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Cash withdrawal with Visa or Mastercard cheaper then ATM?


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I learned about the possibility of a so called cash advance inside the bank instead of using the ATM. However some bank apply their own FX rate instead of the one used by Visa/MC. Any experience or recommendation on which banks to use to get the creditcard rate? Are there any limits on the cash advance other then the card limit?

 

My aim ist to exchange 100.000 Baht at a time without paying 4 times the 220 Baht every time I exchange money. Superrich is an alternative when I arrive. Opening a bank account and using swift involves opening a thai bank acc, which some descibe as tricky and hopefully I wont need one with my OA Visa.  IMHO the account cost and SWIFT fees amount to about the same as using a good cc. For Wise transfers the fees gets substential with 100.000 Baht, however fx rates are good but afaik all in all the result is the same as with a good cc.

 

Thanks for your ideas and suggestions!

 

PS: I have a cc which gives me the FX rate without any % addition fees or cost other then the 220 Baht ATM Fee

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I used it a few times but with only one bank - Krungsri - so other banks may be different.

Ask to "get cash from card", staff will take your card, put into the terminal and ask to input the PIN code. They somehow process the cash withdrawal as a "purchase in merchant", so the currency exchange rate should be good (at least it is with my home country bank - you'd get a much better exchange rate when paying for something with the card rather when just withdrawing cash from the ATM).

I don't know about the limits but heard that it's 100K THB per withdrawal. Fun story: I've successfully withdrawn 100K once, and then a few days later I came to the very same bank branch and tried to withdraw 100K from the very same card again, but the transaction was refused. I knew I had enough money on the balance and had no any limits on the card (disabled everything via online banking for this very purpose), so I insisted on repeating the withdrawal, but all transactions were refused. Then we tried a smaller sum - 50K THB, and transaction succeeded. So we just did two withdrawals for 50K, note that if you would run into the same issue.

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I am wondering about some of these same issues.

In the past I have used a Schwab bank ATM card which has no fee for international use and refunds ATM fees at the end of each month.

I have been looking at the exchange rate vs. Wise effective rate and it seems to be favorable.

 

Has anyone used Moneygram for transfers?

Experience and pros and cons of using Schwab vs Wise vs Moneygram?

Experience often reveals the flaws in using one system or the other, I have a Wise account but have not used it to get money in Thailand.

 

Also, is it imperative to have a Thai bank account if not on retirement visa that requires deposit in Thai bank?

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I was lucky to have worked in LOS so was able to open bank acct..

 

However prior to that I would take out max amount each time due to fees..30k

 

I use Bank of BKK and a trick I found to avoid atm fee is to go INTO bank--dress nice--smile(thai style)-prior to having an acct..

 

I went to counter and said I wanted 30k+ take out with my atm card(usa)..she says use atm..I said I need more than atm allows to withdrawal..

I smile again,and say its for my thai gf, buying her a scoopy mbike(not).........works every time...give it a shot--nothing to lose!

 

they have a card swipe machine on counter and have her process it and give u the cash..tested and approved!

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People must really live back in time if having these hurdles or struggles. So simple; open local account and no ATM costs or 20B in other provinces, if visiting other provinces frequently; open a local account there too and connect it to the apps.

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On 10/22/2021 at 6:59 PM, fdsa said:

I used it a few times but with only one bank - Krungsri - so other banks may be different.

Ask to "get cash from card", staff will take your card, put into the terminal and ask to input the PIN code. They somehow process the cash withdrawal as a "purchase in merchant", so the currency exchange rate should be good (at least it is with my home country bank - you'd get a much better exchange rate when paying for something with the card rather when just withdrawing cash from the ATM).

I don't know about the limits but heard that it's 100K THB per withdrawal. Fun story: I've successfully withdrawn 100K once, and then a few days later I came to the very same bank branch and tried to withdraw 100K from the very same card again, but the transaction was refused. I knew I had enough money on the balance and had no any limits on the card (disabled everything via online banking for this very purpose), so I insisted on repeating the withdrawal, but all transactions were refused. Then we tried a smaller sum - 50K THB, and transaction succeeded. So we just did two withdrawals for 50K, note that if you would run into the same issue.

