150 Baht Atm Fee

[SwaziBird]

I don't use a credit card to draw funds out of the ATM from my overseas bank account. I use a Cirrus logo card issued by my bank in Australia.

So, any talk about increased charges being passed down by Visa & Mastercard simply don't apply. Anyway, the charge shown on my Australian bank account lands up with the extra 150 baht being paid out.

I go into my bank branch here and ask why and wherefore . This is the explanation. You're going to like it.

" All banks in Thailand and all persons using an ATM must pay the 150 baht - but, don't be too upset - YOU'RE NOT PAYING AN EXTRA 150 baht - YOU WERE ALWAYS PAYING 100 BAHT BUT WE NEVER SHOWED IT - SO IT'S REALLY ONLY AN EXTRA 50 BAHT " !!!!!!!!!

Well, blow me down ! - go figure !

Cheers

[T_Dog]

Well, here is my truth. I made two ATM withdrawal transactions in the past week using a K Bank machine and was not charged anything. My wife tells me they have the best service she has encountered as well. So.... I am thinking of moving my assets to them if they keep up the free overseas withdrawal service. Free Enterprise..... use it!

[miltonbentley]

Well, here is my truth. I made two ATM withdrawal transactions in the past week using a K Bank machine and was not charged anything. My wife tells me they have the best service she has encountered as well. So.... I am thinking of moving my assets to them if they keep up the free overseas withdrawal service. Free Enterprise..... use it!

Spot on!

A mass move to K Bank by thousands of expats will set people thinking.

[kennkate]

Left my UK Nationwide card in K Bank ATM

Called me at home to say they had recoverd it. Very efficient and Pleasent staff

If I was staying in Thailand I would not hesitate to open my account with them

Move your money and support them that support you.

[earlofwindermere]

I used to use K-Bank. I find that most of their branches do not have good English speaking staff. I also found their online banking services much worse than banks like SCB.

For the number of withdrawals that I do, I personally wouldn't change all my banking to retun to them.

Besides, if I remember correctly, K-bank includes the fees in the currency exchange costs... so it may actually even be more expensive. One could say that banks that charge the 150 baht are more honest because they're telling you that the fee is there.

Someone should do a withdrawal at several different banks and see which one costs the most when you look at your home country's bank statement.

[madjbs]

K-banks exchange rates are actually more favourable than Bangkok Bank's, who are actually charging the 150 baht, instead of "hiding" it.

[Bill97]

Earl is right again. The fees alone do not mean anything because there is an exchange rate in the transaction and the banks do not all use the same rate. So some get you with the fee and others get you with the rate or the rate including a hidden fee.

Hard to compare since the transactions would have to be at the same time and then what is true today may not be tomorrow.

Yeh, 0.75 percent (0.0075) is a couple of beers on a 20,000 baht withdrawal and who can afford to loose about 2 beers in 20,000 baht which is a beer in 10 days assuming a bar bill of 1,000 Baht per day?

[elektrified]

Well, here is my truth. I made two ATM withdrawal transactions in the past week using a K Bank machine and was not charged anything. My wife tells me they have the best service she has encountered as well. So.... I am thinking of moving my assets to them if they keep up the free overseas withdrawal service. Free Enterprise..... use it!

Spot on!

A mass move to K Bank by thousands of expats will set people thinking.

Their shares are being recommended by brokerage firms worldwide. I like them. I've been banking there since the day I arrived.

[Carmine6]

Here's some actual data with K Bank and SCB from mid-April through early May. I did 1 SCB withdrawal and all the rest (7 withdrawals) from K Bank using my Fidelity ATM card. Fidelity doesn't take a fee, or at least takes the lowest fee of any of my ATM cards.

SCB shows a separate 150 baht fee on the receipt. Compared to the Bangkok bank TT rate from the same day, the net rate after the 150 baht fee was 0.219 baht/$ less than the Bangkok Bank rate. The rate excluding the fee was 0.09 baht/$ higher than the BKK TT rate.

All the K Bank transactions converted at slightly higher than the BKK bank TT rate. 0.10 to 0.215 baht/$ higher. Well all except for 1 done with a different bank's ATM card which I did right after one with the Fidelity card. That was at a 1.5% worse rate which was clearly my bank taking it's cut.

So K Bank does not appear to make it up in the exchange rate.

