Chiang Mai ATM charges: Bangkok Bank, Siam Commercial and Aeon

[heybruce]

First, I'm posting this in the Chiang Mai section because I don't know if ATM fees are the same all over Thailand. The information below is from specific ATM's in Chiang Mai on 1 and 2 March. I was very surprised at the differences. If you're too busy to read the details, just know that Aeon is the ATM to use.

I needed to withdraw money so went to the Aeon ATM at Siam TV yesterday, 1 March 2014, but it was out of order. I tried the Bangkok Bank ATM outside their branch nearby and was notified that the fee would be 180 baht and the exchange rate 31.46 baht to the U.S. dollar. This would have meant the desired 15000 baht withdrawal would have cost me $482.52. I canceled the transaction.

I then went to the Siam Commercial ATM outside its branch at Kad Suan Kaew and was also notified of a 180 baht fee and an exchange rate of 31.52 baht to the dollar, resulting in the 15000 baht deposit costing me $481.60. I canceled this transaction also.

I went back to the Aeon ATM at Siam TV today and made my 15000 baht withdrawal. I was notified of a 150 baht fee but not given an exchange rate. I just checked my bank statement online and learned that $467.77 was deducted from my bank account.

I checked the baht to dollar exchange on Bloomberg both days and it was 32.54 both times. This means 15000 baht is equivalent $460.97.

In summary:

Bangkok Bank ATM--15000 baht would have cost $482.52, cost of transaction 4.67% of no fee exchange ($460.97).

Siam Commercial ATM--15000 baht would have cost $481.60, cost of transaction 4.48% of no fee exchange.

Aeon ATM--15000 baht withdrawal cost $467.77, cost of transaction 1.48% of no fee exchange.

Even though Aeon is now charging 150 baht, it is by far a better place to make a baht withdrawal from a U.S. bank account than Bangkok Bank or Siam Commercial.

If anyone would like to supplement this post with information about other banks or costs for other countries, please feel free.

Edited March 2, 2014 by heybruce

[Carib]

http://www.thaivisa.com/forum/topic/703641-aeon-bank-now-charge-150-b-atm-fee/

Here you go, 21 pages covering all in and outs about the ATM fee.....

[heybruce]

http://www.thaivisa.com/forum/topic/703641-aeon-bank-now-charge-150-b-atm-fee/

Here you go, 21 pages covering all in and outs about the ATM fee.....

You didn't read past the title, did you? The difference in ATM fees are trivial compared to the impact of the exchange rates used.

Edited March 2, 2014 by heybruce

[Carib]

http://www.thaivisa.com/forum/topic/703641-aeon-bank-now-charge-150-b-atm-fee/

Here you go, 21 pages covering all in and outs about the ATM fee.....

You didn't read past the title, did you? The difference in ATM fees are trivial compared to the impact of the exchange rates used.

Yes I did, but have you read the 21 pages? Have fun.

[heybruce]

http://www.thaivisa.com/forum/topic/703641-aeon-bank-now-charge-150-b-atm-fee/

Here you go, 21 pages covering all in and outs about the ATM fee.....

You didn't read past the title, did you? The difference in ATM fees are trivial compared to the impact of the exchange rates used.

Yes I did, but have you read the 21 pages? Have fun.

Read them as they came out. If there's anything covering specific bank exchange rates and impact on total cost of withdrawals it slipped by me and a lot of other people. That's why I made my original post, I'm trying to help people. What are you trying to do?

Edited March 2, 2014 by heybruce

[Carib]

I was trying to help you, by saving you a lot of trouble by starting the more or less same topic all over again.

One of the last posts made in the lengthy topic about the costs and all, sums it all up in a nice way in my opinion. Several others have stated the same but get overlooked or are ignored because people still seem to have the idea that banks can be beaten.

I am more or less `used to` the idea that I am the product, and that there are only a few small ways in which one can play the system just to keep the `damage` to a minimum.

The posting I am referring to was made by TallGuyJohninBkk, posting nr 505 . Like I said there were others explaining the ins and out`s of the banking/ATM costs as well.

