Cheapest way to withdraw money with a foreign card

[Neeeko]

My Banks Natwest from the UK and I have a debit card.

When I check my balance, sometimes the withdrawal amount is different depending on the ATM used.. is there a best bank that offers the best rates for cash withdrawals?

Thanks!

[MrRealDeal]

No but Aeon has fee free withdraws .... the amount is different because the rate changed between your withdrawing not because the rate is different at each machine or bank.

[Weatherman]

I've heard Citibank ATMs don't charge the fee either - can anyone confirm that from actual usage?

And does any UK bank/coop/broker offer the same "pay you back" scheme on overseas ATM fees as Schwab in the US?

[Neeeko]

No but Aeon has fee free withdraws .... the amount is different because the rate changed between your withdrawing not because the rate is different at each machine or bank.

Thank you!

[MrRealDeal]

The cheapest way is to find a card that doesn't have a transaction fee which is more than the atm fee ...... the uk probably has one of some kind. All banks that do not say they don't have them do , some just hide it inside the transaction others show you on your statement. It's about 35 USD per 1000 USD used weather it's Atm or anything else. Called an international processing fee.

[zoza]

be careful of the Halifax's clarity card it advertised as a fee free worldwide card and I ordered one my first withdrawal was 10.000 bht no fee from the Halifax, until I compared the figures with my nationwide account.

the fee free clarity card from the Halifax was around the same bar a few pence as the fee charging nationwide, when I rang the Halifax I was informed I had not been charged a fee, well to most people juggling the exchange rate is just another way of charging a customer, glad to see the banks have learned from all their recent troubles

[KhunBENQ]

Different facts to separate.

1) Thai bank fee:

all Thai Banks with the known exception of AEON keep a fee for each ATM transaction with a foreign card.

The fee has been risen from 150 THB to 180 THB a short time ago.

With the maximum amount of 20000 THB on most ATMs that comes close to 1%.

Bangsters!

2) Issuing bank fee:

has been discussed above. I am not from UK or US and it would not help you to get tips on german banks,

But as in UK or US there are german banks which do not charge a fee for ATM transactions and also reimburse the Thai bank fee on application.

3) Exchange rate:

the rate is usually determined by the debit/credit card organisation.

For European VISA it can be looked up here:

http://www.visaeurope.com/en/cardholders/exchange_rates.aspx

For US VISA:

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp?src=ex_rez

BUT:

some Thai banks do so called "Dynamic Currency Conversion" (DCC).

NEVER use such ATMs (they are usually marked).

DCC means: the Thai bank does the currency exchange to your currency using their own rates and charge the card with your currency. The exchange rates used are terrible and would probably fullfil the criminal offence of exortion (I do not know whether they are publicised in the internet).

With the bad exception of DCC the exchange rates are identical whichever ATM you use.

They are determined by the credit card company and not the Thai bank.

4) Cash in at the bank counter

Often you read the advice: walk into the banks branch and cash the money at the desk showing your debit/credit card and passport (looking like no fee is charged).

Don't do that!

This is not an ATM transaction (but a cash forward?) and will always result in much higher fees (rude awakening when the statement comes in).

Edited June 24, 2013 by KhunBENQ

[GreenSnapper]

I've heard Citibank ATMs don't charge the fee either - can anyone confirm that from actual usage?

Correct. I used Citibank ATMs at Asoke and Central World. No fees. But I believe there are no other ATMs except for these 2 places.

[technologybytes]

Open a HSBC account in the UK, sign up for HSBC advance and enjoy worldwide free ATM withdrawals.

To avoid being charged in Thailand use Aeon, they are easy to find and do not charge the 150 baht that others charge.

[asdecas]

Aeon ATM locations: http://www.aeon.co.th/en/customerservices_servicelocation_atm_depositor.php

[Weatherman]

Great post!

1) Thai bank fee:

all Thai Banks with the known exception of AEON keep a fee for each ATM transaction with a foreign card.

Add Citibank to that list now

I've heard Citibank ATMs don't charge the fee either - can anyone confirm that from actual usage?

Correct. I used Citibank ATMs at Asoke and Central World. No fees. But I believe there are no other ATMs except for these 2 places.

Sathorn near Naradiwas used to be their Thailand HQ, where did that move to?

And I've seen retail loan/lease shopfronts in Thai neighborhoods, most likely there as well?

[Weatherman]

4) Cash in at the bank counter

Often you read the advice: walk into the banks branch and cash the money at the desk showing your debit/credit card and passport (looking like no fee is charged).

