200 Baht ATM transaction fee...

[rxpharm]

For all those who use ATM cards during the LOS visits, please note the following, as of April 17, 2009 there will be a 150 Baht user fee per transaction for any ATM from the Thai Bankers' Association members. Thanks to xyzzy who posted this on the LB69 forum.

Here's the link to the transaction fee memo and the list of the Thai Bankers' Association

[Stogie]

Three quid (five bucks!) That's good to know, thanks...

[thaibound]

on past tours, i've gotten in the habit of making small atm withdrawals three or four times per week to avoid carrying much cash, so this fee could cost me a short-time every week!

does this charge apply to *all* thai banks or might there be atm's of a particular color (purple?yellow?red?blue?) where i won't have to pay it? or will i need a bank account to go into a bank and skip the atm altogether?

jeez, just when i was focused on worrying about red vs yellow, now i have to worry about purple and blue, too!

[rxpharm]

Unfortunately the Thai Bankers' Association have the following members: Bangkok Bank, Krung Thai Bank, Bank of Ayudhya, Kaisokorn Bank, Thai Military Bank, Siam Commercial Bank, Standard Chartered (Thai) Bank, Siam City Bank, Bank Thai, UOB Bank, Thanachart Bank, Tisco Bank, Land and Houses Retail Bank, ACL Bank, Kiatnakin Bank and Thai Credit Retail Bank.

These banks cover over 95% of the ATMs in Thailand. A few strategies to use: 1) use the old fashion travelers cheques, 2) bring cash and keep it in the safe deposit box of the hotel (if you trust them - don't trust the room safe), 3) make the maximum ATM withdrawal (20 - 25 K Baht) and keep the balance in a safe place.

[thaibound]

thanks for the info, rxpharm,
i'll be staying for two months, so no way i'm bringing that kind of cash upfront. the less-frequent but larger withdrawals would be a compromise that'd still set me back more than i'd like.

but what about going into the bank and skipping the ATM altogether like i can do in the states? will the bank teller accept my atm/visa debit card? will they still charge a fee? do i need to open an account to avoid this fee? and how big a pain in the ass (and wallet) would that be? and how safe? are thai banks more solvent than citibank?

this sucks. but what the hell. once a week x 10wks x 150thb=1500thb. that's just one short-time in bkk -- or an all-night threesome in lamai

it won't keep me away. and i guess the banks know that.

[rxpharm]

There were discussions about opening a bank account in LOS earlier. There may be some banks that will accept a foreigner just on a tourist visa and Kaisakorn Bank has been mentioned as one that does allow this on occasion, but there's still the matter of transferring funds to the Thai account.

The in bank transaction has not been mentioned in the memo - hopefully a board member can give us the answer, or you can contact the bank via their web pages and ask. I get the feeling there would also be a service charge, but I can't be sure.

The bigger Thai Banks are pretty secure - they had to restructure following the Asian financial crisis of the 1990s so are better off than Citibank in terms of solvency.

[manarak]

so are better off than Citibank in terms of solvency.

the question being: "who is not?"




Seriously, I mostly take cash with me, which I hide in several secret "stashes", hehe.
Then a quick trip to VASU... and I get an outstanding rate!

[neil324]

You can withdraw over the counter to avoid the charge, you just need your passport.

[Stogie]

(neil324 @ Apr. 15 2009,09:43) You can withdraw over the counter to avoid the charge, you just need your passport.

I hadn't thought of that before. So; if this is the case (and you don't mind waiting till the banks open and waiting in line) then the ATM charge is really a 'convenience' payment.

It's going to be a cash cow for the banks as I doubt many people will even notice or be sober enough to care!

I'll bring a large wadge of cash back with me next time!

[Beto]

I have been using large denomination (us$ 500) traveler check in the past and that has worked fine for me, cashing them as needed. No need to carry too much cash around.

[driftwood]

Thanks for the timely information!

I'm on my way to LOS Saturday and have used my ATM 2-3 times per week during past visits.

"Get travelers checks" just made the top of my last minute things-to-do-list.

Also kind of curious about the current street scene in BKK. Last year this board was an excellent source of news regarding the yellow shirt uprising, and actually soothed my worries about visiting in October.

Hopefully the new emergency measures do not restrict the 140 ladyboys from gathering at Cascade.

[rxpharm]

If using travelers cheques, getting the biggest denomination is the best thing to do. There is a 33 Baht "stamp" fee for cashing each travelers cheque, so using a $500.00 USD cheque minimizes the cost.

If you do take cash as Manarak has posted there is an excellent exchange, The Vasu Money Exchange, 133-133/1 Sukhumvit Soi 7, Bangkok, phone: 2253-1706-7. Their rates for cash are better than the bank money exchanges. However, transactions are cash only, no ATM cards or travelers cheques.

[BAM]

I was always amazed that there were no ATM convenience fees in Thailand. Here in Canada if I use an ATM other then my banks I get hit with a $3 charge. Every country I€™ve ever used my ATM card in I got hit with some fee€¦ but never Thailand so I€™m not complaining now if they do it €¦ I€™m just surprised they didn€™t think of doing this before being Thailand!

[rxpharm]

Bam, I actually think this is going to be a double charge. I was getting the Canadian bank charge if using my Canadian ATM card in a Thai bank and now on top of that the 150 Baht charge will be extra, which goes to the Thai bank.

[BAM]

(rxpharm @ Apr. 15 2009,10:45) Bam, I actually think this is going to be a double charge. I was getting the Canadian bank charge if using my Canadian ATM card in a Thai bank and now on top of that the 150 Baht charge will be extra, which goes to the Thai bank.

Yes you're are right... I just looked at my account and was charged $5 by CIBC for my ATM transactions in Thailand... so now $5 by the Thai bank too. I just never noticed it because here they warn you on the ATM and ask you to except the fee... maybe I have a case against my bank?