Is this another bank scam?

[HHTel]

Most of my income is drawn on a UK bank (pension has to be paid into a UK bank!). It's not been a problem. However, over the last couple of weeks, I notice charges to my account have changed. The original cash fee has become 'Non-Sterling cash fee' and an extra one 'Non-Sterling transaction charge'
As an example, I usually draw 5,000 a time from the ATM. Until recently that carried a charge of 2 pounds. Apart from the lousy exchange rate, that was it.
Now, 5,000 carries a 'Non-Sterling cash fee' of 2 pounds. Plus a 'Non-Sterling transaction charge' of another 3%. If you add that to the 150 baht the Thai banks charge (Yes, I know about the Japanese bank), then you finish up paying in excess of 8% to draw your own money!! Add to that the lousy exchange rate and the banks are making a killing. You can BORROW money cheaper than that.
And this in the wake of the PPI scam which was ruled illegal in the courts and the banks had to pay back millions to their customers. Maybe this will be deemed illegal in a couple of years but this time it's only Brits living abroad that are getting stung.
I'd welcome any banker(misprint) to explain how this can possibly be shown as 'ethical business practice'
Bring back the mattress. Seems the fairest way to keep your money these days!

[jingjoe]

why can't you open a thai account like kasikorn then transfer a monthly amount via swift to the thai account.
Im not sure how english banks work,but i transfer 10000 aud dollars to my kasikorn account (making sure its australian dollars not thai baht other wise exchange rate poor) i get charged a one off fee of $20 aud.Then i can withdraw any amount from my kasikorn atm with no charges.The rate it comes over at is usually same or better than the rate on the street.
Does a different system work if you have a pension?

[Majestic Creek]

I have had the same charge levied recently, by my bank in the UK. ( Nationwide Building Society )

Now I use a money transfer company, based in the UK, to send money direct to my Thai account. They are HIFX, you can search them on Google, based in Windsor.

You select the amount of money you wish to transfer, and it will give you the current exchange rate, which will ' float' up or down on the screen, dependant on the money market rates. As soon as you are happy with the rate, you can confirm it and they will send to your Thai account.

There are no charges as long as the amount exchanged is over 3000 GBP. It just means a change of habit, to send a greater amount here, but not to have to do it every week.

When I bought my car, which was around 980,000 bht, I kept watching the rate for a couple of weeks. When I eventually saw it at the highest, I hit the button to accept and it was here in about three days.

Of course, my Thai bank charged for the transfer, but that is something you have to accept, we don't get free banking here, as we do in the UK.

Look on the site and try a 'dummy' run to see if it suites you. http://www.hifx.co.uk

[arcadianagain]

There is a fairly new bank in the UK, Metro Bank, they claim to have fee free withdrawals from foreign atm`s, as a bonus they open 7 days a week and offer water and biscuits to your dog when in branch!

[Riversider]

The Metro Bank may not charge but the Thai bank will if you use a foreign bank card. The charge comes up on the screen during the transaction and is deducted before you get your cash. The only way to avoid the charge is to use a Thai bank card.

[HHTel]

The Metro Bank may not charge but the Thai bank will if you use a foreign bank card. The charge comes up on the screen during the transaction and is deducted before you get your cash. The only way to avoid the charge is to use a Thai bank card.

The Thai bank charge of 150 baht is easily avoided by using the japanese bank. They make no charge.

Thanks for the replies. Transferring large amounts on a one-off basis is unfortunately not an option for me. i.e. I don't have large amounts!!

[brianks]

Save up your small amounts until it becomes a large amount then transfer it in total then. Does require some financial discipline in saving for that first deposit. If you can work it you will certainly have more money to spend in Thailand.

I was a teacher in the U.S. and got used to monthly pay checks so in retirement still receive monthly retirement checks. I withdraw the monthly amount I need from Bangkok Bank (where money is transferred to from U.S.) and don't worry about the numerous charges banks try to take of your money along the way for smaller withdrawals. As it is Bangkok Bank hits me for a one time .025% currency conversion charge every month but living in Khanom with no Bangkok Bank in town and having to travel to Don Sak for the nearest branch is worth the once a month 25km trip on a beautiful and scenic roadway.