Atm Machines, Avoiding The 150Baht Charge?

[ObsessiveAddict]

So when I last travelled to Los I used atms to extract my money.

I hated dealing with these things. one reason was the 150baht charge for every withdrawal.

So I was wundering what the alternatives are?

If I were to open a bank account, would it be free to use their atms? would these atms have many locations around Thailand?

...

[calbts2]

One answer - AEON ATMs - No 150 baht extortion fee

[ObsessiveAddict]

One answer - AEON ATMs - No 150 baht extortion fee

And these are located all over thailand? Koh phangan for instance?

[scorpio]

I thought it was a 30 baht charge. ???

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[NewlyMintedThai]

I thought it was a 30 baht charge. ???

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150 baht per withdrawal on ATM cards issued by foreign banks.

[oncebefore]

You can check Aeon's website for their locations. One thing to be aware of, when u withdraw money from their ATM'S using your atm/debit card, they only allow in 1000 increments. For example, if u wanted to withdraw 5500, u cannot. U have to withdraw 5000. Don't know why it is like this. People can pay their bills on these machines and it gives change. Kind of strange.

[poanoi]

The fee is negligible when you take out larger amount of money.

i.e if you withdraw 150 baht and pay a fee of 150 its bad biz, a baht fee for every baht withdrawn,

but take out 20.000 baht at krungthep ATM pay 150 baht fee and you pay less than a satang for every baht withdrawn,

exchange rate has a much larger impact than the fee with these kind of money,

so you'll want to have a look both at daily exchange rate and also compare different banks

Edited April 2, 2012 by poanoi

[endure]

Take your card and your passport inside a bank. You can withdraw over the counter without using an ATM and thus not paying the ATM fee.

[Satcommlee]

There's no getting away from this charge really, best thing in my opinion is to withdraw the max and pay the 150 baht charge..

Any bank that claims to have free withdrawals for foreign cards will hit you on exchange rate surely?.

These ATM's are not some product of a registered charity, they are there to make money

[terryp]

These ATM's are not some product of a registered charity, they are there to make money

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

You cant be serious?

And just because the banks hit you with a 1-2 baht lower exchange rate (on GBP for example) is just part of the Banking charity's wonderful work is it?

So Aeon, HSBC & Citi are Charity's i take it>

Thailand Banking ATM charges are obscene, how the locals put up with it is amazing, pay to put money in pay to take money out, inter province bank transfer fees...hold money on deposit and receive poor interest yet the banks make billions in profit via fractional lending

The full Banking system is a SCAM

[endure]

There's no getting away from this charge really, best thing in my opinion is to withdraw the max and pay the 150 baht charge..

Yes there is. Just read post #8

[CharlieH]

Endure has it spot on in post 8, go inside and no fee's. just draw larger amounts and less frequently, if they ask you to use the machine outside tell them you forgot your number, Take your passport with you and your sorted.

If you are here for a longer period open a local account.

[mowgus]

As calbts2 wrote, use AEON machines....if you can find one (check their website). I've never been charged a fee and the conversion to THB is done by my bank, not AEON so the rate is the same regardless where I withdraw it.

I think AEON will grow fast here... I went to one of the locations in Chiang Mai yesterday and there was at least 30 people in line (for the two new ATMs). I couldn't believe it... is this because it's the beginning of the month? I decided to wait and go back today.

Curious...Do you not pay ATM fees in Europe? I am quite used to paying a fee if I use another banks ATM in Canada. And some banks charge regardless of whether it's their ATM or not.

[DowntownAl]

Any foreign exchange booth, use a credit card, pay off card online. Best FX and low fees (depending on card of course)

[KKvampire]

There's no getting away from this charge really, best thing in my opinion is to withdraw the max and pay the 150 baht charge..

Yes there is. Just read post #8

You can avoid ATM fee but not foreign transaction fee levied by your Non Thai bank , All Uk banks have a % fee on all tranactions ATM or over the counter.

[KhunBENQ]

Can not talk about "Europe" but Germany.

There are at least two options for withdrawal without any fees.

One is a Visa Card/Account of "DKB" Bank (paying 2.05% interest).

The other one are Postbank Savings Cards (no credit, but working like a "Visa Plus").

Visa Europe exchange rate for today can be checked here:

http://www.visaeurop...ange_rates.aspx

Today I would get 40,88 for the Euro, free of fees.

GBP would be 49,02.

Edited April 3, 2012 by KhunBENQ

[Swiss1960]

Any foreign exchange booth, use a credit card, pay off card online. Best FX and low fees (depending on card of course)

I would carefully check your credit card issuer's fees for cash advance through credit cards... they might charge you a fixed / percentage fee for the cash advance and they might top up the (good) FX rate from the exchange boot by up to 2.5%

Speaking for Switzerland, the rule is NEVER use your credit card for cash advance abroad, ONLY use your banks debit card!

[calbts2]

poanoi - I disagree. Why pay a fee at all if you can avoid it. I live here and to me 150 baht is significant no matter how much I want to withdrawal.

