No ATM fee...

[JESSVANPELT]

a little off topic, Does any one know of an atm machine that will disributre more then 10k, they all ask if you want more and when you ask for it they decline it.

A limit of your bank/ATM card I would guess. Many UK debit cards limit withdrawals to £250 to £300 per withdrawal. Wasn't a problem until the ATM charges were introduced.

Ye that was my initial reaction and my atm card has a limit of 30 k, Some of the machines used to give it, and now they won't give me more then 10k at as time. Iam thinking this is the way they get more atm fees?

[Jiu-Jitsu]

a little off topic, Does any one know of an atm machine that will disributre more then 10k, they all ask if you want more and when you ask for it they decline it.

A limit of your bank/ATM card I would guess. Many UK debit cards limit withdrawals to £250 to £300 per withdrawal. Wasn't a problem until the ATM charges were introduced.

Ye that was my initial reaction and my atm card has a limit of 30 k, Some of the machines used to give it, and now they won't give me more then 10k at as time. Iam thinking this is the way they get more atm fees?

Are you referring to a Thai card? Otherwise why would you refer to a 30k baht limit?

[gk10002000]

my primary atm card is from Etrade. As i travel around the USA, most ATMs limit it to 500 USD a transaction, but I can take out 1000 USD in a day. However at one of the local casinos, it allows 800 USD a transaction. So the limiting factor seems to be the ATM machine. My memory seems to tell me I have taken 20K baht out once or twice a few years ago, but I can't be sure. That would be more than 500 USD. I will make an inquiry because soon it could be very convenient if I can actually take out 30 K baht at a time or at least up to my 1000 usd limit at one shot

[JESSVANPELT]

a little off topic, Does any one know of an atm machine that will disributre more then 10k, they all ask if you want more and when you ask for it they decline it.

A limit of your bank/ATM card I would guess. Many UK debit cards limit withdrawals to £250 to £300 per withdrawal. Wasn't a problem until the ATM charges were introduced.

Ye that was my initial reaction and my atm card has a limit of 30 k, Some of the machines used to give it, and now they won't give me more then 10k at as time. Iam thinking this is the way they get more atm fees?

Are you referring to a Thai card? Otherwise why would you refer to a 30k baht limit?

its a USA bank atm card, the actual limit is 1000.00USD or about 35k now, I just 30k as a reference point as thats the highest amount your supposedly cant get from an atm here

[JESSVANPELT]

my primary atm card is from Etrade. As i travel around the USA, most ATMs limit it to 500 USD a transaction, but I can take out 1000 USD in a day. However at one of the local casinos, it allows 800 USD a transaction. So the limiting factor seems to be the ATM machine. My memory seems to tell me I have taken 20K baht out once or twice a few years ago, but I can't be sure. That would be more than 500 USD. I will make an inquiry because soon it could be very convenient if I can actually take out 30 K baht at a time or at least up to my 1000 usd limit at one shot

Most of the atm machines here give you a choice of 10k , 20 k or 30k and have for years, especially Krugsri bank, the yellow bank

[Jiu-Jitsu]

a little off topic, Does any one know of an atm machine that will disributre more then 10k, they all ask if you want more and when you ask for it they decline it.

A limit of your bank/ATM card I would guess. Many UK debit cards limit withdrawals to £250 to £300 per withdrawal. Wasn't a problem until the ATM charges were introduced.

Ye that was my initial reaction and my atm card has a limit of 30 k, Some of the machines used to give it, and now they won't give me more then 10k at as time. Iam thinking this is the way they get more atm fees?

Are you referring to a Thai card? Otherwise why would you refer to a 30k baht limit?

its a USA bank atm card, the actual limit is 1000.00USD or about 35k now, I just 30k as a reference point as thats the highest amount your supposedly cant get from an atm here

Perhaps if you mention names in the first instance, your fellow countrymen may chime in with their experiences.

[Rimmer]

Off topic bickering posts removed.

The topic is no ATM fee. if you wish to get into anything else please post in the banking forum.

