Annual Atm Fee

[talk2sam]

I opened a Krung thai bank account last year...I just had six hundred baht stolen from my account by the bank, as ATM annual fee is this the standard procedure or do I have to cry wolf? please any one with this experience should keep me updated before I lead a one-man riot squad to the branch where I opened the account...six hundred baht is a lot of money..if I add four hundred baht to it i will get a funfilled night with the orientals..

[psmith]

There is normally an annual charge from most of the Thai Banks - I know there is with SCB, but cannot remember how much. Better to look at it as 10 baht a week then it feels better than losing 1 fun filled night plus another 400 baht - call the riot squad off

[GreenSnapper]

Maybe your card includes some useless insurance. Get it changed before next renewal, 200 B would be the standard price.

[how241]

Maybe your card includes some useless insurance. Get it changed before next renewal, 200 B would be the standard price.

I have seen debit card renewals at 200-550 bt. It depends on the bank and type of card.

Almost all have a yearly fee.

[meand]

first, yes it was probably the annual atm fee.

Second, and please anybody correct me if they feel this wont work..... what i'm going to do is just tell them i dont need my atm card anymore. I walk by my branch all the time. I'll just withdrawal all my cash after payday and leave a minimum in there. I really dont need a card, but that is just me. It is just ironic because their own policy will have caused them to lose the ability to hold on to most of my cash.

Edited June 12, 2012 by meand

[topt]

first, yes it was probably the annual atm fee.

Second, and please anybody correct me if they feel this wont work..... what i'm going to do is just tell them i dont need my atm card anymore. I walk by my branch all the time. I'll just withdrawal all my cash after payday and leave a minimum in there. I really dont need a card, but that is just me. It is just ironic because their own policy will have caused them to lose the ability to hold on to most of my cash.

Depends how worried you are about either carrying the money around or storing somewhere - presumably for a whole month? Also what happens if you go somewhere and don't have enough on you. Normally you would just go to the local ATM......

[Darrel]

Kbank 200B/year

[w11guy]

bangkok bank - free.

[w11guy]

first, yes it was probably the annual atm fee.

Second, and please anybody correct me if they feel this wont work..... what i'm going to do is just tell them i dont need my atm card anymore. I walk by my branch all the time. I'll just withdrawal all my cash after payday and leave a minimum in there. I really dont need a card, but that is just me. It is just ironic because their own policy will have caused them to lose the ability to hold on to most of my cash.

So you are going to make your life more difficult so that you can save around 10 baht a week. Very odd indeed.

[BrianCR]

Maybe your card includes some useless insurance. Get it changed before next renewal, 200 B would be the standard price.

Its got to be useless insurance I hold Visa Electron Cards with both K Bank (for pension) and KTB (salary)., both accounts have been open for 3-4 years and apart from paying 200 baht for the cards in the first place i have never been charged one baht!!

[meand]

bangkok bank - free.

I have been told that it is not free there. Maybe you have special account (ie a lot of money??).

[meand]

first, yes it was probably the annual atm fee.

Second, and please anybody correct me if they feel this wont work..... what i'm going to do is just tell them i dont need my atm card anymore. I walk by my branch all the time. I'll just withdrawal all my cash after payday and leave a minimum in there. I really dont need a card, but that is just me. It is just ironic because their own policy will have caused them to lose the ability to hold on to most of my cash.

So you are going to make your life more difficult so that you can save around 10 baht a week. Very odd indeed.

It may be more difficult for you, not for me. Settled?

[Darrel]

bangkok bank - free.

The T&Cs on their website appear to say 200B.

[meand]

bangkok bank - free.

The T&Cs on their website appear to say 200B.

Yes, they all have that. It is either 1) Thais are too "unaware" to change banks when somebody offers them an account with no atm fee or 2) It has just never occurred to a bank they could get their hands on more of customers/capital by simply waiving this fee when all others don't, or there is some collusion going on, or some regulation against waiving it. Either way, this is the type of thing that is odd to me, but to each their own.

Edited June 12, 2012 by meand

[meand]

Maybe your card includes some useless insurance. Get it changed before next renewal, 200 B would be the standard price.

Its got to be useless insurance I hold Visa Electron Cards with both K Bank (for pension) and KTB (salary)., both accounts have been open for 3-4 years and apart from paying 200 baht for the cards in the first place i have never been charged one baht!!

3 years, never been charged a baht, looks like they may have charged your atm fee all at once for whatever reason.

Edited June 12, 2012 by meand

[simple1]

Stating the blindingly obvious a bank will need to recoup the capital investment in establishing and operating an ATM network. Whether it's a disclosed fee through their published T&C's or an alternative mechanism, the investment will be recovered one way or the other. Also you would be aware of the logistical need to refresh the cash dispensed and the supply chain costs involved. As other posts have stated you either want access to the facility or you don't. If you don't why did you even bother to raise this trivial matter.

