Thailand's top banks to waive off digital transaction fees

[Cheops]

2 hours ago, ajarnmarc said:

Great advice, thank you for the tip.

If people can continue to pass on these ways to work around the system, 

that is really out to take advantage of our lack of knowledge, 

they we the people can take back control of the same system, 

that has been benefiting off the backs of the working people...

 

How to know which atm (which bank) gives the best rate?

 

Some time ago I needed to get some money from my Dutch account. I tried a few and could see the rates before accept the transaction. Bangkok bank gave a much better rate (I think it was the standard international rate) with more than 2 baht per euro more than scb and Kasikorn. 

 

I never heard about the fact that if you click no, you would get the international rate. How does this work? 

[masuk]

3 hours ago, Thian said:

I bet they won't stop with that since it's pure Thainess..

An electronic transfer of my pension costs me AU$30  from my Aussie bank then the BKK bank convert this at about 5% less than shown in the press.

[Pib]

25 minutes ago, Cheops said:

How to know which atm (which bank) gives the best rate?

 

Some time ago I needed to get some money from my Dutch account. I tried a few and could see the rates before accept the transaction. Bangkok bank gave a much better rate (I think it was the standard international rate) with more than 2 baht per euro more than scb and Kasikorn. 

 

I never heard about the fact that if you click no, you would get the international rate. How does this work? 

If the ATM is showing you the exchange rate you are being offered a Dynamic Currency Conversion (DCC) rate by the bank that owns the ATM such as Bangkok Bank, KBank, SCB, etc.  But it's unlikely DCC will be stated anywhere on the screen.   That DCC rate will usually be approx 3 to 4% lower/worst than the Visa/Mastercard/UnionPay (i.e., card network) exchange rate.   That means a 3 to 4% higher charge hitting your card account and 3 to 4% more profit for the bank owning that ATM.

 

DO NOT, repeat DO NOT accept a DCC transaction because it's a lower rate than the card network rate which you appear to refer to as the international rate.

 

Review the vague/usually misleading working on the ATM screen to ensure you press the right selection to "not" accept the DCC offer and continue on to get the card-network rate rate.  If you are getting the card network rate (i.e., Visa, Mastercard, etc) no exchange rate will be shown.

 

Just for example below snapshot is how Krungsri Bank ATMs use to offer a DCC transaction...notice how it identifies the exchange rate....that is what Krungsir is offering you...and if you look closely at the fine print where it says the hedging margin will not exceed 3% those are weasel words saying the lower exchange rate will not exceed 3%.   To not accept Krungsri DCC exchange rate you would press the selection that says "Continue Without Conversion" which means you do not want Krungsri to do the exchange at their rate...you want to continue on to get the higher card network rate.  

 

DCC can also occur on a "purchase."   If you see "two currency amounts" on the receipt for signature...that is, like Thai baht "and USD" (or whatever home country currency) that is a DCC transaction (offer) by that merchant/his local card transaction processing bank.  And on the receipt probably at the bottom it will show a percentage maybe called a margin/discount/fee of approx 3% which means the exchange rate will be approx 3% lower than the card network exchange rate. 

 

DO NOT sign the receipt.....tell the cashier to cancel that transaction and rerun as Thai Baht, not USD, Euro, sterling (whatever the other currency also appearing on the receipt is).  I only takes them a minute or two to do this regardless of what they may say....happens to me a couple times a year.  If unsure if a merchant defaults to using DCC on a foreign card when handing your card to the cashier make direct eye contact with the cashier and say "Charge Thai baht, do not whatever home country currency you card is."  For example, say "Charge Thai baht; not US Dollars"....."Charge Thai baht, not Euros"....etc.   

 

Summary: DCC bad for the customer; DCC good for the bank/merchant.

 

[smotherb]

38 minutes ago, Cats4ever said:

I haven't heard of any Aussie banks that do that, apart from ING (operating in Oz). To qualify for them you have to do 5 transactions a month and maintain a certain balance.

Then I suggest you broaden your horizons, just google, "financial institutions which reimburse ATM fees." I have always been reimbursed for Thai ATM fees.

[Wallich]

11 minutes ago, masuk said:

An electronic transfer of my pension costs me AU$30  from my Aussie bank then the BKK bank convert this at about 5% less than shown in the press.

Get Centrelink to pay the Pension direct to your Thai Bank - its FREE.

