Thai Central Bank To Address Unfair Transaction Fees

[Jimi007]

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.

What do you mean by YOU PEOPLE???

So you feel anyone from a foriegn country should be charged a large transation fee to

turn around and spend it in Thailand........You must be Thai or been in Thailand to long

and think it's ok to have double standards and support the two price system in Thailand.

And people like you wonder where the Tourist have gone !!

LOL! You don't see it as a bait post? As it was meant to be cynical... She's good at this now! She's a fast learner from all the rest of us cynical people on this forum.

[tingtongfarang]

I have to say that in the end i,m quite pleased about both the bad exchange rates and the 150 baht fee,

I was a person who spent 70,000-80,000bht per month and did,nt think too much about it, My income is paid in euro to an offshore bank account,

After the 150baht atm fee and bad exchange rates i decided to rethink my spending and easily now save 60,000-70,000 baht per month where before it would have been spent and nothing to show for it,

Infact i live quite well in a rented house, have a car and motocyc, go sailing every afternoon all in all i work very little and live in relative luxury all for less than 10,000bht per month,

Thailands greed was my gain and i,m not complaining.

[Jimi007]

Do you see the answer I posted to your question? If not, it's once every 24 hour period. And I think you are talking about an ATM card, not a credit card. Most credit cards charge 3% for a foreign transaction fee. An ATM card from Visa or Mastercard charges 1%. Although I have a grandfathered Visa credit card that I can charge airline tickets etc at only 1% and a higher rate than even the TT exchange rate...

No, I am not talking about an ATM card. I have a mastercard gold from the bank in my home country. When I use the card at an ATM machine in Thailand, for a pull of THB 20,000, I see on my foreign credit card statement the amount of THB 20,150 plus 1 % fee from THB 20,150 (for using the foreign card in in a foreign country - what is mentioned)

In addition to this my foreign home bank charges 2 % for the same transaction.

If anyone has a better deal, please let me know. It might be small fees if you use small amounts for every transaction, but if you count doing this every month for many years, the money you could have saved could have made you a slummdog millionaire.

Any suggestions?

If you are an American see post number 116, where I answered this. If not I wouldn't know your country's banking system as I have never lived there. Are you saying you pay 3%? So what is your actual cost for your 20,000 Baht pull? I know the 150 added on to your charge. so, 20,150 X 3%= 604 Baht. Plus the 150 Baht to use the ATM. So total charges you are paying are 754 Baht for 20,000 Baht? So, about $23 US. There aren't any cash advance fees or interest accruing? Using an ATM card would cost you less. About $16 US for the same transaction just on the upfront charges you would save $7 per 20,000. Unless I've missed something.

[MAJIC]

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.

Nonsense! the 150b fee is taken at the Thai Banks end of the transaction,as a fee for customers withdrawing their own cash,from an ATM,(not an International fee)

[Valentine]

I know credit card interest fees are notoriously high throughout the world but some countries have different & lower rates which you can choose depending on your spending patterns. In Thailand there are no credit card options & the one I have with SCB charges 20% interest which IMO is much higher than elsewhere. If the Thai central bank want to address unfair fees &/or issues related to people getting into too much debt they should look at this. It is a huge spread from the almost 0% interest on savings accounts.

BTW. Aeon ATMs are easy to spot in Phuket during the middle & end of the month as they are the ones with the longest queues.

Edited July 21, 2010 by Valentine

[Brewsta]

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.

Sawat Dee from the Kingdom of Saudi Arabia......Nong Rucharee

"Rich.....!!.... I think not!

I am so poor that I started the Beer Diet recently.........seems to be working though.... I lost 3 days last week.....hic.....

Best regards,

Brewsta

[Brewsta]

Oh....and apologies to Tommy Cooper.....just like that )

[Colby]

I am so happy to see that the Central Bank is working to get rid of unjust fees like the 10 Baht transfer fees. I am so relieved. It’s such an important issue and I am glad the Central Bank is placing so much manpower to focus on this matter. But what about the 500 baht that disappears from your account every time you have an incoming overseas bank transfer of any amount? I wonder what would happen if someone transferred 400 Baht to you. Would you owe the bank money?

