Thai Central Bank To Address Unfair Transaction Fees

[dustybooky]

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

I don't agree, leave it there.

This forum is being read by as many if not more people who are outside Thailand, let them see it for what it is.

Too many people think like that, its the ugly side of nationalism, it is chauvinism.

When people go somewhere and find out they are charged more than others based on their ethnicity, background or because they are perceived as well off or just plain suckers...word gets around.

This kind of behavior certainly is for something in the dwindling tourism numbers...word gets around.

Its short term group think and it stinks.

The person who wrote that is not alone and has just done a great disservice to his/her country.

This mentality is well entrenched here, it is taught in the school and at home.

Those who traveled abroad have a better chance of ridding themselves of it although that is certainly not a guarantee.

D

[Foggy Bottom]

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...

All accounts with foreign names on them, including joint accounts with a Thai, get 0.5% maximum interest under a law introduced by Thaksin

That said, next time you're in the bank, look at the paltry rates that even Thais are getting nowadays - roughly half the rate I get on funds in the UK in ordinary deposit accounts.

Sigh - remembers 12-13 years ago it was 10%+ on deposit accounts here and 7-8% in the UK

As for the 150 Baht ATM fee - agree with the consensus that it's just another "rape the farang's wallet" charge and completely unnecessary if Thai banks would simply modernise and optimise. But, that's the problem with monopolies and cartels, and one reason foreign banks are limited to a maximum of one branch in Thailand ... and of course, most of those are in Bangkok, not the provinces.

I too would like to hear more about these Aeon ATMs and their zero fee withdrawals - where can they be found?

Foggy

[Shiver]

In the UK a few years back they introduced an ATM fee similar to this (though a much smaller fee, and didn't target only foreigners), and most banks adopted it. It was extremely unpopular, and people started moving bank because of it. It was quickly dropped!

I object to the double pricing foreigners are landed with purely on principle if for no other reason. Sometimes I've sat outside a museum or something while others go in, because I want equal treatment, be it 1 baht, or 150 baht. If someone wanted to withdraw 1000 baht per day, each day, the fees would stack up enormously. How do they know if I can afford it or not? Is it my ethnicity that determines that?

There is so much that foreigners could give to this country, not just money, but skills, develop new businesses, create employment, security, awareness of the world outside (approximately 99% of the world population is outside of this country, but who knew?). It doesn't happen because foreigners are gouged at every turn by officials and street vendors alike, thinking only for today. My business is outside of this country, and so is any money other than short term needs. I'd be happy to have everything here if they'd stop the BOHICA (Bend Over Here It Comes Again).

It's like watching your best friend damage themselves, and there's nothing you can do to help them until they decide they're ready.

[hoaker]

<BR>

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<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>

Thai banks can't figure out how to do credit analysis. 150 baht across the board for those with or without credit. The question is not can we afford it? itis whether the rate is fair.

[hobanse]

Bankster criminality everywhere, not only in Thailand!

[jfchandler]

AEON offices and ATMs are located throughout Thailand...though they're not as common as some of the main Thai bank branches/ATMs.... But they certainly are located in most of the main tourist and farang areas.

AEON Thailand is the local branch of a Japanese credit card company by the same name, so they're not really a bank in Thailand, even though they have ATMs, which their credit card customers can use to make payments and withdraw cash. But their ATMs do accept all VISA and MC logo cards.

AEON Thailand does have a web site, and it allows you to search for their ATMs and offices by area throughout Thailand. Their web listings are not entirely accurate or up-to-date....but they're a start...

And if anyone here goes back to read the main TV threads on the 150 baht Thai bank ATM fees, you'll find a lot of posts with details about the locations for AEON.

P.S. Interestingly, as far as I can tell, in the U.S. at most banks, there is a single charge if you try to use another bank's ATM card (one not belonging to the ATM you're using). As long as the card is accepted (for example MC or VISA logo), the U.S. banks don't seem to distinguish whether it's a card from a different U.S. bank or a bank from some other country. You still get hit with the same $2-$3 fee...

