Cash withdrawal with visa debit

[curlywatt]

Curious if I can use my visa debit from back home (ireland) to make a cash withdrawal in Siam bank and then lodge the money into my Siam account, I know I can use an atm machine but don't really want to have to repeat the process 5 days running (5x20,000) doesn't have to be Siam bank, have accounts with most of the banks here (nothing in them mind you hehe) any answers much appreciated

[Pib]

Sure...it's called a counter withdrawal...some people might call it a cash advance. I've been doing it once or twice a month on average at a Bangkok Bank branch every since AEON ATMs started charging a foreign card fee back in Feb 14 like all the Thai bank ATMs. You get the Visa exchange rate just like an ATM withdrawal and there is no Thai bank fee for a counter withdrawal. I also deposit the withdrawal directly into my Thai bank account...it's kinda like a combination cash withdrawal and cash deposit. Any foreign transaction fees your "home country card-issuing bank may apply" still apply whether doing a counter or ATM withdrawal.

Now some branches may not accomplish a withdrawal if the amount you are asking for is equal to or less than the amount you can withdraw from their ATM...the branch will just point you to their ATM. And some branches may not do a counter withdrawal for a debit card but do it for a credit card. The Bangkok Bank branch I use won't accept a debit card but gladly accept the credit card. You will see plenty of posts on ThaiVisa where branches will accept either a debit or credit card...it all depends on the branch.

I've been using my credit card, which is a no foreign transaction fee and no cash advance fee card, since I can withdraw up to $2,000/day (approx Bt64,000) that card versus only $1,000/day with each of my no foreign transaction fee debit cards.. Right after I make the withdrawal using the credit card I come back home, log onto my credit card account and make a payment in full for the withdrawal to avoid any interest charge. I also continue to use a couple of no foreign transaction fee debit cards which also reimburse ATM fees, but I limit that to no more than once a month to avoid stressing my home country's bank Golden Reimbursement Goose too much.

[curlywatt]

Thanks Pib, I'll go to central festival in pattaya as all the banks are positioned beside each other as ask them 1 by 1 if they do counter withdrawal for visa debit

[Pib]

Thanks Pib, I'll go to central festival in pattaya as all the banks are positioned beside each other as ask them 1 by 1 if they do counter withdrawal for visa debit

Be sure to take along your passport. At the branch I use they make a copy of the passport main page, a copy of the front of the debit/credit card, and have you self-certify these copies (i.e., sign your name on the copies). Based on ThaiVisa posts and my own experience depending on the branch they may have you enter your PIN for the card on the transaction machine and/or they may just have you sign a receipt...will depend on how the branch is setup...where they keep the machines they process the withdrawal on...etc. At the branch I go to they have done it both ways...but 80% of the time I just sign a receipt versus also using my PIN...sometimes I think it depends on the bank rep your queue number draws. Be sure to go to a full branch as mini-branches in malls usually won't do this type of transaction (but some malls do have full branches in them like the one I go to but most malls seem to have mini-branches). Good luck.

[curlywatt]

Thanks again, will bring passport, I don't think they are mini branches in central festival, guess I'll find out when I get there, cheers for the help

[happynthailand]

don't forget that you have to tell your home bank that you will be useing your card in Thailand

they(bank) might think that your card was lost and somebody was useing it in Thailand

[VBF]

Thanks Pib, I'll go to central festival in pattaya as all the banks are positioned beside each other as ask them 1 by 1 if they do counter withdrawal for visa debit

If you get no luck at Central, the SCB at the junction of Pattaya Klang and Second Road (opposite TOPS) were always very helpful for over-the -counter transactions, but it is over a year since I visited there.

[MilesofSmiles]

Moving 2000~ pounds like that you're going to get eaten alive with fees.

Why not do a wire transfer?

There's also other options for international transfers like this, which typically incur lower fees than pulling it out of a wall multiple times.

[Pib]

Moving 2000~ pounds like that you're going to get eaten alive with fees.

Why not do a wire transfer?

There's also other options for international transfers like this, which typically incur lower fees than pulling it out of a wall multiple times.

The only fees with a counter withdrawal are any fees the "home country card-issuing bank" may apply. If a person has a "no foreign transaction fee" Visa card it's the cheapest way to move funds (i.e., absolutely no fees) and the Visa exchange rate is plus or minus a few stang of the TT Buying Rate used for wire transfers. However, if the home country card-issing bank does apply a foreign transaction fee...1 to 3% is typical...then all a counter withdrawal saves over a ATM withdrawal is the ATM Bt150 to Bt180 foreign card fee...and then a wire transfer could be cheaper fee-wise.

