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Withdrawing money from your overseas bank account

Withdrawing money from your overseas bank account

Withdrawing money from your overseas bank account

If you have a bank account in your home country that is linked to Visa, Mastercard or similar, you can withdraw cash from most Thai ATMs.

There is a flat fee imposed by all Thai banks of 150 baht (@$5 US) per withdrawal on overseas transactions. This is on top of whatever fees your particular bank charges. You will need to check with your bank to see what the fees are.

If you are charged a flat fee of say $5 per withdrawal you will pay this every time. If you withdraw 30 baht, you will pay a $5 fee. If you withdraw 20,000 baht you will pay the same $5 fee. Under these circumstances you are going to save money by withdrawing more each time.

If you don’t want to carry large sums of money around, get a Thai bank account. Deposit your withdrawn funds in it and then withdraw small amounts from your Thai account as you need them. You may not be charged to withdraw from your Thai account provided you withdraw from local ATMs of the same bank or over the counter from the branch. When withdrawing from your overseas account you will need to know the maximum that can be withdrawn at the ATM or by the Thai bank. Most Thai banks, including ATMs, have a limit of 20,000 baht.

You may have difficulty in opening a bank account in Thailand. Different banks have different criteria. If you have an MSU student card it should not be difficult.

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