[Pib]

bangkok bank - free.

The T&Cs on their website appear to say 200B.

Yeap, B200/year as noted on their web site...and the wife and I see a total of B400 deducted per year for our two debit cards.

[talk2sam]

Maybe your card includes some useless insurance. Get it changed before next renewal, 200 B would be the standard price.

Its got to be useless insurance I hold Visa Electron Cards with both K Bank (for pension) and KTB (salary)., both accounts have been open for 3-4 years and apart from paying 200 baht for the cards in the first place i have never been charged one baht!!

3 years, never been charged a baht, looks like they may have charged your atm fee all at once for whatever reason.

I dont know but I guess, I have to go to my branch and ask why the 600 baht fee...maybe they feel this foreigner has so much in his account lets take some....

[talk2sam]

Stating the blindingly obvious a bank will need to recoup the capital investment in establishing and operating an ATM network. Whether it's a disclosed fee through their published T&C's or an alternative mechanism, the investment will be recovered one way or the other. Also you would be aware of the logistical need to refresh the cash dispensed and the supply chain costs involved. As other posts have stated you either want access to the facility or you don't. If you don't why did you even bother to raise this trivial matter.

I don't understand, what is trivial about my question? I wonder who discovered pot...

[talk2sam]

Thanks for all the reply..this matter is not trivial to me, I have used SCB for 3 years + i got charged 200 baht fee just once. so why should I be charged 600 baht in just about one year...I will march to the branch tomorrow..if not for my employer and salary account...I am contented with SCB, they give me all I want.

[Darrel]

.... I hold Visa Electron Cards with both K Bank (for pension) and KTB (salary)., both accounts have been open for 3-4 years and apart from paying 200 baht for the cards in the first place i have never been charged one baht!!

As far as Kbank goes I find this unlikely. KBank definitely charge at least 200B/year as a minimum for an ATM card. In fact as far as I know some their cards cost a lot more; none cost less. Maybe they have just forgotten you?

I did significant research into this before getting a card (yes, I am keen to save 200B if possible) and all the Thai banks seemed to be charging a minimum of 200B as a cartel arrangement coincidence.

Edited June 12, 2012 by Darrel

[meand]

Stating the blindingly obvious a bank will need to recoup the capital investment in establishing and operating an ATM network. Whether it's a disclosed fee through their published T&C's or an alternative mechanism, the investment will be recovered one way or the other. Also you would be aware of the logistical need to refresh the cash dispensed and the supply chain costs involved. As other posts have stated you either want access to the facility or you don't. If you don't why did you even bother to raise this trivial matter.

The investment will be recovered, but the question is will they recover it directly from you (eg Thailand) or from their existing profit margins (eg USA there are many banks with no fees if you want that option). When everyone thinks like you, and nobody puts up a stink and threatens to change banks etc (not an option to change yet in Thailand, no demand for no fee accounts??), then rich guys at the top get to pad their profit margins. Think every account in Thailand paying this fee -- quite a bit of "padding". Not a big deal I just don't see it like you, but that is ok, and so is the Thai system, but imo it has evolved from people being too sheepish.

Edited June 12, 2012 by meand

[JusMe]

Just checked my account and for several years now at Bangkok Bank I've been paying 200 baht per year for the ATM card.

[simple1]

Stating the blindingly obvious a bank will need to recoup the capital investment in establishing and operating an ATM network. Whether it's a disclosed fee through their published T&C's or an alternative mechanism, the investment will be recovered one way or the other. Also you would be aware of the logistical need to refresh the cash dispensed and the supply chain costs involved. As other posts have stated you either want access to the facility or you don't. If you don't why did you even bother to raise this trivial matter.

I don't understand, what is trivial about my question? I wonder who discovered pot...

I say trivial as why would one go through the time and effort to change to another bank for the sake of a few hundred baht?

[simple1]

Stating the blindingly obvious a bank will need to recoup the capital investment in establishing and operating an ATM network. Whether it's a disclosed fee through their published T&C's or an alternative mechanism, the investment will be recovered one way or the other. Also you would be aware of the logistical need to refresh the cash dispensed and the supply chain costs involved. As other posts have stated you either want access to the facility or you don't. If you don't why did you even bother to raise this trivial matter.

The investment will be recovered, but the question is will they recover it directly from you (eg Thailand) or from their existing profit margins (eg USA there are many banks with no fees if you want that option). When everyone thinks like you, and nobody puts up a stink and threatens to change banks etc (not an option to change yet in Thailand, no demand for no fee accounts??), then rich guys at the top get to pad their profit margins. Think every account in Thailand paying this fee -- quite a bit of "padding". Not a big deal I just don't see it like you, but that is ok, and so is the Thai system, but imo it has evolved from people being too sheepish.