I understand 150K Baht is the max for 1 transaction in Thailand. In addition you have the withdrawal limit on your cc. I think this is why it worked the first time with 100K but not the second time, because transactions were in the same month.

 

Thanks Pib for your answer here and the ones you gave in 2018 in this forum comparing all the results of different methods. Best information I found on this topic!

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11 minutes ago, stat said:

I understand 150K Baht is the max for 1 transaction in Thailand. In addition you have the withdrawal limit on your cc. I think this is why it worked the first time with 100K but not the second time, because transactions were in the same month.

nope, it was some problem with Krungsri payment terminal, because:

- I made a 50k withdrawal and 50k more 1 (one) minute later. So it was 100k in a single day, and 200k+ total in a few days.

- the daily withdrawal limit on my card is about 300k THB ($10k AFAIR)

 

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At which date is a cash withdrawal booked on my cc account? I always suspected MC or Visa "chooses" the date to their linking i.e. the most unfavorable date for me in a time period but never really checked. Any reservation about doing a cash withdrawal on a Sunday (Bad FX rate)? I will arrive Saturday and leave SHA+ Hotel Saturday evening or Sunday morning or should I wait until Monday. Thanks!

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i keep my funds in a USA bank that waives all atm fees for both foreign and domestic (usa) withdrawls,  in USA there is both Schwab Investments  and First Republic bank, they  reimburse the disbursing bank fees  and waive their own fees also, wells fargo bank will waive their fees but not the disbursing bank charges, various banks in other  countries offer fee reimbursement for  atm fees, both the UK and Australia have banks that refund also, it has worked for me for years with no problem

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36 minutes ago, stat said:

At which date is a cash withdrawal booked on my cc account? I always suspected MC or Visa "chooses" the date to their linking i.e. the most unfavorable date for me in a time period but never really checked.

Last time I looked into this (probably close to 5 years ago now) the consensus was MasterCard was processed on the day of the transaction and Visa the day after.

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5 minutes ago, Pib said:

And this method in terms of "most baht at the least cost" ...

You can't post these type of facts, the "cash is king" mob will have palpitations. They never seem to have a good argument when you point out that yes, in day to day life much of Thailand is still cash based but unless you are paid in Baht ...

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12 hours ago, fdsa said:

Getting a Thai bank account is not difficult at all, it just takes a bit of persistence. It took me 3 visits and about half an hour to find the 'bank that says yes'.

 

12 hours ago, fdsa said:

Getting a Thai bank account is easy - you just need to spend a week searching for a branch that will agree to open an account for a farang without work permit. Positive thinking!

Like I said, you need a bit of persistence. I'm sure there are many thousands of falangs in Thailand, without a work permit, who have nether the less managed to open a local bank account. I'm just one of those many. 

 

Experiences vary of course, but the problem with this forum is that you tend to hear the moans and groans from the few with a bad experience whilst the many thousands who have an easy time just get on with their lives.

 

Hence the comments such as the one by @stat in his O/P.

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On 10/23/2021 at 2:06 AM, stat said:

I learned about the possibility of a so called cash advance inside the bank instead of using the ATM. However some bank apply their own FX rate instead of the one used by Visa/MC.

Krungsri Bank, over the counter withdrawal of up to 150k baht, fee if I recall was 200 baht, might be 300 baht now, and the rate goes on what rate visa is giving, well that was my experience.

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On 10/23/2021 at 2:16 AM, Sticky Rice Balls said:

I went to counter and said I wanted 30k+ take out with my atm card(usa)..she says use atm..I said I need more than atm allows to withdrawal..

I smile again,and say its for my thai gf, buying her a scoopy mbike(not).........works every time...give it a shot--nothing to lose!

What a surprise. One rule for you (no) but when it's to benefit a Thai the answer is yes.

