200 Baht ATM transaction fee...

[TEXASMAC]

I always thought setting up a bank account without an address was impossible. I can do the Traveler Checks though and I get them at No charge. Plus I do see the Excange rate is better so the 33 bhat stamp fee would be a wash when cashing in a $500.00 or even a $100.00 note.

[Bobcat]

Thanks TT. I'll do that for sure. Has anybody opened an account in the UK. There must be a UK Thai bank then I guess they could arrange for a Thai card once you have been authenticated in back in the UK. Any ideas has anybody done this?.

[rxpharm]

Texasmac - earlier some Thai banks would accept the hotel address, and you could go ahead with opening the account. Unfortunately as TTC reports, things seem to be getting stricter.

Bobcat - I think you may have misunderstood TTC's comments about K bank - that is short for Kaisakorn Bank, which is a Thai bank. There are no UK Thai banks. Also TTC mentioned that no Thai bank will open an account with a non-Thai address. This is standard for most countries. If you are thinking about UK banks with Thai branches, I think probably HSBC or Citibank, might be the only choices - however there are very few HSBC or Citibank ATMs in Thailand.

What you could try is your next visit try several branches of Kaisakorn or Siam Commercial Bank - you might come across a less strict clerk who will let you open an account - with your Hotel address or the address of a Thai friend.

All Thai banks have internet banking, so once you obtain your ATM card and bank details, it is easy to send a wire (Telegraphic Transfer) to your Thai account and then verify the funds have been deposited.  Most banks have fees for wire transfers - Canadian banks charge $30.00 Can, for up to $5000, and then $45 for higher amounts. The Thai banks generally charge a fee as well, but something like a few hundred baht (200-300).

[azza33]

I think I opened my account last year.

To give it a go I tried at kasisikorn in pattaya klang - they were excellent.

Just needed - passport, Thai address (hotel was ok) & Thai phone number.

All you can do is try...

On home bank $5 fee.... I believe gold & platinum cards waive this fee. Or you can hand passport and card in at bank to avoid fee.

I've never used a debit visa card overseas but again you could avoid all fees by using a passport and going into a branch.

[rxpharm]

There is another new bank in Thailand that does not charge the 150 Baht ATM transaction fee for foreign ATM cards.

This bank is called CIMB - click on the name for the web page link. It is a  Malaysian bank that recently expanded into Thailand.

Unfortunately not that many ATMs yet - their home page provides the locations for them in LOS.

Hopefully with Aeon and CIMB, the Thai public banks will realize that they are losing customers and reduce or eliminate that fee.

[rxpharm]

Unfortunately Aeon bank ATMs now charge 150 Baht user fee as well. CIMB banks also the same. That means there are NO Thai ATMs that do not charge the 150 Baht fee.

In addition to this, the banks and foreign exchange booths have started charging 120 Baht stamp fee for travelers' cheques instead of the old rate of 33 Baht.

What this basically means now is you are paying more fees to get your funds if using ATMs or travellers' cheques.

Azza33 has a good strategy, but it means doing the following: having a secondary credit card, and preloading the account with whatever amount you would like to spend during your holiday (not just LOS). You can then do a cash advance and not get charged as long as you do not exceed the total amount you had preloaded your credit card with.

[Rockheart]

It is still better than the exchange rate at home, i just wait until i get there and get my money then.
Just take out more at a time and the 150 goes a long way.

Normally i take 3 bank cards and 3 credit cards and I have no trouble.
Usually one ATM card and 1 credit card will get put on hold due to my location, which is why I bring several.

Travelers cheques have become all but useless.
I will never take any chances on those as I have been stuck before.

8 years ago I went on a trip to Detroit with American Express Travellers cheques.
No place there would take them, even banks.
In fact most people had never heard of them.
Yes, i said Detroit 8 years ago!
Don't trust travellers cheques either cash or ATM is my recommendation.

[rxpharm]

Very surprised to hear you had trouble with Amex travellers' cheques in the US. I never had problems with them in Thailand. Actually in Thailand the exchange rate for travellers' cheques is better than cash. The drawback would be if you had to pay a commission to get them. As mentioned earlier in this thread, it is possible to get commission free travellers' cheques if you have a premium account or credit card with those benefits.

