Thai Banks To Start Charging For Atm Withdrawals ...

[fletchsmile]

I think you're not understanding me, Fletch... I meant, the only debit to my U.S. bank account was the exact amount of baht that I withdrew from the AEON ATM... no fees or extra charges added in. Just my base withdrawal amount.

...

Checked my AEON ATM receipt. No fee. Checked my online banking module when I got home... One charge for the amount of my withdrawal. No ATM fee. And no refund of any ATM fee from my U.S. account that would refund one if any were charged.

...

And how much was the charge for the withdrawal kind sir?

Indeed I may have misunderstood jfc.

By "one charge for the amount of my withdrawal" I took it that was a "charge".

Is what you mean "one entry for the amount of your withdrawal" / "one amount for the withdrawal with no charges"?

and that your overseas (debit/credit) card does not levy any charge for use outside US?

[jfchandler]

Correct on all counts... Just as you say below--no fee from AEON or my U.S. bank, just my withdrawal amount only at pretty much the full exchange rate...

Indeed I may have misunderstood jfc.

By "one charge for the amount of my withdrawal" I took it that was a "charge".

Is what you mean "one entry for the amount of your withdrawal" / "one amount for the withdrawal with no charges"?

and that your overseas (debit/credit) card does not levy any charge for use outside US?

[fletchsmile]

[

Unless he's using money he's made here in Thailand, I'll bet he's actually ending up paying more in fees by doing a SWIFT transfer than he would be paying if he went ahead and used ATMs and paid the 150 baht fee.

And if he had a bank card that provides a good conversion rate and rebates all ATM fees, then he'd have all the convenience of using an ATM without even having to transfer any money at all.

The plot of this thread is not only about saving 150 baht per ATM transaction. It is really about how to save money when retrieving money from a foreign bank account. This thread is not relevant to anyone whose income comes from Thailand.

You may well be right, but you may well be wrong. Fletch though will certainly have a very good idea on charges though.

Why thank you Mr.Toad. Indeed Fletchsmile does have a very good idea on charges.

[BIGTOE3]

You may well be right, but you may well be wrong. Fletch though will certainly have a very good idea on charges though.

Why thank you Mr.Toad. Indeed Fletchsmile does have a very good idea on charges.

Fletch, are we still referring to Bank charges or Bar charges Sorry of course you are an expert on both Should have remembered

BT

[fletchsmile]

BigToe

As you still haven't invited me round to your hideout I'm not sure of your exact location but if you're still looking for an AEON cash machine near Victory Monument, you might want to try Tops Ratchavitee (/Ratchawiti?) on 1st Floor. There's also one near Ratchavitee Hosipital, near the bus station - not sure how close that is or not though!

Other than that you'll just have to go to Crossbar a little more often and stop off at Sermmit Tower (suk21).

or Exchange Square at Asoke - quite close to the American "cattle" market - on the opposite side of the road between Suk21 and Suk23

[fletchsmile]

Or you could try looking on AEON Thana Sinsap's website for their cash dispenser locations... hours of fun I'm sure ...

http://www.aeon.co.th/lang/en/menu/Service...Bangkok#soutput

Since it's more pertinent now with the demise of GSB, I'll repost my AEON ATM favorites list for the central Bangkok area... Cheers.

(If anyone has any additions, please post them here, and I'll keep the AEON list updated, as long as it remains relevant for folks).

AEON ATMs -- Bangkok Area

Carrefour On-Nut, 1st Floor Carrefour On-Nut, indoor parking area, wall near store entrance

Siam Paragon, basement level (one below food/market level) Go down escalator at Café Ninth

Central Chidlom, BF1 Floor Central Chidlom (not yet found???)

Tesco Lotus FortuneTown, 1st Floor, far end near produce section

Mabunkrong (MBK) Center, 2nd Floor Mabunkrong Center

Victory Monument, southwest corner, standalone ATM, near outdoor clothes stands

Big C Ratchadamri, 1st Floor Big C Ratchadamri, opposite Central World, near Chidlom BTS

Siam Center 2nd Floor Siam Center, Siam/Central BTS

Jusco Sukhumvit 71 (Phra Kanong), 1st Floor Jusco Sukhumvit 71

Central Silom/Silom Complex, 2nd Floor, head right from BTS entry

CP Tower, 4th floor AEON Office, back rear left corner, Silom Road near Soi Convent

J Avenue 1st J Avenue Navanakhon

Jusco Ratchada, 3rd Floor Aeon Spot Jusco Ratchadapisek

Robinson Ratchadapisek, 1st Floor Robinson Ratchada

1st Floor Serm-Mit Tower (159 Sukhumvit Soi 21/Asoke near Soi Prassamitr) AEON H/O

Edited November 4, 2009 by fletchsmile

[jfchandler]

Yep, that sounds like the AEON ATM location I was trying to point Big Toe to a few posts earlier... It's right on the sidewalk, on the circle, as you're walking around that side of the Victory Monument Circle, near the hospital. ATM only, no sign, no office, no nothing.

There's also one near Ratchavitee Hosipital, near the bus station - not sure how close that is or not though!

[Langsuan Man]

I used the AEON ATM at Carrefour yesterday, using my E*trade Visa branded Debit Card, for 33,000 THB, below is my E*trade online banking listing:

11/03/09 ATM AEON CREDIT SYS CARREFOUR PATTAYA BANGKOK, TH -986.99

Giving me an actual exchange rate of 33.43 THB per USD and no fee

[donx]

[

Unless he's using money he's made here in Thailand, I'll bet he's actually ending up paying more in fees by doing a SWIFT transfer than he would be paying if he went ahead and used ATMs and paid the 150 baht fee.

And if he had a bank card that provides a good conversion rate and rebates all ATM fees, then he'd have all the convenience of using an ATM without even having to transfer any money at all.

The plot of this thread is not only about saving 150 baht per ATM transaction. It is really about how to save money when retrieving money from a foreign bank account. This thread is not relevant to anyone whose income comes from Thailand.

You may well be right, but you may well be wrong. Fletch though will certainly have a very good idea on charges though.

Why thank you Mr.Toad. Indeed Fletchsmile does have a very good idea on charges.

So fletchsmile, are you transferring money from a foreign bank account to your Thai bank account? If so, what method are you using and how much is it costing you for each transaction? Enlighten us please.

[jfchandler]

That's very interesting, LM...

I've been wondering if E*Trade has any per day limit on ATM withdrawals using their card. And people here have speculated about the limits in using an AEON ATM, with some people wrongly assuming they could only get 7,000 baht, for some reason.

But, I've regularly used my E*Trade card to withdraw about 20,000 baht per month (about $600 in a single pull) for my rent and utility payments, and no problem from E*Trade or AEON ATMs with that. That's the most I've ever had any reason to try. And now you've reported pulling 33,000b/close to $1,000.

That's a pretty sweet deal, between the two. I wonder what the upper limit of an E*Trade card and an AEON ATM would be????

I used the AEON ATM at Carrefour yesterday, using my E*trade Visa branded Debit Card, for 33,000 THB, below is my E*trade online banking listing:

11/03/09 ATM AEON CREDIT SYS CARREFOUR PATTAYA BANGKOK, TH -986.99

Giving me an actual exchange rate of 33.43 THB per USD and no fee

[Lancelot]

I withdrew B17,000 from an Aeon ATM on Nov 1 and the transaction posted to my account on Nov 3, stating Nov 3 as the withdrawl date. My Vanguard account was debited $509.91 and the rate I received was 33.340.

The BOT Weighted Average Interbank Exchange Rate for Nov 3 was 33.440, so I received 10 satang less...

http://www.bot.or.th/English/Statistics/Fi...changeRate.aspx

[jfchandler]

No reply from Mr. Fletch??? Must be too busy out looking for the nearest fee-free ATM!

So fletchsmile, are you transferring money from a foreign bank account to your Thai bank account? If so, what method are you using and how much is it costing you for each transaction? Enlighten us please.

[jfchandler]

Almost identical to the 33.35 rate I got via E*Trade and AEON on Weds, 11/4. With E*Trade, the ATM transactions here post to my online account by the time I've walked back home from whatever ATM I've used.

I withdrew B17,000 from an Aeon ATM on Nov 1 and the transaction posted to my account on Nov 3, stating Nov 3 as the withdrawl date. My Vanguard account was debited $509.91 and the rate I received was 33.340.

The BOT Weighted Average Interbank Exchange Rate for Nov 3 was 33.440, so I received 10 satang less...

http://www.bot.or.th/English/Statistics/Fi...changeRate.aspx

[Langsuan Man]

jfchandler I assumed that my E*trade daily limit was $1,000 and was the reason I attempted the "counter" transaction last week at SCB using the majic 33,000 THB figure but in looking over a Service Message from E*trade that I received regarding Debit Card use at the US Post office (Money Order for my O-A Non Immigrant Visa) they included this information:

Sent: 10/16/2009 06:18 PM

Subject: ATM Card

Topic: Transaction Issue

Account: XXXXXX4368

Reference Number: 723313

Message: Dear Mr. Langsuanman

Thank you for your message regarding using your Visa Debit card at the US Post Office.

You are correct that we, E*TRADE Financial, limit US Post Office transactions to $20.00. I will be happy to pass on your feedback that you are dissatisfied with this particular policy. However, currently this is our limit on transactions of this type. For all other point of sale purchases, your daily limit is $2,500.00 and your ATM daily withdrawal limit is $1,000.00, or your account's balance whichever is lower.

Which leads me to believe that I could tap my account by $2,500 using the counter method, keeping in mind their caveat, or your account's balance whichever is lower

Edited November 5, 2009 by Langsuan Man

[fletchsmile]

No reply from Mr. Fletch??? Must be too busy out looking for the nearest fee-free ATM!

So fletchsmile, are you transferring money from a foreign bank account to your Thai bank account? If so, what method are you using and how much is it costing you for each transaction? Enlighten us please.

Much as I'd like to, I've a few things to do other than look around for ATMs or post about them Let's just say I don't have the issue... and leave it at that

Even if I did have this issue, to be honest in the great scheme of things your bank charges are minimal - sort your affairs out and do one large transfer, converting to THB onshore at onshore rate with a Thai bank, and I doubt you'd find it amounts to much more than one hundred bucks in fees even for extremely large amounts - SWIFT charges have a max amount for each transaction. That's peanuts compared to where the real issue lies for a long termer.

Much more important is to mitigate your currency risk - unless you've more than enough that you really don't need to worry about this. If you're here longer term, using an ATM each month or even monthlly SWIFT puts you at the mercy of current FX rates and currency risk each and every time. Better to build some assets in Thailand. That way you deal with the real issue, and as a bonus the issue of petty bank charges removes itself for free.

To put into perspective each of USD and GBP are down over 20% in the last 4 years. Saving yourself $3 or 0.5% per transaction each month is neither here nor there. If you can't afford a few bucks charges, you're waiting for a fall when the FX rates hit you, which they will at some point.

I'm sure someone will point out FX rates will fluctuate which is true and you could gain as well. Two points to emphasise though: 1) bank charges are minimal compared to FX fluctuations so focus on the bigger picture 2) longer term THB will continue to strengthen vs GBP and USD, as the balance of power shifts West to East, developed countries - esp USD- lose their importance as currency reserves, and developing countries become wealthier improving their PPP. Sure there'll be short term fluctuations but what you really need to think is how you once and for all sort out the FX risk - monthly ATM withdrawals won't adress that in any way.

Edited November 5, 2009 by fletchsmile

[BIGTOE3]

No reply from Mr. Fletch??? Must be too busy out looking for the nearest fee-free ATM!

So fletchsmile, are you transferring money from a foreign bank account to your Thai bank account? If so, what method are you using and how much is it costing you for each transaction? Enlighten us please.

Much as I'd like to, I've a few things to do other than look around for ATMs or post about them Let's just say I don't have the issue... and leave it at that

Even if I did have this issue, to be honest in the great scheme of things your bank charges are minimal - sort your affairs out and do one large transfer, converting to THB onshore at onshore rate with a Thai bank, and I doubt you'd find it amounts to much more than one hundred bucks in fees even for extremely large amounts - SWIFT charges have a max amount for each transaction. That's peanuts compared to where the real issue lies for a long termer.

Much more important is to mitigate your currency risk - unless you've more than enough that you really don't need to worry about this. If you're here longer term, using an ATM each month or even monthlly SWIFT puts you at the mercy of current FX rates and currency risk each and every time. Better to build some assets in Thailand. That way you deal with the real issue, and as a bonus the issue of petty bank charges removes itself for free.

To put into perspective each of USD and GBP are down over 20% in the last 4 years. Saving yourself $3 or 0.5% per transaction each month is neither here nor there. If you can't afford a few bucks charges, you're waiting for a fall when the FX rates hit you, which they will at some point.

I'm sure someone will point out FX rates will fluctuate which is true and you could gain as well. Two points to emphasise though: 1) bank charges are minimal compared to FX fluctuations so focus on the bigger picture 2) longer term THB will continue to strengthen vs GBP and USD, as the balance of power shifts West to East, developed countries - esp USD- lose their importance as currency reserves, and developing countries become wealthier improving their PPP. Sure there'll be short term fluctuations but what you really need to think is how you once and for all sort out the FX risk - monthly ATM withdrawals won't adress that in any way.

Well said and explained SIR - IF I did not know you better I would swear you were a Banker

BT ps I have taken your advice

[donx]

No reply from Mr. Fletch??? Must be too busy out looking for the nearest fee-free ATM!

So fletchsmile, are you transferring money from a foreign bank account to your Thai bank account? If so, what method are you using and how much is it costing you for each transaction? Enlighten us please.

Much as I'd like to, I've a few things to do other than look around for ATMs or post about them Let's just say I don't have the issue... and leave it at that

Even if I did have this issue, to be honest in the great scheme of things your bank charges are minimal - sort your affairs out and do one large transfer, converting to THB onshore at onshore rate with a Thai bank, and I doubt you'd find it amounts to much more than one hundred bucks in fees even for extremely large amounts - SWIFT charges have a max amount for each transaction. That's peanuts compared to where the real issue lies for a long termer.

Much more important is to mitigate your currency risk - unless you've more than enough that you really don't need to worry about this. If you're here longer term, using an ATM each month or even monthlly SWIFT puts you at the mercy of current FX rates and currency risk each and every time. Better to build some assets in Thailand. That way you deal with the real issue, and as a bonus the issue of petty bank charges removes itself for free.

To put into perspective each of USD and GBP are down over 20% in the last 4 years. Saving yourself $3 or 0.5% per transaction each month is neither here nor there. If you can't afford a few bucks charges, you're waiting for a fall when the FX rates hit you, which they will at some point.

I'm sure someone will point out FX rates will fluctuate which is true and you could gain as well. Two points to emphasise though: 1) bank charges are minimal compared to FX fluctuations so focus on the bigger picture 2) longer term THB will continue to strengthen vs GBP and USD, as the balance of power shifts West to East, developed countries - esp USD- lose their importance as currency reserves, and developing countries become wealthier improving their PPP. Sure there'll be short term fluctuations but what you really need to think is how you once and for all sort out the FX risk - monthly ATM withdrawals won't adress that in any way.

With such a long non-response to my question, I beg to disagree. You obviously have plenty of time to post about ATMs and money transfers as you just did with this post.

Good luck with that FX guessing game. For me, I have no earnings from Thailand. I have monthly withdrawals performed here by my in-laws. I prefer keeping control of my assests in my home country and only making a minimum amount available here in Thailand at a time. Our situations are different. You have a spouse earning money in Thailand (I'm basing this upon a post of yours I read in one of the other forums). I don't know if you earn anything in Thailand or not, but if you have to transfer funds using SWIFT, you are spend a lot of money on those transactions. Doing so to bring in funds for large purchases makes sense. Doing so for daily living expenses is not cost-effective as others such as JimGant here have pointed out.

Up to you, as they say.

[jfchandler]

Re Fletchsmile and DonX above, I'll just add... there's no one solution to these things... There's a variety of solutions, and what works best for one person may not be the correct answer for another person in a different situation...

But for me, I tend to lean toward DonX's view... and a bit with Fletchsmile. I believe the later is probably right about the long-term trend in currency fluctuations. However, for my life and situation right now, I'm not interested in playing the currency game, nor am I interested in converting U.S. based assets to Thailand based assets...

A few different people have wisely said... don't bring anything to Thailand that you can't afford to leave behind. I tend to follow that wise advise. So, despite the currency stuff, I prefer to keep my assets back home, for better or worse. As screwed up as various things are in the U.S., it's not as bad as here from a government and banking standpoint, where rules and practices can and do change overnight. And if you're on the wrong side of the change, you're just screwed. No recourse. Finished...

That said... a dollar saved is a dollar earned. Every time I don't pay an ATM fee, I'll have an extra drink in honor of the non-believers...

[jettyflamingo]

a simple question....where do i find a AEON ATM in pattaya...arriving soon and will need afew w/d..thanks

[Jiu-Jitsu]

a simple question....where do i find a AEON ATM in pattaya...arriving soon and will need afew w/d..thanks

http://www.aeonthailand.com/lang/en/menu/S...%20East#soutput

[vagabond48]

OK... now that's three re-postings of my original very nice post... Are we headed for four???

Hey jfc, give the guy a break, this is his way of showing how much he admires your helpful contributions to this thread.

Edited November 5, 2009 by vagabond48

[vagabond48]

OK... now that's three re-postings of my original very nice post... Are we headed for four???

Hey jfc, give the guy a break, this is his way of showing how much he admires your helpful contributions to this thread.

[vagabond48]

OK... now that's three re-postings of my original very nice post... Are we headed for four???

Hey jfc, give the guy a break, this is his way of showing how much he admires your helpful contributions to this thread.

Ok, I'll see his 3 and call.

[jfchandler]

JOKERS

JOKERS

JOKERS

[SurfRider]

.

"a simple question....where do i find a AEON ATM in pattaya...arriving soon and will need a few w/d..thanks

http://www.aeonthailand.com/lang/en/menu/S...%20East#soutput"

Unfortunately, that link is more misleading than it is helpful. TiT is in play here. Suffice to say, that information is about as useful as a TiT on a bull

There are only three confirmed AEON ATMs in Pattaya:

Tesco-North on Pattaya Nua Rd. across from City Hall.

Carrefour, on Pattaya Klang east of 2nd Rd. toward Sukumvit on the left.

Homeworks, next to Big-C on Sukumvit just south of Pattaya Tai

There was one at Tesco-South near Thepprasit, but it was removed several months ago.

There is a rumor of one at the new Central Festival Mall between Beach Rd. and 2nd Rd. Just North of Soi 10, but not yet confirmed by humans.

.

Edited November 5, 2009 by SurfRider

[jfchandler]

Anyone else done any AEON ATM withdrawals in the past two days? Fee or no fee???

[wimpy]

Anyone else done any AEON ATM withdrawals in the past two days? Fee or no fee???

I did one yesterday. No fee indicated on the receipt. 33.43 / US$

Still confused why my bank has all of the sudden started refunding Aeon fees.

[thaimate]

Anyone else done any AEON ATM withdrawals in the past two days? Fee or no fee???

did one yesterday tesco ,no fee

[donx]

Anyone else done any AEON ATM withdrawals in the past two days? Fee or no fee???

I did one yesterday. No fee indicated on the receipt. 33.43 / US$

Still confused why my bank has all of the sudden started refunding Aeon fees.

You're confused? So am I. Are you saying you are receiving ATM fee refunds of around $4.49 when you aren't even being charged the 150 baht fee? What bank card are you using? I need to get one of those and start taking out 1000 baht withdrawals 10 times a day!

[jfchandler]

Thanks Guys.... Sounds like AEON ATMs remain a good bet.... and no fee...

Yesterday, I did use an ATM, but I was on the run and rushing all day, and had to get some baht quickly prior to a business meeting... So I used one of my occasional E*Trade ATM fee refund pulls from BKK Bank. And of course, the 150 baht fee refunded and posted immediately, along with my withdrawal amount.

I try not to use them at all....preferring AEON whenever possible. But in a pinch, I figure one a month is remaining a good citizen.