I'd challenge anyone to find any U.S. bank that charges $4.40+ when customers use an ATM card belonging to any other bank.

Thailand is supposedly trying to attract more tourists. But schemes like this only tick off visitors...who most probably already are being charged a separate fee by their home country bank for using their card abroad, which may or may not include the 1% foreign currency conversion fee that goes to the VISA and MC networks.

Edited July 21, 2010 by jfchandler

[Tigs]

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

The 150 baht fee is an arbitrary fee. If I use my BKK bank card at SCB, I get charged 20 baht. There is no reason for me to pay additional B120 because my ATM is from outside Thailand.

FWIW, the AEON ATMs DO NOT CHARGE THAT B150 FEE....

Is that really true about Aeon? Do they have a lower than normal exchange rate or are they pretty fair? That is good news. My Money is far better off in my pocket than paying for banking execs to have a new BMW.

As for the clown that says 'anyway you people can afford it' you are either a troll or ignorant or I guess an ignorant Troll.

[slapout]

As a member who has received a warning or two about my posts, had posts misinterpreted by others, watched others called trolls and worse, Rucharee's comment on this topic demonstrates once again how some can take advantage of a privilege. She and Mel Gibson seen to have a similar perchance for opening mouth and inserting foot, they both could be nominated as 'flavor of the week', based on the comments directed at them personally.

I officially deny/revoke any prior offer, to buy a drink to either party.

[Tokay]

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

Wait a minute... what do you mean, you people?

1) The 150 baht fee comes from Thai banks only.

2) Most of us have worked are bums off in order to live and/or visit here.

3) Don't hate us because 80% of our teachers DON'T fail at their own subjects, therefor sending us out into the world with both a real education and common sense, which usually results in a better job and income.

4) I know Thais have no concept of saving money, but the first step in keeping money is to not waste it. Your attitude of "you're rich can afford it, it's just a small amount of money" is exactly the same uneducated attitude that keeps most of "you people" living in poverty.

5) I don't know if you watch foreign media or not but the money trees that once grew in many falang's yard, have started to die.

[luckyluke]

^

"Is that really true about Aeon? Do they have a lower than normal exchange rate or are they pretty fair?"

It is true, and they don't have a lower than normal exchange rate and they are pretty fair, but they don't have many ATM's.

[jfchandler]

This issue with the 150 baht fee and AEON and such is more than a year old...so some folks clearly have not been paying attention, or are late to the game.

AEON ATMs are fee-free (AEON will charge you no fee, but your home bank follows its own policy) and the exchange rate on AEON ATMs and all others for that matter is set by the VISA and MC networks, not the Thai bank ATM owner.

So, you'll get the same exchange rate from an AEON ATM that you'd get from any Thai bank ATM, assuming you made the withdrawal at exactly the same time, since the exchange rates do fluctuate throughout the day.

Re Bank of Ayudhya, some card holders from a few European banks, for reasons yet unknown, do not seem to get charged the 150 baht fee when using the yellow ATMs. But that is pretty narrow, and doesn't apply to card holders from any American banks, based on many accounts here on TV...

Be aware, however, that Ayudhya ATMs are one exception to the rule about MC and VISA setting the exchange rates for foreign currency conversion in ATMs. For the past year or so, Ayudhya has done something called Dynamic Currency Conversion for ATM withdrawals using MC logo card denominated in U.S. $ and Euros. That means, Ayudhya is setting their own and LOWER exchange rates for those two types of ATM withdrawals.

If you ever see anything about Dynamic Currency Conversion at an Ayudhya ATM, you'd better just walk away.

[jfchandler]

Once again, for those that don't actually read other people's posts....

AEON Thailand web site for locating their branches and ATMs.

[luckyluke]

^

Also the Kasikorn Bank( maybe other banks too) apply the Dynamic Currency Conversion, but there is a mention on the ATM screen asking you if you accept this or not, if you not accept the D.C.C. you get the "normal" exchange rate.

[lookinglass2]

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.

Its not a question of being able to afford it - its a question of fair value for money paid.