[CMNightRider]

With a little research, you could find a bank in your country that issues you a debit card that reimburses ATM fees regardless of what country you are in. Then you could direct your energy in choosing a bank that will give you the best exchange rate.

[sustento]

With a little research, you could find a bank in your country that issues you a debit card that reimburses ATM fees regardless of what country you are in. Then you could direct your energy in choosing a bank that will give you the best exchange rate.

Not if you're from the UK. Banks in the UK don't "reimburse" anything. Perish the thought

[Trujillo]

Does anyone use travelers' checks anymore?

[Paangjang]

Does anyone use travelers' checks anymore?

People stopped using those before i was born. My grandparents used them. Seriously.

[northernjohn]

I would be more interested in the experiment if it was done in the week when the exchange rate is changing faster. I went to the AEON ATM in the airport and withdrew 20,000 baht a while back. I then went to the Kasakorn? bank and withdrew another 20,000 baht. This was just before the AEON started charging 150 baht. My bank card charged me $5 at the AEON It takes several days for the finial to register on my machine the end result was I saved 23 cents by using AEON with no 150 baht charge.

Sorry I do not remember the total dollar figures. I did this in the middle of the week.

[daoyai]

Does anyone use travelers' checks anymore?

People stopped using those before i was born. My grandparents used them. Seriously.

Grandparents were smart, when I used to travel from u.s. to here, always used T-checks, free from my bank, secureity the best if lost can be replaced and not cashed by others AND the BEST exchange rate available.

[mizztraveller]

I was told that it's your own bank which determines the exchange rate and not the bank used for the withdrawal. Another 'expert'got it wrong!

We always used to use Aeon when there was no ATM charge but now we withdraw with the cashier at Bangkok bank and there's no fee.

Sent from my GT-I8552 using Thaivisa Connect Thailand mobile app

Edited March 3, 2014 by mizztraveller

[heybruce]

I was trying to help you, by saving you a lot of trouble by starting the more or less same topic all over again.

One of the last posts made in the lengthy topic about the costs and all, sums it all up in a nice way in my opinion. Several others have stated the same but get overlooked or are ignored because people still seem to have the idea that banks can be beaten.

I am more or less `used to` the idea that I am the product, and that there are only a few small ways in which one can play the system just to keep the `damage` to a minimum.

The posting I am referring to was made by TallGuyJohninBkk, posting nr 505 . Like I said there were others explaining the ins and out`s of the banking/ATM costs as well.

"sums it up" over 21 pages?

Here's my summary: On a weekend when exchange rates were stable Bangkok Bank charged 4.67% for a 15000 baht withdrawal, Siam Commercial charged 4.48% for a 15000 withdrawal, and Aeon charged 1.48%. I saved over 400 baht by cancelling the Bangkok Bank and Siam Commercial withdrawals and using Aeon.

Where in the 21 pages do you find that information? Where in the nine paragraphs of post #505 is this information? You are a product with a choice, use the bank that gives you the best deal.

[heybruce]

It seems mathematical illiteracy is worse than I thought. I'll make it as simple as I can: This past weekend Bangkok Bank and Siam Commercial gave an exchange rate approximately 3% worse than Aeon for a withdrawal from a U.S. bank. The worse exchange rate resulted in a much higher cost for ATM withdrawals from these two Thailand banks than for an identical withdrawal from Aeon. If your bank reimburses ATM fees you will still pay 3% more for ATM withdrawals from Bangkok Bank and Siam Commercial than for withdrawals from Aeon. For withdrawals above 5000 baht the exchange rate differences matter more than the ATM fees charged.

I can't make it any simpler than that. If you want to suggest alternatives to ATM withdrawals, please start a different topic. I had hoped to keep this topic focused on ATM withdrawals, which many people prefer.

Edit: It occurred to me that I can use this to my benefit. I tutor math, mostly to high school students, some very bright, some not so much. I will definitely use the above as an example of using math in the real world to save money, and explain that it is beyond the grasp of some adults. Perhaps it will motivate my students.

