Cheapest way to withdraw money with a foreign card

[i claudius]

Join the metro bank in the UK use their card at any aeon machine ,no charges ,good rate and fantastic service at their branches or over the phone from here in Thailand

Nationwide used to be good but since the new guy took over they are crap.

Edited June 24, 2013 by i claudius

[MrRealDeal]

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

Rates are not set by the Thai bank the ATM fee is set by the owner of the ATM the exchange rate by the card company and the processing fee by your bank ...... everyone gets a little ! lol

[Weatherman]

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

I'm talking about after the first claim, they then of course make it much more difficult.

I used them over the past forty+ years, had some claims when I was a teen (not fraudulent obviously what a scumbag), but then once ATMs when international only used them for emergency backup.

Which means that my subsequent problems over the years, few checks here or there must have hit some ratio, I wasn't using them regularly, higher percentage of claims or something.

Which meant the last time I used them they flat denied a refund even though I met all their criteria, claimed there was no way to find out even whether they'd been cashed or not.

And a friend recently had a similar problem, didn't have all the numbers accurately recorded took him 18 months to get a refund.

[Weatherman]

For everyone talking about one bank's rates being better than anothers, those are set by the VISA or MC network, not by the bank.

[misterphil]

Dont use your UK ATM card here if you can help it. Open a Kasikorn account with just your passport, and transfer bulk money every couple of months or when ever you need it. My UK bank charges me £25 for an overseas transfer so thats the same as using an ATM here 8 times, plus theres no overseas transaction fees to pay to my bank, normally about £5 a shot. Plus you can always wait until the exchange rate is decent, by decent I mean over 46 baht to £1 :-) If i send it on the Monday its normally in by the Tuesday, very rarely i have to wait more than 2 days for the transfer. Kasikorn has a decent internet banking website too, all of my payments for True Visions, rent and car are set up on automatic payment, and you can have SMS sent to your phone everytime theres a transaction made on your account.

[MrRealDeal]

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

I'm talking about after the first claim, they then of course make it much more difficult.

I used them over the past forty+ years, had some claims when I was a teen (not fraudulent obviously what a scumbag), but then once ATMs when international only used them for emergency backup.

Which means that my subsequent problems over the years, few checks here or there must have hit some ratio, I wasn't using them regularly, higher percentage of claims or something.

Which meant the last time I used them they flat denied a refund even though I met all their criteria, claimed there was no way to find out even whether they'd been cashed or not.

And a friend recently had a similar problem, didn't have all the numbers accurately recorded took him 18 months to get a refund.

You know you would think he was a scumbag but he was actually a pretty nice guy aside from the bank ripoff !

[misterphil]

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.

Nationwide used to be like this, but not anymore.

[Weatherman]

You know you would think he was a scumbag but he was actually a pretty nice guy aside from the bank ripoff !

Yah, minor detail that. Choose your friends more carefully is what I'd say.

[rovers1]

Hi all,

I come to thailand 3 or 4 months every year,

Having been had for fees every transaction for years one day i decided to do a bit of research into which would be the cheapest way to change from £s to THB..

Sterling travellers cheques is what i came up with...

1% to buy the cheques first of all and 33bhat to change the cheque up in thailand,,

Am i correct or wide of the mark and missing something?????

Cheers...

Edited June 24, 2013 by rovers1

[frimu]

Concering the Thai bank fee find a good abstract in this article:

http://www.dontworryjusttravel.com/index.php/asiapacific/thailand/item/45-avoid-the-150-baht-atm-fee#.Ucge0tiIpIs

[Weatherman]

Hi all,

I come to thailand 3 or 4 months every year,

Having been had for fees every transaction for years one day i decided to do a bit of research into which would be the cheapest way to change from £s to THB..

Sterling travellers cheques is what i came up with...

1% to buy the cheques first of all and 33bhat to change the cheque up in thailand,,

Am i correct or wide of the mark and missing something?????

Cheers...

Have to factor in a different exchange rate as well, plus the inconvenience factor if bringing in very large amounts (sore signature hand).

