Biggest ripoff ever!

[smooth expat]

I just went to the atm and checked my bank balance. Next day I get hit with a 150 baht fee!! What the hell?!? Warning: Do not use the balance inquiry button at any atm. You will pay for it!

[Pib]

You must be talking using a foreign Visa debit card to check your home country bank account balance?

[thrilled]

Ya have to admit charging 150 baht to check the balance is rediculious.I check balances thru the website.

[Suradit69]

If you're talking about a Thai bank account, are you sure it's not an annual account fee that just happened to coincide with your use of the ATM? I think it's once or twice a year I get a bank charge of something like Baht 150 or Baht 200 for account maintenance ... and then a few hundred baht credit for interest a few times a year. Can't really remember how often or how much is added or subtracted annually, but at some point my balance and theirs differs by a small amount.

I pay 10 baht a month to get weekly balance tallies sent to me by SMS and also whenever there's deposit or withdrawal activity of the account. I also sometimes have a machine update my passbook for no charge. Very rarely charged anything for an ATM withdrawal even at a rival bank's ATM if I don't do it too often in a month.

I can't believe your bank is charging that amount for one balance check at an ATM. It's almost certainly a charge for something else ... again assuming it's a Thai bank.

Edited November 28, 2013 by Suradit69

[David Barker]

I noticed last week that when I checked my balance at Bangkok Bank atm that if I wanted a print out there was a charge for it can't remember how much it said though.

[davejones]

I've never had that charge I think the OP is mistaken. Perhaps he can clarify what the charge says in his bank book.

[Pib]

I've never had that charge I think the OP is mistaken. Perhaps he can clarify what the charge says in his bank book.

From his post #3 sounds like the charge was on his home country bank account; not his Thai bank account...I don't think he said he even has a Thai bank account/passbook. In this case the foreign transaction was just use of a foreign ATM to check his home country bank account balance....and in this case the foreign transaction was just use of a foreign ATM....not to withdraw cash. ATMs do say there may be a charge for even checking your account balance in another bank...but I don't know if they always specify the charge during this kind of transaction like they do for an actual withdrawal. Sounds like checking your account balance or withdrawing cash using a foreign Visa card results in a 150 baht charge; expect it would Bt180 if using a foreign Mastercard.

[IBoldnewguy]

Biggest ripoff ever.....? 150bt maybe $4.70.....? ZZZZZZZZZZZZZZZZZZZZZZ wake me when it's over......

[hanno]

Biggest ripoff ever.....? 150bt maybe $4.70.....? ZZZZZZZZZZZZZZZZZZZZZZ wake me when it's over......

Agreed, not a lot of money for say a couple of beers. But to check the balance? Something that costs the bank nothing? I think that is rather cheeky....

[brit1984]

the op's story was a bit of an anti-climax compared to the thread title

[mgjackson69]

When I use my USA bank debit/ATM card here, I get the message on the screen about the 150 THB fee.

When it shows up as a deduction from my bank account, it ends up being 1.50 USD...so about 45 THB.

Now, if I could just get rid of that damn 3% foreign transaction fee.

[55Jay]

When I use my USA bank debit/ATM card here, I get the message on the screen about the 150 THB fee.

When it shows up as a deduction from my bank account, it ends up being 1.50 USD...so about 45 THB.

Now, if I could just get rid of that dam_n 3% foreign transaction fee.

If you withdraw say 25,000 Baht, does it post as $250.00?

[Pib]

Now, if I could just get rid of that dam_n 3% foreign transaction fee.

About the only way to do that is change banks....preaching to the choir I know.

[mgjackson69]

When I use my USA bank debit/ATM card here, I get the message on the screen about the 150 THB fee.

 

When it shows up as a deduction from my bank account, it ends up being 1.50 USD...so about 45 THB.

 

Now, if I could just get rid of that dam_n 3% foreign transaction fee.

 

If you withdraw say 25,000 Baht, does it post as $250.00?

 

I wish ...:-D

Actually, I misspoke before, the ATM fee deducted from my account is 2.50 USD, so about 77 THB

Sent from my Xoom using Thaivisa Connect Thailand mobile app

[mgjackson69]

Now, if I could just get rid of that dam_n 3% foreign transaction fee.

About the only way to do that is change banks....preaching to the choir I know.

I am exploring options in that regard now.

The foreign transaction fee is a relatively new thing with my bank. I really do not want to switch, I have had an outstanding relationship with this bank, through various acquisitions and name changes, since I opened my first checking account at age 12.

But, I also do not like throwing away 3% of whatever money I withdraw outside USA.

Not to hijack the thread, but I would welcome suggestions for banks to look at.

