If you're traveling to Thailand for a holiday, or planning on living here for work or retirement, one of your first considerations will be money, that is exchanging money and withdrawing it at ATMs (Automated Teller Machine).
In this post, I'll break down everything you need to know, so that you won't ever get caught short without enough cash, and won't spend more on bank fees than you need to.
I'll also reveal a secret tip at the end of the article that will get you a better exchange rate and save you money.
Where Are ATMs Located in Thailand?
The good news is there are plenty of ATM machines available in Thailand. You can find them at airports, malls, 7-Elevens, other convenience stores, and of course, at banks themselves, ensuring easy access to cash whenever you need it.
However, it's worth noting that rural areas may have fewer ATM locations, where it is not uncommon to find yourself in a village with only one ATM outside a local 7-Eleven. Therefore, when visiting rural areas and remote islands, it's advisable to ensure you have enough cash on hand for a couple of days.
To locate ATMs for the five largest Thai banks, you can use the links provided below to visit their ATM locator pages.
Will My Debit / Credit Card Work in Thailand?
The ATMs in Thailand accept Visa, MasterCard, Maestro, and Cirrus cards. To determine if your card belongs to one of these networks, simply check the card itself for the corresponding logo.
Alternatively, you can contact your bank for confirmation.
When using an ATM, you'll also notice logos displayed on the machine indicating the types of cards it accepts.
If that isn't the case, use the Visa ATM locator or the MasterCard ATM locator to find an ATM that works with your card.
ATMs in Thailand are compatible with both chip-and-pin cards and cards with only a magnetic stripe on the back.
Both four-digit and six-digit PIN numbers will be accepted.
Is it true that withdrawals are sometimes blocked?
This can happen. The main reason is that your bank blocks the transaction, believing it to be fraudulent because it is taking place in a foreign country.
The best way to avoid a block is to phone your bank before you travel and let them know that you will be in Thailand for a period of time. They will lift any foreign transaction restrictions for you prior to travel.
Are there withdrawal limits on Thai ATMs?
The large majority of Thai ATM machines have a withdrawal limit of ฿20,000 ($550).
Some banks have higher limits such as Bangkok Bank ฿25,000 ($687), and Krungsri ฿30,000 ($830).
In terms of fees, it works out cheaper to do one large withdrawal over a number of small transactions. Remember that it's the same fee to withdraw 20,000 THB as it is to withdraw 5,000 THB.
Make sure you check with your bank to see what your card's withdrawal limit is before you travel.
* USD conversions are based on the rates at the time of writing.
What Are the Fees for Thai ATMs?
You might be surprised to know that compared to money exchanges, Thai ATM machines offer a good exchange rate.
However, and I stress this point, only if you select the option to be charged in the local currency, which is Baht (฿). And this is the secret tip I mentioned at the start of this post.
Withdrawals from ATMs in Thai Baht are converted using the mid-market rate, which is the fairest exchange rate possible.
The mid-market rate is derived from the mid-point between what the buyer is prepared to pay and what the seller is prepared to sell for.
If you select the option to be charged in your home currency, the ATM will utilize a process called Dynamic Currency Conversion to create an exchange rate.
This process involves converting the amount of a Visa or MasterCard transaction by a merchant or ATM to the currency of the payment card's country of issue at the point of sale.
However, this is always a bad deal.
Therefore, always choose “no” to this option. Similarly, when paying by debit or credit card in a restaurant or shop, it's advisable to also decline the home currency charge.
Withdrawal fees
Withdrawal fees from Thai ATMs can really add up over the course of a holiday.
The large majority of banks charge ฿200 (approximately $5.50) per transaction for withdrawals with a foreign bank card. Using a Mastercard or a Visa card increases the cost to 220 THB per transaction.
Some banks such as Aeon Bank charge less, at ฿150 per transaction (approximately $4).
And that's not all…
Your home bank will also charge fees for a foreign withdrawal.
So you will pay a local fee and a “home bank” fee. This could mean you will pay up to $8-10 per transaction!
How to Avoid Thai ATM fees
1. Find out if your bank has a corresponding bank
None of the banks in Thailand are part of the Global ATM Alliance. However, your home bank may still have a relationship with a Thai bank that allows for free withdrawals or reduced fees.
It's best to call your bank to find out about any existing partnerships.
2. Check your card’s terms and conditions
Different banks offer cards with varying terms. Some may offer cheaper foreign transactions, and others may waive them altogether.
While this can help you avoid the fee charged by your home bank, it usually won't exempt you from the local Thai ATM fee.
That being said, if you're from the USA, Charles Schwab offers a debit card that can be used at foreign ATMs and, if the ATM charges you a fee, Charles Schwab will reimburse it o you at the end of the month. Check the banks in your home country to see if a similar deal is available.
Additionally, using a debit card rather than a credit card is often more economical. This is because credit card companies typically treat withdrawals as cash advances, which incur higher transaction fees.
3. Use a bank teller
The simplest way to avoid using ATMs is to opt for human assistance, either at the bank or at a currency exchange desk.
This method also allows you to bypass the withdrawal limit. However, please note that you may still incur a fee from your home bank.
4. Choose to be charged in local currency
As mentioned earlier, opting to be charged in the local currency rather than your home currency will save you money.
Many people make the mistake of selecting their home currency and end up being overcharged on the exchange rate.
5. Use Krungsri or Aeon for cheaper fees
At ฿150 per withdrawal, Krungsri and Aeon are cheaper than the other banks. It's not much of a saving but it all adds up over time.
6. Use a Thai ATM card
If you're a regular visitor to Thailand, or planning on living here, then you should consider opening a bank account and getting a local Thai debit card.
Thai debit cards are usually free to use when using an ATM of the same bank, and around ฿10 to ฿20 to use at another bank's ATM.
Having a local ATM card helps you avoid fees, except those you will incur when transferring money to your Thai bank from abroad.
These fees can be heavily reduced, though. See below.
7. Use Wise to avoid all fees!
If you're planning a holiday visit to a partner, family member, or friend, consider using Wise to send them money directly to their account, allowing them to withdraw it upon arrival. It's crucial to choose someone you trust for this arrangement.
Wise facilitates money transfers to Thailand at the mid-market exchange rate, without any bank fees aside from a small transaction fee. This cost-efficient method works by processing transactions locally in both your home country and Thailand, eliminating international fees altogether.
For those intending to live in Thailand, whether for work or retirement, opening a Thai bank account is essential. You can use Wise for regular transfers to your Thai bank account, enabling fee-free withdrawals using your ATM card, or incurring nominal fees when using third-party ATMs.
In Summary
Here's a bullet point summary of the key takeaways from this article:
- ATM machines are plentiful across Thailand, found in airports, malls, convenience stores, and banks, ensuring convenient access to cash.
- Rural areas and smaller islands may have fewer ATM locations, so it's wise to carry sufficient cash when visiting such areas.
- Opt for ATMs that accept Visa, MasterCard, Maestro, and Cirrus cards, ensuring compatibility with your card network.
- Always choose to be charged in the local currency (Baht) to benefit from favorable exchange rates, avoiding dynamic currency conversion.
- Withdrawal fees from Thai ATMs can vary, with most banks charging around ฿200 per transaction for foreign bank cards. Aeon is cheapest a ฿150.
- Explore options to minimize fees, such as using banks with corresponding partnerships, checking card terms, or obtaining a local Thai debit card by opening a bank account.
- Consider alternative money transfer services like Wise for cost-efficient transactions, especially for regular transfers or living expenses in Thailand.
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