Annual Atm Fee

[Darrel]

Do you honestly believe that ANY bank, in ANY country is going to offer you a service for free of charge?

Yes.

I have a UK Visa credit card that has no yearly charge. Also a UK Visa debit card that has no charge and no exchange weighting for foreign withdrawals.

My current accounts are all free to operate, and I get interest on them also. I get more interest on my deposit accounts and twice a week I move all extra cash from my current account to a deposit account via online banking. This is also free and instant, even between different banks.

If any UK bank tried to charge me anything for day-to-day services I would be gone in the blink of an eye.

The only reasons that I pay for a Kbank ATM card are because it is only 200B and because the Thai banks operate a cartel system of fixed fees that completely throttles competition. But no surprises there as this is a land of little competitiveness and much price fixing.

[BangkokSpoon]

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

Same here - 200 baht PA @ Bangkok Bank sine 2007

[TallGuyJohninBKK]

In my experience, 200 baht or so per year is the standard fee charged by many Thai banks for customers to hold their regular ATM/debit cards. Fees significantly beyond that level probably involve added charges for some of the subsidiary services banks offer such as insurance, etc.

Basically, banks are always trying to get cash from their customers thru one means or another. In the U.S., most banks don't charge any annual fee for having ATM cards. But the large U.S. banks increasingly have taken to trying to charge monthly fees ($5 to $10 or more) just for having their checking accounts. In contrast, most Thai banks AFAIK haven't gone the route of monthly account fees, at least not yet.

As for Charles Schwab and its high yield checking account, it's one of the best banking deals around. No fees, no minimum balance, free inbound and outbound ACH transfers, foreign ATM fees reimbursed automatically. However, it's a U.S. account and not a Thai bank account. And there are various reasons that people want and need to keep local Thai bank accounts as well.

[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

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.

OK sounds like a great value add deal for the Schwab customer

[meand]

Banks make money by using your money. To say a bank can't make money if they don't charge atm fees makes about as much sense as a restaurant that "can't make money charging customers to use its chair and tables." On that note, the restaurant would just be increasing its profit margins if they did charge you for that service (assuming customers didn't flee, which I think is a safe assumption here in Thailand in the atm fee example). I also think this example is rather amusing because wouldn't it be "coincidental" if ALL restaurants just happened to charge a fee for using tables at the same time, ha. "It is cheap, chairs are convenient for me to sit in, stop complaining everybody" -- yeah, thanks for the advice bro.

I respect the Thai banks decision on this, and the atm card is an option, so that is good. I initially thought it was a one time fee, and paid it, then found out it was annual. Anyway, the only thing that really gets me chapped on this topic is the people who say "it is convenient, it is cheap, stop complaining and pay it". You are the reason companies like this can increase their profit margins and screw all their customers. I bet if your internet provider started charging you per email, you'd be all up in arms -- but what bro, it is so convenient, what is a few baht per email. I don't know, I guess this attitude makes me sick because people are affecting those other than themselves. I dont like that, woes me

[Javabear]

To think the banks went to the expense of setting up ATM networks for the convenience of their customers is nuts. Banks first started setting up ATM's because it is cheaper for them to do business with their customers through a machine than it is through a teller. Think $0.25 US per transaction for an ATM versus $6 US per transaction for a teller. Then add all the little fees that the banks have added over the years (some are even charging to do business through their own ATM's) and the whole thing is a cash cow for them.

[simple1]

To think the banks went to the expense of setting up ATM networks for the convenience of their customers is nuts. Banks first started setting up ATM's because it is cheaper for them to do business with their customers through a machine than it is through a teller. Think $0.25 US per transaction for an ATM versus $6 US per transaction for a teller. Then add all the little fees that the banks have added over the years (some are even charging to do business through their own ATM's) and the whole thing is a cash cow for them.

Agree - not sure where anyone has said ATM networks were established purely for customer convenience

[BigSkip]

reminds me of the time I was getting into a taxi waiting for the falong to get out so i could get in.....it was because the taxi driver didn't have the 5 baht change due on a 55baht fare... ;o)

[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.

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

If i had the same amount in a Thai bank, services i think would still be 0 and a charge. Some standard accounts in UK still post statements here, send free ATM's, and give free european holiday insurance, all free on the standard accounts.. They nearly had a more than a few quid but an overly confident account manager gave me financial advice when not liciensed to do so, so i got the upgrade to the Premier card free as a sweetner and took the cash else where. I used to work in the industry so knew the had screwed up badly.

http://www.nationwide.co.uk/current_account/default.htm all free

Edited June 13, 2012 by marstons

[talk2sam]

reminds me of the time I was getting into a taxi waiting for the falong to get out so i could get in.....it was because the taxi driver didn't have the 5 baht change due on a 55baht fare... ;o)

The "Falong" worked hard for his 5 baht, so if he chooses not to tip the taxi Man, his choice..why didnt you pay the 55 baht for him?

[w11guy]

bangkok bank - free.

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

I opened my account with 100 baht and was give a free atm card. I've had it for almost 2 years and never been charged a fee. I even lost the first one and they gave me another one, also free of charge.

[w11guy]

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

Same here - 200 baht PA @ Bangkok Bank sine 2007

I will check my books tomorrow to see if there is a charge on there, but I've never noticed one.

[meand]

^I have also been told those charges don't even necessarily have to show up, not sure how accurate that is. It may also have something to do with how much time goes by when you update your book after the charge is made, maybe others know more on this?? Also may be different for people with internet banking (banks probably realize internet bankers are more savvy so maybe play more fair with those customers?).

Point of all this being, if you don't keep the book yourself it could slip by -- I started an excel spreadsheet just because I have next to no trust in them -- maybe this is common sense, but I never kept my own book in the US so I got in a bad habit.

