ATM fees on the rise

[TallGuyJohninBKK]

6 minutes ago, thailand49 said:

As far I know, if I don't except the transaction and push NO,  cancel and the card return!

No.. you always have a choice.

 

If you're asked if you want to see the transaction amount in your home country currency, just say NO, and the withdrawal process will continue on in the normal manner.

 

The only time saying NO will cancel the transaction is when you're later asked if you accept the 220b Thai ATM withdrawal fee. If you say NO to that, of course, it will cancel your withdrawal, since you've refused their fee.

[thailand49]

17 minutes ago, TallGuyJohninBKK said:

No.. you always have a choice.

 

If you're asked if you want to see the transaction amount in your home country currency, just say NO, and the withdrawal process will continue on in the normal manner.

 

The only time saying NO will cancel the transaction is when you're later asked if you accept the 220b Thai ATM withdrawal fee. If you say NO to that, of course, it will cancel your withdrawal, since you've refused their fee.

OK. as far as pushing the button I will give it a try thanks,  Answer your other question, I have a Schwab Visa Debit card, and two other from my Credit Union which recently was converted to M/C with the new chip.

To be honest, I'm not like you, I have no idea about these conversion site and stuff?  Completely lost.  With my Schwab for over 10 years, yes majority of the time I do not see the conversion rate but recently have on the Bangkok Bank ATM, I could be wrong. My other two cards both M/C debits, I know for a fact I get the conversion rate on the screen, which I played games by putting in from machine to machine to see what is the best conversion I'm getting before I agree to pay the 220 baht.  I don't use Bangkok any longer because they seem to be the worse conversion rate on the screen. I use the Green one seems better, but as you say it could be day to day.

I'm going home soon, and plan to bring cash back, 30,000? , plan to give my wife 9,950, my son 9,950, and myself 9,950, and wait for a good day to convert.

Hell, I tired, got to find a way of beating the system, makes me wonder might have too much money and time on my hand?

Thanks,

[TallGuyJohninBKK]

Let me try to make it simple for you:

 

--Do use your Schwab VISA card for ATM withdrawals anytime and anywhere, and you'll get the best rate possible. You can't do anything wrong to mess that up.

 

--And if you need to use your two MasterCard logo debit cards, the Thai ATMs likely WILL ask you if you want to see your transaction in U.S. $.   ALWAYS answer NO to that question, and your withdrawal will proceed as normal.

 

You do actually have to read and pay attention to the information and questions that are being put up on the ATM display screen.

 

[robin33]

I have a Revolut card, they almost do not charge for fx transfer (send 4000bht and they charged 106.32 euro while the xe. Com website is says 4000=106,039 euro) put it on a Bangkok bank, they charge me 15bht for ever withdrawal not from there brange.
Revolut charges me nothing for me to put euro s on there card if I do it by bank transfer for top up by cc there is a charge.

Be ware they also take an percent when you do it in the weekend. So stick with office hours

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[TallGuyJohninBKK]

5 minutes ago, robin33 said:

I have a Revolut card, they almost do not charge for fx transfer (send 4000bht and they charged 106.32 euro while the xe. Com website is says 4000=106,039 euro) put it on a Bangkok bank, they charge me 15bht for ever withdrawal not from there brange.
Revolut charges me nothing for me to put euro s on there card if I do it by bank transfer for top up by cc there is a charge.

Be ware they also take an percent when you do it in the weekend. So stick with office hours

Sent from my Redmi Note 3 using Tapatalk
 

What country and bank is that card coming from?

 

Are you saying you're transferring money from outside Thailand somehow into your Bangkok Bank account? Or are you just topping up your Revolut card, and then doing what with it?

 

Edited April 27, 2017 by TallGuyJohninBKK

[robin33]

See revolut.com for the card
I
Yes I top up free my Revolut from my Dutch bank account. Then transfer the money with almost no loss to a Thai account. (you see direct what is being transferred and what is withdrawn from your card
The card itself has 3base currency EU pounds and dollars.


