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

[sandyf]

15 hours ago, sjaak327 said:

Ok, that's also not a Thai owned bank, waiting to hear back from mogandave to supply me with a name of a Thai owned bank that does not apply the BOT approved 220 baht. 

For many years I used Singaporean owned Citybank at Asoke to withdraw money with my dutch ATM, no fees, but they started charging around a year ago, the same 220 baht.

 

 

Every bank has to try and raise revenue in one form or another, it is a question of getting the best deal for your personal circumstances.

Here in Thailand ICBC charge to make deposits in Yuan.

[Pattaya46]

28 minutes ago, mogandave said:

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?

 

Oh no! At least 5 times. 

Food is not the only thing that people pay in cash,

mainly when living single in Pattaya 

My average spending in cash must not be far from 2'000B per day...

For sure more than 50'000B per month in cash.

And I usually withdraw 9'900B each time at ATM.

[mogandave]

Oh no! At least 5 times. 
Food is not the only thing that people pay in cash,
mainly when living single in Pattaya 
My average spending in cash must not be far from 2'000B per day...
For sure more than 50'000B per month in cash.
And I usually withdraw 9'900B each time at ATM.

Why 9,900, for luck?

I usually draw 20k, lasts for a month or two.

[mogandave]

Every bank has to try and raise revenue in one form or another, it is a question of getting the best deal for your personal circumstances.
Here in Thailand ICBC charge to make deposits in Yuan.

Exactly

[Pattaya46]

4 minutes ago, mogandave said:

Why 9,900, for luck?

 

No , just to have some 100B notes change.

1000B notes are not very convenient for shopping at the market.

 

And there is an ATM of my bank just at ground floor of my condo, so no need to withdraw 20'000 or 30'000 when I can easily withdraw at anytime.

[mogandave]

I always got 20,000 so I would not gets small bills.

Didn’t know I could get 30,000...

[mogandave]

Double

[dick dasterdly]

18 minutes ago, Pattaya46 said:

Oh no! At least 5 times. 

Food is not the only thing that people pay in cash,

mainly when living single in Pattaya 

My average spending in cash must not be far from 2'000B per day...

For sure more than 50'000B per month in cash.

And I usually withdraw 9'900B each time at ATM.

I too take out cash about 5 times a month, and pay cash for everything other than VERY large purchases or payments.

 

Life is short (especially when you reach the age of 50 or so!), so personally I prefer not to have to keep track of payments made via credit/debit cards.

 

Far easier to take out cash from ATM's - so it's easy to keep track of the bank account balance.

 

Which is why I'm frequently suprised by posters (on other threads) querying why someone had 10-20k bht on them!

[dick dasterdly]

4 minutes ago, mogandave said:

I always got 20,000 so I would not gets small bills.

Didn’t know I could get 30,000...

The limit is now 50,000 bht per day with SCB (via ATM) - or at least that's my limit allowed.

[mogandave]

It always surprises me that so many people walk around broke. Even with credit cards and whatnot I hate having less than 5k in my wallet.

For me, it’s a lot easier to keep track of my spending using a credit card, itemized list of everything I buy going back years.

[dick dasterdly]

Everyone to their own ????.

[sjaak327]

4 hours ago, mogandave said:

 

Why 9,900, for luck?

I usually draw 20k, lasts for a month or two.

 

For change, I used to get 9800, so I get 9x1000 1x500 and 3x100

[sjaak327]

7 hours ago, mogandave said:

 

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!
 

 

Happy Sunday ????

 

Yes you can be sure it will stop to be free when they get approval from the BOT, for them it makes no difference if someone uses the ATM with an actual card, or via an app. 

 

I re-read the op once more, and noticed a sentence that I missed before:

 

Quote

 

The reason is that they are not making any money from online banking, reported Thai Rath in a feature. 
  
They quoted the secretary of the Thai Bankers' Association - Gobsuck Duangdee -  as saying that giving you your money is costing his members a fortune.  
  
It was alright in the past when the banks could make lots of money in branches, but the digital age has seen an end to that gravy train. 

 
 

 

 

So forget about the costs of maintaining the ATM's, their gravy train stopped running LOL.

 

Typical example of Thainess. In the west, banks are moving everyone to online banking, so that they can close the branches, in Thailand, apparently the branches were a gravy train. 

[mogandave]

In the US there are more branches than ever.

One of the benefits of e-banking and ATMs is that it is much cheaper and easier to operate small branches with a minimum of staff.

[chaihot]

21 hours ago, sjaak327 said:

How do you think ? For a period of time there were just two banks operating in Thailand that did not charge the fee, or charged a lower fee. Both banks (UOB and Citybank) were not Thai owned. 

 

Kind of irrelevant at this point, but just to add some history.  Up until 2014, we were able to use the AEON atm and NOT pay any of the foreign card fees.  How can a bank see every other bank making 220b per withdrawal and not want to be in on that action?  ????

[sjaak327]

1 minute ago, mogandave said:

In the US there are more branches than ever.

One of the benefits of e-banking and ATMs is that it is much cheaper and easier to operate small branches with a minimum of staff.

In my country, banks are closing branches like there is no tomorrow. Saves on rent, and of course on employees. Where I live is a combination of about 10 small villages (3000 persons per village give or take) into one large village. The bank closed nine out of ten branches in that village. All thanks to people moving to online banking. 

[sjaak327]

1 minute ago, chaihot said:

 

Kind of irrelevant at this point, but just to add some history.  Up until 2014, we were able to use the AEON atm and NOT pay any of the foreign card fees.  How can a bank see every other bank making 220b per withdrawal and not want to be in on that action?  ????

