Money Concerns

[kedecker]

I plan to spend 4-5 months in Thailand. I bank with Bank of America which I understand has offices in Thailand. I will be in remote villages most of the time, so I will have to use ATMs. Is it expensive, convenient to get cash this way? As a foreign tourist, how difficult is it to open a bank account in Thailand?

kind regards,

Karl

[tuky]

ATM's are available in most places. Remote villages are perhaps different. So really, even if you have an ATM from a local bank you will still have the problem. If there is a local bank present, then you will have access to your cash even from a foreign bank (correct fellow members?).

I only have Thai bank accounts, so really have no experience with foreign banks in Thailand.

[Thaiquila]

You will need to bring in cash to these areas. If you know where your destinations are, check the network symbols on your bank cards, then you can locate the Thai banks that accept these on the web (perhaps). Maybe there are larger towns not so far from your destinations that have ATM machines.

You should also inform your bank of your trip; otherwise they might possibly freeze your account.

Edited August 28, 2006 by Thaiquila

[daleyboy]

This is taken from their site

Use your ATM card or Check Card within our Global ATM Alliance in the countries shown with no fees.

Barclays (United Kingdom)

BNP Paribas (France)

China Construction Bank (China)

Deutsche Bank (Germany)

Santander Serfin (Mexico)

Scotiabank (Canada)

Westpac (Australia and

New Zealand) And it also appears there are no other countries that it can be used in so maybe you should think about changing banks to one that you can use in Thailand, change to one that has the cirrus or maestro logo on it.

typical rates are 1.5% of each cash withdrawl, so it can work out quite expensive, and like tuky says atms are not readily available out in the sticks

Edited August 28, 2006 by daleyboy

[Thaiquila]

I would interpret the above that you can use the card in Thailand if the networks match, but that there will be a fee. Outrageous fees are becoming a lot more common. As a tourist, I don't think this is such a big deal.

There is another thing I would be concerned about. In my experience, with ATMs in the sticks, even if they have the proper network symbols, I have found a higher incidence of the machine spitting out the card (in different countries). Could be worse. Laos or Vietnam.

Edited August 28, 2006 by Thaiquila

[tuky]

I would interpret the above that you can use the card in Thailand if the networks match, but that there will be a fee. Outrageous fees are becoming a lot more common. As a tourist, I don't think this is such a big deal.

There is another thing I would be concerned about. In my experience, with ATMs in the sticks, even if they have the proper network symbols, I have found a higher incidence of the machine spitting out the card (in different countries). Could be worse. Laos or Vietnam.

I believe Aussie banks have the highest fees in the world?

[daveh]

I plan to spend 4-5 months in Thailand. I bank with Bank of America which I understand has offices in Thailand. I will be in remote villages most of the time, so I will have to use ATMs. Is it expensive, convenient to get cash this way? As a foreign tourist, how difficult is it to open a bank account in Thailand?

kind regards,

Karl

Bank of America charges an incredible $5 international withdrawal fee. The exchange rate, is okay.

Dave.

[kedecker]

Bank of America charges an incredible $5 international withdrawal fee. The exchange rate, is okay.

Dave.

Is this a flat fee regardless of amount being transferred?

I don't have much experience travelling abroad. When I have travelled in the past, I took travelers checks, but I had a difficult time finding a bank that was willing to cash them. Is it generally possible to get the money directly from my checking account using my bank debit card at an ATM?

kind regards,

Karl

[Totster]

Is this a flat fee regardless of amount being transferred?

I don't have much experience travelling abroad. When I have travelled in the past, I took travelers checks, but I had a difficult time finding a bank that was willing to cash them. Is it generally possible to get the money directly from my checking account using my bank debit card at an ATM?

kind regards,

Karl

Just take your ATM/Debit card and just travel to the nearest town when you need to withdraw money. If your card has the Cirrus logo or Visa logo you should have no problems using one of the mainstream Thai banks.

totster

[meadish_sweetball]

Most Swedish banks charge a flat fee of 30-40 SEK (= approx. 5 USD) for withdrawals in foreign ATMs and the ATM cards work in all Thai ATMs I have ever tried them with.