Edited March 3, 2014 by heybruce

[Sicarius]

OP is the conversion rate of 31.5 the exchange rate offered by the machine wanting to do the conversion for you? If so, you can just select continue without conversion and you get a more favorable exchange rate. Never use the exchange rate offered by the machine. It is a rip-off.

[northernjohn]

It seems mathematical illiteracy is worse than I thought. I'll make it as simple as I can: This past weekend Bangkok Bank and Siam Commercial gave an exchange rate approximately 3% worse than Aeon for a withdrawal from a U.S. bank. The worse exchange rate resulted in a much higher cost for ATM withdrawals from these two Thailand banks than for an identical withdrawal from Aeon. If your bank reimburses ATM fees you will still pay 3% more for ATM withdrawals from Bangkok Bank and Siam Commercial than for withdrawals from Aeon. For withdrawals above 5000 baht the exchange rate differences matter more than the ATM fees charged.

I can't make it any simpler than that. If you want to suggest alternatives to ATM withdrawals, please start a different topic. I had hoped to keep this topic focused on ATM withdrawals, which many people prefer.

Edit: It occurred to me that I can use this to my benefit. I tutor math, mostly to high school students, some very bright, some not so much. I will definitely use the above as an example of using math in the real world to save money, and explain that it is beyond the grasp of some adults. Perhaps it will motivate my students.

With all due respect. I would like to ask you if your figures match what your bank account total says. I have a Canadian account and an American account and both take two to three working days to reflect on my computer.

You made the transaction on the week end. Are you sure your bank account on your computer will match your figures come Wednesday?

Were you using the same ATM card, Visa , Master Charge or American express at each of the machines.

I do not know how to check the going rate of exchange on my computer. I do have two exchange rates on my tool bar and they never match also they only change the rate once a day and not on Sunday OR Monday.

[pineconehead]

Someone mentioned Tcheques, dont they have a % per amount fee on them now?

[delboy]

Bangkok Bank charge 150 baht fee for each Travellers Cheque cashed, from March 1st

[pineconehead]

Right, so likely the other banks have followed suit or are about to. I wonder if they will try to add on a currency exchanging fee as well (I"m not well versed about this myself). I guess it'd be ok as long as you were cashing t-cheques worth more than you could draw from an atm.

[Chicog]

They're banks, their mission is to rob you blind.

Cash is king mate.

[Thighlander]

Travelers checks incur a 33 thb per check fee. So if you are using anything less than 100, it's ugly. The Aeon ATM rate is .2% less than the current exchange rate, which is pretty decent. That guy on Loi Kroh might even beat it though on larger USDs. That Aeon deal was sweet, and we're going to miss that one. Another shoe to drop......I very rarely go into a bank branch in the US, so I'm just out of the habit, but the service is very good here..occasionally they get mobbed. Not using their ATMs for previously stated reasons. I did buy a time deposit at 2.5% for 4 months, which is a lot more than they pay on short term in the US now. That Muslim Bank is paying more, but it just makes me squeamish.

[Chicog]

I can't verify it, but from Stickman a couple of weeks ago:

And if you thought you could minimise money changing fees by using traveller's cheques, be quick because from March 1st the standard fee for cashing travellers cheques will jump 5 times from the current 30 baht fee for each cheque plus 3 baht stamp duty, to 150 baht per traveller's cheque plus stamp duty. That means *each* traveller's cheque will cost a total of 153 baht to cash. If you're changing money in Thailand and want to get the best rates possible, bring wads of cash and change it at one of the private currency exchangers. They offer the best rates and there are no fees.

[heybruce]

It seems mathematical illiteracy is worse than I thought. I'll make it as simple as I can: This past weekend Bangkok Bank and Siam Commercial gave an exchange rate approximately 3% worse than Aeon for a withdrawal from a U.S. bank. The worse exchange rate resulted in a much higher cost for ATM withdrawals from these two Thailand banks than for an identical withdrawal from Aeon. If your bank reimburses ATM fees you will still pay 3% more for ATM withdrawals from Bangkok Bank and Siam Commercial than for withdrawals from Aeon. For withdrawals above 5000 baht the exchange rate differences matter more than the ATM fees charged.

