Aeon Atms

[cyberia]

Anyone knows where I can get some info on exchange rates for the AEON ATMs?

Today I have been to 2 Aeon spots, The Mall Bangkapi and Tesco/Lotus.

Well, they have customer service but I could not get any info from them on the above thing. 

The staff at Mall Bangkapi Aeon spot really tried to help me, despite some communication problems. Big thanks.

I kinda pressed them though, in a friendly way of course, so they started making phone calls to the head office( somewhere in BKK).

The next thing, they got someone on the phone and let me speak to that person, who was supposed to know what's up.

From what I could understand they were trying to tell me that I cannot use any other bank cards to draw money from Aeon ATMs.

The woman that I've talked to was presumably from their BKK head office. Go figure.

I countered (wow that sounds real tough with the fact that all Aeon machines have VISA, MAESTRO and other like logos on them, which means, at least to me, that other cards are welcomed as well, that's the whole purpose of displaying all those names.

Again, they advised me to go to any other bank to get the money. Sweet, but I already know that, I have an account with Audhaya bank;

the problem is the notorious 150 B fee; to draw 50 000 B I need to make 3 transactions = 450 B fee plus whatever my bank charges.

Well, with the branch manager by my side ( a woman) I tried to test drive my Ayudhaya debit card (has no VISA logo on it) - no success just as expected.

I plugged my overseas bank card into the machine, just to check if it accepts it in the first place, I did, but I canceled the transaction.

I wonder if anyone has had any experience with Aeon services in BKK.

Thanks

Edited October 28, 2009 by cyberia

[MJo]

Confusing,

What you were trying to do. Take money from your Ayudhaya account using their ATM card or trying to use your foreign card or were you there just to ask about their foreign currency exchange rates ?

Between local banks the ATM fee is usually 0 in bangkok and sometimes 20 or 30 baht max. 150 baht fee applies to foreign cards but AEON ATM's at least used to be free.

For forex rates you could check any banks web pages.

[thaihome]

Anyone knows where I can get some info on exchange rates for the AEON ATMs?

...

I plugged my overseas bank card into the machine, just to check if it accepts it in the first place, I did, but I canceled the transaction.

I wonder if anyone has had any experience with Aeon services in BKK.

Thanks

Sounds like you had the perfect chance to answer your own question but choose not to.

Why is that?

TH

[cyberia]

Sorry for any sort of confusion,

Does anyone know what the exchange rate is at Aeon ATMs when you draw cash from your overseas bank account?

Aydhaya bank's rate is 33.0 B to 1 USD today for instance + 150 B service charge.

[citizen33]

Sorry for any sort of confusion,

Does anyone know what the exchange rate is at Aeon ATMs when you draw cash from your overseas bank account?

Aydhaya bank's rate is 33.0 B to 1 USD today for instance + 150 B service charge.

Try the banking section of this website. There is a long thread on possible options for avoding the 150 baht charge, including using Aeon and some discussion of the possible trade off between no fees and less favourable exchange rates. JCChandler seems to have kept up with the changing scene and offered a lot of useful advice.

[Steve2UK]

Sorry for any sort of confusion,

Does anyone know what the exchange rate is at Aeon ATMs when you draw cash from your overseas bank account?

Aydhaya bank's rate is 33.0 B to 1 USD today for instance + 150 B service charge.

The subject is covered exhaustively in a long-running thread at: http://www.thaivisa.com/forum/Thai-Banks-S...it-t255263.html

You probably won't want to trawl through nearly 80 pages of posts, so I can tell you that the near-universal consensus there is that you will get the same rate of exchange using a given debit/cash-card in an Aeon ATM as you will using the same card in any other Thai bank's ATM - e.g. Ayudhya - but without the 150 baht fee charged by non-Aeon ATM's.

The exchange rate applied is governed by your home (overseas) bank - regardless of which Thai bank's ATM you're using. That also means that the Thai bank won't be able to tell you the effective exchange rate - i.e. what you'll actually pay in US$ when your bank debits your account for the transaction.