[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?

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

You may be right, I don't know anything about banking stuff.

However, I was shocked and dumbfounded when I saw how much the 20,000 baht

withdrawal cost me in dollars. I only used that bank once. The day before and the day

after I got the normal going rate at a Bangkok Bank ATM,

[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?

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

By ATM rate, do you mean the dollar-baht exchange rate I get at the ATM?

So you're saying when I use my MasterCard from a bank in San Antonio, Texas

the MasterCard company sets the ATM exchange rate of my withdrawal in Bkk.

I think I'm missing something here.

[AlphMichaels]

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?

Used to be the case..., at least the ones in the CitiBank building @ Asoke. But they started charging the fee a few months back too.

[MrRealDeal]

You know you would think he was a scumbag but he was actually a pretty nice guy aside from the bank ripoff !

Yah, minor detail that. Choose your friends more carefully is what I'd say.

I may have used the word friend but he was just a person I met while working in Alaska about 30 years ago ! lol ..... Chill out dude

[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.

By ATM rate, do you mean the dollar-baht exchange rate I get at the ATM?

So you're saying when I use my MasterCard from a bank in San Antonio, Texas

the MasterCard company sets the ATM exchange rate of my withdrawal in Bkk.

I think I'm missing something here.

YES that's exactly correct ..... you would think the Bkk bank would but they don't. In reality the market sets the rate and the card company follows whatever rate the market sets. but the rate you are given or charged however you look at it, is set by the card company not either bank.

Edited June 24, 2013 by MrRealDeal

[BradinAsia]

Dont use your UK ATM card here if you can help it. Open a Kasikorn account with just your passport, and transfer bulk money every couple of months or when ever you need it. My UK bank charges me £25 for an overseas transfer so thats the same as using an ATM here 8 times, plus theres no overseas transaction fees to pay to my bank, normally about £5 a shot. Plus you can always wait until the exchange rate is decent, by decent I mean over 46 baht to £1 :-) If i send it on the Monday its normally in by the Tuesday, very rarely i have to wait more than 2 days for the transfer. Kasikorn has a decent internet banking website too, all of my payments for True Visions, rent and car are set up on automatic payment, and you can have SMS sent to your phone everytime theres a transaction made on your account.

Don't know about you, but based on the information you give here

it corroborates my feeling that banks are all robbers barons crooks

in domestic banking and even more so in international transactions.

[Weatherman]

By ATM rate, do you mean the dollar-baht exchange rate I get at the ATM?

So you're saying when I use my MasterCard from a bank in San Antonio, Texas

the MasterCard company sets the ATM exchange rate of my withdrawal in Bkk.

I think I'm missing something here.

I think you got it. My understanding is that everyone using Mastercard withdrawing from a USD account with any bank anywhere in the world gets the same baht conversion rate at any machine in Thailand.

Visa's is a different rate, set by them.

And of course from one time to the next will vary given currency fluctuations.

So the only difference in the net result is the fees charged by your bank, or that of the one that owns the ATM.

Corrections if I'm wrong most welcome.

[Weatherman]

Used to be the case..., at least the ones in the CitiBank building @ Asoke. But they started charging the fee a few months back too.

Sigh. . .

OK, back to Aeon only then.

[BradinAsia]

Today, for the first time (in my memory) I used a Krungthai Bank ATM.

Made a withdrawal using my U.S. debit card -- on the screen was displayed

the total amount of the withdrawal in baht, the ATM fee, the exact exchange

rate (29.78) and the amount in dollars deducted from my account.

This was the last screen shown before I click OK. Which means if I didn't like

the rate I could cancel.

Bangkok Bank ATMs (which I have been using) don't give that kind of info.

[trainman34014]

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).

Am i wrong in believing that merchants need your permission to convert using DCC? I've had a couple of friends tell me recently that Tesco/Lotus have been using the DCC method without asking permission to do so. Upon challenging this with management they were told that this is now the new method applied in all Tesco/Lotus stores upon orders from above. I haven't checked it out with my banks but i'm sure i've read previously that merchants cannot do this without the customers permission.