Sent from my Xoom using Thaivisa Connect Thailand mobile app

[Gsxrnz]

Anybody should know what the balance of their bank account is, and if you're running that close to the bone that 150 baht is a problem and you care about it.....basically your effed!

[mgjackson69]

Anybody should know what the balance of their bank account is, and if you're running that close to the bone that 150 baht is a problem and you care about it.....basically your effed! 

Yep, fees for using an 'out of network' ATM have been around forever....for any transaction (yes, a balance inquiry is a transaction from the ATM perspective)

Sent from my Xoom using Thaivisa Connect Thailand mobile app

[55Jay]

When I use my USA bank debit/ATM card here, I get the message on the screen about the 150 THB fee.

When it shows up as a deduction from my bank account, it ends up being 1.50 USD...so about 45 THB.

Now, if I could just get rid of that dam_n 3% foreign transaction fee.

If you withdraw say 25,000 Baht, does it post as $250.00?

I wish ...:-D

Actually, I misspoke before, the ATM fee deducted from my account is 2.50 USD, so about 77 THB

Sent from my Xoom using Thaivisa Connect Thailand mobile app

Ha ha, yeah, I would of wanted a piece of that action!

You are getting closer on the 150 baht, which at 32 to the Dollar is around $4.70.

On your bank issue, quite a few here use Schwab Bank out of Nevada. There are a few decent "no foreign fee%" credit card options out there as well. Check out the Banking Threads, lots of good info.

[IBoldnewguy]

Biggest ripoff ever.....? 150bt maybe $4.70.....? ZZZZZZZZZZZZZZZZZZZZZZ wake me when it's over......

Agreed, not a lot of money for say a couple of beers. But to check the balance? Something that costs the bank nothing? I think that is rather cheeky....

I agree... I do my best to never pay bank fees... my 1st trip (20 days) over I learned my lesson... to use my own money it cost approx $11/16 per $500... at that time the 150bt was close to $6 plus 1 or 2% foreign trans fee... depending on bank & card... did my homework for 2nd trip (80 days) no fees paid... est. saved maybe $350.

I was just poking a little fun at the headline... of course if it wasn't written as it was I may not have paid any attention... best regards

[IBoldnewguy]

Now, if I could just get rid of that dam_n 3% foreign transaction fee.

About the only way to do that is change banks....preaching to the choir I know.

I am exploring options in that regard now.

The foreign transaction fee is a relatively new thing with my bank. I really do not want to switch, I have had an outstanding relationship with this bank, through various acquisitions and name changes, since I opened my first checking account at age 12.

But, I also do not like throwing away 3% of whatever money I withdraw outside USA.

Not to hijack the thread, but I would welcome suggestions for banks to look at.

Sent from my Xoom using Thaivisa Connect Thailand mobile app

In BKK use Aeon (free) - 2nd Fl of MBK - top floor of Silom Central has ATM & Aeon office - 1Fl below food court at Siam Paragon - very nondescript almost hard to find ATMS (as compared to others) you have to look at screen to identify. Charles Shwab Bank (no ATM or FT fee) must have US address (and be here to recv card) to open. USAA Bank - no ATM fee but has 1% FT (military or otherwise qualified to join). ATM info was from last trip March 2013 - things change - but may still be there if current situation does not blow them up or burn them down. ...need more...

Edited November 29, 2013 by IBoldnewguy

[55Jay]

I only add that there is a respectful, gentleman's agreement of sorts to make all best efforts to use AEON ATMs when using Schwab Bank cards (or other similar programs) to avoid saddling the bank with too many ATM fee reimbursements, and possibly force a reassessment of the program.

To coin the phrase from TV Member Pib, "try not to kill the goose laying the golden egg".

[Pib]

Schwab and St Farm Banks provide no foriegn transaction fee Visa debt cards and reimburse any local ATM fees like the Bt150 fee charged by Thai banks. But try to avoid helping to kill the ATM rembursement golden goose by using AEON ATMs.

Sent from my Onda V971 tablet

[IBoldnewguy]

I only add that there is a respectful, gentleman's agreement of sorts to make all best efforts to use AEON ATMs when using Schwab Bank cards (or other similar programs) to avoid saddling the bank with too many ATM fee reimbursements, and possibly force a reassessment of the program.

To coin the phrase from TV Member Pib, "try not to kill the goose laying the golden egg".

I've had to stand in line to use the "golden goose" so I assume it is already well known to those who care to research; this is no secret! Regardless of the fears expressed about losing the "golden egg" I imagine there is a profit hidden in the transaction somewhere. It may have to do with "he who holds the $$goose$$ the longest profits from the $$flow$$". I'm not an expert of this sort of thing but neither do I believe that any large banking entity provides a free service without a reason. In fact the opposite might occur... slow traffic... no profit... and then no service?