Yes, I mistakingly said UOB, but it is indeed AEON. Citibank started charging me since about one year ago, maybe 1.5 year ago. SO for a long time I was able to dodge the fee using Citibank. I believe AEON still only charges 150 baht. 

 

Of course one could look it from a way of competition, but since this only applies to foreign atm's, the customers walking with their feet does not apply here. But with the domestic fees we are discussing now, the bank that decides to not levy those fees, might get quite a few new customers. 

[chainarong]

On 12/5/2018 at 10:23 AM, fruitman said:

Singapore and Malaysia do it for free for farangs....thailand needs 220 baht, the thieves.

Oz banks are free after government intervention, then they upped the international atm fee's 

[fruitman]

5 hours ago, chainarong said:

Oz banks are free after government intervention, then they upped the international atm fee's 

What do you mean? Ozzies don't have to pay the 220 baht? I also pay my own bank a fee of 100 baht for every atm-transaction, how much do you have to pay your own bank?

[mogandave]

If I had my own bank I would not be worried about a few fees...

[fruitman]

1 hour ago, mogandave said:

If I had my own bank I would not be worried about a few fees...

My money is on the bank...but if i want to spend it in thailand i pay 220+100 baht to get max 10.000 baht out of the atm. So in Thailand i have 3% less to spend if i use atm's.

 

My bank gives me 0.2% interest on my savings so why would i use the bank?

 

Today i also noticed that superrich doesn't give me the rate which is on their website....why is that??

 

[mogandave]

My money is on the bank...but if i want to spend it in thailand i pay 220+100 baht to get max 10.000 baht out of the atm. So in Thailand i have 3% less to spend if i use atm's.
 
My bank gives me 0.2% interest on my savings so why would i use the bank?
 
Today i also noticed that superrich doesn't give me the rate which is on their website....why is that??
 

You should draw out 30k at a time from the ATM rather than 10k, then it would only cost you 0.7%.

Maybe Super Rich charges you more because you look like you can afford it. That or maybe you look like a sucker...

[mogandave]

My money is on the bank...but if i want to spend it in thailand i pay 220+100 baht to get max 10.000 baht out of the atm. So in Thailand i have 3% less to spend if i use atm's.

 

My bank gives me 0.2% interest on my savings so why would i use the bank?

 

Today i also noticed that superrich doesn't give me the rate which is on their website....why is that??

 

 

You should draw out 30k at a time from the ATM rather than 10k, then it would only cost you 1%.

 

Maybe Super Rich charges you more because you look like you can afford it. That or maybe you look like a sucker...

[bristolgeoff]

i just got a monza card here.they allow atm free transaction in the LOS. they allow £200 a mth.but is does not stop the thai charges anyway.so no way out really.i will just use the bangkok bank card and be charged 20 baht.better than 200 baht on the other cards

[bristolgeoff]

i just got a monza card here.they allow atm free transaction in the LOS. they allow £200 a mth.but is does not stop the thai charges anyway.so no way out really.i will just use the bangkok bank card and be charged 20 baht.better than 200 baht on the other cards

[bristolgeoff]

i just got a monza card here.they allow atm free transaction in the LOS. they allow £200 a mth.but is does not stop the thai charges anyway.so no way out really.i will just use the bangkok bank card and be charged 20 baht.better than 200 baht on the other cards

[fruitman]

1 hour ago, mogandave said:

 

You should draw out 30k at a time from the ATM rather than 10k, then it would only cost you 1%.

 

Maybe Super Rich charges you more because you look like you can afford it. That or maybe you look like a sucker...

I can ONLY get 10.000 a time out of the atm...if i want more i pay all fee's again.

 

I asked superrich why i got the lower rate, they still didn't answer. I have to change much more money but will go elsewhere, not because i care for that small difference but for me it's all about the principle of getting cheated or not...i hate cheaters.

 

And i look fine mate, don't you worry..i don't even need a cap or hat to look better.

[mogandave]

9 minutes ago, fruitman said:

I can ONLY get 10.000 a time out of the atm...if i want more i pay all fee's again.

 

I asked superrich why i got the lower rate, they still didn't answer. I have to change much more money but will go elsewhere, not because i care for that small difference but for me it's all about the principle of getting cheated or not...i hate cheaters.

 

And i look fine mate, don't you worry..i don't even need a cap or hat to look better.

You may be able to contact your bank and have them up your per-transaction limit.

 

10K is pretty low...

 

Unfortunately, Super Rich is generally the best option for changing cash. In all fairness, the staff has no control over what they charge. That said, what you get should match the tote-board out front. 

[pennine]

On 12/5/2018 at 9:30 AM, darksidedog said:

The banks here are simply doing what banks everywhere have done for ages. Gouge as much cash out of you as possible, while making money lending to others based on your deposits. They already make huge profits, it is just greed that makes them think they can screw all their customers for some more.

i have always thought that banks have a permanent committee whose job it is to think up new ways of charging its customers. Just look at the charges on your bank statement. I'm waiting for them to charge us for entering the bank!

[chaihot]

4 hours ago, mogandave said:

 

You should draw out 30k at a time from the ATM rather than 10k, then it would only cost you 1%.

 

Maybe Super Rich charges you more because you look like you can afford it. That or maybe you look like a sucker...

It does not always work that way ... I see ATMs with a "25-note" limit.  That means, a withdrawal of 25,000 max only ... Bangkok Bank is the one I use most often.

 

And you must keep the limit in mind if you are trying to get small notes ... ie: if you want 100s and a 500, the maximum at the BB atms I see would be 20,900 (20-1000, 1-500, 4-100).