Bank Charges In Thailand

[Tyke]

Hi,

I have noticed that bank charges in Thailand are all those things. I would like to know what others think and know about them.

For example, there are charges of 10-20 baht for a withdrawal from an ATM machine owned by another bank or if it is done in a province other than where the account is held. Also cashing a cheque from a bank in another province can lead to a huge fee. Debit cards also cost, as well as having to maintain a minimum sum before charges apply in some banks.

I have an account in the UK where none of these charges apply - even though I use my debit card for cash withdrawals in Thailand.

Does anyone know of other routine charges by Thai Banks and also are these charges regulated or due to complicity by the banks. It seems Thais are really screwed by them.

[samran]

Don't move to Australia then where you'll be hit $1.50 for using a 'foreign' ATM and have excessive fee's in a similar range for every transaction!

Here in Thailand I have a bog standard UOB account.

Costs me nothing (maybe 100 baht per year for the ATM card), and 3 baht per transaction at non UOB ATM's. IT costs 35baht to make a bank transfer at an ATM, which hits the destination account immediately. Hardly highway robbery. Smiling friendly service where the ladies behind the desk know my name.

I also have a UK account. Natwest and ING direct to be exact. Don't be fooled by 'fee free' accounts there. They get you there too. Massive charges for being one penny over drawn. The BACS money transfer system 'takes' three days when you transfer cash and pay your bills online. What are they doing with 'your' money for those three days??? Of course, they are sitting on it, earning interest, and making money that way. Service at a high street branch in the UK. HAHAHAHAHA!!! Service is a dirty word.

Free banking in the UK. Yeah right.

[Tyke]

Don't move to Australia then where you'll be hit $1.50 for using a 'foreign' ATM and have excessive fee's in a similar range for every transaction!

Here in Thailand I have a bog standard UOB account.

Costs me nothing (maybe 100 baht per year for the ATM card), and 3 baht per transaction at non UOB ATM's. IT costs 35baht to make a bank transfer at an ATM, which hits the destination account immediately. Hardly highway robbery. Smiling friendly service where the ladies behind the desk know my name.

I also have a UK account. Natwest and ING direct to be exact. Don't be fooled by 'fee free' accounts there. They get you there too. Massive charges for being one penny over drawn. The BACS money transfer system 'takes' three days when you transfer cash and pay your bills online. What are they doing with 'your' money for those three days??? Of course, they are sitting on it, earning interest, and making money that way. Service at a high street branch in the UK. HAHAHAHAHA!!! Service is a dirty word.

Free banking in the UK. Yeah right.

Sorry you are way wrong. You should try the Nationwide Building Society - not a bank but does everything a bank does and I can assure you almost all my transactions (except a few like bank to bank transfers) are free, including getting cash from any ATM abroad. There is also an overdraft facility whereby if u keep within it there are no overdraft charges. It can do this because it is a mutual society and does not have shareholders to pay. I've been with them for 20 years and there are no hidden charges, even on the exchange rate. It's been well- documented in the financial press - do a Google search. It's because of this fee-free banking that I am shocked by all the fees in Thailand, but if it is normal then OK, it's coz I'm spoilt - that's what I'm trying to establish.

[samran]

no doubt nationwide are great and for small cash transactions, you can't beat them. I don't think there is any disputing that at all and they get a regular mention here in TV.

My point was that fees, albeit small, are the norm here for Thai banks, but nothing that should break a sweat .

[Tyke]

no doubt nationwide are great and for small cash transactions, you can't beat them. I don't think there is any disputing that at all and they get a regular mention here in TV.

My point was that fees, albeit small, are the norm here for Thai banks, but nothing that should break a sweat .

In all honestry, your final statement "Free banking in the UK. Yeah right" means u had other ideas as well.

My question was not if the fees are normal in Thailand, but if they compare with international norms, ie. are Thais being screwed.

Small maybe but for Thais and many farangs, who make small regular cash transactions, they could amount to quite a lot over a long period of time.

[samran]

no doubt nationwide are great and for small cash transactions, you can't beat them. I don't think there is any disputing that at all and they get a regular mention here in TV.

My point was that fees, albeit small, are the norm here for Thai banks, but nothing that should break a sweat .

In all honestry, your final statement "Free banking in the UK. Yeah right" means u had other ideas as well.

My question was not if the fees are normal in Thailand, but if they compare with international norms, ie. are Thais being screwed.

Small maybe but for Thais and many farangs, who make small regular cash transactions, they could amount to quite a lot over a long period of time.

Banks are there to make money, and to be honest, I wouldn't bank with one that wasn't trying (lest they lose my deposits!).

All I was saying was that UK banks do make money off you, but not by explicitly charging you fees (mostly) but via a number of other methods which cost you time - and indirectly, money.

You were right that I 'had other ideas', and that I forgot about Nationwide. When I first moved there my bills came overdue and I went over my overdrafts as the system took three days to transfer funds between accounts and billers. From my comment then and now was "so much for free banking".

In terms of Thai's being screwed, I don't think so, but that is a personal opinion. You get a reasonably good service here for a fraction of the cost overseas.

[pkrv]

Don't move to Australia then where you'll be hit $1.50 for using a 'foreign' ATM and have excessive fee's in a similar range for every transaction!

Here in Thailand I have a bog standard UOB account.

Costs me nothing (maybe 100 baht per year for the ATM card), and 3 baht per transaction at non UOB ATM's. IT costs 35baht to make a bank transfer at an ATM, which hits the destination account immediately. Hardly highway robbery. Smiling friendly service where the ladies behind the desk know my name.

I also have a UK account. Natwest and ING direct to be exact. Don't be fooled by 'fee free' accounts there. They get you there too. Massive charges for being one penny over drawn. The BACS money transfer system 'takes' three days when you transfer cash and pay your bills online. What are they doing with 'your' money for those three days??? Of course, they are sitting on it, earning interest, and making money that way. Service at a high street branch in the UK. HAHAHAHAHA!!! Service is a dirty word.

Free banking in the UK. Yeah right.

I see your points here. Some things I do (from a UK perspective) to minimise costs are:

Nationwide - all overseas cash point withdrawls no fees and at market rate- Agreed an overdraft limit with them - OK you pay interest but no fees.

Smile - Internet banking - again agreed an overdraft limit with them - OK you pay interest but no fees - poor on FX (THB)

BACS - This is actually a free service - yes the money is not earning interest for 3-5 days, transfer on a Monday! otherwise you hit the weekend +2 days, I have actually seen larger amounts for some reason not actually be processed if it is close to the weekend, possibly for legitimate reasons checking to ensure all is OK.

Am going to be testing the i24 credit card credentials. They do charge 275 GBP per year but give up to two Priority Pass (I cannot justify business class to Bangkok from the UK, lounge access IMO is a good thing), two travel insurances and most importantly no exchange fees and market rates are offered (but will shortly see what happens in Bangkok this is a different kettle of fish).

Thats the best I have done so far - looking with interest regarding Thai Bank accounts - Bangkok Bank seems OK from a TV perspective.

[lopburi3]

If you use an ATM pool machine (which is almost all of them) there is no charge for using another bank for the first 3 or 4 transactions each month. The last time I exceeded the limit there was a 3 baht fee involved. If you use out of area then you do have small fees involved, even with your own bank. As for checks most Thai have never handled one and never will. Checks are not wanted by any bank - and that includes our foreign checks; even with a large processing fee involved.