Also Capitol One has Visa & MC with no FT fee. I think (only used it once) the MC baht conversion was short about 1% essentially getting a fee via that direction. But the Visa converted at the daily rate. Best regards....

[Pib]

I only add that there is a respectful, gentleman's agreement of sorts to make all best efforts to use AEON ATMs when using Schwab Bank cards (or other similar programs) to avoid saddling the bank with too many ATM fee reimbursements, and possibly force a reassessment of the program.

To coin the phrase from TV Member Pib, "try not to kill the goose laying the golden egg".

I've had to stand in line to use the "golden goose" so I assume it is already well known to those who care to research; this is no secret! Regardless of the fears expressed about losing the "golden egg" I imagine there is a profit hidden in the transaction somewhere. It may have to do with "he who holds the $$goose$$ the longest profits from the $$flow$$". I'm not an expert of this sort of thing but neither do I believe that any large banking entity provides a free service without a reason. In fact the opposite might occur... slow traffic... no profit... and then no service?

Also Capitol One has Visa & MC with no FT fee. I think (only used it once) the MC baht conversion was short about 1% essentially getting a fee via that direction. But the Visa converted at the daily rate. Best regards....

The Visa and Mastercard exchange rates are much closer than 1%....I have both Visa and Mastercard debit & credit cards and my cards are no foreign transaction fee cards. "Usually" the Visa rate is a little better than the Mastercard rate but not always. I just compared the Visa and Mastercard rates for the three days of 27, 28, and 29 Nov and on 27 & 28 Nov the Visa rates were 0.25% better and on 29 Nov the Visa rate was 0.6% better. From what I've seen the Visa rate is "usually" around 0.25% better but there are a minority of days to where the Mastercard rate is maybe 0.1% better.

Now I don't have any CapOne "debit" cards (but I got a couple of their Visa and MC "credit" cards) and based on detailed posts by other folks it appears the CapOne Mastercard debit card really ends up hitting a person with a 0.2% currency conversion fee that MC generates but CapOne no longer absorbs...but since CapOne don't add onto this fee CapOne will say their card is a no foreign transaction fee. CapOne mentions this in vague language on their website now....I thing CapOne started allowing a small pass through fee after they absorb ING. Can't speak to the CapOne Visa debit cards as to if they allow any Visa currency conversion fee to pass through on to the customer via a lower exchange rate.

My Visa debit cards with a couple of other banks are true no foreign transaction fee cards as they absorb all of the Visa currency conversion fee and don't add any fee of their own.

If you are coming up approx 1% short on the cards issued by your bank(s), then I expect they are applying a 1% foreign transaction fee because a lot of banks do have a 1% fee....some 2%...some 3%...and then some apply a percentage fee "plus" a small flat rate fee of a few dollars. The later banks that hit you with a percentage and a flat fee are usually the super fee hungry banks.

[IBoldnewguy]

I only add that there is a respectful, gentleman's agreement of sorts to make all best efforts to use AEON ATMs when using Schwab Bank cards (or other similar programs) to avoid saddling the bank with too many ATM fee reimbursements, and possibly force a reassessment of the program.

To coin the phrase from TV Member Pib, "try not to kill the goose laying the golden egg".

I've had to stand in line to use the "golden goose" so I assume it is already well known to those who care to research; this is no secret! Regardless of the fears expressed about losing the "golden egg" I imagine there is a profit hidden in the transaction somewhere. It may have to do with "he who holds the $$goose$$ the longest profits from the $$flow$$". I'm not an expert of this sort of thing but neither do I believe that any large banking entity provides a free service without a reason. In fact the opposite might occur... slow traffic... no profit... and then no service?

Also Capitol One has Visa & MC with no FT fee. I think (only used it once) the MC baht conversion was short about 1% essentially getting a fee via that direction. But the Visa converted at the daily rate. Best regards....

The Visa and Mastercard exchange rates are much closer than 1%....I have both Visa and Mastercard debit & credit cards and my cards are no foreign transaction fee cards. "Usually" the Visa rate is a little better than the Mastercard rate but not always. I just compared the Visa and Mastercard rates for the three days of 27, 28, and 29 Nov and on 27 & 28 Nov the Visa rates were 0.25% better and on 29 Nov the Visa rate was 0.6% better. From what I've seen the Visa rate is "usually" around 0.25% better but there are a minority of days to where the Mastercard rate is maybe 0.1% better.

