Best Way to Withdraw Money for rate and fees

[wixcm]

Hi, I am from the UK and have a UK bank account. I need to withdraw approx 40,000 bhat but when I use an ATM my daily limit is approx 14,000 and I get a charge from my bank for 175 bhat for every withdrawal and so would to make several withdrawals over several days to take out this amount. My bank uses its own rate of exchange to convert to too which is about 43 bhat/£1...

Does anyone know a way to make a single withdrawal and maybe at a better exchange rate, say a Thai bank rate or what other options I have?

[ukrules]

You can go into some banks and make a larger withdrawal at the counter. For example my ATM limit is about 25,000 per day (500 pounds).

Once I went into Kasikorn and they told me it's not possible to do this from there.

So I went to the SCB (Siam Commercial Bank) and they processed a withdrawal of 100,000 Baht on my Debit card with no problems, take your passport as they will need it for id.

[wixcm]

Thanks ukrules, that's just the information I needed, I appreciate you letting me know about it.. Do you know what charges were involved? Where your uk bank applied the exchange rate or SCB did or both? And was there a fee for making this kind of bank withdrawal?

Edited September 4, 2013 by wixcm

[cpofc]

I am only able to tell you the Australian version. But I figure it will be similar.

A few years back when the Thai banks decided to get in on the gouging caper and charge for ATM transactions (B150) I decided enough was enough! Previously I just used my Australian Bank Issued ATM Card to withdraw my 'salary' every week or fortnight from the hole in the wall. Until I calculated it was costing me almost $AUD800.00 per year to get my OWN money out of the ATM.

I had a Bangkok Bank account so why not use it.

Now I just jump on the Net Bank and transfer it electronically from my Australian Bank Account, directly into my Bangkok Bank account. Takes all of a couple of minutes. I can transfer as much as I like and it is all over and in my Bangkok Acct within 24-48 hours. Depending on the time of day you make the netbank transaction. There is just one single all up fee of $AUD22.00, no matter what the amount.

There is catch that you need to be aware of though. My bank in Aust continually tries to get me to convert my Australian Dollars to Baht before they do the transfer to my Bangkok Bank Acct.. They have used a few different methods get me to do it this way. Scare tactics, confusion. if I let them change it to Baht before sending kit they will give me an exchange rate up to 2 baht in the dollar less than what the going advertised rate is for the day in Thailand (Bangkok Bank)

When you are sending 5000 dollars at a time you don't have to be a genius to know that losing up to 2 baht in the dollar in the exchange is a tidy sum.

So I do not convert - I send it in Australian Dollars!

This is also good for security, as I lock my Australian ATM Card away at home and leave it there, and just carry my Bangkok Bank ATM card with me.

For Example.

Today if I let my Australian bank convert the sum before sending it, I would get 27.72 Baht for 1 AUD

If I send it in Oz Dollars and let the Bangkok Bank convert it I would get 29.10

(That's a 6,900 Baht difference on 5 grand)

Sometimes it is a lot worse than this too.

Like I said. It takes 2 Minutes, all up cost of 22 Dollars. Secure and quick. And you don't even have to get off your a**e.

[wixcm]

Yes, but I don't have a Thai bank account - are you saying I open account? If so I have no fixed address or job in Thailand.,.

[cpofc]

Yes, that's exactly what i am saying mate. So far I have found NO other better way of doing it. Very happy.

What sort of Visa are you on? You need to find a 'sympathic' bank. What I mean by that is, one that wants your business. I had to ask a few. Sometimes they don't know their own rules and say you must have a work permit, and others may not like the idea of dealing with a farang when noone speaks english in the branch. So some will try to fob you off using different rules, excuses etc. I am sure someone here will know of a branch for you. Perhaps in a tourist area. I don't live in a tourist area and not many around here speak english at all.

I first opened my account using a Cat O Non Immigrant, 6 month, double entry visa. Took me 20 minutes from go to wo. Better and easier than doing it in Aust. Walked out with my card 20 mins later and stuck it in the machine.

Another thing is that they give you a bank book which I provide as evidence as to my income, if need be, to immigration when submitting my Retirement Visa Ext.

[cpofc]

Have a look here at the Bangkok Bank's webpage RE: foreigners and bank accounts.

Of course Bangkok Bank is certainly not the only provider.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/SpecialServices/ForeignCustomers/Pages/Openinganaccountnew.aspx

surely you can find an address somewhere. I used my mother in laws address. Maybe you have a mate, expat, from the Old Dart willing to give you a leg up, surely. Doesn't mean bugger all. I have never received any statement. correspondence or letter from them in almost 10 years anyway!

