Thai banks to start charging for ATM withdrawals where a foreign card is used

tafer2uk

Thank You :T

fifeken

Kasikorn Bank still not charging and most of their machines seem to be Cirrus friendly too so fine for avoiding the Nationwide's upcoming fees.

Biggles

tafer2uk wrote: »

Effective from 17th April 2009 Thai banks are to charge 150 baht (£3 approx at current exchange rates) per transaction when withdrawing cash using a credit or debit card on top of any charges your own bank makes.

Same as many countries; a large number of banks in the US make charges routinely, it's just a matter of seeking ATMs that don't charge.

I'm off to Thailand in June and I'm currently researching alternatives to my Nationwide debit card as they are passing on a 1% Visa charge as well. I may have to go back to using travellers cheques

Quite apart from the inconvenience, they'll cost you a great deal more than £3 plus 1%, I should stay with Nationwide.

fifeken

Biggles wrote: »

they'll cost you a great deal more than £3 plus 1%, I should stay with Nationwide.

Nonsense! I'm still using the Nationwide card but may well change soon. Traveller's cheques free (Lloyds TSB customer/account holder). Charge 33 baht per cheque to cash or approx 62 pence. Just ensure you ask for higher denomination TCs.

Biggles

fifeken wrote: »

Traveller's cheques free (Lloyds TSB customer/account holder).

Of course they're not! I didn't think anyone believed '0% commission' any more. I'm a Lloyds account holder and wouldn't dream of paying their exchange rate.

The current exchange rate is 52.9 to the £. LTSB are quoting 47.2 for cash (they don't quote travellers' cheques on their website). I make that a charge of somewhere round 11%, as compared to Nationwide's 1%. More popular currencies don't seem quite so expensive, eg the Euro is around 5%, but still much worse than Nationwide.

You have to pay to cash them too? That makes it even worse.

tafer2uk

While ever I can use my ATM card from Nationwide and only be charged 1% I will stick with that method. If as was originally planned by Thai Banks they all add this £3 charge on top I will probably go the T/C route. Thanks to Donnie's link I can monitor the situation. Currently there are now four banks not charging.

As for the T/C route Biggles, Travelex were offering comission free travellers cheques a while back i.e. £500 of travellers cheques cost £500, only charges were £3.50 delivery. Only other charge would be 33 baht per T/C to cash them. By all accounts you get a decent rate in Thailand for them, similar to ATM rates. I agree with the inconvenience though, ideally I don't want to be carrying my passport around every time I need to cash a T/C.

giruzz

fifeken wrote: »

Kasikorn Bank still not charging and most of their machines seem to be Cirrus friendly too so fine for avoiding the Nationwide's upcoming fees.

There are three banks that do not charge at the moment.

Kasikorn Bank (green), Bank of Ayudhya (yellow) and Government Savings Bank (pink) all remain fee-free

On this forum http://www.thaivisa.com/forum/Thai-Banks-Start-Charging-Atm-Wit-t255263.html&st=700 you can find a daily update on this...

regards,

giruzz

fifeken

Biggles wrote: »

Of course they're not! I didn't think anyone believed '0% commission' any more. I'm a Lloyds account holder and wouldn't dream of paying their exchange rate.

The current exchange rate is 52.9 to the £. LTSB are quoting 47.2 for cash (they don't quote travellers' cheques on their website). I make that a charge of somewhere round 11%, as compared to Nationwide's 1%. More popular currencies don't seem quite so expensive, eg the Euro is around 5%, but still much worse than Nationwide.

You have to pay to cash them too? That makes it even worse.

Of course they are!! Sterling travellers cheques - face value 500 quid, cost to me 500 quid. Slightly better rate than cash at the exchanges although granted not as good as ATM rate. I took a bit convincing but if you do all the sums this is the best method if you can't avoid the new Thai charge and the Nationwide charges.

Biggles

So you'll pay via the exchange rate when you convert them to Baht in Thailand?

Donnie

Sterling Travellers Cheques. Preferably American Express.