Given the size of the market, I am sure there must be banks in the US with at least similar prices and policy, if not better.

If you google around I'd be surprised if you wouldnt be able to find one with more favourable terms and more compatible ATM cards than your present one.

[leftknee]

ive noticed some difficulties the last year when swedish banks are pumping out visas with a little different chip on it, some banks split the info from the magnetic strip and transfer parts of it to a copper chip, which, unfortunately some ATM's still dont recognise.

its like a newer safetychip on some visas, specially from sweden.

cant be used in ATM's so complaining about is good. Because as of now, they dont have a ######ing clue.

[Diablo Bob]

I have no experience with BofA, I use Washington Mutual.

They charge $1.50 per withdrawl and you are limited to around 15,000 Baht/withdrawl.

Darn near every ATM in Thailand will handle a Cirrus or Plus system card. Chances are BofA is a Plus.

As mentioned above, notify your bank of your trip so that when charges from Thailand start occuring they don't freeze the account.

Edited August 28, 2006 by Diablo Bob

[naka]

Kedecker.

A lot of talk here about fees, which as a tourist is not one of your main concerns,

one and a half percent is not a lot.

I use my (foreign) Visa debit cards at ATM's all over Thailand.

My Visa cards ONLY have the Visa logo

No Cirrus

No Delta

No Plus

No more of anything, and they work everywhere.

One caveat though ... make sure you have more than one card if this is

your only source of funds. ( anyway, bad idea, bring some travellers cheques too )

Naka.

[kedecker]

I would like to thank everyone who has taken the time to answer my questions. My wife and I are looking forward to visiting Thailand, and we are confident that we will make lasting friendships with many people that we meet.

kind regards,

Karl

[PREM-R]

Here in Isaan most of the "JET" petrol stations have a Siam Comercial Bank ATM machine on their premises. If you are out 'in the sticks' you may find this service useful.

[chownah]

Bank of America does not do personal banking in Thailand at all.....They only do commercial banking so they will be of no help to you if you need their help....at least this is the way it was a few years ago and probably still is.....I have never seen any Bank of America Banks in Thailand except for their commercial banking office in Bangkok which will not do any personal banking transactions they told me.

Has anyone elso out ther seen any BofA banks in Thailand?

[BlimeyCharlie]

Here in Isaan most of the "JET" petrol stations have a Siam Comercial Bank ATM machine on their premises. If you are out 'in the sticks' you may find this service useful.

My standard debit bank card works in Thailand with no problems. I bank with Natwest in the UK.

[CMguy]

As other members have recommended you should have some travelers checks as well, but learn from my mistake, I once had some "Visa " travelers checks and I was only able to exchange them at one bank "auttaya bank". Get American express travelers checks, they can be changed at virtually every bank or currency exchange booth you see.

[migrant]

I used my Washington mutual ATM card in BKK a couple times.

No problems. I can not remember the charges, but think less than $5

[jdinasia]

I would interpret the above that you can use the card in Thailand if the networks match, but that there will be a fee. Outrageous fees are becoming a lot more common. As a tourist, I don't think this is such a big deal.

There is another thing I would be concerned about. In my experience, with ATMs in the sticks, even if they have the proper network symbols, I have found a higher incidence of the machine spitting out the card (in different countries). Could be worse. Laos or Vietnam.

I use a standard Mastercard Debit card to get cash from the USA. It was issued by my Credit Union in Denver. I pay $1 USD per withdrawal and it has worked everywhere. The Thai bank ATM's do not charge an additional fee, they make their profit on the exchange rate.

[Thaiquila]

Bank of America does not do personal banking in Thailand at all.....They only do commercial banking so they will be of no help to you if you need their help....at least this is the way it was a few years ago and probably still is.....I have never seen any Bank of America Banks in Thailand except for their commercial banking office in Bangkok which will not do any personal banking transactions they told me.

Has anyone elso out ther seen any BofA banks in Thailand?

I believe you are correct. Has not changed and probably won't.

[Heng]

Bank of America charges an incredible $5 international withdrawal fee. The exchange rate, is okay.

Dave.

Is this a flat fee regardless of amount being transferred?

