Aeon Bank now charge 150 B ATM fee

[Pib]

God, these Thai banks are really sticking it too farangs. Seems they are trying to put a healthy fee on any route of foreign funds coming into Thailand. Before I use to say Thailand-Land of Smiles for incoming money; Thailand-Land of Frowns for outgoing money. Now it appears Thailand is quickly turning into the Land of Frowns for foreign money coming or going. Overcharge a farang anyway possible.

[TallGuyJohninBKK]

God, these Thai banks are really sticking it too farangs. Seems they are trying to put a healthy fee on any route of foreign funds coming into Thailand. Before I use to say Thailand-Land of Smiles for incoming money; Thailand-Land of Frowns for outgoing money. Now it appears Thailand is quickly turning into the Land of Frowns for foreign money coming or going. Overcharge a farang anyway possible.

Pib, obviously, it's part of the Tourism Authority of Thailand's new initiatives to increase the numbers of "quality" tourists coming to Thailand...

[Pib]

TallGuy,

What don't you start a new topic to bring this to higher travelers check fee to the attention of more ThaiVisa folks since only folks interested in AEON now charging Bt150 for ATM withdrawals may see it. Lots of folks bring travelers checks to Thailand...best to get the news out with a new topic maybe. Now a person would want to only use/bring large denomination checks like $500 unless they want to get raped in fees.

Pib

[paz]

Today I went to a Kasikorn local branch to withdraw at the counter. Teller indicated that they didn't had the machine but Pattaya Central branch would do it. So I went there, I also have an account with them, but that did not matter at all.

There is a limit of 20,000 and it took less than a minute to complete. The debit authorization on my account is for $615.19, that is, an excellent rate of 32.5102. Kasikorn was buying the greenback at 32.15 at the same time.

[Naam]

Now it is obvious that the AEON option is gone now too. I believe I will now go back to using cash and travellers checks as I used to in the 80s and 90s. What a pathetic hassle.

It's been donkeys years since I ever handled traveler's checks. And they're probably more suited to tourists vs. expats.

But, the other night, I was passing by a TMB exchange booth near my supermarket that had a big sign up about "no fee" exchanges, whatever that means. And not a great exchange rate to boot.

When I looked closer, though, they had a paper sign pasted in the window talking about their fees for handling traveler's checks. And although I just looked quickly, I thought the sign said 150 BAHT PER CHECK and then the smaller per check fees about stamps and whatever.

No place that I know of charges 150 Baht per Travellers check. If I did run into such a place I would simply go to one of the hundreds of other exchanges that charge one small fee per total transaction.

Well, I've got news for you. The times are a changin', and anyone who thinks they're going to do better by using travelers' checks has another thing coming.

As I previously posted here, the Thai Military Bank exchange booth near my home is in fact charging a handling fee PER TRAVELER'S CHECK of 153 baht and I posted a photo of their sign earlier in this thread. And as I discovered today, they're not the only Thai bank charging the new 153 baht per check rate, which seems to be coming into effect right now at various banks.

Today, I was out and around for other reasons, so I took the opportunity to stop in at every place that presented an exchange booth opportunity, and here's what I found:

--The Bangkok Bank exchange booth near my home has a sign up in its window advising that they're going to be charging the 153 baht per traveler's check fee effective this March 1.

2014-02-18 16.52.00.jpg

--I stopped at two Siam Commercial booths. One already had a sign up in its window listing the 153 baht fee. The other had no sign, but the staff there also told me the fee was 153 baht, and when I asked what happened to the former 33 baht fee, the staff there said theirs had changed effective Feb. 1.

--Thai Military Bank exchange booth had a sign posted advising 153 baht per check fee, effective Feb. 1.

That's the bad news. The good news, although I suspect it's only a temporary reprieve, is that the following banks still as of today were listing the 33b per check fee:

--Kasikorn

--Ayudhya

--Krung Thai

If there's already the change to 153 baht per check afoot at all the previously mentioned banks, you can pretty well bet that these three will be likely to follow at some point.

