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Sojuncoke

Are ATMs not ripping people off anymore like long time ago?

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Posted (edited)

I just pulled out using my USA TDameritrade debit card recently and saw that it only charged for 400 baht to take out 20,000 (ATM 200 baht fee and exchange rate). I also tried it previously with 12,000 baht and it only charged me 200. This is actually on par or less fees than using transferwise. Am I missing something?

 

I remember long time ago, they used to trick people into using the thai banks conversion rate and the fees and rates were A LOT higher. 

 

Did this change? And is it now on par with using transferwise? 

Edited by Sojuncoke

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2 minutes ago, Eindhoven said:

ATM has nothing to do with it. ATM has no effect on the exchange rate you receive(unless you choose the option of letting them convert for you).

ATM makes one charge of 200 to 220 baht). The rest is charged by your bank.

 

For those whose bank does not charge, they pay only the ATM fee. Some people avoid even the ATM fee by taking a cash advance over a bank counter.

 

Ok either way I always saw that using ATM was a lot more expensive a few years back but now its actually cheaper than using transferwise. So then why would anyone use transferwise? 

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Look for AEON ATM's, B150 international ATM withdrawal charge. They are usually close to Max Value supermarkets or mini-markets.  Also in some shopping malls.

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2 minutes ago, Sojuncoke said:

 

Ok either way I always saw that using ATM was a lot more expensive a few years back but now its actually cheaper than using transferwise. So then why would anyone use transferwise? 

 

ATM was exactly the same a few years back or even cheaper. You were just using the wrong ATM and perhaps the wrong card in the ATM.

 

Some people have cards that charge forex fees, so Transferwise may be better for them.

I have cards that waive all forex fees that I can use for cash advances over the counter. So I pay no fees at all. The full Mastercard and VISA rates with no deductions. Not even ATM fees.

 

 

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Posted (edited)

Remember the exchange rate using Transferwise is better than that using a card - and there is no atm fee or foreign usage fee involved.  For 20k today Transferwise would cost US $653 (inc fees)

31.0750 Transferwise exchange rate

30.970031 Visa exchange rate

Edited by lopburi3
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Posted (edited)

For this reason, I have been transferring funds via Western Union ($0 transfer fee) to one of my Thai bank accounts for years. I rarely if ever withdraw funds directly from my overseas bank accounts here or in neighboring countries like Laos, Cambodia, Vietnam and Myanmar, where similar ATM user surcharges apply.

 

In rare cases where I have been stuck with insufficient funds on my Thai account, I have made "emergency" withdrawals from my overseas accounts, but I try to avoid this whenever possible.

 

Another advantage of using a Thai bank ATM or debit card abroad is that they only charge 100 Baht for the withdrawal, and no percentage fees. All the banks I am with in Australia charge 3% of the amount withdrawn, and even back in the day when I had a Swiss bank account they charged 1.5% (I think it's 2 or even 3% now).

 

Therefore, making an ATM withdrawal in Myanmar from a Thai bank account, you pay 5,000-6,500 Kyat for the ATM user fee (similar to Thailand) plus 100 Baht is deducted per withdrawal. For a large transaction, this isn't too bad. Whereas from an Australian or European bank account with like a 3% surcharge, it's a killer.

Edited by drbeach

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I used a Bangkok Bank ATM recently - it charged the 220 baht fee, but didn't offer a choice of FX rates. Should I assume it charged me the DCC rate, only without asking?

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4 minutes ago, Pib said:

Using above info if a person has debit card that does not charge a foreign transaction fee and also reimburses ATM fees....like the Schwab debit card....the final cost of Bt20K would have been $645.78...and you have the money in your hand immediately.

Not saying Transferwise will be better - just that for most people will not be much worse - and for some will be better - very few people have no fee and ATM reimbursement.  But for most of us living here full time such transfers are a good option and kind of needed with new extension rules for some of us.  

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Posted (edited)
1 hour ago, Sojuncoke said:

but now its actually cheaper than using transferwise. So then why would anyone use transferwise?

Exact numbers with date/time (Baht received, foreign account debited).

I doubt it.

And do the math for "reasonable" sums like the 65k minimun per month required by immigration.

Edited by KhunBENQ
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2 minutes ago, taotoo said:

I used a Bangkok Bank ATM recently - it charged the 220 baht fee, but didn't offer a choice of FX rates. Should I assume it charged me the DCC rate, only without asking?

No, unless they're trying to pull a fast one.  Mastercard "rules" are that you must be offered the opportunity to pay in the local currency.  If you aren't you should be able to reclaim any losses.  I can't see any bank imposing it as you describe.

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Posted (edited)

Best case for a VISA Euro withdraw.

Select 30000 Baht.

Be debited 30220 Thai Baht = 869.60 Euro assuming no fee by your bank!.

 

Transferwise

869 Euro gives you 30119.71 Baht for cheap transfer option.

 

So even with best case ATM transaction, TW will still give a bit more.

More realistic are added fees of 1.5% to 3% by the foreign banks.

 

https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html

https://transferwise.com/

Edited by KhunBENQ
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