ATM fees rise again

[Langsuan Man]

is that for transfers in from outside the Kingdom? Does anyone know if Bangkok Bank do likewise as I need to transfer about USD 30k+

This thread is about ATM fees, not SWIFT or any other type of transfer fees

In order to get 30K (in USD) via an ATM, you would have to do two transactions using your foreign ATM card at Bangkok Bank, one for their maximum transfer amount (25,000 THB and one for 5,000 THB) for a total of 400 THB in fees. Go to either BAY (Yellow) or TMB and you could get your 30K in one pull at the cost of 200 THB in fees

[watcharacters]

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.

The yellow bank that starts with an "A" allows 30K single pull withdrawals.

But it's best to arrange no fees at all as some posters have discussed.

Tropo how high do you thing the fees will go during the next decade? Any guess?

Obviously banks want to get rid of tellers as was the goal from the beginning. Customer service I think may become nothing but a memory.

Edited November 11, 2015 by watcharacters

[Fairynuff]

[] hardly conducive to its tourist campaigns, given those are the people who will be most affected

Hate to break it to you, but those campaigns are not made because they think your presence here improves the country. They want you to pump money into the Thai economy, which the ATM fee for foreign cards is part of.

I've been around many, many visitors/tourists to the Kingdom and I honestly can't remember one complaining about ATM fees. This is clearly a cheap-charlie issue with expats who haven't figured out how to open a Thai bank account.

Anyone who doesn't like to be overcharged or ripped off is automatically a cheap Charlie?

[Fairynuff]

It really doesn't matter what one's income is, high or low, when it comes to foreign card ATM fees charged by Thai banks.

If you're earning your money in Thailand exclusively, then you don't need to worry about foreign card ATM fees, generally speaking.

But if you're getting some or all of your income from outside Thailand, then foreign card ATM fees are a legitimate concern.

The folks who earn their money here ought to at least have some understanding that not everyone is in their same situation, instead of spouting off repeatedly about opening Thai bank accounts -- which most of us with income from outside Thailand have already anyway.

I'm not poor, but I still take offense when a Thai bank wants to charge me an ATM fee that's getting to be almost double the price of what a typical bank in the U.S. would charge a Thai citizen using their Thai card in a U.S. ATM. It's just a ripoff, pure and simple.

Wait for it....you're destined to be called a cheap Charlie any second now.

[Pib]

I'm old enough to remember when ATMs were first being rolled out by banks and most bank customers thought it would end up causing their local branch to reduce services or maybe even close. At that time the banksters said don't worry...it would make banking cheaper for their customers because the banks would need to build fewer new less brick-and-mortar branches while improving their customer support, no need to hire employees for those branches, no maintenance/upkeep costs associated with brick-and-mortar banks, etc. And of course make banking more convenient for customers. Just a win-win situation. Wow...sounds awesome...roll those ATMs out now!!!

Now I'm sure the roll out of ATMs did reduce banksters needs to build more brick-and-mortar branches to serve a growing population--but did this really stop banksters from building more brick-and-mortar branches since such branches made good profits. I kinda doubt it...there are more branches than there ever were...and new ones are opening all the time.

ATMs did offer more convenient banking for customers...no argument there from me at least. And more ATMs seem to be rolling out all the time. But are the banksters rolling them out purely for customer convenience and low banking costs for the customers? If you believe so then I have some prime swamp land in Florida and a bridge in New York City you might be interested in buying. No, they are rolling out more and more ATMs because ATMs are money/profit making machines with ever increasing fees. In some ways ATMs are pickpockets with a willing victim pushing the buttons allowing it to happen.

No, ATMs were always meant to become major profit making machines and the banksters knew this before the first ATM went operational somewhere in the world. Nothing wrong in profits until it reaches the greedy, gouging point. To me, the Bt200 fee for farang cards has reached a greedy, gouging point.

[tropo]

The yellow bank that starts with an "A" allows 30K single pull withdrawals.

But it's best to arrange no fees at all as some posters have discussed.

Tropo how high do you thing the fees will go during the next decade? Any guess?

