Sunday, April 4, 2010

ATM fees and rates

Just back from Thailand a couple days ago and wanted to give the update regarding ATM fees. Yes, the banks are charging them. We tried to use Aeon and Government Saving Bank, but perhaps it was location of time of day or week, but they never had money in them so we were unable to confirm their lack of ATM fees for foreign cards.



I was able to compare retail rates and ATM rates and this is what I found:





Transaction # 1 Retail TC/Baht 33.14 ATM 33.45



Transaction # 2 Retail TC/Baht 33.19 ATM 33.49



Transaction # 3 Retail TC/Baht 33.10 ATM 33.33





My ATM rate accounts for the 150 baht fee, so you can see that there is always an advantage for going with plastic. My overall advantage for the trip was about 200 baht, enough for an extra drink or two. Not much, but in the end it is the principal of sticking it to the banks. If there were no ATM fees, my advantage would have been 650, enough for a nice meal.



For those converting cash to baht, the difference is even more marked since cash gets a worse rate, about 32.90 compared to what you see above for traveller%26#39;s checks to baht.



Hope this helps someone make the right choice about how to maximize travel bucks. ATMs are the way to go.





ATM fees and rates





The two ATMs you mentioned are outside the banking system. Aeon is a credit service aimed at lower income group and not a bank. The GSB is a state bank not part of the central clearing system.

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