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[Sparkles]

8 hours ago, Ross Macdonald said:

I have a BKK Bank account, my home branch is Chiang Mai, I can use my card anywhere in Thailand without paying ATM fees. I haven't tried using it outside of Thailand though so I can't comment on that. I have found this account to be the best way to access money from my Australian account as I transfer A$10,000 at a time to my BKK Bank account at a cost of only A$22, and then i don't have to pay ATM fees every time i withdraw 5 or 10,000฿

I have an Australian Credit Union Visa debit card.I do  a cash withdrawal,come pension time, which cost nothing here and $5 is deducted from my Credit Union account back home. On todays exchange rate that about 130 baht.The exchange rate between the credit union to transfer funds to Thailand is excellent.Max is $1,000 per day.

 

Just need to present your passport, they take a copy of the face page and you sign it,all done in minutes 

[TallGuyJohninBKK]

1 hour ago, robin33 said:

See revolut.com for the card
I
Yes I top up free my Revolut from my Dutch bank account. Then transfer the money with almost no loss to a Thai account. (you see direct what is being transferred and what is withdrawn from your card
The card itself has 3base currency EU pounds and dollars.
 

 

In years of living here, and dealing with international banking issues, I've learned well over time to be very skeptical of the claims made by any private company foreign exchange transfer services. Because usually, they're not all they seem to be.

 

In the case of Revolut, they're promising to use "the real exchange rate," whatever that means, I don't know. But here's exactly how it works out with them.

 

As of today 4/27, Revolut is offering an exchange rate for US $ to Thai baht of 34.0613.

 

 

By comparison, the VISA networks USA site for 4/27 has a US$ to THB exchange rate of 34.38, which is about 1% better.

 

MC won't post their 4/27 rates for another 12 hours or so, but their 4/26 rate was 34.49.

 

And then, on the receiving end, for any incoming international bank transfer, the Thai bank is typically going to charge a commission of 0.25% of your transfer, minimum 200 baht and maximum 500 baht -- even though those charges typically are not listed as line items in your online banking register.

 

 

So, all in all, not too bad for a private transfer service. Paypal, Western Union, Moneygram and others similar take a whole lot more than 1% out of your funds via fees and/lower exchange rates. But still, you do need to figure in getting a 1% lower exchange rate and the Thai bank transfer commission into your calculations.

 

[TallGuyJohninBKK]

BTW, Revolut on their help pages has a good explanation of what is officially called Dynamic Currency Conversion (when the ATM asks you if you want to see the withdrawal amount in your home country currency), and why you ALWAYS want to avoid that and click NO in response to the ATM prompt. Always stay strictly in THB.

 

[SunsetT]

3 hours ago, thailand49 said:

As far I know, if I don't except the transaction and push NO,  cancel and the card return!

Yes, accept the final transaction and the 220thb fee but not any exchange rate offered. Read every screen carefully. There is always a choice for this. They often word it cleverly so you think you must  accept it to get your money but you can decline to accept it and still get your cash, and at a much better exchange rate. They might display their bank's exchange rate and say something like "Do you wish to proceed with this conversion?". This misleads people think they must say 'Yes' to get their money. It is so devious and must make the banks millions from tourists worldwide! It is a similar scam to when you make a credit card purchase abroad. They will often ask you if you want to pay in your own currency or the local currency. Even if they dont ask always tell them you want to pay in the local currency or you will get their lousy exchange rate to your own currency rather than the Mastercard or Visa rate.

 

I have never in 11years had an ATM return my card if I dont accept the rate offered. If it did I would simply go to a different bank's ATM. I usually use TMB as their limit is 30000thb and I can reduce the withdrawal request in 100thb increments to get the maximum cash for my UK bank's £500  card limit. Their wording for this is 'continue with conversion' or 'continue without conversion'. So it is reasonably clear.

 

Haha! I see the previous post is saying exactly the same thing.

