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New ATM fees -- who's charging them?


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The 1 ~ 3% is a fee charged by the credit/debit card company.

 

This 150 baht is unique to LOS...just a farkin scam to pull $$$ out of the farang!

 

Fark 'em, we will find a work around!!!

 

Sorry Cav here was me thinking that you were a long term expaxt who actualy understood the Thai banking system and had set up transfers via SWIFT from offhore accounts to your local Thai accounts and could therefore take advantage of the minimal / no fees utilising local ATM's as and when FOREX rates and loss of interest could have been absorbed.

 

[edit Mod3]

 

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iuytrede, I'm afraid you may be sidestepping slightly as well from the core issue :)

 

I don't recall being charged any fees by Lao or Viet banks when using my free ATM withdrawal cards issued in EU/Asia. But I seem to recall in Cambodia some banks would also charge although I'm not sure that really counts as until very recently ATMs were virtually non existing over there :rolleyes:

 

 

Now don't begin to compare apples or oranges to other fruits (countries local banking fees) will you coz that's also irrelevant to discussing FOREIGN CARD FEES IN LOS.

 

But if you're a thrifty traveler you'll think twice about visiting countries who upfront aim to rip off visitors by e.g. charging visa fees or ATM fees which very few countries clever enough won't with noteable exceptions such as China, India & now again Indonesia (charging visa fees & hassles to visit) & here LOS ATM fees & outrageous ones at that no arguments please!!!...

 

So watch my words those fees will be 'adjusted' in the not so distant future as they learnt the hard/stupid way that it's another shot in the foot aka TIT :banghead:

 

Yes as Mekong & others said there's a work around or several especially for residents with local ATM/debit/credit cards who can continue to withdraw for free & enjoy the better exchange rate for incoming foreign funds via SWIFT/Telex.

 

However even for (longterm) residents it's occasionally useful to use their foreign card to withdraw be it to enjoy the exceptional cool exchange rate of the day (say when another coup or state of emergency is on!) etc or perhaps to protect certain transactions from your spouse whatever! :cover:

So it's still possible fee free, but the choice of banks are narrowing down as we speak...

 

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In your second to last post here, you recommended a transfer of funds from an offshore account to a local Thai account to avoid ATM fees. You didn't mention the risks involved in setting up an offshore account. Thats all I was refering to.

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Misinterpretaion Dean.

 

When I said Offshore I meant offshore of Thailand, not specificaly offshore banking per se. Maybe it would have been better if I had of stated "Transfer Funds to local Thai bank account from your overseas (non-Thai) accounts"

 

 

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Actually to go further off topic there's no specific additional risk in banking 'off shore' or away from country of citizenship as financial crisis or any other business situations can occur such that banks go bust.

 

Of course some countries insure all or parts of deposits while other don't...

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you seem to miss the core of the issue yet again which IS that no other countries banks charhe foreign atm cards - get it?

 

Actually, that is not correct. In the US, not only do they charge outrageous ATM withdraw fees (in the $1-$3 range!) but the banks consider ANY bank (across the world or across the street) to be a Foreign transaction (Doesn't have to be a Canadian, Thai or Russian bank).

 

For instance, lets say you are a US Bank of America ATM account holder - you hit up a US Chase or US HSBC or US Wachovia or other non-BOA branch atm for a withdraw - If you execute that withdraw, that fee will be deducted from your BOA account.

 

There are exceptions like Credit Unions or certain ATM networks, but those are few and far between.

 

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