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Everybody?
[QUOTE=Daddy San]Who said I think it's ok to pay the 3% fee?
I am not absolutely sure, that the Wells Fargo ATM card has the same fee, because when I tried to use that one last January, they simply blocked it on suspicion of fraud, even though I had notified them previously that I would be travelling in SE Asia at that time!..[/QUOTE]My card quite often gets blocked, I have quite a large account balance and the Bank says they do it for my protection, when in fact it is to protect themselves. If my card is lost/stolen/cloned then they would be liable for my losses, therefore they block.
I even call and tell them my movements, but it doesnt make any difference, it still gets 'auto-blocked' fairly regularly.
Although inconvenient, a simple call (using Skype of course!) gets the card working again within minutes.
[QUOTE=Daddy San]I merely wanted to draw attention to the 2-3% foreign transaction fee, which usually far exceeds the 150 THB everybody is bitching and moaning about.[/QUOTE]Everybody? Except me, as I have never been charged the 150 THB yet. :D
Cheers, FF
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[QUOTE=Daddy San]Do you guys realize, that the banks in your home country, be it Europe or USA, but especially USA, will charge you 3% "Foregn Currency Transaction Fee" or THB 500 on the typical USD 500 withdrawal? These include B of A, Wells Fargo and of course AMEX and the other CC Companies for normal CC charges.
Talk to them, before getting pissed over the 150 THB = USD 4,50 surcharge, which is ""only" 1%.
Btw. There are banks in Europe, who offer accounts with a "zero surcharge" foreign withdrawals. The promise to refund any fees imposed by the foreign bank, over which they have no control.[/QUOTE]Daddy San,
You might not intended to say it but as far as I'm concern your remark " talk to them before getting pissed over the 150 baht. says it all to me!
If I'm pissed as you say, but I'm more bent out of shape because the Thai Bank Association imposed this fee only on Foreign ATM users claiming they are loosing money! What a bunch of fucking Bullshit or buffaloshit! When the world market list the exhange rate for example at 34.50 and the Thai Bank are giving to you at 32.40 through the ATM, just like the Exchange Booth they are already taking a cut off before it is dispensed to you. Now the exchange rate might be exceptible to you but don't think for a money they are loosing money. I have been using ATM for nearly 10 years so based on what they are saying they have been doing me a favor for that period and I should be grateful that they are taking the lost! Get real! To impose another 150 baht on just Foreigner after they're already getting a profit is just greed in my opinion and that includes whatever % American banks are charging us. Remember! When the banks started to charge you for every little thing including standing in line people took it laying down so they continue with their charges. I might not like it and right now don't have much of a choice but I'm not going quietly!
Also, got a private car from my house on the otheside of Sukhumvit to Airport for 900 baht including toll. The place is a wooden booth on the corner of Soi Buakaow and Soi Diana, as you are starting to go down Soi Diana to 2rd rd. its on the left, I think it was call Rose Taxi? The guy came 1/2 hour early and waited until I was ready and the car was a Toyota Camry, not brand new and not old.. got me to the airport in 1 hour and 15 minutes safely too!
LBM
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[QUOTE=Opebo]I don't remember exactly but it would have had to have been on Buakoaw, Pattaya Klang, Second road or that road which runs between Buakaow and Second road, you know where they have the Kiss restaurant.[/QUOTE]I'll be back in 3 weeks and I'm going down that whole Soi to see for myself along with checking out the beer bars and go go's!
LBM
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[QUOTE=PinkPearl]The following posts in this thread recently spoke of TCs, 2844, 2847 and 2848.
The rates for TCs are quite good, so no worries there.[/QUOTE]Thanks for your response. I did read the posts and it was what got me thinking to ask to make sure that it would not be a problem for the money changers to take traveler's checks.
Would the money changers accept US$500 TC without a problem? It would be easier to fit 6-8 into my money belt vs a bunch of $100 TC?
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TC in Thailand
[QUOTE=Csun213]Thanks for your response. I did read the posts and it was what got me thinking to ask to make sure that it would not be a problem for the money changers to take traveler's checks.
Would the money changers accept US$500 TC without a problem? It would be easier to fit 6-8 into my money belt vs a bunch of $100 TC? [/QUOTE]Csun213,
Yes it is much easier to cash your Amex express in BKK most money changer will cash it with a US passport, Thailand charge a percentage of the amount but some country like China charge an amount for each TC so is better to bring 500 check, bank of China charge 35 rmb comission for each check and not all the bank will even take it.
Fast eddie48
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[QUOTE=Csun213]Thanks for your response. I did read the posts and it was what got me thinking to ask to make sure that it would not be a problem for the money changers to take traveler's checks.
Would the money changers accept US$500 TC without a problem? It would be easier to fit 6-8 into my money belt vs a bunch of $100 TC? [/QUOTE]Last trip I brought some 500 dollar TC denominations with me. I had no problem changing them for Thai baht at a bank in the area around the Nana hotel and NEP. I'd feel 100 per cent confident that they would take them at any decent place in BKK that does these kind of transactions, of which there are hundreds.
