new bank no atm fees!

[Shuee]

a new bank with a different fresh approach, but most important free atm transactions abroad, about bloody time we got this perk back i say!

when you open an account you get your card there & then on the spot, they put ┬г3 in your account & stand with you whilst you test the atm to see it all works fine & you see the ┬г3 also! even open on sundays!

http://www.metrobankonline.co.uk

[lukylok]

It's worth testing but I see that charges "may be applied for ATM abroads".

[Shuee]

yes but the bank dont charge so im right its free in some respects, but some atm may charge you agreed, but how can we find out which one in los charge? & how does this bank compare to the likes of halifax & nationwide?

http://www.moneysavingexpert.com/travel ... avel-money (http://www.moneysavingexpert.com/travel/cheap-travel-money)

[anonone]

I don't think the bank issuing the ATM card controls the 150/180 fee. This fee is imposed by the Thailand banks.

I don't know how available it is outside of the USA, but Schwaab bank has an account which REFUNDS any ATM fees, including the Thai fee.

[SimpleSoul]

Banks need to charge each other for the use of their systems, this is why it can cost you something to use another bank's service. Providing ATM services is not an activity that just happens. All of these things cost money to be run. Why would a bank in Thailand allow cardholders from overseas to use their expensive machines, which get authorizations very efficiently, for no income to cover their costs? No business will provide free services to non-customers.

To keep it simple you should bank with a bank, say SCB, and use their ATMs only. That way you would not need to pay any usage fees.

Visitors from overseas should either bring cash or travelers cheques to avoid ATM fees or if you have a friend locally send money by TT to their bank account and get them to draw the cash. Using credit cards to pay for meals and other purchases would obviate the need to bring a lot of cash/travelers cheques.

Hope this helps.

[scottish-guy]

And here was me naively thinking that, as far as personal banking is concerned, Banks basically collect money from customers, pay them virtually no interest, charge them at every turn, borrow additional money at low rates or (even better) just invent even more money interest-free, and then lend all that money (and much more) out at rates VASTLY above what they are paying - thus enabling them to fund their operations - including ATMs.

Obviously I'm an even Simpler Soul

:hello2:

[Thai Dyed]

scottish-guy, you know too much! Now you've let the cat out of the bag. How will the bankers ever be able to live their lives of luxury and pull in obscene salaries? Don't you remember that the Times of London quoted Goldman Sachs' Blankfein as saying he's merely a banker "doing god's work." Gods don't come cheap these days!

[gaymandenmark]

Why would a bank in Thailand allow cardholders from overseas to use their expensive machines, which get authorizations very efficiently, for no income to cover their costs? No business will provide free services to non-customers.


hmm, I don't know any other country where banks demands this fees for using an alian card in their ATM, but correct me if I am wrong.

I am also quite sure that the banks earned money and had income on the transaction, before this fee was introduced.

Untill now the only way to avoid it in Thailand, is to use the AEON ATMs.

Banks need to charge each other for the use of their systems, this is why it can cost you something to use another bank's service. Providing ATM services is not an activity that just happens. All of these things cost money to be run. Why would a bank in Thailand allow cardholders from overseas to use their expensive machines, which get authorizations very efficiently, for no income to cover their costs? No business will provide free services to non-customers.Get a grip SimpleSoul, Thailand is the ONLY country where the banks charge or is that gouge overseas customers for ATM use.

[Shuee]

so how does this new card compare with nationwides card? better i think

[paulfort]

Does any one AEON ATM's still do not charge the THB 150/180 fee and where they are located in Central Bangkok and if any in Pattaya?
There used to be one I think in the Silom Shopping centre in Bangkok, but not sure if it is still there?

[timmberty]

the one in silom is still there i used it myself in april and spent the 150 baht i saved on some sweets.

expect a bit of a queue tho, as you might expect, they are rather popular.

[scottish-guy]

ATM fees are surely only ONE part of the transaction - there is (as others have said) sometimes a further transaction fee to be paid to the issuing bank AND (perhaps most significantly) there is the foreign exchange rate "loading" fees which vary from Bank to Bank and even from Card to Card within each Bank i.e. you dont get the "official" FX rate you get it minus a certain percentage.

Sure you may find an free-to-use ATM but although you may save 150/200B at the ATM - are you not just being screwed over the FX rate and loading fees instead? I'm not making a statement, I'm asking a question.

:dontknow:

[gaymandenmark]

In princip you are correct, but when I have used AEON, the exchange rate has been close to what other banks offer, sometimes even better.

The banks earns on the exhange rate on the amount you take out, + they also earns money on the exhange rate of the 150 B fee. Smart, isn't it?

Also keep in mind that the banks did not start to give you a better Exchange rate, when they introduced the fee.

It is simple a big, big money machine, I would call it a tourist scam, and I doubt is has anything to do with their expenses.

[christianpfc]

I have a bank account in Germany (that was advertised as free withdrawals worldwide) and I tried in on AEON ATMs in Thailand and the exchange rate is slightly better (about 50 Satang on average, as far as I remember) than the rate at money exchange booths in Silom.

We have to consider three factors I can think of: what the Thai bank charges for using their ATM (AEON free, others 150 Baht), what your own bank charges for withdrawals abroad (per transaction), and the exchange rate offered by your bank.

[Shuee]

ok heres another idea (off the top of my head) make yourself a Western Union account, add you funds to this account before you go on vacation then draw the funds in thailand? any fees incurred?

[lukylok]

Indeed, why make it simple when you can get it complicated.
Bored with the atm fees, charges for withdrawing money and so-so exchange rates, I opened a bank account in Thailand.
Either I bring cash and change it at SuperRich, to get the best rate, or I send it through the bank at minimum cost and a fair exchange rate.
Withdrawals are free in the province where your bank is situated, elsewhere in Thailand they cost 20 bahts. And you get interest on the balance of your account.
(If you manage to leave something !) :laughing3: