Costing too much to withdraw money from ATM!

[lewisp91]

Hey guys,

I'm from the UK and I've been withdrawing 10,000 baht each time from the ATM's when running low on cash.

This would convert to pretty much £200 exactly, but I'm seeing £216 on my statement.

After doing some digging, I found that it's because of multiple bank fees on top of the ATM fee. Now, £16 in fees each time I withdraw just seems a little unreasonable to me.

Is there a cheaper way to do it?

I'm here in Thailand for 3 months, so these fees will really start to add up!

Thanks!

[willyumiii]

Have you considered walking into the bank and making a withdrawal from a real living teller?

No ATM fees inside!

[KhunBENQ]

Approximately

16 GBP * 50 = 800 Baht

200 of these 800 is the ATM fee by the Thai bank (4 GPB).

The remaining 600 is obviously lost at the card issuing bank in the UK.

The 200 Baht fee is per transaction.

So don't do these small withdrawals but do 25000 or 30000 Baht at once with the same fee.

Bangkok Bank allows 25k, Krungsri allows 30k per transaction.

The other banks that allow 30k? Forgot. It's in other threads.

What the components of the quite high fee in the UK is? I don't know.

Many banks charge a brazen percentage of the sum as "exchange fee" (like 1.75% or 2%).

2% of 200 GBP is 4 GPB. Still quite a gap.

Maybe your bank also add a fixed fee per transaction.

Again: do bigger withdrawls.

If you give details (what bank, what card) some UK members might tell you more.

Edited March 6, 2016 by KhunBENQ

[KhunBENQ]

And as always: cash would have beaten any other method.

[Sheryl]

As he is withdrawing from a UK bank, withdrawing from the teller is not exactly an option.

What is an option, if you expect to come to Thailand frequently, is to open a Thai bank account and do a one time wire transfer into it sufficient to meet your needs. ATM fees when withdrawing from a Thai bank are very low (e.g. 15 baht) and of course no fee if done inside the bank, at least not if at your usual branch.

Lacking that, larger less frequent withdrawals might be more economical.

[fey]

if your taking out thst amount regularly you can afford the fee. krung thai allows 20k.

[luke000]

As he is withdrawing from a UK bank, withdrawing from the teller is not exactly an option.

It is an option, as long as your ATM card has LINK and CIRRUS connections , you will be able to use it to make withdrawals over the counter in Thailand

[Sheryl]

As he is withdrawing from a UK bank, withdrawing from the teller is not exactly an option.

It is an option, as long as your ATM card has LINK and CIRRUS connections , you will be able to use it to make withdrawals over the counter in Thailand

With no fee (at the Thai bank end)?

[Amusements]

The 200 Baht fee is per transaction.

So don't do these small withdrawals but do 25000 or 30000 Baht at once with the same fee.

Bangkok Bank allows 25k, Krungsri allows 30k per transaction.

The other banks that allow 30k? Forgot. It's in other threads.

TMB? (30K on international withdrawals).

BTW. Krugsri have a 10k limit on certain cards.

[sunnyjim5]

The OP's card may have a limit on it. Commonly set at £200 on debit cards unless a higher limit is specifically requested and agreed by the bank.

[stoneyboy]

The OP's card may have a limit on it. Commonly set at £200 on debit cards unless a higher limit is specifically requested and agreed by the bank.

£250 or £300 now.

For UK issued cards at least.

[NanLaew]

With the combination of Thai and UK banks I use, the fees charged on 4 x 10,000 baht ATM withdrawals is almost equal to the fees for a one-time 40,000 baht or greater transfer online. If I have a low-budget month, then ATM extractions are feasible. However, if I have a month with a additional expenses or a bunch of extra bills falling due, I do a one-time online wire-in.