I guess they figured, if you liked the 150/180 baht ATM fees, you're going to love the 153 baht per traveler's check fees.

Amazing Thailand, Welcome to Tourists, courtesy of the Thai government and/or the Thai Bankers Assn.

BTW, for those handy with math, the increase from 33 baht to 153 baht per check works out to almost 470% fee increase.

those "handy" with maths say "the fee increase is 363.63%"

[Pib]

Today I went to a Kasikorn local branch to withdraw at the counter. Teller indicated that they didn't had the machine but Pattaya Central branch would do it. So I went there, I also have an account with them, but that did not matter at all.

There is a limit of 20,000 and it took less than a minute to complete. The debit authorization on my account is for $615.19, that is, an excellent rate of 32.5102. Kasikorn was buying the greenback at 32.15 at the same time.

paz,

Something doesn't sound right here because the Visa exchange rate for today (after high noon) is 32.17 and Mastercard's is 32.08 And then you mention K-bank was buying for 32.15. Why then is the rate you got so much better. Something don't seem right here.

[paz]

Today I went to a Kasikorn local branch to withdraw at the counter. Teller indicated that they didn't had the machine but Pattaya Central branch would do it. So I went there, I also have an account with them, but that did not matter at all.

There is a limit of 20,000 and it took less than a minute to complete. The debit authorization on my account is for $615.19, that is, an excellent rate of 32.5102. Kasikorn was buying the greenback at 32.15 at the same time.

paz,

Something doesn't sound right here because the Visa exchange rate for today (after high noon) is 32.17 and Mastercard's is 32.08 And then you mention K-bank was buying for 32.15. Why then is the rate you got so much better. Something don't seem right here.

I have no idea. At this time all I can see is this:

[Pib]

Today I went to a Kasikorn local branch to withdraw at the counter. Teller indicated that they didn't had the machine but Pattaya Central branch would do it. So I went there, I also have an account with them, but that did not matter at all.

There is a limit of 20,000 and it took less than a minute to complete. The debit authorization on my account is for $615.19, that is, an excellent rate of 32.5102. Kasikorn was buying the greenback at 32.15 at the same time.

paz,

Something doesn't sound right here because the Visa exchange rate for today (after high noon) is 32.17 and Mastercard's is 32.08 And then you mention K-bank was buying for 32.15. Why then is the rate you got so much better. Something don't seem right here.

I have no idea. At this time all I can see is this:

And what logo card did you use..Visa...Mastercard....????

[paz]

And what logo card did you use..Visa...Mastercard....????

MC. I whish I had knew this method before, I had been driving for miles to get to AEON ATMs, just to find them out of service at times. Or wired money in, with all the associated costs.

Edited February 18, 2014 by paz

[Ticketmaster]

Jesus, 15 pages on this. I'm getting the hell off the "following" thing!

[Pib]

And what logo card did you use..Visa...Mastercard....????

MC. I whish I had knew this method before, I had been driving for miles to get to AEON ATMs, just to find them out of service at times. Or wired money in, with all the associated costs.

I'm beginning to think Kbank messed up. When looking at their exchange rate I see they have a 32.54 TT "Selling" Rate which is what a person would pay to buy dollars using baht and real close the rate you got. But you were buying baht using dollars which would give you the TT Buying Rate. Maybe the bank messed up. I can't believe a MC rate change would have jumped up so much from the current rate because the Forex rates and Thai Baht TT Buying Rates are not showing such a big jump and they move much faster that card rates do since card rates only change once every 24 hours but bank rates change numerous times during the day with the Forex market. Watch your account...if you see a correction come through that would indicate Kbank gave you the wrong rate and are correcting themselves. That's my guess right now.