Going back to your original post, I think it's apparent that Aeon would prefer that only their own customers use their ATM's, but the facts are as you describe - their machines are plastered with logo's of other networks that they will accept. Other banks' ATM screens sometimes even include a message saying "We welcome cards from other banks"; Aeon operate the same system but are just rather less welcoming. It's also the case that Aeon is primarily a source of readily available purchase finance/credit for a largely Thai market that needs it; put simply, they're not used to seeing (usually relatively well-heeled) foreigners using their services - thought that's presumably changing as so many of us are now heading for their uniquely fee-free ATMs.

Don't be surprised at conflicting information from local staff or even from head office personnel - it seems almost forbidden for them to say "I don't know" so they're more likely to say what they think is the case and assure you that they're right. Nothing new in Thailand.

[Thanyaburi Mac]

Sorry for any sort of confusion,

Does anyone know what the exchange rate is at Aeon ATMs when you draw cash from your overseas bank account?

Aydhaya bank's rate is 33.0 B to 1 USD today for instance + 150 B service charge.

The subject is covered exhaustively in a long-running thread at: http://www.thaivisa.com/forum/Thai-Banks-S...it-t255263.html

You probably won't want to trawl through nearly 80 pages of posts, so I can tell you that the near-universal consensus there is that you will get the same rate of exchange using a given debit/cash-card in an Aeon ATM as you will using the same card in any other Thai bank's ATM - e.g. Ayudhya - but without the 150 baht fee charged by non-Aeon ATM's.

The exchange rate applied is governed by your home (overseas) bank - regardless of which Thai bank's ATM you're using. That also means that the Thai bank won't be able to tell you the effective exchange rate - i.e. what you'll actually pay in US$ when your bank debits your account for the transaction.

Going back to your original post, I think it's apparent that Aeon would prefer that only their own customers use their ATM's, but the facts are as you describe - their machines are plastered with logo's of other networks that they will accept. Other banks' ATM screens sometimes even include a message saying "We welcome cards from other banks"; Aeon operate the same system but are just rather less welcoming. It's also the case that Aeon is primarily a source of readily available purchase finance/credit for a largely Thai market that needs it; put simply, they're not used to seeing (usually relatively well-heeled) foreigners using their services - thought that's presumably changing as so many of us are now heading for their uniquely fee-free ATMs.

Don't be surprised at conflicting information from local staff or even from head office personnel - it seems almost forbidden for them to say "I don't know" so they're more likely to say what they think is the case and assure you that they're right. Nothing new in Thailand.

Siam Commercial Bank is showing 33.14 this afternoon: http://www.scb.co.th/exchange/bk-txtexchange.htm

I also did a withdrawal at AEON this afternoon on my U.S. ATM card, got 33.36!! And that's including the U.S. bank's $1.50 charge for using an out-of-network ATM machine.

Mac

[Steve2UK]

Siam Commercial Bank is showing 33.14 this afternoon: http://www.scb.co.th/exchange/bk-txtexchange.htm

I also did a withdrawal at AEON this afternoon on my U.S. ATM card, got 33.36!! And that's including the U.S. bank's $1.50 charge for using an out-of-network ATM machine.

Mac

Mac, I think you effectively reinforce my point that the rate applied for this kind of transaction is (OK, seems to be) from the card-issuing overseas bank and has nothing to do with what SCB or any other Thai bank may be quoting as an exchange rate. I concede that that there are other views about this - but mine comes from close examination of the rates I have been getting from using various Thai bank ATMs (prior to 150 baht fee introduction) - as well as making over-the-counter withdrawals using a Visa Debit card (from the UK Nationwide bank).

For US users, particularly, there appear to be some wrinkles using MC-based "ATM cards", but the basic principle seems to apply. It's your bank deciding the rate - not the Thai bank whose ATM (or over-the-counter service) you're using.

[vagabond48]

It's your bank deciding the rate - not the Thai bank whose ATM (or over-the-counter service) you're using.

Actually that's not correct. I have several VISA bank debit cards and the rate is determined by VISA not the bank that you get the card from. A number of us have made test withdrawals that help determine this fact. I will assume MC debit cards work the same way.

[Steve2UK]

It's your bank deciding the rate - not the Thai bank whose ATM (or over-the-counter service) you're using.