[JESSVANPELT]

There was no need to mention which country as ATM's are internationally linked by companies like Cirrus.

Its not my Bank which is a problem its the banks here. They no longer will distribute more then 10k at a time, before you could get 20 or 30 k.

I just wanted to know if anyone could tell me where there is an ATm that still dispenses more then 10k, without going into the bank.

Simple enough

[TallGuyJohninBKK]

i can only shake my head... dozens of ATM threads... hundreds of postings, most of them bitching. where's the problem to transfer once in a while a reasonable amount to a Thai bank and use a debit card for purchases and withdrawing cash?

I'd think you can figure this out yourself without having to ask the question.

The answer is, because compared to international funds transfers, it's cheaper to obtain foreign funds with a bank card that charges no foreign currency fee and doesn't have an ATM withdrawal fee, either because it's reimbursed or not charged. In that example, there's NO cost for obtaining your own funds.

Also because, AFAIK, there are no free international fund transfer services available. So by using no fee ATM withdrawals, you're saving on what would otherwise be your international fund transfers costs of SWIFT transfers or whatever other method being used.

And, because these days, for some folk at least, it's more advantageous to keep one's liquid cash/surplus funds in higher-income earning accounts in their home countries vs parking it in the 1.5% or so interest being paid in the best Thai consumer bank accounts these days.

Perhaps your home country is different, but from the U.S., it's not uncommon to find bank fees of $25 to $50 for a single funds transfer, and that's not including the receiving fee on the Thai end. Two of those per year could cost the sender $50 to $100 per year. And frankly, I'm happy to keep the $50 to $100 for myself to spend and use as I choose. (BKK Bank its own internal intl funds xfer system with U.S. and UK residents with lower costs, but not everyone uses BKKB and not everyone is from the U.S. or UK).

Same thing if a person was paying the Thai ATM 200 baht ATM fee on foreign cards say once a month. Over the course of a year at about $5.70 U.S. per withdrawal, that's paying an extra $68 in bank fees. Once again, I'd rather keep the $68 for myself rather than contributing it to the Thai banks.

[Naam]

TallGuy

So by using no fee ATM withdrawals

my comment referred to the threads where the bitching is about ATM fees. no bitching of course about "no fee withdrawals".

i also don't believe that somebody who uses a credit card to withdraw money in Thailand is doing this because keeping the money in his home country generates higher yields. withdrawals are either from liquid cash and cash in Dollars, Pounds or EURos does not yield more than cash Baht in Thailand or they are based on credit which is extremely expensive.

that you don't pay withrawals fees (by compenstion) is irrelevant and not representative. nobody would complain about fees if there is a refund. so the 68 Dollars p.a. which you prefer to keep for yourself are actual expenses for most others. on top of that there is the cash advance fee.

assuming an expat has a moderate disposable income of $ 1,500 which he spends per month he has to "shove" his card not 12 times a year into an ATM but many times to cash his 50k Baht. it's not rocket science to calculate the annual cost of $180 (not $68). SWIFT per transfer is ~$25 and the Thai bank takes a maximum of $15 (500 Baht).

total cost for 4 transfers $ 160 = cheaper than 30 times ATM plus cash advance fees.

please correct me in case i've made a thinking mistake.

[TallGuyJohninBKK]

I'm not sure why you're talking about credit cards and their cash advance fees. I certainly wasn't. I was talking only about debit card withdrawals, since those are the ones typically that charge no fee and can reimburse other banks' ATM fees. In fact, I've never heard of any credit card that refunds other banks' ATM fees charged when the credit card is used for an ATM cash advance.

Also, you opted to pick the 50K per month withdrawal amount. I just assumed one Thai bank ATM withdrawal per month, which would equal 30K baht at most.

A person living in Thailand can perfectly well spend 50,000 baht per month in Thailand without having to withdraw 50,000 baht in cash from ATMs. Many of us pay for lots of things with our home country debit cards (no foreign currency fee, POS transactions). So there isn't really the need to pull as much cash from ATMs as you assume.

So yes, I think you've made some thinking mistakes.

