For UK Readers: ATM Fee from 3% ==>0% in 5 Minutes

[Guest]

Your typical UK bank charges about 3% for cash withdrawals outside the Single European Payment Area. [Greedy bastards]

 

There is a mobile app based bank called Starling, which charges 0% & it takes about 5 minutes to download the app and open an account.  

The ATM card is supposed to follow within 5 days (I will post an update in the event there is any problem).

 

Unlike some other similar products, there is no monthly cap on your "free" ATM withdrawals.

 

Of course, you still have to pay the 150 baht fee to the Thai banks, but it is better than 150 baht + 3% to the UK bank.  

I'm not aware of any UK bank which reimburses the 150 baht (apparently some US banks do, but that's of little use to us).

 

There is the slight downside that the max withdrawal is £300, so about 12700 baht, so if you take 12000 baht, the 150 baht is equivalent to about 1.25%.     

Still a lot less than 3% + 150 baht, but nowhere near as good as the best cash rates, or a Thai bank account.

Also useful in other countries with more reasonable ATM charges.

 

Thanks to the Travel Money section on Money Saving Expert for putting me onto this. 

 

They also recommend Halifax Clarity & Santander Zero credit cards for avoiding the usual ~3% loading on overseas purchases. 

[hanan]

Of course, you still have to pay the 150 baht fee to the Thai banks

All thai ATMs I know of charge 220 baht for taking out cash. Where are these 150 baht ATMs?

[Guest]

All thai ATMs I know of charge 220 baht for taking out cash. Where are these 150 baht ATMs?

 

A historical remnant in my brain, probably from the last time I withdrew money from an ATM in Thailand,  helping out a friend who lost his card.

 

I haven't been paying the Thai ATM fees, due to combination of the much cheaper options of bringing cash & using a Thai bank account.

 

From my Thai account, ATM withdrawals are I think, APPROXIMATELY zero in the same region as my branch & about 12 or 15 baht elsewhere. 

 

Thank you for updating me.    If it's 220 baht, that's £5.15 !      The banks clearly think tourists are there to be screwed.

And most UK banks take another 3% of your money on top.

 

Anyway, my Starling account will be just fine for EMERGENCY use in Thailand and more widespread use in other countries where I don't have a bank account, or where the ATM fees are sensible.

[gerefan]

For a 3 month stay I get through a total of Approx £10,000. At a max of £300 withdrawal this means 34 visits to the cash machine.

So the 220 baht withdrawal fee becomes approx about £178. Plus the reduced rate of exchange, say another £200 lost.

Total exchange costs are therefore £378 or the equivalent of 15800 Bt.

Cash and Thai bank account for me too!

[Guest]

Cash and Thai bank account for me too!

 

Your conclusion is, of course correct. 

However Starling are supposed to be using the Mastercard rate, without any additional charges.

 

 As I write, £300 at mid market would get you 12794 baht (theoretical zero loss mid market rate).

 At the Mastercard rate, £300 gets you 12756, so the loss is "only" 34 baht or 0.27%

 

It's the ATM fees that screw the deal.     I'm not sure if Aeon still have a lower charge, but in any case, this is only to be considered for people who don't need to detour to find their machines.

 

More importantly, I may need to pick your brains on 3 month stays......

[gerefan]

I have just been issued a new card by the Natwest bank in the UK and enclosed was a leaflet outlining their exact costs for exchange of foreign currency... and it is horrifying.

 

So, to exchange 10,000 GBP to Baht the costs are:

 

34 visits to cash machine: 34 X 220 Bt                                  = 7480 Bt .....£178

Nat west Bank Charge per visit 34 X £5                                = 7140 Bt......£170

Natwest Foreign Xchange fee (2.75%)... 10,000 X 2.75%  = 11550 Bt... £275  

 

Total .........................................................................................  26170 Bt.....£623     

 

I'm somewhat speechless, so def continuing with cash and my Thai bank account! Didn't realise quite how much I was saving.          

[Nasherich]

 

 

If from the UK, alternatives are Monzo and Revolut (but only £200 worth of withdrawals per 30 days) converted at MasterCard rate. Still subject to 220baht fee.

 

Starling is similar, I did read somewhere there were no foreign ATM withdrawal limits but if there aren't yet, it's only a matter of time.

[Guest]

If from the UK, alternatives are Monzo and Revolut (but only £200 worth of withdrawals per 30 days) converted at MasterCard rate. Still subject to 220baht fee.   Starling is similar, I did read somewhere there were no foreign ATM withdrawal limits but if there aren't yet, it's only a matter of time.

 

So Starling is the only one of the 3 that could be used for any normal holiday.  

 

If you are going to use a UK ATM card in Asia, the best thing to do is sign up and use the reasonable fees whilst they last.

That may be 5 weeks, 5 years or 5 decades.    However, you only need to invest about 5 minutes to get one.

 

I've had my Metro bank card about 7 years.  That had free withdrawals everywhere originally.   It still has free withdrawals in Europe, so cheaper than other cards.

The Halifax clarity credit card still does overseas transactions without the usual 2.5~3% fee.

 

Of course for Thailand, cash & my Thai bank account remain the preferred options.  However, I also travel to other countries AND like to have back up ATM cards.

[Up2u]

First I would establish a Thai bank account, and then investigate and consider TransferWise. Works for the Brits and Americans, no daily limit restrictions,very competitive MID-FX exchange rates, monies are transferred in Thai Baht. Now that expats (Brits and Americans) can no longer use income verification letters, expats are exploring all available funding options for their retirement extensions.