The OP needs to assess his budget for the period he is in Thailand and assess the fees that his bank applies for online transfer and/or ATM extractions. Doing relatively simple math will define what the OP needs to do. Due to the differing fee structures of different banks, it is impossible to categorically say what is best. One important factor often overlooked by most travelers is if your bank in the UK, US or wherever has a direct corresponding relationship with a bank in Thailand. Smaller, foreign local banks and most US Credit Unions will not have any corresponding banks in Thailand and have to use a larger, third-party bank that does. Each bank will then assess their own charges so it is quite easy for transaction fees to double or more if this is the case.

[NanLaew]

The OP's card may have a limit on it. Commonly set at £200 on debit cards unless a higher limit is specifically requested and agreed by the bank.

£250 or £300 now.

For UK issued cards at least.

There's no 'standard' overseas ATM withdrawal maximum for cards issued by UK banks. Depending on the customers standing with the bank, type of card and possibly the customers credit history, it can be any amount mutually agreed between the bank and the customer. I have a bog standard NatWest debit card that is capped at 400 quid a day but my RBS Black card (which they don't make any more) has a 1000 quid/day cap.

[sunnyjim5]

The OP's card may have a limit on it. Commonly set at £200 on debit cards unless a higher limit is specifically requested and agreed by the bank.

£250 or £300 now.

For UK issued cards at least.

There's no 'standard' overseas ATM withdrawal maximum for cards issued by UK banks. Depending on the customers standing with the bank, type of card and possibly the customers credit history, it can be any amount mutually agreed between the bank and the customer. I have a bog standard NatWest debit card that is capped at 400 quid a day but my RBS Black card (which they don't make any more) has a 1000 quid/day cap.

If I am not mistaken the Black card is a credit card which charges a massive 20+% interest on cash withdrawals !

[MrTee]

Best option I found is to meet a nice Thai lady, and transfer the cash to her account.
Then ask her to get money from the ATM as and when you need it.

[willyumiii]

Best option I found is to meet a nice Thai lady, and transfer the cash to her account.

Then ask her to get money from the ATM as and when you need it.

Yes!

This is the best idea!

I am a very nice Thai lady!

If it helps you, you can transfer all of your money into my account!

No plobrem!

[chas39]

In Nong Khai recently the cash I brought from the UK ran out, so I decided to go inside the Krungthai bank to withdraw baht -without the 200 baht fee from the ATM.

They told me they hadn't "the system to do that...." and to go to the District Bank Centre down the road.I did that, Was taken behind the counter to an office with a machine like the UK ones where you pay with your Debit Card and enter your PIN.Got the cash No 200 baht fee.

A few weeks later I went to the same Bank Centre to do the same...."Oh not hab system any more..." Had to pay the ATM.

I'll try another bank next time.

[MrTee]

Best option I found is to meet a nice Thai lady, and transfer the cash to her account.

Then ask her to get money from the ATM as and when you need it.

Yes!

This is the best idea!

I am a very nice Thai lady!

If it helps you, you can transfer all of your money into my account!

No plobrem!

PM me your mobile number and bank details teelak.

money come soon.

[WhamBam]

Quite simply, a bit of research would have done you the world of good.

A Clarity credit card from the Halifax has no transaction fees around the world. You go to an FX booth with your credit card + passport and withdraw the cash. No ATM fees involved and no % mark up.

Short term you can try the banks, or FX booths (bank related) - preferably with a credit card - and withdraw more funds at less cost. The banks do not like it, but they (some) will do this. Take out 100K or 50K. Keep it safe.

[Bender]

i travel often in foreign country, and thailand is the only country in the world, where it cost one arm to withdraw money at the atm. Its insanely too much expensive, thats simply extortion!

[roamer]

Not everyone realises that many UK banks charge a "non-sterling transaction fee" often around 3% , so you will be stung for that even if you do the teller withdrawal method. ATM fee also applies. So if you were with one of the worst, Clydesdale/Yorkshire using a debit card in an ATM would cost you a combined 6.5% . Really worth taking a good look at this guide and sorting out some better options of which there are many.

http://www.moneysavingexpert.com/travel/overseas-card-charges

[Naam]

the OP did not mention whether he used a debit or a credit card. fees for credit card withdrawals are a multiple!