[Steve2UK]

A number of false assumptions/assertions in some posts above. The topic (which is Thailand-wide and not CM-specific) is discussed at considerable length and in useful detail at:

http://www.thaivisa.com/forum/Thai-Banks-S...it-t255263.html

(789 posts at the last count)

[JuniorExPat]

Bad new - Just used my Nationwide ATM card in a KBank machine and was warned about and hit with the B150 charge, looks like they've joined the ranks.

JxP

[Briggsy]

I don't use a credit card to draw funds out of the ATM from my overseas bank account. I use a Cirrus logo card issued by my bank in Australia.

So, any talk about increased charges being passed down by Visa & Mastercard simply don't apply. Anyway, the charge shown on my Australian bank account lands up with the extra 150 baht being paid out.

You are confused. Indeed you are confusing 2 recent changes. Nationwide have recently introduced charges in line with the fees they must pay Visa and Mastercard. Separately, the Thai banks introduced ATM charges for foreign cards simply to make a profit.

I go into my bank branch here and ask why and wherefore . This is the explanation. You're going to like it.

" All banks in Thailand and all persons using an ATM must pay the 150 baht You are confused again. The charges only apply to foreign cards and you are confused for a third time in that not all banks charge. It has been widely publicised that 3 banks are not applying these foreign card ATM charges. - but, don't be too upset - YOU'RE NOT PAYING AN EXTRA 150 baht - YOU WERE ALWAYS PAYING 100 BAHT BUT WE NEVER SHOWED IT - SO IT'S REALLY ONLY AN EXTRA 50 BAHT " !!!!!!!!! You are confused for a fourth time. There was previously no charge for using a foreign card at an ATM except SCB's 20 Baht charge.

Well, blow me down ! - go figure !

Cheers

Well blow me, your post is so full of inaccuracies that it is a complete waste of internet space.

[Langsuan Man]

Bad new - Just used my Nationwide ATM card in a KBank machine and was warned about and hit with the B150 charge, looks like they've joined the ranks.

JxP

I am going to take you for your word and am going to try Bank of Ayudhya later today and let you know

If Ayudhya caves that only leaves Government Savings Bank

[mnbcm]

Bad new - Just used my Nationwide ATM card in a KBank machine and was warned about and hit with the B150 charge, looks like they've joined the ranks.

JxP

Good thing I took a chunk out yesterday! I've been impressed with Kasikorn's exchange rate the past couple weeks. If there's no choice with the 150b fee, Kasikorn might still be the ATM to use.

[SwaziBird]

I don't use a credit card to draw funds out of the ATM from my overseas bank account. I use a Cirrus logo card issued by my bank in Australia.

So, any talk about increased charges being passed down by Visa & Mastercard simply don't apply. Anyway, the charge shown on my Australian bank account lands up with the extra 150 baht being paid out.

You are confused. Indeed you are confusing 2 recent changes. Nationwide have recently introduced charges in line with the fees they must pay Visa and Mastercard. Separately, the Thai banks introduced ATM charges for foreign cards simply to make a profit.

I go into my bank branch here and ask why and wherefore . This is the explanation. You're going to like it.

" All banks in Thailand and all persons using an ATM must pay the 150 baht You are confused again. The charges only apply to foreign cards and you are confused for a third time in that not all banks charge. It has been widely publicised that 3 banks are not applying these foreign card ATM charges. - but, don't be too upset - YOU'RE NOT PAYING AN EXTRA 150 baht - YOU WERE ALWAYS PAYING 100 BAHT BUT WE NEVER SHOWED IT - SO IT'S REALLY ONLY AN EXTRA 50 BAHT " !!!!!!!!! You are confused for a fourth time. There was previously no charge for using a foreign card at an ATM except SCB's 20 Baht charge.

Well, blow me down ! - go figure !

Cheers

Well blow me, your post is so full of inaccuracies that it is a complete waste of internet space.

I simply stated some FACTS ,as I knew them and as were given to me by the bank, Briggsy.

If you couldn't detect in my posting that there was a hint of disbelief and a tinge of sarcasm then you really need to lighten up.

Beyond those stated facts, lie whatever assumptions you choose to make.

What's your problem ? - that's a rhetorical question - don't expect me to get back into it.

Clearly you know something of the banking system and I'm sure it's valuable information . Perhaps you could consider sharing it without attacking what was a light-hearted post by me.