[TallGuyJohninBKK]

TallGuy,

What don't you start a new topic to bring this to higher travelers check fee to the attention of more ThaiVisa folks since only folks interested in AEON now charging Bt150 for ATM withdrawals may see it. Lots of folks bring travelers checks to Thailand...best to get the news out with a new topic maybe. Now a person would want to only use/bring large denomination checks like $500 unless they want to get raped in fees.

Pib

That's a good suggestion... After learning today that other banks had raised the traveler's check fees as well and it wasn't some kind of one-off or fluke, I was thinking along the same lines.

[Pib]

TallGuy,

What don't you start a new topic to bring this to higher travelers check fee to the attention of more ThaiVisa folks since only folks interested in AEON now charging Bt150 for ATM withdrawals may see it. Lots of folks bring travelers checks to Thailand...best to get the news out with a new topic maybe. Now a person would want to only use/bring large denomination checks like $500 unless they want to get raped in fees.

Pib

That's a good suggestion... After learning today that other banks had raised the traveler's check fees as well and it wasn't some kind of one-off or fluke, I was thinking along the same lines.

It's good to see apparent collusion among Thai banks by apparently all of them raising their traveler cheque cashing fee by 5-fold a the same time/effective 1 March. Yes sir, reduced competition through collusion. Looks like Thai banks are now trying to get at least a 150 baht fee on foreign incoming money regardless of its entry/conversion method. I wonder if Thai immigration will start collecting 150 baht when arriving into Thailand just because they will assume you have foreign currency on you.

[TallGuyJohninBKK]

BTW, for those handy with math, the increase from 33 baht to 153 baht per check works out to almost 470% fee increase.

those "handy" with maths say "the fee increase is 363.63%"

You're absolutely right. Thanks for the correction. My bad...

Still equates to getting reamed... anyway you slice it.

[isawasnake]

I know this doesn't solve everyone's problems, but this really isn't all that cumbersome, is it? I have actually only carried around 5k max in flight, but would be comfortable with 10 or thereabouts if and when the situation arises. If nobody knows you have it on you, it is perfectly safe in my opinion. People can keep complaining and trying to find ways around this stuff, but my guess is given the recent developments, it is only going to get worse.

[TallGuyJohninBKK]

You're talking about carrying money in flight from home countries. But, even if someone wanted to do that with its varied risks, it doesn't account for the many folks here who don't or aren't traveling back to the their home countries.

[Pib]

I know this doesn't solve everyone's problems, but this really isn't all that cumbersome, is it? I have actually only carried around 5k max in flight, but would be comfortable with 10 or thereabouts if and when the situation arises. If nobody knows you have it on you, it is perfectly safe in my opinion. People can keep complaining and trying to find ways around this stuff, but my guess is given the recent developments, it is only going to get worse.

I agree...perfectly safe...robberies and muggings never happen in Thailand...nor people just losing the money because they left the money in a taxi (many stories over here about BIG money/jewelry being left in a taxi because the owner simply left a bag in the taxi...too tired or drunk I guess). And this method don't help farangs who live in Thailand on pretty much a permanent basis since many don't travel back and forth between the home country that much.

[SurfRider]

.

I think the 32.52 rate posted earlier is realistic. There's been a spike the past two days vs. USD

X-Rates is currently reporting 32.47

http://www.x-rates.com/graph/?from=USD&to=THB&amount=1.00

PS: If you're always that good at hitting the hot spot, I'd book the next flight to Macau or Vegas . . .

.

[MrWorldwide]

God, these Thai banks are really sticking it too farangs. Seems they are trying to put a healthy fee on any route of foreign funds coming into Thailand. Before I use to say Thailand-Land of Smiles for incoming money; Thailand-Land of Frowns for outgoing money. Now it appears Thailand is quickly turning into the Land of Frowns for foreign money coming or going. Overcharge a farang anyway possible.

Whoa - lets take a step back here. I'll try to play Devil's Advocate, even if I do agree that 150-180 baht per withdrawal is daylight robbery.