I can't make it any simpler than that. If you want to suggest alternatives to ATM withdrawals, please start a different topic. I had hoped to keep this topic focused on ATM withdrawals, which many people prefer.

Edit: It occurred to me that I can use this to my benefit. I tutor math, mostly to high school students, some very bright, some not so much. I will definitely use the above as an example of using math in the real world to save money, and explain that it is beyond the grasp of some adults. Perhaps it will motivate my students.

With all due respect. I would like to ask you if your figures match what your bank account total says. I have a Canadian account and an American account and both take two to three working days to reflect on my computer.

You made the transaction on the week end. Are you sure your bank account on your computer will match your figures come Wednesday?

Were you using the same ATM card, Visa , Master Charge or American express at each of the machines.

I do not know how to check the going rate of exchange on my computer. I do have two exchange rates on my tool bar and they never match also they only change the rate once a day and not on Sunday OR Monday.

I used the same US bank debit card for all three ATM's, transactions with this bank are always posted very soon after the ATM transaction, I've never noticed the charge to change after it was posted, and I just checked, it's still $467.77 more than 24 hours after the withdrawal. I'll check again on Wednesday, but I don't expect there to be a change.

I'm relieved someone understands the OP and is asking pertinent questions to determine if the stated results truly represent a valid comparison. There is intelligent life out there!

[heybruce]

OP is the conversion rate of 31.5 the exchange rate offered by the machine wanting to do the conversion for you? If so, you can just select continue without conversion and you get a more favorable exchange rate. Never use the exchange rate offered by the machine. It is a rip-off.

I'll have to go back and check. I assumed the conversion rate presented was the one that would be used and I knew it was not a good rate, so I immediately canceled the transactions with Bangkok Bank and Siam Commercial. I don't know if I had the option of declining the conversion rate offered and still continuing with the transaction using some other rate.

Of course even if Bangkok Bank and Siam Commercial had given me the same exchange rate as Aeon, they both charged a 180 baht ATM fee vs Aeon's 150 baht. The differences between the total costs of withdrawals would have been much smaller than those I stated, but they still would have favored Aeon. However if I ever must make a withdrawal and there is not Aeon ATM available it would be nice to know how to get the best rate out of the alternatives.

Edited March 3, 2014 by heybruce

[heybruce]

I was told that it's your own bank which determines the exchange rate and not the bank used for the withdrawal. Another 'expert'got it wrong!

We always used to use Aeon when there was no ATM charge but now we withdraw with the cashier at Bangkok bank and there's no fee.

Sent from my GT-I8552 using Thaivisa Connect Thailand mobile app

What 'expert' told you this? I used a debit card for the same US bank on all three ATM's and got three different exchange rates. The difference was the bank of the ATM's, not the bank the withdrawal came from. Better find a new expert.

Also, you should check the rate you are getting from Bangkok Bank cashier, it could be costing you more than the ATM fee you are avoiding.

Edited March 3, 2014 by heybruce

[Awk]

I was told that it's your own bank which determines the exchange rate and not the bank used for the withdrawal. Another 'expert'got it wrong!

We always used to use Aeon when there was no ATM charge but now we withdraw with the cashier at Bangkok bank and there's no fee.

Sent from my GT-I8552 using Thaivisa Connect Thailand mobile app

What 'expert' told you this? I used a debit card for the same US bank on all three ATM's and got three different exchange rates. The difference was the bank of the ATM's, not the bank the withdrawal came from. Better find a new expert.

Also, you should check the rate you are getting from Bangkok Bank cashier, it could be costing you more than the ATM fee you are avoiding.

Actually none of the banks set the exchange rate. It is set by VISA and Mastercard themselves, and this has been well established on another TV forum also (the

Jobs, economy, banking, business, investments

forum).

