

[sjaak327]

12 minutes ago, tropo said:

I use an AEON ATM, which charges 150 baht per pull. Unfortunately, they only allow 20k pulls, so it's equivalent to a 30k pull for 220 baht... but it allows me to take out less at the same rate. If I'm going to pay 220 baht, I will have to do 30k pulls.

Ah ! I got one of the banks wrong, not UOB. I believe they have a branch at Asoke, but to be honest, I stay near Thong Lor BTS, so to save that 70 baht, I am looking at 23bahtx2 for the BTS and the time I spent, so I just use the ATM that is 100 meters away.

 

Edit to add, I only pull 10.000 baht a pop, I don't like to carry large amounts of cash on me, and I have no problem paying that 220 baht fee each time, to me it is still better than walking around with 20 or 30K.

[mogandave]

I have several smartphones... But not everyone does of course. I am wondering how that app will get me hard currency though, I don't know. Seems to me, that people using that app are going to get charged as well if this scheme meets with BOT's approval ?

The app is pretty slick.

Open the app, selected card-less

Select what account you want to draw from

Enter the amount you want and enter continue

You will get a code

On the ATM select card-less

Enter your phone number

Enter the amount

Enter the code your phone app generated

Remove the cash

Downside is that it is a little slower and (I think) it only works at the issuing bank’s ATM. I assume this will change once all the banks are onboard.

Upside is it’s free, and you have one less card in your wallet

Noticed the buses in BKK have a cashless payment system now where you scan a code and pay, but I have not used it. Yesterday was the first time I rode the bus in a year.

Yeah, I assume if they start charging for ATM withdrawals, they’ll charge for card-less withdrawals...

Happy Sunday!

[Nyezhov]

2 hours ago, mogandave said:

Downside is that it is a little slower and (I think) it only works at the issuing bank’s ATM. I assume this will change once all the banks are onboard.

It is a lot slower for me because I cant remember my phone number.

[baboon]

8 hours ago, sjaak327 said:

Oh yes, you make valid points, my whole contribution to this thread is not about the typcial expat, or the typical tourist, it is about Somchai from si Saket, or that old lady from Chiang Mai. They mostly go to places where cash is needed. 

As does baboon from Chumphon. An unashamed luddite who refuses even to use self-service tills in shops, let alone fanny about with all this online banking carry on...

[Pattaya46]

8 hours ago, tropo said:

It's quite easy to live electronically here. I hardly carry any cash at all here in Thailand. //

Only if you live "like a rich person", eating only in 300-1000 baht restaurants and buying only in shopping malls... IMHO

I do like a good restaurant from time to time, but I take most my everyday meals in small restaurants near my condo and they rarely exceed 60 baht. No electronic payment available anyway. Same for the fruits at the everyday market in front of my condo.

 

On ‎12‎/‎7‎/‎2018 at 8:18 PM, sjaak327 said:

But some people do shop at the local market, many Thai and foreigners alike eat at places near to their home, most of them do not accept credit cards, or any other form of electronic payment. Yes if you use Starbucks, or the BigC, electronic payment is possible, if you go to the nearest pop and mum shop, it is not. //

Exactly 

 

For my few online purchases, I use the free virtual card K-web by KasikornBank

 

[mogandave]

Exactly 
 
For my few online purchases, I use the free virtual card K-web by KasikornBank
 

So you’re spending 180 a day on meals and say another 100 on fruit, still way less than 10,000 a month, so you would only need to actually use an ATM less than once s month, yes?

[mogandave]

Exactly 
 
For my few online purchases, I use the free virtual card K-web by KasikornBank
 

So you’re spending 180 a day on meals and say another 100 on fruit, still way less than 10,000 a month, so you would only need to actually use an ATM less than once s month, yes?