And, finally, No, I'm not confused.

Cheers and have a good day.

Cheers

[JuniorExPat]

I am going to take you for your word and am going to try Bank of Ayudhya later today and let you know

If Ayudhya caves that only leaves Government Savings Bank

I'll let the "take you for your word" pass, resist the temptation to sarcasm and wish you luck on your mission, let us know how you get on.

Good thing I took a chunk out yesterday! I've been impressed with Kasikorn's exchange rate the past couple weeks. If there's no choice with the 150b fee, Kasikorn might still be the ATM to use.

FWIW, the exchange rate on this morning's withdrawal appears to have been 52.41 but I think that's Nationwide's (which will actually be Visa's) fx rate not KBank's.

JxP

Edited May 16, 2009 by JuniorExPat

[JuniorExPat]

This link to Visa Corporate's exchange rates can be useful when working out the costs of a Visa or Mastercard based ATM withdrawal or currency purchase.

JxP

Edited May 16, 2009 by JuniorExPat

[vagabond48]

btw, do all the banks mentioned here charging the 150b, let you know on the screen about the charge before agreeing to complete the transaction? I was a bit peeved that SCB when I used them for the last time in June only showed the 20b fee on the receipt after the transaction was completed. Just a bit too late to change my mind.

[mcgriffith]

I am going to post this with a certain amount of caution.

I have transfered monies from foreign banks (HSBC, BofA, etc.) by several different methods over the years.

What the original poster, and others said, is true.

No matter what you have convinced yourself over the years regarding paying fees on ATM cash withdrawals....think of it this way.

Do you think banks are in business to provide services, for free?

No matter how you figure it, everyone who withdraws cash in Thai baht from any Thai ATM, using a card from a foreign bank, has been paying SOME (my emphasis) kind of fee all along. Just one not easily visible.

I have had silly arguements with friends who insisted they don't get charged a cent for cash withdrawals via their First Bank of Podunk, Idaho account.

Of course they get charged, in one way or another. Either the bank has a clear policy, and shows it on the ATM screen (like Citigroup), or they ding you at the end of the statement cycle with "international transaction fees", or they just shave a few tenths on the exchange rate. And there are a few other ways, but I don't want to bore you with the details. How many people know how to do a line by line audit of their statement, and have access to the FX rate on the day the transfer went through?

Wake up, people. Using an ATM to live on has never been the most efficient and cost effective way to tranfer money here- the cost and fees were simply hidden.

[ajarnpim]

Sorry MCgriffith but you are wrong

look in the Banking forum and youll see posts galore about

the nationwide bank in the Uk do not charge for withdrawing money using a Nationwide flex account atm card. (not credit card)

You get the INTERBANK rate. No charges not one penny or red cent.

Plus I know two banks here that dont charge the exorbitant 150 baht withdrawal fee. Thats nearly 3 pounds. Complain.

ps the uk post office banking service is also FREE for withdrawing money overseas.

Edited May 17, 2009 by ajarnpim

[Steve2UK]

Sorry to repeat myself, but this topic is a] not CM-specific and b] already covered at length and in detail in the "Jobs, economy, banking, business, investment in Thailand" sub-forum.

Here's the link again: http://www.thaivisa.com/forum/Thai-Banks-S...it-t255263.html

(currently 827 posts there)

[Priceless]

Sorry to repeat myself, but this topic is a] not CM-specific and b] already covered at length and in detail in the "Jobs, economy, banking, business, investment in Thailand" sub-forum.

Here's the link again: http://www.thaivisa.com/forum/Thai-Banks-S...it-t255263.html

(currently 827 posts there)

It is also extensively covered in at least two threads in the General Topics forum.

/ Priceless

[Langsuan Man]

I am going to take you for your word and am going to try Bank of Ayudhya later today and let you know

If Ayudhya caves that only leaves Government Savings Bank

I'll let the "take you for your word" pass, resist the temptation to sarcasm and wish you luck on your mission, let us know how you get on.