For example at this moment in time from looking at the Visa Europe exchange rate page (webpage for Visa cards issued by European banks) and this website that shows Thai bank exchange rates for the average TT Buying Rate, the Visa rate is 51.77 baht/GBP and the average Thai Bank TT Buying Rate is 51.78 baht/GBP, And many times the Visa rate is better than the TT Buying Rate. Like if I compared the Visa rate and Bangkok Bank TT Buying Rate for 26 Sep, Friday before last, the Visa rate is 52.37 baht/GBP and the Bangkok Bank rate 52.34 baht/GBP. Compare the Visa rate and Thai bank TT Buying rate over time and you'll see what I mean.

As mentioned the counter withdrawal has no fee and you get your money immediately in-hand vs waiting X-business days for a wire transfer to post to your account...and of course there are usually wire transfer fees involved such as the 0.25% (Bt200 min, Bt500 max) on the Thai bank receiving end for sure and whatever sending fees your home country bank (and its correspondent bank) may apply.

P.S. Ignore the note on webpage above showing Thai bank exchange rates regarding "For ATM rates, select the TT currency type" as that is a completely bogus statement as ATMs use the Visa/Mastercard exchange rate unless the ATM also offers the bank's rip-off DCC rate which is several percent below the Visa/Mastercard exchange rate. Both Visa/Mastercard frown on use of DCC (but its legal) because many customers blame Visa/Mastercard when in fact it was the bank operating the ATM that offers a DCC rate. Just say no to DCC and continue on to get the Visa/Mastercard exchange rate. The webpage probably includes this false note for web click/traffic/ad purposes to its site. But the other rates reflected are accurate as they are pulled for bank exchange rate pages/Bank of Thailand data. But the TT Buying Rate will be a close estimate of the Visa/Mastercard exchange rate...definitely go to the Visa/Mastercard exchange rate pages to see their actual rate.

[Liquorice]

Doing an online transfer from your UK bank to any Bangkok Bank in Thailand through their London branch, is the cheapest method I found and with an excellent exchange rate and low fees.

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromuk/Pages/ReceivingFundsfromUK.aspx

I transferred £20,000 last week at 1620 Thai time using the Faster Payments Option. The transfer from my UK bank to BKK in London was free. BKK London charge £20 for the transfer to Thailand and my BKK branch in Thailand charged 500 baht exchange fee from sterling to baht.

I got an SMS from my Thai branch at 0910 the following morning, with details of the transaction and the exchange rate applied. 52.6 baht to £1 and that's after the fees are deducted.

Always transfer sterling and have it exchanged here for a better rate.

A counter or ATM withdrawal is OK for an emergency, but on a regular basis it's expensive.

[Bpuumike]

Off topic but might be of interest to some.

Have been using my Bangkok Bank Visa debit card for ATM withdrawals in Turkey recently.

No local charges, BBK charge ฿100 and give within 1% of spot on the exchange rate.

Can't beat that.

[jacko45k]

Yes, I heard this being discussed only recently, as a way to get around the 180 baht foreign ATM card withdrawal charge at a Thai ATM, and also the charge the Thai bank makes for receiving foreign funds (up to 500 baht at BB), and also obtain more than the 20,000 baht limit (or whatever) you come across at ATM machines.

Mind you,some banks may tell you to go use the ATM machine outside!

Sorry if I repeat something here.

[phil2407]

You can upgrade your bank account back where you live - about £15 then you only get thai charge 180 BHT for withdrawal but no charge from bank where you live - and when you go back revert your account to what is was before

[koo]

The OP mentioned withdrawing money with Visa Debit AND depositing it on a SCB account. It then makes sense to try one of the SCB branches, and instead of having to walk around with a wad of cash from one counter to another, just ask the teller to deposit the money to your account directly. You will need to bring your SCB passbook with you...

Edited October 5, 2014 by koo

[UDONJIM]

You can upgrade your bank account back where you live - about £15 then you only get thai charge 180 BHT for withdrawal but no charge from bank where you live - and when you go back revert your account to what is was before

[UDONJIM]

Could you please expand on this as I am currently paying 5% plus Thai ATM fees for every withdrawal I make from an ATM here in Thailand. My UK bank is NATWEST> Many Thanks.