I do not know the T&C's for "free" access in USA. In Australia, for example, you can obtain no fee access, but their are T&C's such as a minimum monthly balance. If I recall correctly the operating cost per transaction is one cent.

Edited June 12, 2012 by simple1

[djayz]

Do you honestly believe that ANY bank, in ANY country is going to offer you a service for free of charge? They need to make money too, and they will make it - either directly as a fee, or indirectly.

Baht 600 per year to keep your money (relatively) safe and have the convenience of withdrawing it 24/7 really isn't expensive.

I have accounts with a few banks, and the all charge between Baht 200 and 300 per year for the ATM service.

SCB charges me Baht 600/year, but it comes with accident insurance which covered both my trips to the hospital for two different injuries.

This really isn't something worth complaining about.

[KCM]

I have a checking account that is even better than no fees, since they even reimburse the 150 Baht ATM fee charged by Thai banks. Many people on this forum are already aware of this account from Charles Schwab in the U.S. I have had this account for a couple of years and have never paid a single fee. I can even write a check from this account online and they will mail it for free to any U.S. address.

http://www.schwab.com/public/schwab/banking_lending/checking_account

What are the fees and minimums?

• Monthly service fees: $0
  
• Account minimum: $0
  

What do I get with this Investor Checking account?

• Unlimited rebates from any ATM worldwide¹
  
• A 0.15% APY variable interest rate on any balance²
  
• Free standard checks and a Visa^® Platinum debit card
  
• FDIC insurance up to $250,000³
  
• A linked Schwab One^® brokerage account with no fees or minimums
  

[marstons]

Do you honestly believe that ANY bank, in ANY country is going to offer you a service for free of charge? They need to make money too, and they will make it - either directly as a fee, or indirectly.

Baht 600 per year to keep your money (relatively) safe and have the convenience of withdrawing it 24/7 really isn't expensive.

I have accounts with a few banks, and the all charge between Baht 200 and 300 per year for the ATM service.

SCB charges me Baht 600/year, but it comes with accident insurance which covered both my trips to the hospital for two different injuries.

This really isn't something worth complaining about.

England its free, also free European holiday insurance, fress issue of new cards, free sending of statements to Thailand and with one card i get free access to numerous VIP lounges in airports.

HSBC sold there retail banking in Thailand end of March, if the HSBC gives up then the country really is a banking cartel. Mean while all the developing eastern block countries a welcoming HSBC with open arms.

[simple1]

Do you honestly believe that ANY bank, in ANY country is going to offer you a service for free of charge? They need to make money too, and they will make it - either directly as a fee, or indirectly.

Baht 600 per year to keep your money (relatively) safe and have the convenience of withdrawing it 24/7 really isn't expensive.

I have accounts with a few banks, and the all charge between Baht 200 and 300 per year for the ATM service.

SCB charges me Baht 600/year, but it comes with accident insurance which covered both my trips to the hospital for two different injuries.

This really isn't something worth complaining about.

England its free, also free European holiday insurance, fress issue of new cards, free sending of statements to Thailand and with one card i get free access to numerous VIP lounges in airports.

HSBC sold there retail banking in Thailand end of March, if the HSBC gives up then the country really is a banking cartel. Mean while all the developing eastern block countries a welcoming HSBC with open arms.

If you are getting "free" access to VIP lounges at airports I would presume that your funds at the bank are not a few quid. The services offered will reflect the business you have with the bank based upon the bank's customer retention policy.. I guarantee that if you only have limited business with the bank you will not be receiving the services you've mentioned. So are you comparing apples for apples with your Thai bank? Same observation applies to KCM's post

Edited June 13, 2012 by simple1

[KCM]

Do you honestly believe that ANY bank, in ANY country is going to offer you a service for free of charge? They need to make money too, and they will make it - either directly as a fee, or indirectly. Baht 600 per year to keep your money (relatively) safe and have the convenience of withdrawing it 24/7 really isn't expensive. I have accounts with a few banks, and the all charge between Baht 200 and 300 per year for the ATM service. SCB charges me Baht 600/year, but it comes with accident insurance which covered both my trips to the hospital for two different injuries. This really isn't something worth complaining about.

England its free, also free European holiday insurance, fress issue of new cards, free sending of statements to Thailand and with one card i get free access to numerous VIP lounges in airports. HSBC sold there retail banking in Thailand end of March, if the HSBC gives up then the country really is a banking cartel. Mean while all the developing eastern block countries a welcoming HSBC with open arms.

If you are getting "free" access to VIP lounges at airports I would presume that your funds at the bank are not a few quid. The services offered will reflect the business you have with the bank based upon the bank's customer retention policy.. I guarantee that if you only have limited business with the bank you will not be receiving the services you've mentioned. So are you comparing apples for apples with your Thai bank? Same observation applies to KCM's post

With the Schwab checking account there is no minimum balance, so it doesn't matter how much or how little you keep in the account you will never be charged a fee.