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[QUOTE=LittleBigMan]Daddy San,
You might not intended to say it but as far as I'm concern your remark " talk to them before getting pissed over the 150 baht. says it all to me!
If I'm pissed as you say, but I'm more bent out of shape because the Thai Bank Association imposed this fee only on Foreign ATM users claiming they are loosing money! What a bunch of fucking Bullshit or buffaloshit! When the world market list the exhange rate for example at 34.50 and the Thai Bank are giving to you at 32.40 through the ATM, just like the Exchange Booth they are already taking a cut off before it is dispensed to you. Now the exchange rate might be exceptible to you but don't think for a money they are loosing money. I have been using ATM for nearly 10 years so based on what they are saying they have been doing me a favor for that period and I should be grateful that they are taking the lost! Get real! To impose another 150 baht on just Foreigner after they're already getting a profit is just greed in my opinion and that includes whatever % American banks are charging us. Remember! When the banks started to charge you for every little thing including standing in line people took it laying down so they continue with their charges. I might not like it and right now don't have much of a choice but I'm not going quietly!
Also, got a private car from my house on the otheside of Sukhumvit to Airport for 900 baht including toll. The place is a wooden booth on the corner of Soi Buakaow and Soi Diana, as you are starting to go down Soi Diana to 2rd rd. its on the left, I think it was call Rose Taxi? The guy came 1/2 hour early and waited until I was ready and the car was a Toyota Camry, not brand new and not old.. got me to the airport in 1 hour and 15 minutes safely too!
LBM[/QUOTE]
with the interest rates going so down (for the banks) they do not get anymore those fats margin as in the past. Allowing them to give a lot of services "for free". So now they are on the direction to squeeze every baht from anyone. On the other hand, aren't many of us doing something like this to keep margin up for the companies we work for? Or doing whatever t cust costs (at the "cost" of somebody else, maybe an earening, maybe a job of someone)
Certainly nobody wants to pay what sems un-necessary money, but let's face it. A cartel has been set up and you won't escape from it.
Why charging farang only? it is for them easier to "explain" that overseas transactions have a costs and blah blah..and maybe thinking farangs are rich, to be milked and maybe not cashing much frequently, so will not mind those 150TBh....
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I just want to thank PinkPearl and Fast Eddie 48 for their fast response.
I am looking forward to Thailand since I normally fool around in China but am looking for a change after reading everything in the Thailand section.
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[QUOTE=Csun213]Thanks for your response. I did read the posts and it was what got me thinking to ask to make sure that it would not be a problem for the money changers to take traveler's checks.
Would the money changers accept US$500 TC without a problem? It would be easier to fit 6-8 into my money belt vs a bunch of $100 TC?[/QUOTE]
I wannt to share a perhaps atypical experience with AMEX TCs here.
I always carry a few thousand USD in TCs, mainly as a last resort, in case some of my other (plastic) sources of cash get stolen or blocked.
Last year in Phnom Penh I tried to cash $300 at some bank.
I showed 3 TCs to the cashier, who asked me to countersign them and THEN asked for my passport.
The pairs of signatures on the checks were identical, but differed ever so slightly from the one in the passport, not surprisingly, since the passport was 9 years old and handwriting does change.
The cashier flatly refused to cash the checks!!
I went to another bank, sketched the situation to the cashier, before countersigning more checks and he, as well as the bank manager, declined to cash TC, if the passport signature did not exactly match the others.
This is not what AMEX promises, and I had no problem getting a refund from them, but just immagine, you bring TCs as your main source of cash for your long mongering trip....
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[QUOTE=Daddy San]I wannt to share a perhaps atypical experience with AMEX TCs here.
I always carry a few thousand USD in TCs, mainly as a last resort, in case some of my other (plastic) sources of cash get stolen or blocked.
Last year in Phnom Penh I tried to cash $300 at some bank.
I showed 3 TCs to the cashier, who asked me to countersign them and THEN asked for my passport.
The pairs of signatures on the checks were identical, but differed ever so slightly from the one in the passport, not surprisingly, since the passport was 9 years old and handwriting does change.
The cashier flatly refused to cash the checks!
I went to another bank, sketched the situation to the cashier, before countersigning more checks and he, as well as the bank manager, declined to cash TC, if the passport signature did not exactly match the others.
This is not what AMEX promises, and I had no problem getting a refund from them, but just immagine, you bring TCs as your main source of cash for your long mongering trip....[/QUOTE]Thanks for the heads up.
I read somewhere that Cambodians can also be picky about accepting USD bills. If they are not new and in good condition they may reject them.
I doubt that you'ld have encountered the same TC problem in Thailand. Even if it did occur in one in a thousand places, the next one would probably cash them for you.
