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

[samlathai]

One day a smart bank manager is going to figure out that if his bank uses our money to invest in profitable options instead of charging their customers for statements, letters, ATMs, and anything else they can think of, he's going to get the customers of all the other banks. Like every other country in the world. 

[zzaa09]

Simply resolved.

Don't use domestic ATMs. 

 

If enough throw a Gandhi-eseque manner towards them, they might become enlightened and change the way that they do business.

[Blackheart1916]

1 hour ago, mogandave said:

 

Don’t trade with them.

 

I don't. There are better alternatives. The underhanded and downright criminal activity of the Australian banks unearthed in the Royal Commission is breathtaking. And our (ex) Prime Minister insisted it wasn't necessary!!

[John P Ryke]

10 minutes ago, Blackheart1916 said:

I don't. There are better alternatives. The underhanded and downright criminal activity of the Australian banks unearthed in the Royal Commission is breathtaking. And our (ex) Prime Minister insisted it wasn't necessary!!

lets take this a bit further and see where this may lead.....

1/ banks charge 220 baht for any withdrawn amount 

2/ i start changing my banking habits i.e. I take larger sums than normal to minimise the charge (logical I think)

3/ on the way home i am mugged because of the larger amount i am carrying (direct consequence of a bank decision)

4/ another time i get home without being mugged also with the bigger amount of cash.....my house is burgled because of this knowledge that i must be keeping it somewhere

5/ why are banks immune from prosecution if these circumstances happen

[mogandave]

lets take this a bit further and see where this may lead.....
1/ banks charge 220 baht for any withdrawn amount 
2/ i start changing my banking habits i.e. I take larger sums than normal to minimise the charge (logical I think)
3/ on the way home i am mugged because of the larger amount i am carrying (direct consequence of a bank decision)
4/ another time i get home without being mugged also with the bigger amount of cash.....my house is burgled because of this knowledge that i must be keeping it somewhere
5/ why are banks immune from prosecution if these circumstances happen

Why not get a credit card?

Problem solved.

Why are customers immune from their idiocy?

[Moo 2]

The bank of Thailand has to look at every angles, well first, the earth is round and Thailand is not square,

so I bet you my dirty underwear it will go on the members side instead of the millions of consumers.

If banks are so poor, why don't they lock the doors and walk away!

[Kasset Tak]

22 hours ago, scorecard said:

 

Another example, 350Baht fee to get an ATM card plus same for renewal, about 80% of a days wages for folks on official minimum wages - immoral.

 

Then on top a charge (15 - 50Baht approx.) every time I use the ATM card.

 

Thai banks are just greedy thieves. 

 

Then I tell the service counter girl I don't want an ATM card on new account, she says 'it's now compulsory', check with BOT, not true.

 

Then when I go to the big branch at big local shopping centre, there are 6 staff standing inside the door (a row of 3 on the left side as I enter and 3 on the right side), all yelling sawasdee kar, chern kar at every customer, customers putting their fingers in their ears.

 

Plus 2 more bank staff standing at the queue machine achieving nothing whatever in fact they chat while the customer presses the buttons to get a queue number.

 

Plus the maid standing outside trying to help customers to use the automatic deposit machine.

 

 

 

ATM cards are free or low cost in many countries, but as soon as there is a VISA or MasterCard logo on them... then you will have to start paying as the bank has to pay to the international umbrella organization.
Personally I pay 1200 Baht a year but that includes a small accident insurance and you compare that to the $100/year I pay for just a visa card back home.

Here they charge for inter bank and inter provincial transactions, so for me that has a bank account that I opened in Tak province, I have to pay 20 Baht when I take out money in Bangkok. For my account from back home I have 2 free withdrawals a month, after that they charge me a hell lot more than the Thai banks charge me for doing an overseas ATM withdrawal... and even if I would be back home they would charge me about $5 for each consecutive withdrawal after the first 2 free withdrawals. 

So, it's not just Thai banks that are fleecing their customers... it's all banks! At least here I get some kind of service at a Thai bank because back home, half (or more) of the bank offices are today cashless and will only help you to make electronic transactions or loan applications...

[mogandave]

If I have a service and they say it will cost 20 Baht to use it, how is it I am being “fleeced” when I use it?

Why is it the banks fault when I spend more than I have, don’t pay what I promised I would pay, and the car I could not afford gets repossessed?

Iv’e done business with a lot of banks and none of them came to the door trying to loan me money.

[Stargeezr]

Banks in Canada, and likely in the USA are not unionized, their staff have to fight for

their salaries and other issues. The Canadian banks make billions in profit each year and

so do the US banks. We all pay for service charges and get ver little money even in

savings accounts. Thailand is not any worse than other countries banks so all you rich

expats get over yourselves!  I get great service every time I go into a Thai bank in Bangkok

or Hua Hin, and I do know that the tellers and staff do not get that great of wages, I hope

you people do ask them time to time, how much baht they make per month. You maybe

surprised.

