ATM fees rise again

[TallGuyJohninBKK]

As in the above post, all the TMB machines I've tried all gave 20k. This is in Pattaya and I've tried a lot of machines.

All the TMB ATMs I've used in BKK over the past couple years have a 30K maximum withdrawal limit, and that's one shown as a preset on the ATM withdrawal screen. That matches with pretty much what everyone else I've seen posting re TMB ATMs.

[KhunBENQ]

TMB and Krungsri give 30k.

The limits are mainly for technical reasons. Many ATMs can only handle 20 notes.

A bad exception is AEON which cut down to 20k even though their big machines could serve 100 notes as they did in the past.

Simply to adjust the "profit ratio" after they joined the crowd and introduced ATM fees.

[roo860]

Not that easy, when you transfer the money into your Thai account from overseas they(or at least Bangkok bank) hit you for 200 baht

It's easy, have a thai bank account.

Why shouldn't they charge 200bt? You could transfer £10,000 and still only pay 4 quid.

The usual misconception. Blinded by home banks fee announcement.

Always hiding fees that are charged by other involved banks.

10000 GBP is about 540'000 Baht.

All Thai banks have to deduct 0.25% of the incoming money with a maximum of 500 Baht (kind of a tax).

So for this transaction 500 Baht would be gone from this alone. which is about 9 "quid".

Its long ago that I fell into the same trap.

There was a bank (Postbank) that advertised 1.50 Euro for the international transfer.

But: when comparing money sent with money received I always wondered where have this ~20 Euro gone?

-> The 1.50 was just for handing over the money to Deutsche Bank which handled the transfer and cashed in about 12.50.

(that was before Postbank was taken over by Deutsche Bank)

The rest was cashed in by the Thai bank.

So before enjoying the low fee, do the real math with these parameters:

1) what has been deducted from my home account?

2) what has been credited to my Thai bank account?

3) what was the TT rate/money market rate at the date of transaction?

You might be negatively surprised.

Even more surprising that a cash exchange at the best money changers in Thailand would give you more

Just bring cash then, save all ya fees etc.

[55Jay]

The banks should coordinate with herr leader on this one. He wants to keep the tourists coming and the banks want to milk them soo it seems counterproductive. Of course they will not know till they insert that little piece of plastic in the machine and realized what has happened.

He wants to get them here so they CAN be milked. That's the whole point.

[KhunBENQ]

Just bring cash then, save all ya fees etc.

Agree, but of course no solution for expats who live here year round and receive pensions etc.

[roo860]

So we're back to the open a thai bank account scenario. Going round in circles here!

[JimMagee]

In neighboring Laos, you will pay 20,000 kip ($2.50) for each 1,000,000 kip ($123.00) you withdraw.

So, now in Thailand, you are paying 200 baht ($5.72) for each 20,000 baht ($572.00) you withdraw. That is nearly half what you will pay in Laos.

Yes, it is high, but relatively low.

[roo860]

In neighboring Laos, you will pay 20,000 kip ($2.50) for each 1,000,000 kip ($123.00) you withdraw.

So, now in Thailand, you are paying 200 baht ($5.72) for each 20,000 baht ($572.00) you withdraw. That is nearly half what you will pay in Laos.

Yes, it is high, but relatively low.

Good info mate but thought we were on about Thai banks?

[nidieunimaitre]

The justification is that ATM networks are expensive, ATM usage is down, the economy is lean and banks need to make a profit, just like any other business. Another aspect is that folks have beaten up on banks so much that regulators in many countries are demanding banks reduce their fees on various previously chargeable items. So, if you want to beat up the banks and get them to reduce their charges, be prepared to pay for it somewhere else along the line.

The simple answer is to open a Thai bank account, grow a pair and actually store some money here in Thai banks.

Last sentence should be:

The simplistic answer etc.....

QUOTE >>> grow a pair <<< UNQUOTE

Please explain the relevance of my testicles in a thread about ATM fees.

[fred Kubasa]

And a week or two ago SCB snuck in a new 10 B fee for transferring funds

within their own system. The banks have to make up for the UN secured losses

they incurred with poor investment loans. So, instead of firing the

irresponsible loan officers, the bank clients will cover their shame.

[bazza40]

I have a foreign debit card, ATM use only. It's only used to access funds in case of emergency, probably twice a year. The rest of the time, Thai bank accounts with two transfers of funds per year to top up.

Tourists ( depending on their level of comfort with the strategy ) would be well advised to bring as much foreign cash as possible, and exchange with a competitive vendor. Sakol Money Exchange near the Iron Bridge in Chiang Mai gives a very good rate.

I don't think there's much point railing against Thai banks, it's a general thing. If you want to try out some really greedy bastards, Australian banks are up there. Although the upside is the Big Four in Oz are also among the most financially stable.

[thailand49]

I fully understand institutions are there to make money, but what Thailand is charging is not in the norm Internationally. My personal opinion their goal is like always from these old school Thais who are running the country. It is all about patriotism! Even one of their MP, last year said " The more patriot the more stupid they get " The current appointed PM, has said just as much " Dual pricing policies give a black eye to this country ".

Personally, I feel the rate was raised due to the weakening of the Thai Baht, and the strengh of the Dollar. They might think backwards but I"m sure they have stats as to how many foreigners user their ATM'S, and currently that foreign cards can get more bang for the buck. In my personal case, a limit of 500 USD use to get me 15,000 baht now I'm getting 17,500.

Some say what is the big deal it is only 20 baht, we are getting more due to the weakening, we can afford it. That is just warp thinking because if people few that way how would they feel if everything was paid depending on where you came from and your exchange rate. Big C, now have check out's for Americans, Brt, etc.. how would they feel then.

I've seen guys say what is the big deal? then they go off when their beer is 5 baht higher at a Go Go, They walk a extra mile because they feel the motorbike Taxi is ripping them off. Just inconsistent thinking?

Last, Thailand has ask and join the International community, receives billions in baht in aid as a member. They brag about being part of Asean! Yet the leaders still have a 3rd world mentality!

It is a cartel. There was a meeting. It was decided.

I wouldn't be surprise? The meeting was at their favorite waterhole next door to a school and after a number of bottles of Sangsome and chaser they all departed drunk and drove home.

[chiang mai]

QUOTE >>> grow a pair <<< UNQUOTE

Please explain the relevance of my testicles in a thread about ATM fees.

How many times have we heard people say in this forum words such as, only bring as much money into Thailand as you can afford to loose, Thai banks are not safe, and stories about how funds suddenly disappeared from an account and more. The problem is that far too many people are afraid to move funds here, mostly for the wrong reasons.

That being so it's hard to have any sympathy for such folks when on the one hand they get raped on international ATM charges and complain on forums such as this and on the other, wont open a local account here. Some might view that as a lack of intestinal fortitude, others may simple say stupidity or naivety, my take is that many folks need to grow a pair, that's the relevance!

[thailand49]

Some say what is the big deal it is only 20 baht, we are getting more due to the weakening, we can afford it. That is just warp thinking because if people few that way how would they feel if everything was paid depending on where you came from and your exchange rate. Big C, now have check out's for Americans, Brt, etc.. how would they feel then.

It's not warped thinking to say "what is the big deal it is only 20 baht". We don't have a choice, so it's sensible thinking. Why should we get worked up about something we have no control over? That would be warped IMO.

What surprises me is how you can say it is not warp thinking and what is the big deal when you continue to respond to this subject with me and others. Not only that you have a problem with reading and understanding what is being read. You are exactly the type I refer to about warp... after reading all these post you are stuck on 20 baht but what everyone is trying to say it is matter of principle.

I bet you get work up everytime you have to report to Immigration for your 90 days, to renewal your retirement visa and all the required paperwork each year? As noted, if you were charged more for your groceries your meal at a Thai rest... 7/11... everything you buy is based on the same principal the bank raise the rate I'm sure you wouldn't be saying what you are saying. This type of increase is not because they are hurting, it is most likely to get Farangs to deposit more money into their banks etc... etc.. what is warp is someone bending over and taking up the butt and liking it because they feel they have no choice. Everyone is just expressing their opinions if it doesn't agree with you it doesn't mean it is a big deal to us.

I praised those who deposit everything they have here, as these guys must have the biggest balls in Thailand maybe that is why the Go Go rates are all going up on W.S. if someone invented a Big Ball Bra they will make a mint and not worry about the fees. Until they do and the reason I do not put all the eggs in one basket is for that simple reason and that reason is how Thailand conducts itself in situations. If there was a crash and with limited protections against your funds I suspect Expats would be the last one being paid. I do not have enough confidence in a system when you open a Bank account in Chiang Mai and then want to close it in Pattaya, you can't, you got to go back to Chiang Mai. I suspect if that ever happens those with big so call balls would drop the fast off their balconies due to those big and heavy balls.

In the end, I keep my money in the States because the investment opportunities are better and so are the returns.

[55Jay]

QUOTE >>> grow a pair <<< UNQUOTE

Please explain the relevance of my testicles in a thread about ATM fees.

How many times have we heard people say in this forum words such as, only bring as much money into Thailand as you can afford to loose, Thai banks are not safe, and stories about how funds suddenly disappeared from an account and more. The problem is that far too many people are afraid to move funds here, mostly for the wrong reasons.