[Pib]

Could you please expand on this as I am currently paying 5% plus Thai ATM fees for every withdrawal I make from an ATM here in Thailand. My UK bank is NATWEST> Many Thanks.

Appears to be VERY healthy "foreign transaction fees/commissions" which apply to your card? NATWEST fees/commissions.

From some googling it looks like the NATWEST debit card charges a 2.75% foreign transaction fee plus a 2% (2 pounds min, 5 pounds max) commission for a total possibly reaching of 4.75% for a foreign ATM withdrawal. For smaller withdrawal amounts I expect it would reach 4.75% each time. And then you have the local Thai bank/AEON foreign card fee of Bt150-180 on top of the NATWEST fees. See below PDF document from NATWEST showing their debit and credit card foreign fees/commissions. Might be time for a different bank and debit card.

cost_debit_credit_card_NW (2).pdf

[UDONJIM]

Thanks for that reply and taking the time to google for me. The figures you quoted are spot on! I think your advice regarding looking for an alternative bank is sound.

[ProThaiExpat]

I recently started obtaining funds through a SCB ATM with a US debit card. The 20k limit at the ATM could be avoided by going to a teller, however, that service is no longer available as the bank wants to make the ATM fee for withdrawals.

Other banks have yet to impose this charge so you can save you fees by banking elsewhere.

The 20k limit is only per transaction so you can stand there and make multiple withdrawals of 20k on your debit card but you will pay the fee for every transaction.

My US bank reimburses me for ATM fees so I suffer no loss from using my debit card for money transfers from the US. I also like the Visa conversion rate which is about as good as you can get retail.

[DekDaeng]

Krungsri (yellow ATM) allows 30k withdrawals.

Also 'Plus' cards ATM fee (eg HSBC) is 50 baht, not 150 / 180 baht.

[Liquorice]

The amount you can withdraw at an ATM is the daily amount set by your home bank

Most have a standard max daily withdrawal rate of £250 - £300.

That is to prevent large frauds, but you can increase/decrease the limit if it doesn't suit.

Same with a Thai bank debit card.

BKK set a standard 25,000 baht a day withdrawal limit.

If you need more simply go to the desk, or again ask them to increase your daily limit.

You are controlled by the agreed daily amount you can withdraw on your debit card, and the max an ATM will give in any one transaction.

You can get multiple withdrawals from an ATM by keep inserting your card, but only up to the daily limit set on your debit card.

Edited October 5, 2014 by Faz

[camsouth]

well ach transafers work better bank to bank limt on transfers is 108,000.0 per day and no fee and current market exchange rate and its free no fees

Moving 2000~ pounds like that you're going to get eaten alive with fees.

Why not do a wire transfer?

There's also other options for international transfers like this, which typically incur lower fees than pulling it out of a wall multiple times.

The only fees with a counter withdrawal are any fees the "home country card-issuing bank" may apply. If a person has a "no foreign transaction fee" Visa card it's the cheapest way to move funds (i.e., absolutely no fees) and the Visa exchange rate is plus or minus a few stang of the TT Buying Rate used for wire transfers. However, if the home country card-issing bank does apply a foreign transaction fee...1 to 3% is typical...then all a counter withdrawal saves over a ATM withdrawal is the ATM Bt150 to Bt180 foreign card fee...and then a wire transfer could be cheaper fee-wise.

For example at this moment in time from looking at the Visa Europe exchange rate page (webpage for Visa cards issued by European banks) and this website that shows Thai bank exchange rates for the average TT Buying Rate, the Visa rate is 51.77 baht/GBP and the average Thai Bank TT Buying Rate is 51.78 baht/GBP, And many times the Visa rate is better than the TT Buying Rate. Like if I compared the Visa rate and Bangkok Bank TT Buying Rate for 26 Sep, Friday before last, the Visa rate is 52.37 baht/GBP and the Bangkok Bank rate 52.34 baht/GBP. Compare the Visa rate and Thai bank TT Buying rate over time and you'll see what I mean.

As mentioned the counter withdrawal has no fee and you get your money immediately in-hand vs waiting X-business days for a wire transfer to post to your account...and of course there are usually wire transfer fees involved such as the 0.25% (Bt200 min, Bt500 max) on the Thai bank receiving end for sure and whatever sending fees your home country bank (and its correspondent bank) may apply.