1. No bank - Thai or wherever - is in business to do anything other than make money. Banks, by their very nature, are in the business of charging fees - we aren't talking about a public utility set up by the TaT to help visitors.

2. Whether we accept it or not, it costs money to maintain branches and ATMs - exactly how much of that money do (visiting) Farang contribute to the Thai banks ? Other than pumping money into the Thai economy, my guess is that the figure is something approaching 'bupkiss'.

3. I don't know what the average Thai withdraws from an ATM, but I'm guessing that they need to be refilled with cash more often in the tourist-dominated areas of Thailand. Throw in increased complaints from visitors who have had a problem with their card in your ATM and I can see why they feel a fee is appropriate, even if said complaints don't seem to elicit a whole lot of action in many cases.

No shortage of threads on TV describing the procedure for opening an account with a Thai bank, and the process involved when you want to transfer funds from your home country into that account - its an option for those of us who spend sufficient time in country to make it worthwhile. The old chestnut about 'you have to have a work permit' seems to come down to the individual staff in a given bank on the day - those who perseve succeed eventually even without a work permit, and more power to them.

IMO, the fee should be no more than 50 baht, but I can see why Thai banks have an ATM fee and its not restricted to Thailand - you will pay at least $2.50 for using any ATM belonging to a bank other than your own in Oz. If I'm unhappy about anything, it's the fact that many ATMs restrict us to a max of 20K in a single withdrawal, but at least its still less than 1% of your transaction amount - anyone paying 180 baht (!) on a ~2K withdrawal simply has rocks in their heads ....

I've gone with Citibank in the sincere hope that I wont get slugged with the ridiculous 'currency exchange fee' CBA currently charge me - by contrast, 150 baht is a relative pittance. It all adds up, but I'm not going to stand outside Bangkok Bank shaking my fists in mute rage at their audacity and bold-faced cheek

[MrWorldwide]

You're talking about carrying money in flight from home countries. But, even if someone wanted to do that with its varied risks, it doesn't account for the many folks here who don't or aren't traveling back to the their home countries.

If that's the case, why not simply bite the bullet and get a Thai bank account ?

[TallGuyJohninBKK]

You're talking about carrying money in flight from home countries. But, even if someone wanted to do that with its varied risks, it doesn't account for the many folks here who don't or aren't traveling back to the their home countries.

If that's the case, why not simply bite the bullet and get a Thai bank account ?

That comment is getting pretty boring and repetitive.

Most of the people you're addressing that to who live in Thailand (expats) HAVE Thai bank accounts, usually multiple them.

But that doesn't mean that that (Thailand) is where their income is originating. If income is originating outside Thailand, it still has to find its way here somehow in terms of being able to convert into baht.

[TallGuyJohninBKK]

God, these Thai banks are really sticking it too farangs. Seems they are trying to put a healthy fee on any route of foreign funds coming into Thailand. Before I use to say Thailand-Land of Smiles for incoming money; Thailand-Land of Frowns for outgoing money. Now it appears Thailand is quickly turning into the Land of Frowns for foreign money coming or going. Overcharge a farang anyway possible.

Whoa - lets take a step back here. I'll try to play Devil's Advocate, even if I do agree that 150-180 baht per withdrawal is daylight robbery.

Pib's comment above was in response to the news about Thai banks increasing their fee for handling traveler's checks from 33 baht per check to 153 baht per check.

Not per transaction. But PER CHECK.

But since your entire response dealt with ATMs and ATM fees, you seem to have missed that.

Edited February 19, 2014 by TallGuyJohninBKK

[MrWorldwide]

You're talking about carrying money in flight from home countries. But, even if someone wanted to do that with its varied risks, it doesn't account for the many folks here who don't or aren't traveling back to the their home countries.

If that's the case, why not simply bite the bullet and get a Thai bank account ?

That comment is getting pretty boring and repetitive.

Most of the people you're addressing that to who live in Thailand (expats) HAVE Thai bank accounts, usually multiple them.

But that doesn't mean that that (Thailand) is where their income is originating. If income is originating outside Thailand, it still has to find its way here somehow in terms of being able to convert into baht.

And that's a completely different thread -

http://www.thaivisa.com/forum/topic/127371-onshoreoffshore-exchange-rates-and-money-transfers/

I guess we all have our own reasons for visiting this thread, but as a weekend warrior I see it in simple terms:

- which ATMs don't charge a fee for non-Thai cards

- which card will get me the best overall 'net' result when my baht withdrawal appears on my bank statement in my home currency ?

If you feel I'm being flippant at the expense of those in your situation, note that I will face exactly the same transfer issues in Malaysia from April onwards. I expect that I'll be juggling AUD, MYR and THB for years, but I don't expect to solve that problem with an ATM. Sooner or later, I'm going to have to bite the bullet and decide if Malaysia is my home - it would seem that you've already made that decision in Thailand.

[MrWorldwide]

God, these Thai banks are really sticking it too farangs. Seems they are trying to put a healthy fee on any route of foreign funds coming into Thailand. Before I use to say Thailand-Land of Smiles for incoming money; Thailand-Land of Frowns for outgoing money. Now it appears Thailand is quickly turning into the Land of Frowns for foreign money coming or going. Overcharge a farang anyway possible.

Whoa - lets take a step back here. I'll try to play Devil's Advocate, even if I do agree that 150-180 baht per withdrawal is daylight robbery.

Pib's comment above was in response to the news about Thai banks increasing their fee for handling traveler's checks from 33 baht per check to 153 baht per check.

Not per transaction. But PER CHECK.

But since your entire response dealt with ATMs and ATM fees, you seem to have missed that.

My mistake - Pib's was one of a number of comments expressing dismay at the fees being aimed specifically at visitors to Thailand. I apologise for misreading his post but stand by the points I made - all banks are in business to make money.

[TallGuyJohninBKK]

God, these Thai banks are really sticking it too farangs. Seems they are trying to put a healthy fee on any route of foreign funds coming into Thailand. Before I use to say Thailand-Land of Smiles for incoming money; Thailand-Land of Frowns for outgoing money. Now it appears Thailand is quickly turning into the Land of Frowns for foreign money coming or going. Overcharge a farang anyway possible.

Whoa - lets take a step back here. I'll try to play Devil's Advocate, even if I do agree that 150-180 baht per withdrawal is daylight robbery.

Pib's comment above was in response to the news about Thai banks increasing their fee for handling traveler's checks from 33 baht per check to 153 baht per check.

Not per transaction. But PER CHECK.

But since your entire response dealt with ATMs and ATM fees, you seem to have missed that.

My mistake - Pib's was one of a number of comments expressing dismay at the fees being aimed specifically at visitors to Thailand. I apologise for misreading his post but stand by the points I made - all banks are in business to make money.

I'm sure the Thai banks will be more than happy to accept all the fee "donations" you're willing to make.

But for me, if I have a choice between keeping money in my pocket vs. giving it to the Thai banks as fees, I'm going to do everything I can to keep the money in MY pocket.

[MrWorldwide]

John, I agree 100%, which is why I'll be making a beeline for those CITI ATMs with my Citibank debit card - I look forward to posting full details of my experience vs CBA, a travel card and currency exchange - hopefully all in the shortest possible timeframe. Please stay tuned

[meand]

I know this doesn't solve everyone's problems, but this really isn't all that cumbersome, is it? I have actually only carried around 5k max in flight, but would be comfortable with 10 or thereabouts if and when the situation arises. If nobody knows you have it on you, it is perfectly safe in my opinion. People can keep complaining and trying to find ways around this stuff, but my guess is given the recent developments, it is only going to get worse.

