Avoiding The 150B Atm Fee

[PalMan]

So rather than simply repeating facts/claims already posted, could someone with a clue help us build up a summary?

In general I see three options so far that don't require opening a Thai bank account:

1. Use a "home bank" that refunds the ATM fees - in the US, this would include Schwab (and?) - and in the UK, or other NES countries??

2. Withdraw using your (X Y and Z network) ATM cards and (A, B and C) credit cards at any Aeon machine

3. Withdraw using your (X Y and Z network) ATM cards and (A, B and C) credit cards at Citibank, located on Sathorn near Naratiwas as well as Central World 4th floor.

4?

Edited May 21, 2013 by PalMan

[Eesat]

4.) Open a Thai bank account and wire the money you need to live on,on a monthly basis.It will cost you about $50 for an international bank wire transfer once per month.Also,don't convert it before you send,let the receiving bank make the transaction as you'll get a better rate.

For me it's about USD $2,000,works just fine for me!

[PalMan]

In general I see three options so far that don't require opening a Thai bank account

-

Since the thread was targeting visitors rather than long-term residents. . .

[CPT]

farang000999, on 15 Jun 2012 - 20:01, said:
just get a thai bkk bank account. you will get a better rate for your transfers which as an american can be made via the ach system.

My experience has not led to the same recommendation. You still have to pay for transfers, pay atm fees when you are outside the area you opened the account (even at the same banks ATMs), pay extra for a card that can be used anywhere other than atms, go back to the branch where the account was opened to get anything done, and are exposed to the lack of Thai consumer protection laws. I opened a Bangkok Bank Account when I first came to Thailand, I now use Schwab and pay no fees of any sort, ATM fees from other banks are refunded, all while getting quality customer service 24/7 and all the rights and protections associated with a US bank account. If you are being paid in Thailand then you don't have a lot of choice but I see no benefit to a local checking account otherwise. Edited May 21, 2013 by CPT

[Eesat]

farang000999, on 15 Jun 2012 - 20:01, said:

just get a thai bkk bank account. you will get a better rate for your transfers which as an american can be made via the ach system.

My experience has not led to the same recommendation. You still have to pay for transfers, pay atm fees when you are outside the area you opened the account (even at the same banks ATMs), pay extra for a card that can be used anywhere other than atms, go back to the branch where the account was opened to get anything done, and are exposed to the lack of Thai consumer protection laws. I opened a Bangkok Bank Account when I first came to Thailand, I now use Schwab and pay no fees of any sort, ATM fees from other banks are refunded, all while getting quality customer service 24/7 and all the rights and protections associated with a US bank account. If you are being paid in Thailand then you don't have a lot of choice but I see no benefit to a local checking account otherwise.

I agree with some points but $50 per month for a transfer isn't much,is it?As for the fees I do agree,you have to open an account in the same area your bank is,I used to live in Phuket with my Kasikorn branch in Bangkok and it was very annoying!

My Kasikorn card can be used in most shops for no extra charge and you can get a virtual credit card free of charge also for online purchases like plane tickets etc.

As for consumer protection,I could tell you stories about Bangkok Bank that would make your hair curl and I really do mean that,obviously I can't on here for legal reasons.

I would never leave any money sitting in any Thai bank that I wasn't going to use within a month,under any circumstances!

[PalMan]

OK now that we've established we're not talking about banking locally

Anybody able to help fill in the blanks here?

[MrWorldwide]

I am unaware of any Australian bank which will refund fees incurred at another banks ATM - domestic or international - *unless* I can prove that the nearest CBA ATM was out of order when I made my withdrawal. Tight bastards, but one of the strongest banks anywhere in the world when the GFC started to unravel - cant imagine what it would be like to wake up and hear that your Irish or Cypriot bank was toast ....

[homeownership]

I have found that if you get free withdrawals, then you are hit on the exchange rate. Most UK banks also charge a F/X fee of up to 2.5% for overseas ATM transactions in addition to the ATM fee. In view of this, I do take debit cards to Thailand and money is available in an emergency but by far the most cost effective way of getting around the ATM fees is to go to your home bank. Natwest, Lloyds TSB etc and get commision free travellers cheques in £GBP. You should not be charged if you are account holder.

For a 1 month stay in Thailand, I usually take the equivalent of £1000 per week, so I usually take £4000. You can get £250 travellers cheques (American Express) as opposed to Mastercard ones.

I have found I get charged around 33-40 baht per cheque, so 16 cheques would cost you 528 Baht. (Approx £12). In addition to the low fees you would be able to negotiate a better rate because of the volume in some places. Once you have cash KEEP IT SAFE. Split some between your hotel safe and the safe at reception.

Alternatively just cash a few cheques at a time, but this may cost you more, but nothing like the ATM fees.

There is also a lot of crime around ATM's, I wont say anymore, but you have heard the stories, just like I have.