180 Baht Charges for ATM.

[pkspeaker]

Using your foreign ATM card in Thailand or any other country is a stupid way to fund your trip out here..unless you have so much money you just dont care and like the convenience..otherwise this should only be used in an emergency..

good ol travelers checks are still the best way to go, more secure than cash and the best possible exchange rate.

[Seligne2]

Bangkok Bank charges 180 Baht ... I use it often -- I have receipts... Now they all charge 180 - except maybe Aeon ... but not sure of that...

My bank, Bangkok, charges me 150 baht per withdrawal from my Canadian account. Always has and continues to do so, the latest withdrawal was just yesterday.

[alanrchase]

Using your foreign ATM card in Thailand or any other country is a stupid way to fund your trip out here..unless you have so much money you just dont care and like the convenience..otherwise this should only be used in an emergency..

good ol travelers checks are still the best way to go, more secure than cash and the best possible exchange rate.

No one seems interested. I would like to know. Maybe prefer to complain about the charge rather going another route.

[Pib]

The thread has appeared numerous times on TV. I will admit to being a financial beginner, but why do so many people need to youse foreign ATM cards if you are here for an extended period? Have two myself that will not work unless I inform my bank to unlock them. Would only need one in an emergency.

Most likely reason is to avoid possibly higher fees associated with the wiring of funds from your Home country bank to your Thai bank.

Say for example your home country bank charges a wire/SWIFT sending fee of $30 (a pretty common fee) to send any amount of funds and then you have the Thai bank receiving/conversion fee of 0.25% (Bt200 min, Bt500 max). So, if you send say $1000 you would end up paying fees of approx $36. And even if you are American and doing a low cost ACH transfer via Bangkok Bank, you would still end up paying around $11 to do the transfer. And with wire transfers you'll have to wait X-business days for the funds to arrive.

However, if you have a no foreign transaction fee debit card with a $1000 daily limit and say it even reimburses ATM use fees, then you get you $1000 in-hand immediately with absolutely no fees. And the Visa/Mastercard exchange rate will be very close (plus or minus just a little) the Thai bank TT Buying Rate for incoming funds transfers. In fact its not uncommon for the Visa rate to be better than the TT Buying Rate. And lets say you got a debit card that charges a 1% foreign transaction fee and reimburses ATM use fees, then that $1000 transfer only cost you $10. With a no foreign transaction fee card, or say one that just charges 1%, you are probably going to be able to get money in-hand cheaper (and faster) than using a wire transfer from the home country into your Thai bank account.

And when it comes to "credit cards" using a no foreign transaction fee card reduces the amount of cash you need to bring into Thailand...I have three such cards I use in Thailand...and two of them I use a LOT because they also provide 1.5% cash back reward. Ex: just this morning the wife and I came back from having our annual medical exams...I flipped out one of my no foreign transaction fee credit cards to pay that bill and I will also get 1.5% cash back reward. Also continues to build my credit record back in my home country.

A lot depends on the fees charged and reimbursed by your card-issuing bank. Some cards are fee-free while others are fee-laden...varies from card-issuing bank to card-issuing bank. And it varies from country-to-country in how numerous no foreign transaction fee cards are....they are in the minority for sure but in countries like the U.S. a good amount of banks/card companies still provide no foreign transaction fee cards.

[Seligne2]

It always suprises me why so many use foreign credit cards when it's so easy to open up a thai bank account with atm card for free. And when you do an online transfer from your home country you'll get the best exchange rates as well.

My bank back home, TD Canada Trust, says that to make a transfer from my account there to my Bangkok Bank account I must go to a branch of TD Bank. The nearest one is in Vancouver. I have no choice but ATM.

[alanrchase]

The thread has appeared numerous times on TV. I will admit to being a financial beginner, but why do so many people need to youse foreign ATM cards if you are here for an extended period? Have two myself that will not work unless I inform my bank to unlock them. Would only need one in an emergency.

Most likely reason is to avoid possibly higher fees associated with the wiring of funds from your Home country bank to your Thai bank.

Say for example your home country bank charges a wire/SWIFT sending fee of $30 (a pretty common fee) to send any amount of funds and then you have the Thai bank receiving/conversion fee of 0.25% (Bt200 min, Bt500 max). So, if you send say $1000 you would end up paying fees of approx $36. And even if you are American and doing a low cost ACH transfer via Bangkok Bank, you would still end up paying around $11 to do the transfer. And with wire transfers you'll have to wait X-business days for the funds to arrive.