That being so it's hard to have any sympathy for such folks when on the one hand they get raped on international ATM charges and complain on forums such as this and on the other, wont open a local account here. Some might view that as a lack of intestinal fortitude, others may simple say stupidity or naivety, my take is that many folks need to grow a pair, that's the relevance!

This is not about his testicles or yours. Can we get back on topic, please?

[tropo]

Some say what is the big deal it is only 20 baht, we are getting more due to the weakening, we can afford it. That is just warp thinking because if people few that way how would they feel if everything was paid depending on where you came from and your exchange rate. Big C, now have check out's for Americans, Brt, etc.. how would they feel then.

It's not warped thinking to say "what is the big deal it is only 20 baht". We don't have a choice, so it's sensible thinking. Why should we get worked up about something we have no control over? That would be warped IMO.

What surprises me is how you can say it is not warp thinking and what is the big deal when you continue to respond to this subject with me and others. Not only that you have a problem with reading and understanding what is being read. You are exactly the type I refer to about warp... after reading all these post you are stuck on 20 baht but what everyone is trying to say it is matter of principle.

Stressing about "matter of principle" and 20 baht price increases in a foreign country where you have absolutely no control is very warped. By the nature and length of your responses to opinions of others, I can see how worked up you can get over small matters. Take a chill pill and relax mate. The stress can ruin your health and you could end up spending your savings on trying to stay alive

[Naam]

In neighboring Laos, you will pay 20,000 kip ($2.50) for each 1,000,000 kip ($123.00) you withdraw.

So, now in Thailand, you are paying 200 baht ($5.72) for each 20,000 baht ($572.00) you withdraw. That is nearly half what you will pay in Laos.

Yes, it is high, but relatively low.

Good info mate but thought we were on about Thai banks?

no, we are on about Farangs who think services rendered should be free. next thing i know they want free haircuts, massages, noodle soups, beer, abolishment of bar fines and free accomodation

[Naam]

Well, about 20 years ago Siam commercial bank wanted to charge me 100 baht a year. I cancelled my cashpoint card and do all transactions face to face to this day

What a stupid thing to

do just to save ฿100

a year

it's at least two beers in a 7/11! you wouldn't want to waste that kind of money every year, would you?

[55Jay]

Well, about 20 years ago Siam commercial bank wanted to charge me 100 baht a year. I cancelled my cashpoint card and do all transactions face to face to this day

What a stupid thing to

do just to save ฿100

a year

it's at least two beers in a 7/11! you wouldn't want to waste that kind of money every year, would you?

But if he keeps saving, and reaching for the stars, one fine day he'll achieve the blue collar dream:

[ToS2014]

I have a local bank. Got tired of the ATM fees, so now I go in the bank (Bangkok Bank) and ask for a cash advance on my USA debit card. It helps that I also say to deposit the amount in my (Bangkok Bank) account...Then, no fees to withdraw using my BB card. The bank also has an option to have pensions or what have you deposited into Bangkok Bank, New York branch and then transferred into your local Bangkok bank account in Thailand. Takes a few days though...

[fekman]

200baht and then my home bank hits me up for additional 150baht.. Sucks when I want to take out more than the 20,000 transaction limit.

Krungsi, the yellow machines, give 30,000 per withdrawl.

How can EVERY bank in the country have the same exact fee, and the fee rise together? Isn't this 'price fixing'? A practice thats illegal in most places.

Why doesnt one bank just charge 100 baht and the word would spread like fire, and they would have 80% of the foreigner business within a year? But Thais aren't known for their business savy.

My buddy used to preach "Just wire 10k at a time to a thai bank and avoid those fees". He avoided the 180 fees, sure, but he got hammered over $1,000 on the exchange rate as the dollar climbed.

[chiang mai]

QUOTE >>> grow a pair <<< UNQUOTE

Please explain the relevance of my testicles in a thread about ATM fees.

How many times have we heard people say in this forum words such as, only bring as much money into Thailand as you can afford to loose, Thai banks are not safe, and stories about how funds suddenly disappeared from an account and more. The problem is that far too many people are afraid to move funds here, mostly for the wrong reasons.

That being so it's hard to have any sympathy for such folks when on the one hand they get raped on international ATM charges and complain on forums such as this and on the other, wont open a local account here. Some might view that as a lack of intestinal fortitude, others may simple say stupidity or naivety, my take is that many folks need to grow a pair, that's the relevance!

This is not about his testicles or yours. Can we get back on topic, please?

Nonsense mr would be moderator, that's exactly on topic!

[fekman]

Some say what is the big deal it is only 20 baht, we are getting more due to the weakening, we can afford it. That is just warp thinking because if people few that way how would they feel if everything was paid depending on where you came from and your exchange rate. Big C, now have check out's for Americans, Brt, etc.. how would they feel then.