Geezer

[smileydude]

On 12/5/2018 at 9:07 AM, Somtamnication said:

Did a border run to Mae Sai (CR). Stopped by a Bangkok Bank atm (I use Siam), 220b charge to take out 500b. Went to another bank, Kasikorn, 220 baht charge. Walked my lazy butt across the street to the Siam atm, free.

 

Go figure.

Usually when setting these fee’s the banks meet and huddle like mafiosa to set the same fee rates so we consumers think its standard (but is actually cooperative monopolization and not free capitalistic competition) so unless we use our own bank, we pay dearly.

 

I guess its fair in the sense that like HMO’s you have to use THEIR hospitals so in this case you have to roam around and find THEIR ATM’s.  It’s all about cost control.

[SunsetT]

15 hours ago, Jane Dough said:

I would normally transliterate this name as Kobsak. However this story called for greater realism. 

 

Rooster

Koksak would have been even more real.................????

[cmsally]

If ATMs are becoming a burden for the banks then why not try reducing numbers. Banks are paying rental space for ATM machines, exact amount depending on location. I would imagine it has been a nice little earner especially for the shopping malls where there are so many you literally trip over them. My hypothesis is that "mall culture" is not economically sound and that the banks through their branch outlet and ATM space are helping them keep afloat.

This is not something the consumer should be made to pay for.

[Stargeezr]

Banks in Canada, and likely in the USA are not unionized, their staff have to fight for

their salaries and other issues. The Canadian banks make billions in profit each year and

so do the US banks. We all pay for service charges and get ver little money even in

savings accounts. Thailand is not any worse than other countries banks so all you rich

expats get over yourselves!  I get great service every time I go into a Thai bank in Bangkok

or Hua Hin, and I do know that the tellers and staff do not get that great of wages, I hope

you people do ask them time to time, how much baht they make per month. You maybe

surprised. Oh and credit card companies are really the true thieves! Look at the interest

rates they charge!

Geezer

[scorecard]

5 hours ago, ArickChaiyaphum said:

Other G7 countries charge the same amount depending on what account you have. It is not limited to Thai Banks and can I remind our that Thai banks. Just stopped charging for withdraws and bank transfers out of province the beginning of this year. 

Yes under pressure, and now they are crying broke.

 

They all need to do some serious operational efficiency  and effectiveness analysis.

[Nyezhov]

1 hour ago, Kasset Tak said:

Plus 2 more bank staff standing at the queue machine achieving nothing whatever in fact they chat while the customer presses the buttons to get a queue number.

 

Plus the maid standing outside trying to help customers to use the automatic deposit machine.

 

I like the service. Walk into a branch ( I think I have been to 8 different ones), someone smiles, asks me how they can help, Wais, offer me a water. 

 

Like I said, I get free withdrawels from my bank machines, 4 free ones for other machines, internet banking (very secure purchasing system), smiling, helpful staff, plus reimbursement of my 220 baht Thai ATM fees by my US bank. So if they want to charge me a pittance for all those services, well life is still good, I'll cut my Pringles consumption down if it makes a difference to my budget.

 

Life is too short guys. Just like the old adage, de minimus non jurat lex.

[scorecard]

5 minutes ago, Stargrazer9889 said:

Banks in Canada, and likely in the USA are not unionized, their staff have to fight for

their salaries and other issues. The Canadian banks make billions in profit each year and

so do the US banks. We all pay for service charges and get ver little money even in

savings accounts. Thailand is not any worse than other countries banks so all you rich

expats get over yourselves!  I get great service every time I go into a Thai bank in Bangkok

or Hua Hin, and I do know that the tellers and staff do not get that great of wages, I hope

you people do ask them time to time, how much baht they make per month. You maybe

surprised. Oh and credit card companies are really the true thieves! Look at the interest

rates they charge!

Geezer

 

Points taken but have Thai banks )any in other countries) ever heard of 'customer is king'? What's the typical salary of a Thai bank clerk got to do with good service at a reasonable fee.

 

Yes credit card companies charge big interest rates, again what's that go to do with a bank being efficient and effective, and giving good service at a reasonable fee. 

[cmsally]

Maybe a little transparency as to how much each 7/11 ATM machine is costing the banks in rental. Bet that would be an eye opener.

[mogandave]

 
Points taken but have Thai banks )any in other countries) ever heard of 'customer is king'? What's the typical salary of a Thai bank clerk got to do with good service at a reasonable fee.
 
Yes credit card companies charge big interest rates, again what's that go to do with a bank being efficient and effective, and giving good service at a reasonable fee. 

Well, a lot of believe we are getting efficient, effective and good service at reasonable fee.