However, if you have a no foreign transaction fee debit card with a $1000 daily limit and say it even reimburses ATM use fees, then you get you $1000 in-hand immediately with absolutely no fees. And the Visa/Mastercard exchange rate will be very close (plus or minus just a little) the Thai bank TT Buying Rate for incoming funds transfers. In fact its not uncommon for the Visa rate to be better than the TT Buying Rate. And lets say you got a debit card that charges a 1% foreign transaction fee and reimburses ATM use fees, then that $1000 transfer only cost you $10. With a no foreign transaction fee card, or say one that just charges 1%, you are probably going to be able to get money in-hand cheaper (and faster) than using a wire transfer from the home country into your Thai bank account.

And when it comes to "credit cards" using a no foreign transaction fee card reduces the amount of cash you need to bring into Thailand...I have three such cards I use in Thailand...and two of them I use a LOT because they also provide 1.5% cash back reward. Ex: just this morning the wife and I came back from having our annual medical exams...I flipped out one of my no foreign transaction fee credit cards to pay that bill and I will also get 1.5% cash back reward. Also continues to build my credit record back in my home country.

A lot depends on the fees charged and reimbursed by your card-issuing bank. Some cards are fee-free while others are fee-laden...varies from card-issuing bank to card-issuing bank. And it varies from country-to-country in how numerous no foreign transaction fee cards are....they are in the minority for sure but in countries like the U.S. a good amount of banks/card companies still provide no foreign transaction fee cards.

Understand that but due to competition under Western bank problems not too hard to find a free one. My bank is free but possibly not the best bank I could have. Can't be a***d with the hastle of changing.

[alanrchase]

It always suprises me why so many use foreign credit cards when it's so easy to open up a thai bank account with atm card for free. And when you do an online transfer from your home country you'll get the best exchange rates as well.

My bank back home, TD Canada Trust, says that to make a transfer from my account there to my Bangkok Bank account I must go to a branch of TD Bank. The nearest one is in Vancouver. I have no choice but ATM.

Really? Won't dispute it but somewhat strange.

I was fortunate when I opened a Thai bank account as the Thai bank happened to be the clearing bank that my foreign bank used.

[smotherb]

How dare people run businesses to make a profit or charge for a service they provide, what are they thinking!

After all, the ATM machine itself is free,the installation free, the electricity to run it is free, the staff to service it and reload it etc is free the computer systems and hardware, it was all free so why should they charge the customer.

It is free for me, my banks reimburse ATM charges--many financial institutions do, check around.

[jpinx]

There is a wide diversity of charges on the various cards. Was there not a thread a few years ago about what was being charged? That could do with just being updated if I could find it ....

fwiw -- Krungsri (Yellow bank) using a Visa credit card -- charge 180 Baht per cash withdrawal at ATM's, and upper limit is 30,000 Baht -- Has been like that for over a year now.

[frimu]

Here is the subject again. :-)

There is not much you can do anymore, to prevent that fee with a foreign banking card. The banksters are closing the gaps.

Here is the summary from my blog:

http://www.dontworryjusttravel.com/asiapacific/thailand/avoid-the-150-baht-atm-fee

And a tip for German nationals: I heard many times, that the DKB bank is reimbursing those fees to their customers.

Edited August 18, 2014 by frimu

[belg]

time to open that thai bank account than, no ?

[jpinx]

Here is the subject again. :-)

There is not much you can do anymore, to prevent that fee with a foreign banking card. The banksters are closing the gaps.

Here is the summary from my blog:

http://www.dontworryjusttravel.com/asiapacific/thailand/avoid-the-150-baht-atm-fee

And a tip for German nationals: I heard many times, that the DKB bank is reimbursing those fees to their customers.

Sorry to say that your information is very patchy and inaccurate

[balo]

It always suprises me why so many use foreign credit cards when it's so easy to open up a thai bank account with atm card for free. And when you do an online transfer from your home country you'll get the best exchange rates as well.

My bank back home, TD Canada Trust, says that to make a transfer from my account there to my Bangkok Bank account I must go to a branch of TD Bank. The nearest one is in Vancouver. I have no choice but ATM.

Then I would find another bank in Canada. Ever heard of online banking ?

With my bank in Norway , I can just login from anywhere in the world and do the transfer myself, it cost me $4 to transfer any amount from my Norwegian bank to my Kasikorn account and I get the market exchange rate in Thailand.

[Pib]

It always suprises me why so many use foreign credit cards when it's so easy to open up a thai bank account with atm card for free. And when you do an online transfer from your home country you'll get the best exchange rates as well.

