ATM fees rise again

[chiang mai]

Last sentence should be:

The simplistic answer etc.....

There's nothing complex about the problem, in fact it's very very straight forward, despite some of the whining and chatter! Two choices, either open a Thai bank account and use it or, don't and keep paying the charges, whatever they may be in the future. Boutique options that offer refunds on transactions get paid for by the consumer somewhere along the line.

[Pib]

It's easy, have a thai bank account.

It's not always that easy. I have money that I cannot access any other way... other than flying to that country and manually withdrawing it from my bank... or using a linked MasterCard debit card, which isn't much use when I need cash.

200 baht was inevitable and it is not surprising at all. It was the whole point of the 180 bridge between the initial 150 when they first introduced the fee several years ago and 200... softening the blow. I told my wife last week it probably won't be long before it is 200 baht.

This must have just happened as I took money out a few days ago at 180 baht.

Why would 180 baht be affordable and 200 baht not? I reduce the cost by taking 25,000 at a time, so 20 baht is insignificant. There used to be 40k ATM's, but 25k is the highest limit I can find now... most are 20k.

Krungsri (yellow atm) will let you take out 30k.

So will TMB.

[chiang mai]

So anyone who answers your post and tries to explain the what and the why of the price increase is a Thai apologist, get a life!

No, get a thai bank account. It's easy, so please stop whining about a few bob.

Ps. I've got a great life thanks (and a thai bank account).

My post directed at the OP, not at your post which appeared whilst I was typing.

[jacko45k]

It's easy, have a thai bank account.

That works if you are employed here and generate cash for that account. or you have a stash in your mattress. But if you intend to transfer monies from your foreign account, there is also a transfer fee up front.

Not all banks have this.

I have 2 UK accounts, one makes a charge, the other 'waives it'

Bangkok Bank do charge when the funds arrive, currently up to a maximum of 500 baht.

(This might be the next source of income for the banks as there could be room for an increase).

So I save somewhat on using my UK cards by using a local account, 200 baht per 20,000 baht, plus I get hit by the UK bank for using the card overseas.

[roo860]

HiFX money transfer, free over £3000 transferred, pay you're 500 bt at receiving bank in Thailand, very competitive rates of exchange.

Edited November 9, 2015 by roo860

[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!

[hellstens]

I use to go to the bank and us my card to Telex Transfer, to get my money (you need to have your passport with you), you get the best exchange and no fee. (You save a lot in a year)

today my retired money go directly to my Thai Bank only 200bat/month, and best exchange rate.

[goatfarmer]

Far more useful to look at the total charge, in percentage terms, taking into account bank fees and exchange rate difference from the mid rate. 200 baht on 20,000 baht is 1%. But what is your bank charging you to exchange your home currency to baht?

Changing cash in many countries can gouge 5% from the mid-rate. But in Thailand, and many countries in Asia, the variance from the mid-rate is quite reasonable. SCB dollar buy/sell rates for large notes today are 35.41/36.11. So the mid-rate is 35.76, with a margin of around 1% from the mid-rate for each transaction.

So on 20,000 baht the only saving on using cash is the home bank charge. Not much difference really. On 10,000 baht, changing cash will be save 100 baht over the 200 baht fee.

One good thing about ATMs in Thailand is that the maximum amount per withdrawal is 25,000 baht, whereas other countries (Russia, Italy, Argentina) limit withdrawals to 5,000-10,000 baht, so the total fee is in fact higher than in Thailand.

By comparison, using a credit card puts you at the mercy of the credit card company's exchange rate, plus charges. I calculated that using a HK Visa card in Europe incurred 2.3% from the mid-rate. Irritating, but still more convenient than using cash all the time.

[Tywais]

Around 25 milliion tourists arrive Thailand in 2014. If 10% use their overseas cards, suspect that is well underestimated, then @200Baht/usage that would be 500 million Baht, though over 1 billion Baht is more likely, per year for the banks. This doesn't take into account the expats here that do it regularly. Hefty chunk of change for the banks for simply accessing International payment processors. Personally I think it is out of line.

[Skeptic7]

Charging 5€/6USD seems quite high. I don't remember even paying separate withdrawal fees within Europe or when I lived in Hong Kong and London (just the usual rip-off with exchange rate).

Can't remember how it is in neighbouring countries, does anyone know?

Thankfully, I have a thai bank account so no need to think about this nonsense. Of course, eventually getting all the money out of Thailand. That is another story.

Not sure about neighboring countries, but Japan, Netherlands and Iceland are fee free. Have used all 3 recently. Last time i was in PI and China...fee free, but it's been 3 years. Personally I have never paid an ATM fee anywhere. I understand that the machines are expensive and require regular maintenance, but I refuse. Thailand used to be fee free too and suddenly a number of years ago they went directly to ß150 per pull. Never used an ATM in LOS (Land Of Scams) again. Not ß30 or ß50 or ß100, but right to the mind blowing rate of ß150...then ß180 and now ß200. RIP OFF!