Edited June 24, 2013 by trainman34014

[Weatherman]

Just like merchants "aren't allowed" to have a surcharge on credit card transactions.

That would be in other countries, TiT.

[banglay]

IF you are going to be a regular visitor to Thailand .May I suggest next time your in Thailand open a Thai bank account with a ATM card (It is very easy with Kbank) .Then you can set up a swift money transfer via the internet the charge is about £ 25 one off fee and once the monies in your Thai account you can withdraw without being charged...

[MrRealDeal]

Depends on your definition of permission you must sign it before they can take your money so I am sure they would say they got your permission , I could be wrong but I don't think a DCC can be done without a signature unlike an internet sale for example.

[MJP]

For UK residents the Nationwide Flex Plus account.

http://www.nationwide.co.uk/current_account/flexplus/default.htm

No commission on overseas ATM withdrawals. You get the VISA exchange rate.

[rovers1]

Hi all,

I come to thailand 3 or 4 months every year,

Having been had for fees every transaction for years one day i decided to do a bit of research into which would be the cheapest way to change from £s to THB..

Sterling travellers cheques is what i came up with...

1% to buy the cheques first of all and 33bhat to change the cheque up in thailand,,

Am i correct or wide of the mark and missing something?????

Cheers...

Have to factor in a different exchange rate as well, plus the inconvenience factor if bringing in very large amounts (sore signature hand).

do you mean there will be a difference in exchange rate between withdrawing from an atm and a travellers cheque?????????????

[MrRealDeal]

Swift transfer rates are slightly higher than the interbank wholesale rate MC and Visa use , The way Swift makes money is by using the interbank wholsale rate for itself but giving you the retail rate and pocketing the difference.

That doesn't mean it might not save you money over fees but the rate is slightly higher just so you know.

IF you are going to be a regular visitor to Thailand .May I suggest next time your in Thailand open a Thai bank account with a ATM card (It is very easy with Kbank) .Then you can set up a swift money transfer via the internet the charge is about £ 25 one off fee and once the monies in your Thai account you can withdraw without being charged...

Swift transfer rates are slightly higher than the interbank wholesale rate MC and Visa use , The way the Swift system makes money is by using the interbank wholesale rate for itself but giving you the retail rate and pocketing the difference.

That doesn't mean it might not save you money over fees but the exchange rate is slightly higher just so you know.

[jpduggan]

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!

I'd happily pay the 150Thb. rather than stand behind a line of Thais at an Aeon atm. I think they are paying bills or something, you think one is finished when all of a sudden he whips out another card and starts again.

[MrRealDeal]

Hi all,

I come to thailand 3 or 4 months every year,

Having been had for fees every transaction for years one day i decided to do a bit of research into which would be the cheapest way to change from £s to THB..

Sterling travellers cheques is what i came up with...

1% to buy the cheques first of all and 33bhat to change the cheque up in thailand,,

Am i correct or wide of the mark and missing something?????

Cheers...

Have to factor in a different exchange rate as well, plus the inconvenience factor if bringing in very large amounts (sore signature hand).

do you mean there will be a difference in exchange rate between withdrawing from an atm and a travellers cheque?????????????

Yes but small the ATM rate is the interbank wholesale rate the best possible all the others are downhill from there , There is a difference on a 100 or 50 bill or check the bigger the bill the better the rate.

Travlers checks are the worst possible rate you can get because they are a pain for the banks to use. American Express is the worst possible Card by coincidence or perhaps not !

Correction or clarification ...... If you are using your banks ATM card as opposed to a Visa or MC debit or credit card the ATM rate will not be the best possible but I don't think anyone even uses those anymore but that rate would be more than the MC Visa rate because it would not be the wholesale rate.

Edited June 24, 2013 by MrRealDeal

[vento]

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.

Hmmm, i used that ATM tons of times, always 150 baht

Could it be depending on your card, ive tried card from Europe and ME banks, everytime 150 bahts