Withdrawal Restrictions?

[Rajah]

As I posted on another query re this problem, I noted on Monday a TMB ATM had a sign on it saying "New Rule from BOT, foreign cards limit 5000baht" Now I can't remember if it said 5000 per transaction or 5000 per day and as intimated above this rule may have been recinded, I have not tried to withdraw yet.

That could be the smoking gun that could convince the skeptics... Could you take a picture of this sign ?

I made some pictures today. It seems the signs are on every TMB bank ATM:

Staff said, this is a new rule by "International Bank Bangkok", which means they mean Bank of Thailand.

Edited December 25, 2008 by Rajah

[dotcom]

Back on topic

If you are using an overseas ATM card (debit card?) and the ATM decides to limit your withdrawals, I suggest you go into the bank and make a withdrawal over the counter. Usually Thai banks impose no extra charge and the ATM limit will not apply. You'll certainly need to take your passport though.

100% CORRECT. Take your passport & present yourself to a teller.

Save the ATM for late night emergencies.

[cclub75]

I made some pictures today. It seems the signs are on every TMB bank ATM:

Staff said, this is a new rule by "International Bank Bangkok", which means they mean Bank of Thailand.

(thanks for the picture)

I'm shocked.

There is no announcement on the BOT website.

http://www2.bot.or.th/FIPCS/eng/PFIPCS_List.aspx

Is it a joke ? A cheap trick from TMB (to earn more fees with many small withdrawals) ? Or does TMB face some problems (you remember that the bank was in trouble, big losses, so ING bought 30 %) ?

Edited December 25, 2008 by cclub75

[samui04]

I made some pictures today. It seems the signs are on every TMB bank ATM:

Staff said, this is a new rule by "International Bank Bangkok", which means they mean Bank of Thailand.

No signs and limit last weekend at SCB ATM.

My Maestro/Cirrus card got 15.000 baht, +20b fees+2E fees.

If they lower the max limit the fees will cut heavy on the exchange rate....

[samui04]

Replies of the above nature from Advanced Members who should know better are ill-informed and dangerous. Deposits in Thai banks are all guaranteed by the government in a scheme which has recently been extended for 3 or 5 more years. There has been no reduction in the guarantee levels as was previously under consideration. Therefore funds in Thai banks are safer than most European and American banks, and as was pointed out, Thai banks have not had the exposure to the securities products which have created the US problems.

Would you be willing to put all your money at stake because of a guarantee of the/a Thai government ?

Not me.

And, to claim that Thai banks are safer than most European or American banks is also something extremely risky to say since you (or anybody else for that matter) are not able to guarantee that.

Better be careful with what you say.

LaoPo

At this point in time only the Euro zone is somewhat safe. After the meltdown all remaing countries in Europe will join so there will be a real competitor to the dollar. After Iceland i won't sleep well knowing all my money are not in Euro....Apart Norway of course, they are few and swimming in oil....

[cclub75]

ThaiCrisis confirms the report with TMB.

But he says that the limit is per withdrawal... It means it's possible to take 10 000 or even 20 000 THB per day... Strange.

He might be linked to the type of the card used (we need more details. Visa, Mastercard, Maestro or Cirrus... etc ?)

I think it could be linked to credit cards (as opposed to debit cards) ? What do you think ?

http://thaicrisis.wordpress.com/2008/12/26...-foreign-cards/

Edited December 26, 2008 by cclub75

[kevkev1888]

ThaiCrisis confirms the report with TMB.

But he says that the limit is per withdrawal... It means it's possible to take 10 000 or even 20 000 THB per day... Strange.

He might be linked to the type of the card used (we need more details. Visa, Mastercard, Maestro or Cirrus... etc ?)

I think it could be linked to credit cards (as opposed to debit cards) ? What do you think ?

http://thaicrisis.wordpress.com/2008/12/26...-foreign-cards/

Deffinatly not just credit cards

I tried my nationwide flex today at TMB for 10,000 message say only 5,000 max canceled transaction went to ATM next to this 1 krungthai i think 10,000 no problem.

If this an order by BOT it seems at least thusfar only TMB are enforcing it.

Why would you want to restrict what foriegners can spend in thailand??? next thing you know they will be stopping the dual pricing

[chiang mai]

It sounds to me as though the Thai banks are trying to limit their exposure to overseas banks that may go belly up as a result of the current crisis. International settlements take time and are not reconciled as quickly as in country settlements in the West. Foreigner makes ATM withdrawal and gets paid local currency by Thai bank and foreign bank goes bust and can't settle with Thai bank, not good for business.

Edited December 26, 2008 by chiang mai

[ray23]

Rate of current exchange can cause yuo problems as well. Happened to me a few times when the dollar was way down.

[aurelius]

The TMB announcement restricting ATM withdrawals is in response to changes in Intl Card Assn (Visa & Master) pricing policy for international card withdrawals. Banks (ATM's) which acquire foreign cards are facing higher charges which are linked to the value of the transaction. The BOT does not currently allow banks to pass those charges on to consumers, so TMB took an action to reduce the impact of those costs by limiting the transaction amount. Other banks are eating those costs although I believe that SCB has started imposing some transaction charges. The BOT is expected to announce that the banks will be allowed to surcharge, after which the banks will pass on the Card Assn Costs to the cardholder making the withdrawal. Mar/Apr timeframe. Have heard that TMB pulled back on this 5,000 limit following strong customer complaints - but haven't seen that first hand.

[imaneggspurt]

I bank with Wachovia back in the USA. Up until a few weeks ago I was able to withdraw 20k baht a day, now it has been limited for some reason. I called and spoke with Customer Service and was informed that they changed the limits for daily cash withdraws to $500 USD across all accounts. She mentioned that this was done to prevent fraud. I thanked her in a sarcastic way for not making this policy change known.

I had the same thing, been taking out 500 pounds a day,but unlike you they have never told me my daily limit ! ,all i do is keep going til its says no more, seems rediculos,( this is a debit card, not a credit card ) ,but if i need a larger amount i go into the bank with the passport, no problems with limit,.

[chiang mai]

I bank with Wachovia back in the USA. Up until a few weeks ago I was able to withdraw 20k baht a day, now it has been limited for some reason. I called and spoke with Customer Service and was informed that they changed the limits for daily cash withdraws to $500 USD across all accounts. She mentioned that this was done to prevent fraud. I thanked her in a sarcastic way for not making this policy change known.

I had the same thing, been taking out 500 pounds a day,but unlike you they have never told me my daily limit ! ,all i do is keep going til its says no more, seems rediculos,( this is a debit card, not a credit card ) ,but if i need a larger amount i go into the bank with the passport, no problems with limit,.

If you are really spending 500 Pounds a day, in Thailand I can only think you have more money than sense.