Actually that's not correct. I have several VISA bank debit cards and the rate is determined by VISA not the bank that you get the card from. A number of us have made test withdrawals that help determine this fact. I will assume MC debit cards work the same way.

Fine, that's of course more precise - the overseas bank's card is operating through Visa and the Visa rate is applied; ditto MC-based cards through MC. The result is the same. My point - for the OP's benefit - was just that it's not the choice of Thai bank that decides the rate.

[JimGant]

Actually that's not correct. I have several VISA bank debit cards and the rate is determined by VISA not the bank that you get the card from.

Yes and no. Most, if not all, issuing banks do accept the wholesale exchange rates achieved by Visa and Mastercard (which equate to the Interbank Exchange Rate -- IER). They could not do better on their own, or with a lesser network.

Now, if you have nothing but top quality cards, then, yes, the rate equates to the IER that Visa and MC are able to achieve. Because these cards don't pass on the foreign transaction fee levied by Visa and MC.

Most financial institutions, however, aren't so generous, as they at least pass on the charge levied by Visa or MC. And sometimes add some additional percentage fees in the process. Plus, of course, the flat fee charged by many.

So, the realized rate you achieve with your card is, yes, dependent on Visa or MC. But also, in many cases, on the additional fixed and percentage fees added by your issuing bank.

Thai banks, then, have nothing to do with the rate you're getting at their ATM machine (with the one exception, which I haven't seen mentioned lately, where the Bank of Ayudaha was charging their own dynamic currency conversion rate on certain cards).

Edited October 28, 2009 by JimGant

[cyberia]

Your or my bank in effect buys THB and pays for it in USD,

then debits your account and you get the money at the ATM.

Now, the rate at which your bank actually buys Thai currency(on your behalf) from a Thai bank usually is the one that the bank advertises at any current time and is constantly changing.

Some banks have special rates for ATM withdrawals but for the most part you get a rate as if you would exchange cash at the counter in

100 USD bills.

The rate IS the bank's ongoing rate, it has nothing to do with your bank overseas.

Today, at most Thai banks it hovers around 33.0 to 1 USD.

The exchange rate is controlled by the Bank of Thailand, it's them who decided whether the rate goes up or down, it's not free fall.

The banks in Thailand are allowed to play around that number in order to make profit. Sell for more and buy for less.

To thaihome

I canceled the transaction for one simple reason, I didn't want to buy a pig in a poke.

Why I tried using my card?

Just to check if AEON ATM accepts it in the first place, because I was told otherwise by the staff, and it did accept it.

To MJo

Confusing,

What you were trying to do. Take money from your Ayudhaya account using their ATM card or trying to use your foreign card or were you there just to ask about their foreign currency exchange rates ?

All of the above as I have already mentioned.

Why are you so confused? Please, do yourself a favor, don't walk for hours in the sun, it can get ya.

Aydhaya debit card was rejected on the spot.

My overseas bank car was accepted but I didn't venture to make a withdrawal.

Could not get any info from the staff on the exchange rate or where I can look for it.

I have talked to my Japanese friend who lives in Japan.

She confirmed that AEON is a Japanese bank or credit union of some sort.

She will try to call their office in Japan and get the info for me, no confusion, no questions asked.

Aren't they nice those Japanese females

Thanks to all who actually tried to help as oppose to making comments on my posting.

Edited October 29, 2009 by cyberia

[Lancelot]

It's your bank deciding the rate - not the Thai bank whose ATM (or over-the-counter service) you're using.

Actually that's not correct. I have several VISA bank debit cards and the rate is determined by VISA not the bank that you get the card from. A number of us have made test withdrawals that help determine this fact. I will assume MC debit cards work the same way.

My experience is similar to Vagabond's in that I've called banks both in the USA and Thailand who've told me the exchange rate is set daily by VISA.

Some banks will tack on addition fees and that will affect the rate you receive, but absent those charges the rate would have been the same

[vagabond48]

My experience is similar to Vagabond's in that I've called banks both in the USA and Thailand who've told me the exchange rate is set daily by VISA.

Some banks will tack on addition fees and that will affect the rate you receive, but absent those charges the rate would have been the same

I should have been clearer that the rate VISA/MC sets, which of course can change through the day, does not include any possible additional fees taken by the ATM machine owner, the intermediary banks, your home bank, 1% foreign exchange rate fee and of course, the new additional 150b fee Thai bank surcharge for foreign cards ATM use.