JxP

No offense intended, was just stating that you saved me the trouble of doing a K Bank test

Today 17 May, in Pattaya, US, E*trade "Visa" branded debit card, 5,000 THB, below is from my online statement

In Process ATM BAY PATTAYA TAI BR.#2 ... -145.14 = 34.44 THB per 1 USD (Bank of Ayudhya )

In Process ATM GSB TUEKCOM PATTAYA FL... -145.14 = 34.44 THB per 1 USD (Government Savings Bank)

No notice and no fee, so I am confused on whether Bank of Ayudhya has instituted the fee or not, it is obviously not hidden in the rate, GSB did give receipt and it shows FEE 0

[SurfRider]

There are several threads running on ThaiVisa on this issue -- Here is a brief summary of what I've gleaned as of May 17, 2009 --

It looks like venerable old Kasikorn-- formerly the alleged "Farang Friendly Bank" has joined the ranks of the United-Usury-Alliance and begun charging the confiscatory 150 Baht fee for all ATM foreign account Debit Card withdrawals.

Likewise, Ayudhya has jumped on the greedy bandwagon as of May 17.

GSB is still not charging the fee -- Presumably GSB ( Government Savings Bank ) will remain fee-free, since they're not a member of the cabal that conspired on this latest screw-the-farang escapade-- unless they also make the decision at some point to jump on the greedy band-wagon.

Earlier reports had GSB with the highest per-transaction amount of 30,000 Baht, but one report from Samui with only a 20,000 limit.

UOB ( United Overseas Bank ) was also reported as fee-free, but it has also been reported that they give a discounted Exchange Rate, which amounts to a charge of 180 Baht on a 20,000 Baht withdrawal from a foreign account, using a Debit Card.

If anyone has more recent updates on GSB and UOB, it would be nice to have them reported.

For U.S. Expats, it looks like the Bangkok Bank transfers from the U.S. via their NYC "Branch" may turn out to be the least expensive deal if UOB and GSB eventually bite the usury bullet --

It appears to cost only around US $10 to transfer up to US $2000 ( or about 70,000 Baht ), via Bangkok Bank in New York, but you need to have a Bangkok Bank account in Thailand.

It will be interesting to see how this all plays out -- Siam in recession, relying on Expats for substantial inflow of funds, yet screwing them over at the ATM with the highest fixed transaction fees in the world.

Update: I just received this notice from a friend in Pattaya: "I just pulled out 30,000 (20+10) from Ayudyha at the Avenue. No fee. No receipt! Exchange rate: 34.45"

So it appears that the Ayudhya fee may not yet be universal.

Edited May 17, 2009 by SurfTrader

[T_Dog]

I am going to post this with a certain amount of caution.

I have transfered monies from foreign banks (HSBC, BofA, etc.) by several different methods over the years.

What the original poster, and others said, is true.

No matter what you have convinced yourself over the years regarding paying fees on ATM cash withdrawals....think of it this way.

Do you think banks are in business to provide services, for free?

No matter how you figure it, everyone who withdraws cash in Thai baht from any Thai ATM, using a card from a foreign bank, has been paying SOME (my emphasis) kind of fee all along. Just one not easily visible.

I have had silly arguements with friends who insisted they don't get charged a cent for cash withdrawals via their First Bank of Podunk, Idaho account.

Of course they get charged, in one way or another. Either the bank has a clear policy, and shows it on the ATM screen (like Citigroup), or they ding you at the end of the statement cycle with "international transaction fees", or they just shave a few tenths on the exchange rate. And there are a few other ways, but I don't want to bore you with the details. How many people know how to do a line by line audit of their statement, and have access to the FX rate on the day the transfer went through?

Wake up, people. Using an ATM to live on has never been the most efficient and cost effective way to tranfer money here- the cost and fees were simply hidden.

Hi McGriff, I understand your points, and I think people are trying to find the way that is most favorable in getting money here. Pass along your ideas on alternatives to ATM withdrawals, as my last wire-transfer using easy SWIFT codes to Siam Commercial Bank cost me a service fee of 50.00 USD at the originating bank in the USA. Are there alternatives to ATM withdrawals and wire transfers?

[SurfRider]

"No matter how you figure it, everyone who withdraws cash in Thai baht from any Thai ATM, using a card from a foreign bank, has been paying SOME (my emphasis) kind of fee all along. Just one not easily visible." -- "Of course they get charged, in one way or another . . . but I don't want to bore you with the details."

PLEASE! -- Bore us with the details!

I have been living in Thailand for almost 5 years and have never paid even one single Baht to transfer funds from the U.S. to Siam, and have ALWAYS received the best Exchange Rate for the transaction day.