[Mike45]

Yes, but I don't have a Thai bank account - are you saying I open account? If so I have no fixed address or job in Thailand.,.

I suggest you call your bank and find out if you can transfer money to a Thailand Bank account online before you actually open the account.

Some banks won't let you do it without coming into the bank first and filling out forms giving them permission to do the electronic transfer.

[cpofc]

I'd would be changing banks then. They are living in the stone age.

[iondricka]

which is your oz bank?

I am only able to tell you the Australian version. But I figure it will be similar.

A few years back when the Thai banks decided to get in on the gouging caper and charge for ATM transactions (B150) I decided enough was enough! Previously I just used my Australian Bank Issued ATM Card to withdraw my 'salary' every week or fortnight from the hole in the wall. Until I calculated it was costing me almost $AUD800.00 per year to get my OWN money out of the ATM.

I had a Bangkok Bank account so why not use it.

Now I just jump on the Net Bank and transfer it electronically from my Australian Bank Account, directly into my Bangkok Bank account. Takes all of a couple of minutes. I can transfer as much as I like and it is all over and in my Bangkok Acct within 24-48 hours. Depending on the time of day you make the netbank transaction. There is just one single all up fee of $AUD22.00, no matter what the amount.

There is catch that you need to be aware of though. My bank in Aust continually tries to get me to convert my Australian Dollars to Baht before they do the transfer to my Bangkok Bank Acct.. They have used a few different methods get me to do it this way. Scare tactics, confusion. if I let them change it to Baht before sending kit they will give me an exchange rate up to 2 baht in the dollar less than what the going advertised rate is for the day in Thailand (Bangkok Bank)

When you are sending 5000 dollars at a time you don't have to be a genius to know that losing up to 2 baht in the dollar in the exchange is a tidy sum.

So I do not convert - I send it in Australian Dollars!

This is also good for security, as I lock my Australian ATM Card away at home and leave it there, and just carry my Bangkok Bank ATM card with me.

For Example.

Today if I let my Australian bank convert the sum before sending it, I would get 27.72 Baht for 1 AUD

If I send it in Oz Dollars and let the Bangkok Bank convert it I would get 29.10

(That's a 6,900 Baht difference on 5 grand)

Sometimes it is a lot worse than this too.

Like I said. It takes 2 Minutes, all up cost of 22 Dollars. Secure and quick. And you don't even have to get off your a**e.

[cpofc]

Which Bank?

[thairookie]

Since OP is from UK, I suggest that you find out if your UK bank has a branch in BKK. If not, open an account with a UK bank that has a branch in BKK. You're will be able to carry out your transfer freely between UK and BKK. But since most offshore banks do not have ATMs in BKK, upon arrival of your funds, do a manual transfer of funds via cheque or cash to your local bank in BKK that provides ATMs.

[sandmonster]

wixcm,

I think your main issue is you are using a UK card that has foreign transaction loading fees, as well as ATM usage fees. There are a few credit cards/debit that do not load for foreign transactions, and some that dont add additional fees for foreign ATM cash withdrawal too, although all credit cards will always charge interest for cash withdrawal from day 1.

You say your bank uses its own fx rate but infact it doesnt if you ask for billing in baht at the terminal. The wholesale VISA or Mastercard rate is applied. This is very close to the spot rate on the day the transaction is settled, and you can check historic rates on their websites. Then your bank applies loading for a foreign transaction, and also ATM usage charges on top so the final result is a rip off.

I know its too late but I would have suggested dump that card, and apply for one with no foreign loading and ATM fees. I use the Metrobank Debit card which has zero loading and zero ATM fees, although the local Thai banks apply a 150Bt surcharge , except Aeon. In your current situation, I would use a banks counter cash withdrwal service. At least then you avoid your banks ATM usage fee and the Thai 150bt.

For 40,000bt, i would have brought cash and changed it at Superrich or similar top money changers. They will give you the very best rate achievable. Even beats swift txfr or wholesale Mcard/Visa rates. For huge amounts, open an account with BK Bank in Thailnd, then do a local online faster payments from your local UK online banking to BK Bank London branch. They will foreward on to your BK Thai account for a £20 fee. Arrives the next morning. Check out BK bank UK website for details.

[sandmonster]

Oh, and always send from UK in Sterling. NEVER do the conversion in the UK. UK is not known as" rip off Britain" for nothing, especially where the crooked banksters are concerned !