Thai banks "extracting the water" AGAIN!!

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rick
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Re: Thai banks "extracting the water" AGAIN!!

Post by rick » March 16, 2017, 1:40 pm

All the Thai banks agreed to raise withdrawal fees for foreign cards to 220 baht at the start of the year - when each bank/ATM updates to this rate may vary but most will charge this now. Aeon still 150 baht and not heard of an increase yet. Do not know of any UK bank which will refund the Thai fees.

Do spend some time finding out what fees your bank applies to foreign withdrawals as well. They vary from bank to bank and between different accounts. Some charge a fixed fee plus up to 3%, on top of the ubiquitous visa/MC exchange rate which is used for calculating most card withdrawals (although the visa/MC rate is 1% or less). Some cards/accounts have no foreign transaction fees (other than Visa/MC rate).

Some Thai banks allow 'counter withdrawals' which would avoid the ATM fee, but this is fast becoming a rarity.

Travellers cheques were mentioned, but these also now have heavy fixed fees per cheque if changed at a Thai bank. Makes any small denomination cheque pointless (similar cost to ATM fee).

Swift transfers are the cheapest if sending large sums, again find a bank with a low fee AND send as GBP (if British).

I find my fee free UK credit card is best for smaller sums, even if requiring 3 withdrawals (at up to 20,000 baht a withdrawal), For higher amounts Swift usually cheaper as swift fee now lower than thai ATM fees.

Transferwise and all the other online money transfer companies set there own exchange rates - you will usually find that the rates offered will not compare well with the Thai bank TT rate, so any saving on fees usually lost on exchange rate conversions, but this is a bit of a roller coaster - one day one best, next another.

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tamada
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Re: Thai banks "extracting the water" AGAIN!!

Post by tamada » March 20, 2017, 7:23 pm

BobHelm wrote:Aeon are still 150 baht for a foreign ATM transaction..
Amex is only 50 baht a pull.

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wazza
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Re: Thai banks "extracting the water" AGAIN!!

Post by wazza » March 21, 2017, 11:25 am

Bottom line is for me, the FX rate that any deposit or withdrawal that is given .

Swings and roundabouts for most of us, different accounts in different countries , all having different charges

I dumped my Diners card years ago , when merchants starting charging 5% surcharge ,on all purchases.

My summary for my situation

My Australian Credit Card, is 7% more expensive on the FX ( buying, plus 2 International processing fees, ( compounding )

So I use Thai Credit Cards and bring in Overseas cash as required, with a 7% better rate. automatic debits set up for auto payments and havent paid the Thai Banks any interest ( 20% !!! ) for 12 odd years. plus 150,000 points minimum for Thai Airways.

My Australian Bank ( CBA ) takes approx 15 mins, to process my cash transfer in AUD into BKK and it hits my Udon account .

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