Now I don't have any CapOne "debit" cards (but I got a couple of their Visa and MC "credit" cards) and based on detailed posts by other folks it appears the CapOne Mastercard debit card really ends up hitting a person with a 0.2% currency conversion fee that MC generates but CapOne no longer absorbs...but since CapOne don't add onto this fee CapOne will say their card is a no foreign transaction fee. CapOne mentions this in vague language on their website now....I thing CapOne started allowing a small pass through fee after they absorb ING. Can't speak to the CapOne Visa debit cards as to if they allow any Visa currency conversion fee to pass through on to the customer via a lower exchange rate.

My Visa debit cards with a couple of other banks are true no foreign transaction fee cards as they absorb all of the Visa currency conversion fee and don't add any fee of their own.

If you are coming up approx 1% short on the cards issued by your bank(s), then I expect they are applying a 1% foreign transaction fee because a lot of banks do have a 1% fee....some 2%...some 3%...and then some apply a percentage fee "plus" a small flat rate fee of a few dollars. The later banks that hit you with a percentage and a flat fee are usually the super fee hungry banks.

I was not comparing the Visa to the MC. I made a 75.000bt MC charge - checked acct online and $2527 was pending - calc'd the baht at 29.68 - 3 days later the actual charge hit acct and changed to $2552 = baht 29.39 - the difference was -$25 which is approx to 1% of the US amounts - no FT fee was involved. A week later I changed hotels and used the Visa at 29.67bt and no differences showed up between the pending and actual charge. So in the future only the Visa will be used. The baht rates quoted were par for the course March 2013. When a charge is made it goes via MC and then to the bank - MC then manages to subtract a hidden fee from the transaction before it posts to the bank. Simply put Visa keeps it's word concerning FT fees and MC doesn't.

[54321]

And no word from the op, I often wonder if such threads are started to drive footfall in the site

[Pib]

@iboldnewguy,

Above could merely have been caused by Forex/MC/Visa exchange rate changes between the actual charge date and the settlement/posting date, especially during the recent time period when the baht was doing some healthy exchange rate swings from day to day. It will vary from card-issuing bank to bank and merchant how fast the final charge posts to your account but it usually takes around 2 "business" days between the actual and settled charge for a credit card....for a debit card it occurs at the same time/immediate.

But a person can go to the Visa and Mastercard exchange rate websites, pick some days to do rate comparisons to determine for themselves the differences in rates. A person will also need to know for sure any foreign transaction fee your card-issuing bank charges.

Now the MC exchange rate will seem like it's always a business day behind but as the site states it primarily use is to reflect "settlement" date exchange rates which always take a few business days after the actual charge. However, but, if you have a Mastercard "debit" card the rate you get will be that day-behind-date...that is, say you make a ATM withdrawal 28Nov you will get the rate reflected for 27 Nov. I know when I make a charge with my CapOne Mastercard "credt" card the email I get within seconds/minutes of the actual charge will reflects the rate being reflected on the MC exchange rate page (the day behind date) but I won't know the actual charge for a couple more business date until it posts/settles to my account...and when it post/settles to my account I always matches the MC exchange rate settlement date rate per their website.

Now the Visa exchange rate page does reflect the current date (referenced to U.S. East coast time which is 2 hours behind current Thailand time....right now the rate changes daily at noon Thailand time so person needs to keep that in mind...not sure of the time of day the MC rate changes/updates).

Here's the Visa and Mastercard exchange rate webpage where a person can do comparisons. And please note if you have a Visa issued by a European bank there is a different link to click on the Visa page to get those rates which will vary slightly from the rate for other Visa cards.

Visa Exchange Rate Page (note: you will need to divide the fractional result into 1 to get the exchange rate our brains like to see...don't reverse the currency entries to avoid this division requirement otherwise you'll get an inaccurate/slightly high figure due to currency spreads....you don't need to do this division on the European Visa page since they show both the fractional and easy-on-the-brain rates)

Mastercard Exchange Rate Page

But with above being said as I mentioned before, the Visa rates usually seems to be a little better...but they vary from business day to business day...and can vary quite a bit depending on how volatile the Forex rate is....and over the last few months the baht to western countries' currency exchange rates have been doing some healthy swings...fortunately for western expats a swing that is on a upward trend (for now...subject to change for seemingly absolutely now reason at all).

[55Jay]

I have benefited from those who freely share their info here about banking alternatives.

Maybe mgjackson69 will find one that works for his particular situation.

The only thing that is still free, for the most part, is trading info and ideas on this forum rather than looking down one's nose at those who haven't yet seen the light.

[Cloggie]

Update your bankbook and check the code behind the TB150 what it is for - don't guess / think / it looks like ....