ATM withdrawal charge

[TallGuyJohninBKK]

Just now, NextG said:

I know. Why are you telling me? I didn’t ask. 

Answering Sponge's question... Thanks for posting the links!

 

[NextG]

1 minute ago, TallGuyJohninBKK said:

Answering Sponge's question... Thanks for posting the links!

 

But you didn’t. He needed links. You could have saved me the time by actually posting the links for him ????

(humour alert)

Edited April 8, 2023 by NextG

[TallGuyJohninBKK]

1 minute ago, NextG said:

But you didn’t. He needed links. You could have saved me the time by actually posting the links for him ????

(humour alert)

I was going to be back and edit to do just that...but then I saw you beat me to it! ????

 

[spongeworthy]

9 minutes ago, NextG said:

Yes. 
 

https://www.mastercard.us/en-us/personal/get-support/convert-currency.html

 

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

 

choose a weekday as opposed to a weekend and not today.

A bit hard to calculate historically as the Visa rate seems to lag MC by a day... maybe a browser date+time issue.

 

Also is this the avg rate for the day? The high rate? Low rate? Rate at a specific time of the day? XE shows me a chart with the varying rates throughout the day.

 

Edited April 8, 2023 by spongeworthy

[Bangkok Barry]

On 2/9/2023 at 1:06 PM, nycjoe said:

go into the bank with your debit card and passport, no fee, better rates, most banks will do it for you

 

Only most (some). As usual in Thailand there is no guarantee as they either don't know the rules and/or just want to be as unhelpful as possible and will tell you to use the ATM.

[NextG]

32 minutes ago, spongeworthy said:

A bit hard to calculate historically as the Visa rate seems to lag MC by a day... maybe a browser date+time issue.

 

Also is this the avg rate for the day? The high rate? Low rate? Rate at a specific time of the day? XE shows me a chart with the varying rates throughout the day.

 

It’s a fixed rate for the day…

They update their daily rates at different times perhaps. 
 

[spongeworthy]

27 minutes ago, spongeworthy said:

A bit hard to calculate historically as the Visa rate seems to lag MC by a day... maybe a browser date+time issue.

 

Also is this the avg rate for the day? The high rate? Low rate? Rate at a specific time of the day? XE shows me a chart with the varying rates throughout the day.

 

I looked up a previous transfer and the Visa/MC vs Kasikorn buy rate look to be substantial. 0.877% difference. At the $15k daily limit that's $131 better than SWIFT (and no $45 SWIFT fee).

 

I really have to test this out.

[TallGuyJohninBKK]

6 minutes ago, spongeworthy said:

I looked up a previous transfer and the Visa/MC vs Kasikorn buy rate look to be substantial. 0.877% difference. At the $15k daily limit that's $131 better than SWIFT (and no $45 SWIFT fee).

 

I really have to test this out.

 

Generally speaking, as long as your debit card doesn't have any foreign currency fees, a counter transaction via a MC or Visa debit card is going to result in a better net outcome than any normal wire transfer....

 

That's because even if your sending bank has free international wire transfers (and most don't), the receiving Thai bank is always going to charge a receiving fee, if memory serves, typically 0.25% with like a minimum 200 baht and maximum 500 baht fee, and do the exchange at their TT rate.

 

The counter withdrawal would be the same scenario as a Schwab debit card ATM withdrawal with no foreign currency fee and the Thai ATM fee reimbursed -- except the counter withdrawal is going to have a higher limit than the ATM withdrawal.

 

...if you can find a Thai branch that will do the counter withdrawal...and make sure they're not using their own rate or adding on any local fees.

 

In the case of Krungsri, if I remember @Pib's account correctly, he found they had a small, flat local fee on MC counter withdrawals, but not on VISA card withdrawals, I think....

 

As NextG has mentioned above, AFAIK, Bangkok Bank in general is pretty good to do counter withdrawals -- network exchange rate and no added fees -- if you can find a cooperative branch.

 

Edited April 8, 2023 by TallGuyJohninBKK

[spongeworthy]

10 minutes ago, TallGuyJohninBKK said:

Generally speaking, as long as your debit card doesn't have any foreign currency fees, a counter transaction via a MC or Visa debit card is going to result in a better net outcome than any normal wire transfer....