My bank back home, TD Canada Trust, says that to make a transfer from my account there to my Bangkok Bank account I must go to a branch of TD Bank. The nearest one is in Vancouver. I have no choice but ATM.

Then I would find another bank in Canada. Ever heard of online banking ?

With my bank in Norway , I can just login from anywhere in the world and do the transfer myself, it cost me $4 to transfer any amount from my Norwegian bank to my Kasikorn account and I get the market exchange rate in Thailand.

Plus the 0.25% (Bt200 min, Bt500 max) on the Thai bank/Kaiskorn receiving end. But $4 plus Bt200 (approx $6) for $10 total is definitely low cost in comparison to most wire fees charged by many banks.

[liddelljohn]

under international banking regulations the Thai Atm fee is illegal if you are also charged a fee by your home bank same as credit cards fees, most charges on use of credit cards in thailand are actually illegal under international law ,

problem is that you are powerless to stop it and then get charged twice say by your british bank and then by the thais its a ripoff.

the actual cost of the transaction is 0.15 baht ,

being charged to use a credit card is also actually illegal and a breach of VISA and Mastercard retailer contracts , but its very common and difficult to stamp out .

[PattayaDavid]

My bank in the USA... USAA Savings Bank reimburses ATM charges - even those from Thailand up to about $15.00 each account. And to the best of my account research USAA does not charge a foreign transaction fee for ATM charges -- but does for Credit Card charges ... which I believe is mostly due to MasterCard...

Disregard; I saw that the above has already been addressed.

Edited August 18, 2014 by PattayaDavid

[Pib]

under international banking regulations the Thai Atm fee is illegal if you are also charged a fee by your home bank same as credit cards fees, most charges on use of credit cards in thailand are actually illegal under international law ,

problem is that you are powerless to stop it and then get charged twice say by your british bank and then by the thais its a ripoff.

the actual cost of the transaction is 0.15 baht ,

being charged to use a credit card is also actually illegal and a breach of VISA and Mastercard retailer contracts , but its very common and difficult to stamp out .

Never, ever heard of any such international law. Can you post any references?

Banks all over the world charge ATM Use fees when not on that bank's ATM network, whether it's a debit/credit card from that country or a foreign card. Sometimes the fees are reasonable; sometimes they are not.

[Bababooey]

Just take your card with your passport to most exchange places at the banks... no ATM charges at all..Draw as much as you want as long as your card has credit of course.

Hi Rio, are you sure of this? if this is so a great solution!

I asked at Kasikorn a couple of years back and was told there is a charge on the Thai end.

[nidieunimaitre]

Since we can not avoid the Thai ATM fee, perhaps we should concentrate on which banks in our home countries are best for sending money to Thailand, either through ATM or SWIFT.

For the US there is Schwab (for ATM) - info for other countries?

[Tuskfish]

Maybe my comment here can help others...

As an Australian my bank charges $5 plus 3% to use a foreign ATM.

This is in addition to the 180 baht now charged by local ATMs here.

This means fees for common transactions are:

* Withdraw 5000 baht (fee = about $17 AUD)

* Withdraw 10000 baht (fee = about $22 AUD)

* Withdraw 20000 baht (fee = about $32 AUD)

There are two alternatives here.

1) Open a Thai Bank Account OR use a friends/girlfriends/someone you trust

In this case I can transfer up to $10,000 for a $22 AUD flat fee

Then the only local charges depend on the location of the home branch of the Thai Account (i.e. in Australia your charged for using a different bank - but in Thailand you're charged for using a bank which isn't your home branch even if its the same bank e.g. if you have an SCB account in Khon Kaen, the fee to use an SCB or Krung Thai or Any ATM outside Khon Kaen is between 10-30 baht).

Therefore, as you can see in this example, getting 20000 baht is cheaper while the smaller withdrawals are not.

Also, if you are a long termer you can then transfer much larger amounts and make the $22 fee go a lot further.

2) Use Paypal

While researching this, my girlfriend setup Paypal here in Thailand. We then did a test transfer of 20,000 baht. The fees ended up about the same as the $32 mentioned above. Actually I think it was about $33.

However, that being said the other factor one must always consider in these calculations is the exchange rate that you are offered!

Re: Exchange Rates

In my case, if using an ATM here in Thailand I always opt to allow my home bank do the conversion. EVERY time, my home bank has given me a better rate. Which is also generally better than what Paypal offers.

