Thai Banks Asked To Cut Foreigners Atm Transaction Fees

[richmax]

In my experience, Bangkok Bank is now charging the Bt150 fee for every transaction using a foreign atm card (UK and USA in my case). Until about two months ago, even before the fee increase, I was paying about $95 per month in atm transaction fees when using foreign debit cards at Thai bank atms. I have got round this now by making a monthly transfer direct from my USA bank into my Thai bank (ok, that means an international phone call as well, but the cost is minimal) and then using only Thai atm cards (at no charge) for withdrawals. The fee for the monthly transfer is $30, so I am saving $65 a month of my hard-earned pension. Incidentally, I usually call the USA bank about 9pm and the funds are ready and waiting for me in my Thai account by 9am the next morning (barring weekends and holidays, of course.)

[BigSnake]

Someone help me out here, I thought this applies only to ATM cards from another country, not my ATM card issue by my local Bangkok Bank??????

[Chayaphum]

Someone help me out here, I thought this applies only to ATM cards from another country, not my ATM card issue by my local Bangkok Bank??????

yes sure, local ATM cards are free of fees for every transaction if you using in the same district.

(but must be the same "Changwat" where you open your account, Thailand has 76 Changwat)

Outside that area you will be charged with 10THB per transaction.

Chayaphum

[gavstah]

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.

Awww, don't be a chump like that. Do tell!

[gavstah]

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?

eTrade Bank - bank.etrade.com

No ATM fees if you meet either of these requirements:

Monthly minimum balance of $5k

-- OR --

A monthly (or more frequent) direct deposit of $200 or more.

You can sign up online.

This will not stop the banks mentioned in this thread from charging their 150 baht fee though - but so far Bank of Ayudhya and Kasikorn (nee Thai Farmers Bank) are not charging this fee. A fact I can confirm as of yesterday when I withdrew 2000 baht from a Bank of Ayudhya branch in Pattaya with no fee on the front or back end.

[Limbo]

Pay attention...I'll only say this once!

When you transfer your money from your country of official residence, transfer it in the original currency into your Thai account, where the bank will gladly change into Thai Baht. The money will arrive within 24 hours.....You only pay the initial transfer cost usually $20-$30 regardless of the amount! Then you can take the Thai Baht out of any ATM and only pay the ฿20 standard fee! On the upside, your money is changed at the T\T rate (which is the best you can get!). OK?

Thanks TPI, that's what I intended and now definitely am going to do!

Limbo

[chrislarsson]

Pay attention...I'll only say this once!

When you transfer your money from your country of official residence, transfer it in the original currency into your Thai account, where the bank will gladly change into Thai Baht. The money will arrive within 24 hours.....You only pay the initial transfer cost usually $20-$30 regardless of the amount! Then you can take the Thai Baht out of any ATM and only pay the ฿20 standard fee! On the upside, your money is changed at the T\T rate (which is the best you can get!). OK?

Thanks TPI, that's what I intended and now definitely am going to do!

Limbo

I always had to pay higher fixed fees than that. But the fees depends both on the bank sending it, and the one receiving it. And quite often it can take about 3 working days.

I wouldn't recommend this option unless sending at least a few 1000 dollars at a time.

It's quite important that it is sent in your local currency as well. The currency exchange should be done in Thailand and not outside, where you in general get a much worse rate.

[jfchandler]

In my experience, Bangkok Bank is now charging the Bt150 fee for every transaction using a foreign atm card (UK and USA in my case). Until about two months ago, even before the fee increase, I was paying about $95 per month in atm transaction fees when using foreign debit cards at Thai bank atms. I have got round this now by making a monthly transfer direct from my USA bank into my Thai bank (ok, that means an international phone call as well, but the cost is minimal) and then using only Thai atm cards (at no charge) for withdrawals. The fee for the monthly transfer is $30, so I am saving $65 a month of my hard-earned pension. Incidentally, I usually call the USA bank about 9pm and the funds are ready and waiting for me in my Thai account by 9am the next morning (barring weekends and holidays, of course.)

That certainly works....for a price...

