Thai Banks To Start Charging For Atm Withdrawals ...

[LAZYTERRY]

Everybody on here should write to the Thai bankers association to tell them of your disgust at the greedy charge. Also mention how much money you have in their banks, tell them that there're other banking options in thailand for savings accounts. We're talking about billions of baht we control. Let's stick together for a change! They need to know that we're not just ATM customers, they want our money in the banks or not???

Don't think anything will help , they have made their mind up . My guess is to just stop whining

and just pay the fine , fair or not is a different story , but its one of those things when you live

abroad . Don't think 150 baht makes anyone has less sleep , if it does well .....

No loss of sleep but a feeling of being ripped of. Nobody wants to be ripped off,no matter how little the cost.

[LAZYTERRY]

Everybody on here should write to the Thai bankers association to tell them of your disgust at the greedy charge. Also mention how much money you have in their banks, tell them that there're other banking options in thailand for savings accounts. We're talking about billions of baht we control. Let's stick together for a change! They need to know that we're not just ATM customers, they want our money in the banks or not???

Don't think anything will help , they have made their mind up . My guess is to just stop whining

and just pay the fine , fair or not is a different story , but its one of those things when you live

abroad . Don't think 150 baht makes anyone has less sleep , if it does well .....

No loss of sleep but a feeling of being ripped off. Nobody wants to be ripped off,no matter how little the cost.

[JimGant]

BAY was offering an exchange rate of 33.3!!! 34.18 is the SCB rate for yesterday. That's about a $15 U.S. charge for withdrawing baht 20,000.

So, I used my local SCB card.

Options now?

Well, there is hope for those who fear robbery -- and don't have a locking drawer at home -- and thus like to hit the ATM often for small amounts........

Yes, the Bank of Ayudhaya's dynamic currency conversion (DCC) will cost *less* than 150bt per transaction for small amounts. With the numbers above -- 33.3 and 34.18 -- you'll pay less than 150bt for withdrawals of less than 5826bt. For, say a 2000bt withdrawal, under DCC the cost would be about 52bt per withdrawal. For 10 withdrawals that would be, yep, 520bt. But, you would also pay 520bt for a single withdrawal of 20,000bt.......... Nevertheless, for those here (and there were more than I thought there would be) that like [the inconvenience of] frequent but small ATM hits -- and who were whining about the 150bt per hit cost, hey, here's your chance. Just head for the Bank of Ayudhaya -- with your MasterCard, of course -- as they don't take Visa.

For the rest of us, who like to max out per ATM visit, those feeless ATM cards with reimbursements of ATM owners' fees are looking better and better. However, I have my doubts on how many are actually completely feeless, based on numbers reported here compared to coinciding interbank exchange rates. Plus, the requirements to get a feeless card -- like, for example, so many brokerage trades per month -- can add costs if these are features you don't need -- or use. But there are apparently a few good deals still remaining......I'm just not completely sold on which ones these are.

Also, the reimbursement of ATM owners' fees may be problematic, as reported here, if the 150bt fee doesn't show up as a separate item on your issuing bank's books.....

I won't bore you again (well, not much) with my recommendation -- Internet electronic funds transfers. These are ACH transfers in the States, via Bangkok Bank New York, and, yes, you'll need a Bangkok Bank account in Thailand. Haven't heard too much about these kind of internet transfers from other countries. But I do know they exist from at least Switzerland, where your bank issues you a crypto device to hook up to your computer. It would be nice to hear more about these options -- and related costs.

SWIFT wire transfers are still too costly for most, and thus make sense only for large transfers (unless you have ACH

[jfchandler]

For anyone here who has actually paid the 150 baht fee on non-Thai ATM card withdrawals lately, via Kasikorn or any of the others, it would be interesting and useful to know the following:

When the withdrawal showed up in your online banking ledger for your home country bank account, was it listed as a single withdrawal amount only (the cash you took plus the 150 baht amount combined together), or as two separate withdrawal amounts (the cash you took as the first item, and the 150 baht fee as a separate second item)???

That has significance because, for those who have home banks that reimburse for other banks' ATM fees that you may incur, they do so much more readily when the ATM fee gets posted as a separate, distinct charge. Getting your home bank to reimburse the fee when its rolled into your withdrawal amount may be a fair bit more difficult.

