eponymous_coward

I can confirm that SoFi refunded my 220 THB fee immediately after making the ATM withdrawal. Fidelity usually takes a day or two.

rxgeek

Do all Thailand banks have the same exchange rate? My financial institution refunds all fees on my VISA ATM card.

rxgeek

I may have answered my own question (mywife hates it when I do that).
I looked at the 3 major banks in Thailand and found their foreign exchange rate selling THB buying USD as of today. Getting 10,000 THB from #1 gets me 500 more THB over #3. Right or wrong?
1. Kbank 34.76
2. Bangkok Bank 34.74
3. Krungthai 34.71

Diplomatico

If you change paper currency, right.

If you are taking from an ATM, the exchange rate is going to be determined by VISA or Mastercard (whomever processes the transaction for your bank.) It is likely to be a better rate than those advertised by the individual banks.

(Note: Some Thai banks participate in Dynamic Currency Conversion....where the ATM will ask if you want to accept a pre-determined currency exchange rate set by that bank. You should always decline that offer and let VISA/Mastercard determine the exchange rate. You'll be better off by several percentage points.)

tai4de2

In the past I also noted that using my ATM card resulted in a international transaction fee (3% if memory serves). I suppose this is because it's also a MasterCard debit card.

Basically, using the ATM in Thailand is -- for me, anyway -- a total ripoff. Fortunately I have a Thai bank account now, so it's no longer an issue. But for tourists I'd honestly advise bringing a few thousand dollars in cash and exchanging it on the ground in Bangkok or wherever. I realize carrying around cash is not feasible or comfortable for everyone, but for some folks it could be the only way to avoid at least two ridiculous fees (220 Baht Thailand ATM fee + possible 3% international transaction fee).

https://www.nerdwallet.com/article/t...se%20abroad%29.

skyflyer99

Are ATM withdrawals from Bank of China still fee free? Has anything changed?

ftrichard

The 3% international transaction fee on your foreign debit card is levied by your foreign bank. This is easy to avoid by choosing a foreign bank with a debit card that does not charge this fee. I believe most credit cards will charge this 3% foreign transaction fee but it's avoidable with some debit cards. For example, my Revolut Metal account Mastercard does not charge any foreign exchange fee on non-sterling transactions whether they're from an ATM or in a shop (as long as the forex is not done on Saturday or Sunday). First Direct, part of HSBC, stopped charging the 3% fee some time last year on its debit Mastercard. There are other UK banks that have debit cards that don't charge the foreign free. It's nothing to do with Visa or Mastercard adding anything themselves. They've done their bit with the actual exchange rate. It's everything to do with your card issuer and its desire to gouge ignorant customers create an additional revenue stream from transactions that aren't in your own currency. It's for this reason I don't bother getting a GBP Platinum Amex because all my purchases would be in non-Sterling currencies and subject to their 3% forex fee so I would effectively be buying all the points and stuff that the card gives me so I'd rather not thank you.

Your point is correct though. Cash from Thai ATMs with a foreign card is an absolute rip off and waste of money with fees levied all over the place on top of the meagre amount you're allowed to withdraw in one go. I believe some US banks nobly refund these fees. Only in America. Another pet hate is in Samui where many tourist restaurants charge an additional 3% fee to pay by foreign credit or debit card. Then there's the 3% you'll pay on forex fees to your card issuer. So tourists are paying an additional 6% for the convenience of paying for things aimed at tourists on a tourist island using the payment method tourists use normally everywhere else. Bangkok places don't try this little scam in my experience. It's an additional unpleasant aspect of life on the paradise island.

prathetkrungthep

Make sure your thousands are in crisp Franklins with Mr. Mnuchin's autograph to maximize chances of getting them accepted by the scrupulous foreign exchange counters. Better yet if they already have Super Rich stamps on them!

skyflyer99

Answering my own question...Seems to still be fee free. I got about the same rate being offered at Super Rich. 30k baht max withdrawal, I think. I'm not sure why nobody talks about this one anymore.

plain

Sorry stupid question..
Do you mean there's a brand of ATMs called Bank of China where there are no fees? Or do you have account in Bank of China and withdrawals from that account are free?

skyflyer99

No fees for anyone using Bank of China's ATMs in Thailand (unlike every other bank's ATM). You don't need to have an account with them.

goodeats21

Correct. A couple of banks have ATM / Debit cards that refund any usage fees. I have one from Charles Schwaab bank.

I have encountered many merchants that charge a pass-thru of ~3%, saying that is what the transaction costs them in their fees, and not just in Thailand. Is that what you are seeing in Samui?

This is a key point. I use T&T pretty exclusively, and vast majority of their clerks scrutinize the bills and reject anything not in pristine condition. In fact, I think they would reject one with a Super Rich...or any...type of stamp on them.

I can't seem to recall ever seeing a Bank of China ATM. Am I just overlooking them?
(I looked briefly for a map of their ATM locations, but didn't seem to find one).

ftrichard

Yes. The merchant (invariably a restaurant) charges an additional 3% if you don't pay with cash or a Thai QR code. It's common practice in Samui at high-end tourist restaurants who are near-100% frequented by foreign tourists and have no practical possibility to pay with a Thai QR code. Bills, for Thailand, can be high at these places (gourmet pizzas for THB450 and bottles of wine starting at THB1500) and so the margin on the net amount can more than cover the cost of sale from the plastic card processor. I've explained patiently to one decent Italian that they would make more money from the margin on an additional glass of wine I would have if they didn't charge the 3% fee and limit my payment options to cash and hence limit my consumption that evening. And in any case they are losing 100% of future revenue from me (I was living in Samui at the time) because I wouldn't return. This is preferable to them apparently. The answer was to open a Thai bank account and pay with QR code everywhere. I still didn't go back to that restaurant and found alternative pizzas at Federico's.

There's a Bank of China with ATMs close to Chong Nonsi BTS in Sathorn. In the past, I've successfully used it to withdraw THB without a fee using a Chinese BoC UnionPay debit card before the Great Plague however despite the Visa and Mastercard logos I was unable to withdraw cash using my various UK debit cards when I tried in 2022. YMMV.

skyflyer99

I had a problem withdrawing (once) earlier in 2023 (don't recall the reason given), but had success recently.

There's also a Bank of China ATM near the Phraram 9 MRT station (where there is also a night market and two malls)...about two stops from Sukhumvit. And one at mega Bangna. If these are all out of your way, it's debatable whether it's worth it...but I prefer not to reward Thai banks for imposing unreasonable fees.

prathetkrungthep

There is not only an ATM but also an actual Bank of China branch next to the Rama 9 Rd MRT Exit (towards Fortune Town mall), which makes a lot of sense as it is just next door to the PRC Embassy and the new PRC-China Town that is Huay Kwang. There is another Bank of China branch at the corner of Sathorn and Narathiwat Ratchanakarin Rd (b/t St. Louis and Chong Nonsi BTS stations) if you happen to be on that side of town.