But at the same time, you could choose to use Thai banks that aren't charging the 150 baht per withdrawal ATM fee, such as Kasikorn, Bank of Ayudhya and Government Savings Bank, and withdraw the money direct from your U.S. accounts using your U.S. bank card, and pay no Thai bank fee.

Of course, you'd also want to be using a U.S. bank card/account that either a] doesn't charge any fees for using ATMs outside its own network or b] an account that reimburses you for other banks' ATM fees.

If you take the proper steps at both ends, Thai and U.S., then you can simply withdraw your funds here directly without paying any fee, or having to make phone calls and such. Although, you still might get nicked for Visa/MC's 1% cut for international transactions that they take thru a slightly lower exchange rate.

[Tee2008]

I use a similar company - MoneyCorp. Check them on the internet. Their total charges are 8 Pounds for the transfer. Exchange rate seems ok too.

Just a note about getting money from the UK to Thailand as cheaply as possible, on a regular basis: I use Currencies Direct. They are a reputable, fully regulated money trading company. You have to set-up a monthly or quarterly direct debit from your UK current acct for any amount over £500 a month and it costs zilch. No hidden charges at all. They make their money by buying and selling currencies - that's their sole business. You will get the money market commercial RofE at the time they undertake the transaction. It is far better than any UK bank will give you and those banks will also charge you a fee of at least £25 a throw- what a rip-off!

I have been using them on recommendation of a an ex-workmate who was using it to remit money from UK to South Africa.

I have found them totally reliable and the money arrives in my Thai acct within 4 working days, without fail.

The Thai bank will make a charge when it is credited - mine charges me 165baht - still a lot cheaper than the other methods you guys talk about on here and saves the hassle of using ATM's or wire transfers, which are a lot more costly and inconvenient.

I have changed the direct debit amount several times using e-mails to Currencies Direct, with no problems.

You will need to tell them the Swift or IBAN code of your Thai acct, in addition to your name and account number, but your ever-friendly Thai bank manager will provide this for you at no extra cost!

Good luck - give it a whirl. David C. (No - I am not on commission!)

[sparkey]

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.

But has anyone tried the Payapal route GBP to GBP????

HSBC is only 15.00 when transferring to HSBC BKK (or so they Told me) I'm with their online bank arm, First Direct, and you cannot move money overseas without calling.(thst's what they tell me)

Also Kasikorn, who everbody raves about, Charge for transferring my uk funds from their BKK branch to my Rayong Branch. generally around 150.00 bht for my usual transfer.

[slipperx]

Ha

Well it seriously makes me cheesed off that if you want to withdraw money from your account and you are not in the same area as your bank you get charged 25 baht per transaction regardless of amount (limited to 20,000 k per go). I live in Phuket so if I travel to Bangkok or anywhere outside Phuket and want to buy something cash - say a computer and monitor for 100k it costs me 150 baht - and that is using the same ATM as my bank account. IN fact you can use any banks ATM and get the same charge.

So how is it that the Thai bank charges me to withdraw money from their ATM anywhere outside Phuket - how exactly do they justify THAT

Banks are at the bottom rung of the ladder in the same cess pit as the lawyers, accountants, used car salesmen, time share salesmen, Nigerian psudo bankers in the UK who have millions of someone elses money they want you to help them launder who just happened to contact you by mistake having mysteriously come across your email scammers, security check email scammers, politicians far and wide as well as near, expat rip off merchants and boiler room trade scammers. Let them all rot in their own waste.

For information - most banks limit 20k per ATM transaction - some more - ring to get the normal 20k daily limit raised to 200k or less if you want

Transfer more at a time and save fees

Transfer less right now as the baht is ludicrously strong and will collapse with the dollar soon

ATM's only dole out 20 notes at a time

I had a wrong amount paid from an ATM - contact the bank right away and you should get it rectified but takes about a month - I did

Avoid going to the bank like the plague but if you must go and don;t have time to waste go early in the morning and avoid end of the month and beginning of the month - best to use a little out of the way branch maybe on a university campus or something - staff are happy to see an unusual farang face and have not yet been hardened by the abuse the major bank staff get from farangs for their aloofness and gross inefficiency

Keep your ATM as far away from your girlfriend as humanly possible and your passport in the safe - they are great at forging signatures and just a passport copy and signature is enough to withdraw your money without you knowing

Never lend anyone any money especially another expat and even more especially a thai - you'll almost never see it back

Buy a house, give it to your girlfriend and take a 30 + 30 lease - you won't need it when your dead and she will get it anyway one way or the other - why not keep it simple. Do that now - transfer fees really low. Keep the lease amount low and prepay the 60 years - it makes the tax charged to the g/f less. When you dump the g/f who cares you still have the lease. Better still get her to sign a power of attorney to resell teh property as soon as you buy it - you never know it might come in handy.

Never use a foreign lawyer - they are no better than a Thai lawyer, charge more, are more dishonest and do you think they can read the thai contracts?

Always be careful zipping up - he's the only real friend you have over here!

[Oberkommando]

I'd be very wary of using Paypay especially with large sums of money. They can freeze your account at any time and your funds will remain in limbo for 6 months.

As mentioned earlier they gouge on the exchange rates even more than the banks and other financial institutions.

By all means use it to buy trinkets off feePay but you'd have to be mad to use them to t/t money.

Edited May 6, 2009 by LivinginKata
Blog links removed

[BuckBee]

Halifax online swift £9.50

Does the online form allow you to transfer in sterling so the exchange is handled off shore (don't want uk banks EX rates)

[BODYholic]

Someone mentioned UOB. Thanachart, too, has no charge levied for cash withdrawal with an overseas ATM card.

http://bodyholic66.blogspot.com/2009/01/at...in-bangkok.html

[Mali1964]

Halifax online swift £9.50

Does the online form allow you to transfer in sterling so the exchange is handled off shore (don't want uk banks EX rates)

At the moment i do not hold an account with Halifax i found this myself another thread on this ATM issue i have added the link i suggest you contact them to comfirm you can send overseas in sterling i'd be surprized if you could't.

http://www.halifax.co.uk/bankaccounts/inte...entservices.asp

I did just noticed another option of international draft which may work if you have the time, being a draft (bank cq) i'm not sure if it would clear faster than a standard cheque its worth considering though.

Sending money abroad by post - Foreign Drafts

Foreign Drafts are an easy way of sending money abroad by post and they cost £6-£15. They are available in all major currencies and are drawn on a bank in the destination country where you can pay them into bank accounts just like a local cheque. Foreign drafts will be sent to the customer's registered account address

[Mali1964]

Someone mentioned UOB. Thanachart, too, has no charge levied for cash withdrawal with an overseas ATM card.

http://bodyholic66.blogspot.com/2009/01/at...in-bangkok.html

Though the blog is well written & interesting it was written before these fee's came into force on the 17th April 2009.

There have been reports that UOB have not made charges but not a flood of people to confirm this the last i read on Thanachart they have charged from day one & are still charging the 150 baht fee unless someone as experience otherwise.

[worldfun]

Yes Thanachart charges, but UOB do NOT.

In short the foreign card 150bt fee is charged by: bkk (blue), scb, thanac etc etc

Fee is NOT charged by: kbank (green), krungsri (yellow), GSB (few atms, but reportedly 30k possible!), UOB (also not so many, but way more than hscbc, citi etc only 1 branch fee free & 30k per transaction!).

Now it was indicated this fee only applies to visa, master & JCB cards/networks so perhaps plus/cirrus atm/cash cards is still fee free with all banks & can perhaps explain why a few here & there still claims fee free withdrawals at bangkok bank atms etc?

Also there's the withdraw at counter option with debit/credit cards which should have no fee & the exchange rate should still be the usual visa/master rate just like at atm, merchants etc as long as withdrawal/purchase is made in local currency & not pre-converted to card issuer currency that some merchants/bank counters may try on which almost always is a worse deal unless perhaps the card issuer has a very high exchange rate surcharge...

Cheers!

[Mali1964]

Yes Thanachart charges, but UOB do NOT.

In short the foreign card 150bt fee is charged by: bkk (blue), scb, thanac etc etc

Fee is NOT charged by: kbank (green), krungsri (yellow), GSB (few atms, but reportedly 30k possible!), UOB (also not so many, but way more than hscbc, citi etc only 1 branch fee free & 30k per transaction!).

Now it was indicated this fee only applies to visa, master & JCB cards/networks so perhaps plus/cirrus atm/cash cards is still fee free with all banks & can perhaps explain why a few here & there still claims fee free withdrawals at bangkok bank atms etc?

Also there's the withdraw at counter option with debit/credit cards which should have no fee & the exchange rate should still be the usual visa/master rate just like at atm, merchants etc as long as withdrawal/purchase is made in local currency & not pre-converted to card issuer currency that some merchants/bank counters may try on which almost always is a worse deal unless perhaps the card issuer has a very high exchange rate surcharge...

Cheers!

There's another bank to add to that list The Government Savings Bank.

http://www.gsb.or.th/about/ceo/index_en.php

Also the mainly Issarn bank for Agriculture is free as far as i'm aware but my Cirrus card will not work in their ATM's i have seen no reports of Visa success or failure, it would be great if someone could confirm this, i add the link below.

http://www.baac.or.th/baac_en/index.php

[teachermark]

Withdrew 11,000 Baht yesterday from a Ayudahah ATM with an Aussie card.. no problem .. mention of extra charges on the receipt.

[jfchandler]

Now it was indicated this fee only applies to visa, master & JCB cards/networks so perhaps plus/cirrus atm/cash cards is still fee free with all banks & can perhaps explain why a few here & there still claims fee free withdrawals at bangkok bank atms etc?

Mali, I believe you're correct in your original understanding that basically all foreign ATM cards are affected by the 150 fee, when the individual Thai bank's policy is to charge it. I don't believe there is any exception even when the card used is a non-VISA or non-MC card, such as a straight ATM only card.

If people look back to the original language of the TBA resolution, it listed several criteria for cards that would be charged the new fee. One of those included all cards that are NOT members of the Thai banks "ATM Pool". So I believe that latter criteria, in addition to the VISA, MC and JCB reference, would cover straight ATM cards.

But, I myself haven't tried using any of my straight ATM cards yet, since the fee policy went into effect at various Thai banks. Of course, I also haven't used any of my VISA/MCs at any of the fee-charging banks since then either, since I'm not about to give them an extra 150 baht for nothing.

Good bye BKK Bank. Good bye SCB... Good bye Thanachart, and the others... You can stuff your 150 baht fee.

[robbie22]

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

I have an account in the States and the max withdrawal is $500 US which works out to about 17.600 baht a day. The charges so far are always $5 American and About 4.96 for the Thai Bank. Last week the charges were $5 for my US account and another $5 for the Thai bank I always use Kaiskorn or Farmers Bank did try 2 different banks and got the 150 warning so cancelled the transaction. I must pay for 4 transactions per month to get my pension money from America. If you use a wire transfer it still costs $45 american there is no way to get around these charges. The best post so far on how to avoid these charges is something like the E-Trade checking with free no atm charges. Also I was told that Washington Mutual has free or reduced charges for ATM usage. Hope this helps someone.

[Oberkommando]

Now it was indicated this fee only applies to visa, master & JCB cards/networks so perhaps plus/cirrus atm/cash cards is still fee free with all banks & can perhaps explain why a few here & there still claims fee free withdrawals at bangkok bank atms etc?

I used my overseas Cirrus in a Bangkok Bank ATM and was prompted to accept a 150thb charge, so it is all foreign cards, not just Visa and Mastercard.

[Mali1964]

Now it was indicated this fee only applies to visa, master & JCB cards/networks so perhaps plus/cirrus atm/cash cards is still fee free with all banks & can perhaps explain why a few here & there still claims fee free withdrawals at bangkok bank atms etc?

I used my overseas Cirrus in a Bangkok Bank ATM and was prompted to accept a 150thb charge, so it is all foreign cards, not just Visa and Mastercard.

Cirrus is Mastercard as Electron is Visa its there Cash card network,s so there one of the same i'm afraid.

[Chaimai]

Now it was indicated this fee only applies to visa, master & JCB cards/networks so perhaps plus/cirrus atm/cash cards is still fee free with all banks & can perhaps explain why a few here & there still claims fee free withdrawals at bangkok bank atms etc?

I used my overseas Cirrus in a Bangkok Bank ATM and was prompted to accept a 150thb charge, so it is all foreign cards, not just Visa and Mastercard.

Cirrus is Mastercard as Electron is Visa its there Cash card network,s so there one of the same i'm afraid.

The Thai Bankers Association edict applies to ALL foreign cards.

[yaketyak]

I do think you guys make hard work of this charge sometimes.

Here is my guide to reducing or eliminating these charges......

1) you are a tourist visiting Thailand......

Bring cash with you (this is what i do) and thus you pay no charge (you are vulnerable to the exchange rate of course but this has always been the case) ... charge for this is NIL!!

If you really MUST use the ATM use it less often withdrawing the maximum your card will allow each time . This amount will vary but you will pay DRASTICALLY less in charges than going to the ATM every day and taking out 500 baht

2) you live in Thailand or stay for long periods.

Open a HSBC PREMIER account . With this you can transfer money from your account in the UK to your account in Thailand FREE and can then go to the branch and take it out FREE or use the ATM which when i last checked was FREE as well (although this may have now changed?)

This option will also work for those visiting Thailand who don't want to/ are too scared to, bring cash with them. I accept this only applies to UK citizens , i do not know if other countries have accounts like the HSBC premier, but i would guess they do. However other countries citizens can also bring cash or Travellers cheques with them (small charge applies to TC's encashed in Thailand... always has)

So there you are , you can either do what i do and pay no charges at all by bringing cash or going to the Bangkok HSBC , or you can use the ATM everyday and pay loads of charges. Your choice ............

[jfchandler]

YY, you neglect to mention that the HSBC Premier accounts you mention require, as a minimum, that customers have and maintain at least about $100,000 U.S. worth of combined deposits or loans with HSBC. Yes, those accounts also are available to U.S. folks.

If you have that amount or more with HSBC, then yes, those accounts have a nice set of benefits for international-type folks. But not everyone has, or wants to plunk down, $100,000+ with HSBC, especially when their rates are pretty miserly.

[yaketyak]

YY, you neglect to mention that the HSBC Premier accounts you mention require, as a minimum, that customers have and maintain at least about $100,000 U.S. worth of combined deposits or loans with HSBC. Yes, those accounts also are available to U.S. folks.

If you have that amount or more with HSBC, then yes, those accounts have a nice set of benefits for international-type folks. But not everyone has, or wants to plunk down, $100,000+ with HSBC, especially when their rates are pretty miserly.

Yes thats true , although you can also pay £25 a month to get the account without the qualifying criteria. Not worth it just to get the account , but worth it if you have a busy current account with loads of transactions as it does have many other benefits (incl free travel insurance for a year)

[BODYholic]

Yes Thanachart charges, but UOB do NOT.

In short the foreign card 150bt fee is charged by: bkk (blue), scb, thanac etc etc

Fee is NOT charged by: kbank (green), krungsri (yellow), GSB (few atms, but reportedly 30k possible!), UOB (also not so many, but way more than hscbc, citi etc only 1 branch fee free & 30k per transaction!).

Thanks for the consolidation. This should come in handy.

Many thanks to Mali1964 for the correction too.

[Mali1964]

Yes Thanachart charges, but UOB do NOT.

In short the foreign card 150bt fee is charged by: bkk (blue), scb, thanac etc etc

Fee is NOT charged by: kbank (green), krungsri (yellow), GSB (few atms, but reportedly 30k possible!), UOB (also not so many, but way more than hscbc, citi etc only 1 branch fee free & 30k per transaction!).

Thanks for the consolidation. This should come in handy.

Many thanks to Mali1964 for the correction too.

There is one issue with Krungsri also known as Ayudhya (yellow) there's a thread running regard Dynamic Currency Conversion yes what's that i hear you say if there's not enough problems with getting at our own money.

Well i think it best you read the thread yourselves as it doesn't seem to involve my little pound at the moment its the Dollar & Euro thing via Mastercard only that its affecting.

http://www.thaivisa.com/forum/Bank-Ayudhya...en-t262839.html

[jfchandler]

Here's Ayudhya's exchange rates chart as of 9:45 am Friday morning....

Interesting, it doesn't appear to show any reference to DCC rates....