Thai Banks To Start Charging For Atm Withdrawals ...

[jfchandler]

Bathman, welcome to Thai Visa and your second post here...

If you'd been reading a bit longer, you might have noticed that many people in this thread (and in Thailand) earn their funds in their home countries, and thus need to access those funds for living here in Thailand...

So to accomplish that, they either need to wire/online transfer those funds from their home country to a Thai account, or use their home country ATM card to withdraw the funds from a Thai bank ATM.

In many cases, depending on the circumstances, it's not particularly economical to be doing frequent wire transfers from abroad into Thailand. Hence the value of being able to make ATM withdrawals here.

[SurfRider]

"it's been shown that transferring funds to your Thai bank account can beat using a foreign ATM card in all situations -- except where the foreign ATM card is completely fee-free"

OK, I see your point -- you're willing to pay a premium for being a country dweller and you believe that it's not always possible for anyone to arrange their affairs to take advantage of completely free cash transfers into the Land-of-Fading-Smiles.

It seems to me that both of these situations are by choice and avoidable. I think it's worthwhile to keep it real by reporting these facts.

In deference to your stated opinion on my comment, I would ammend it to say: "In most cases - Transferring funds via any means other than a direct ATM withdrawal from a foreign account will cost you a considerable fee - unless you can't get a fee-free card and/or don't live near an ATM farm" ...

"I dont think they actually realise the DAMAGE that they are doing to this wonderful country"

AGREED! - but I think they also know that most people simply don't know or don't care.

For many, it's: take plastic card from wallet -- find a slot -- insert card -- push buttons -- take Baht -- and be happy that I can get cash, no matter how much it costs. [ TiT ]

.

[balo]

Since I'm only staying here for 2 months and my tourist visa was free this time (normal fee 1200 THB) I can accept paying 150 THB for a few withdrawals......

[thaimate]

Since I'm only staying here for 2 months and my tourist visa was free this time (normal fee 1200 THB) I can accept paying 150 THB for a few withdrawals......

yes but your a tourist ,we live here day in day out.

[neil324]

Fair comments. But why the fuc_k should we pay 150b and Thai's pay 20b?

Your paying THB150 because you are using a bank card which not issued by a Thai bank, but an overseas bank...

A Thai is using a bank card issued by Thai bank, If said Thai had an offshore bank account and withdraw cash from it using a Thai ATM, he or she would be getting nobbed for THB 150 as well

Not a difficult concept to understand...

If this is so important to you open a Thai account and transfer amounts every month from your offshore account, and you can withdraw from the Thai account until your hearts content..and it will only cost you THB 20...

This thread is starting to remind me to the posts when SCB started charging THB 20 for withdrawing cash not in local area...OMG the outrage from TV posters...

The lucky thing is..there are still ATM's where you dont get charged, so if someone is prepared to get off their fat ar*e, you can still withdraw for free...so you do have a choice...

Maybe not a smart move by Thai banks doing this considering the state of toursim (then again, an average tourist would just accept it) but certainly not worthy of 59 pages of whinging and mock outrage...

Western banks pull the same sh*t all the time...

Load of <deleted>, its always the same rip off the falang. The fee is to cover the running of the ATM network right? so thai's use it the same as us vistors, but try charging them 150b.

And no banks in the UK do not charge for using ATM's regardless of where your from, if in the future they did i'm sure the fee would be the same regardless of user.

[Penkoprod]

And no banks in the UK do not charge for using ATM's regardless of where your from

Can you say that with 100% certainty?

Have you tried, say, a Kasikorn, or SCB card in an ATM in UK?

I passed an ATM in Manchester Airport that stated quite clearly "free for Sterling transactions"

Which i took to mean there WOULD be a charge for non Sterling ones. IE....a foreign card

Also, i can say with 100% certainty that Malaysia for one, also have a charge for foreign cards

Are THEY ripping off the farang too?

Penkoprod

[Soutpeel]

Load of <deleted>, its always the same rip off the falang. The fee is to cover the running of the ATM network right? so thai's use it the same as us vistors, but try charging them 150b.

And no banks in the UK do not charge for using ATM's regardless of where your from, if in the future they did i'm sure the fee would be the same regardless of user.

UK banks where changing all people to use their ATM's upto only a few years ago....typically 1 to 2 pound a withdrawal, in some cases upto 5 pound a withdrawal in some locations, this was only stopped because of national campaign, by one of the banks and a newspaper (cant remember which ones...)

So at todays exchange in the UK someone was paying between THB 56 and THB112 for every withdrawal in the UK....granted they where not targetting any specific group, they went one better and were fukcing eveyone over, but that democracy for you..

Regarding Thai banks using the fee to cover the running of the ATM net work...to use your eloquent phrase..."load of <deleted>", how where they financing the ATM network prior to the THB 150 fee...paying for it with Som tam.??.. ....The contribution of the THB 150 fee, they are "ripping off" farangs is a tiny amount in comparision to running a network....

You may think I am saying I agree with the fee...I don't....but seeing as there are ATM's where you can withdraw for free in Thailand, doesnt effect me in the least, its a none event...

You are suggesting a Thai conspiracy to rip farangs off...for this to be true, then ALL banks in Thailand would be changing the fee, wouldnt you agree.??

Rather than a nationwide Thai conspiracy, would suggest you have a group of greedy bankers, who are trying grab every last buck they can get their hands on, as is the case with all greedy bankers worldwide

Seeing as we are in Thailand, were banks, goverments dept etc are not well known for making common sense decisions, think you will find because of the decline in tourism, the THB 150 rule will be reversed to great fanfare by the banks as their contribution to increasing tourism.. ...... - "WE LOVE FARANG"..

[Soutpeel]

And no banks in the UK do not charge for using ATM's regardless of where your from

Can you say that with 100% certainty?

Have you tried, say, a Kasikorn, or SCB card in an ATM in UK?

I passed an ATM in Manchester Airport that stated quite clearly "free for Sterling transactions"

Which i took to mean there WOULD be a charge for non Sterling ones. IE....a foreign card

Also, i can say with 100% certainty that Malaysia for one, also have a charge for foreign cards

Are THEY ripping off the farang too?

Penkoprod

You are 100% correct, The last time I was in the UK, I did use a K-bank card, and was charged for the"privilage" by the UK bank, remember looking at my statement and thinking robbing b*stards....this was nearly 6 years ago, so not sure if it had changed in the last 6 years though

[Lopburi99]

For any expats from Michigan (not able to open an E*Trade or Schwab account), Midwest Federal Credit Union (MWFCU.ORG) charges no ATM usage fees and no foreign transaction fees, in fact no regular account fees of any kind. Just a $5 donation to charity to open an account. I just opened an account there for use when I return to LOS in a few weeks. Now I will just go to GSB or AEON for my cash withdrawals and everything is completely free. Everything "hunky dory" now. !!

I would assume other states may have a credit union which also offers this great value. But I googled for two days and made a dozen phone calls before I finally found MWFCU.

Persevere - I did, and now all the effort has paid off. Saves me about 3,500 baht/month I figure.

[Lopburi99]

...It doesn't look much like an ATM and you might mistake it for a control console for an experimental Thai weapons system ...

You guys are so funny at times. - great information and great entertainment !

Edited July 1, 2009 by Lopburi99

[Chaimai]

Kasikorn 20,000 over the counter today with Nationwide VISA debit card. No charge and 'blocked' rate 55.42. Will check tomorrow for ACTUAL rate.

I am also getting the 'communication error' message with Nationwide VISA and CIRRUS cards in GSB ATMs. I really want to try out my new downgraded Flexaccount CIRRUS card but I may have to wait to find an AEON ATM machine.

Update now transaction has reached England.......

No fee from Nationwide (0.84%) and the rate was concluded at 55.755.

A remarkable way to by-pass ALL the charging systems AND create more work for the banks !!!!!

[neil324]

I apologize. It would seem foreign cards are charged in the UK.

[JimGant]

No fee from Nationwide (0.84%) and the rate was concluded at 55.755.

Chiamai, how do you know there was no .84% charge? Does the .84% show up on your Nationwide account history when you do an ATM transaction -- but did not with the over-the-counter equivalent? It just seems a stretch that Nationwide would charge .84% for ATM pin transactions, and .84% for signature transactions (when you use the card like a credit card), but wouldn't charge for buying cash over the counter.........

Nevertheless, the TT rates for the week of June 23rd would seem to support that the rate you got did not include anything approaching .84%.

This over-the-counter stuff certainly has potential. But the numbers are all over the place, so it's hard to see which banks are giving the good deals.

Hopefully, with pioneers like Chaimai, it will all eventually all sort out.

Edited July 2, 2009 by JimGant

[Naam]

Naam, while you're quite right about the penny-wise dollar-foolish sentiment (cliche adjusted for my country of origin), you need to account for the rational hatred that many irrational humans have towards banks and other financial institutions: I don't want to give them 1 <deleted>*n' penny! fee, even if it means getting a little extra exercise.

i fully agree with you AJC and (as i mentioned in another posting) bankers are nothing but thieves and highway robbers. the irony is that this thread coincides with something that is presently going on with my bank in Singapore. i belong to a group of investors who pooled their financial clout in order to get the best possible conditions from our bankers. a few weeks ago one of the banksters detected a flaw in our clout (details too difficult to elaborate) and thought of an idea to screw us. except for one member of the group we have "hold mail", i.e. no printing out and sending any paper information, a "service" for which the banksters charge 858 dollars a year! each member of the group was asked to agree that all held mail is shredded. that's a normal procedure as nobody wants to get a container full of year old useless statements which also endanger the personal status of most members as far as the taxman is concerned.

luckily and by sheer coincidence one of the members did not have "hold mail" and received by snail mail "our new fee structure effective august 1, 2009". it turned out that this "new" fee structure was only distributed by snail mail and those of us who agreed that any mail should be shredded wouldn't have known till the debit of the new fees july 30, 2010.

to make a long story short: safe custody fees increased by 1200% (one thousand two hundred percent), trading fees increased by 100%, half a dozen other (ridiculous) fees to be charged for which we never paid a penny until now. based on the value of my holdings and my average trading volume p.a. my total running cost would have increased from 4-6,000 to something like 34,000 US (NOT Zimbabwe!) Dollars per annum. and MIND YOU... i am one of the "poor" members of that group.

therefore i agree with you and say "fàck the banksters where and whenever you can!" unfortunately i don't see a possibility in connection with the ATM fee.

[macb]

Bank of Auyudhya. Do they, or don't they charge the 150B fee?

Ye... we never did get a definitive answer on that ..for me Auyudhya are still not charging when I use Nationwide Visa debit in Pattaya.

I can confirm this as well the above bank not charging fee

[jfchandler]

Chaimai..you reported doing the original withdrawal on June 23, and reported the final rate here on July 2.

But what date did the actual transaction post on, in your online banking... that would help narrow the appropriate exchange rate comparison period...

I'm guessing it didn't take your bank until July 2 to process the transaction. thanks....

Kasikorn 20,000 over the counter today with Nationwide VISA debit card. No charge and 'blocked' rate 55.42. Will check tomorrow for ACTUAL rate.

Update now transaction has reached England.......

No fee from Nationwide (0.84%) and the rate was concluded at 55.755.

A remarkable way to by-pass ALL the charging systems AND create more work for the banks !!!!!

[jfchandler]

therefore i agree with you and say "fàck the banksters where and whenever you can!" unfortunately i don't see a possibility in connection with the ATM fee.

Naam, you must be blinded by trying to peer over your piles of greenbacks....

Unlike you or others, I'm not being irrational about any of this, or harbor any great sentiment about bankers.... I just want to save MY money...

So, the answer to your question re the Thai ATM fee...as least as of today....is....

USE ATMS BELONGING TO AEON, GOVERNMENT SAVINGS BANK OR UOB, AND PAY NO ATM FEE.

Simple... isn't it!!!!!

[jfchandler]

Lopburi, glad you found an account that works for you.... Indeed, many of the regional and local credit unions offer better banking deals than the big national banks...

But I am curious about what you report.... I am/was under the impression that both E*Trade and Schwab Bank will open accounts for people living anywhere in the U.S. I don't recall ever seeing that they were off-limits to people with addresses in certain states....

Are you sure about that.... what happened in your situation???

For any expats from Michigan (not able to open an E*Trade or Schwab account), Midwest Federal Credit Union (MWFCU.ORG) charges no ATM usage fees and no foreign transaction fees, in fact no regular account fees of any kind. Just a $5 donation to charity to open an account. I just opened an account there for use when I return to LOS in a few weeks. Now I will just go to GSB or AEON for my cash withdrawals and everything is completely free. Everything "hunky dory" now. !!

I would assume other states may have a credit union which also offers this great value. But I googled for two days and made a dozen phone calls before I finally found MWFCU.

Persevere - I did, and now all the effort has paid off. Saves me about 3,500 baht/month I figure.

[Naam]

therefore i agree with you and say "fàck the banksters where and whenever you can!" unfortunately i don't see a possibility in connection with the ATM fee.

Naam, you must be blinded by trying to peer over your piles of greenbacks.... Unlike you or others, I'm not being irrational about any of this, or harbor any great sentiment about bankers.... I just want to save MY money... So, the answer to your question re the Thai ATM fee...as least as of today....is.... USE ATMS BELONGING TO AEON, GOVERNMENT SAVINGS BANK OR UOB, AND PAY NO ATM FEE.

Simple... isn't it!!!!!

it is even more simple for me. neither my wife nor me have ever used ATMs in Thailand with one of our foreign credit cards. case (for me) closed.

[Lopburi99]

Lopburi, glad you found an account that works for you.... Indeed, many of the regional and local credit unions offer better banking deals than the big national banks...

But I am curious about what you report.... I am/was under the impression that both E*Trade and Schwab Bank will open accounts for people living anywhere in the U.S. I don't recall ever seeing that they were off-limits to people with addresses in certain states....

Are you sure about that.... what happened in your situation???

For any expats from Michigan (not able to open an E*Trade or Schwab account), Midwest Federal Credit Union (MWFCU.ORG) charges no ATM usage fees and no foreign transaction fees, in fact no regular account fees of any kind. Just a $5 donation to charity to open an account. I just opened an account there for use when I return to LOS in a few weeks. Now I will just go to GSB or AEON for my cash withdrawals and everything is completely free. Everything "hunky dory" now. !!

I would assume other states may have a credit union which also offers this great value. But I googled for two days and made a dozen phone calls before I finally found MWFCU.

Persevere - I did, and now all the effort has paid off. Saves me about 3,500 baht/month I figure.

Yes JF, I believe anybody in the States can open an account with E*Trade or Schwab. Let's just say my situation is "unique".

[Lancelot]

On June 28 I withdrew B17,000 from UOB at Tops, Pattaya Klang. I used a Vanguard Visa card and the nice thing is, I always get a couple days of float -in my favor- until the transaction posts to my account. I had cash in hand on June 28 but my account wasn't debited until June 30 Of course with todays paltry interest rates it doesn't mean a lot financially but its nice to use the banks money once in a while

Any way, no fee and the rate I received was B34.06 / USD. That compares favorably with the corporate visa rate of B34.10 for June 28

So far so good

[jfchandler]

OK Lopburi.... thanks much... I just didn't want to leave people with the impression that E*Trade and Schwab accounts are only available to people in certain states. In fact, they're available nationwide.

Yes JF, I believe anybody in the States can open an account with E*Trade or Schwab. Let's just say my situation is "unique".

[SurfRider]

For anyone interested in fee-free ATM foreign cash transfers and can't get an E-Trade or Schwab card, this might be an alternative:

http://www.bankofinternet.com/high-interest-checking.aspx

( Below are their claims, not mine )

* ATM reimbursement (up to $8 per mo.)

* Free online bill pay

* Online images of statements & paid checks - accessible the day they are paid (5yr archive)

* Unlimited check writing

* Free initial checks

* Visa Check Card

* Overdraft protection available

[wimpy]

For anyone interested in fee-free ATM foreign cash transfers and can't get an E-Trade or Schwab card, this might be an alternative:

http://www.bankofinternet.com/high-interest-checking.aspx

( Below are their claims, not mine )

* ATM reimbursement (up to $8 per mo.)

* Free online bill pay

* Online images of statements & paid checks - accessible the day they are paid (5yr archive)

* Unlimited check writing

* Free initial checks

* Visa Check Card

* Overdraft protection available

This is who I bank with. Their visa check card works fine is the GSB atm.

[wimpy]

OK Lopburi.... thanks much... I just didn't want to leave people with the impression that E*Trade and Schwab accounts are only available to people in certain states. In fact, they're available nationwide.

Yes JF, I believe anybody in the States can open an account with E*Trade or Schwab. Let's just say my situation is "unique".

In fact, they are available internationally. I helped a Thai friend open an account with them. He received check writing and a visa debit card. Depositing funds from Thailand took some hoop jumping, but that is another story.

Not sure how much longer E*Trade is going to be around. Financially they look pretty shaky. Their stock has gone from $28 to $2 over the past several years.

[jfchandler]

Wimpy, I've looked at BofI in the past, but not pursued with them....

It wasn't clear to me whether their ATM reimbursements were only nationwide (domestic to U.S.) or worldwide...

And, I seemed to get the impression that they were charging a 1% foreign currency fee on their Visa card...

Any information on those subjects???

PS - Of course, their ATM reimbursement is capped at $8 per month, which would equal a bit less than two Thai ATM withdrawals with Thai banks charging the 150 baht fee.

I seem to remember they also had some minimum balance requirement to qualify for the reimbursement or avoid monthly service fees on the account.

For anyone interested in fee-free ATM foreign cash transfers and can't get an E-Trade or Schwab card, this might be an alternative:

http://www.bankofinternet.com/high-interest-checking.aspx

( Below are their claims, not mine )

* ATM reimbursement (up to $8 per mo.)

* Free online bill pay

* Online images of statements & paid checks - accessible the day they are paid (5yr archive)

* Unlimited check writing

* Free initial checks

* Visa Check Card

* Overdraft protection available

This is who I bank with. Their visa check card works fine is the GSB atm.

[wimpy]

ATM reimbursements are worldwide.

No foreign transaction fees are assessed when purchasing goods overseas. They also reimburse the Visa fee when withdrawing money at GSB.

Yesterday I withdrew 10,500 baht at GSB. My account was debited $309.28. So that is an exchange rate of 33.949. On top of that, I received a reimbursement of $4.28, which I assume is the Visa transaction fee.

I have what is called a "Boomer" account, opened some time ago. There is no minimum balance or monthly fees. I don't think they offer this account anymore. I believe new accounts must maintain a minimum balance to avoid monthly service charges. I'm not sure how much.

Wimpy

Wimpy, I've looked at BofI in the past, but not pursued with them....

It wasn't clear to me whether their ATM reimbursements were only nationwide (domestic to U.S.) or worldwide...

And, I seemed to get the impression that they were charging a 1% foreign currency fee on their Visa card...

Any information on those subjects???

PS - Of course, their ATM reimbursement is capped at $8 per month, which would equal a bit less than two Thai ATM withdrawals with Thai banks charging the 150 baht fee.

I seem to remember they also had some minimum balance requirement to qualify for the reimbursement or avoid monthly service fees on the account.

For anyone interested in fee-free ATM foreign cash transfers and can't get an E-Trade or Schwab card, this might be an alternative:

http://www.bankofinternet.com/high-interest-checking.aspx

( Below are their claims, not mine )

* ATM reimbursement (up to $8 per mo.)

* Free online bill pay

* Online images of statements & paid checks - accessible the day they are paid (5yr archive)

* Unlimited check writing

* Free initial checks

* Visa Check Card

* Overdraft protection available

This is who I bank with. Their visa check card works fine is the GSB atm.

[jfchandler]

Here's the additional info re Bank of Internet's checking account.

The only things I don't like about them are the $8 limit on ATM reimbursements and the $5,000 monthly min balance requirement...

ACCOUNT MINIMUMS

* $500 min. initial deposit required

* $5,000 average daily balance in account to avoid fee

COSTS AND FEES

* No minimum daily balance required

* No monthly fee if balance exceeds $4,999 otherwise $7.50 per mo.

ATM Fee Reimbursement

ATM fees are reimbursed the same day they are incurred up to the monthly reimbursement limit set by the account type linked to the ATM card. However, ATM fees for transactions processed internationally could take up to 72 hours for reimbursement.

Account Services:

ATM card replacement $5.00

ATM withdrawals No Charge

ACH transactions No Charge

VISA check card transactions and POS transactions No Charge

Telephone banking transactions No Charge

Internet banking transactions No Charge

Sweep account OD protection transfer, per transfer $1.00

Bank Verification Letter $25.00

Closed Account Fee (closed within 90 days of opening) $25.00

[SurfRider]

"In fact, they are available internationally. I helped a Thai friend open an account with them. He received check writing and a visa debit card."

Wimpy, can you give any details on what you had to do to open an E-Trade account from Thailand for a Thai?

My understanding was that you had to have a USA address, phone number, and drivers license.

If that's no longer true, that could be VERY valuable information for those who have interest in receiving premium exchange rates and fee reimbursements.

.

[wimpy]

Sure. I am talking about opening a brokerage account not a bank account. You must be a US resident to open a bank account.

All that was needed was a copy of his passport. Thai address was fine. He also had to fill out a W-8BEN form for tax withholding. He asked for an ATM card and check writing, which were provided. No problem at all.

"In fact, they are available internationally. I helped a Thai friend open an account with them. He received check writing and a visa debit card."

Wimpy, can you give any details on what you had to do to open an E-Trade account from Thailand for a Thai?

My understanding was that you had to have a USA address, phone number, and drivers license.

If that's no longer true, that could be VERY valuable information for those who have interest in receiving premium exchange rates and fee reimbursements.

.