[frimu]

Funny how they don't dare to upset the Chinese.

What a bunch of greedy cowards, those Thai banksters!

[frimu]

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.

Citibank doesn't have a transaction limit. I regularly withdraw 35k there. This is of course only useful if you're in Bangkok regularly.

[thailanddogerator]

200 thb for 30000 thb is still acceptable maybe ?

[55Jay]

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.

[tropo]

It's easy, have a thai bank account.

It's not always that easy. I have money that I cannot access any other way... other than flying to that country and manually withdrawing it from my bank... or using a linked MasterCard debit card, which isn't much use when I need cash.

200 baht was inevitable and it is not surprising at all. It was the whole point of the 180 bridge between the initial 150 when they first introduced the fee several years ago and 200... softening the blow. I told my wife last week it probably won't be long before it is 200 baht.

This must have just happened as I took money out a few days ago at 180 baht.

Why would 180 baht be affordable and 200 baht not? I reduce the cost by taking 25,000 at a time, so 20 baht is insignificant. There used to be 40k ATM's, but 25k is the highest limit I can find now... most are 20k.

Krungsri (yellow atm) will let you take out 30k.

I've tried a number of yellow ATMs and never found one offering more than 20k. Did you score 30k with an international card? I've seen some Thai writing and "30,000" on some machines, but they only offered 20k. My card daily limit is around 40k.

[lungnorm]

The ATM withdrawal fee in the Philippines is 200 Pesos where 1 peso is worth maybe 10% less than 1 Baht. There is also a daily 20,000 peso limit and 10,000pesos is the max withdrawal at any one time. Plus my Aussie bank has a cut and currency conversion fee.

[tropo]

It's easy, have a thai bank account.

It's not always that easy. I have money that I cannot access any other way... other than flying to that country and manually withdrawing it from my bank... or using a linked MasterCard debit card, which isn't much use when I need cash.

200 baht was inevitable and it is not surprising at all. It was the whole point of the 180 bridge between the initial 150 when they first introduced the fee several years ago and 200... softening the blow. I told my wife last week it probably won't be long before it is 200 baht.

This must have just happened as I took money out a few days ago at 180 baht.

Why would 180 baht be affordable and 200 baht not? I reduce the cost by taking 25,000 at a time, so 20 baht is insignificant. There used to be 40k ATM's, but 25k is the highest limit I can find now... most are 20k.

Krungsri (yellow atm) will let you take out 30k.

So will TMB.

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.

[jacky54]

Many Thais avoid the' big money' charge of 20 baht to transfer to another bank, 200 baht is half a days wages for a lot of Thais, how do the banks justify this amount?

[tropo]

if you have a card from overseas bank contact the foreign exchange counter at any thai bank with your passport and request the amount of Thai baht you require. If you have a debit card there is no limit to the amount and no fee charged providing of course the funds requested are available in your foreign account . This is a more secure way to obtain funds and full documentation is provided.Downside it take a bit longer .

They won't allow over the counter withdrawal on debit cards with no chip. You also can't do it with Cirrus cards, which is what I normally use at ATMs.

[elgordo38]

No, get a thai bank account. It's easy, so please stop whining about a few bob.

That's not really an option for tourists. It's not so easy.

True mate, so bring ya cash

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.

[mydee]

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.

[tropo]

Many Thais avoid the' big money' charge of 20 baht to transfer to another bank, 200 baht is half a days wages for a lot of Thais, how do the banks justify this amount?

It is only charged on foreign cards. I'd say that anyone who can afford to fly to Thailand on vacation should be able to handle the fee... and of course the banks are cashing in that.

[tropo]

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".

[tropo]

No, get a thai bank account. It's easy, so please stop whining about a few bob.

That's not really an option for tourists. It's not so easy.

True mate, so bring ya cash

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.

To be fair, it doesn't just happen. You have to confirm that you agree to the fee before you can withdraw money.

[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.

[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.

[Veeke]

Countries like India and Bangladesh do not have an ATM charge at all. After all the banks have many ways of benefiting from liquidity

[DirtyDan]

It amazing how the major Thai banks are raising the foreign card fee at the same time...shows how little banking competition there is in Thailand and how the banks must get together to discuss fees.

You do realise who owns the banks here, right?

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.

Several banks have ATMs that offer 25K, the yellow ones in/around BKK offer up to 30K, BKK Bank 25K.

[TallGuyJohninBKK]

On the plus side, is there any other place on earth with so many ATMs, on nearly every street (in Pattaya)?

On the negative side, there are few if any tourist destination countries in the world, AFAIK, that charge any higher ATM fee than Thailand's banks are now charging at 200 baht per withdrawal.

Thailand, the hub of foreign ATM card fee ripoffs.

[KhunBENQ]

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

Edited November 9, 2015 by KhunBENQ