 

That's because even if your sending bank has free international wire transfers (and most don't), the receiving Thai bank is always going to charge a receiving fee, if memory serves, typically 0.25% with like a minimum 200 baht and maximum 500 baht fee, and do the exchange at their TT rate.

Kasikorn has a flat $10 fee for incoming wires, on my account at least. Fees vary for US sending bank based on account class, from waived to $35. Looks like Schwab charges $15, but I've never used them for wires.

Edited April 8, 2023 by spongeworthy

[TallGuyJohninBKK]

4 minutes ago, spongeworthy said:

Kasikorn has a flat $10 fee for incoming wires, on my account at least. Fees vary for US sending bank based on account class, from waived to $35.

I've seen some US FI's with international wire xfer fees as high as $50 to $60.... $35 or less would  be a good deal in the broader marketplace...

 

FWIW, Schwab I believe offers clients who maintain sizable balances with them a certain number of free international wires, last time I checked.... A couple of my other FI's have discounted rates between $5 and $15.... but none of those are the U.S. mega banks where you're likely to get fleeced...

Edited April 8, 2023 by TallGuyJohninBKK

[spongeworthy]

3 minutes ago, TallGuyJohninBKK said:

FWIW, Schwab I believe offers clients who maintain sizable balances with them a certain number of free international wires, last time I checked.

I have stop being so lazy and look into what my FIs offer. 

 

Hopefully I won't need any free wires if I'm able to make use of this cash advance option.

[thailand49]

6 hours ago, spongeworthy said:

If you are looking for the best rate, have a Thai bank account, and want to transfer enough to get by for 6+ months with a cushion for emergencies, the best rate is a simple wire transfer. From what I can tell when sending USD my bank sends the exact amount and the local bank converts at the current rate with a small fee. I'm getting the current rate found on XE minus a small fee from the Thai bank for the incoming transfer. When transferring enough I'm looking at 0.1% or less in fees from both sides, and with the best exchange rate you can get.

I do have an Thai account I use Wise now found the high rate given is the best option. 

[Paradise Pete]

On 2/8/2023 at 8:20 PM, KhunBENQ said:

 

In the first years I often used cards.

Since years now using WISE transfer.

Agree. Wise takes just seconds to hit my account, the fee is reasonable, and the exchange rate is excellent.

[jacko45k]

14 hours ago, TallGuyJohninBKK said:

That's why it's one of the best bank cards available for foreign travelers, either short-term or long-term..

What nationalities is it available to?

[Lucky Bones]

Unless your bar girl is waiting for payment, go inside with your Thai bank book and copy of passport.

If you do not have a Thai bank account you will pay.

Simples some banks.????????

[TallGuyJohninBKK]

33 minutes ago, jacko45k said:

What nationalities is it available to?

Schwab has a domestic division for Americans that requires almost no funds to open an account.

 

They also have an international division that provides the same card, but last time I checked, had a min. $25K USD deposit to open.

 

https://international.schwab.com/brokerage-account

 

"Charles Schwab countries: United States, Argentina, Australia, Bahamas, Belgium, Bermuda, Brazil, Cayman Islands, Chile, China, Columbia, Costa Rica, Ecuador, Germany, Guam, Guatemala, Hong Kong, India, Israel, Malaysia, Mexico, Panama, Peru, Philippines, Puerto Rico, Qatar, Spain, Switzerland, Taiwan (Province of China), Thailand, United Arab Emirates, United Kingdom, Uruguay, Venezuela, British Virgin Islands, U.S. Virgin Islands. If you are a resident of any of these countries, you can open an account with Charles Schwab and invest in U.S. stocks."

 

https://www.stockbrokers.com/guides/best-international-brokers

[NoshowJones]

On 2/9/2023 at 7:26 AM, AhFarangJa said:

You do not clarify if it is a foreign bank card, or local. I pay about 200 Baht a year for my card with SCB. I can use that at most machines with no charge. However, a foreign card will incur an immediate charge of, I believe, 250 Baht per transaction, plus a lousy exchange rate on top. 

Bangkok Bank charges me 400Bt for my debit card and 500Bt for replacing it after it was lost. I would love to change banks but it will cost much inconvenience, ie my regular transfers with Wise etc, etc.

[NoshowJones]

On 2/9/2023 at 1:06 PM, nycjoe said:

go into the bank with your debit card and passport, no fee, better rates, most banks will do it for you

 

It has been a few years since I did that with Bangkok Bank, then the branch I always used suddenly stopped it, after trying other branches unsuccessfully. I started using Wise which has been very successful.

