Thanks guys - interesting stuff. I haven't really even had to think about it before so the question was off the cuff. And thinking about it, in due course, I'll probably need to keep a UK bank account for various reasons.
Steve, good point about the security checks of UK banks blocking withdrawals in LOS - drove me nuts last time, be glad to avoid doing that in a few weeks.
150 baht fee to be charged to foreign ATM cardholders
ATM Charge
Just come back from Bank of Ayudhya ATM using my Nationwide Debit card, No problems this time and no access fee! Also obtained a receipt.
Well well seduce my ancient footware there was me an untrusting paltroon thinking TimandT
And having a trip past said lonesome ATM i use thought why not so i did and he is 100% correct today NO FEE
were taking the Brahms and listJust come back from Bank of Ayudhya ATM using my Nationwide Debit card, No problems this time and no access fee! Also obtained a receipt.
And having a trip past said lonesome ATM i use thought why not so i did and he is 100% correct today NO FEE
A Greatfull Guest of Thailand
Re: 150 baht fee to be charged to foreign ATM cardholders
The cat is out of the bag now, like we already didn't know. 
Pete 
Banks urged to come clean on transaction fees
Regulations designed to protect customers may actually be stifling competition,
http://www.bangkokpost.com/business/eco ... ction-fees
* Published: 24/04/2010 at 12:00 AM
* Newspaper section: News Bangkok Post
Consumers cry foul about hefty bank fees and charges for financial products.
For many, however, an even worse crime is that banks charge the same fees for some services.
How can they charge the same fees when they are supposedly competing with each other?
"I feel that banks take advantage of us. They make these arbitrary rules and we're forced to live with them," says customer Narumon Mekborisut, 39.
Her family suffered a hike in credit card interest rates of 15%, she says.
They missed payments several times and were charged a 13% default rate plus a collection fee of a few hundred baht each time.
The condition on collection fees was stated in contracts but they hardly noticed it.
She is also upset about charges for transactions.
"I have to perform several transactions every month and I end up paying fees for inter-bank or inter-provincial money transfers via ATMs or at the counter," she says. "I'm not convinced the fees reflect actual costs.
"Banks never tell us how much they'll charge before we process transactions.
"Nor do they tell us about their fee structures before we choose certain products and services," she says.
"This means we are unable to compare fees among different banks."
Thailand has 33 local and international commercial banks. Last year, the industry made a net profit of 92 billion baht, according to the Bank of Thailand, the state regulator. Most comes from lending interest and fees.
This year, local banks have reported "impressive" growth for the first quarter, with significant year-on-year increases in interest and fee-based income.
The issue of whether the industry's fees and charges are excessive and reflect actual costs of operation has prompted calls for change.
The Ministry of Justice has asked the central bank to consider reducing its ceiling rate for credit card interest which allow banks to charge their customers up to 20% annually.
The central bank, however, has not budged. Eight leading banks now charge the same ceiling rate.
Banks are still allowed to impose debt collection fees.
Economist Duenden Nikomborirak, of the Thailand Development Research Institute (TDRI), believes the regulation on ceiling rates has resulted in banks charging the same amount - the maximum - for credit card interest.
The economist, who recently released a study on competition in interbank electronic services and charges, says consumers are generally overcharged for electronic services such as ATM withdrawals, money transfers or electronic deposits. Fees for these services do not reflect costs.
"Electronic services may involve huge costs at the beginning of an investment. But after that marginal costs should begin to decrease and eventually be reduced to almost zero," Ms Duenden says.
Her study finds that all banks impose the same 25 baht rate - the ceiling set by the BoT - for interbank money transfers via ATMs.
"There is no competition among banks. In my opinion, it suggests an act of collusion," she says.
If no such BoT regulation was in place, banks would strive to offer better deals for customers.
Banks also charge customers 50 baht per month for maintaining accounts which stand idle for a year. Interbank ATM withdrawals cost five baht a transaction at all banks.
"Despite the large number of banks offering services, all offer the same rates," she says.
"It is the only industry in Thailand that I have seen applying this sort of standard."
The BoT and the Thai Banks Association, however, are being forced to revamp fees for payments and credit transfers following a request by Finance Minister Korn Chatikavanij who addressed the issue after the TDRI study was revealed.
But Ms Duenden expects little to change. Banks will likely argue electronic transaction fees subsidise free services like over-the-counter transactions.
The central bank should reveal the actual costs of bank operations for which they charge consumers, she says.
"I sense that banks make good profits from electronic service fees which are a new source of income for them," Ms Duenden says.
"Consumers should be informed about all fee structures before they sign up for bank services. Fees should also reflect actual costs."