Don't do that!

This is not an ATM transaction (but a cash forward?) and will always result in much higher fees (rude awakening when the statement comes in).

Apparently there are issuing banks that don't have such fees (as with Schwab and your German ones?)

Surely can't be a cash forward for a debit card?

[MrRealDeal]

I've heard Citibank ATMs don't charge the fee either - can anyone confirm that from actual usage?

Correct. I used Citibank ATMs at Asoke and Central World. No fees. But I believe there are no other ATMs except for these 2 places.

Citibank has a once per month fee for the entire month not no fee at all. Meaning you can use it as many times as you want in a month for one fee or not at all for no fee , which if you used a lot is a savings but it's not "free".

The withdrawing part yes the Citibank fee not so much.

Edited June 24, 2013 by MrRealDeal

[mithunonthenet]

I've heard Citibank ATMs don't charge the fee either - can anyone confirm that from actual usage?

I used my Indian Citibank ATM debit card at the Citibank branch near Terminal 21 and the one at Central World and there were no withdrawal fees. Got a great exchange rate as well! In fact, my friend used his HDFC Bank (an Indian bank) ATM card at the same Citibank ATM and he wasn't charged a withdrawal fee either! So yes, Citibank is awesome. It's the same in Singapore and Hong Kong. I was charged 150 pesos for withdrawal in Philippines though.

Edited June 24, 2013 by mithunonthenet

[MrRealDeal]

DCC rates are very poor because the merchant (in this case the bank) can charge whatever they want , so one place might charge more and another less for the exact same thing. The advantage is ..... if your simpleminded .... that you know exactly how much it cost in your local currency.

I just wanted to point out that using DCC at a merchant gives the merchant the ability to set the exchange rate not the Thai bank.

[MrRealDeal]

4) Cash in at the bank counter

Often you read the advice: walk into the banks branch and cash the money at the desk showing your debit/credit card and passport (looking like no fee is charged).

Don't do that!

This is not an ATM transaction (but a cash forward?) and will always result in much higher fees (rude awakening when the statement comes in).

Apparently there are issuing banks that don't have such fees (as with Schwab and your German ones?)

Surely can't be a cash forward for a debit card?

Nowadays some "Debit" cards can be used on either credit or debit mode allowing for a credit card like cash forward , this is to avoid fees at places that charge for one but not another , something that lasted not to long but the cards remained the same.. ... my debit card can be used like that.

[jphantom]

I have serious doubts about any of the above comments. Take Siam Bank for example. I've gone to three branch bank managers at Siam Bank and asked for the exchange rate for a US debit card direct withdrawal. None of those managers had the right answers. One pointed to the Credit Card (Cash Advance) rate - roughly 29.8 at the time compared to the USD THB Interactive Exchange rate of 31.1...... One manager pointed to the TT rate under the Bank Buying Rates chart posted at the bank. while a third manager said the rate was the t/Chgs & Chqs rate........ Based on three different transactions, none of the given answers were correct....! Oh yes, if you call 2777 7777, those nit wits with also tell you the rate is the credit card cash advance rate.. These numnuts do not know, they do not care, and they do not fully understand the question..... What a pity

[AloisAmrein]

The cheapest and safest way is to use Traveller's cheques. No skimming und pishing possible, very common in Thailand.

[Weatherman]

Citibank has a once per month fee for the entire month not no fee at all. Meaning you can use it as many times as you want in a month for one fee or not at all for no fee , which if you used a lot is a savings but it's not "free".

The withdrawing part yes the Citibank fee not so much.

Sounds like something they could only charge people that were actually Citibank customers.

We're talking about using whatever-ATM card in their machines not incurring the usual B180 charge, same as Aeon.

Not actually opening an account at Citibank.

[Pinot]

The best site I found for up to the date exchange rates http://bankexchangerates.daytodaydata.net/ In the currency type box use the TT rate.

I was looking at the $ to the baht exchange rate in the past year. On 80000 a month it's now costing me $280 less now for four 20000 withdrawals a month.

Find a card that refunds ATM fees. They're out there.

[Weatherman]

The cheapest and safest way is to use Traveller's cheques. No skimming und pishing possible, very common in Thailand.

Just know that getting your cash back if they're lost or stolen isn't quite as straightforward as the ads would have you believe.

You have to be very well organized keeping track of which you've used and which numbers you have left, and God forbid those notes get lost along with the cheques.