Edited April 27, 2017 by SunsetT

[thailand49]

17 minutes ago, SunsetT said:

Yes, accept the final transaction and the 220thb fee but not any exchange rate offered. Read every screen carefully. There is always a choice for this. They often word it cleverly so you think you must  accept it to get your money but you can decline to accept it and still get your cash, and at a much better exchange rate. They might display their bank's exchange rate and say something like "Do you wish to proceed with this conversion?". This misleads people think they must say 'Yes' to get their money. It is so devious and must make the banks millions from tourists worldwide! It is a similar scam to when you make a credit card purchase abroad. They will often ask you if you want to pay in your own currency or the local currency. Even if they dont ask always tell them you want to pay in the local currency or you will get their lousy exchange rate to your own currency rather than the Mastercard or Visa rate.

 

I have never in 11years had an ATM return my card if I dont accept the rate offered. If it did I would simply go to a different bank's ATM. I usually use TMB as their limit is 30000thb and I can reduce the withdrawal request in 100thb increments to get the maximum cash for my UK bank's £500  card limit. Their wording for this is 'continue with conversion' or 'continue without conversion'. So it is reasonably clear.

 

Haha! I see the previous post is saying exactly the same thing.

Thanks for all the information everyone. Going to give it a try in a day or so, I need all the help I can get.

[Dante99]

It was better when there were just 3 options, cash, travelers checks and wire transfer.

[smotherb]

On 4/26/2017 at 7:17 PM, TallGuyJohninBKK said:

What bank companies' ATMs are you using that are still charging those rates? And how recently did you use them?

 

Before the increase to 220b, the standard Thai bank ATM fee was 180b, IIRC. I don't think anyone ever was charging 200b.

 

Yeah, you are right, it has gone up. I haven't been to an ATM for a while--since immigration told me I have to show my income going through a Thai bank.  My wife uses our US debit card to withdraw baht, then deposits it into our Thai bank, then withdraws it to spend.

[robin33]

 
In years of living here, and dealing with international banking issues, I've learned well over time to be very skeptical of the claims made by any private company foreign exchange transfer services. Because usually, they're not all they seem to be.
 
In the case of Revolut, they're promising to use "the real exchange rate," whatever that means, I don't know. But here's exactly how it works out with them.
 
As of today 4/27, Revolut is offering an exchange rate for US $ to Thai baht of 34.0613.
 

 
By comparison, the VISA networks USA site for 4/27 has a US$ to THB exchange rate of 34.38, which is about 1% better.
 
MC won't post their 4/27 rates for another 12 hours or so, but their 4/26 rate was 34.49.
 
And then, on the receiving end, for any incoming international bank transfer, the Thai bank is typically going to charge a commission of 0.25% of your transfer, minimum 200 baht and maximum 500 baht -- even though those charges typically are not listed as line items in your online banking register.
 

 
So, all in all, not too bad for a private transfer service. Paypal, Western Union, Moneygram and others similar take a whole lot more than 1% out of your funds via fees and/lower exchange rates. But still, you do need to figure in getting a 1% lower exchange rate and the Thai bank transfer commission into your calculations.
 

I do not know what persentage bkkank is gonna take. I only know i changed 4000 bht with revolut for 106,..
last month i used xendpay. . There youbget also exactly what it cost and what is put in the bank ... it was just that.. no commision later.


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[TallGuyJohninBKK]

2 minutes ago, robin33 said:

I do not know what persentage bkkank is gonna take. I only know i changed 4000 bht with revolut for 106,..
last month i used xendpay. . There youbget also exactly what it cost and what is put in the bank ... it was just that.. no commision later.
 

 

Bangkok Bank doesn't show you the commission they take on incoming international funds transfers. They just take it out of your incoming funds -- unless you specifically ask them to give/show you a detailed breakdown of the transaction.

 

You're paying the commission, whether you realize it or not.

 

Quote

What fees are payable to receive funds from abroad?
The fee is 0.25% of the total amount (minimum fee of 200Bt and a maximum fee of 500Bt).