So to repeat: a person with a no foreign currency fee, ATM fee reimbursing debit card can access whatever funds they need in Thailand for NO fees, via multiple ATM withdrawals of up to 30,000 baht per withdrawal. There's simply no international funds transfer that's going to beat that deal in terms of cost-efficiency.

Also, FWIW, I'm earning 3% right now on my U.S., FDIC-insured bank deposits (a rate that is well above the norm, to be sure). But that's about double the rate available from the Thai banks right now. So yes, there definitely is an incentive for me to keep my funds in those 3% U.S. accounts instead of parking those same liquid funds into a Thai bank.

Edited July 28, 2016 by TallGuyJohninBKK

[Naam]

I'm not sure why you're talking about credit cards and their cash advance fees. I certainly wasn't.

because you are not reading what the discussion is about. 3% in the U.S. for FDIC insured USD cash? nice fairy tale! i'm out of here.

[TallGuyJohninBKK]

Naam, your response above was to MY post, and I wasn't talking about credit cards at all, so your comments weren't relevant to my post.

As for deposit rates in the U.S., my 3% "fairy tale" is real. You just have to know where to look and how to find them.

These below are some rates that are publicly available from the specific institutions to residents nationwide. There are lots of others with similar rates (2-3%) that are available to residents of more limited areas, such as individual states or portions of states (the service areas of those financial institutions). Anyone who wanted to could generate the same kinds of accounts list for a particular state or region, as desired. Available rates in some states are better on average than others. The common element is required POS debit card use, usually 10-12 POS of any amount per month per account, which I do anyway.

https://www.depositaccounts.com/checking/reward-checking-accounts.html

Just because Naam doesn't know about something, doesn't mean it doesn't exist or can't be done. Open your mind a bit.

PS - I kept my interest rate comments to the 3% rate that I actually get on my accounts. I didn't reference the higher rates of the first two institutions/accounts on the list I posted, because those two have more involved kinds of requirements that wouldn't necessarily be normal monthly activity for most people.

Edited July 28, 2016 by TallGuyJohninBKK

[Jiu-Jitsu]

TallGuy

So by using no fee ATM withdrawals

my comment referred to the threads where the bitching is about ATM fees. no bitching of course about "no fee withdrawals".

i also don't believe that somebody who uses a credit card to withdraw money in Thailand is doing this because keeping the money in his home country generates higher yields. withdrawals are either from liquid cash and cash in Dollars, Pounds or EURos does not yield more than cash Baht in Thailand or they are based on credit which is extremely expensive.

that you don't pay withrawals fees (by compenstion) is irrelevant and not representative. nobody would complain about fees if there is a refund. so the 68 Dollars p.a. which you prefer to keep for yourself are actual expenses for most others. on top of that there is the cash advance fee.

assuming an expat has a moderate disposable income of $ 1,500 which he spends per month he has to "shove" his card not 12 times a year into an ATM but many times to cash his 50k Baht. it's not rocket science to calculate the annual cost of $180 (not $68). SWIFT per transfer is ~$25 and the Thai bank takes a maximum of $15 (500 Baht).

total cost for 4 transfers $ 160 = cheaper than 30 times ATM plus cash advance fees.

please correct me in case i've made a thinking mistake.

Yes, as is becoming usual, you have made a mistake. To be honest, your writings are barely legible. Try to read it yourself. Mainly gobbledegook.

As TallGuy has alluded, my money stays in my bank account, earning 3% interest paid monthly. I use my credit card for cash advances. My credit card charges no fees for this transaction, so in effect I pay no fees whatsoever in order to get the full TT rate. I also use the same card for purchases. No cash advance fees. No foreign exchange fee.

In conclusion I avoid all fees for cash transactions and earn interest on the money that stays in my bank account until it is utilised for paying off purchases up to two months later.

In addition my credit card purchases are Section 75 protected. Something sorely missing from Thai bank products.

So, once again, try to remove your blinkers. You've clearly been there too long and can no longer see the forest but for the trees.

It is only right that people try to avoid the usurious ATM fees in whichever way works for them.