Sorry, I don't tend to use currency exchange places much so can't offer a good comparison here.

Also sorry, I can't comment here for countries other than Australia, although I hope my above figures are of help to someone out there!

[Pib]

My bank in the USA... USAA Savings Bank reimburses ATM charges - even those from Thailand up to about $15.00 each account. And to the best of my account research USAA does not charge a foreign transaction fee for ATM charges -- but does for Credit Card charges ... which I believe is mostly due to MasterCard...

Disregard; I saw that the above has already been addressed.

PD,

Your post before you edited it brought back memories of my one test withdrawal using my USAA debit card 3 or 4 years ago as I discussed in post 20 above.

Unless something has changed USAA roles in the ATM fee into the amount withdrawn for many foreign foreign transactions which effectively makes it look like no fee was levied by the ATM....just one transaction appearing on your USAA bank account. It's purely how USAA dissects incoming transactions....I'm convinced they do it on purpose to avoid paying ATM reimbursement. From googling the issue years back I saw many folks in Asia and Europe were having the same problem with USAA and USAA would always blame it on some foreign ATMs not clearly identifying the fee. BS...I've used my Schwab and St Farm debit cards in foreign ATMs, the fees show up separately, and I get reimbursed....none of this calls/emails to USAA trying to get reimbursed.

I like USAA a lot...they are expat friendly, but debit card reimbursement for foreign withdrawals is problematic unless something has changed....which your unedited post which said you had never been reimbursed seems to have reconfirmed has not.

Pib

[Arandora]

Using your foreign ATM card in Thailand or any other country is a stupid way to fund your trip out here..unless you have so much money you just dont care and like the convenience..otherwise this should only be used in an emergency..

good ol travelers checks are still the best way to go, more secure than cash and the best possible exchange rate.

The charge for cashing "good ol travellers checks" is now 153 baht (150 charge + 3 baht stamp duty) per cheque so whilst still secure method is no longer as cost effective.

[Pib]

Re: Exchange Rates

In my case, if using an ATM here in Thailand I always opt to allow my home bank do the conversion. EVERY time, my home bank has given me a better rate. Which is also generally better than what Paypal offers.

Sorry, I don't tend to use currency exchange places much so can't offer a good comparison here.

Also sorry, I can't comment here for countries other than Australia, although I hope my above figures are of help to someone out there!

Tuskfish,

Good post thanks...but I would like to clarify one of your comments. When you use an ATM using your Visa/Mastercard card you receive the Visa/Mastercard exchange rate, OR if the ATM offers "its" rate which it might refer to as Bank Rate, Home Rate, etc., that is nothing more than the ripoff Dynamic Currency Conversion (DCC) rate offered by that local bank ATM which will probably be 3 to 4% lower than the Visa/Mastercard exchange rate. Always say No to DCC like you've been doing and continue on with the withdrawal which provides the Visa/Mastercard exchange rate minus any foreign transaction fees you card-issuing bank may apply. Even Visa/Mastercard don't like ATMs/merchants using DCC because many people will blame Visa/Mastercard for the lower rate when they were not even involved in the conversion...but DCC is legal so it occurs. And even if you selected DCC your card-issuing bank would still rub salt in the fee wound by still applying its foreign transaction fee not because it was involved in any currency conversion because Visa/Mastercard or the local ATM accomplish that but just because it was a transaction accomplished in a foreign country.

Pib

[jpinx]

The Krungsri / Visa credit card deal is 30,000 baht immediate cash withdrawal with 180 Baht Krungsiri ATM fee and a home bank fee of 203 baht (equivalent), no exchange rate commission or fee, at a rate very close to XE.com. Total cost 383 Baht per withdrawal.. About 1.275% Total cost. What about others?

P.S. There is a trick in that I add the amount required to my visa account by online transfer a day or 2 beforehand so that there are no cash advance interest charges at the end of the month.

Edited to add "credit card" for clarity

Edited August 18, 2014 by jpinx

[Killian30]

AEON ATMs are still Bt150 as far as I know.

Aeon is 150 baht and some SCB are 180 baht others are 150 baht again Thais double pricing kind of as I cant imagine the banks charging a Thai 180 Baht for a service which would be half a days wage for some.

Like what's the ridiculous amount you have to deposit as a foreigner to receive a proper bank account with credit card service?

I bank through my own country as its safer and less hoops to jump through but I do have a savings account with a Thai Bank.

[carabaothai]

In Malaysia no fee, nothing charged

[jpinx]

AEON ATMs are still Bt150 as far as I know.