I recently got another ATM card (not a debit card) from a new savings account I opened up and when I got it, it didn't have the VISA or MC logo. I had planned to use it for large counter withdrawals. Unfortunately according the my home bank, the rate for that card would be set by the bank I would be withdrawing the money from so besides having to know what rate the Thai bank is using, I might also get hit by a foreign currency exchange fee which, for both my Schwab and Fidelity cards, is currently being waived despite what their reps or website indicate.

[cyberia]

both cards I use are debit cards,

one is Aydhaya bank debit card and the other an overseas bank debit card with the VISA logo on it.

When you withdraw 50 000 THB for instance, the difference in 50 satang, say 33.0 as oppose to 33.5 to 1 USD,

results in 23 USD which is roughly 760 Baht.

No big deal but still it feels good when save a few bucks.

At least it covers your transaction fees.

[shavedPotter]

where are the locations of the Aeon ATM machines? I see the main office is in a building that is linked to the Asok BTS station by sky bridge but cant find other information.

[JimGant]

Vagabond,

Does that ATM-only card have Cirrus or Plus mentioned on it?

I have an ATM-only card, no logos, with my USAA savings account. All of USAA's plastic rides the Cirrus network (including their Visa cards), to include my ATM-only card. And the rate I get, I was told, is dictated by Cirrus. This seems to be the case, as it is in the same ballpark with what I get when I use my USAA MasterCard credit card.

For security, I kinda like the ATM-only card, as it can only be used in the pin mode. If it were an ATM/Debit card, it could also be used in the less-secure 'swipe and sign' mode.

Interesting if the ATM-only card could be used at the counter.... I suspect so, as I believe it's an ATM operation being accomplished, not a POS -- where the merchant pays a fee, to be recovered by his profit margin. As there is no profit margin when the bank 'sells' you money (unless there's a spread, which we haven't seen yet, have we?), sounds like ATM to me. Has to be, at least for those getting the IER.

Of course, if reports start coming in showing spreads and/or fees, then, yeah, POS may be involved.

Stay tuned.

[vagabond48]

Vagabond,

Does that ATM-only card have Cirrus or Plus mentioned on it?

I have an ATM-only card, no logos, with my USAA savings account. All of USAA's plastic rides the Cirrus network (including their Visa cards), to include my ATM-only card. And the rate I get, I was told, is dictated by Cirrus. This seems to be the case, as it is in the same ballpark with what I get when I use my USAA MasterCard credit card.

For security, I kinda like the ATM-only card, as it can only be used in the pin mode. If it were an ATM/Debit card, it could also be used in the less-secure 'swipe and sign' mode.

Interesting if the ATM-only card could be used at the counter.... I suspect so, as I believe it's an ATM operation being accomplished, not a POS -- where the merchant pays a fee, to be recovered by his profit margin. As there is no profit margin when the bank 'sells' you money (unless there's a spread, which we haven't seen yet, have we?), sounds like ATM to me. Has to be, at least for those getting the IER.

Of course, if reports start coming in showing spreads and/or fees, then, yeah, POS may be involved.

Stay tuned.

The card I got uses the STAR or PLUS network.

Apparently for a savings type of account this bank gives ATM only cards.

As I wrote, the rep said the bank I will get the money from determines the rate but the rep could have been guessing. I just researched this and The Plus network is associated with VISA, so maybe VISA provides the rate. I don't know what network system the Thai bank would use if one made a teller counter withdrawal. I checked my other VISA debit cards and Schwab uses PLUS only while the others use both PLUS and STAR.

[JimGant]

Apparently for a savings type of account this bank gives ATM only cards.

That appears to be the case with all savings accounts, as they're restricted in the number of transactions they can perform, other than ATM transactions or money-in type. So, having a 'debit' option wouldn't be too efficient.

Got a feeling your bank clerk was guessing. The subject is probably too challenging for someone who works with a phone in her ear. As I have found out.....

