Introduction of charges on foreign ATM wdls by Thai banks

[Bandung_Dero]

https://www.thanachartbank.co.th/CDS/TH ... /index.asp
This and other Thai banks are going to slug us 150 Baht for ATM withdrawal using a foreign card, effective April 17th:-

Bangkok Bank
Krung Thai Bank
Bank Of Ayudhya
Kasikorn Bank
Thai Military Bank
Siam Commercial Bank
Standard Chartered Bank
Siam City Bank
BankThai
UOB Bank
Thanachart Bank
Tisco Bank
Land And Houses Retail Bank
ACL Bank
Kaitnakin Bank
Thai Credit Retail Bank

Don't they love us?

[douglas]

Hi,
Why not just transfer money into your Thai bank account each month, and use your Thai ATM card to draw it out every week. I've been doing this for the last four years, i bank with Llyodstsb and if you are in credit on your current account you pay no charges for the transfer, make sure you transfer it to Thailand in sterling, better rate of exchange here.
It works for me.
Cheers Doug.

[Aardvark]

Who said times weren't tough in Thailand, lets just slug the Tourists and the ex pats who already contribute one third of the economy nice one guys

[jackspratt]

Slight overestimation there I reckon Aa.

From figures (in US$) taken from The Economist Pocket World Figures, in 2006 Thailand's GDP was $206bn.

Tourist income was $12.4b, or 6% of GDP. Try as hard as we may, I doubt that we financially challenged expats are going to be able to spend a further $53b to achieve your figure of 33% of the economy (GDP)

As far as the imposition of a fee by the Thai banks, I am surprised it has taken so long. I am pretty sure every bank in Oz charges a fee for using their card in an ATM in a foreign country, and no doubt if I tried to use by Kasinkorn card in an Oz ATM, I would also be charged a fee at both ends.

I don't like it, but such is life.

[Aardvark]

I absolutely hate when your practical Jack, HATE IT

[arjay]

I do as Doug does - transfer in sterling to my bank account here, and then draw from that as required. Works fine.

In fact if the exchange rate isn't so good, one can adjust the timing of the transfer.

Times are hard for the banks nowadays. They have to make what they can where they can! :-"

[jackspratt]

I absolutely hate when your practical Jack, HATE IT

Sorry Aa There's at least one pedantic ***** on every forum

[jetdoc]

I'm hoping there is a bit more to the story and something was lost in translation. for instance, I have to use an ATM affiliated with CO-OP, FASTBANK, INTERLINK, PLUS, or STAR to enjoy free withdrawals. can they change the rules unilaterally and remain affiliated? not sure, I guess I will know next Month when bringing in the loot.

[westerby]

Speaking as a wee Pedant who doesn't get out enough, I'd like to ask whether that means the 150 Baht goes on top of what a foreign bank would already charge you. Maestro will charge £1-50 if you use a Thai bank in UTH (it might be more now). Does that mean you will be charged twice and pay around £4-50 for the privilege of withdrawing cash?

[Benzman]

my bank in Swe take 35skr (150Thb) soo + 150Thb =300Thb ok better to send it

[bumper]

Unfortuantely A wire transfer from my Bank is sixty five dollars, 150 baht seven transfer getting close isn't it.

Not doubting anything these days but where did the information on the other banks comes from?

Tanahshart is owned by RBS isn't it?

[cali4995]

Ouch! That's almost 5$ on the Thai end? In addition to your home banks charge for overseas use
of the card and on top of that they take a slice on the exhange rate? Am I correct on this? It was
always my understanding you received a rate equivalent to cashing a 100$ bill? This is just greedy.

[westerby]

This is just greedy.

As Arjay said, they've got to make their money somehow after losing so much to toxic debt (love that phrase). This isn't just going to hit Farangs though (but I suspect it was aimed at ex-pats and holiday makers).

just call me Sherlock.

[Bandung_Dero]

Just another thought on this. With so many banks involved and all placing the same charge at the same time! Isn't that price fixing or co-hersion? Illegal in the Western World.

A number of major Airlines have just been heavily fined for the same sort of thing.

[jackspratt]

It is absolutely price fixing. But unfortunately laws against this that apply in more advanced economies are unlikely to get here for many years yet.

[trubrit]

I asked about this in the bank yesterday.I was told it was an extra taxation levied on the banks by the govt, so they get no benefit themselves.Incidentally it doesn't apply to my ATM cards issued on a Singapore bank.

[Bandung_Dero]

I asked about this in the bank yesterday.I was told it was an extra taxation levied on the banks by the govt, so they get no benefit themselves.Incidentally it doesn't apply to my ATM cards issued on a Singapore bank.

I'd like to see confirmation of this. I can't believe a government so h3ll bent of restoring a failing tourist trade adding another burden on them. BUT then again TiT --- experts at shooting themselves in the foot.

[laphanphon]

the price of gas has almost doubled the past month or two, but crude oil is still one pretty low, i'm guessing most of that is taxes also. they keep borrowing, time to generate some tax money, they sure aren't going to tax their own businesses. guessing power to be aren't vested in rice / exports or tourism, or they would let the baht just naturally float.

[Aardvark]

http://www.bangkokpost.com/news/local/1 ... raise-cash Sorry still dont know how to post a link. Bd have a read of this article in Bkk Post.

[Bandung_Dero]

OK I have read that BUT it does not specifically state they should target foreign ATM card withdrawals. AND besides that it's the bloody IMF trying to run shotgun over Asian Banks again. On one hand they are saying that most banks in the region are OK and on the other telling them how to run their businesses. They should mind their own business.