I have a couple of BOA (Texas) accounts, and yes, it's a flat fee of $5. BUT you're also likely going to be charged a % based exchange fee/fee from the local bank. For example I usually withdraw from Bangkok Bank or Siam Commercial Bank atms..... on my BOA statements there's always the $5 flat fee followed by another fee that is clearly a % based fee. For 20,000 Baht withdrawals, at the moment that hovers between $5.00 and about $5.35 depending on the exchange rate. So it's really about $10 per withdrawal. You're going to be limited (at least I am) to 20,000 a day. You can probably call them and raise that, for me though that's enough for my needs x 2 accounts.

[Old Man River]

Bank of America charges an incredible $5 international withdrawal fee. The exchange rate, is okay.

Dave.

Is this a flat fee regardless of amount being transferred?

I have a couple of BOA (Texas) accounts, and yes, it's a flat fee of $5. BUT you're also likely going to be charged a % based exchange fee/fee from the local bank. For example I usually withdraw from Bangkok Bank or Siam Commercial Bank atms..... on my BOA statements there's always the $5 flat fee followed by another fee that is clearly a % based fee. For 20,000 Baht withdrawals, at the moment that hovers between $5.00 and about $5.35 depending on the exchange rate. So it's really about $10 per withdrawal. You're going to be limited (at least I am) to 20,000 a day. You can probably call them and raise that, for me though that's enough for my needs x 2 accounts.

Heng, check your transactions on this card online, often. I had a BofA (Texas) credit card and found a USD 39 charge that sounded like a bank fee. Since my fees are waived, I was curious and did some checking into it via the internet. I found out that the USD 39 debit that sounded like a bank fee was actually related to online gambling. I don't gamble online or offline and nobody else had access to the card or PIN. Having fairly good balances at the bank and knowing someone else had access to my credit card scared the hel_l out of me. At first they wouldn't cancel the card saying I had to go to Texas personally to do it. Finally, someone did me a favor and canceled it. The USD 39 was never returned, but the USD 39 was a small issue at that point. Incidentally, several months passed before I picked up on the transaction and there was never another similar transaction.

[Michael W]

Bank of America is one of the worst U.S. banks to have an account in if you wish to withdraw money from a foreign ATM. When you combine all the flat fees and percent fees they charge it can easily get into the hundreds of dollars for a few weeks stay in a foreign country. If you are planning to do much travelling on a regular basis I strongly suggest setting up an account in another bank from which to withdraw, or better yet, move all your accounts out of BofA entirely. Of the big U.S. banks the only other one I have experience with is Citibank. For foreign ATM withdrawals they'll give you roughly 99% of the market exchange rate and also separately charge a 1% transaction fee.

[h90]

I plan to spend 4-5 months in Thailand. I bank with Bank of America which I understand has offices in Thailand. I will be in remote villages most of the time, so I will have to use ATMs. Is it expensive, convenient to get cash this way? As a foreign tourist, how difficult is it to open a bank account in Thailand?

kind regards,

Karl

I had the experience that the foreign banks in thailand act the same as the local banks.

UOB Thailand don´t even know that Singapore exist.

Deutsche Bank... complete useless

I travel with: Austrian ATM, works nearly everywhere, VISA card, American Express and if it gets outside money cash in my pocket (Baht or USD).

If it looks dangerous I put a part of the cash in my socks (so foot/socks/show) but still money in my wallet so if a bad guy takes my money he get something (so he don´t think I am hiding money) but not all (but that might be not necessary for Thailand).

If you have a 5000 Baht with you, it is not a hugh amount but enough to do anything somewhere outside.

[Heng]

Heng, check your transactions on this card online, often. I had a BofA (Texas) credit card and found a USD 39 charge that sounded like a bank fee. Since my fees are waived, I was curious and did some checking into it via the internet. I found out that the USD 39 debit that sounded like a bank fee was actually related to online gambling. I don't gamble online or offline and nobody else had access to the card or PIN.