Aeon is 150 baht and some SCB are 180 baht others are 150 baht again Thais double pricing kind of as I cant imagine the banks charging a Thai 180 Baht for a service which would be half a days wage for some.

-------

The variations are because Visa and Master and others all have different card charges --- and credit cards have different charges to debit cards. You need to be specific about the card you are talking about

[Tuskfish]

Re: Exchange Rates

In my case, if using an ATM here in Thailand I always opt to allow my home bank do the conversion. EVERY time, my home bank has given me a better rate. Which is also generally better than what Paypal offers.

Sorry, I don't tend to use currency exchange places much so can't offer a good comparison here.

Also sorry, I can't comment here for countries other than Australia, although I hope my above figures are of help to someone out there!

Tuskfish,

Good post thanks...but I would like to clarify one of your comments. When you use an ATM using your Visa/Mastercard card you receive the Visa/Mastercard exchange rate, OR if the ATM offers "its" rate which it might refer to as Bank Rate, Home Rate, etc., that is nothing more than the ripoff Dynamic Currency Conversion (DCC) rate offered by that local bank ATM which will probably be 3 to 4% lower than the Visa/Mastercard exchange rate. Always say No to DCC like you've been doing and continue on with the withdrawal which provides the Visa/Mastercard exchange rate minus any foreign transaction fees you card-issuing bank may apply. Even Visa/Mastercard don't like ATMs/merchants using DCC because many people will blame Visa/Mastercard for the lower rate when they were not even involved in the conversion...but DCC is legal so it occurs. And even if you selected DCC your card-issuing bank would still rub salt in the fee wound by still applying its foreign transaction fee not because it was involved in any currency conversion because Visa/Mastercard or the local ATM accomplish that but just because it was a transaction accomplished in a foreign country.

Pib

Thanks Pib - seems you understand it much better than me You've taught me something today (DCC & MasterCard rates)

When I was first presented with the question by the ATM I didn't know what to do. Then from trial and error it turned out pressing NO was to way to go...

Similar thing happened when buying QANTAS flights, for an American friend, while inside Thailand (whole nutha story that one!) - but saved about $100 by selecting "use home rate".

[dagobert]

Maybe my comment here can help others...

As an Australian my bank charges $5 plus 3% to use a foreign ATM.

This is in addition to the 180 baht now charged by local ATMs here.

This means fees for common transactions are:

* Withdraw 5000 baht (fee = about $17 AUD)

* Withdraw 10000 baht (fee = about $22 AUD)

* Withdraw 20000 baht (fee = about $32 AUD)

There are two alternatives here.

1) Open a Thai Bank Account OR use a friends/girlfriends/someone you trust

In this case I can transfer up to $10,000 for a $22 AUD flat fee

Then the only local charges depend on the location of the home branch of the Thai Account (i.e. in Australia your charged for using a different bank - but in Thailand you're charged for using a bank which isn't your home branch even if its the same bank e.g. if you have an SCB account in Khon Kaen, the fee to use an SCB or Krung Thai or Any ATM outside Khon Kaen is between 10-30 baht).

Therefore, as you can see in this example, getting 20000 baht is cheaper while the smaller withdrawals are not.

Also, if you are a long termer you can then transfer much larger amounts and make the $22 fee go a lot further.

2) Use Paypal

While researching this, my girlfriend setup Paypal here in Thailand. We then did a test transfer of 20,000 baht. The fees ended up about the same as the $32 mentioned above. Actually I think it was about $33.

However, that being said the other factor one must always consider in these calculations is the exchange rate that you are offered!

Re: Exchange Rates

In my case, if using an ATM here in Thailand I always opt to allow my home bank do the conversion. EVERY time, my home bank has given me a better rate. Which is also generally better than what Paypal offers.

Sorry, I don't tend to use currency exchange places much so can't offer a good comparison here.

Also sorry, I can't comment here for countries other than Australia, although I hope my above figures are of help to someone out there!

Three ATM withdrawals in Thailand from Australian Commonwealth Bank useing

Kasikorn in the space of 30 days differing amounts differing fees.

June 29th..........thb 20.000---------------fee $24.97

July 05th..........thb 12.000---------------fee $17.15

July 22nd.........thb 5.000----------------fee $5.00

[wump]

Do NOT use Paypal! They charge for receiving money plus currency conversion so it ends up being 6.5%, not economical at all. The other day I paid 100$ in fees for receiving around 1550$.

Edited August 18, 2014 by wump