Your story illustrates why it's best to have a variety of options, such as cash, TCs, credit cards, bank cards, etc.
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Bionicman,
I agree with many of the things you pointed out in your response to me. But explain to me what Interest rate has to do with the Exchange rate? It's not like your buying a house or using a credit card for purchases. Today in the U.S. the Federal has set the Interest rate slightly below 1% but the Banks average on Home loans to people like us average 5.25%. At a Exchange Booth you will see the daily Exchange Rate for example at 34.00 but the sell is 33.10. I think you would agree in between the Exchange Booth company is making something but do they finalize the transaction by saying you need to pay another 150 baht to complete the transaction?
The Thai Bank Association, came up with this brain storm! To me this is the mentality the Thai's seem to have when business is slow instead of being creative and maybe providing a incentive to bring in business or to provide better service they come up with a stupid solution like charging more for a beer or jacking up the Barfine to make up for lack of customer. The same mentality that P4P workers have to charge you more for ST/LT because business is slow! I' ve heard this discussion on this topic over and over so now hear me out about ATM.
If I wrong please let me know, maybe there is a Banker CEO, mongering on this board to explain it to me like a 9 year old!
Thanks, LBM
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[QUOTE=PinkPearl]Thanks for the heads up.
I read somewhere that Cambodians can also be picky about accepting USD bills. If they are not new and in good condition they may reject them.
I doubt that you'ld have encountered the same TC problem in Thailand. Even if it did occur in one in a thousand places, the next one would probably cash them for you.
Your story illustrates why it's best to have a variety of options, such as cash, TCs, credit cards, bank cards, etc.[/QUOTE]
Burma will not touch any bill with a mark on it and they prefer new bills. I had three hundred dollar bills regected by the immigration man because they had a pencil mark on them. So make sure that you bills are in good shape. :0
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[QUOTE=LittleBigMan]Bionicman,
I agree with many of the things you pointed out in your response to me. But explain to me what Interest rate has to do with the Exchange rate? It's not like your buying a house or using a credit card for purchases. Today in the U.S. the Federal has set the Interest rate slightly below 1% but the Banks average on Home loans to people like us average 5.25%. At a Exchange Booth you will see the daily Exchange Rate for example at 34.00 but the sell is 33.10. I think you would agree in between the Exchange Booth company is making something but do they finalize the transaction by saying you need to pay another 150 baht to complete the transaction?
The Thai Bank Association, came up with this brain storm! To me this is the mentality the Thai's seem to have when business is slow instead of being creative and maybe providing a incentive to bring in business or to provide better service they come up with a stupid solution like charging more for a beer or jacking up the Barfine to make up for lack of customer. The same mentality that P4P workers have to charge you more for ST/LT because business is slow! I' ve heard this discussion on this topic over and over so now hear me out about ATM.
If I wrong please let me know, maybe there is a Banker CEO, mongering on this board to explain it to me like a 9 year old!
Thanks, LBM[/QUOTE]
LBM, thanks for agreeing,not a must to do so! So, appreciated! Indeed there is no relation at all between interest rates and money exchange or ATM transactions, other than the fact that banls have to earn money (and want to earn ever more). So if they cannot get it from here (margin on interests, certainly heavily decreased in terms of % and values), they try to get it from elsewhere (money exchange,ATM). It is even better for them as they attack some very popular tools, where most people will not - in general - pay too much attention to a penny here and a penny there... But for the bank it is another brick in the wall.
What if, instead of adding the flat 150TB they slightly adjust the exchange rate? Would you keep on going around for a few cents difference? That way they might remove the 150TB flat fee and make customers happy not to pay a fee. is that what we want?
Years ago I wanted to buy a new tv set, drove all around town to check prices. Ended up at the very first store (cheaper by 10$! probably spent in gasoline by browsing around!).
I am not defending the banks and I am not involved with any!
But I try to observe things in a realistic perspective. Maybe not one that I like, but that's the one enforced! unfortunately
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Bionicman,
Once again I agree with your responds. I don't know what it is but this ATM thing has really put a hair up my ass, really got my blood boiling. My previous post a few days back told of my day running around checking out the ATM, and the rates and what you express was exactly what I found to be true. Bank of Ayuthya not only gave a low rate on top of that they charge the 150 baht. The other Banks like Bangkok Bank, not only charge the 150 baht they gave even a lower rate than Bank of Ayuthya. So in the end, no matter which way you turn they got us by the balls.
In the end, being box in I just have to live with it for now hopefully until I find a way around these greedy bastards. Like you said, can't continue to get all sweaty over a few baht when the gas I'm spending to try to beat the system is defeating the purpose of saving money!
Got to move on for now, Thanks LBM
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Well I am using ATM's at Bank of Ayuthya and UOB without any 150 baht charges and with an excellent exchange rate.
Perhaps its only US cards?
Certainly for UK based debit cards there is no problems with exchange rates or charges.