[Cheops]

16 minutes ago, Pib said:

If the ATM is showing you the exchange rate you are being offered a Dynamic Currency Conversion (DCC) rate by the bank that owns the ATM such as Bangkok Bank, KBank, SCB, etc.  But it's unlikely DCC will be stated anywhere on the screen.   That DCC rate will usually be approx 3 to 4% lower/worst than the Visa/Mastercard/UnionPay (i.e., card network) exchange rate.   That means a 3 to 4% higher charge hitting your card account and 3 to 4% more profit for the bank owning that ATM.

 

DO NOT, repeat DO NOT accept a DCC transaction because it's a lower rate than the card network rate which you appear to refer to as the international rate.

 

Review the vague/usually misleading working on the ATM screen to ensure you press the right selection to "not" accept the DCC offer and continue on to get the card-network rate rate.  If you are getting the card network rate (i.e., Visa, Mastercard, etc) no exchange rate will be shown.

 

Just for example below snapshot is how Krungsri Bank ATMs use to offer a DCC transaction...notice how it identifies the exchange rate....that is what Krungsir is offering you...and if you look closely at the fine print where it says the hedging margin will not exceed 3% those are weasel words saying the lower exchange rate will not exceed 3%.   To not accept Krungsri DCC exchange rate you would press the selection that says "Continue Without Conversion" which means you do not want Krungsri to do the exchange at their rate...you want to continue on to get the higher card network rate.  

 

DCC can also occur on a "purchase."   If you see "two currency amounts" on the receipt for signature...that is, like Thai baht "and USD" (or whatever home country currency) that is a DCC transaction (offer) by that merchant/his local card transaction processing bank.  And on the receipt probably at the bottom it will show a percentage maybe called a margin/discount/fee of approx 3% which means the exchange rate will be approx 3% lower than the card network exchange rate. 

 

DO NOT sign the receipt.....tell the cashier to cancel that transaction and rerun as Thai Baht, not USD, Euro, sterling (whatever the other currency also appearing on the receipt is).  I only takes them a minute or two to do this regardless of what they may say....happens to me a couple times a year.  If unsure if a merchant defaults to using DCC on a foreign card when handing your card to the cashier make direct eye contact with the cashier and say "Charge Thai baht, do not whatever home country currency you card is."  For example, say "Charge Thai baht; not US Dollars"....."Charge Thai baht, not Euros"....etc.   

 

Summary: DCC bad for the customer; DCC good for the bank/merchant.

 

Thanks a lot for this detailed info Pib!

[Pib]

29 minutes ago, masuk said:

An electronic transfer of my pension costs me AU$30  from my Aussie bank then the BKK bank convert this at about 5% less than shown in the press.

No Bangkok Bank does not convert for about 5% less..  Right now if you would send AU$ the FX rate like shown at XE.com at this millisecond in time is 23.97.  Note: This is really the mid-market rate that applies to high value exchanges at the bank, wholesale, FX trader level; not what the  common everyday person gets at a bank as the bank must make a profit.   See first snapshot below.

 

When Bangkok Bank (or any Thai bank) receives an incoming international transfer in foreign currency it's converted using the bank's "TT Buying Rate" which currency 23.63 which is 1.4% lower at this millisecond in time than the FX rate.   See 2nd snapshot below.  Now you will also need to add in the international receiving fee Thai banks charge which is generally 0.25% (Bt200 min, Bt500 max).

 

And I sure hope you not letting your Oz bank accomplish the conversion....that is, sending baht as your Oz bank is probably giving around a 3% worst exchange rate than the Thai bank TT Buying rate.  Plus you will still be hit with the international receiving fee of 0.25% (Bt200 min, Bt500 max) because that applies to "whatever" currency the international transfer arrives in...even money converted to baht already.

 

Now since your Oz bank is getting rich off you just in the AU$30 sending fee alone, you might want to check into other money transfer services like Transferwise as their exchange rate and fee structure might work out better for you.  Plus, when those funds arrive Thailand they are exchanged in Thailand with Transferwise's peer/contract partner who does not charge a receiving fee and then does a "in-Thailand, domestic" transfer over to your Thai bank to complete the transfer which does not incur any receiving fee.

 

Always completely price out what transfer method you use....be sure to consider the exchange rate "and all associated fees" at the Sending, Middle, and Receiving points.   Some folks seem to only look at the exchange rate which actually may not be the best deal after all fees are cranked in.

 

XE.com Snapshot

 

Bangkok Bank Exchange Rate Snapshot

[Skeptic7]

4 hours ago, Thian said:

Thai banks  charge customers for the most ridiculous things...and that's why it's always very busy in their branches, also they don't even have automatic monthly payments...in the West we have that since many decades and for free.