And over a month it really adds up. Let's say I go to the 150 baht ATMS 6 times a month that is 900 baht wasted.

Even though my US bank(Schwab) reimburses me for the fee(the exchange rate I get is pretty close to the true rate from xe.com), I will not contribute to the Thai bankers extortion out of principle.

It is a flat out ripoff and one of the highest ATM fees I know of in the world.

And there are plenty of AEON atms in Bangkok.

Don't know about Ko Phangan though.

Satcommlee - You are flat out wrong. Using AEON atms is how you avoid the fee. I do agree The ATMS are not a charity - they are there to service customers. Banks usually make money by giving out loans with customer's money.

I know of many actual charities more worthy of 150 baht ATM fees than the members of the Thai Bankers Assoc..

When I go to Big C there is a row of ATMS:

Bangkok Bank, Siam, Kasikorn, Government Savings Bank- COST to withdrawal = 150 baht/$5

AEON - COST to withdrawal - 0 baht/$0

Edited April 3, 2012 by calbts2

[55Jay]

Check out the banking/finance section in the Forum. There's a lot of information on banking, ATM use, wiring money from abroad, etc.

[TallGuyJohninBKK]

exchange rate has a much larger impact than the fee with these kind of money,

so you'll want to have a look both at daily exchange rate and also compare different banks

When using a foreign ATM card in a Thai bank ATM, the foreign exchange rates generally speaking are set by the card network of the card being used -- VISA or MC -- not the bank that owns the ATM. So the ATM rates for the same card on the same day will be the same at virtually any of the Thai banks.

The only exceptions to that are when the ATM asks and the customer specifically agrees to something called Dynamic Currency Conversion, which is a ripoff that yields a much lower ATM rate. But most of the Thai banks are not engaging in that.

[TallGuyJohninBKK]

You can avoid ATM fee but not foreign transaction fee levied by your Non Thai bank , All Uk banks have a % fee on all tranactions ATM or over the counter.

I don't believe that's correct. There's at least one UK bank and several building societies there that have no foreign currency fees when their debit cards are used to make ATM withdrawals in foreign countries. Although yes, most of the UK banks do charge foreign currency fees.

The exceptions are listed in various threads in the banking section here. But the London bank that's most notable for this is Metro Bank, and then there's also the Norwich and Peterbourgh Building Society, among a few others.

Here's a recent article that lists and compares both the ATM and POS foreign use fees of some of the majors

http://citywire.co.uk/money/bank-customers-charged-exorbitant-foreign-currency-fees/a567701

[TallGuyJohninBKK]

As for the OP's original and specific question.

Tourists can open Thai bank accounts, and once you have that, you generally can make free ATM withdrawals from that bank's ATMs... although some banks charge fees if you want to use their ATMs in a different region of the country from your home branch (where you opened the account). But you still have to get your native currency funds into the Thai bank somehow and at some exchange rate.

The best route to follow, and what routes are available overall, depend a lot on what is your home country. U.S. folks have a lot of good options... Europeans fewer... although I listed some no fee foreign ATM card options above for UK folks.

Also, in BKK, the Citibank ATMs at Asoke/Sukhumvit and at CentralWorld do not charge any foreign currency withdrawal fee...the 150 baht fee.

For U.S. folks, Charles Schwab, State Farm and Capital One are the best banking options for those traveling abroad, in that they charge no foreign currency fees and rebate, either fully or up to some limit per month, other banks' ATM fees, such as the Thai banks' 150 baht fee.

Edited April 3, 2012 by TallGuyJohninBKK

[osten]

The HSBC ATMs on Rama 4 road, opposite Lumpini, also do not charge the 150 baht fee for withdrawing from foreign bank. Further, they also enable maximum withdrawls of 40k baht each time, rather than 20k. This can save money on transaction fees on the side of your own bank.

Thanks fto the member above for the tip on the Citibank ATMs not charging the fee either.

Osten

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[Swiss1960]

exchange rate has a much larger impact than the fee with these kind of money,

so you'll want to have a look both at daily exchange rate and also compare different banks

When using a foreign ATM card in a Thai bank ATM, the foreign exchange rates generally speaking are set by the card network of the card being used -- VISA or MC -- not the bank that owns the ATM. So the ATM rates for the same card on the same day will be the same at virtually any of the Thai banks.

The only exceptions to that are when the ATM asks and the customer specifically agrees to something called Dynamic Currency Conversion, which is a ripoff that yields a much lower ATM rate. But most of the Thai banks are not engaging in that.

Almost correct:

- you are correct about DCC which normally should not be accepted (SCB offers it by the way when I use my Debit Card)

- you are generally correct that VISA and MC use an exchange rate for the currency conversion between the ATM owning bank and the card owning bank

however - that's the point you missed - the card owning bank can (and in Switzerland they all do) add a fee ontop of the VISA / MC exchange rate, depending on bank and card product this is anywhere from 0.9% to 2.5% and it is called a "mark-up fee" on the VISA / MC exchange rate and must be clearly reported on the transaction / statement

Edited April 3, 2012 by Swiss1960

[TallGuyJohninBKK]

Yes...that's correct... But I didn't miss it..and am well aware of it.

