How to Avoid ATM Fees in Thailand

Thailand has one of the highest ATM fees in the world. Most Thai ATMs charge THB220 per withdrawal when you use a foreign-issued card, on top of what your bank charges you.

But you can avoid ATM fees in Thailand by opening a qualifying account with an eligible debit card through Charles Schwab.

Although it’s a brokerage account, you won’t have to invest money into the account. And you won’t have to pay any set-up or maintenance fees.

You’ll get a debit card that you can use in Thailand—and all over the world—and Charles Schwab reimburses ATM fees charged by other institutions.

Opening an Account

If you’re a U.S. resident, you can open a Charles Schwab checking account with no minimum deposit.

If you’re not a U.S. resident, you may be able to open a Schwab One International account, depending on your country of residence. This account has a US$25,000 minimum opening deposit.

But it’s well worth the time since you’ll be reimbursed on foreign ATM fees, not just only in Thailand, but worldwide.

Documents

Here’s the list of documents you may need to open a Charles Schwab account:

your address
a scanned copy of your passport or government-issued ID
your Social Security number or tax ID, if applicable
the name of your employer and address (if applicable)
a scanned copy of most recent utility bill or proof of address, if requested

Procedure

And here’s how to set up your account:

To open an account, go to this link if you’re a U.S. resident or go to this link if you live outside the U.S.
Download and fill in the application form
Where the form asks you whether or not you want a debit card, select yes
Download and fill in the W–9 form for U.S. taxpayers or W–8BEN for non-U.S. taxpayers
If opening a Schwab One International account, transfer the US$25,000 minimum opening deposit to your Charles Schwab account by check, wire transfer, or from your brokerage account
Submit your application and supporting documents online, by mail, or at a Charles Schwab branch

Once your account has been approved, your debit card will be mailed to you. Delivery time can vary by location.

If you need help opening your account contact Charles Schwab’s support team, which is available worldwide. They’ll guide you through the process.

Alternatives

One alternative to opening an account with Charles Schwab is to use TD Bank. Depending on your account type and balance, TD Bank may reimburse ATM fees charged by other banks. But this option is mainly for U.S. or Canadian customers, and you should check the current account terms before relying on it.