[jgm005]

BAY was offering an exchange rate of 33.3!!! 34.18 is the SCB rate for yesterday. That's about a $15 U.S. charge for withdrawing baht 20,000.

So, I used my local SCB card.

Options now?

Snipped ...

I won't bore you again (well, not much) with my recommendation -- Internet electronic funds transfers. These are ACH transfers in the States, via Bangkok Bank New York, and, yes, you'll need a Bangkok Bank account in Thailand. Haven't heard too much about these kind of internet transfers from other countries. But I do know they exist from at least Switzerland, where your bank issues you a crypto device to hook up to your computer. It would be nice to hear more about these options -- and related costs.

SWIFT wire transfers are still too costly for most, and thus make sense only for large transfers (unless you have ACH

This may of been posted before but I came across this link which explains in detail on Bangkok Banks' website how to do the ACH transfer. My apologies if this link has been dupped before >>> http://www.bangkokbank.com/Bangkok+Bank/Pe...ds+from+USA.htm

[JimGant]

A quote from that Bangkok Bank link.......

Fees for funds transfers via the US ACH system and Bangkok Bank’s New York branch are up to USD 20 lower than most other international wire transfer services in the US.

They undersell themselves....... Sending $2,001-$50,000 only costs $10. With many wire fees ranging above $50, their promo should say "at least USD 20," not "up to USD 20."

[SurfRider]

"Here's the locations of Government savings Banks in 'Funtown'.

GOVERNMENT SAVINGS BANK

Banglamung Branch - 460 Naklua Road, Moo4

Pattaya Branch - 205/23-24 Second Road, Moo10 Tel +66(038) 423 690"

There's also a GSB ATM in the Tutcom IT Center on South Pattaya Road ( Pattaya Tai ), just inside the front door on the right.

There was also a report that the TESCO North on Pattaya Nua Rd. has a GSB ATM, but I couldn't find it --

However, if you walk across the street from Tesco, turn left in front of Pattaya City Hall and walk about 200 meters toward Sukumvit, there's GSB Bank with a 24 Hour ATM outside --

UOB ( United Overseas Bank ) was also reported as fee-free, but only in one report, as I recall. They have at least one ATM ( probably more ) on Beach Road in Pattaya.

If anyone has a recent update on UOB, please report it.

"Here's the locations ... in 'Funtown'."

Are you indicating that you actually found some "Fun" in Pattaya -- do you care to elaborate???

[loong]

Everybody on here should write to the Thai bankers association to tell them of your disgust at the greedy charge. Also mention how much money you have in their banks, tell them that there're other banking options in thailand for savings accounts. We're talking about billions of baht we control. Let's stick together for a change! They need to know that we're not just ATM customers, they want our money in the banks or not???

Those with a fair amount of money in a Thai bank are unlikely to be making withdrawals using a foreign debit card. Usually they will be withdrawing cash from their Thai bank accounts.

[ray23]

Those who use there monthly retiremene may not be ion that postion. But there are other ways I'm working on that now for the States. I don' have have but a good monthly income.

There aware of i I started a Thread on the Bangkok post that is still running Tourism what are they thinking. There postion is the v card companies are charging them so they have to charge us. Some thing the card companies deny. Saying the charges haven't changed in years.

The other thing that seems to be coming to the surface now is Thailand is the only country charging these kind of rates in the region, Anyone got any imput on that aspect. I don't travel enough to know.

The TBA ha said they will checking on the matter, but I think they are just stalling for time for it to just go away. Usually works pretty good around here.

Without repeating to much information thats all ready on the thread. This method with the number of International wihdrawels I make his is still cheaper then a international fund transfer. for me thats $65.00 a fax and follow up phone call to the states. I do seven transfer a month because of card limits od 15k.

I'm still trying to confirm information wit the New York Branch of the Bank of Bangkok, want in any real hurry since I ahve some changes comin in June on an increase in retirement. So I may just eat next month.

[jfchandler]

Those with a fair amount of money in a Thai bank are unlikely to be making withdrawals using a foreign debit card. Usually they will be withdrawing cash from their Thai bank accounts.

There's really NO reason to continue debating about this...

For those who MAKE their money in Thailand, it's easy/easier to keep and pull money from your Thai bank accounts.

For those who MAKE their money abroad but live or visit here, ATMs, preferably fee-free, provide an easy means to withdraw funds from foreign accounts while staying here.