Pete Banks urged to come clean on transaction fees
Regulations designed to protect customers may actually be stifling competition,
http://www.bangkokpost.com/business/eco ... ction-fees
* Published: 24/04/2010 at 12:00 AM
* Newspaper section: News Bangkok Post
Consumers cry foul about hefty bank fees and charges for financial products.
For many, however, an even worse crime is that banks charge the same fees for some services.
How can they charge the same fees when they are supposedly competing with each other?
"I feel that banks take advantage of us. They make these arbitrary rules and we're forced to live with them," says customer Narumon Mekborisut, 39.
Her family suffered a hike in credit card interest rates of 15%, she says.
They missed payments several times and were charged a 13% default rate plus a collection fee of a few hundred baht each time.
The condition on collection fees was stated in contracts but they hardly noticed it.
She is also upset about charges for transactions.
"I have to perform several transactions every month and I end up paying fees for inter-bank or inter-provincial money transfers via ATMs or at the counter," she says. "I'm not convinced the fees reflect actual costs.
"Banks never tell us how much they'll charge before we process transactions.
"Nor do they tell us about their fee structures before we choose certain products and services," she says.
"This means we are unable to compare fees among different banks."
Thailand has 33 local and international commercial banks. Last year, the industry made a net profit of 92 billion baht, according to the Bank of Thailand, the state regulator. Most comes from lending interest and fees.
This year, local banks have reported "impressive" growth for the first quarter, with significant year-on-year increases in interest and fee-based income.
The issue of whether the industry's fees and charges are excessive and reflect actual costs of operation has prompted calls for change.
The Ministry of Justice has asked the central bank to consider reducing its ceiling rate for credit card interest which allow banks to charge their customers up to 20% annually.
The central bank, however, has not budged. Eight leading banks now charge the same ceiling rate.
Banks are still allowed to impose debt collection fees.
Economist Duenden Nikomborirak, of the Thailand Development Research Institute (TDRI), believes the regulation on ceiling rates has resulted in banks charging the same amount - the maximum - for credit card interest.
The economist, who recently released a study on competition in interbank electronic services and charges, says consumers are generally overcharged for electronic services such as ATM withdrawals, money transfers or electronic deposits. Fees for these services do not reflect costs.
"Electronic services may involve huge costs at the beginning of an investment. But after that marginal costs should begin to decrease and eventually be reduced to almost zero," Ms Duenden says.
Her study finds that all banks impose the same 25 baht rate - the ceiling set by the BoT - for interbank money transfers via ATMs.
"There is no competition among banks. In my opinion, it suggests an act of collusion," she says.
If no such BoT regulation was in place, banks would strive to offer better deals for customers.
Banks also charge customers 50 baht per month for maintaining accounts which stand idle for a year. Interbank ATM withdrawals cost five baht a transaction at all banks.
"Despite the large number of banks offering services, all offer the same rates," she says.
"It is the only industry in Thailand that I have seen applying this sort of standard."
The BoT and the Thai Banks Association, however, are being forced to revamp fees for payments and credit transfers following a request by Finance Minister Korn Chatikavanij who addressed the issue after the TDRI study was revealed.
But Ms Duenden expects little to change. Banks will likely argue electronic transaction fees subsidise free services like over-the-counter transactions.
The central bank should reveal the actual costs of bank operations for which they charge consumers, she says.
"I sense that banks make good profits from electronic service fees which are a new source of income for them," Ms Duenden says.
"Consumers should be informed about all fee structures before they sign up for bank services. Fees should also reflect actual costs."
Governments are instituted among Men, deriving their just powers from the consent of the governed. Source
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charleyboy
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Re: 150 baht fee to be charged to foreign ATM cardholders
I've just drawn out 10.000 baht 30 consecutive times from my Natiowide account at 3 different Bank of Ayudhaya
ATM's. Not paid a percentage to Nationwide nor been charged any fee's.
ATM's. Not paid a percentage to Nationwide nor been charged any fee's.
Re: 150 baht fee to be charged to foreign ATM cardholders
Nationwide must have some special agreement with Bank of Ayudhaya then. I get the 150 baht fee (on top of the visa fee and U.S. bank fee) every time I use my Bank of America debit card at any Bank of Ayudhaya machine. After entering my pen and the amount I get a screen that informs me I will be charged 150 baht (by Bank of Ayudhaya) and asked if I want to proceed...I've just drawn out 10.000 baht 30 consecutive times from my Natiowide account at 3 different Bank of Ayudhaya
ATM's. Not paid a percentage to Nationwide nor been charged any fee's.
For a ten thousand baht withdrawal I pay over 400 baht in fees.
My brain is like an Internet browser; 12 tabs are open and 5 of them are not responding, there's a GIF playing in an endless loop,... and where is that annoying music coming from?