[rayw]

Whatever way you look at it the Banks here are saints compared to the western banks. In the UK there is often over 20% difference between buying and selling currency and here about 2.5% at most. Everything is fairer and cheaper with bank services here and I honestly do not feel ripped off in Thailand. Would like to see the 150 Baht ATM fee for international money withdrawals stopped as you also get charged in the UK for say drawing cash on your credit card as well as a crap UK exchange rate and the same for US and Euro too. At least this is something the Thai Government are showing to be better and fairer at doing than our Western Governments who are mainly there to help the rich and corporates get richer and sod everyone else with a few notable exceptions worth naming who were not so bad in this respect (Blair, Clinton, and Obama seems good too).

What I want to see is Western Banks much more tightly controlled or multilaterally nationalised, they are too important to leave in control of money number one corporate outfits who care only about how much they can rip you off. Way to important to let them stay in corporate hands as they seriously affect all our economies as we all unsurprisingly found out 2 years ago !!! As I said many times some things are fine in capitalist hands but others like Banks and Health and our children's education are best state owned for 100% sure. We must all get away from this Capitalist is good and Socialist is bad or vice versa syndrome, they are both only true in some respects, but a blend of both to bring out all that is best for the majority of PEOPLE is what we need and for sure Banks would then certainly be controlled more or nationalised as they should have been years ago before it ended up too late. I am afraid money has too much power these days and that aspect needs removing by PEOPLE saying NO. It is people who should give power NOT money and as soon as we learn to get to that state of affairs the better.

[thaibreaker]

Once again, for those that don't actually read other people's posts....

AEON Thailand web site for locating their branches and ATMs.

Thanks, jfchandler, for that.

But I can do without the attitude, not all of us have the time or possibility to follow every post or issue inside here.

But the link was so good that you are excused.

Have a good day.

[jg1way]

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<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>Actually Rucharee, respectfully... you are incoreect.  The 150 THB fee is only in Thailand.  No other country does this exbortiant fee structure.<BR>

[bkk75]

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

<br><br><br>The first statement about International fees merely shows your lack of education, or is a prime example of Thai "rote learning" education.<br>The second statement shows your total ignorance, but it also highlights the Typical Thai Attitude towards foreigners.  <br><br>As was pointed out by another, yeah, we have more money because we worked all our lives for it, and earned it, and didn't sit around on our butts expecting handouts, or from trying to rip off other people.  <br><br>You might want to try engaging your brain before running your mouth.<br>

<br><br>I agree.  I hate the way Thais thinks all expats are filthy rich and can rip them off anyway they choose.  It's the same mentality in their Thai laws.  It's ok to rip off the foreigner but not the other way around.  The way they make you jump through hoops is ridiculous!<br><br>I have a work permit yet I have to report every 90 days..what the heck for!  <br><br>Sigh.. and you know what the typical Thai response is "if you don't like our country then leave!"  .. I wonder what would happen if all the foreigner companies and expat retirees all suddenly up and left this country.  Who will pay for the overpriced condos and rentals?!</br></br></br></br> Edited July 21, 2010 by bkk75

[jfchandler]

I understand and can appreciate your comment, point genuinely taken.

I hope you also can understand that from the time the fee was implemented (well after you joined TV), there literally have been thousand and thousands of TV posts on the ATM fees subject (and more than a fair share written by me), spread among many many threads.

It really would have been hard to miss the subject for anyone who was paying the slightest attention, not to mention the fact anyone living or visiting in Thailand would get hit with the ATM fee anytime they used a non-Thailand bank ATM card here.

So, it does honestly continue to surprise me that folks who've been part of the Thai Visa community since well before the whole fee episode started continue to pop up unawares of the entire mess, and/or at least the option of AEON ATMs as a means of avoiding the fee.

In my own defense, at least I hope I bring actual useful and practical information and advice to the subject, rather than just the usual "what a ripoff" comments. So despite my personal feelings, I'll continue with the advice and info, and keep the attitude in my back pocket. :jap:

Once again, for those that don't actually read other people's posts....