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/Pages/InwardFAQs.aspx

[robin33]

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/Pages/InwardFAQs.aspx

Do not thinks so or,.... The company you send it with has already taken it in there calculations. Like I said I sended x euro last time with xendpay they said in advance this is the x amount of baht you get and that will cost you x euro. At that point they only know I want to send it from europe to thailand. Then I looked at xe. Com and they where only cents of.......

I will have to wait for revolut.com if they do the same

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[Wandr]

18 hours ago, TallGuyJohninBKK said:

 

 

With ATM withdrawals using their own cards, however, there are some exceptions. For Thai banks and their own ATM cards, I think most of them will allow users up to 4 or 5 ATM withdrawals per month from a DIFFERENT Thai bank without any fee. But I'm not sure if that no fee waiver applies to using the SAME bank's ATMs outside the region of your home branch.

 

However, there are some exceptions to that general fee practice: I seem to recall TMB having one particular account that supposedly has no use/transaction fees inside Thailand. And perhaps some of the other banks have some similar arrangements, though I suspect they're more the exception than the rule.

 

They charge the inter-regional fee even when you use their own card in their own ATM outside the home region.

I doubt that they are going to let you use their card at another bank outside home base without a fee.

Yes, some of them do have accounts that waive the inter-regional fee. However, as I mentioned in my post, they make up the money - and more - in other ways. I looked into CIMB, which was mentioned here, and I will write what I found in a separate post later.

[TallGuyJohninBKK]

This is the TMB account I was referring to above that supposedly has few if any fees for routine Thailand transactions. But it's not clear to me how willing TMB branches are to open this particular account for non-Thais without work permits.

 

https://www.tmbbank.com/en/accounts/transactional/all-free.html

[Wandr]

On 4/24/2017 at 1:49 PM, KhonKaenKowboy said:

CIMB SPEED SAVINGS PREFERRED......Visa debit card...no interbank fee no inter province fees...unlimited, at ATM.  most banks take 50 THB for a counter withdrawal, but since it isn't itemized, many think it is free; it is not.  Get 20000...you actually get the visa rate for 20050 in your currency on your statement, and are handed 20000.

There is a big catch to it, as I had suspected.

I asked CIMB, and they said the inter regional fee will only be waived if I deposit 1 million baht. To me that is a much worse deal than just paying the inter regional fee when needed.

The interest rate they are offering is not attractive either. I get the same rate from Thanachart on an account with no minimum deposit requirement.

Banks are not for free, I realize. They will try to get money out of us. In turn, we need to find the best deal for our particular circumstance.

[Godang]

I use Western Union. Using my debit card to take from my bank, W.U. charge £2.90 plus a percentage of the currency. Money goes into Bangkok bank account if use ATM card out of province they charge 15 baht. 

[bandito]

On ‎4‎/‎27‎/‎2017 at 9:47 AM, Laza 45 said:

I normally draw 20 or 25k but have withdrawn smaller amounts over the counter.. I find that some banks are more helpful than others.. Kasikorn Bank has been good for me.. Bangkok Bank.. sometimes... others have just told me to use the ATM.. I don't know why.. maybe just can't be bothered.. ?? Shop around.. 

 

Well, it's like this.

Euro 500- is at the moment Baht 18000- which is the daily amount my bank allows me.

ATM= Baht 150- fee.

Withdrawing Euro 500- over the counter I still will be taken by my bank for a transfer fee of 6 (six) Euros which is about Baht250-, so where is the advantage of withdrawing over the counter? 

[Salerno]

Using the ATM you are getting hit with (using your numbers as example) 150 Bht ATM fee + your own bank's 250 Bht (6 Euro) fee so 400 Bht in fees instead of just the 250 Bht fee your own bank charges for forex.

[Laza 45]

3 hours ago, bandito said:

 

Well, it's like this.

Euro 500- is at the moment Baht 18000- which is the daily amount my bank allows me.