USAA's clerks keep telling me that nothing more than the MasterCard/Cirrus foreign transaction fee is being charged. I get the same answer when I've kicked it upstairs a few notches. Nevertheless, I get charged about 1.5% off the IER, both for ATM and for credit card transactions. Nobody at USAA can explain this. So, either the MasterCard/Cirrus network doesn't realize the IER, as does Visa/Plus (doubtful). Or USAA and/or MC are adding some hidden fees. And I bet many here would find something similar if they kept tabs on a spreadsheet for awhile. Dem bankers is sneaky.....

Anyone out there getting the IER with their MasterCard/Cirrus card(s)?

[cyberia]

I sent an email to their Hong Kong office (had not gotten any response from the office in BKK till then)

Here is the reply.

"Dear Mr. Alexander

Thank you for your e-mail. I am sending reply from AEON THANASINSAP (THAILAND).

In case of International Cashing Transaction, AEON will submit the amount to VISA or MasterCard’s clearing system and it will be converted from Thai Baht to US dollar at the TT rate (Public buying rate) on the submit date.

After that, the issuer, it is your card owner Bank, may deduct the amount from your account with conversion the US dollar amount to your home currency at rate which was set by issuer itself.

Furthermore, there are surcharge for cashing transaction and it will be charged to Issuer by AEON, but we have no information if whether the issuer will charge it to you or not. Or how much it will be charged to you.

Therefore, actual exchange rate may not coincide with the TT rate among Thai Bart and your home currency on that moment. In each instance, the conversion rate will be determined by Issuer.

We greatly glad to you suggestion for showing conversion rate on web. But we would like you to understand that is not to say that your cashing transaction amount was deducted from your account at the exactly public rate on that day.

Thus, if you would like to know about exactly conversion rate or surcharge for transaction on that day, we would recommend you to contact your Bank.

But we would like to sorry for our staff’s providing not correct information. As you know, if your card has PLUS or curres’s logo, your card may be available to use our AEON’s ATM machine.

We appreciate your understanding

Best Regards,

========================================

Wataru Namiki

Customer Service Department

AEON Thana Sinsap (Thailand) PCL

699 Modernform Tower 21 floor. Srinakarin Rd. Suanluang Suanluang Bangkok 10250 Thailand

Tel: 02-665-0069 Ext#3343　

Fax: 02-665-0379

========================================"

[dillman]

On March 19 I withdrew 12,000 baht from an aeon atm in bkk. A few days later I checked my bank a statement online and saw that $407 US was taken for the transaction. This seems way off even if they added fees. I called my bank to see if they could explain and they said to call aeon, and i did'nt get to far with their customer service. It should be in the $360-$370 range right? If this has happened to anyone here, or if they have any advice on what steps to take to take next (if any) i would appreciate it.

[cyberia]

yeah, it should be somewhere around 370 USD.

I used AEON ATM once a few weeks ago. I could not figure out whether they charged me any withdrawal fees or not. It's a black box.

It seemed within reasonable range though.

Have no idea if I saved any as opposed to doing the same transaction at my bank's ATM (Bank of Ayudhya).

As I mentioned before, their customer service is pretty bad even by the thai standards, so I didn't even bother this time.

The actual interbank exchange rate of your transaction is determined by VISA; they have those rates posted somewhere on their site.

My personal feel is not to deal with AEON at all unless absolutely necessary.

You can try to contact them, doesn't hurt to try. The contact numbers are in the earlier post.

Good luck.

[Langsuan Man]

See this post in the huge Thai Banks To Start Charging For Atm Withdrawals ..., ... where a foreign card is used. thread which details a test where the same US issued Bank ATM card produced the same exact exchange rates for 4 different Thai banks

http://www.thaivisa.com/forum/Thai-Banks-S...t&p=2674882

Kasikorn Bank, no fee, Exchange rate 35.34

Bangkok Bank, no fee, Exchange rate 35.34

Bank of Ayudhaya, no fee, Exchange rate, 35.34

Government Savings Bank, no fee, Exchange rate 35.34

[toffo9]

Ive just withdrawn 14000 baht with a cirus card today... The rate was 49.5 and it looks like ive only got a rate of 47.5 because my bank is saying it cost me 295 GBP for a 14000 withdrawl... so it looks like cirrus r a massive rip off