[NoshowJones]

On 2/9/2023 at 1:12 PM, sitta said:

Any bank will do or only few selected?

My experience with Bangkok Bank would say only a few selected, when I questioned it I was told only certain branches had the equipment to do it.

[gamb00ler]

17 hours ago, spongeworthy said:

A bit hard to calculate historically as the Visa rate seems to lag MC by a day... maybe a browser date+time issue.

 

Also is this the avg rate for the day? The high rate? Low rate? Rate at a specific time of the day? XE shows me a chart with the varying rates throughout the day.

 

I can't say I've seen much lag between the Visa and MC rates in either direction.  Of course there are occasional differences. The rates by both are set once per business day.  Visa rates change about 7AM Thai time, but MC is earlier than that and is before I get up.  I think they define what constitutes a weekend day slightly differently.

[NoshowJones]

On 2/9/2023 at 11:01 PM, Mac Mickmanus said:

Banks who do currency exchange can usually do it . 

Because they have a hand held card reader 

Where Bangkok Bank is concerned, in my experience, that is only a minority.

[NextG]

3 hours ago, Lucky Bones said:

Unless your bar girl is waiting for payment, go inside with your Thai bank book and copy of passport.

If you do not have a Thai bank account you will pay.

Simples some banks.????????

Are you on the drink? Nothing written there makes even the slightest bit of sense. 

[NoshowJones]

On 2/9/2023 at 11:40 PM, JoseThailand said:

There are no fees at Bangkok Bank and Krungsri (Mastercard only).

That's true, I did not have to pay any fee's, but my Bangkok Bank just stopped it without giving a reason.

[gamb00ler]

As of today, Sunday Apr. 9,2023

 

For transfer from US$ to Thai ฿:

 

The current exchange rate for Wise is 34.165.  Wise's effective rate after deducting their .607% fee is 33.958 (34.165 X .99393).  The Wise fee I included is the absolute minimum fee they charge.  It does not include any fees they charge to fund your transfer from the account at your bank.

 

The current rate from Visa is 34.02.  MasterCard's rate is 34.0209.  Using the best no fee cards these are the exact rates of exchange you will receive.

[VBF]

On 4/8/2023 at 7:28 AM, Upnotover said:

Yes. it does  And also the monthly free withdrawal limit is very low, GBP200 for instance.  After GBP200 it's GBP0.50 per withdrawal and 1.75% on anything over GBP200.  And if you don't hold a THB balance there will also be a conversion fee.

Thanks. I think I'll stick with my present approach - a combination of a Thai a/c with SCB and cash. I credit the Thai a/c from UK using Wise which IS cost-effective and use my SCB ATM card which is free in both SCB AND Bangkok Bank's ATMs. Bring cash as a "backup"

Sometimes...if it ain't broke, don't fix it! ????

[AhFarangJa]

4 hours ago, NoshowJones said:

Bangkok Bank charges me 400Bt for my debit card and 500Bt for replacing it after it was lost. I would love to change banks but it will cost much inconvenience, ie my regular transfers with Wise etc, etc.

Only my opinion, but I think Bangkok Bank has to be the biggest rip off bank of Thailand.

[riclag]

On 2/9/2023 at 2:30 PM, KhunBENQ said:

Bangkok Bank is on a down slope in different ways.

But as you are in Pattaya just go to Central Festival or probably some main bank branches and you will find ATMs that spend more.
SCB at Central has this monstrous multiple purpose (self service) machine that promises to handle 200 notes. Worth a try.

They pulled out everything from their Sakon Nakhon Robinsons mall facilities many months ago while the other major banks are still there!

No atm and no store front in the largest commercial area besides the city center Big C! 

Daftly incredible.

 

[KhunBENQ]

33 minutes ago, riclag said:

No atm and no store front in the largest commercial area besides the city center Big C! 

What should people think about it...

[NoshowJones]

38 minutes ago, AhFarangJa said:

Only my opinion, but I think Bangkok Bank has to be the biggest rip off bank of Thailand.

I am not going to disagree with you there.

[jacko45k]

16 hours ago, AhFarangJa said:

Only my opinion, but I think Bangkok Bank has to be the biggest rip off bank of Thailand.

Why especially?