 

Also superrich moneychangers grows like mushrooms in BKK, guess their customers don't like to go to banks.

And banks here still issuing "passbooks"!

 

Did away with those in the states decades ago. 

[WhiteHatPhil]

"Waived off"...??  

[bluesofa]

11 minutes ago, WhiteHatPhil said:

"Waived off"...??  

Sounds more like something you might hear when a seeing a friend departing on a cruise ship.

 

Yes, I've noticed quite a few inaccurate phrases in the Thai English press.

There again, their English is better than my Thai.

 

[juice777]

I bet they won't stop with that since it's pure Thainess..

I bet they put it up again soon to get some of there money back. As they know we have very little choice and it ok to milk us.



Sent from my SM-G900F using Tapatalk

[juice777]

Not only do they charge you 220,  if you have Debit cards that don't automatically revert you to the International rate, you get message from their ATM that show you THEIR rate which is much lower than the current International rate.  Whatever you do don't push the botton YES!  push no and it goes to the International rate.

Yeah and some banks don't even have the option or they hide it really well.That's why I only use the Siam Bank I know my way around the menu on their ATM machines.

A couple of times that's cost be about 30UK in the difference in Exchange rates.

Sent from my SM-G900F using Tapatalk

[juice777]

The power of technology and competition driving benefits for the public.
These banks have been milking it for decades, charging excessive fees for transfers (especially between provinces), where all that really happens is a transaction in one central database which costs them nothing. 

Bring on the Bitcoin Revolution.

Sent from my SM-G900F using Tapatalk

[thecyclist]

5 hours ago, Colabamumbai said:

220 Baht charge using your international ATM.

How about using a Thai debit card in neighboring countries:The fee charged on the Thai side used to be 100 Baht per withdrawal.Has that gone up too, or is that scrapped know as well?

In the past the added up fees amounted to 7% of withdrawn amount in Laos and Vietnam, 4 % in Cambodia.

[juice777]

Well, sometimes it's cheaper (and dangerous by being mugged) to take the money from the one bank, drive to another bank and deposit there than just do transfer.

And at least you will be able to wake up in the morning after a night out and be able to work out where all your money has gone.

But I have no idea how a Cashless Society would work in a country with consent power cuts.Don't you need electricity and a fully charged phone?

Sent from my SM-G900F using Tapatalk

[bluesofa]

2 hours ago, Steps said:

There is a lot of new technology such as Omise Go as they have mentioned in there article. This technology in particular hasn't even took off yet. When it does, the banks are going to feel it. They are worried............. and rightly so. Bring on the new dawn in the financial sector!!

 

Could some explain briefly about Omise and what they (will?) offer in real terms for an ordinary customer?

 

I found the website, but from the way I read it, I thought it was mainly offering services for card merchants?

(I hope this doesn't get deleted for being OT)

[Thian]

13 minutes ago, juice777 said:

I bet they put it up again soon to get some of there money back. As they know we have very little choice and it ok to milk us.



Sent from my SM-G900F using Tapatalk
 

I hope a worldwide international bank will open an office in BKK soon and makes an end to all that legal scamming. Maybe, just maybe, Ikea will do it, they are in many more markets not only furniture.

 

It's not only that 220 baht atm-costs but i can get only 10.000 baht each transaction and the exchange rate is also not good.

 

It's easy to avoid though, in Malaysia/Singapore they don't have that 220 baht surcharge. So while on visarun get cash from them and change it at superrich to get a good rate.

 

 

[juice777]

I hope a worldwide international bank will open an office in BKK soon and makes an end to all that legal scamming. Maybe, just maybe, Ikea will do it, they are in many more markets not only furniture.
 
It's not only that 220 baht atm-costs but i can get only 10.000 baht each transaction and the exchange rate is also not good.
 
It's easy to avoid though, in Malaysia/Singapore they don't have that 220 baht surcharge. So while on visarun get cash from them and change it at superrich to get a good rate.
 
 

If you live in BKk there are 2 HSBC ATMs I believe they might not have the charge.Or is there a city bank ATM machine in BKk what don't have the charge.But I think that might be out of date information.

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[matador007]

5 hours ago, Colabamumbai said:

220 Baht charge using your international ATM.

150 at Krungsri (and free Pepsi at Family Mart until April)

And Krungsri allows 30k, so thats a good choice for those that have to.

[juice777]

If you live in BKk there are 2 HSBC ATMs I believe they might not have the charge.Or is there a city bank ATM machine in BKk what don't have the charge.But I think that might be out of date information.

I can get 20000 and I believe 30000 in some cash machines.And If my bank does the exchange rate its the Mastercard rate what is excellent.I've also heard if you go in a bank you can force them to do the transaction inside and don't have to pay the ATM fee.

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Sent from my SM-G900F using Tapatalk

[juice777]

150 at Krungsri (and free Pepsi at Family Mart until April)
And Krungsri allows 30k, so thats a good choice for those that have to.

And can you get your bank to do the exchange rate.

Sent from my SM-G900F using Tapatalk

[Thian]

1 minute ago, matador007 said:

150 at Krungsri (and free Pepsi at Family Mart until April)

And Krungsri allows 30k, so thats a good choice for those that have to.

Lately Krungsri won't accept my bankcard anymore...so i tried my creditcard and that made 4!! atm's go on tilt...the guards came, loads of people watching me and they couldn't help me at the counter neither...will never go back.

 

So i went straight to BKK-bank, used the creditcard and no problems at all...

 

Don't know what's wrong there at Krungsri but i won't go back.

[bluesofa]

20 minutes ago, Thian said:

I hope a worldwide international bank will open an office in BKK soon and makes an end to all that legal scamming. Maybe, just maybe, Ikea will do it, they are in many more markets not only furniture.

 

It's not only that 220 baht atm-costs but i can get only 10.000 baht each transaction and the exchange rate is also not good.

 

It's easy to avoid though, in Malaysia/Singapore they don't have that 220 baht surcharge. So while on visarun get cash from them and change it at superrich to get a good rate.

 

HSBC opened an office in Bangkok, I think it was perhaps 6/7 years ago?

They closed and shut up shop with a couple of years.

 

[juice777]

HSBC opened an office in Bangkok, I think it was perhaps 6/7 years ago?
They closed and shut up shop with a couple of years.
 

They still have the Atms my bank said that's the only place I'm Thailand where I can change my pin on my cards.

Sent from my SM-G900F using Tapatalk

[Langsuan Man]

46 minutes ago, Thian said:

It's not only that 220 baht atm-costs but i can get only 10.000 baht each transaction and the exchange rate is also not good.

If you can only get 10K per pull then that is a limitation from your foreign bank

 

Bangkok Bank dispenses 25 K per pull, max

SCB dispenses 20 K per pull, max

Krungsri dispenses 30 K per pull, max

Even,  Aeon, a credit company,  gives out 15 K per pull

 

This not a complete list but I have never heard of any Thai bank only "giving" 10K per transaction / pull

[Thian]

37 minutes ago, Langsuan Man said:

If you can only get 10K per pull then that is a limitation from your foreign bank

 

Bangkok Bank dispenses 25 K per pull, max

SCB dispenses 20 K per pull, max

Krungsri dispenses 30 K per pull, max

Even,  Aeon, a credit company,  gives out 15 K per pull

 

This not a complete list but I have never heard of any Thai bank only "giving" 10K per transaction / pull

I can set the amount in my ebanking application but it's set to the max already.

 

Some years ago i complainted to my bank about that and without anymore further questions they booked 250 euro to my account. Guess i'll have to complain again....

 

I thought you guys can also only get 10k max. out of the atm's since some years.

[Acemaker]

7 hours ago, Colabamumbai said:

220 Baht charge using your international ATM.

Absolute Rip Off !

[Acemaker]

4 hours ago, smotherb said:

Then I suggest you broaden your horizons, just google, "financial institutions which reimburse ATM fees." I have always been reimbursed for Thai ATM fees.

Cool, thanks for the advice.

[ndreamer]

I'm lucky my bank refunds the ATM fees. The big4 Australian banks are greedy too but they have nothing on the Thai banks. 

Some of these banks charge to keep your account, take money out & put money in. 

 

[Lacessit]

3 hours ago, Skeptic7 said:

And banks here still issuing "passbooks"!

 

Did away with those in the states decades ago. 

I beg to differ. Sometimes technological advances can open the door for scammers.

Unless one's debit/credit cards are in a Faraday cage ( and sometimes not even then ) a scammer with the right equipment can lift all the information and clone it, just by standing next to you in a lift or crowded public place.

In contrast, with a passbook you need to present your passport and sign in the presence of a bank officer three times - twice on the withdrawal form, once on the copy of the passport they make. Signature has to match that on your passport and in the passbook. Your face has to match the passport.

I hear constant stories of people getting their cards skimmed at ATM's, data stolen and fraudulent transactions. I have yet to hear of anyone being defrauded via passbook.

Possibly someone will find a way around passbooks; however, AFAIK no-one has yet.