Aeon Bank now charge 150 B ATM fee

[55Jay]

[Pib's been denied trying to use his U.S. debit card for a counter withdrawal at his local BKK Bank branch, but they were fine to do a cash advance on his credit card.

Did he ask for a cash advance when handing over his debit card? I have a feeling this was a mistake.

Right on Ubonrthai. Glad I waited for Monday to give it a try.

Accomplished counter w/d this afternoon at my smallish/local BKB branch using Schwab Visa Debit. Handed her the gold card and said take 32,000 from here, then gave her my BKB ATM card and said, put it in here. No cash, just traded slips of paper.

Schwab on-line shows pending xaction $984.82 ~ 32.49. Head back for w/d #2 of 2 tomorrow.

Thing that caught me off guard was the signature slip called for my address (and passport#), so I wrote Thai address w/o thinking about it until afterward - that Schwab is touchy about foreign addresses on US accounts. Not sure they would have viz on the slip anyway.

If Pib's PENFED C/C xaction works out with no or very little interest accrual on his cash advance, I'll certainly apply for the card. Would be nice to do one pull for 50-60k and be done with it, vs. the $1,000/day limit on the Schwab Debit.

[hansnl]

AEON joined the Thai club of Banksters...

Maybe they were forced by the other banksters?

[TallGuyJohninBKK]

[Pib's been denied trying to use his U.S. debit card for a counter withdrawal at his local BKK Bank branch, but they were fine to do a cash advance on his credit card.

Did he ask for a cash advance when handing over his debit card? I have a feeling this was a mistake.

Pib pretty clearly described what happened when he went to his local BKK Bank Branch and tried to use his debit card for a counter withdrawal. NO joy... But they were happy to do one with his credit card.

There have been lots of reports here over time of different folks being turned away from debit card cash advances at bank counters. Some will, and some won't, even among the same bank companies. TIT.... What would you expect.

[TallGuyJohninBKK]

Thing that caught me off guard was the signature slip called for my address (and passport#), so I wrote Thai address w/o thinking about it until afterward - that Schwab is touchy about foreign addresses on US accounts. Not sure they would have viz on the slip anyway.

That's an interesting detail and issue. I'm not sure which way is the best to write one's address for that purpose. And I'm equally not sure whether anyone at one's home country bank ever ends up seeing that detail at their end.

If Pib's PENFED C/C xaction works out with no or very little interest accrual on his cash advance, I'll certainly apply for the card. Would be nice to do one pull for 50-60k and be done with it, vs. the $1,000/day limit on the Schwab Debit.

Just remember, unless PFCU has changed the rules lately, they have very low limits on the amounts new members can transfer via their internal ACH system initially. Though that's only using their own ACH system.

Presumably, you could use an external bank's ACH system (assuming it allowed free domestic transfers to linked external accounts) and move the money from that external account into your PFCU account. Or perhaps do an online billpay to the PFCU credit card account from an external checking account, if the PFCU system will allow advance (pre-statement) payments, which I believe it does.

[balo]

Why can't you just open a bank account like any other intelligent person instead of moaning about stupid fees,

If you live here for months whats the point of using a foreign ATM card?

[TallGuyJohninBKK]

Why can't you just open a bank account like any other intelligent person instead of moaning about stupid fees,

If you live here for months whats the point of using a foreign ATM card?

That's been asked and answered many times here before...if you were paying attention.

But apparently you're not...since most everyone discussing the subject here is talking about depositing their out of country funds INTO one of their Thai bank accounts. So I guess that means, we already have them...

[paz]

Why can't you just open a bank account like any other intelligent person instead of moaning about stupid fees,

If you live here for months whats the point of using a foreign ATM card?

Because, surprise to you, it's cheaper to pull money free of fees at ATM or counter, than wire trasnsfer.

Come back saying that it is small money anyway, welcome to my looser list.

[thepool]

It would seem many have difficulties !

For me no problems with moving cash from the UK to Thailand.

All that is required is a Bangkok Bank account in Thailand with internet access. Once that account is set up transfers can be made from a UK bank (via an account with internet access) to the Bangkok Bank in London ( no fees involved ).

The Bangkok bank will then transfer money to the Thai account for a minimal fee within 24 hours! Money is credited at the TT rate of exchange .

Similar service is available to Americans !

[55Jay]

Why can't you just open a bank account like any other intelligent person instead of moaning about stupid fees,

If you live here for months whats the point of using a foreign ATM card?

[TallGuyJohninBKK]

For me no problems with moving cash from the UK to Thailand.

All that is required is a Bangkok Bank account in Thailand with internet access. Once that account is set up transfers can be made from a UK bank (via an account with internet access) to the Bangkok Bank in London ( no fees involved ).