ATM= Baht 150- fee.

Withdrawing Euro 500- over the counter I still will be taken by my bank for a transfer fee of 6 (six) Euros which is about Baht250-, so where is the advantage of withdrawing over the counter? 

Which bank do you use that has an ATM fee of 150Bt...  The ones I use all charge 220 Bt for ATM now....   over the counter cash advance at least you avoid the ATM fee...  You bank's fee sounds steep..  maybe shop around at home..  not much help to you but my bank in Australia charges me $5.. about 125 Bt..  (a Credit Union.. rather than a Bank)...  good luck..

[TallGuyJohninBKK]

AEON ATMs, which belong to the Thai arm of a Japanese credit card company, have the 150 baht ATM fee, but they only allow a max of 20K baht per withdrawal. Not a problem if your card only allows 20K or less per day.

 

But in comparison, TMB and Krungsri ATMs allow 30K per ATM withdrawal, which works great with cards that allow up to $1000 per day.  But other than AEON, pretty much all the Thai banks now have a 220b ATM withdrawal fee when using foreign bank cards.

 

So do the math on which type of ATM will be the best deal for you to use, depending on what amount of daily ATM withdrawal limit is set by your card issuing bank.

 

 

Edited May 2, 2017 by TallGuyJohninBKK

[TallGuyJohninBKK]

17 hours ago, Godang said:

I use Western Union. Using my debit card to take from my bank, W.U. charge £2.90 plus a percentage of the currency. Money goes into Bangkok bank account if use ATM card out of province they charge 15 baht. 

Western Union is a pretty costly way to obtain funds in Thailand compared to other available methods, when you consider their fees plus the significantly lower exchange rate they provide.

 

[Laza 45]

3 hours ago, TallGuyJohninBKK said:

Western Union is a pretty costly way to obtain funds in Thailand compared to other available methods, when you consider their fees plus the significantly lower exchange rate they provide.

 

...Very expensive from Australia and they sit on your money for 4 days... 

[BigKahuna]

On 2017-4-21 at 10:25 PM, Genericnic said:

Guess it has been longer since I used the ATM than I thought. Still a nice example of greed though.

 

David

 

What banks dont like profits?

[SunsetT]

16 hours ago, bandito said:

 

Well, it's like this.

Euro 500- is at the moment Baht 18000- which is the daily amount my bank allows me.

ATM= Baht 150- fee.

Withdrawing Euro 500- over the counter I still will be taken by my bank for a transfer fee of 6 (six) Euros which is about Baht250-, so where is the advantage of withdrawing over the counter? 

And I think u will get the inferior Kasikorn Bank exchange rate and not the Visa or Mastercard rate.

[Salerno]

13 hours ago, Laza 45 said:

... my bank in Australia charges me $5.. about 125 Bt..  (a Credit Union.. rather than a Bank)...  good luck..

 

If you use ATMs a lot, worth looking into a CitiBank Plus Debit card, no fees other than local ATM (and even that "may" not be charged depending on country).

 

-----

 

Just had a look at a statement for an example:

• 25,000 Bht withdrawal 30/12/16
• ended up with a debit of $976.45 from my account
• interbank exchange rate that day shows 25,000 Bht = $972.95
• so $3.50 difference = approx 90 Bht "fee" on the day.

Edited May 2, 2017 by Salerno
Adding example

[SunsetT]

On 28/04/2017 at 4:26 AM, Wandr said:

There is a big catch to it, as I had suspected.

I asked CIMB, and they said the inter regional fee will only be waived if I deposit 1 million baht. To me that is a much worse deal than just paying the inter regional fee when needed.

The interest rate they are offering is not attractive either. I get the same rate from Thanachart on an account with no minimum deposit requirement.

Banks are not for free, I realize. They will try to get money out of us. In turn, we need to find the best deal for our particular circumstance.

What interest rate can one get on savings in Thailand these days please on say the 800000k for the reirement visa? And is tax payable on it?