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[mike111]

Wanted to exchange travellers cheques today & was amazed to see the fee has been increased from 33baht to 153 baht, a mere 460% hike.

Amazing.

[Chivas]

Changed quite some time back.....

[mike111]

Only recently, if february this year. At least thats what the bank staff said

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[rucus7]

So if I walk into the American Express office to cash a travelers for $500 the fee is 153 THB? Is this the same for a $50 dollar travelers check as well? Or is only a fee incurred at a bank?

[mike111]

153 baht per cheque. For 5 cheques ur looking at a 750 baht fee.

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[Pib]

Most Thai banks completed the fee hike in Mar/Apr 14 from Bt30 (bank fee) + Bt3 stamp duty (govt fee) for a total of Bt33/cheque.....to Bt150 (five fold fee bank fee increase) + Bt3 stamp duty (no increase) for a total of Bt153/cheque. To lower the fee impact like it would be on $100 (or equivalent) cheques (almost 5% of your cheque is eaten in the bank fee), use big denomination cheques like at least $500 which bring the fee impact down to around 1% of the cheque.

Yeap, a five-fold fee increase is pretty huge, but Thai banks were up to the challenge. Banksters they are.

[dog handler]

last looked, flat 2% in cambodia except for one bank which is/was less.

is this thai fee still applicable/same if you deposit the cheques into you bank account? or is it just for instant cash. some places/countries the fee is different for these different methods.

Edited July 28, 2014 by dog handler

[Pib]

It's the cashing fee regardless of whether you take cash or deposit.

Sent from my Samsung S4

[AyG]

Presumably this is because lots of tourists have switched from using ATMs to using TCs because of the ridiculously high ATM charges. Banks weren't extorting as much money out of tourists as they'd hoped, to they've now hiked the TC fee to be comparable with that for ATM withdrawals.

[mike111]

That was my guess too. It seems like a fee-matching process, eliminating "loopholes" which allow tourist a cheaper exchange

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[Pib]

Presumably this is because lots of tourists have switched from using ATMs to using TCs because of the ridiculously high ATM charges. Banks weren't extorting as much money out of tourists as they'd hoped, to they've now hiked the TC fee to be comparable with that for ATM withdrawals.

That could very well be the answer...or Thai banks just decided to raise the fee to basically match their ATM usage fee for foreign cards. My goodness, the travelers cheques cashing fee had been at 30 baht plus 3 baht stamp duty for as long as I can remember...in might be a banksters' cardinal sin to let a fee stay the same for too long.

[worgeordie]

They should be forced to wear masks,thats daylight robbery,150 bht no matter

the value of the TC,this could be quiet a surprise to first time tourists,especially

if they bring low value TC,looks like everyone is out to screw the tourist to the

full extent.

regards worgeordie

[Bender]

expect a lot of raise in fee, in every agency, product, paperwork... the country is bankrupt!

[Langsuan Man]

Why is anyone surprised.

There is a reason that the cash (bill) exchange rate is lower than the TT rate and it is because the world has gone digital and anything that requires handling is going to incur higher charges, whether it be currency bills or Travelers checks

[Pib]

Why is anyone surprised.

There is a reason that the cash (bill) exchange rate is lower than the TT rate and it is because the world has gone digital and anything that requires handling is going to incur higher charges, whether it be currency bills or Travelers checks

An ATM withdrawal is all digital; no bank paperwork/bank teller handling involved, but Thai banks/AEON ATMs still charge a Bt150-180 fee per withdrawal which is basically the same fee as a traveler cheque cashing fee at Bt153/cheque. No, I think it's simply the desired to charge a fee...the highest fee they feel they can get away with...Banksters they are.

[mike111]

Why is anyone surprised.

There is a reason that the cash (bill) exchange rate is lower than the TT rate and it is because the world has gone digital and anything that requires handling is going to incur higher charges, whether it be currency bills or Travelers checks

The issue isnt with higher processing fees (if at all), but with the 460% increase. Surely processing costs havent quadrapuled during the last 12 months.

[Pib]

Why is anyone surprised.

There is a reason that the cash (bill) exchange rate is lower than the TT rate and it is because the world has gone digital and anything that requires handling is going to incur higher charges, whether it be currency bills or Travelers checks

The issue isnt with higher processing fees (if at all), but with the 460% increase. Surely processing costs havent quadrapuled during the last 12 months.

Maybe bank executives bonuses quadrupled requiring the fee increase. Banksters they are.