P.S. Ignore the note on webpage above showing Thai bank exchange rates regarding "For ATM rates, select the TT currency type" as that is a completely bogus statement as ATMs use the Visa/Mastercard exchange rate unless the ATM also offers the bank's rip-off DCC rate which is several percent below the Visa/Mastercard exchange rate. Both Visa/Mastercard frown on use of DCC (but its legal) because many customers blame Visa/Mastercard when in fact it was the bank operating the ATM that offers a DCC rate. Just say no to DCC and continue on to get the Visa/Mastercard exchange rate. The webpage probably includes this false note for web click/traffic/ad purposes to its site. But the other rates reflected are accurate as they are pulled for bank exchange rate pages/Bank of Thailand data. But the TT Buying Rate will be a close estimate of the Visa/Mastercard exchange rate...definitely go to the Visa/Mastercard exchange rate pages to see their actual rate.

[Commogwinto]

CurlyWatt, pls let us know how you got on at Central Festival or did you luck out??

[Pib]

well ach transafers work better bank to bank limt on transfers is 108,000.0 per day and no fee and current market exchange rate and its free no fees

- Just some clarifications to your statement.

- ACH is indeed good for moving medium to large amounts of money from the US to a Bangkok Bank account...but unless you have a Bangkok Bank account you can't use ACH as Bangkok Bank is the only Thai bank with ACH receiving capability due to their New York branch having an ABA routing number. Of course you can move small amounts also, but the fees would be a significant portion of a small amount.

- Sending via ACH to your Bangkok Bank account is not free. While your home country sending bank may not charge a fee (maybe that's why you say it's free), there is a sliding scale fee applied by the Bangkok Bank NY branch (usually $5 or $10 depending on the amount) as the funds flow through them to your in-Thailand Bangkok Bank branch account where a 0.25% (Bt200 min, Bt500 max) receiving/conversion fee is applied. Both of these Bangkok Bank fees are applied "before posting" to your account and do not reflect on your account which fools some into thinking no fees were applied but indeed they were....that's why some people can never get one of the TT Buying Rates used on the day of the posting to match the exchange rate they received as they are not considering the fees which effectively lowered the rate just a little. If you have SMS setup to notify you of international remittances, that SMS will give the amount of USDs received, exchange rate given, show the 0.25% fee but not the NY branch fee...the amount rec'd will be lite due to that fee, and the exact amount and date of posting to your account. Info on the above mentioned fees is on the Bangkok Bank website.

-- Typical fee for a $2,000 transfer assuming no sending fee charged by your home country bank: $5 Bangkok Bank NY branch fee (it's sliced off as it flows thru them...$1995 continues on to Thailand...let's say the TT Buying Rate for the day is 32 baht/USD...32 times 1995 = Bt63,840....applying 0.25% fee to that amount gives Bt156.6 but it rounded up to the minimum fee of Bt200 or approx $6.25......$6.25 + $5.00 = $11.25 in Bangkok Bank ACH fees. And if by chance the sending bank did apply a small ACH sending fee like how Bank of America charges $3, then add that fee in. No, it's not free...low cost but not free....but definitely cheaper than the typical SWIFT sending fee of around $30 and then you will still have the 0.25% (Bt200 min, Bt500 max) receiving/conversion fee.

- The amount you can send daily is set by your home country bank...and that amount varies greatly from bank to bank.

- The specific exchange rate given is the "TT Buying Rate."

[Naam]

Could you please expand on this as I am currently paying 5% plus Thai ATM fees for every withdrawal I make from an ATM here in Thailand. My UK bank is NATWEST> Many Thanks.

according to a British friend of mine NatWest is not a bank but a disease

[Liquorice]

The cheapest Visa Debit card for foreign cash withdrawal at an ATM is the Nationwide Building Society. (UK)

With the Flexaccount charges are 2% non sterling transaction fee, plus a £1 non sterling cash fee.

Their exchange rates £ - Baht are excellent and above exchange rates offered by other banks.

So for a £200 foreign ATM withdrawal, you would receive £195.

Working on an exchange rate of 52 baht = £1, you'd get 10,140 baht.

Alternatively, the Halifax Clarity Credit Card offers FREE withdrawal fees at any foreign ATM.

You have to remember though to go online and clear the account every month or their standard interest rates will apply to your balance.

Remember ATM providers could also charge a fee for the use of their ATM.

A little research could save you a lot of money in the long run.