However, I think in the real world, you'll find that even those people who make their money abroad, but live here, also have local Thai bank accounts they use for various reasons. But they still need to access their foreign-earned funds here...

[JimGant]

There's really NO reason to continue debating about this...

Actually, a debate is pretty helpful in sorting out alternatives.

...also have local Thai bank accounts they use for various reasons. But they still need to access their foreign-earned funds here...

The question is: what's the cheapest way to "access [your] foreign-earned funds here?" You sound like it's absolutely necessary they have direct access....? What's wrong with having the Thai bank account acting as the intermediary for access to these funds? Thus, the alternatives now include wire and internet ACH transfers. And these may just be cheaper alternatives to ATM transactions -- if you don't have one of those feefree ATM cards.

This whole 150bt deal never got my dander up. I withdraw 25000 at a pop -- and the exchange rate rollercoaster has much more impact on my costs than some minor fee. But, it did get me to re-look my spreadsheet -- where I found my advertised '1% foreign transaction fee' card was costing me over $300 more per year compared to ACH transfers.

So, yeah, let the debate go on. It may save somebody else some money.

[wimpy]

My US bank says they will begin offering international ACH transfers later this year. No word on the pricing yet.

[barryofthailand]

Those who use there monthly retiremene may not be ion that postion. But there are other ways I'm working on that now for the States. I don' have have but a good monthly income.

There aware of i I started a Thread on the Bangkok post that is still running Tourism what are they thinking. There postion is the v card companies are charging them so they have to charge us. Some thing the card companies deny. Saying the charges haven't changed in years.

The other thing that seems to be coming to the surface now is Thailand is the only country charging these kind of rates in the region, Anyone got any imput on that aspect. I don't travel enough to know.

The TBA ha said they will checking on the matter, but I think they are just stalling for time for it to just go away. Usually works pretty good around here.

Without repeating to much information that's all ready on the thread. This method with the number of International withdrawals I make his is still cheaper then a international fund transfer. for me that's $65.00 a fax and follow up phone call to the states. I do seven transfer a month because of card limits of 15k.

I'm still trying to confirm information wit the New York Branch of the Bank of Bangkok, want in any real hurry since I have some changes coming in June on an increase in retirement. So I may just eat next month.

Correct me if I'm wrong, but I think you meant your bank in the States charges you 65.00 for an international wire transfer. You make 6 withdrawals a month at 150 Baht per withdrawal, which adds up to 900 Baht per month times 12 = 10,800 Baht per year. If you transferred one yrs worth of money at $65.00 @ 35 Baht per dollar that's 2275 Baht which would be a huge savings. The other way is to take your ATM card from the states into your bank and make one withdrawal of 90,000 Baht and I think the bank in Thailand according to a friend that does this does not charge for the transaction which uses the Visa, or Master Charge logo on your card.

Barry

[jfchandler]

Jim, I'm not dissing the notion of discussion and comment on the best ways for people to handle their money.

I am, however, dissing the repeated claims by some posters here that people who use/have foreign ATM cards aren't customers/account holders with Thai banks, so in essence saying, they have no right to complain about the 150 baht ATM fee.

I think the vast majority of expats who live in Thailand, such as myself, will have BOTH... Thai and foreign accounts.

I get tired of some people here telling me and other expats that we're not Thai bank customers, when in fact we are.

[barryofthailand]

Jim, I'm not dissing the notion of discussion and comment on the best ways for people to handle their money.

I am, however, dissing the repeated claims by some posters here that people who use/have foreign ATM cards aren't customers/account holders with Thai banks, so in essence saying, they have no right to complain about the 150 baht ATM fee.

I think the vast majority of expats who live in Thailand, such as myself, will have BOTH... Thai and foreign accounts.

I get tired of some people here telling me and other expats that we're not Thai bank customers, when in fact we are.

That's correct. Most Expats that live here access their money from outside of Thailand, and then deposit it in their Thai bank account 9including myself, so we are all customers of Thai banks.

Barry

[ray23]

That's true Barry I have good monthly income but not the cash to do that.

But I think I have found my answer a direct deposit to the Bangkok Bank in New York.

If your form the states you might want to check this out:

http://www.bangkokbank.com/Bangkok+Bank/Pe...ds+from+USA.htm

Much Much simplier and less expensive

[Chaimai]

There's really NO reason to continue debating about this...