I agree...perfectly safe...robberies and muggings never happen in Thailand...nor people just losing the money because they left the money in a taxi (many stories over here about BIG money/jewelry being left in a taxi because the owner simply left a bag in the taxi...too tired or drunk I guess). And this method don't help farangs who live in Thailand on pretty much a permanent basis since many don't travel back and forth between the home country that much.

My take in this particular topic is: What in the world have we come to? We are quite honestly the biggest wimps in generations. I was personally borne from people who crossed a frontier, risking their lives everyday for a chance at a better life. Got a problem? Get out a gun and draw (ok, maybe I am being overly dramatic) Now, we are too scared to carry cash that nobody knows we have on us among a sea of people? We are, quite simply, the most timid generation that has ever existed. It is sad really. As far as losing a large wad of cash, if you are that incompetent, you are correct, don't do it.

Edited February 19, 2014 by meand

[MrWorldwide]

meand, lighten up. It's a discussion forum and folk are merely positing pros and cons in relation to this topic as they would to questions like the relative attractiveness of women in Nong Khai versus their Lao cousins just over the border. Fortunately, we all have options and no-one is stopping you or I carrying as much or as little cash as we deem fit.

Edited February 19, 2014 by MrWorldwide

[zeekgarcia]

I think we still have some fleshing out to do, in terms of understanding just to what extent the various Thai banks are or aren't willing to do DEBIT card counter withdrawals as opposed to the CREDIT card approach. And, if they are, will it mostly be only if the requested amounts are above normal ATM limits, or they'll do them even for smaller routine amounts.

I say that because, I suspect there's a much larger population of folks here who, at least, have debit cards that are capable of doing no foreign currency fee/no other fee debit card counter withdrawals -- if the banks will cooperate. Whereas I suspect the population of folks here who have access to home country credit cards with no FCF and no cash advance fee is much smaller. As we know, cash advance fees and high interest rates are pretty much the norm in the credit cards world.

Thus, I'd really like to hear more details from those members who have been doing regular DEBIT counter withdrawals in the past -- what bank companies, what kinds of amounts, etc etc. -- in terms of finding what kind of approaches will actually work.

-------------------

Also, I believe there's one other difference in the CREDIT card vs. DEBIT card approach we haven't yet discussed here. And that is, the growing tendency of credit card companies to panic and suspect fraud anytime they see foreign country charges, and the card user hasn't done an advance "I'm traveling abroad to XXXXXX country" notification.

As someone who's periodically been on the receiving end of credit card "charge denied" rejections, you're never quite sure when something is going to get flagged as suspected foreign fraud. And in most cases, credit card travel alerts are usually limited in the duration you can select. So I've never made a practice of continually renewing and extending travel alerts on my various credit cards, because I don't use them here all that often.

But, if I was going to start doing regular home country credit card cash advances out of Thailand, I'm a bit concerned how the various card issuers are going to respond to those in the absence of prior travel alert notifications. And then, if that was the case, you'd basically be telling the card issuers that you're perpetually outside the U.S. -- which probably is not a good message to send.

On the other hand, most of my debit card issuers don't seem overly concerned with the location of my purchases, and I've rarely if ever had a debit card POS purchase blocked here by my card issuers. And I don't think I've ever had to do a debit card travel notification. For that reason, among others, I'm inclined to try the DEBIT card approach first -- if I can find an approach with the Thai banks that's going to work.

I did about 3 or so over the counter debit card withdraws at Bangkok Bank with no problem, with signing papers, showing id and deposited into my account there until I found out that the usa bank csr told me wrong and my bank was charging me a 1% cc fee then I stopped doing it. All of these were over the atm limit.

[Pib]

Survey results are in...9 out of 10 muggers/thivies prefer cash over traveler cheques and credit/debit cards.

But the survey also showed 10 out of 10 Thai banks prefer travelers cheques and debit/credit cards since then earn a Bt150 or more fee on each transaction.

Sent from my Samsung S4 (GT-I9500)

Edited February 19, 2014 by Pib