Banking Fees For Atm Withdrawl

[siggy]

Hi,

I am a pensioner from Australia living in Thailand.

I withdrawl my pension fortnightly from a Thai ATM and am charged 150bht by the thai bank, but am also charged $5Au and 3% of the withdrawal amount from the Commonwealth Bank in Australia.

In effect it ends up costing me 5% of my withdrawal in total ($50Au from $1000)

Ludicrous indeed, when all is done electronically for little cost to the banks.

Does anyone know a cheaper alternative, or a better bank or institution to have an account with.

Bank fees are killing me!!!

Why do persons who rob banks get so high sentences, when banks have been robbing people ever since there have been banks !!!!!!?????????.

[Lite Beer]

If you can find an Aeon ATM it will save you the 150 Baht charge.

[whiteelephant]

If you can find an Aeon ATM it will save you the 150 Baht charge.

is there an aeon in pattaya??

[ELVIS790]

If you can find an Aeon ATM it will save you the 150 Baht charge.

is there an aeon in pattaya??

I dont know what aeon is, but if it means not being charged, im sure i recall the ATM OUTSIDE TOPS doesnt charge you, although im going back some years now.

[harrry]

Australian Pensioners can get their pensions paid into a thai bank by the Australian Government free. Contact Centrelink to find out more. www.centrelink.gov.au

[ThunderDuck]

Australian Pensioners can get their pensions paid into a thai bank by the Australian Government free. Contact Centrelink to find out more. www.centrelink.gov.au

Another option is the "Wizard Clear Advantage" credit card which has no overseas transaction fees.

Rid yourself of the Commonwealth Bank quicksmart ... they are indeed legitimized thieves.

[daithi]

Sorry I can't help, I only have more questions. I noticed this 150 baht charge last year, per transaction on my credit card withdrawals, even though my credit card is loaded with all my cash. this only encouraged me to withdraw lager sums of cash and I didn't feel safe carrying around so much.

So does anyone know how do avoid this charge, I dint have a Thai bank account, but i will be out that way next month and be travelling between Lao and LOS for about 3 months, Aeon bank atms you say don't charge, I will not be going to pattaya, are they very common?

[cardholder]

Sorry I can't help, I only have more questions. I noticed this 150 baht charge last year, per transaction on my credit card withdrawals, even though my credit card is loaded with all my cash. this only encouraged me to withdraw lager sums of cash and I didn't feel safe carrying around so much.

So does anyone know how do avoid this charge, I dint have a Thai bank account, but i will be out that way next month and be travelling between Lao and LOS for about 3 months, Aeon bank atms you say don't charge, I will not be going to pattaya, are they very common?

How is your credit card "loaded with cash" ?

[daithi]

Sorry I can't help, I only have more questions. I noticed this 150 baht charge last year, per transaction on my credit card withdrawals, even though my credit card is loaded with all my cash. this only encouraged me to withdraw lager sums of cash and I didn't feel safe carrying around so much.

So does anyone know how do avoid this charge, I dint have a Thai bank account, but i will be out that way next month and be travelling between Lao and LOS for about 3 months, Aeon bank atms you say don't charge, I will not be going to pattaya, are they very common?

How is your credit card "loaded with cash" ?

What I meant was I have a small credit limit, but when I am on holidays It is far simpler to have all my holiday cash on my credit card, so to avoid carring much cash

[bkkbarnstormer]

Aeon ATM locations available from this link

http://www.aeonthailand.com/lang/en/menu/Service_Location/region/off/option/atm#branchATMForm

[cardholder]

Sorry I can't help, I only have more questions. I noticed this 150 baht charge last year, per transaction on my credit card withdrawals, even though my credit card is loaded with all my cash. this only encouraged me to withdraw lager sums of cash and I didn't feel safe carrying around so much.

So does anyone know how do avoid this charge, I dint have a Thai bank account, but i will be out that way next month and be travelling between Lao and LOS for about 3 months, Aeon bank atms you say don't charge, I will not be going to pattaya, are they very common?

How is your credit card "loaded with cash" ?

What I meant was I have a small credit limit, but when I am on holidays It is far simpler to have all my holiday cash on my credit card, so to avoid carring much cash

Interesting.

How does that work ? Do you pay your holiday money into your card account before travelling ?

Edited September 10, 2010 by cardholder

[harrry]

Sorry I can't help, I only have more questions. I noticed this 150 baht charge last year, per transaction on my credit card withdrawals, even though my credit card is loaded with all my cash. this only encouraged me to withdraw lager sums of cash and I didn't feel safe carrying around so much.

So does anyone know how do avoid this charge, I dint have a Thai bank account, but i will be out that way next month and be travelling between Lao and LOS for about 3 months, Aeon bank atms you say don't charge, I will not be going to pattaya, are they very common?