Re: 150 baht fee to be charged to foreign ATM cardholders
Same for me using two different U.S. bank ATM cards.hhfarang wrote:Nationwide must have some special agreement with Bank of Ayudhaya then. I get the 150 baht fee (on top of the visa fee and U.S. bank fee) every time I use my Bank of America debit card at any Bank of Ayudhaya machine. After entering my pen and the amount I get a screen that informs me I will be charged 150 baht (by Bank of Ayudhaya) and asked if I want to proceed...I've just drawn out 10.000 baht 30 consecutive times from my Natiowide account at 3 different Bank of Ayudhaya
ATM's. Not paid a percentage to Nationwide nor been charged any fee's.
For a ten thousand baht withdrawal I pay over 400 baht in fees.
"Religion is What Keeps the Poor from Murdering the Rich" -- Napoleon Bonaparte
Re: 150 baht fee to be charged to foreign ATM cardholders
I believe it appears on the statement later? Could be wrong. But I know where to look if I am!!
Talk is cheap
Re: 150 baht fee to be charged to foreign ATM cardholders
No, it would show instantly as a 10150 withdrawal.caller wrote:I believe it appears on the statement later? Could be wrong. But I know where to look if I am!!
Re: 150 baht fee to be charged to foreign ATM cardholders
Correct BaaBaa, it does not show up on the statement, it is simply added to the withdrawal amount which is shown in dollars on my statement so it is well hidden within the exchange. I wouldn't even have known it was happening (as I never know exactly what rate I am getting anyway) if the bank didn't have the warning screen during the transaction.
My brain is like an Internet browser; 12 tabs are open and 5 of them are not responding, there's a GIF playing in an endless loop,... and where is that annoying music coming from?
Re: 150 baht fee to be charged to foreign ATM cardholders
hhfarang wrote:Correct BaaBaa, it does not show up on the statement, it is simply added to the withdrawal amount which is shown in dollars on my statement so it is well hidden within the exchange.
Mine shows the amount in sterling, thai baht, the exchange rate and the bank, town and province.
Re: 150 baht fee to be charged to foreign ATM cardholders
It seems to me that using ATM's with USA bank cards is a mugs game if they are charging 4% ( HHF says Bht 400 0n Bht 10,000 ) - why not have the bank do a direct bank transfer ( SWIFT ) and there will only be one charge ( UK about Bht1000 regardless of the amount ) So perhaps a quarterly transfer makes more sense.
Courage is grace under pressure and when circumstances change you change your mind.
Re: 150 baht fee to be charged to foreign ATM cardholders
My online statement simply shows an ATM withdrawal of a certain amount of U.S. dollars, The U.S. bank and Visa transaction fees, when it was withdrawn and from what bank's ATM. It does not show the amount in Thai baht or the exchange rate given so the 150 baht fee is just hidden in the dollar amount.Mine shows the amount in sterling, thai baht, the exchange rate and the bank, town and province.
My charges are a flat $5 on every international transaction (Bank of America), 5% by Visa as their symbol is on the card allowing the ATM to be used at any machine carrying that logo, plus the 150 baht now charged by the Thai bank.It seems to me that using ATM's with USA bank cards is a mugs game if they are charging 4% ( HHF says Bht 400 0n Bht 10,000 ) - why not have the bank do a direct bank transfer ( SWIFT ) and there will only be one charge ( UK about Bht1000 regardless of the amount ) So perhaps a quarterly transfer makes more sense.
I tried the Swift transfer route, but my U.S. bank had a very low transfer amount allowed to a foreign bank (maybe a governmental policy after 9/11) with a high enough transfer fee ($40 per transfer) that going that route would even cost more for the same amount of money transferred than the charges via ATM in 20,000 baht transactions.
The next time I'm in the U.S. I will research all the major banks charges and transfer policies and possibly move my account to a better bank, but unfortunately, in the U.S. anyway you pretty much need to do that in person and I haven't been there in over five years. Also, you may find the best one but they may change their policies a month later and you could end up in the same, or worse, situation again.
My brain is like an Internet browser; 12 tabs are open and 5 of them are not responding, there's a GIF playing in an endless loop,... and where is that annoying music coming from?
Re: 150 baht fee to be charged to foreign ATM cardholders
There is really a huge difference in the fees for money transfer in different countries. Before the 150 Baht fee I withdraw money from ATM with my Swiss Bank card free of charge. After that I transfer a bigger amount about every 3 month via SWIFT for CHF 2.- (USD 1.90) per transaction (unlimited amount).
I don't know exactly, how much the Thai bank takes for each transaction, but it seems to be a very small amount.
I don't know exactly, how much the Thai bank takes for each transaction, but it seems to be a very small amount.