The Bangkok bank will then transfer money to the Thai account for a minimal fee within 24 hours! Money is credited at the TT rate of exchange .

Yes, it is... And the BKK Bank xfer process from the U.S. and the UK works just fine.

However, it IS a more expensive option/route unless you start sending relatively large amounts per transfer. Jim Gant has done the math on this, most recently, if I recall, something like $7000 or higher would be required for the BKK Bank route to be a better value than a no fee ATM withdrawal -- the no fee part being something that's getting harder to accomplish in Thailand lately.

Also, not everyone has the available cash to send in those amounts, or may not want to, preferring to go month by month. In that case, the BKK Bank route is going to be more expensive, again, compared to no fee ATM withdrawals.

But for those who don't have no foreign currency fee bank cards or those who are comfortable with xfering larger amounts, it's the best other option available.

BTW, as you well know, there's also a time difference involved. The BKK Bank xfers can take up to a couple days, whereas the ATM withdrawals are instantaneous. And sometimes that can make a difference.

And at least in the U.S. system with BKK Bank transfers, there are two different fees involved: one a sliding scale amount depending on how much you transfer charged by the handling New York branch, and then a 200 to 500 baht fee charged in Thailand by the BKK Bank receiving branch.

[thepool]

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Yes, it is... And the BKK Bank xfer process from the U.S. and the UK works just fine.

However, it IS a more expensive option/route unless you start sending relatively large amounts per transfer. Jim Gant has done the math on this, most recently, if I recall, something like $7000 or higher would be required for the BKK Bank route to be a better value than a no fee ATM withdrawal -- the no fee part being something that's getting harder to accomplish in Thailand lately.

Also, not everyone has the available cash to send in those amounts, or may not want to, preferring to go month by month. In that case, the BKK Bank route is going to be more expensive, again, compared to no fee ATM withdrawals.

But for those who don't have no foreign currency fee bank cards or those who are comfortable with xfering larger amounts, it's the best other option available.

BTW, as you well know, there's also a time difference involved. The BKK Bank xfers can take a couple days, whereas the ATM withdrawals are instantaneous. And sometimes that can make a difference.

I am well aware that ATM withdrawals are instant!

If I ensure that I move cash from my UK bank to the London Bangkok bank prior to 0900 hours (UK time) the cash will be in my Thai account before 10 AM (Thai time) the next day.

For me it works and it is economical -----although I admit I have not calculated the cost to the last setang !

No ATM will provide the TT rate and that must be taken into account if calculations are a must !

[TallGuyJohninBKK]

Actually, the ATM rates bounce around relative to the buying TT rates. Somes a bit better, sometimes a bit worse.

It's certainly not the case that Thai bank buying TT rates consistently are better than VISA ATM rates. They're clearly not, especially in the case of BKK Bank, whose buying TT rates usually are not among the best among different Thai banks, more often around the middle of the pack in my experience.

All in all, that's really not a deciding factor in any economic comparison between BKK Bank xfers and no fee ATM withdrawals.

We have done the exchange rate comparisons here a lot of times over... and indeed, right down to the last satang.

[thepool]

I believe you !

My arrangement works and I am happy with it !

I will not be altering my means of transferring cash unless someone can show me a system that is as easy and costs much less !

[Fasth]

Just for info:
Thanachart ATM (orange).
I did withdrawal today for 20k THB (visa USD, Russian bank):
630,4$ for 20150THB = 31,96 USD/THB
or for 20000THB (without 150FEE) = 31,72 USD/THB

[thepool]

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Just for info:
Thanachart ATM (orange).
I did withdrawal today for 20k THB (visa USD, Russian bank):
630,4$ for 20150THB = 31,96 USD/THB
or for 20000THB (without 150FEE) = 31,72 USD/THB

You should wait for the bank statement before posting !

[paz]

Just for info:

Thanachart ATM (orange).

I did withdrawal today for 20k THB (visa USD, Russian bank):

630,4$ for 20150THB = 31,96 USD/THB

or for 20000THB (without 150FEE) = 31,72 USD/THB

For the first example you mat is wrong becase you did not receive 20,150 in hand.

So unless the fee is charged separetly the exchange rate is 31.72.

[thepool]

Bangkok Banks TT rate (03 March 2014)

£=54.21000

USD = 32.45

[55Jay]

I believe you !

My arrangement works and I am happy with it !

I will not be altering my means of transferring cash unless someone can show me a system that is as easy and costs much less !

Sounds like you've got it cracked. Being happy with and feeling like you are getting good value from your financial services, is what's important.