How is your credit card "loaded with cash" ?

What I meant was I have a small credit limit, but when I am on holidays It is far simpler to have all my holiday cash on my credit card, so to avoid carring much cash

Interesting.

How does that work ? Do you pay your holiday money into your card account before travelling ?

I do the same. With most Australian credit cards if you have a credit balance on your card....ie have put your own money in you get the benifits of a Credit Card such as points and the ability to reverse transactions and only get charged the same 1% that you would with a debit card instead of 3% or so with normal credit (plus interest) The drawback is that usually the balance on your card does not earn interest.

[ozzydom]

Australian Pensioners can get their pensions paid into a thai bank by the Australian Government free. Contact Centrelink to find out more. www.centrelink.gov.au

As harrry says,centrelink can pay your pension into a nominated Thai bank a/c.

The pension is paid directly to that a/c at the exchange rate prevailing at that point in time and centrelink pay all transfer costs,your payments will be changed to monthly instead of fortnightly and withdrawals from an atm at your particular branch are free of charge and with a 20 baht charge at any other atm.

In my case payments are transferred on a thursday and cash is available the following Wednesday AM.

[SurfRider]

.

There are only three AEON ATM locations in Pattaya.

Two ATMs at Tesco-North on North Pattaya Rd. ( Pattaya Nua ), across from city hall -- Both in the far back end of the corridor to the left if you came in the front door. An AEON branch office is next to the ATMs.

One ATM at Carrefour on Pattaya Central Rd. ( Pattaya Klang ), in the corridor leading to the toilets, not far from the front entrance.

Home-Works, next to Big-C south, near the corner of Sukumvit and South Pattaya Rd ( Pattaya Tai )

.

[jfchandler]

Welcome to all the newbies..here...

And thanks to BKK Barn Stormer for posting the link to finding AEON ATMs above...

Indeed, AEON ATMs are the only ATMs in Thailand that won't charge you a 150 baht withdrawal fee when using a non-Thai bank card.

AEON ATMs are located all over Thailand, and you can locate them from the AEON website linked above, although that list is not entirely accurate or up to date. AEON ATMs, kind of blue and gray colored, often are located inside Tesco, Carrefour and Big C stores, although not in all.

AEON is not a Thai bank or a bank at all, but rather, a Japanese-based credit card company that has the ATMs for its customers to withdraw funds and pay toward their accounts. Fortunately for us, those ATMs also function as regular general use ATMs...and don't charge the 150 baht fee.

AEON ATMs will accept all bank cards that other Thai bank ATMs will accept, including all those with the VISA or MC logo, as well as other brands too.

But to the OP, if you're going to reside or travel abroad, what you really need to do is find a home country bank that either doesn't charge any foreign currency conversion fees, or charges as small a percentage as possible. 3% plus a flat fee is HIGH.... But I'm not an expert on Australian banking, so I can't suggest what might be the best alternatives...

Right now, if you're paying the 150 baht fee on the Thai end and then similar charges on your home country bank's end with every transaction, I'd say you're getting double reamed.... It's time to rearrange your banking arrangements.

[jazzbo]

Aeon Atm At Siam Paragon - Be Careful ... Money not dispensed, card not returned

http://www.thaivisa....gon-be-careful/

This may be the stuff of 'urban legend' ... up to you.

[jfchandler]

Obviously, any ATM machine can malfunction at any time....

That said, I've used the Paragon AEON ATM regularly for the past two years, and never once had a problem..

It has been occasionally out of service, but never swallowed my card or failed to dispense the proper amount.

[bkk_mike]

Indeed, AEON ATMs are the only ATMs in Thailand that won't charge you a 150 baht withdrawal fee when using a non-Thai bank card.

Not the only way, but definitely the easiest, and they seem to be the only ones not charging 150 for MC/VISA.

The other method is if your foreign ATM card is on the plus network, rather than MC or Visa as you then avoid the 150 baht at Siam Commercial Bank ATMs (which are a lot more common than Aeon).

[Hardie]

Consider an online bank or one with few branches. Sometimes they'll rebate ATM fees- since they have none of their own- anywhere in the world! I know of two in the US that do this, First Republic and E-Trade, but there should be others, including Australia. I've used them in over 100 countries- no fees whatsoever!

[jfchandler]

I'm not familiar with First Republic, but E*Trade isn't as good an option as it used to be...

Last month, E*Trade began charging its customers the 1% foreign currency fee levied by VISA. Previously, the bank had eaten that charge.

The good thing is E*Trade is still refunding foreign ATM charges, including the nearly $5 fee of Thai ATMs...

