cheap banking

[GEZMAC]

Hi, for the past 6 years i've been using Norwich and Peterborough debit card to withdraw cash here, they do not charge a fee, now however they are to close all current accounts by August. Just wondered if anyone knows of another way to get free banking in Thailand apart from bringing in wads of cash from the UK every time i visit

[CharlieH]

WRONG FORUM

 

MOVED

[CharlieH]

Halifax Clarity Card has no fees and also Santander Zero card , although both have high interest if you dont pay off the balance in full at the end of the month.

 

Santander Zero card  has no fees and 0% for 1 month, so if you clear each month it will cost you nothing

 

Google is your friend and shop around

 

http://www.money.co.uk/credit-cards/credit-cards-with-no-foreign-transaction-fees.htm

[Ooladolla]

Nothing is free in Thailand

[mfd101]

So, a particular debit card doesn't charge a fee each time you use it. Great. Does that mean that you pay nothing each time you bring money into Thailand? Ever heard of exchange rates? Ever heard that the exchange rate might vary from one institution to another? or according to how you bring monies in? or according to what time of day or week you bring it in? or according to how much you bring in at any one time? ...

[sanukjim]

Have you EVER had FREE Banking in the world ? For your education "There is no such think". Now go to sleep and mommie will come and tuck you in.

[mfd101]

I remember those stupid slogans of the 1970s in Oz & NZ: "Education should be free!" "Free health care for everyone!"

 

The question is of course, as with banking, not what's free - nothing is, everything has to be paid for - but rather: who pays & who should pay? how much? what for?

 

Banks are businesses which are there, like ALL businesses, to make money. Noone should be surprised at that. When you see the ratio of monies invested to profits earned, the latter are not inordinate. Yet every time a bank anywhere in the world announces its annual profits, OUTRAGED FROM NEXT DOOR is outraged, offended and morally scandalized ...

Edited March 9, 2017 by mfd101

[Kabula]

Avoid anything that advertises, 'free;' you can never win with a person/s that knows their business better than you!

 

And, that goes for the ladies and lady boys as well!

 

Ask any sole supporter that is married if anything is free!  

[mikiea]

nothing is free my boyo ....................

[Suradit69]

1 hour ago, sanukjim said:

Have you EVER had FREE Banking in the world ? For your education "There is no such think". Now go to sleep and mommie will come and tuck you in.

I've got a free checking/current account at Bank of America. No minimum balance. No charge using it to pay bills or transfer money in the US. It pays no interest, so I suppose that could be considered a cost, but I don't leave much money in the account. 

 

To transfer money to Thailand I use my brokerage money market account which transfers money to Bangkok Bank in NY for free and that MM account does pay a bit of interest.

 

For the amounts I usually transfer on a monthly basis, Bangkok Bank charges $5 in New York and about Baht 200 in Thailand. If I transfer less frequently, sending larger amounts at one time, the Bangkok Bank charges can be a bit more, but as a percentage it's still very small and, in total, a smaller percent of the amount transferred.

 

The Bangkok Bank method of transfer is also available in London, assuming you have a Bangkok Bank account in Thailand ... although I think the BB branch in London charges a larger amount for handling the deposit than the NY branch does.

 

 

 

Edited March 9, 2017 by Suradit69

[CharlieH]

A number of off topic remarks removed.

[mfd101]

2 hours ago, Suradit69 said:

I've got a free checking/current account at Bank of America. No minimum balance. No charge using it to pay bills or transfer money in the US. It pays no interest, so I suppose that could be considered a cost, but I don't leave much money in the account. 

 

To transfer money to Thailand I use my brokerage money market account which transfers money to Bangkok Bank in NY for free and that MM account does pay a bit of interest.

 

For the amounts I usually transfer on a monthly basis, Bangkok Bank charges $5 in New York and about Baht 200 in Thailand. If I transfer less frequently, sending larger amounts at one time, the Bangkok Bank charges can be a bit more, but as a percentage it's still very small and, in total, a smaller percent of the amount transferred.

 

The Bangkok Bank method of transfer is also available in London, assuming you have a Bangkok Bank account in Thailand ... although I think the BB branch in London charges a larger amount for handling the deposit than the NY branch does.

 

 

 

Excellent! And the exchange rates?

[Coupe662]

Try Bangkok Bank - they are very helpfu,, and you do not always need much paperwork.

[utalkin2me]

10 hours ago, sanukjim said:

Have you EVER had FREE Banking in the world ? For your education "There is no such think". Now go to sleep and mommie will come and tuck you in.

Maybe I'm misunderstanding what you're saying, but my banking is absolutely, 100% free as far as I can tell. In fact, they pay me at times. I don't pay for my checks. I didn't pay to open the account. I don't pay when I use my debit card. In Thailand this may be harder to come by, I agree with that for sure.

[mfd101]

38 minutes ago, utalkin2me said:

Maybe I'm misunderstanding what you're saying, but my banking is absolutely, 100% free as far as I can tell. In fact, they pay me at times. I don't pay for my checks. I didn't pay to open the account. I don't pay when I use my debit card. In Thailand this may be harder to come by, I agree with that for sure.

The phrase: "as far as I can tell" is what counts here ... They don't charge you a direct, announced fee. But they don't let you use their expensive computers and ATMs and over-the-counter service etc etc for nothing! They use the funds you deposit in your accounts to earn them profits overnight and round the world. If you don't have a minimum amount in your accounts (perhaps unstated) over time, they will take more time to request any international transfer (so they can earn more profits from your miserable funds). And then, when you make an international transfer by using your debit card at a bank or ATM in BKK, they charge you "no fees" but if you take the trouble to compare the xrate you receive with the midrate at the time, you'll certainly see where they're making a profit out of you ... but "No fees" of course.

[ThaiWai]

6 hours ago, mfd101 said:

Excellent! And the exchange rates?

34.683 on Feb 23

Sent 5k received 173,416

published rates for that date were 34.980

 

[utalkin2me]

7 hours ago, mfd101 said:

The phrase: "as far as I can tell" is what counts here ... They don't charge you a direct, announced fee. But they don't let you use their expensive computers and ATMs and over-the-counter service etc etc for nothing! They use the funds you deposit in your accounts to earn them profits overnight and round the world. If you don't have a minimum amount in your accounts (perhaps unstated) over time, they will take more time to request any international transfer (so they can earn more profits from your miserable funds). And then, when you make an international transfer by using your debit card at a bank or ATM in BKK, they charge you "no fees" but if you take the trouble to compare the xrate you receive with the midrate at the time, you'll certainly see where they're making a profit out of you ... but "No fees" of course.

They actually pay/reimburse me to use expensive, foreign atms, or any ATM for that matter. Maybe you're right, maybe I'm just a chump being taken for a ride. Certainly doesn't seem that way though. I think they make money off of investors with the big bucks. I don't invest so I consider it essentially free. 

[mfd101]

10 hours ago, ThaiWai said:

34.683 on Feb 23

Sent 5k received 173,416

published rates for that date were 34.980

 

Fine, so 34.98 is the "midrate" ie the average between buying and selling, which changes every few seconds.

 

If we accept that as, momentarily, THE theoretical exchange rate for US to ฿, then the calculation is: 5K x 34.98 = 174900. 174900-173416 actually received = 1484฿ (cUS42) which is the cost to you of the transaction.

 

"Fee free" but NOT cost free!