I have several Thai bank accounts and the only fees I pay is for my safe deposit box, which is 1,500 a year.

[mogandave]

 

Points taken but have Thai banks )any in other countries) ever heard of 'customer is king'? What's the typical salary of a Thai bank clerk got to do with good service at a reasonable fee.

 

Yes credit card companies charge big interest rates, again what's that go to do with a bank being efficient and effective, and giving good service at a reasonable fee. 

 

Doh!!!!

[Stargeezr]

The salary that a Thai person in a Thai bank, the tellers, and even the other staff that

handle loans and mortgages, are far less than most posters on this forum. I wish that

Rooster would do an enquiry and let you know what the salaries are. And again I have always

had great service when I visit the banks in Thailand, fees are just a fact, and they happen

all over the world at banks.. A customer is hardly King in Canada or America as well.

  Credit card companies have not lowered their interest rates even when the loan and

mortgage rates fell, that is why they are the biggest thieves..scorecard.  What? your

home country does not have bank fees? 

Geezer

[micmichd]

On 12/5/2018 at 9:07 AM, Somtamnication said:

Did a border run to Mae Sai (CR). Stopped by a Bangkok Bank atm (I use Siam), 220b charge to take out 500b. Went to another bank, Kasikorn, 220 baht charge. Walked my lazy butt across the street to the Siam atm, free.

 

Go figure.

10 Bht for any amount withrawn from Bangkok Bank account through any ATM in Thailand. 

[Galactus]

they charge foreign cards like 220 baht which si around 7 USD and this is a huger commission to take from clueless tourist or farang.

And they charge customers if they use ATMs from another bank too.

and now they want to charge you when you withdraw money from your own account from the atm machine of the same bank!

Such a rip off imo! banks; biggest legal and syndicated robbers on earth .

 

[mogandave]

they charge foreign cards like 220 baht which si around 7 USD and this is a huger commission to take from clueless tourist or farang.
And they charge customers if they use ATMs from another bank too.
and now they want to charge you when you withdraw money from your own account from the atm machine of the same bank!
Such a rip off imo! banks; biggest legal and syndicated robbers on earth .
 

Last time I looked the bank was not taking 38% of my pay every month...

[Joe Mcseismic]

On 12/5/2018 at 10:23 AM, Wallander4 said:

Not to mention that Thai banks has a ridiculous interest rate for savings account compared to other Asian countries - Vietnam 8%, Cambodia 10% and so on, thai banks offer 1.25%. Better keep your money at home - not in thai banks cause lets not forget that some people also mysteriously loose their savings ...

Well then, if interest rates turn you on, why don't you keep all your wealth in Turkish Lira at 24%?

[JimGant]

Quote

that they are lending people at a greater interest than the interest they pay you

That's outrageous! Imagine, trying to make a profit.

[sandyf]

4 hours ago, smileydude said:

Usually when setting these fee’s the banks meet and huddle like mafiosa to set the same fee rates so we consumers think its standard (but is actually cooperative monopolization and not free capitalistic competition) so unless we use our own bank, we pay dearly.

That is not true. I have a no fee account which includes free withdrawals at any ATM anywhere in Thailand. The only condition is I maintain a minimum balance of 20K baht, not really a problem as the convenience out weighs any loss of interest.

[mogandave]

That is not true. I have a no fee account which includes free withdrawals at any ATM anywhere in Thailand. The only condition is I maintain a minimum balance of 20K baht, not really a problem as the convenience out weighs any loss of interest.

What bank and account is that?

Pretty tough to get away from out of province ATM fees.

[sjaak327]

Why not get a credit card?

Problem solved.

Why are customers immune from their idiocy?

In Thailand? Did you know most credit cards levy huge fees for cash withdrawal. Many businesses levy a 3% surcharge, and many others don't accept them full stop.

Sent from my SM-J730F using Tapatalk

[sandyf]

14 minutes ago, mogandave said:

 

What bank and account is that?

Pretty tough to get away from out of province ATM fees.

 

It is TMB and just checked the account and it is called AllFree.

I opened my account back in 1999 in Pattaya when it was Thai Military Bank and has been upgraded a couple of times over the years. I just had a look at the website and it looks like they may have dropped the minimum balance but like many Thai websites not very clear.

I live on the outskirts of Chonburi City and usually use the Kasikorn ATM as it is the most convenient and I have used the card in Hua Hin and Hat Yai in recent months so can confirm there is no charge.

[moana]

25 minutes ago, mogandave said:

What bank and account is that?

Pretty tough to get away from out of province ATM fees.

Two easy ways:

 

• Switch to TMB. They don't play the province games. Withdraw/deposit anywhere in the country fee free in any TMB ATM/ADM/branch.
• Use Krungsri, but withdraw only using the cardless method (using their app). No fees anywhere in Thailand, and as a bonus you don't even need to pay for a debit card.