A better option is Charles Schwab Bank, which doesn't charge the 1% fees, and still refunds foreign ATM fees worldwide.

[jfchandler]

BKK, I've never heard or seen any report of this kind here on TV....

A lot of cards on the PLUS network are also VISA logo cards, and those do get the 150 baht fee from Thai bank ATMs, including SCB....

Are you talking about a PLUS network, non-VISA or MC logo card? Straight ATM, not debit card? If so, what is the issuing bank?

The other method is if your foreign ATM card is on the plus network, rather than MC or Visa as you then avoid the 150 baht at Siam Commercial Bank ATMs (which are a lot more common than Aeon).

[jfchandler]

Hardie, thanks for posting the info about First Republic Bank... I see the account of theirs you're referring to is their ATM Rebate Checking account.

It looks like a legit deal that would refund the Thai bank 150 baht ATM charges, unlimited per month.... However, there are conditions: you need to maintain a $3500 minimum account balance or face an $18 per month service charge... That said, it doesn't look like a bad deal....

In reviewing their account disclosures, it doesn't say they'll levy the 1% foreign currency card network fee, and it does say they'll give account holders a choice of either a straight ATM card or an ATM/debit card, the latter presumably being a VISA or MC logo card.... I'm assuming their straight ATM card for sure would not carry the 1% card network fee, not having a VISA or MC logo affiliation.

Consider an online bank or one with few branches. Sometimes they'll rebate ATM fees- since they have none of their own- anywhere in the world! I know of two in the US that do this, First Republic and E-Trade, but there should be others, including Australia. I've used them in over 100 countries- no fees whatsoever!

[jazzbo]

... worth considering however both BofA and WellsFargo -- with their onerous ATM and ACH fee structure and all -- (at least for me) require no minimum monthly balance and there is never any monthly fee -- So you are required with the above to tie-up minimum $3500 to save ATM fees ... And some months I do not use the ATM at all just ACH transfers.

Edited September 13, 2010 by jazzbo

[Hardie]

First Rep is definitely legit, used it many times, charges are refunded within days... haven't used E-Trade in a while, so don't know. Nobody's paying interest these days anyway...

[jfchandler]

Jazzbo, I think the point of someone keeping the First Republic kind of account -- which fully refunds Thai bank ATM fees and others internationally -- would be to use ATM transactions for accessing your funds INSTEAD of doing ACH or wire transfers...

Obviously, if someone is handling their cash needs through ACH transfers ultimately into a Thai bank account, then the issue of refunds for U.S. ATM card use charges imposed by the Thai banks pretty much goes away, or at least ought to.

As mentioned before, there are other national banks such as Schwab that DO NOT charge the 1% card network fee and do refund Thai ATM charges, and the Schwab accounts have no minimum balance requirements.

A similar account to the First Republic one is the ServicePlus+ checking account offered by the Service Credit Union based in New England, which also refunds all international ATM fees and the 1% VISA network fee. But to obtain those benefits, the account holder must do a direct deposit of their payroll or pension and maintain a minimum balance of at least $1500. Also, to join that credit union, you must have some military affiliation, past or present, either yourself or among an immediate family member.

All of them are worthwhile options, each having somewhat different features that may be better or worse options depending on the needs of any particular person.

For the reasons you mentioned relating to their fees for international banking, BofA and Wells are both on my banned banks list.

... worth considering however both BofA and WellsFargo -- with their onerous ATM and ACH fee structure and all -- (at least for me) require no minimum monthly balance and there is never any monthly fee -- So you are required with the above to tie-up minimum $3500 to save ATM fees ... And some months I do not use the ATM at all just ACH transfers.

[HughJorgen]

I posted this elsewhere on the site, not a panacea for all ailments, but it may be of use to some UK citizens.

If you're a UK citizen, try applying for an on-line Visa / Master Card Debit card from Escape Cards, ( easily Googled), it's run by Newcastle Building Society, there are no ATM withdrawal charges, ( 'cept the obvious Thai 150 baht one ), no charges for POS transactions at Tesco / Carrefour etc and no charges for InterWeb transactions, you can only load up to a max. of 3000 quid per annum, but you can load at any Phones4U shop in the UK, prior to traveling ( means your card is loaded ready to go), or you can load by bank transfer online, ( 3-5 days clearance), I use it all the time now , ( I have 4x in different family member's names, so I can bypass the amounts restriction).

They have a great callback service should you have a problem, I've used the CB service 3x times so far, it's supposed to be chargeable, but they've waived the charges each time, like the Nationwide Flex acc't service that everybody used to use for a good number of years, it may not hang around for long tho' without some charges being applied, make hay while the sun shines.