Anyway, with the changes in Thai banking probably Azza's method or having a Thai bank account and wiring your funds over is the least loss of money. 150 Baht is about 5-6 CAD, then your own bank (most of them) will charge a fee for using an ATM outside their home network (usually around $5 or so). Most Thai ATMs maximum single withdrawal is about 20k Baht, with one or two banks allowing 25k Baht single withdrawal. So what you're looking at is an additional $10-$11 CAD in fees for approx $650-$700 CAD withdrawal on top of the forex rate and hidden bank fees.
















650-700 withdrawal, besides the exchange fee and hidden bank fees.

[Rockheart]

Very surprised to hear you had trouble with Amex travellers' cheques in the US. I never had problems with them in Thailand. Actually in Thailand the exchange rate for travellers' cheques is better than cash. The drawback would be if you had to pay a commission to get them. As mentioned earlier in this thread, it is possible to get commission free travellers' cheques if you have a premium account or credit card with those benefits.

Anyway, with the changes in Thai banking probably Azza's method or having a Thai bank account and wiring your funds over is the least loss of money. 150 Baht is about 5-6 CAD, then your own bank (most of them) will charge a fee for using an ATM outside their home network (usually around $5 or so). Most Thai ATMs maximum single withdrawal is about 20k Baht, with one or two banks allowing 25k Baht single withdrawal. So what you're looking at is an additional $10-$11 CAD in fees for approx $650-$700 CAD withdrawal on top of the forex rate and hidden bank fees.

650-700 withdrawal, besides the exchange fee and hidden bank fees.

I cannot use Travellers cheques anymore because they let me down.
It's one thing to get let down in Michigan but Thailand or worse, i am not taking any chances.
The cheques are archaic, like Thailand.

I have never had any trouble with ATMs since I went to Rio De Janeiro 12 years ago.
The problem then is ATMS were newer and South America was on the Cirrus network only.
But i still found ATMs that worked.

To me i save all the money in fees by not spending my time exchanging money and cheques.
My time is far more valuable than any of the fees i am paying.
I could shag 2 ladyboys in the time you guys are doing all your paper work and opening bank accounts.

[azza33]

I opened at Citibank Citiplus account here in OZ.

Fee free anywhere in the world to take money out at Citi ATM

Great news is Angeles city in PI and Manila both have Citi ATMs.

And BKK at Asoke is easy peasy to find the Citi ATMs.

Exchange rate is wholesale rate too

All around the best option i now have to avoid those fees we all hate so much.

[seanbeag7]

and i try to find a citi ATM in Ireland....... NOPE, bastards

[Rockheart]

I actually have the Payoneer Prepaid Debit mastercard.
Payoneer.com

It costs a few dollars to load but anyone can load your card too.
There is options to connect to bank accounts.
One good feature is you can send money for free to all card holders.

I receive money on here for my business so I am often using this card when i travel.
Can use this in the ATM or as a credit card.
Also they sent me a new card last year and it is based in British Pounds even though i am in Canada.
My account is in US dollars so i have the option when i withdraw from the ATM to exchange to British or the local currency.

Anyway the other good thing with my card is all ATM fees are waived.
Even in Thailand.
So possibly the fee for a large load might be economical for some.

[azza33]

and i try to find a citi ATM in Ireland....... NOPE, bastards

You may find Citi has a partner bank in Ireland where you can use all their ATMs for free.

In Australia, Citi is partnered with Westpac bank. So fee free withdrawals are everywhere.

[azza33]

Azza33 has a good strategy, but it means doing the following: having a secondary credit card, and preloading the account with whatever amount you would like to spend during your holiday (not just LOS). You can then do a cash advance and not get charged as long as you do not exceed the total amount you had preloaded your credit card with.

Unfortunately the banks have worked out our stategy and some are applying a 3% fee for withdrawing even when its our money on credit cards.

My move to Citi is the best thing i've done. Just hope it lasts.

[rxpharm]

Kasikorn Bank has increased its ATM foreign card user fee to 180 Baht. It's likely only a matter of time before all the Thai banks follow suit. In late August Bangkok Bank was still 150 Baht for the foreign ATM card fee. In addition it allows a maximum 25,000 Baht for one transaction while most other Thai bank ATMs limit is 20,000 Baht.