Thai Banks Asked To Cut Foreigners Atm Transaction Fees

[SiriusBlack1]

Yesterday aussie friend tried to withdraw 20 000 baht from ATM Soi Sribumphen, four ATMS, received nothing but was debited 20 000 baht on bank statement, I tried last night to withdraw also with aussie ATM card, knew I had enough deposit, told me to contact my bank...OH MY BUDDHA!!!!!!!!!!!!!!!!!!!!!

The same has happened to me. My bank fixed it but it took a while when I could have used the money. Just take out your money 10,000 baht at a time, no more. The problem doesn't seem to be limited to just one or two banks.

[keyjor]

Just to add to johnnymonic.

Thai Farmer and Ayuddah ATMs also are not charging.

The claim in the main article is rubbish. Visa and Master have not requested any increase in the charge for foreign card withdrawls in Thailand.

I know why the banks have initiated this charge having been informed by many Thais including my wife, but I will keep quiet for now.

[Mali1964]

Just to add to johnnymonic.

Thai Farmer and Ayuddah ATMs also are not charging.

The claim in the main article is rubbish. Visa and Master have not requested any increase in the charge for foreign card withdrawls in Thailand.

I know why the banks have initiated this charge having been informed by many Thais including my wife, but I will keep quiet for now.

For those not aware Thai Farmer is the old name for Kasikorn Bank so as not to confuse an already confusing issue

[damian5000]

I've been using Bank of America and they charge me anywhere from $10-13 (330-430 baht) per withdrawal fee. It's added up to hundreds over the last couple years. The last time, I got fed up with it and just brought cash.

Any Americans tip me off to the bank they use with lower fees?

[100450]

Here is what I do to cut all that crap out. You can do this if you have a Thai bank account. I have a Siam Commercial Bank account. I setup a Paypal account noting the country as Thailand during the setup. I added my Siam Commercial Bank account to it. It was listed as a bank in the drop down. I also have an American Paypal so what I do is transfer money from my Paypal American account to my Paypal Thailand account. If i do over 5000 baht there is no fee otherwise it's 50 baht. It takes about 7 days to transfer the money but I pay NOTHING. Even when I paypal myself to the Thailand Paypal, they take nothing. Then the money hits my SCB account. I know it might seem like a lot of steps but honestly it takes me 1 minute to do the transfer and I just wait. This is how I pay my rent and get my money here in Thailand because Wells Fargo in America charges a ATM fee, International Currency Fee and some other crap. So, i don't get charged all the fees. The only drawback could be the exchange rate on the baht but it's fairly decent right now.

thanks for that - that is exactly what im going to do... great stuff!

have you tried going the other way (paypal thailand to paypal US?)

[Jiu-Jitsu]

I know why the banks have initiated this charge having been informed by many Thais including my wife, but I will keep quiet for now.

Know something that we don't?

Any advantage to keeping it a secret?

[Jimbo53]

This notice is on Bangkok Bank website

International Cards – ATM Withdrawal Announcement

The Thai Bankers’ Association has announced a new regulation

permitting banks to charge a surcharge for ATM withdrawal

transactions on VISA, MasterCard and JCB cards issued by banks

in foreign countries or any other bank or financial institution not

an ATM Pool member (e.g. AEON card). The surcharge will be 150Bt

per transaction and will be in effect from 17 April, 2009.

I have an Australian account with The Commonwealth Bank,if i withdraw from an ATM overseas they charge Aud$5 + 2% of the withdrawal amount,which on a 20.000 Bht withdrawal is 400Bht,i was in Hong Kong recently,and made a balance enquiry at an ATM,i was P**sed off when on checking my Netbank that they had charged me $2 for this,on vacation in Perth at Easter,i made enquiries at ANZ,they charge Aud$5 + 3% !!!

for withdrawals.robbing Bar Stewards!!

[jfchandler]

I've been using Bank of America and they charge me anywhere from $10-13 (330-430 baht) per withdrawal fee. It's added up to hundreds over the last couple years. The last time, I got fed up with it and just brought cash.

Any Americans tip me off to the bank they use with lower fees?

Almost every and any U.S. bank is going to charge you LOWER fees for foreign transactions, such as staying in Thailand, than BofA... They are just about the WORST for someone living or traveling abroad. You need to search Thai Visa and the other threads about the ATM fee issue to find MANY MANY better banking options. Which would be best depends a bit on whether you are a tourist or full-time resident.

I was and am a BofA customer in the U.S. because they have ATMs everywhere there. But in Thailand, I avoid anything to do with BofA like the plague, and NEVER use their ATM/check cards here.

[jfchandler]

I think it's great that the TBA is now talking about reducing the extortionate ATM fee they recently adopted and that was then adopted by many, but not all, of the Thai banking companies.

But for me, reducing it won't make a difference. Even if they go from 150 baht to 50 baht or whatever per withdrawal, I'm still going to look for NO FEE withdrawals.

Remember, even right now, Kasikorn Bank (green), Bank of Ayudhya (yellow) and Government Saving Bank (pink) ATMs remain FEE FREE!!!

[aitch]

I've been using Bank of America and they charge me anywhere from $10-13 (330-430 baht) per withdrawal fee. It's added up to hundreds over the last couple years. The last time, I got fed up with it and just brought cash.

Any Americans tip me off to the bank they use with lower fees?

Almost every and any U.S. bank is going to charge you LOWER fees for foreign transactions, such as staying in Thailand, than BofA... They are just about the WORST for someone living or traveling abroad. You need to search Thai Visa and the other threads about the ATM fee issue to find MANY MANY better banking options. Which would be best depends a bit on whether you are a tourist or full-time resident.

I was and am a BofA customer in the U.S. because they have ATMs everywhere there. But in Thailand, I avoid anything to do with BofA like the plague, and NEVER use their ATM/check cards here.

in addition, local banks will sometimes advertise "refund for foreign ATM transactions" as a benefit on a platinum type account (must maintain a relationship balance between accounts that equal $xx,xxxx, usually about 10k > 20k). won't be advertised on the home page. will still end up paying the visa foreign exchange fee. 3 years ago, after returning to the States from Thailand, had a $10+ ding on an atm transaction. walked right up to my bank, showed them my statement, closed my account. went across the street to another bank and opened up an account with them (they had the refund). now i get it all back at the end of the statement cycle.

[siam2007]

why not just cut a long story short:

as for now, use KASIKORN (green colour) and BANK OF AYUDHYA (yellow colour) to withdraw money when in Thailand.

no charge (withdrew 20K yesterday from Kasikorn with a "Fee: 0 THB" information printed on the transaction strip).

it's as easy as that......

[OJAS]

wooohoooo - :-))))))

Is it true that some banks still don't charge now? ??

Yes - Kasikorn as somone pointed out on another thread.

Slightly off-topic I know, but is it also the case that Kasikorn don't levy charges on e-transfers made into their accounts from foreign accounts?

[cosmont]

Yesterday I declined a transaction with Bangkok Bank as they informed me on the ATM that they will charge 150B. It's seems that SCB (siam commercial bank) do not inform about the fee so be aware.

So I used ATM at OMSIN (Gov. saving bank), no charge...

Just boycott the ATM of the bank who charge fees

[keyjor]

Jui-Jitsu

OK try this one, I will try to be discreet.

Think yellow, recent election for prime minister, lots of borrowed money, have to pay it back.

[willyumcr]

Fok 'em the greedy bastards! It was just a matter of time before this bank scam came to Thailand. US banks started doing this to their customers years ago, charging anywhere from US$2-5 for 'out of network' ATM withdrawals that cost the banks pennies.

US banks already charge their customers international service fees for cash withdrawals from foreign ATM's so it would seem that now the Thai banks are double dipping...

I'm doing everything by international wire transfer until this bs is sorted out. Sure there's a wire fee, but it's a flat fee so if you send over large amounts it does save you money and you can avoid paying this ridiculous fee to the greedy Thai banks.

[willyumcr]

Fok 'em the greedy bastards! It was just a matter of time before this bank scam came to Thailand. US banks started doing this to their customers years ago, charging anywhere from US$2-5 for 'out of network' ATM withdrawals that cost the banks pennies.

US banks already charge their customers international service fees for cash withdrawals from foreign ATM's so it would seem that now the Thai banks are double dipping...

I'm doing everything by international wire transfer until this bs is sorted out. Sure there's a wire fee, but it's a flat fee so if you send over large amounts it does save you money and you can avoid paying this ridiculous fee to the greedy Thai banks.

[SurfRider]

"Think yellow, recent election for prime minister, lots of borrowed money, have to pay it back"

Sounds a bit like a figment of a very fertile Thai imagination . . .

.

[Langsuan Man]

Does anyone remember the title to this thread ? It has once again degenerated into a "how to" for ATM fees (there are already 2 other threads that cover that very well)

Thai Banks Asked To Cut Foreigners Atm Transaction Fees

disingenuous

Is all I can say about this story

The Thai Bankers' Association are the ones that authorized this usurious fee in the first place and now they want the publicity for "asking" banks to roll back the fee

TIT

[alstaxi]

As a foreigner it,s not possible to have a internetbankaccount but for Thai people there are. I don´t understand this. When I am outside Thailand I can not look at my account on internet. I can´t make payment to people or company from my bankaccount when I am abroad. This is bad service from Thai Banks.

I have internet access to my KASIKORN account, I could have access to my Bangkok Bank account but the procedure is too complicated, Kasikorn's is very simple, so it is possible.

[alstaxi]

The best way is:

1. Use your abroad e-banking system to wire the money into your Thai account. Make sure you transfer in your foreign currency, USD/EUR/NOK or so on. That way the transaction is exchanged in Thailand for a competitive rate. Usually takes 2 days.

2. All banks have counter Visa card machine. Withdraw (for my case) up to 250,000 Baht per transaction. And deposit to your Thai account. You will get Visas exchange rate plus your local banks markup (usually 1.5%) if any. Fastest way!

THE PROBLEM WITH THE ABOVE IS: The US banks do not allow a person to wire funds through wire transfer unless they are physically present at the bank branch to sign off on the paperwork. The one exception is if you have a co-signer on the account that can go to your bank in the US and personally sign the paperwork at the bank. That has been my experience being an American and also the experience of my American friends here in Thailand.

Thoughts anyone? GO!

An email to my bank in Canada with the amount and the account in Thailand to transfer the funds to, they have all the numbers on file, as long as the account in Thailand is in my name its not a problem.

[fxe1200]

I used at least six different ATMS around Bangkok last week and all of them charged the 150 baht and I could only take out 10,000 baht at a time ,on 1 machine it said it could only dispense 10 bills per transaction 10 x 1000 = 10,000

It doubled my atm fees because i usualy take out 20 000 at a time

Why are some members able to take out more then 10 000 at a time? I used to be able to last year but not now

This always is the decision of the issuing bank. Just talk to them, may be they did it for security reasons. My "security limits" are the equivalent of 500 Euros per take out, but not more than 1000 Euros per month. This only applies to cash, not to sales paid with the card.

[jfchandler]

What the poster said above about U.S. banks requiring the sender to be physically present at the home branch to make an international wire is generally true....but there are exceptions.

Some banks allow you to pre-authorize sending from one designated account to a designated foreign account before you leave home, as long as you do the paperwork first. A few U.S. banks actually allow people to send international wires via online banking. But it is certainly true, those are the exception, not the rule.

Re the poster above about 10,000 baht limit on withdrawals... Generally, Thai ATM machines are programmed to allow up to 25,000 or so baht per withdrawal (unless they're short on money, and then the amounts come down, such as when they run out of 1,000 baht bills in a particular machine). For example, if the machine only had 500s left, you'd get a maximum of 25 500-baht notes, etc etc.

At the time time, your home bank and card typically set a limit on how much you can withdraw with that card per day, not per transaction. That daily limit on ATM withdrawals is going to apply to a 24-hour cycle, no matter how many ATMs you use or where you use them.

On Monday, in a touristy part of Sukhumvit about noontime, I ran into a Kasikorn ATM that only had 100 baht notes left -- no 1,000s or 500s.... Maybe a sign of the changes stemming from the 150 baht ATM fee...and Kasikorn not charging it. Or maybe that machine just hadn't gotten it's refill since the weekend....

[Oberkommando]

You should compare the exchange rate you get with PayPal against the international rate. You might be in for a shock...

Live rates at 2009.05.04 06:37:38 UTC Notice: The THB rate shown below is the international rate. Rates used within Thailand may vary. <h2 class="XE">1.00 USD</h2> <h2 class="XE">=</h2> <h2 class="XE">35.1772 THB</h2> United States Dollars Thailand Baht 1 USD = 35.1772 THB 1 THB = 0.0284275 USD

You will find that PayPal is making a tidy profit by gouging you on the exchange rate... Remember PayPal is owned by GreedBay!

Paypay exchange rates are worse than the offshore (international) rates by some margin.

Total rip-off.

[thaigold]

It's not the Thai banks, it's the American banks on the verge of bankruptcy. My Hawaii bank just doubled the charges on international tranfers by ATM. Hey, it's a business.

However, every month I transfer money from Hawaii for 3 baht, (at the exchange rate). 40,000 - 60,000, whatever).

I would gladly reveal my method, but I can't. If I did, my source would immediately raise the tarrif.

Knowledge is power - wherever you live.

[thaigold]

Although rarely used, a cashiers check from your US bank, ($9,000.00 is adviswd). Bank it at your Thai bank - you might get the prevaling exchange rate at the time of deposit. Wait three weeks for the check to clear - walla, baht at the rate of deposit.

[thaigold]

See my latest post for clues. I would give you my BKK cell #, but that would be breaking the posting rules.

[sparkey]

The Paypal way saves me money in the end because I can transfer a large amount and not get hit. I am limited to daily atm withdrawls and hit for each one. This way I don't get hit each time for those fees and because I used to hit the atm every 7 days or so it just made sense.

No they don't. The rip you off. Search online about PayPal's exchange rates

Today I've bought an item from U.K., 780 GBP including shipment.

Paypal charges 3.4 % plus 35 cents for an international non-Euro deal.

This is what the seller has to pay.

On top of that the exchange rate is quite bad.

According to XE.com 780 GBP are equivalent to 1.144,07 EUR today.Paypal charges 1.174,70 EUR.

&lt;deleted&gt;?

In the end there are about 6% transaction costs for a simple money transfer from Germany to the U.K.

The problem isn't what they are asking for their service (although it's ridiculously steep).

The problem is they should tell me from the beginning that it costs 6%.

That's cheating.They are treating me like an idiot.

But has anyone tried opening a sterling/euro/usd account in thailand and then transferring the same currency. I know Kasikorn offer foriegn currency accounts and i'm looking into it with paypal (when i get the time). I can't see their being any merchant fees as the currency stays the same. You can then transfer the foriegn currency from, in my case a sterling account into a thb account within the bank and just pay the bank rate of exchange.

If anyone's tried this let me know as i'm fed up paying HSBC 25.00 gbp per transfer and it would save me looking into it any further if it's a no go.

sparkey

[backsoon]

This is a worrying sign that many banks in Thailand are on their way to a big collapse and not only farangs have to pay 150 THB every local bank also charge but whit less fee....just look whats goin on in the rest of this world...its the people that have to pay for the banks misstakes to loan out money to people that cannot pay back their loans!

I remember the BAD old times, with money paid directly to me by cash or cheque. When presenting cheques to the bank (ANY BANK) they would process it MANUALLY and ask for 5 DAYS CLEARING time!

This was free of charge with 'thankyou for using our bank'.

Now, at the GOOD new times, all transactions are done electronically. No thanks for patrons, remove your helmet, wipe your feet and pay the bastards for using their facility! And this at times when the cost of transaction is virtually zero, the time of processing is virtually zero and practically no actual money is involved, yet the clearance time is 5 WORKING DAYS!

They pocket our money in fees, charges, conversion fees, low exchange rates and interest for up to 1 week. But this is not enough. Now they pay themself TAXPAYER'S money in BILLIONS through the government subsidies. Ever heard of a government helping any individual or a business in trouble?

Not, unless you are a BANK... They don't produce anything, except the inflation, by charging interest on

VIRTUAL money. IF you need to hate somebody for all the mess we are all in, - think BIG, think BANKS.

[BuckBee]

But has anyone tried opening a sterling/euro/usd account in thailand and then transferring the same currency. I know Kasikorn offer foriegn currency accounts and i'm looking into it with paypal (when i get the time). I can't see their being any merchant fees as the currency stays the same. You can then transfer the foriegn currency from, in my case a sterling account into a thb account within the bank and just pay the bank rate of exchange.

If anyone's tried this let me know as i'm fed up paying HSBC 25.00 gbp per transfer and it would save me looking into it any further if it's a no go.

sparkey

I think linking & verifying a UK PayPal account to a Thai Bank sterling account will not be possible.

Best methods really depend on sum of currency being moved.

Nationwide card still is good for easy ATM access & will only have a 1% (effective next month) fee if you use 1 of the 3 ATM's currently not charging the 150B transaction fee.

Travellers Cheques are good if you can get them commission free & in large denominations (Lloyds TSB are good for this, open up a clasic account & milk them for some £500 sterling TC's, £500 TC's can be done in branch via faxing order).

For large transfers 1OK or more SWIFT fee looks more reasonable (Nationwide fee is £20)

I believe HSBC do reduced SWIFT fee (£15) if you do it via online banking.

Plenty of good options but full benefits depend upon individual requirements.

[Mali1964]

But has anyone tried opening a sterling/euro/usd account in thailand and then transferring the same currency. I know Kasikorn offer foriegn currency accounts and i'm looking into it with paypal (when i get the time). I can't see their being any merchant fees as the currency stays the same. You can then transfer the foriegn currency from, in my case a sterling account into a thb account within the bank and just pay the bank rate of exchange.

If anyone's tried this let me know as i'm fed up paying HSBC 25.00 gbp per transfer and it would save me looking into it any further if it's a no go.

sparkey

I think linking & verifying a UK PayPal account to a Thai Bank sterling account will not be possible.

Best methods really depend on sum of currency being moved.

Nationwide card still is good for easy ATM access & will only have a 1% (effective next month) fee if you use 1 of the 3 ATM's currently not charging the 150B transaction fee.

Travellers Cheques are good if you can get them commission free & in large denominations (Lloyds TSB are good for this, open up a clasic account & milk them for some £500 sterling TC's, £500 TC's can be done in branch via faxing order).

For large transfers 1OK or more SWIFT fee looks more reasonable (Nationwide fee is £20)

I believe HSBC do reduced SWIFT fee (£15) if you do it via online banking.

Plenty of good options but full benefits depend upon individual requirements.

Halifax online swift £9.50