The reason the exchange you were offered were different at the different ATMs, was, as another posted explained, because the banks offered you their own exchange rate, in lieu of the de facto more preferable VISA or Mastercard (depending on what card you used) rate. This is the same scam many shops try to pull, offering you to "pay in your own currency" with your credit card. Always cancel that, and insist on paying in the local currency, so that you get the VISA/MC rate, rather that whatever rate the shop wants to use, obviously for their own benefit.

Whenever you see anything about exchange rate or anything about non-local currency when paying with credit card, you are usually being ripped of. AEON did not offer you any exchange rate to use, so instead you got the VISA/MC rate. And this was preferable as you also found out.

[Carib]

I was told that it's your own bank which determines the exchange rate and not the bank used for the withdrawal. Another 'expert'got it wrong!

We always used to use Aeon when there was no ATM charge but now we withdraw with the cashier at Bangkok bank and there's no fee.

Sent from my GT-I8552 using Thaivisa Connect Thailand mobile app

What 'expert' told you this? I used a debit card for the same US bank on all three ATM's and got three different exchange rates. The difference was the bank of the ATM's, not the bank the withdrawal came from. Better find a new expert.

Also, you should check the rate you are getting from Bangkok Bank cashier, it could be costing you more than the ATM fee you are avoiding.

Actually none of the banks set the exchange rate. It is set by VISA and Mastercard themselves, and this has been well established on another TV forum also (the

Jobs, economy, banking, business, investments

forum).

The reason the exchange you were offered were different at the different ATMs, was, as another posted explained, because the banks offered you their own exchange rate, in lieu of the de facto more preferable VISA or Mastercard (depending on what card you used) rate. This is the same scam many shops try to pull, offering you to "pay in your own currency" with your credit card. Always cancel that, and insist on paying in the local currency, so that you get the VISA/MC rate, rather that whatever rate the shop wants to use, obviously for their own benefit.

Whenever you see anything about exchange rate or anything about non-local currency when paying with credit card, you are usually being ripped of. AEON did not offer you any exchange rate to use, so instead you got the VISA/MC rate. And this was preferable as you also found out.

The OP has been told this before by referring hem to the ongoing topic about the various ATM /Bank fees which he obviously has not read, instead he presents himself as a mathematical genius and carries on without even taking the simple basics into consideration.

[Diplomatico]

I was told that it's your own bank which determines the exchange rate and not the bank used for the withdrawal. Another 'expert'got it wrong!

We always used to use Aeon when there was no ATM charge but now we withdraw with the cashier at Bangkok bank and there's no fee.

Sent from my GT-I8552 using Thaivisa Connect Thailand mobile app

What 'expert' told you this? I used a debit card for the same US bank on all three ATM's and got three different exchange rates. The difference was the bank of the ATM's, not the bank the withdrawal came from. Better find a new expert.

Also, you should check the rate you are getting from Bangkok Bank cashier, it could be costing you more than the ATM fee you are avoiding.

Actually none of the banks set the exchange rate. It is set by VISA and Mastercard themselves, and this has been well established on another TV forum also (the

Jobs, economy, banking, business, investments

forum).

The reason the exchange you were offered were different at the different ATMs, was, as another posted explained, because the banks offered you their own exchange rate, in lieu of the de facto more preferable VISA or Mastercard (depending on what card you used) rate. This is the same scam many shops try to pull, offering you to "pay in your own currency" with your credit card. Always cancel that, and insist on paying in the local currency, so that you get the VISA/MC rate, rather that whatever rate the shop wants to use, obviously for their own benefit.

Whenever you see anything about exchange rate or anything about non-local currency when paying with credit card, you are usually being ripped of. AEON did not offer you any exchange rate to use, so instead you got the VISA/MC rate. And this was preferable as you also found out.

What Awk said above. Always take the VISA/MC rate.

[Chicog]

http://usa.visa.com/personal/card-benefits/travel/exchange-rate-calculator.jsp

https://www.mastercard.com/global/currencyconversion/index.html