Actually, a debate is pretty helpful in sorting out alternatives.

...also have local Thai bank accounts they use for various reasons. But they still need to access their foreign-earned funds here...

The question is: what's the cheapest way to "access [your] foreign-earned funds here?" You sound like it's absolutely necessary they have direct access....? What's wrong with having the Thai bank account acting as the intermediary for access to these funds? Thus, the alternatives now include wire and internet ACH transfers. And these may just be cheaper alternatives to ATM transactions -- if you don't have one of those feefree ATM cards.

This whole 150bt deal never got my dander up. I withdraw 25000 at a pop -- and the exchange rate rollercoaster has much more impact on my costs than some minor fee. But, it did get me to re-look my spreadsheet -- where I found my advertised '1% foreign transaction fee' card was costing me over $300 more per year compared to ACH transfers.

So, yeah, let the debate go on. It may save somebody else some money.

I agree that the 150 Baht charge debate is over, but it may be appropriate to start a new topic about the best/most cost effective Thai 'banking arrangements' for expats from different countries.

[Briggsy]

The people posting here providing accurate and timely information regarding ATM fees and rates are consumer heroes and should be applauded for their altruistic actions.

[Jimjim]

Hmm, I thought they were going to stop charging the fee over the outcry, not get more banks to start charging it.

[barhopper]

Thanks JGM...

Re Government Savings Bank, they also have a regular branch on Sukhumvit Road near the Emporium Shopping Center, around Suk Soi 24.

Anyone else spotted other GSB ATMs around farang areas???

I'd like to add to jfchandlers question about GSB ATM locations with....

Is their a GSB ATM at Suvarnabhumi Airport arrivals/Departures?

Is their a GSB ATM near to Nana Soi 4 - 6?

and anyone with info about locations of GSB ATM's in Pattaya can you please post

Cheers Barhopper.

[jfchandler]

fyi, I made a fee-free ATM withdrawal today from the Government Savings Bank ATM at the Asoke BTS station (the ATM is located on the 2nd floor platform on the way toward the escalator down to the adjoining MRT station).

The GSB ATM was happy to take my U.S. VISA debit card. However, the GSB machine would NOT accept my U.S. MasterCard logo debit card.

Separately, I tried to use the same U.S. MasterCard logo debit card at a UOB Bank ATM, and it likewise was not accepted. (The card itself is fine, I used to use it all the time at Bangkok Bank, Siam Commer Bank and others, before they began charging the 150 baht fees).

Separately, re the question above, one of the recent posters in one of these related ATM threads just in the past day or so posted the location of a couple different GSB locations in Pattaya.

[citizen33]

Re an earlier question about how the 150 baht fee shows on a statement following a withdrawal, I see from my NW online account that the fee is brought into the debited amount, so if you withdraw B10,000 it shows up on the statement as a withdrawal of B10,150.

As others have said the most pressing question now for some of us is the cheapest way to get overseas money into a Thai account. From the UK I had initially investigated Halifax with a fee for an online Swift Transfer of £9.50, and it is very easy to open such an account online (instant conformation). However, since then I have come across CurrenciesDirect, which purports to offer free transfers if you set up a regular DD.

http://www.currenciesdirect.com/uk/foreign...arpayments.aspx

Has anybody used this company to send money to a Thai bank? Should the payment still be made in Sterling or in baht? What does the Thai bank charge.

[SurfRider]

"anyone with info about locations of GSB ATM's in Pattaya can you please post"

Locations of GSB in Pattaya:

GOVERNMENT SAVINGS BANK

Banglamung Branch - 460 Naklua Road, Moo4

Pattaya Branch - 205/23-24 Second Road, Moo10 Tel +66(038) 423 690

There's also a GSB ATM in the Tutcom IT Center on South Pattaya Road ( Pattaya Tai ), just inside the front door on the right.

There was also a report that TESCO-North on Pattaya Nua Rd. has a GSB ATM, but I couldn't find it.

However, if you walk across the street from Tesco, turn left in front of Pattaya City Hall and walk about 200 meters toward Sukumvit, there's GSB Bank with a 24 Hour ATM outside.

Reportedly there are others, but their locations remain a mystery . . .

[Priceless]

Jim, I'm not dissing the notion of discussion and comment on the best ways for people to handle their money.