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I use Krungsri once a month when  in Thailand to do an over the counter cash withdrawal using my Halifax clarity credit card (no fee card). They have never charged a fee (some other banks do, maybe some Krungsri branches do). And like Pib's table above, always got the best rate available.

As for the poster saying use SWIFT - you get sending bank fees, receiving bank fees and a worse exchange rate. Haven't used for over 5 years.

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This is the only way I'll transfer money into Thailand.

 

I will add a few details that don't seem to be here yet.

 

The amount you can withdraw at one time is the daily counter withdrawal limit, as mentioned above. If you need a lot of money this way, you can call your bank and have this number adjusted to a higher number, either temporarily or permanantly. Say you need 800k baht for some reason, do this and do it in one transaction.

 

I have a Capital One (Mastercard) ATM, and a Chime (Visa) ATM. Neither have a foreign transaction fee. When I received the Chime, I decided to see which was better to transfer money. I did a counter withdrawal of 10k baht from each card at the same time. The Chime (Visa) rate was 1% worse than the Capital One (Mastercard) rate. So while neither bank had a foreign fee, the conversion fee by the credit card company is worse for Visa than Mastercard. The Mastercard rate I get is generally a bit higher than the current xe.com rate.

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15 hours ago, gim12 said:

i keep my funds in a USA bank that waives all atm fees for both foreign and domestic (usa) withdrawls,  in USA there is both Schwab Investments  and First Republic bank, they  reimburse the disbursing bank fees  and waive their own fees also, wells fargo bank will waive their fees but not the disbursing bank charges, various banks in other  countries offer fee reimbursement for  atm fees, both the UK and Australia have banks that refund also, it has worked for me for years with no problem

 

If you reside full time in Thailand, you may hear from Schwab, asking for proof of US residency.  US government regulations is my understanding.

Hadn't been in the USA for 20 years and use my sisters mailing address.

 

Used my Schawb ATM for years in Thailand but eventually got notified to confirm I was indeed a USA resident or they will the close my account. 

I ignored the warnings they sent every 6 months and they finally gave me a deadline or the account would be closed and suggest I open an account in their offshore center. Think it is in Hong Kong?

I phoned them and lied... promised I only holiday part time and that seemed good enough for them. I got the feeling they didn't really want to close my account but needed to check off the appropriate box on some government paperwork they are required to file...

 

Immediately stopped using the Schwab ATM card and Swift my funds in once a year now.

 

 

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On 10/22/2021 at 3:08 PM, The Hammer2021 said:

I would definitely get a bank account here. And use swift. It really makes life easier using a local bank cash card

Swift way too expensive. Best to use Wise for transfers and contactless payments. Also Starling bank is free for contactless payments. 

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On 10/22/2021 at 3:15 PM, soi3eddie said:

I send from my UK account to Wise (2 seconds). Then Wise to my Thai account (a few more seconds and very good exchange rate). Take out cash at Thai Atm or in branch with minimal costs. Job done.

 

This is what I do. Its the best way. ????

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23 hours ago, ChaiyaTH said:

People must really live back in time if having these hurdles or struggles. So simple; open local account and no ATM costs or 20B in other provinces, if visiting other provinces frequently; open a local account there too and connect it to the apps.

Perhaps you're living a bit back in time too.  My BBL account gives me free ATM withdrawals in other provinces.

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13 hours ago, gim12 said:

i keep my funds in a USA bank that waives all atm fees for both foreign and domestic (usa) withdrawls,  in USA there is both Schwab Investments  and First Republic bank, they  reimburse the disbursing bank fees  and waive their own fees also, wells fargo bank will waive their fees but not the disbursing bank charges, various banks in other  countries offer fee reimbursement for  atm fees, both the UK and Australia have banks that refund also, it has worked for me for years with no problem

i have a wells debit card.  u are saying wells will waive the fees if i have a debit card?  wells adds a 3% fee on thier debit card.  they will waive it?

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