Thai Central Bank To Address Unfair Transaction Fees

[Griffin09]

The banking system here is a business and should charge for the service of using their ATM network. However, as noted, the 150 Bt charged by Thai banks is at a level known to most as "gouging the customer". We are stuck with whatever charge they decide on because there are very few other options. T/T charges would be even higher depending on the amount that is transferred into the country. Transfer fees within the same bank's system (inter-provincial transfers) especially if accomplished over the internet are also outrageous. On top of all that is the timing. Bangkok Bank sends a transfer to UOB in the morning but it is not available at UOB until the "late afternoon". Why? A transfer is sent from a major bank in Europe (in Thai Baht) and it takes 5-7 working days to be available in a Thai Bank. Why? This type of action may have far greater effects than people realize. If people think that business in this country is down only because of the political trouble they need to consider all the facts. The banking examples here are just a small part of the many reasons that foreigners may decide not to invest or buy products from Thailand.

[omarbon]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

i abhor that sentiment. clearly you are misinformed (or uneducated)

[Jimi007]

Indeed it is good that they are thinking about removing those unnecessary costs, but for those people who are complaining about the fees for foreign transactions, that I truly don't understand.

I am assuming that you live here, as if you were a tourist there would be no reason to complain so loud, and if you live here, why don't you get a Thai bank account?

Please enlighten me as to the reason why...

Hum, I have three Thai bank accounts. So what. How do I get money into those accounts from the US without paying fees? I have found probably the least costly way, but if you know some way that the receiving bank doesn't charge me, please let me know...

[Phuket Stan]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

Poor girl is just having a "Bad Hair Day " ...somewhat similar to another couple of her posts today....be a little forgiving to her for her ignorance

[garrfeild]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

To say "anyway you people can afford it" is unfair, what has it got to do with a bank providing a fairer fee system regardless of what someone can afford. In the UK you don't get charged for using an ATM by the Bank where you have an account, even if it's in another city. Unlike here in Thailand where it is a big cost for Thai people being charged up to 30Baht just to get their own money.

[EODghost]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

i abhor that sentiment. clearly you are misinformed (or uneducated)

You were right the second time. Sa-Mong Ling

[slim]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

Patronizing <deleted>.

Is this all part of the Yellow shirt doctrine - slam the foreigner until we all leave - leave Thailand to the Thais?

[markinoc]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

i abhor that sentiment. clearly you are misinformed (or uneducated)

You mean about the money? Can I afford it? I guess. But gives me something to get pissed of about.

[Igor]

I think the fee is high but I've learned to live with it. My complaint is that when they instituted the fee most banks also dropped the maximum amount you can withdraw to 10K. I usually withdraw 20K at the end of the month to pay rent and utilities and give myself spending money for a couple of weeks. I have found one bank (my brain is mush - I think it's Siam Commercial) that will still allow me to withdraw the larger sum. Others have essentially raised their fee to B300 by forcing me to withdraw twice instead of once.

I can affirm that not all banks charge this fee overseas. Last month in Cambodia? No charge. Malaysia? NC. Singapore, Indonesia? NC, NC. And, come on - until last year most bank ATMs in Thailand were no charge.

By the way people, take a Prozac regarding the "you can afford it" post. Don't you recognize a troll when you see one?

[TheGhostWithin]

There are two fees charged when a person accessing a foreign bank account in Thailand via ATM (with exceptions to a few banks who do not charge the initial fee, I believe).

1. The bank which owns the ATM card (you don’t own your own card, it is bank property - read the small print on the rear) charges a fee, this varies depending on the country and bank you use.

2. BOT have in place a 150 baht fee, which is charged by the Thai bank on your account for any sums withdrawn, regardless of if it is 1000 baht or 10,000 baht.

BOT has no control over fee number 1, but absolute control over fee number 2.

Rucharee, I know good Thai people, and I know bad Thai people. Your opinions from what I have seen here, are discriminatory against foreigners as a whole, and very much pro Thai. If we treated you the way you obviously treat Farang around you, I am quite sure you would be playing the discrimination and racism cards in our home countries. I am sure you are a nice person, so please see the brighter side of life and appreciate us for wanting to contribute positively to your country, when many others have turned their backs on you. Though I do not expect you to respond to posts directed at you after one of your "outbursts" (you never do), I hope you do read this and take it in a positive light.

One would hope BOT will also consider ALL fees, non-discriminatory. The foreign transaction fee is unfair, and is discriminatory and discourages tourists spending more than they may otherwise have planned (I avoid taking out extra funds from the cash I carry, because of these fees.. I’m a Cheap Charlie).

[tfbpa]

Hum, I have three Thai bank accounts. So what. How do I get money into those accounts from the US without paying fees? I have found probably the least costly way, but if you know some way that the receiving bank doesn't charge me, please let me know...