And if you make a claim once, don't use the same vendor anymore, if they think you've claimed "too much" they flat out refuse to pay.

Maybe Thomas Cook is better than Amex, not sure.

Apparently all the profit margin on these come from people losing them, leaving them sitting in a file or drawer somewhere and forgetting about them.

There's also a per-cheque fee/tax, which makes a difference on small-denomination cheques.

And the exchange rate is different.

Good for backups in case the whole ATM networks go down for a while, given the above cautions.

Edited June 24, 2013 by Weatherman

[MrRealDeal]

Citibank has a once per month fee for the entire month not no fee at all. Meaning you can use it as many times as you want in a month for one fee or not at all for no fee , which if you used a lot is a savings but it's not "free".

The withdrawing part yes the Citibank fee not so much.

Sounds like something they could only charge people that were actually Citibank customers.

We're talking about using whatever-ATM card in their machines not incurring the usual B180 charge, same as Aeon.

Not actually opening an account at Citibank.

That's why I said the withdrawing part yes ............... the fee part not so much

[BradinAsia]

Open a HSBC account in the UK, sign up for HSBC advance and enjoy worldwide free ATM withdrawals.

To avoid being charged in Thailand use Aeon, they are easy to find and do not charge the 150 baht that others charge.

For the last few weeks that 150 baht fee is now 180 baht.

[MrRealDeal]

The cheapest and safest way is to use Traveller's cheques. No skimming und pishing possible, very common in Thailand.

Just know that getting your cash back if they're lost or stolen isn't quite as straightforward as the ads would have you believe.

You have to be very well organized keeping track of which you've used and which numbers you have left, and God forbid those notes get lost along with the cheques.

And if you make a claim once, don't use the same vendor anymore, if they think you've claimed "too much" they flat out refuse to pay.

Maybe Thomas Cook is better than Amex, not sure.

Apparently all the profit margin on these come from people losing them, leaving them sitting in a file or drawer somewhere and forgetting about them.

There's also a per-cheque fee/tax, which makes a difference on small-denomination cheques.

And the exchange rate is different.

Good for backups in case the whole ATM networks go down for a while, given the above cautions.

I had travelers checks refused at the airport years ago they would only cash 100 dollars of them ..... I would question their lack of refunding ..... I knew a guy who claimed that under 10,000 USD of fraud was not even worth their time to worry about , he bought 10,000 and claimed them stolen and spent all 20,000 and went back to Europe .... don't know if his plan landed him in jail or not but he did manage to spend them all in the US

[BradinAsia]

The worst exchange rate I ever got was Kasikorn Bank, both at their money exchange (airport) and their ATM (Sukhumvit).

Since then I have given them a wide berth. Anyone else experienced this?

[marell]

I've heard Citibank ATMs don't charge the fee either - can anyone confirm that from actual usage?

And does any UK bank/coop/broker offer the same "pay you back" scheme on overseas ATM fees as Schwab in the US?

Citibank US used to waive a charge but stopped several years ago. Seems they decided that Citibank Thailand wasn't the same as Citibank US. They then started tacking a 3% (yep, 3%) charge on cash withdrawals using a US Citibank card (regardless of the ATM used) and I stopped using them. Not sure what Thai Citibank does but I believe the US based cards may still be rather pricey if used here.

Edited June 24, 2013 by marell

[MrRealDeal]

The worst exchange rate I ever got was Kasikorn Bank, both at their money exchange (airport) and their ATM (Sukhumvit).

Since then I have given them a wide berth. Anyone else experienced this?

The ATM rate is set by your card company not the bank , of course the airport is a rip off.

[Tywais]

Open a HSBC account in the UK, sign up for HSBC advance and enjoy worldwide free ATM withdrawals.

To avoid being charged in Thailand use Aeon, they are easy to find and do not charge the 150 baht that others charge.

For the last few weeks that 150 baht fee is now 180 baht.

Reports have indicated that is Master card only. Visa card not affected, at least of last week when I used it.

[Lt Frank Bullitt]

Used Bkk Bank for years, rates are usually good and you can get 25k in one transaction, more baht for the fee....

[Stjohnm]

I no longer use my UK bank cards here, but for frequent visitors or those expats who don't have a Thai Bank account yet I have heard good things about Nationwide, one of their current account options has a zero fee on overseas ATM withdrawals. RBS/NatWest are far from the cheapest bank to use when traveling & its the Bank holding the account that traditionally levees most of the fees & sets the exchange rate.