What evidence do you have for the claim that you're making? -- or is it simply an assumption that you thought nobody would challenge?

"How many people know how to do a line by line audit of their statement, and have access to the FX rate on the day the transfer went through?"

I DO! -- and have for almost 5 years! ( and so does everyone else )

It's nowhere as difficult as you seem to believe -- No line-by-line audit is needed -- everything is on one line in an on-line statement, or your paper statement, if you're still living in the Jurassic Era.

It takes all of about 30 seconds to look up the current or historical Exchange Rates on the Internet.

Wake up and smell the coffee!

Edited May 17, 2009 by SurfTrader

[Emeritus]

...Today 17 May, in Pattaya, US, E*trade "Visa" branded debit card, 5,000 THB, below is from my online statement

In Process ATM BAY PATTAYA TAI BR.#2 ... -145.14 = 34.44 THB per 1 USD (Bank of Ayudhya )

In Process ATM GSB TUEKCOM PATTAYA FL... -145.14 = 34.44 THB per 1 USD (Government Savings Bank)

...

I see no fee hidden in those transactions. In fact, you even got a better rate than the latest rate of 34.40 quoted on the website of Bank of Ayudhya for buying T/T, ie the rate for incoming bank transfers.

[ChouDoufu]

sorry if i misunderstand....i are new here. these fees are only on foreign bank atm cards, is that correct?

these are not fees on thai bank accounts held by foreigners? so if you transfer larger amounts into your

thai account from overseas, then use your local atm card to withdraw, then there are no atm fees?

in that case....

if you have a fidelity brokerage account, they will wire funds free of charge. you just need to send a fax

with the swift code info for your local bank, and the correspondent bank in the us. they may require a

phone confirmation as a security measure, but they have a toll free international number. i've been doing

this to transfer cash to bank of china for a few years. no fees from fidelity, US$10 fee at BofC on receipt.

[Emeritus]

When comparing the fees charged by Thai banks one should also look at the exchange rate quoted by different banks. For example, the latest rates for the US dollar quoted by four banks at the moment are as follows:

34.40 Bank of Ayudhya

34.38 Bangkok Bank

34.37 Kasikorn

34.18 Siam Commercial Bank

Use this formula for the calculation:

a = amount of THB withdrawn

f = ATM fee of Thai bank

d = amount debited to foreign account

r = (a - f)/d = Baht per unit of foreign currency

The bank that gives the highest value for r gives you the best value.

[barryofthailand]

I am going to post this with a certain amount of caution.

I have transfered monies from foreign banks (HSBC, BofA, etc.) by several different methods over the years.

What the original poster, and others said, is true.

No matter what you have convinced yourself over the years regarding paying fees on ATM cash withdrawals....think of it this way.

Do you think banks are in business to provide services, for free?

No matter how you figure it, everyone who withdraws cash in Thai baht from any Thai ATM, using a card from a foreign bank, has been paying SOME (my emphasis) kind of fee all along. Just one not easily visible.

I have had silly arguments with friends who insisted they don't get charged a cent for cash withdrawals via their First Bank of Podunk, Idaho account.

One alternative, which a friend of mine from England has used for years is to walk into an SCB branch with your ATM card and Passport in hand and ask for a withdrawal. Supposedly no limit, and no fee on this end. This is what he told me, but I don;t know since I have never tried to do it this way. He says it takes about 15 minutes.

Barry

Of course they get charged, in one way or another. Either the bank has a clear policy, and shows it on the ATM screen (like Citigroup), or they ding you at the end of the statement cycle with "international transaction fees", or they just shave a few tenths on the exchange rate. And there are a few other ways, but I don't want to bore you with the details. How many people know how to do a line by line audit of their statement, and have access to the FX rate on the day the transfer went through?

Wake up, people. Using an ATM to live on has never been the most efficient and cost effective way to tranfer money here- the cost and fees were simply hidden.

Hi McGriff, I understand your points, and I think people are trying to find the way that is most favorable in getting money here. Pass along your ideas on alternatives to ATM withdrawals, as my last wire-transfer using easy SWIFT codes to Siam Commercial Bank cost me a service fee of 50.00 USD at the originating bank in the USA. Are there alternatives to ATM withdrawals and wire transfers?