[wump]

Guys I wonder if there is any online banks that give you better rates in UK/US? I have a German bank card from an online-only bank and pay zero for withdrawels from any ATMs worldwide, just the normal VISA exchange rate that everyone in the world pays. The account and VISA card is free too.

Yellow ATM have not been charging the 150 B until lately, now using AEON (though I hear they are sometimes not dispensing the money but still charging your account).

As for "you guys can afford it": I believe that attitude is not entirely the Thai people's fault is it... Just look around you!

[aussimike]

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.

sorry to be the one to tell u my dear lady - but there is a double wammie charge -- one from the orignal bank and also the one at the thai end - and if u are doing international trasnfers its a double double wammie -- hit with charges at both ends -- and oh really we can afford it --- u seem to forget that we are bring in money to help stimulate the thai economy -- why should we be penalized for doing this --- suggest you remove the eye patch and get a wider pic of what is happening ---

[KhunVee]

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 have no idea what you're talking about.

You have no knowledge whatsoever about banking.

You should read a book sometime and get informed before loosing your face big-time .

Now, a message to "my people": There are a zillion (legal!!!) ways to get around Thai banks to get your money in and around without paying those and other ridiculous fees.

[Briggsy]

I feel the inter-provincial fees are unfair. I am working/travelling constantly between three 'regions' and I am juggling cards, bank accounts, counter transactions to avoid bank fees.

It is very good that they all tell you up front before applying a fee. This is universal and is a good practice. If the charges were hidden like with UK banks in the past, I'd be getting angry.

[paulszymichowski]

Why not just go inside the bank with your ATM card and passport to withdraw cash. This way you don't pay the 150 baht.

[luckyluke]

But what about the 500 baht that disappears from your account every time you have an incoming overseas bank transfer of any amount?

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

This is from the Bangkok Bank, also the Siam Commercial Bank apply the same rate.( I suppose every other bank do the same )

Transferring into Thailand :

• 0.25 % of the amount in the

Thai Baht currency

(minimum of THB 200, maximum

of THB 500 )

Edited July 22, 2010 by luckyluke

[NCFC]

What is more disturbing is that this is the second time this week, firstly with phone charges, that the Abhisit government is trying to roll back the free market system.

Abhisit is moving the country towards a communist, statist system whereby prices and eventually wages will be government controlled.

Policies such as these are doomed to failure.

What has your post to do with free market system? What would happen, if the governemnt would not control wages? Would you pay your staff THB 1000 per month instead of the minimum wage, regulated by the government? What is wrong with adjusting unfair bank fees?

It has everything to do with the free market system. If I paid my staff THB 1000 per month then they would leave for better pay and I would have to raise salary level until I could attract staff to do the job. In fact, I do employ Thai staff and I pay them 60-80k THB per month to keep them.

That's how the free market works. I don't need a government to tell me how much I should pay.

Likewise, I offer my customers a low cost and a high valued service. If I don't then my competitors will take my business away. That's how the free market works. I don't need a government to tell me how much I should charge.

If you can prove that all the banks are colluding to raise prices and there is no competition, then I will agree that the government should step in and stop the collusion. But if you read the posts in this thread you will see that many posters give advice on alternatives to get around these charges. If enough people move to the alternatives then the banks charging high fees will have to reduce them or face losing business. It's the way the free market system works, and works very well around the free world.

In Thailand this is the second time this week that the government has stepped in to stop the free market from working. First with phone charges, now with bank charges. Evidence that the country is moving towards a statist, centrally-controlled policy. Which is exactly what Sondhi Lim and the yellow shirt leaders have always demanded. It would appear that Abhisit is complying. The issue is much larger than paying 150baht withdrawl fee at an ATM

[Piengrudee]

Transfer fee have to come down. In today's banking world, physically money rarely moves. One numbers are transmitted, and data transmission is very cheap.