Of course you have to pay at some point for international transfer from your US bank to your Thai one, but if you transfer a few thousand dollars each month those costs are not that high and certainly a lot lower than going to an ATM several times a week to withdraw money from your US bank.

So IMO the problem is not that Thai banks charge money for international accounts at ATM's, the problem is the US banks (or any other non-Thai bank) that is charging for international transfers.

[zthyadat]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

Here you go again K. Rucharee, you assume that all farang are rich and therefore should pay more, regardless of fairness.

So let me ask you a question, do you believe rich Thai people should pay higher bank fees? Look forward to your answer.

Has anyone ever met Khun Rucharee to determine that she is a she and actually Thai? One suspects that "she" is some bored retired farang bloke who likes to get a rise out of the oft-times sanctimonious and blustery membership of Thaivisa... Out goes the bait and fifty fish fight to swallow it first...

[jfchandler]

In response to one particularly moronic comment above (you know which one)...

The 150 baht ripoff fee for foreign debit card ATM withdrawals in Thailand ABSOLUTELY is within the jurisdiction and authority of the Central Bank of Thailand...

The 150 baht fee was hatched and implemented by the trade group of Thailand's banking companies, the Thai Bankers' Association. It was entirely a local decision to begin charging the fee, and it would be entirely a local decision to reduce or eliminate it.

Sadly, I didn't see anything in the news report that launched this thread indicating the 150 baht fee would be part of the discussion.

And for the record, I went back for a visit to the U.S. lately, and found the common fee at various major banks there for using other banks' ATM cards, even foreign ones, was $2-$3 U.S. depending on the particular bank. The 150 baht fee here works out to about $4.40.

Of course, no one has ever been able to explain or justify how the Thailand banks fee was set or why it's higher than comparable fees charged in other countries.

The answer, clearly, is it's another scam and ripoff scheme.

As stated above by a sensible poster, use AEON ATMs as they do NOT charge the 150 baht fee.

[dutchchiangmai]

<BR>

<BR>

<BR>I wonder if they will identify the 150b international transaction ATM  fee as being unfair?!...somehow I think not!<BR>

<BR><BR>or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.<BR>

<BR><BR>International fee is beyond Bank of Thailand jurisdiction.<BR>Anyway, you people can afford it.<BR>

<BR><BR>I resent the remark made by you ' anyway you people can afford it'!! How dare you be so patronising! <BR>The rate of 150baht charge is a high fee to withdraw money, and seems to be aimed at foreigners who need to regularly use the ATM to access their overseas accounts. <BR>

I totally agree with you. We already have to pay fees in Europe for withdrawel money oversees and have to pay an extraditional fee here in Thailand. Disgusting attitude that foreigners always have to pay more and more for no other reason that we are foreigners.

[peridot]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

I am not so sure this is a Thai bank fee. Both Kasikorn Bank and my USA credit union tell me the 150 baht fee is charged by Visa International, not by the local Thai banks. It is on the Thai side of the transaction, so cannot be refunded by my credit union, like Visa fees charged on the USA side. I guess many corporations have their hands on each transaction, and it is one of the middlemen making this chunk of money.

[NanaFoods]

I wonder if they will ever reconsider the unfair 0% interest savings rate for foreigners.

I won't be holding my breath?

[Lindern]

The fee that blows me away if when I take cash out of one Thai Bank and walk across the street and deposit into an account in another Thai bank (not my account) to pay for something and I am charged to deposit cash into the account. The logic there? oops... TIT

[HakimKlunker]

<BR>Anyway, you people can afford it.<BR>

<BR><BR><BR>Rucharee: That is not the point. <BR>Each item or service has ONE value in itself. To make some people pay more for it than others is unfair treatment and results only from greed.<BR>Would you also agree to paying 200 Baht for a bowl of rice; because one can afford it?<BR>Would you insist on paying for a flight ticket to Europe (or wherever) only 1000 Baht; because you can't afford more?<BR><BR>

[sillyfools]

The you can afford it comment is ignorant and shows of lack of respect for anyone non-Thai.

Maybe you can think about other people apart from expats who live here who it affects (and offends).

ATMs are great to make people feel secure. They don't need to carry a lot of money around because they can always go to an ATM.

When my mother visits, she normally uses the ATM to get some money out of her European bank account to buy things with here to benefit Thai businesses or families, right?

Then why should she be charged 150 THB when she wants to withdraw 1000 or 2000 THB? That is 15% (or 7.5%) in fees.

Please think before you speak. The tourists who used to think of Thailand as the land of smiles are first greeted with the most impolite immigration officers in the world before they can enter the money... then it's off to the ATM rip off factory. Maybe treat your tourists better and the economy will pick up sooner rather than later. A change of the paradigms you hold in your head will be helpful as well.

[TheBarbarian]

If these amounts are unfair check what Western banks are charging. There is financial Mafia and real financial Mafia. The latter you can find abroad.

[chutai]

I add my disdain to the one complete idiot who posted the drivel about farang people being able to afford paying disproportionate ATM withdrawal fees.

