Warning: Atm Rip Off

[br12stol]

Had a friend come here from UK in June he used his Santander ATM card twice once in Central and then Jomtien, his bank called him last week to say somebody attempted withdraws in BKK and Phuket, fortunately he opted to inform Santander of trips abroad before travel so payments were blocked. They have now canceled the Card as it has been cloned and are sending him a new one.

[kuripot]

These days I carry a couple of pre-paid credit cards and just load sufficient funds on-line from my bank account for what I expect to withdraw over the short term and funds are usually available within an hour or so. The rates etc are better than with my bank card which is a bonus. This at least minimizes the risk of someone having a field day with a cloned card.

[bino]

I can use the powers of this ancient "pen" even while withdrawing from a foreign account at a Thai bank?

Absolutely can, although it takes some advance planning.

If you're a tourist and don't want to be dependent on ATM / credit cards / electronic transactions, you can buy travellers cheques from your bank at home before going on vacation. Use the pen to sign these in front of any Thai bank teller and they will give you the corresponding amount of cash.

[Phil Conners]

You think so? When I was running a business here they declined to provide us with a company ATM card so I had to go into my local SCB with the bankbook to make withdrawals. It often took several attempts before they were happy with my signature on the withdrawal slip vs. the one in my bankbook. Conversely, I'm sure if you lost your unsigned traveler's checks it would not be very difficult to find someone to cash them.

[Jayman]

You think so? When I was running a business here they declined to provide us with a company ATM card so I had to go into my local SCB with the bankbook to make withdrawals. It often took several attempts before they were happy with my signature on the withdrawal slip vs. the one in my bankbook. Conversely, I'm sure if you lost your unsigned traveler's checks it would not be very difficult to find someone to cash them.

I had that same exact issue. SCB would not offer my business an ATM card which made things very difficult to get money in and out of the account. So very lame for a country that never sends any bank statements.

[Phil Conners]

Not to mention the hassle of having to go to the bank for anyt activity, having to queue up and wait in line.

[bino]

Ms bino is a certified Thai accountant, and according to her it is difficult / impossible for a Thai company account to get an ATM card because it presents a lot of potential for fraud / mismanagement and improper accounting in the eyes of the Thailand Revenue Department. Businesses should be paying for everything by cheque or telegraphic transfer, which provides a bank-issued paper trail. Cash purchases should be based on a properly vouchered and accountable petty cash system such as Imprest which replenishes the spent amount of petty cash by cashing a company cheque.

Think about it. Say you need 827 baht to buy something for the company. You can't withdraw this exact amount from the ATM. The closest you can get is 900. What happens to the remaining 73 baht? Chances are that it will get "commingled" with your own personal money in your pocket and spent on lunch. This is the kind of thing that wiggs out Thai accountants, Auditors and the Revenue Department.

It often took several attempts before they were happy with my signature on the withdrawal slip vs. the one in my bankbook.

I'm guessing that your signature is probably one of those messy scrawling illegible jobbies that never looks the same. My partner's signature is like this, and whenever he signs anything it gets kicked back 40-50% of the time. My signature is distinctive and consistent, and has never in my life been questioned by anyone anywhere.

As far as standing in line at the bank is concerned, you're right. It is a pain in the *ss and a waste of time. This is what Thai employees are for. I sign a cheque and send the girl to the bank. She loves it- standing in line at the bank and chatting on her phone is the easiest part of her job!

[Jayman]

^^^^^^^^^^

Like I said... all this from a country whose banks don't even issue monthly statements.