Thanks OMR. And I do, for all of my accounts, daily. It would be pretty easy to pick out an anomaly because most of my withdrawals (and how they are noted on my online statements) are at the same two ATMs located within an SCB or Bangkok Bank branch. Less need to worry about a cloner being installed on the ATM (I'd recommend the same for anyone who regularly withdraws their income through ATMs here or anywhere). An extra shield is not having any accounts with "fairly good balances" exposed to my own ATM/debit card access. ATM accounts are connected to accounts that my orchid and aquatic plant customers deposit (they love not having to pay wire transfer fees) into. Whatever I plan on withdrawing that particular day is transferred online to various ATM access accounts with no overdraft coverage (I've never lost a card but I've had a machine swallow one on an occasion or two.... but no worries at all as damage control is already in place).

[qualtrough]

I plan to spend 4-5 months in Thailand. I bank with Bank of America which I understand has offices in Thailand. I will be in remote villages most of the time, so I will have to use ATMs. Is it expensive, convenient to get cash this way? As a foreign tourist, how difficult is it to open a bank account in Thailand?

kind regards,

Karl

I had the experience that the foreign banks in thailand act the same as the local banks.

UOB Thailand don´t even know that Singapore exist.

Deutsche Bank... complete useless

I travel with: Austrian ATM, works nearly everywhere, VISA card, American Express and if it gets outside money cash in my pocket (Baht or USD).

If it looks dangerous I put a part of the cash in my socks (so foot/socks/show) but still money in my wallet so if a bad guy takes my money he get something (so he don´t think I am hiding money) but not all (but that might be not necessary for Thailand).

If you have a 5000 Baht with you, it is not a hugh amount but enough to do anything somewhere outside.

Not a bad idea, but I wouldn't let any Thais in on that secret as they hold the King in very high regard, and placing banknotes with his image on them in your socks would be considered extremely disrespectful.

[terry57]

I would interpret the above that you can use the card in Thailand if the networks match, but that there will be a fee. Outrageous fees are becoming a lot more common. As a tourist, I don't think this is such a big deal.

There is another thing I would be concerned about. In my experience, with ATMs in the sticks, even if they have the proper network symbols, I have found a higher incidence of the machine spitting out the card (in different countries). Could be worse. Laos or Vietnam.

I believe Aussie banks have the highest fees in the world?

not wrong there,

as our banks make the largest profits, charge the highest fee's and continue unabated to increase fee's every year, all backed up by our government.

cant wait to live full time in los.

cheers

[Old Man River]

Heng, check your transactions on this card online, often. I had a BofA (Texas) credit card and found a USD 39 charge that sounded like a bank fee. Since my fees are waived, I was curious and did some checking into it via the internet. I found out that the USD 39 debit that sounded like a bank fee was actually related to online gambling. I don't gamble online or offline and nobody else had access to the card or PIN.

An extra shield is not having any accounts with "fairly good balances" exposed to my own ATM/debit card access.

The extra shield is the only way to go for accounts accessible by ATM/debit cards. However, in my case it was a credit card, and the unauthorized (and I believe, fraudulent) charge to the credit card was something I couldn't avoid. I strongly suspect someone from within the bank is making charges on credit cards for small, odd amounts, making it look like one-off bank fees. It is a huge retail bank with a very large amount of credit cards issued. Since the amounts are so small, if the charges are ever noticed, hardly anyone would ever make a big issue over it. I just wanted the card canceled and even this, while living out of the country, was difficult enough.

[popshirt]

Bank of America is one of the worst U.S. banks to have an account in if you wish to withdraw money from a foreign ATM. When you combine all the flat fees and percent fees they charge it can easily get into the hundreds of dollars for a few weeks stay in a foreign country. If you are planning to do much travelling on a regular basis I strongly suggest setting up an account in another bank from which to withdraw, or better yet, move all your accounts out of BofA entirely. Of the big U.S. banks the only other one I have experience with is Citibank. For foreign ATM withdrawals they'll give you roughly 99% of the market exchange rate and also separately charge a 1% transaction fee.

I agree completely. My last four month stay in Bkk cost me $400 US in bank fees from Bank of America or roughly $100/mo. I was horrified when I totted this up upon returning to the US. I have been told by several sources that Citibank is the best to deal with as they have a branch that handles individual accounts in Bkk.