Obviously banks want to get rid of tellers as was the goal from the beginning. Customer service I think may become nothing but a memory.

In my case, to withdraw money from one of my accounts there are only 2 alternatives. Fly there (Philippines) or use an ATM. Internet bank wires cannot be done. No problem, this account is extremely useful in other ways, therefore I will continue to 'suck up' the ATM fee in Thailand... and switch to TMB or the 'yellow bank' for 30k pulls, which reduces the cost to 0.67% per grab.

Your question (how high do you think the fees will go during the next decade? Any guess?) is a good question and one I've often asked myself.

The 150 fee was introduced in April 2009. It went up to 180 at most banks in May 2013.

Inflation since 2009 is around 14% total (rough estimate), so in real terms the fee has increased from 171 (150 in 2009 at current value) to 200, or 29 baht in 6 1/2 years. This is about 4.5 baht per year fee increase. Will they increase to 225 or 220 next, or 250. Who knows? Are they using an inflation adjustment to determine fee increases? Nobody knows, but I'm hoping it will take awhile before it hits 250.

By that time my archaic bank in Philippines will have caught up with modern technology and allow international bank wires.

A bigger concern is Thai ATMs dropping the maximum grab limits in the name of security. That could happen. Several years ago I could grab 40k at an AEON ATM. Now the limit is 20k.

[Berkshire]

[] hardly conducive to its tourist campaigns, given those are the people who will be most affected

Hate to break it to you, but those campaigns are not made because they think your presence here improves the country. They want you to pump money into the Thai economy, which the ATM fee for foreign cards is part of.

I've been around many, many visitors/tourists to the Kingdom and I honestly can't remember one complaining about ATM fees. This is clearly a cheap-charlie issue with expats who haven't figured out how to open a Thai bank account.

Anyone who doesn't like to be overcharged or ripped off is automatically a cheap Charlie?

Just because you think you're being overcharged/ripped off doesn't make it so. When I'm in the USA and have to use an ATM which is not my bank, I will be charged a fee. That's reasonable, for the convenience. If I thought the fees were outrageous or that I was being "ripped off," I would find other ways to get to my money. I wouldn't keep freakin whining/whinging about it, I'd solve the problem. But that's just me.

[Berkshire]

[…] hardly conducive to its tourist campaigns, given those are the people who will be most affected

Hate to break it to you, but those campaigns are not made because they think your presence here improves the country. They want you to pump money into the Thai economy, which the ATM fee for foreign cards is part of.

I've been around many, many visitors/tourists to the Kingdom and I honestly can't remember one complaining about ATM fees. This is clearly a cheap-charlie issue with expats who haven't figured out how to open a Thai bank account.

Or expats (cheap charlie or non-cheap charlie) who don't like paying high ATM fees whether they have Thai bank accounts or not. Place me in that crowd as I don't like paying high ATM fees (and I have Thai bank accounts). Fortunately, my no foreign transaction debit cards also reimburse ATM fees, but I still don't like such a high Bt200 fee knowing it's focused on expats, tourist or not, having a Thai bank account or not.

And when it comes to tourists you've associated with not complaining about the high ATM fee, well, when tourists are on vacation in foreign countries most will generally just expect (bend over) and accept the many high fees/costs incurred during a vacation. Plus they just want to have a good time and not worry too much about costs before they go back to the grind of working.

If you have a Thai bank account/ATM card, what ATM fees are you talking about? I have a Thai bank account and I'm never charged an ATM fee (unless I use a different bank's ATM or in another city). If I were to use my US ATM card...well of course I'd be charged a fee. But why would I do that? When I need funds from my US bank, I send it via ACH. That too, has a fee. Anyways, whatever....

[tropo]

If you have a Thai bank account/ATM card, what ATM fees are you talking about? I have a Thai bank account and I'm never charged an ATM fee (unless I use a different bank's ATM or in another city). If I were to use my US ATM card...well of course I'd be charged a fee. But why would I do that? When I need funds from my US bank, I send it via ACH. That too, has a fee. Anyways, whatever....

You might do that if you're tourist without a Thai bank account. You might also do it if you cannot transfer funds from a foreign account.