[jerome2]

i supose this 150b end up as tax recovery for Thailand which i find normal .I take 20.000 and stay good mood .

but for the tourist it's not handy,it could be a percentage.

[Jimi007]

I know credit card interest fees are notoriously high throughout the world but some countries have different & lower rates which you can choose depending on your spending patterns. In Thailand there are no credit card options & the one I have with SCB charges 20% interest which IMO is much higher than elsewhere. If the Thai central bank want to address unfair fees &/or issues related to people getting into too much debt they should look at this. It is a huge spread from the almost 0% interest on savings accounts.

BTW. Aeon ATMs are easy to spot in Phuket during the middle & end of the month as they are the ones with the longest queues.

I did a search on Aeon's website and according to it, there are no Aeon ATMs in southern Thailand. I specifically searched for one in Phuket.

[jerome2]

Why not just go inside the bank with your ATM card and passport to withdraw cash. This way you don't pay the 150 baht.

i never tried ,it works? realy?

[djayz]

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.

I think you really hit the nail on the head there. Having to pay a fee to "get your own money"... day light robbery is that!

[djayz]

Interest rate is also unfair issue. What is the reason that a foreigner cannot earn interest rate? Is his money is not as good as thai's ?

In Philippines for example there will give interest for accounts opened by foreigners.

BTW: Lately they introduced 150pesos charge, which is roughly 110baht in local banks. Is there still some ATM in Philipines one can withdraw without this charge?

What are you talking about? I earn interest on my savings accounts here in Thailand. Kasikorn Bank, SCB and Bangkok Bank... 3 normal savings accounts (both in Baht AND Euro) and 1 fixed savings account.

[SunsetT]

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.

I must inform you that the charges you are talking about is used by all countries almost throughout thr world. And as somebody said, here in tThailand, we can afford it, I think.

Glegolo

More absolute rubbish! This kind of charge -- an additional LOCAL charge on top of the charge made by one's own foreign bank -- is NOT applied throughout the world. I travel frequently and do not often encounter such charges. Recent examples are Malaysia, France, Italy, Austria and Germany, where NO LOCAL CHARGES were made for ATM withdrawals.

In the Thai case, it is an egregious rip-off invented by the Thai banks, and one that severely penalises those travellers who expressly use ATMs to withdraw small amounts of cash so that they are not carrying loads of cash around or keeping loads of cash in their hotels.

Also no ATM charge in Indonesia or Australia...........and can we keep quiet about AEON please, except by word of mouth, in case they come under pressure to charge or decide to jump on the bandwagon!

[SunsetT]

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 ?

Check their website, and check all 3 searches for 'cash dispensers' AND 'dispensrrs and depositors' AND 'branches' to find the locations of all their ATMs. There is one list just for Bangkok.

[silk]

What is more disturbing is that this is the second time this week, firstly with phone charges, that the Abhisit government is trying to roll back the free market system.

Abhisit is moving the country towards a communist, statist system whereby prices and eventually wages will be government controlled.

Policies such as these are doomed to failure.

What has your post to do with free market system? What would happen, if the governemnt would not control wages? Would you pay your staff THB 1000 per month instead of the minimum wage, regulated by the government? What is wrong with adjusting unfair bank fees?

It has everything to do with the free market system. If I paid my staff THB 1000 per month then they would leave for better pay and I would have to raise salary level until I could attract staff to do the job. In fact, I do employ Thai staff and I pay them 60-80k THB per month to keep them.

That's how the free market works. I don't need a government to tell me how much I should pay.

Likewise, I offer my customers a low cost and a high valued service. If I don't then my competitors will take my business away. That's how the free market works. I don't need a government to tell me how much I should charge.