I am, however, dissing the repeated claims by some posters here that people who use/have foreign ATM cards aren't customers/account holders with Thai banks, so in essence saying, they have no right to complain about the 150 baht ATM fee.

I think the vast majority of expats who live in Thailand, such as myself, will have BOTH... Thai and foreign accounts.

I get tired of some people here telling me and other expats that we're not Thai bank customers, when in fact we are.

It's not really my fight, since I years ago set up a more sensible way of accessing my foreign funds. However, you are probably right in that most expats also have Thai accounts. But, I think you can rest assured of a few things:

- The vast majority of people using foreign cards in Thai ATMs are not expats, but tourists.

- Many of the expats using their foreign cards are not taking care to use only ATMs belonging to their Thai bank. Why should they?

- The ATM won't know who you are or whether you're a customer with that bank. Or do you usually introduce yourself to the ATM before making a withdrawal

Conclusion: The bank is providing a service, which costs it money, to people who in the vast majority of cases are not their customers. For this they want to charge. I cannot see anything wrong in that.

Something that really appears very wrong to me, however, is US banks charging their customers 40-60 USD for a simple SWIFT transfer. My non-US bank charges me 5 USD for that identical service!

/ Priceless

[Chaimai]

- The vast majority of people using foreign cards in Thai ATMs are not expats, but tourists.

- Many of the expats using their foreign cards are not taking care to use only ATMs belonging to their Thai bank. Why should they?

- The ATM won't know who you are or whether you're a customer with that bank. Or do you usually introduce yourself to the ATM before making a withdrawal

Conclusion: The bank is providing a service, which costs it money, to people who in the vast majority of cases are not their customers. For this they want to charge. I cannot see anything wrong in that.

Something that really appears very wrong to me, however, is US banks charging their customers 40-60 USD for a simple SWIFT transfer. My non-US bank charges me 5 USD for that identical service!

/ Priceless

I spend 7 months a year in Thailand so I am definately NOT a tourist.

I have used ATMs as a convenient, cost effective method of switching Sterling in Baht when I want to and when the rate suits me.

I agree entirely about the costs of maintaining an ATM network - so the fairest way is to equally share those costs amongst the people who use the ATMs, Thais and tourists. In the vast majority of cases is Thai customesr who use the bank's ATM - even in so-called tourist areas. However, tourist areas are irerelevant to the concept of those who usea service should pay for it.

[jfchandler]

Something that really appears very wrong to me, however, is US banks charging their customers 40-60 USD for a simple SWIFT transfer. My non-US bank charges me 5 USD for that identical service!

/ Priceless

Can't argue with that statement... By and large, the major U.S. banks rip people off blind for international wires... And that didn't just start lately with the banking crisis... Bank of America has had extortionate rates for international wires for years... For most U.S. banks, the process of sending one appears to still be a paper based one where you have to fill out a very long form with lots of details, and then the bank sends it somewhere... It seems like they're still in the dark ages for these kinds of transactions.

[wimpy]

Bank of Ayudhya - Chiang Mai

USA based Visa Debit card

34.447 baht - US$

No Fee Charged

[bkkflyer]

Just withdrew 2 x 20,000 with a Citibank (not US-based but USD-account) with K-Bank... THB 150 fee each transaction, THBUSD ROE seems to be a rip-off 33,41.... so basically a 3% profit to Citibank based on Interbank-rate around 34,52 at this moment.

Hmmm..... actually cash gives one of the best rates, just bought USD1,000 notes today from Superrich, amazing tight spread - selling for 34,60 buying 34,55.

[Briggsy]

Ayudhaya possibly make U-turn. No fee charged.

Just withdrew 10,000 Baht from Ayudhaya ATM. The "fee screen" announced "Fee 0.00". I was using a Nationwide Flex account debit card.

I will confirm tomorrow when more complete details come up on the online statement but the overall rate calculated by the available balance is 52.41. This looks very promising.

[SurfRider]

"Ayudhaya possibly make U-turn. No fee charged."

That's a very appealing fantasy, but I suspect that --since they were a month late in getting around to charging the fee in the first place-- it's simply taking more time for them to implement the addition of the confiscatory usury fee throughout their entire universe of ATMs.

It would be nice if some of these banks who are either jumping on the screw-the-farang bandwagon, or not-- would actually comment on what they're doing-- but it's obviously just another basic TiT debacle, so I'm not holding my breath on that one