Edited June 14, 2012 by meand

[Darrel]

^I have also been told those charges don't even necessarily have to show up, not sure how accurate that is. It may also have something to do with how much time goes by when you update your book after the charge is made, maybe others know more on this??

All activity, including charges, should appear on the passbook when it is updated regardless of how long ago the last update was.

[Pib]

bangkok bank - free.

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

I opened my account with 100 baht and was give a free atm card. I've had it for almost 2 years and never been charged a fee. I even lost the first one and they gave me another one, also free of charge.

Or you just haven't monitored your balance that close and haven't noticed an annual fee.

[TallGuyJohninBKK]

In my experience, the Thai banks don't do anything particular to notify the customer that they're assessing the annual ATM fee charge... They just debit the funds from your account and move on... So people might not even notice the charge if they're not paying close attention to their balance and account transactions.

[topt]

In my experience, the Thai banks don't do anything particular to notify the customer that they're assessing the annual ATM fee charge... They just debit the funds from your account and move on... So people might not even notice the charge if they're not paying close attention to their balance and account transactions.

yep - guilty - I never noticed until I lost my ATM card, replaced it so i thought with the same card and discovered a renewal charge a year later that was about 600 baht - it had added insurance I had not asked for - and then replaced with a standard ATM card at 200 baht.

[Pib]

Yeap, unless a person monitors their balance via their online banking and/or passbook to notice the fee they won't receive any other notice of the annual deduction.

[talk2sam]

Hi People, I went to the branch where i opened the account and I was told my card comes with an insurance incase of accidents, they said I can present the card at the hospital anytime I have an accident...I wonder why i wasn't told that when I opened the account coz I had an accident february, i should have let them pay up...

[simple1]

Hi People, I went to the branch where i opened the account and I was told my card comes with an insurance incase of accidents, they said I can present the card at the hospital anytime I have an accident...I wonder why i wasn't told that when I opened the account coz I had an accident february, i should have let them pay up...

You sure you understood correctly? Banks do offer accident insurance e.g. Kasikorn, costs 2,500 baht p.a. for 50,000 baht cover. Includes 3,000,000 baht in case of accidental death

[Darrel]

As with most bank insurance "offers", you may find that the small print limits the validity to accidents occurring to the third toe on your left foot, on alternate Wednesdays, and only when occurring in licensed public transport driven by a rabid monkey wearing glasses.

[chris2004]

I'm with Krung Thai bank and i've just had 230 baht taken out. I presume it's the annual fee, not worth the aggro of trying to get them to explain.

[GreenSnapper]

Hi People, I went to the branch where i opened the account and I was told my card comes with an insurance incase of accidents, they said I can present the card at the hospital anytime I have an accident...I wonder why i wasn't told that when I opened the account coz I had an accident february, i should have let them pay up...

These "insurances" included in your ATM card are just a joke. Not even worth the 200-400 Baht you pay for it.

Change your card into a non-insurance, normal ATM card before next renewal!

[talk2sam]

Hi People, I went to the branch where i opened the account and I was told my card comes with an insurance incase of accidents, they said I can present the card at the hospital anytime I have an accident...I wonder why i wasn't told that when I opened the account coz I had an accident february, i should have let them pay up...

These "insurances" included in your ATM card are just a joke. Not even worth the 200-400 Baht you pay for it.

Change your card into a non-insurance, normal ATM card before next renewal!

I will go to my branch one of these days and change it....

[hyperdimension]

Are there any banks that provide ATM cards with no annual fee?

Some people mentioned Bangkok Bank, but others say that they do charge an annual fee. Which is true?

Do banks charge for replacing a damaged card, or does the annual fee cover it? My 5-year old SCB card is starting to snap.

Edited September 13, 2012 by hyperdimension

[how241]

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

Some cards have a 200 baht renewal fee but the cards that have the 'Visa' logo on them are usually 500-600 baht yearly.

[theoldgit]

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

Some cards have a 200 baht renewal fee but the cards that have the 'Visa' logo on them are usually 500-600 baht yearly.

My Kasikorn Visa Card is 200 Baht per year, 55 Satang a day, as others have said they do offer higher priced cards which include some dodgy insurance.

[lopburi3]

Are there any banks that provide ATM cards with no annual fee?

Some people mentioned Bangkok Bank, but others say that they do charge an annual fee. Which is true?

Do banks charge for replacing a damaged card, or does the annual fee cover it? My 5-year old SCB card is starting to snap.

BBL blue ATM cards used to be 100 baht per year but not sure if same now or not.

BBL Visa electronic debit card (not embossed) is 200 baht per year.

[TallGuyJohninBKK]

Are there any banks that provide ATM cards with no annual fee?

Some people mentioned Bangkok Bank, but others say that they do charge an annual fee. Which is true?

Do banks charge for replacing a damaged card, or does the annual fee cover it? My 5-year old SCB card is starting to snap.

Last time I looked at their website's list of fees, Bangkok Bank charges its regular customers both an annual fee for using/having one of their Be1st debit cards AND an additional card replacement fee if that card is ever lost or stolen.

...In addition to holding the card user responsible for any and all fraudulent charges on the card prior to the user reporting the card lost or stolen -- which is the common policy/practice among Thai banks. Forget any notion of consumer protection laws here.

Likewise, last time I checked, the lowest daily limit you can set on their cards for allowing POS (Point of Sale) transactions is 50,000 baht per day. So a lost or stolen card could quickly produce quite a large bill for the user.

You can, however, turn off the card's POS feature entirely -- meaning it could only be used as an ATM card with the PIN code and not for making purchases via swipe and sign -- by using the bank's automated telephone system under bank card settings.