AEON Thailand web site for locating their branches and ATMs.

Thanks, jfchandler, for that.

But I can do without the attitude, not all of us have the time or possibility to follow every post or issue inside here.

But the link was so good that you are excused.

Have a good day.

[rafish]

<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>I like that!  <b>"anyway you people can afford it!"  </b>Illustrates the typical <b>Thai attitude</b> toward foreigners.  And we wonder why there's a two price system here?<br><br>

[kuffki]

Local banks have been ripping me off for 2 years already and ONLY NOW they having a meeting to address the issues?

[Lancelot]

International fee is beyond Bank of Thailand jurisdiction.

Anyway, you people can afford it.

Gotta love the Thai perspective on things (double pricing reference)

Thanks R, you made my day

From one of those pesky "You People"

[davee58]

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.

Incorrect.

I believe that Visa International charge a 1% fee on top of the interbank rate.

The 150 baht fee is in addition to this Visa charge, the % charge made by your home bank and additional fees charges by your home bank

It is a Thai bank fee.

[bobbin]

Bye-bye Rucharee...

Banned.

[Jimi007]

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.

The first statement about International fees merely shows your lack of education, or is a prime example of Thai "rote learning" education. The second statement shows your total ignorance, but it also highlights the Typical Thai Attitude towards foreigners. As was pointed out by another, yeah, we have more money because we worked all our lives for it, and earned it, and didn't sit around on our butts expecting handouts, or from trying to rip off other people. You might want to try engaging your brain before running your mouth.

I hate the way Thais thinks all expats are filthy rich and can rip them off anyway they choose. It's the same mentality in their Thai laws. It's ok to rip off the foreigner but not the other way around. The way they make you jump through hoops is ridiculous! I have a work permit yet I have to report every 90 days..what the heck for! Sigh.. and you know what the typical Thai response is "if you don't like our country then leave!" .. I wonder what would happen if all the foreigner companies and expat retirees all suddenly up and left this country. Who will pay for the overpriced condos and rentals?!

Oh come on you guys she said it just to get a rise out of you. And she succeed! Americans also have the attitude of if you don't like it leave... So, it's not just here. As far as over priced condos etc, only fools that are easily parted from their money are the ones buying or renting them. I'm sure a lot of people are going to lose money in the current economy on their projects they started when there was a bubble that has burst. But it still seems not to deter some people from building more projects that no one will be occupying anytime in the near future. And I really doubt all expats and foreign investors would pull out of Thailand. So, get over it. If you let yourself be treated as an ATM machine, that's your fault, no one else's. The old "up to you" saying is appropriate in this case.

[jfchandler]

No... local banks have been ripping your off for more than a year.

And only now they're having a meeting to discuss whether the 10-20 baht fees the Thai banks charge to Thai bank card holders are too expensive... Got the picture???

Local banks have been ripping me off for 2 years already and ONLY NOW they having a meeting to address the issues?

[kuffki]

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.

Incorrect.

I believe that Visa International charge a 1% fee on top of the interbank rate.

The 150 baht fee is in addition to this Visa charge, the % charge made by your home bank and additional fees charges by your home bank

It is a Thai bank fee.

Agree and 100% sure 150 baht is the fee charged by the Thai Bank

My home banks charges another bank fee plus visa or master conversion fee.

Thai banks introduced it just a year ago or so. They decided to have a slice of the pie.

[Rinrada]

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.

Incorrect.

I believe that Visa International charge a 1% fee on top of the interbank rate.

The 150 baht fee is in addition to this Visa charge, the % charge made by your home bank and additional fees charges by your home bank

It is a Thai bank fee.

Thai Banks are really schools of training for stand up comedians and good for a Laff...

coz you goto.....Laff otherwise....

Some of our posters must be graduates..

[cowboydog]

I think she was extracting the urine. I laughed at her comment, wasn't that the intention?

[blakegeee]

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.

Hahaa, this girl is great! She loves winding people up on here. She is very good at it too I must say.