PS. I didn't know about the Aeon 'free' withdrawals, there's one in Tesco at Pattaya Nua and also at Carrefour, I'll be popping in there to check that out, thanks for that little nugget of info.

PPS, as some members have stated your home country bank can charge an ERTF (Exchange Rate Transfer Fee) and also a Currency Conversion charge, so best to check on that, I got seriously screwed by Nat-West for many years by it's charges.

Chok dee khrab.

Edited September 13, 2010 by HughJorgen

[JimGant]

I'm assuming their straight ATM card for sure would not carry the 1% card network fee, not having a VISA or MC logo affiliation.

It's a "network" fee, so you'll be paying it to either MasterCard's Cirrus network, or Visa's Plus network.

My USAA ATM-only card rides the Cirrus network, and has no logo (because it's off my savings account, so thus no debit feature, thus no logo). However, I'm charged the Cirrus foreign transaction fee when I use it in Thailand. I assume, if it rode the PLUS network, I'd also realize a foreign transaction fee.

My USAA Visa credit card rides the Cirrus network -- and, accordingly, has a Cirrus logo on the reverse side. Interestingly, my Bank of America Visa credit card also rides the Cirrus network (and has "Cirrus" in prominent letters on the back). Maybe because it was formerly an MBNA card before being acquired by B of A....?

I wonder, if I ever needed a cash advance, would these credit cards work in an ATM machine displaying only the Visa -- but no Cirrus -- logo? (I'm almost sure they'd work in machines with "Cirrus" -- but not Visa -- advertised.)

Oh, the flyerguide site says both Bank of America Visa credit and Visa ATM/debit cards use the Visa/PLUS network. But, as I mentioned, mine uses Cirrus. Out of curiosity, any others out there on the Cirrus network?

[jfchandler]

Thanks Jim...that's a good and correct observation...correcting my earlier musings....

I was responding to bkk_mike's earlier claim that Plus network cards don't incur the 150 baht fee on SCB ATMs... As I mentioned, I've never heard of that, and seriously doubt it's correct.

In any event... for BofA...

In my experience, their Visa logo ATM/debit card carried the Interlink, Plus and Star network affils.

and their World MasterCard credit card and some other MC varieties carried a Cirrus affil.

Separately, I've got a couple other small bank ATM only cards (no VISA or MC logo) that carry the Plus and Star network affils. So under your scenario, they'd incur the 1% network fee as well....unless the banks involved were absorbing it. Both are kind of dormant accounts for me, so I haven't used them enough lately to be clear on the 1% issue.

[jazzbo]

Message today from Charles Schwab:

Thank you (Jazzbo) for opening your Schwab One® brokerage account and, on behalf of Schwab Bank, thank you for opening your Schwab Bank High Yield Investor Checking® account.

To get up and running, the next step is to fund your accounts.

That may prove somewhat convoluted but I'll give it a shot ... Probably have to do a monthly ACH transfer from an exiting account to keep things simple ... and just pay the $3 ...

(a la cary Grant in North by Northwest: "Roger ... Pay the $2" )

[jfchandler]

Jazzbo, Schwab brokerage accounts allow you to use their own online banking system to link to any other of your U.S. bank accounts using their 9-digit ABA #s. You can create those links with any of your other banking accounts entirely online in the Schwab system, which uses the trial deposits method of confirmation.

Once you've created those links, you can use Schwab's online banking system to pull funds (for free, no charge) into your Schwab brokerage account from any of your other banks' linked accounts, including places like BofA or Wells Fargo.

Once in your Schwab brokerage account, you can transfer funds online, again for free, back and forth between your Schwab brokerage account and any of your Schwab bank accounts. Those transfers are immediate in pretty much real time.

The only question I can't answer re this is: can you use Schwab's own online banking system to do the INITIAL funding for your brokerage account. I'm not sure about that. I guess it depends on whether Schwab has already given you access to their online banking system via a User ID and password. But once your brokerage and bank accounts with Schwab are active and open, it's easy to use them to pull in funds from any of your other external linked accounts.

PS - At least for now, creating those same kinds of links direct to the Schwab Bank accounts for your other bank accounts requires you to mail in paper forms and a voided check or deposit slip. But for the Schwab brokerage account, those links can be created entirely online, much easier.

Message today from Charles Schwab:

Thank you (Jazzbo) for opening your Schwab One® brokerage account and, on behalf of Schwab Bank, thank you for opening your Schwab Bank High Yield Investor Checking® account.

To get up and running, the next step is to fund your accounts.

That may prove somewhat convoluted but I'll give it a shot ... Probably have to do a monthly ACH transfer from an exiting account to keep things simple ... and just pay the $3 ...

(a la cary Grant in North by Northwest: "Roger ... Pay the $2" )