Sure, a tourist has a few options, but nothing safer and easier than ATM withdrawals if cash is required. Of course they can use cards to pay at most stores.

[balo]

Just skip your daily beer and you saved 200 baht. Problem solved.

[55Jay]

I think this also gets under the skin because it reminds (some of) us we are members of a group without any vote, voice or much economic influence in the grand scheme of things. And that it's a coordinated move by a monopoly, adding to the feeling of helplessness.

[theguyfromanotherforum]

Took the time 20k from aeon yesterday. 150b

[tropo]

I think this also gets under the skin because it reminds (some of) us we are members of a group without any vote, voice or much economic influence in the grand scheme of things. And that it's a coordinated move by a monopoly, adding to the feeling of helplessness.

That's a good time to remind yourself of the benefits of living in Thailand and what you may save on other things, compared with your home country. Of course if there aren't any benefits, that's a good time to think about repatriating. As an Australian I'm quite used be screwed by banks.

[55Jay]

I think this also gets under the skin because it reminds (some of) us we are members of a group without any vote, voice or much economic influence in the grand scheme of things. And that it's a coordinated move by a monopoly, adding to the feeling of helplessness.

That's a good time to remind yourself of the benefits of living in Thailand and what you may save on other things, compared with your home country. Of course if there aren't any benefits, that's a good time to think about repatriating. As an Australian I'm quite used be screwed by banks.

Just a thought, not a personal gripe, but thanks. I think.

Edited November 11, 2015 by 55Jay

[swampdonkey]

It's easy, have a thai bank account.

You want everyone who comes here to open a Thai bank account ?

[roo860]

It's easy, have a thai bank account.

You want everyone who comes here to open a Thai bank account ?

Bring cash then if you're a tourist, if not then open an account.

[Naam]

[] hardly conducive to its tourist campaigns, given those are the people who will be most affected

Hate to break it to you, but those campaigns are not made because they think your presence here improves the country. They want you to pump money into the Thai economy, which the ATM fee for foreign cards is part of.

I've been around many, many visitors/tourists to the Kingdom and I honestly can't remember one complaining about ATM fees. This is clearly a cheap-charlie issue with expats who haven't figured out how to open a Thai bank account.

Anyone who doesn't like to be overcharged or ripped off is automatically a cheap Charlie?

wrong syntax. correct: "anyone who thinks another 20 baht is a rip-off is considered a cheap Charlie."

[Maestro]

... When you do a Bt25K counter withdrawal...

Is the exchange rate the same as with an ATM withdrawal?

[SunLover2]

It's easy, have a thai bank account.

You want everyone who comes here to open a Thai bank account ?

Bring cash then if you're a tourist

This. Just make sure they are the latest issue / in pristine condition / and high denomination notes for the best acceptance and rates.

Or home bank at an institution that reimburses foreign ATM fees.

SL

[Pib]

... When you do a Bt25K counter withdrawal...

Is the exchange rate the same as with an ATM withdrawal?

You get the Visa/Mastercard exchange rate whether an ATM or counter withdrawal. Of course this assumes you don't accept a DCC transaction which is a lower rate set by the bank.

[stament]

DCC?

[55Jay]

DCC?

Dynamic Currency Conversion. Always opt out.

Dynamic currency conversion - robbery by choice

http://www.smh.com.au/business/banking-and-finance/dynamic-currency-conversion--robbery-by-choice-20150329-1ma77q.html

[stament]

Can I risk going off topic and ask what the best thai bank is for reducing ATM fees on withdrawals or should I start a separate thread?

I know most charge a fee for use of their own machine if outside the home branch region, is a higher fee charged for using a different banks ATM?

Interested in finding this out, perhaps there is another thread already covering this if so please point me in the right direction, or else I will start a new thread if the mods deem this too off topic!

As always, thanks all

[tropo]

It's easy, have a thai bank account.

You want everyone who comes here to open a Thai bank account ?

Bring cash then if you're a tourist, if not then open an account.

Do you really think that carrying lots of cash is a good alternative to spending an extra 20 baht on ATM withdrawals? For adventurous tourists who like to get around, that's not a good idea. Even hotel safes have been know to be "broken" by staff.

