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Home » Reader question » Reader question: Withdrawal costs with Transferwise debit card or not?
Reader question: Withdrawal costs with Transferwise debit card or not?
Posted in Reader question
Tags: ATM, Debit card, Cash withdrawal costs, Transferwise
Dear readers,
Transferwise offers an account with an account in Thai baht. I live in the Netherlands, if I am now in Thailand and I withdraw money from this account with the Transferwise debit card via the ATM, do I have to pay the 220 baht per transaction or not?
Regards,
Zico
This is what Transferwise says about the Thai Bath Card: 'Free ATM withdrawals from more than 2 million ATMs worldwide (up to £200 per month)'. That formulation does indeed leave open the possibility that Transferwise does not charge any costs for this, but the relevant bank does……… So I am also curious what this means in Thai practice!
In Thailand, if you want money from an ATM with any debit card, you pay a withdrawal fee, except at the ATMs instead of the bank where you have an account with a debit card.
Example: you have an account and debit card (atmcard/debit card) from a SCB bank in Korat. Withdrawals from SCB banks in Korat are free. Outside of Korat, you also pay at SCB banks. This means that with an SCB debit card at an SCB-ATM bv in Saraburi or Udon Thani you will lose withdrawal costs.
If you use ATMs from other banks, you always pay withdrawal costs.
Transferwise is not a Thai bank, and with their debit card you will therefore pay withdrawal costs to the Thai bank that owns the relevant ATM everywhere at any ATM. But not to Transferwise. Transferwise means to say that it itself does not charge any costs if you withdraw money at any ATM with a Transferwise debit card in Thailand. Note: a Dutch bank such as ING or AbnAmro does.
A Thai does not pay 220 baht per transaction.
Yes. This has nothing to do with nationality but with the bank card. A Thai with a foreign pass pays 220 Baht, a foreigner with a Thai pass pays 0 Baht.
Yes, of course I get that. What matters is that if you have a Thai bank card, you pay considerably less for an ATM cash withdrawal.
With my Krungsri atm card I do not pay withdrawal costs anywhere in Thailand when I withdraw at a Krunsri machine.
I have a debit card from the Bangkok Bank and do not pay withdrawal fees at any ATM in Thailand to my knowledge, at least I have never seen it on my statements.
With a Thai bank card you can withdraw money 4 times a month at any ATM (in Thailand) without paying withdrawal costs. Outside the province you continue to pay Baht 20, even at your own bank branch ATM. But what amounts are we talking about, Baht 20- per time.
How much does it cost to withdraw cash?
.......
What if the ATM charges me a fee, or asks me to choose a currency?
Some ATMs charge their own fees, and they'll usually say so before you get started. If you see any extra fees, you'll have the option to cancel and use a different ATM.
They may also ask to convert your money for you. If you say yes to this option, they'll often charge an unfair exchange rate.
To avoid extra fees from the ATM, be sure to choose the local currency where the ATM is. For example, if you're in Italy, choose EUR as the currency to be charged in. If you're in the US, choose USD. This will stop the ATM from marking up the currency exchange rate.
Here are some examples of what you might see when using an ATM, and what you should choose.
https://transferwise.com/help/18/transferwise-debit-mastercard/2935769/what-are-the-atm-fees-for-my-transferwise-debit-mastercard
You will also have to pay 220 Baht. Transferwise is not interesting in Thailand to withdraw money with a card. You need a Thai bank account plus Thai bank card to avoid that 220 Baht.
Unfortunately, no foreign debit card, including Transferwise, escapes the 220 baht ATM fee.
Even with a Thai debit card you will lose 15-20 baht for guest use.
A bit dated, from 2017, this article from Transferwise about withdrawing money in Thailand, https://transferwise.com/gb/blog/atms-in-thailand. There is talk of pinning at the cash register with a bank employee, that that would be free. To my knowledge this is not correct.
Transferwise is not a Thai bank, so the Thai bank will charge 220 Baht upon withdrawal.
Peter you say a Thai does not pay any costs, but how does the ATM know that it is a Thai standing in front of the ATM
Maybe because they have a Thai bank account with a debit card from a Thai bank.
The one with the mouth mask? 😉
If I'm reading Transferwise's website correctly, then only the first $250 US per month or equivalent is free. If you want to use more debit cards, you pay Transferwise 2% transaction costs. See below:
“You can use your TransferWise card like any other bank card to withdraw money at ATMs around the world. Depending on where your card was issued, the first 200 GBP, 250 USD, 350 AUD, 350 NZD, or 350 SGD that you withdraw every month is free. If you withdraw a different currency, it will be equivalent to the currency your card was issued in.
After that, there's a 2% charge on withdrawals. ”
And indeed you pay the 220 Thb to the Thai bank anyway.
I have never paid any charges at an ATM (other than a Krungsri where I have an account). Not even outside my hometown. I have only experienced this with GSB, so I no longer use it.
Why would you want to pay with the Transferwise debit card?
If I transfer money via ideal to Transferwise and forward it to my Thai bank account, it will be there 10 minutes later so that you can simply use your Thai card for free.
because he doesn't have a Thai bank account, smart guy...
Yes with the green Hello World card
Do you pay the now 240 Baht transaction costs.
Had to withdraw money quickly
2 days ago.