Your bleating that they should follow your way by making a Swift transfer, incurring fees, only to be at the mercy of Thai banking products and practices is simply an opinion. No more valid than any others.

Some people will follow my way if they can. So people will follow the way of your choice. Some will find another way.

My methods took research. Assisted by others who did their research. That's the point of these forums. To pool knowledge. Clearly enough of us feel strongly enough about the ATM fees to not only refuse to pay them, but also to streamline the process.

My system works better for me than your suggested system. Your insistence that we should all use your way is not sensible and makes you seem...unreasonable. Give it a rest like you promised eh?

You stated that you are out of here. So...see ya

[HauptmannUK]

Jiu-Jitsu.... it seems you are using a UK credit card. Which one? I have a Halifax Clarity, but they still charge interest on cash withdrawls until the balance is settled. You also pay the ฿150/200 ATM dispensing fee of course.

[Jiu-Jitsu]

Jiu-Jitsu.... it seems you are using a UK credit card. Which one? I have a Halifax Clarity, but they still charge interest on cash withdrawls until the balance is settled. You also pay the ฿150/200 ATM dispensing fee of course.

Cash advance over the counter. Cover the withdrawal the next day using Faster Payments. No ATM fee and no interest.

[luckyluke]

I have a MasterCard Gold from a Belgium bank, I use it now and then for cash advance over the counter, no bank fees from the Siam Commercial Bank, except last month I took 70.000ThB but was charged 70.180 ThB, on the slip I received the 180 ThB are marked as Communication Fee.

[TallGuyJohninBKK]

last month I took 70.000ThB but was charged 70.180 ThB, on the slip I received the 180 ThB are marked as Communication Fee.

That's a new one on me.

I've never heard of any Thai bank fees associated with a counter withdrawal. And, I've likewise never heard of any Thai bank charging something called a "Communication Fee."

Although, it wouldn't surprise anyone to find the Thai banks at some point trying to close the kind of fee loophole they have right now that allows debit card counter withdrawals for no fee -- if you can find a branch willing do do foreign debit card counter withdrawals.

[Tony125]

http://www.airfarewatchdog.com/blog/35226207/how-to-save-on-foreign-transaction-fees/?source=98&nltv=&nl_cs=35523666%3A%3A%3A%3A%3A%3A

[TallGuyJohninBKK]

7 hours ago, Tony125 said:

http://www.airfarewatchdog.com/blog/35226207/how-to-save-on-foreign-transaction-fees/?source=98&nltv=&nl_cs=35523666%3A%3A%3A%3A%3A%3A

 

Some OK, very general and generic advice there, not much of it directly relevant to operating in Thailand. Once you get past reading the lengthy advertisements inserted into the article for Chase's high annual fee credit card.

 

Contrary to the article's impression, there actually these days are quite a few U.S. credit card choices that have absolutely NO foreign currency fee, and likewise a fair number of debit card choices with no foreign currency fee, and some debit cards that also even reimburse the Thai banks' current 220 baht ATM withdrawal fee.

 

Also, while exchange booths in some places and countries can be dodgy ventures, here in Thailand, AFAIK, you can normally expect to get pretty good exchange rates for home country cash if you use either of the two primary private exchangers, being SuperRich or VASU.

 

[JamJar]

4 hours ago, TallGuyJohninBKK said:

 

Some OK, very general and generic advice there, not much of it directly relevant to operating in Thailand. Once you get past reading the lengthy advertisements inserted into the article for Chase's high annual fee credit card.

 

Contrary to the article's impression, there actually these days are quite a few U.S. credit card choices that have absolutely NO foreign currency fee, and likewise a fair number of debit card choices with no foreign currency fee, and some debit cards that also even reimburse the Thai banks' current 220 baht ATM withdrawal fee.

 

Also, while exchange booths in some places and countries can be dodgy ventures, here in Thailand, AFAIK, you can normally expect to get pretty good exchange rates for home country cash if you use either of the two primary private exchangers, being SuperRich or VASU.

 

 

There is SuperRich Thailand and SuperRich 1965. Not same.