Travellers cheques perhaps? Does anyone use these anymore?

[Chivas]

It's easy, have a thai bank account.

You want everyone who comes here to open a Thai bank account ?

Bring cash then if you're a tourist, if not then open an account.

True but then you potentially run up against anti money laundering rules taking hard cash out of the Country without receipts. Remember its only £1,000 out of the UK before questions can be asked, not the widely thought 10,000 Euro which is Declaration level.

Most tourists are still unaware despite that being the law for 10 years

Edited November 11, 2015 by Chivas

[roo860]

If you've obtained the money legally then you have no problem, was stopped a couple of years ago boarding a flight, had a large amount of cash. Answered all the questions, sent on my way.

[WorkingTourist]

Can I risk going off topic and ask what the best thai bank is for reducing ATM fees on withdrawals or should I start a separate thread?

I know most charge a fee for use of their own machine if outside the home branch region, is a higher fee charged for using a different banks ATM?

I would pick bank based on exchange rate instead, since ATM fees are practically non-existing (at least for me).

It’s rare that my branch doesn’t have an ATM near, but the few times I didn’t bother looking for one, no fees were charged for using another bank’s.

For using my card in another region; I actually have an account/ATM card for both Bangkok and Chiang Mai, though it should be noted that you can pay with the card at larger stores, restaurants, etc. and no inter-region fee will be charged.

[Pib]

Can I risk going off topic and ask what the best thai bank is for reducing ATM fees on withdrawals or should I start a separate thread?

I know most charge a fee for use of their own machine if outside the home branch region, is a higher fee charged for using a different banks ATM?

Interested in finding this out, perhaps there is another thread already covering this if so please point me in the right direction, or else I will start a new thread if the mods deem this too off topic!

As always, thanks all

Once again do to the outstanding competition among Thai banks (giggle, giggle) you will find the fee structure across Thai banks very, very similar.

Generally when using another bank's ATM to withdrawal money you'll be charged a Bt20 fee whether within or out of your province/banking region "unless" your bank and the other bank's ATM are part of the national ATM Pool (you'll may see an ATM Pool logo on the machine) where the first 4 transaction per month for within province/banking region withdrawals are free. All Thai banks are not part of the ATM Pool but all of the major ones are as far as I know.

Now there is a least one Thai bank which supposedly does not charge an ATM fee in their ATM anywhere in the country...I think it Thai Military Bank (TMB).

Don't spend much time or brain cells in trying to see if one Thai bank provided across the board free ATM service if using it country-wide as you'll be wasting your time. As a rule of thumb just plan on paying Bt20 when using another bank's ATMs and if not charged then it was probably an ATM which is part of the natioinal ATM Pool and was one of your free 4 withdrawals per month within your province/banking region.

Bt20 is not a high fee compared to the "times 10" fee of Bt200 applied to foreign cards. Foreign banks cards should be charged 10 times more than a Thai bank card--wait, wait, stop, stop, I was momentarily processed by a Thai bankster...the devil made me say that.

[AyG]

Now there is a least one Thai bank which supposedly does not charge an ATM fee in their ATM anywhere in the country...I think it Thai Military Bank (TMB).

Krung Sri (and possibly others) offer an ATM card that can be used at any ATM of any bank in the country free of charge.

[stament]

Can I risk going off topic and ask what the best thai bank is for reducing ATM fees on withdrawals or should I start a separate thread?

I know most charge a fee for use of their own machine if outside the home branch region, is a higher fee charged for using a different banks ATM?

I would pick bank based on exchange rate instead, since ATM fees are practically non-existing (at least for me).

Its rare that my branch doesnt have an ATM near, but the few times I didnt bother looking for one, no fees were charged for using another banks.

For using my card in another region; I actually have an account/ATM card for both Bangkok and Chiang Mai, though it should be noted that you can pay with the card at larger stores, restaurants, etc. and no inter-region fee will be charged.

I was thinking more for a friend who is paid in baht and travels about not someone with a different currency? as a member advised krung si is the way to go.

Many thanks all and apologies for veering slightly off topic!