The home bank item you're talking about is a FEE... not the exchange rate...

As I said, the card networks set the exchange rate for ATM transactions...

If someone is paying the 150 baht fee on the Thai bank end, that obviously reduces the net funds they receive.

Likewise, if someone's home bank is charging a foreign currency fee of 1 to 3% or more on international transactions, that likewise reduces the net funds received or the cost of a purchase.

But it doesn't change the actual exchange rate. Nor does it get the home country bank involved in setting the exchange rate.

[TallGuyJohninBKK]

The HSBC ATMs on Rama 4 road, opposite Lumpini, also do not charge the 150 baht fee for withdrawing from foreign bank. Further, they also enable maximum withdrawls of 40k baht each time, rather than 20k. This can save money on transaction fees on the side of your own bank.

Thanks fto the member above for the tip on the Citibank ATMs not charging the fee either.

Osten

It's been a long time since I've used my U.S. HSBC card at the bank's BKK branch. But back in the days when I did, I wasn't getting a particular good return on my funds... The details of that, I can't remember after all this time.

However, it may be somewhat moot, since HSBC has announced they're going to be exiting retail banking in Thailand later this year, and transitioning their current customers in Thailand to the Bank of Ayudhya.

HSBC also is supposed to be closing their main BKK branch, though I'm still hearing mixed reports on that point. But either way, I'd expect HSBC ATMs will disappear or be re-branded to another bank in the coming months.

[Swiss1960]

But it doesn't change the actual exchange rate. Nor does it get the home country bank involved in setting the exchange rate.

Again, not completely true:

The exchange rate used by VISA and MC (or any other brand) is used for the settlement of funds between the Acquiring Bank (providing the ATM) and the Issuer Bank (providing the card). Actually their are different exchange rates used, as VISA and MC do only settle in certain currencies (i.e. in US$, EUR, but not in Thai Baht as one example).

The Issuer Bank has the right to set their own exchange rates for the conversion to their customer accounts. I could name one Swiss Bank who sets their own exchange rates (and those have nothing to do with FEE) for Euro (giving their customers better rates than VISA / MC), have worse exchange rates for GBP and US$) and using the standard VISA / MC exchange rates for the rest of the currencies.

As long as they publish them on their websites, that is completely legal.

[KKvampire]

You can avoid ATM fee but not foreign transaction fee levied by your Non Thai bank , All Uk banks have a % fee on all tranactions ATM or over the counter.

I don't believe that's correct. There's at least one UK bank and several building societies there that have no foreign currency fees when their debit cards are used to make ATM withdrawals in foreign countries. Although yes, most of the UK banks do charge foreign currency fees.

The exceptions are listed in various threads in the banking section here. But the London bank that's most notable for this is Metro Bank, and then there's also the Norwich and Peterbourgh Building Society, among a few others.

Here's a recent article that lists and compares both the ATM and POS foreign use fees of some of the majors

http://citywire.co.u...cy-fees/a567701

Name the UK banks or Building societies that have an international debit card and dont charge for using it overseas at an ATM or to withdraw over the counter in a Thai bank? Nationwide never used levy a charge but that stopped about a year ago.

[MEL1]

As calbts2 wrote, use AEON machines....if you can find one (check their website). I've never been charged a fee and the conversion to THB is done by my bank, not AEON so the rate is the same regardless where I withdraw it.

I think AEON will grow fast here... I went to one of the locations in Chiang Mai yesterday and there was at least 30 people in line (for the two new ATMs). I couldn't believe it... is this because it's the beginning of the month? I decided to wait and go back today.

Curious...Do you not pay ATM fees in Europe? I am quite used to paying a fee if I use another banks ATM in Canada. And some banks charge regardless of whether it's their ATM or not.

Grow fast? AEON has been here a long time, and is well established, with 2.86 million Thai credit card users already.

It's an excellent company, and during the floods actually went out of its way to call my wife and say interest had been suspended and she didn't need to make a payment for 6 months!

Ever heard of Visa or Mastercard doing such? No way!

-mel.

[Swiss1960]

Grow fast? AEON has been here a long time, and is well established, with 2.86 million Thai credit card users already.

It's an excellent company, and during the floods actually went out of its way to call my wife and say interest had been suspended and she didn't need to make a payment for 6 months!

Ever heard of Visa or Mastercard doing such? No way!

-mel.

Again some ill informed comment... it is NOT in the responsibility of VISA or MasterCard to make such a call to wave payments for a certain amount of time, it is the sole responsibility of the Card Issuing Bank (i.e. SCB, AEON etc.) to make such a call. And since AEON is the owner of the Visa and MasterCard credit cards that they give to their customers, it is / was their call to make the mentioned payment holiday....

Visa and MasterCard have nothing to do with the payment of the individuals credit balance.