It's not warped thinking to say "what is the big deal it is only 20 baht". We don't have a choice, so it's sensible thinking. Why should we get worked up about something we have no control over? That would be warped IMO.

What surprises me is how you can say it is not warp thinking and what is the big deal when you continue to respond to this subject with me and others. Not only that you have a problem with reading and understanding what is being read. You are exactly the type I refer to about warp... after reading all these post you are stuck on 20 baht but what everyone is trying to say it is matter of principle.

Stressing about "matter of principle" and 20 baht price increases in a foreign country where you have absolutely no control is very warped. By the nature and length of your responses to opinions of others, I can see how worked up you can get over small matters. Take a chill pill and relax mate. The stress can ruin your health and you could end up spending your savings on trying to stay alive

This is the second increase in 18 months. Went from 150, 180, 200. Thats 33%!!! In a country with one of the lowest inflation rates in the world. We actually just came out of a period of DEFLATION. Thats right, 18 months ago, banks should have lowered the fee.

[55Jay]

200baht and then my home bank hits me up for additional 150baht.. Sucks when I want to take out more than the 20,000 transaction limit.

Krungsi, the yellow machines, give 30,000 per withdrawl.

How can EVERY bank in the country have the same exact fee, and the fee rise together? Isn't this 'price fixing'? A practice thats illegal in most places.

Why doesnt one bank just charge 100 baht and the word would spread like fire, and they would have 80% of the foreigner business within a year? But Thais aren't known for their business savy.

My buddy used to preach "Just wire 10k at a time to a thai bank and avoid those fees". He avoided the 180 fees, sure, but he got hammered over $1,000 on the exchange rate as the dollar climbed.

http://www.thaivisa.com/forum/topic/640943-the-thai-banking-cartel/

[55Jay]

QUOTE >>> grow a pair <<< UNQUOTE

Please explain the relevance of my testicles in a thread about ATM fees.

How many times have we heard people say in this forum words such as, only bring as much money into Thailand as you can afford to loose, Thai banks are not safe, and stories about how funds suddenly disappeared from an account and more. The problem is that far too many people are afraid to move funds here, mostly for the wrong reasons.

That being so it's hard to have any sympathy for such folks when on the one hand they get raped on international ATM charges and complain on forums such as this and on the other, wont open a local account here. Some might view that as a lack of intestinal fortitude, others may simple say stupidity or naivety, my take is that many folks need to grow a pair, that's the relevance!

This is not about his testicles or yours. Can we get back on topic, please?

Nonsense mr would be moderator, that's exactly on topic!

LOL

[onmysites]

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[nidieunimaitre]

In neighboring Laos, you will pay 20,000 kip ($2.50) for each 1,000,000 kip ($123.00) you withdraw.

So, now in Thailand, you are paying 200 baht ($5.72) for each 20,000 baht ($572.00) you withdraw. That is nearly half what you will pay in Laos.

Yes, it is high, but relatively low.

Good info mate but thought we were on about Thai banks?

no, we are on about Farangs who think services rendered should be free. next thing i know they want free haircuts, massages, noodle soups, beer, abolishment of bar fines and free accomodation

Those farangs should understand that they are only small fish, not big enough to be entitled to freebies such as free bailouts, do not go to jail cards, etc.

Come on Naam, you DO understand very well why there is so much bad feel against banksters, don't you?

Banks are the perfect illustration of what your compatriot Karl predicted in 1867: The abolition of the free market system.

[roo860]

In neighboring Laos, you will pay 20,000 kip ($2.50) for each 1,000,000 kip ($123.00) you withdraw.

So, now in Thailand, you are paying 200 baht ($5.72) for each 20,000 baht ($572.00) you withdraw. That is nearly half what you will pay in Laos.

Yes, it is high, but relatively low.

Good info mate but thought we were on about Thai banks?

no, we are on about Farangs who think services rendered should be free. next thing i know they want free haircuts, massages, noodle soups, beer, abolishment of bar fines and free accomodation

Oh, cheers.

[AdamRich]

Well, about 20 years ago Siam commercial bank wanted to charge me 100 baht a year. I cancelled my cashpoint card and do all transactions face to face to this day

So you have wasted thousands of baht worth of time to save a few hundred baht worth of cash.

[Pib]

Not that easy, when you transfer the money into your Thai account from overseas they(or at least Bangkok bank) hit you for 200 baht

It's easy, have a thai bank account.

Kasikorn doesn't charge a "receiving fee".

Sure they do...it's 0.25% (Bt200 min, Bt500 max)...the fee is applied "before" posting so it does not appear anywhere on your account which can fool some folks into thinking no receiving fee was applied. Usually you have to call to find out about this fee but you can find it at places on the K-bank website like this partial quote from the area regarding the receiving of funds into a foreign currency account.