But these AEON banks. Are they throughout Thailand as I can't say that I've noticed them ?

[omarbon]

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

Who is 'You People" HAHAH. The 150 baht is not international fee-It is charged by Thai banks. The international fee is charged by the bank of your credit card

Indeed so.

However, I did find out that Philippine banks also charge 150 peso.

Seems to be a virus-like milking of allegedly rich people.

Besides, it is not a question of being able to afford this unfair charge, but charging an unfair fee for something that incurs a cost for the bank already covered by the exchange rate.

It is called moneygrabbing, or sometimes stealing.

But banks are very good in stealing.

yes but 150 Philippine pesos is about equivalent to 100 Thai bht. same same but different :{

[BaaNahmLai]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

Perhaps all Thai ATMs should be enhanced with "Poor Farang " or " Rich Farang" options when withdrawing funds so the poor are not hit with an excessive fee.Perhaps the Thai Banks want us to walk around with large wads of cash to make us more attractive to those poor Thai Kamoys. T.I.T.

[dom samui]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

you people ???? Aren't YOU?

[Utley]

I wonder if they will identify the 150b international transaction ATM fee as being unfair?!...somehow I think not!

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

"Anyway, you people can afford it" is an insulting, racist comment and I ask the forum moderators to remove it!

[Jimi007]

Hum, I have three Thai bank accounts. So what. How do I get money into those accounts from the US without paying fees? I have found probably the least costly way, but if you know some way that the receiving bank doesn't charge me, please let me know...

Of course you have to pay at some point for international transfer from your US bank to your Thai one, but if you transfer a few thousand dollars each month those costs are not that high and certainly a lot lower than going to an ATM several times a week to withdraw money from your US bank.

So IMO the problem is not that Thai banks charge money for international accounts at ATM's, the problem is the US banks (or any other non-Thai bank) that is charging for international transfers.

Sorry but I disagree. Bank of America charges me $3 for any amount to transfer to Bangkok Bank New York branch. Bangkok Bank NY charges me $5 (for $2,000 or less, over $2,000, $10 and up depending on the amount) to accept the transfer and send it to Bangkok. Bangkok Bank Bangkok, charges me 200 Baht to receive the transfer from their NY branch. All done online. By the way I can pull 25,000 Baht at one pull at a Bangkok Bank ATM with my Bank of America ATM card for 150 Baht plus 1% to VIsa and $5 to Bank of America. I don't know why some people can only get 10,000 Baht out per pull.

[humqdpf]

or the charge they make you pay for changing small change into notes, and the fee i was once charged for paying in 3000 baht in small change into my account, apparently to pay for the time and energy taken to count the money that was already counted and bagged ready for the teller to put it on their money scales.<br><br><br>International fee is beyond Bank of Thailand jurisdiction.<br>Anyway, you people can afford it.<br><br><br>Actually the 150baht International fee is the fee that is charged by Thai banks only and is directly under the jurisdiction of the Bank of Thailand.<br><br>When you factor in the fee charged by the bank or the credit card company and the very bad exchange rates, the cost of an ATM transaction can be almost $10. Some of us people who are non-resident and who are getting on in years would prefer not to carry around large amounts of cash but to just take out a limited amount of cash every day or two. In other words, we cannot afford to lose the large sum. As

non-residents, we cannot open bank accounts in Thailand (or at least not

easily). On top of that, the Thai baht has been consistently strong

against the dollar and other currencies. <br><br>I know quite a few people who will not be coming to Thailand this year or who will be curtailing their visit because their income has fallen - they now have to budget and will be asking themselves about all those extra costs, such as bank and currency exchange costs<br><br>Some people who are running businesses are doing so on very small margins and the extra bank charges are raising their costs. Many Thai people do not use bank accounts because of the costs involved and this has a real effect on development and business opportunities.<br><br><br><br>

[Jimi007]

I wonder if they will ever reconsider the unfair 0% interest savings rate for foreigners.

I won't be holding my breath?

I get interest on my Thai savings accounts. Although it's not much...

[thaibreaker]

Sorry for being a little off topic here, but does anyone know where you can use an ATM without paying the 150 bath fee in Patts?

I have heard about AEONs, not excactly sure if I have seen any, or what these replace machines look like.. The one mentioned at Carrefour, is that free and still there?

Some talk about Bank of Ayudhya, are those still free for Mastercard Debit cards, as they were in 2009?

Thanks guys.

[notime]

In the end it boils down to how much "you people" can be charged/ripped off before they stop paying. And judging by how empty tourist places in Thailand currently are (High Season .. keke) they already stopped.

There is no need to try to convince Thailand to treat foreigners better because they are actually good for the country. If the Thais don't see it it's up to them. Maybe Thailand needs to experiment with the Burmese system for a while to learn the lesson by itself. Unfortunately one cannot educate another against their will.