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Money Exchange Rates - ATM vs. Bringing Cash


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1 hour ago, Pdoggg said:

I am hearing reports that the fee imposed by Thai banks when using a foreign debit/credit card for ATM withdrawals is now 220 baht at some banks.

I don't use this method myself. Can someone confirm or deny?

holy shit highway robbery if true,  glad that since last trip I also don't  use this method anymore myself 

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I hope you can get verification soon. That is incredible - from the introduction of the 150 Baht fee in April 2009, to now, a span of almost 8 years the rate has gone up over 50% (if the 220 Baht fee iis verified).

I opened a Thai bank account last year with Bangkok Bank, couple this with a no fee international transfer from my Canadian Bank, and it makes for a much better process.  This is only beat by bringing your home country's cash for exchange, which has its own risks.

For those who may not have much choice the following banks are reported to allow withdrawals more that 20,000 Baht per transaction - but keep in mind your home bank ATM withdrawal limits will also be enforced.

Citibank: Maximum withdrawal limit 50’000 THB

Krungsri Bank: Maximum withdrawal limit 30’000 THB

Thai Military Bank: Maximum withdrawal limit 30’000 THB

CIMB Bank: Maximum withdrawal limit 30’000 THB

Bangkok Bank: Maximum withdrawal limit 25’000 THB

 

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Well TM, think of it this way, if you withdrew from ATM 6 - 7 times you have spent the equivalent of one short time (Bkk lb) (or maybe long time encounter with a Pattaya lb) on ATM bank fees from your home country and the Thai bank.

You can see why some people would like to spend that money on lbs instead of bank fees.

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14 minutes ago, stoolpusher said:

I only use cash in Thailand I never use an ATM. It works for me.

I got news for you, I dont even HAVE nor do I USE an ATM card in Farangland.  I know its for convenience and the banks are right to charge some kind of fee since they have the cost of keeping up the machines.  Having said that, no one is forcing us to use ATMS.  

Ca$h is king......

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9 hours ago, SiamSam said:

I just spent a month in Thailand and used the ATM to withdraw cash numerous times. Each ATM transaction cost me 200baht whether I was withdrawing 5,000, 10,000, or 20,000baht or 30,000

Still 200 baht at Krungsri today.

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  • 1 month later...
  • 1 year later...

For Thailand, I think bringing cash and making the exchange at the Airport Rail Link booths (technically not in the airport) might be the best option.  Extremely small buy/sell spreads.

In an emergency situation World Remit is an option.  You don't get the best exchange rate but if American is sending money to Cambodia there is no exchange rate since you will be receiving USD.  What's nice is that there are cash pickup locations so it is like Western Union.

World Remit and other useful Links

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Recently I transferred the equivalent of €4027 to  my account at Krung Thai. I paid at fee at my end of €49 at my bank, and a transaction fee at Krung Thai Baht 253. I only use plastic when paying for hotel or such, the ATM option is far to expensive. I checked the rate of exchange, and it was par with the small exchange booths around Pattaya. :girldevil::movethatass:

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  • 2 weeks later...

As of April 2019, ACH (automated clearing house) transfers from your American bank to Bangkok Bank New York and then onto Thailand will no longer be permitted.

This is a big deal for those who use this system as their primary source of bringing money into Thailand.

In general, bringing cash and exchanging at Super Rich in the basement of Suvarnaphumi but technically part of the Airport Rail Link is the best option.  There is also the place around Sukhumvit Soi 9/1 named Vasu or something like that.

But if one is not travelling to the USA this is not an option.

So I am looking for alternatives.

I guess one option is American institutions that offer debit cards that refund the 220 baht fee.   Anyone have any personal experience with this?

I've also heard about TransferWise which seems to be good fee wise.  Does anyone have any experience with TransferWise?

Lastly does anyone know if any Thai Bank is able to provide a "Medallion Signature"?   :hi:

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Medallion signatures according to the Medallion Signature website are offered at select US, Canadian, UK and Bahamian banks, so no Thai banks offer it.

A few Canadian Banks offer internet  banking online wire transfers - CIBC and Royal Bank of Canada. However they require an SMS to your Canadian number for verification (actually a good idea to prevent fraud). Fortunately my Canadian provider offers free international SMS.

I am not sure US banks offer that - however you still get stung on the wire transfer fees on both sides - sending and receiving. For now CIBC has a world wide money transfer with no processing fee, but they shave a bit on the exchange rate so it works out about the same.

I have a Bangkok Bank saving account that I was able to open when I used a tourist visa and a friend's local Thai address. I have to keep it above a certain minimum to avoid a monthly service fee (I think about 7000 Baht).

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I have 2 accounts, Kasikorn and Krung Thai. No residency certificate required when opening an account, only name of hotel and show of passport. A debit card is available at time of opening, you just choose a pin code and type it two times on a keyboard that resembles calculator. If you have sufficient funds on your account you can also get a Visa with insurance, I may opt for that next time. I was approached by the manager ate the Krung Thai branch in Phun Phin regarding this possibility. Not sure what kind of balance is required though, but I think I had about 200K baht on my account that day. withdrawal in Chonburi area is free, in othere locations there is often a 15 baht fee regardless of the amount. My debit card permits withdrawals of max 50k per day, but this can be raised to 100K per day. Hope this is of use. :girldevil::movethatass::drinks:

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18 hours ago, 8inches said:

I have 2 accounts, Kasikorn and Krung Thai. No residency certificate required when opening an account, only name of hotel and show of passport. A debit card is available at time of opening, you just choose a pin code and type it two times on a keyboard that resembles calculator. If you have sufficient funds on your account you can also get a Visa with insurance, I may opt for that next time. I was approached by the manager ate the Krung Thai branch in Phun Phin regarding this possibility. Not sure what kind of balance is required though, but I think I had about 200K baht on my account that day. withdrawal in Chonburi area is free, in othere locations there is often a 15 baht fee regardless of the amount. My debit card permits withdrawals of max 50k per day, but this can be raised to 100K per day. Hope this is of use. :girldevil::movethatass::drinks:

  How long has it been since you opened these accounts? It's been almost impossible to get an account for a few years now (unless it recently changed) on an entry stamp/tourist visa unless you go to immigration and get some form with your picture on it. And even then your account maybe limited as to what it can do unless you have a retirement visa.

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On 8/12/2018 at 3:09 AM, Pdoggg said:

I guess one option is American institutions that offer debit cards that refund the 220 baht fee.   Anyone have any personal experience with this?

I've also heard about TransferWise which seems to be good fee wise.  Does anyone have any experience with TransferWise?

Lastly does anyone know if any Thai Bank is able to provide a "Medallion Signature"?   :hi:

 You can open a free bank account at Schwab (USA) and get a debt card that will charge no foreign transaction fees and will refund the ATM fees (at the end of each month).  You will get the VISA US FX rate which is generally slightly better than the TT rate at a Thai bank. I find the rate about the same as TT Exchange in Pattaya and damn close to Vasu. I've been using a Schwab debit card in Thailand for years.

 I checked out TransferWise once and if I recall correctly it's not quite as good as it appears on the surface. But it's been a while since I checked so YMMV.

 No surprise that BKK Bank can no longer transfer funds from NYC to Thailand. With US money laws being what they are now I'm surprised it lasted this long.

 

 

   

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