If you can prove that all the banks are colluding to raise prices and there is no competition, then I will agree that the government should step in and stop the collusion. But if you read the posts in this thread you will see that many posters give advice on alternatives to get around these charges. If enough people move to the alternatives then the banks charging high fees will have to reduce them or face losing business. It's the way the free market system works, and works very well around the free world.

In Thailand this is the second time this week that the government has stepped in to stop the free market from working. First with phone charges, now with bank charges. Evidence that the country is moving towards a statist, centrally-controlled policy. Which is exactly what Sondhi Lim and the yellow shirt leaders have always demanded. It would appear that Abhisit is complying. The issue is much larger than paying 150baht withdrawl fee at an ATM

This thread is about adusting unfair bank fees. My example about regulation of minimum salary was just to give an example what could happen, if the government would not regulate minimum wages. Of course, you can pay the next applicant THB 2000 (a bit less desperate and he would take the job). My first thought was about people, who desperately need to support their families and would accept any salary to get a job (which would not meet the requirements of minimum salary regulated by the government and they would not even complain, as they are happy to have a job. Complaining to authorities would mean they will loose their job may be not immediately, but later)

As you mention, you are a very fair employer, paying thai people for their skills a good salary (60-80k THB per month is a very good salary for skilled employees in Thailand - nothing to say about this, but there are others doing not.

Back to the banks. If all banks charge the fee of THB 150 in question, where is the competition? To go around the law is not a solution, the fee has to be justified. This is the issue in this thread.

[jfchandler]

I can't speak for the U.K...

But in the U.S., there are quite a few different banks and/or brokerages with accounts where the bank:

a] doesn't charge any fee when account holders withdraw ATM funds abroad

b] doesn't charge/absorbs the 1% VISA/MC foreign currency fee

and even

c] reimburses the account holder for any other banks' ATM fees, either elsewhere in the U.S. or internationally.

If you can find an account where all three of those elements come into play, it's perfect for the ex-pat resident.

Such accounts don't tend to be offered by the big major banks like BofA, Chase, Citi, etc... But there still are many available.

Guys I wonder if there is any online banks that give you better rates in UK/US?

[inthepink]

Bless her heart, she is listening to the village rumors again. The 150 baht atm fee is a Thai bank fee which is another, in the long list of Thai scams. The tourist who are being solicited to come to Thailand, are being ripped off by the banks as the currency exchange has taken a drop (less tourist). Just another example of corrupted capitalistic thinking. When Thailand next needs money from the International banking system, this practice will be seen for what it is, and hopefully corrected.

What has the currency exchange rate got to do with it?

[selftaopath]

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.

Humn. Typical Thai mentality i.e. discrimination/ prejudice I wonder? Actually I believe a bank can decide what to charge their CLIENTS for various transactions like international electronic transfer of funds. But as usual greed and the mentality that exists allow for "stick it to THEM."

[selftaopath]

It's O.K. this person Rucharee has no idea, look at responses to other post, like the missing 5mil baht jewellry story.

Or s(he) knows exactly what they are posting and why. Maybe they seek attention? So individuals would rather get "negative" attention than none at all. ?????

[luckyluke]

I did a search on Aeon's website and according to it, there are no Aeon ATMs in southern Thailand. I specifically searched for one in Phuket.

xxxxxxxxxxxxxxxxxxxxxxxxxxx

???

From AEON Website :

AEON Spot Phuket 75 Moo 5 Central festival Phuket 2 nd Fl. Room TC-024 wichit , Muang Phuket 83000 (076) 362000 (076) 249-850

Plus other places in South Thailand :http://www.aeonthailand.com/lang/en/menu/Service_Location/region/Southern#soutput

Edited July 23, 2010 by luckyluke

[sangfroid]

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.

Not a very intelligent thing to say. On any level. I suppose if I rob someone who has more money than me, it's OK. No? But it's OK if a bank does it. Plus, the Bt150 fee in Thailand is not an international fee.

(Not a very intelligent thing to say) And said by a not very intelligent person obviously.