Costing too much to withdraw money from ATM!

[billd766]

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.

TMB is always the worst in exchange rates, see Thai Baht Exchange app for comparison. Today all banks are between 38.51 to 38.23 to the Euro and TMB 37.42.

I logged into this website 5 minutes ago and these are the rates for the GBP using an ATM card.

It does NOT include any bank charges.

http://bankexchangerates.daytodaydata.net/default.aspx

i am sorry to tell you that the TMB is not the worst for the exchange rate today.

The EURO rate

http://bankexchangerates.daytodaydata.net/default.aspx

The USD rate

http://bankexchangerates.daytodaydata.net/default.aspx

Edited March 8, 2016 by billd766

[Bender]

and i just saw that you get only 38 baht for 1 euro(50 baht for 1 £)

i wonder how you manage to survive

not only they scew you on the exgchange rate, but they also scam you on the atm fee, poor sheep

Edited March 8, 2016 by Bender

[perdido]

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

[perdido]

....not for for you to say...

[Jiu-Jitsu]

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.

Yes you're right, UK bank charges fixed dee for foreign transaction and a percentage charge, which is why I avoid it now. A few years back Nationwide Bank waived the fees, but I assume they could no longer absorb the charges levied by the agencies involved.

I use the Thai girlfriends account to transfer a monthly sum via Western Union, the cheapest method I've found so far, just £4.90 per transaction, usually around £1000 per month.

You are ignoring what you lose on the exchange rate. 2% of £1000 is another £20.

[Jiu-Jitsu]

There is a lot of nonsense and poor advice here. Firstly never withdraw cash on a credit card here or at home or it will hit your credit score (and there are still charges). Use it as much as possible for PURCHASES as you will get a good exchange rate (but always elect to be charged in baht not £) but you'll pay 2.5/3% foreign loading. Check out moneysavingexpert.com and click on relevant tab where you will have this all confirmed. The best advice is to open a Thai bank account and transfer money to it,but don't use your bank which will charge you £20/25 when there are specialists like worldfirst currency who don't charge a fee,or hifx who charge £9 unless over £3000. For the future get a credit card like Halifax clarity for purchases only as no foreign loading. There are also cards which you can preload with cash and can draw money from abroad with no charges. In summary ignore a lot of what's posted and go straight to moneysavingexpert.com.

Yours included. Credit score means nothing. it's just one piece of information amongst a range that is considered when credit is requested.

So, people should still continue to use their Clarity, Creation Everyday and SAGA Platinum etc if they so wish. The only thing that I would add is that the use the card for purchases too...or card issuer might cut your credit limit.

[KhunBENQ]

As usual in such threads everything gets mixed in and mixed up

Originally it was about withdrawal cost with foreign cards at ATMs.

I logged into this website 5 minutes ago and these are the rates for the GBP using an ATM card.

It does NOT include any bank charges.

http://bankexchangerates.daytodaydata.net/default.aspx

i am sorry to tell you that the TMB is not the worst for the exchange rate today.

The EURO rate

http://bankexchangerates.daytodaydata.net/default.aspx

The USD rate

http://bankexchangerates.daytodaydata.net/default.aspx

Two errors here.

1) Again: ATM rates are NOT determined by the Thai bank but by the card issuer, e.g.:

VISA Europe: https://www.visaeurope.com/making-payments/exchange-rates

VISA Inc. (USA): https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

The numbers are not identical to the TT rates of the Thai banks.

The exchange is done by the card organization which is charged in Thai Baht by the banks.

2) TMB has by far the worst cash exchange rates.

You compared TT rates while the other poster seem to refer to cash rates.

Use your link and check the cash rates.

Completely fruitless regarding to the thread topic as both numbers are irrelevant.

The TMB cash rates seem to serve the purpose of shying away customers.

And where this does not work they even hang a sign: "no currency exchange" (which I saw on my own).

Edited March 9, 2016 by KhunBENQ

[Pib]

I can't speak to how credit reporting agencies do things in Europe but I can say from my own personal use of a U.S. credit card to do a cash advance every 4 to 6 weeks for over a year now my credit scores have not change (other than normal 1 to 3 point oscillations up and down)---and I get monthly credit scores.. My particular credit card does not charge a fee up front for a cash advance, no foreign transaction fee, and I always pay the cash advance off same day to avoid any interest charge. The Thai banks I use for the cash advance are Krungsri and Bangkok Bank branches. They do not charge any fee such as the Bt200 ATM fee....and I get the card network full rate (Visa in this card's case).

Additionally, I saw several posts talking about "which ATM gives the best exchange rate?" Well, they "all" give the same exchange unless you accept a DCC transaction then you get that bank's rate which is going to be around 4% lower than the Visa/Mastercard/AmEx rate. ATMs use the Visa/Mastercard/AmEx rate unless you accept the bank DCC offer---do not accept it...continue on to the card network rate. Then of course if your home country card-issuing bank applies a foreign transaction fee such as around 3%...and sometimes another flat fee...then those fees effectively lower the card-network rate when the transaction posts to your account. And even if you accepted a DCC option (remember don't do that) and got charged in your home country currency you still may get hit with any foreign transaction fee(s) your card-issuing bank may apply...not because they were involved in exchanging the funds but because it was a foreign transaction in whatever currency.

Edited March 9, 2016 by Pib

[AboutThaim]

I was being ripped off by my Australian bank plus paying the 180 baht withdrawal fee before it rose to 200 baht. I opened an account with Kasikorn and now transfer money with TransferWise. TransferWise give you the exchange rate that is current at the time of transfer and charge a fee that is reasonable, about $30 AUD for $2000. Withdrawing from a Kasikorn ATM is free locally and 15 baht if you are in another area, 30 baht from a non Kasikorn ATMs after three such withdrawals.

[seedy]

post discussing bitcoin removed - illegal in Thailand

[casualobserver]

HSBC charges just £4.00 to transfer funds to a Thai bank. Open a Thai account and get a Thai bankbook and or ATM card. Nationwide charges £20 for a swift transfer. (Too much imo)

Bangkok Bank has a branch in London I believe and they are an option to explore too. It is doable and will save you loads .

Still suspect it is better to use transferwise.com from UK to Thailand, HSBC might charge only 4gbp sending fee, and might even send it in GBP allowing a local conversion, but you'll still get a bank deposit charge here (0.25% minimum 500thb if I remember correctly). Transferwise price you see, price you pay, money you get exactly to the baht usually within 24hrs. If it's not clear you faster payment to transferwise UK for free from your UK bank, or use your UK debit card and the next working day you have the money, I use faster payment bacs instead of debit card as debit card always throws up a call from my bank about potential fraud etc..

Edited April 1, 2016 by casualobserver

[Jiu-Jitsu]

HSBC charges just £4.00 to transfer funds to a Thai bank. Open a Thai account and get a Thai bankbook and or ATM card. Nationwide charges £20 for a swift transfer. (Too much imo)

Bangkok Bank has a branch in London I believe and they are an option to explore too. It is doable and will save you loads .

Still suspect it is better to use transferwise.com from UK to Thailand, HSBC might charge only 4gbp sending fee, and might even send it in GBP allowing a local conversion, but you'll still get a bank deposit charge here (0.25% minimum 500thb if I remember correctly). Transferwise price you see, price you pay, money you get exactly to the baht usually within 24hrs. If it's not clear you faster payment to transferwise UK for free from your UK bank, or use your UK debit card and the next working day you have the money, I use faster payment bacs instead of debit card as debit card always throws up a call from my bank about potential fraud etc..

That would be a maximum of 500 baht. Minimum is usually 200 or 300. So value will depend on the amount sent.