Thailand Banking Charges and Tips

Thai Bank Charges and Thailand Banking Tips

New fees from the 1/1/2011:

Thai Bank ATM Charges

Same-bank ATM transfers across provinces will be free once a month but will be liable to a fee of no more than 15 baht thereafter

Same-bank ATM withdrawals across provinces will be subject to fee of no more than 15 baht per transaction.

New transaction fees that will be introduced in the second quarter of next year:

Cross-bank ATM withdrawals and balance inquiry in the same provincial grouping. These services will be free for the first 4 times per month but will be 10 baht thereafter.

Interprovincial services will be at 20 – 25 baht per transaction for the first 4 times and an additional 5 baht therafter.

Fee for interprovincial cross-bank ATM withdrawals will cost no more than 20 baht per transaction and 25 baht from the 5th time onwards.

International ATM Charges

150 baht per withdrawal.

As of 4/10/2010 AEON bank is the only bank in Thailand that does not charge for ATM withdrawals. There is an AEON ATM in Siam Paragon, Tesco Lotus at Fortune Tower and Carrefoure at On Nut in Bangkok.

Full list of AEON ATM locations in Thailand

You will also get charged a transaction fee of between 1.75% – 3% for the withdrawal and an exchange fee commission (2.75 – 3.00%).

Standard Bank have an offshore account that only charge 1.75% for ATM withdrawals and 2.75% for foreign exhange rate currency conversion.

Minimum £3000. No monthly charges if balance remains above minimum. Free internet banking.

Lloyds Bank have an offshore account that charges 1.5% for ATM withdrawals and 2.99% for foreign exchange rate currency conversion. Free internet banking. Free worldwide travel insurance.

Minimum £2500. No monthly charges if balance remains above minimum.

Call the number at the top of the blog for free advice on setting up an offshore bank account.

Maximum withdrawal from an ATM card in Thailand is 20,000 baht. Although this depends on your international cards withdrawal limit. If your ATM only allows £300 withdrawal, obviously this will be less. If your card allows £500, you will have to make 2 ATM withdrawals.

Help. The bank has swallowed my ATM card in Thailand. What can I do to get it back?

If the bank has taken your ATM card, contact that bank immediately and they may be able to get it back for you.

Transferring money out from a Thai bank account

Transferring money out of a Thai bank account is easier said than done. Having said that, if you transfer amounts under $20,000 you are normally alright. For amounts higher than that the bank will usually want paperwork for your work permit and tax payments in Thailand for anti-money laundering purposes. For financial advice on this matter, call the number at the top of the blog.

For more information, send an email to qrops@credendaassociates.com

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