[colinneil]

Best option I found is to meet a nice Thai lady, and transfer the cash to her account.

Then ask her to get money from the ATM as and when you need it.

You joking or what.

Get A Thai lady to get money from atm and give it to you. That would never happen.

I tried that with my ex-wife and you would not believe the bul...t stories i got when trying to get my money.

[HooHaa]

Apply for a thai bank account, you may need to try a few branches. Make a wire transfer with money enough for your holiday and then use Thai ATM to withdraw want you need.

[HooHaa]

i travel often in foreign country, and thailand is the only country in the world, where it cost one arm to withdraw money at the atm. Its insanely too much expensive, thats simply

Obviously never done any banking in the philipines!

[NanLaew]

The OP's card may have a limit on it. Commonly set at £200 on debit cards unless a higher limit is specifically requested and agreed by the bank.

£250 or £300 now.

For UK issued cards at least.

There's no 'standard' overseas ATM withdrawal maximum for cards issued by UK banks. Depending on the customers standing with the bank, type of card and possibly the customers credit history, it can be any amount mutually agreed between the bank and the customer. I have a bog standard NatWest debit card that is capped at 400 quid a day but my RBS Black card (which they don't make any more) has a 1000 quid/day cap.

If I am not mistaken the Black card is a credit card which charges a massive 20+% interest on cash withdrawals !

...which is why it hardly sees the light of day!

It was for RBS's 'high net worth' individuals so why they gave me one is quite beyond me. Suffice to say, it's the rainy-day or silver bullet card, similar to Amex in that you can get a sizeable wedge very easily but you need to pay back in full ASAP to avoid having your account raped.

[Pib]

I don't know why the OP is concerned about the high withdrawal fees as the banksters are not.

[Thian]

I bring cash and change at the counter. When they come up with the loads of paperwork i act like i don't understand it so they will have to help me and waste their time. (Do that in english so they even get more frustrated).

Now i don't have to do paperwork anymore, they got tired of that as well but they still do the copy procedure.

Around Siam are the better moneychangers who don't need any paperwork since they are pro's.

I also don't trust the Thai with my creditcard, they are too greedy. I used it once in Paragon and they let me pay a raised price while they promised me a discount. Never again!

[Jiu-Jitsu]

The OP's card may have a limit on it. Commonly set at £200 on debit cards unless a higher limit is specifically requested and agreed by the bank.

£250 or £300 now.

For UK issued cards at least.

There's no 'standard' overseas ATM withdrawal maximum for cards issued by UK banks. Depending on the customers standing with the bank, type of card and possibly the customers credit history, it can be any amount mutually agreed between the bank and the customer. I have a bog standard NatWest debit card that is capped at 400 quid a day but my RBS Black card (which they don't make any more) has a 1000 quid/day cap.

If I am not mistaken the Black card is a credit card which charges a massive 20+% interest on cash withdrawals !

The interest is of no importance whatsoever. What is important are the initial charges. Interest can be avoided by simply covering the cash withdrawal, by a credit to the CC account. But the 2% charge for cash advances plus a 2.75% charge for forex, makes it an unattractive proposition for travel.

[KhunBENQ]

The 200 Baht fee is per transaction.

So don't do these small withdrawals but do 25000 or 30000 Baht at once with the same fee.

Bangkok Bank allows 25k, Krungsri allows 30k per transaction.

The other banks that allow 30k? Forgot. It's in other threads.

TMB? (30K on international withdrawals).

BTW. Krugsri have a 10k limit on certain cards.

Yes TMB that is one.

In most if not all cass the limits come from the card issuer and not the ATM operator.

Never experienced a problem with 25k or 30k.

In the good old AEON times (no fee, big machines) the highest withdrawal was 98k.