[TallGuyJohninBKK]

However, it IS a more expensive option/route unless you start sending relatively large amounts per transfer. Jim Gant has done the math on this, most recently, if I recall, something like $7000 or higher would be required for the BKK Bank route to be a better value than a no fee ATM withdrawal -- the no fee part being something that's getting harder to accomplish in Thailand lately.

I mis-spoke here on Jim's prior comparison using BKK bank xfers.

What he was comparing was BKK Bank xfers with the cost of Thai ATM withdrawals where the cardholder has no FCF but IS paying the 150 baht ATM withdrawal fee.

It took getting above a $4000 or so transfer amount before the BKK Bank route would be a better price move compared to ATM withdrawals paying the 150 baht fee. Because the BKK Bank transfer method had double fees, and the receiving branch fee starts at a minimum of 200 baht.

If someone is doing a no-fee counter withdrawal or a no foreign currency fee ATM withdrawal where one's home bank is reimbursing the 150 baht Thai bank ATM fees, the in-country transactions are going to be a better deal than the BKK Bank transfers every time.

[thepool]

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However, it IS a more expensive option/route unless you start sending relatively large amounts per transfer. Jim Gant has done the math on this, most recently, if I recall, something like $7000 or higher would be required for the BKK Bank route to be a better value than a no fee ATM withdrawal -- the no fee part being something that's getting harder to accomplish in Thailand lately.

I mis-spoke here on Jim's prior comparison using BKK bank xfers.

What he was comparing was BKK Bank xfers with the cost of Thai ATM withdrawals where the cardholder has no FCF but IS paying the 150 baht ATM withdrawal fee.

It took getting above a $4000 or so transfer amount before the BKK Bank route would be a better price move compared to ATM withdrawals paying the 150 baht fee. Because the BKK Bank transfer method had double fees, and the receiving branch fee starts at a minimum of 200 baht.

If someone is doing a no-fee counter withdrawal or a no foreign currency fee ATM withdrawal where one's home bank is reimbursing the 150 baht Thai bank ATM fees, the in-country transactions are going to be a better deal than the BKK Bank transfers every time.

All UK banks AFAIK charge a FCF , so when combined with the 150Bht local ATM charge ATM withdrawals for Brits (and I suspect many Americans) start to become expensive.

[TallGuyJohninBKK]

For Americans, there are lots of bank card options that have zero foreign currency fee, and a few among those that reimburse even foreign banks ATM fees. But you have to go looking for them, because they're usually not from the biggest banks.

For Brits, Metro Bank was one bank option that had no FCF, but they're going to start charging one soon. There were also some building societies that were fee free, but I'm not sure how many if any of those remain at this point.

It all depends on one's individual circumstances. If you have access to no fee and fee reimbursing bank cards, those are a better option. But if you only have access to foreign currency fee charging and non fee reimbursing cards, then the BKK Bank route is likely to be a better option.

And one additional thing can fairly be said: Given the very high fees that most banks charge for sending traditional international wire transfers, the BKK Bank route is usually going to be a better alternative than traditional international wires.

[thepool]

TallGuyJohninBKK

As you might expect I struggle with American terminology --------I have never done a "wire" transfer but accept there are very expensive means of moving cash to Thailand .

I go for what works , cheaply , for me !

[paz]

As you might expect I struggle with American terminology --------I have never done a "wire" transfer but accept there are very expensive means of moving cash to Thailand .

Not to be zealant but wire transfer, or wire for short, is standard international bank terminology.

[TallGuyJohninBKK]

As you might expect I struggle with American terminology --------I have never done a "wire" transfer but accept there are very expensive means of moving cash to Thailand .

I believe also known as SWIFT or InterBank transfers, depending on one's parlance.

[55Jay]

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However, it IS a more expensive option/route unless you start sending relatively large amounts per transfer. Jim Gant has done the math on this, most recently, if I recall, something like $7000 or higher would be required for the BKK Bank route to be a better value than a no fee ATM withdrawal -- the no fee part being something that's getting harder to accomplish in Thailand lately.

I mis-spoke here on Jim's prior comparison using BKK bank xfers.

What he was comparing was BKK Bank xfers with the cost of Thai ATM withdrawals where the cardholder has no FCF but IS paying the 150 baht ATM withdrawal fee.

It took getting above a $4000 or so transfer amount before the BKK Bank route would be a better price move compared to ATM withdrawals paying the 150 baht fee. Because the BKK Bank transfer method had double fees, and the receiving branch fee starts at a minimum of 200 baht.

If someone is doing a no-fee counter withdrawal or a no foreign currency fee ATM withdrawal where one's home bank is reimbursing the 150 baht Thai bank ATM fees, the in-country transactions are going to be a better deal than the BKK Bank transfers every time.

All UK banks AFAIK charge a FCF , so when combined with the 150Bht local ATM charge ATM withdrawals for Brits (and I suspect many Americans) start to become expensive.

That's exactly the point of this and similar threads on the banking forum.

[TallGuyJohninBKK]

Re UK accounts, this is some of the info posted here by Brits last year (2013). I have no idea if the details have changed since then. It would be great if any one familiar with these accounts can update as to whether they remain free of foreign currency fees.

Fee free accounts in the UK include Norwich and Peterborough Building Society Gold Classic and Gold Light accounts and the Cumberland Building Society Plus current account.

And other post here cited the following:

Nationwide Flex Plus - has a £10 monthly fee (cheaper than HSBC) - loads of benefits BUT pays 3% interest on £2500 so after tax this account ends up costing you £5 a month - completely free overseas withdrawals - plus its a VISA so no 180 baht charge like MC (at the moment) - £250 daily limit

http://www.nationwid...lus/default.htm

Norwich and Peterborough - Classic Gold Account - FREE - no overseas withdrawal charges - but you need to send £500 to the account and you can transfer it straight back out again. Plus you get loads of benefits from Sentinel - £250 daily limit - 150 baht at ATM

http://www.nandp.co....urrent-account/

[Fasth]

Just for info:

Thanachart ATM (orange).

I did withdrawal today for 20k THB (visa USD, Russian bank):

630,4$ for 20150THB = 31,96 USD/THB

or for 20000THB (without 150FEE) = 31,72 USD/THB

For the first example you mat is wrong becase you did not receive 20,150 in hand.

So unless the fee is charged separetly the exchange rate is 31.72.

the first example shows rates without fee (just wondering)

but the second yes, this is real

[balo]

Why can't you just open a bank account like any other intelligent person instead of moaning about stupid fees,

If you live here for months whats the point of using a foreign ATM card?

Because, surprise to you, it's cheaper to pull money free of fees at ATM or counter, than wire trasnsfer.

Come back saying that it is small money anyway, welcome to my looser list.

No it's not , maybe where you're from , when you transfer money from a bank in Scandinavia to Kasikorn and you do it online , it's almost free and you get the best exchange rate from the bank.

So it makes no sense to me why any expats would use a foreign atm card in Thailand.

Sent from my SM-P601 using Thaivisa Connect Thailand mobile app

[TallGuyJohninBKK]

In most countries, bank fees for outbound international wire transfers are quite expensive, generally making them inferior to no or low fee ATM transactions, especially for routine month to month living expenses. And I guess I should have added, in some cases, intl wire senders actually get charged three fees: one by the sending bank, one by so-called intermediary banks, and finally by the receiving Thai bank.

If Scandinavian banks don't charge those sending fees or use intermediary banks, they're the exception, not the rule. But AFAIK, Kasikorn is still going to charge between 200 and 500 baht fee for handing incoming wired funds, regardless of the originating country/bank. That's a consistent fee (0.25% of proceeds, min 200b, max 500b) among all the Thai banks.

You may not see that fee as a separate charge broken out in your Kasikorn account online banking info, but they're definitely taking it out of your (and everyone's) proceeds.

The reason expats use foreign ATM cards in Thailand is because U.S. banks charge high intl wire transfer fees, as do UK banks, as do a variety of banks/countries in Europe. Not all expats here are from Scandinavia, needless to say.

But if you have such a great deal with your bank, why don't you post the bank name and account type, so other Scandinavians here can benefit from the same deal.

[55Jay]

Why can't you just open a bank account like any other intelligent person instead of moaning about stupid fees,

If you live here for months whats the point of using a foreign ATM card?

Because, surprise to you, it's cheaper to pull money free of fees at ATM or counter, than wire trasnsfer.

Come back saying that it is small money anyway, welcome to my looser list.

No it's not , maybe where you're from , when you transfer money from a bank in Scandinavia to Kasikorn and you do it online , it's almost free and you get the best exchange rate from the bank.

So it makes no sense to me why any expats would use a foreign atm card in Thailand.

Sent from my SM-P601 using Thaivisa Connect Thailand mobile app

At least until recently, it was slightly more advantageous to use a no fee foreign ATM card at AEON ATM but that situation has now changed.

For those willing to put out a bit more effort, virtually free, instant access to their money, often at a slightly better rate than the bank's TT rate, is still possible.

Nobody is knocking or disregarding the ease and usefulness of internet transfers. Much of this discussion and effort, is based on principle, not really about the few dollars saved each month. If you are happy with your financial services and system, that's good, bravo for you.