Transferwise increasing fees.

[TallGuyJohninBKK]

2 hours ago, edwardflory said:

At MY bank I write on paper amount in THB , hand to teller with bank book, FOREIGN DEBIT Master Card and Passport.

Master Card

...

This is the most economical way for me.

 

One problem with the cash advance/counter withdrawal method, however, as others have noted above, is that the Thai bank doesn't treat that kind of transaction as a foreign funds transfer. And thus, it would not be coded that way, and not able to be used for satisfying Immigration's monthly foreign transfer requirement.

 

[JamJar]

2 hours ago, Skeptic7 said:

Never done a CC cash advance, but in my reading over the years...the finance charges (interest rate) starts accruing from that very day. No 30 day grace period like purchases. This still the case?

 

It may be worth noting that I ran my comparison in GBP in posts #7 & #8. You can obtain fee free credit cards in the UK that also do not charge interest on cash advances, as long as you pay off the full statemented balance. An example being the Barclaycard Platinum Cashback Plus.

With other fee free credit cards, an appropriately timed deposit can negate any possible interest.

[TallGuyJohninBKK]

5 minutes ago, justin case said:

2019 and still cannot send THB to EUR ... go figure

 

Thailand and money are meant to be like the famous Roach Motel traps.

 

The money's meant to come in.... and not go out!   

 

[JamJar]

2 hours ago, robin33 said:

Are you sure...did a test a few times. Transferwise was always cheaper.

Verstuurd vanaf mijn Nokia 7 plus met Tapatalk
 

 

Bear in mind that some currency pairs are treated different. See post #7.

[Pib]

8 minutes ago, justin case said:

2019 and still cannot send THB to EUR ... go figure

Looking at the Transferwise website there are a "lot" of countries/currencies they can not send "from"....countries like Thailand where banking laws/regulations tightly control the outflow of the local currency such as baht. 

 

No problem sending "to" these countries just like your home country bank can send to Thailand via SWIFT.....but neither your home country bank or Transferwise can send "from" Thailand due to not having the appropriate license or just not wanting to for whatever reasons.

 

Yeap, Thailand can be the Land of Smiles for incoming money, but the Land of Frowns for outgoing money.

 

 

[TallGuyJohninBKK]

23 minutes ago, Pib said:

Yeap, Thailand can be the Land of Smiles for incoming money, but the Land of Frowns for outgoing money.

 

I like my "Roach Motel" analogy better.... 

 

Money checks in... It doesn't check out!

 

Edited June 9, 2019 by TallGuyJohninBKK

[Skeptic7]

49 minutes ago, TallGuyJohninBKK said:

 

It's all going to depend on the particular terms/rates of the particular credit card you want to use.

 

There are a few U.S. credit cards that have terms of no foreign currency fee, no cash advance fee either flat or % of amount advanced, and enable you to repay the advance immediately thru an inbound funds transfer to your CC account. Those are a sweet deal.

 

Or at the opposite end of the spectrum, there are credit cards that charge a 3-4 percent foreign currency fee, PLUS a $5 or $10 flat fee on any cash advance PLUS a 3-4% or more fee based on the amount of the advance, PLUS an often very high interest rate that begins accruing on the date of the advance.

 

Choose your CC for any cash advance/counter withdrawal here very carefully.

 

Sage advice. I have a No Foreign Transaction fee MasterCard from CapitalOne, which gives an excellent rate of exchange, which I use for every purchase (over $2) all over the world and have for years. I'm yet to find a "fee free" cash advance card (also with no annual fee, 30 day grace period, etc) such as you describe above. NOT saying there isn't and since you are TallGuyJohnInBKK...am taking your word on it! 

[TallGuyJohninBKK]

6 minutes ago, Skeptic7 said:

 NOT saying there isn't and since you are TallGuyJohnInBKK...am taking your word on it! 

 

Good plan, as you should!   

 

Pentagon Federal Credit Union's Promise Visa CC is one popular choice that fits the criteria... There are others:

 

https://www.penfed.org/credit-cards/promise-visa-card

 

And BTW, no, you don't have to be active or retired military to join PFCU... though it doesn't hurt if you are!

 

 

PS - the Cap One credit cards are great cards for expats, since they generally have no foreign currency fee and often have cash or some other form of rewards available.... But AFAIK, they're not especially good for cash advance purposes.

 

Edited June 9, 2019 by TallGuyJohninBKK

[elliss]

On 6/7/2019 at 10:00 AM, baansgr said:

Believe it not WU is very good on rates and even better than TW but can take 5 days to arrive....

 

 same same , Xenday , so slow .

 

[Skeptic7]

6 minutes ago, TallGuyJohninBKK said:

 

Good plan, as you should!   

 

Pentagon Federal Credit Union's Promise Visa CC is one popular choice that fits the criteria... There are others:

 

https://www.penfed.org/credit-cards/promise-visa-card

 

And BTW, no, you don't have to be active or retired military to join PFCU... though it doesn't hurt if you are!

 

Nice...Thx! May actually get one...But where's my 1.5% Cash Back?!? ????

[TallGuyJohninBKK]

1 minute ago, Skeptic7 said:

Nice...Thx! May actually get one...But where's my 1.5% Cash Back?!? ????

 

Can't get everything in this world....  It's VERY hard to find a mainstream U.S. credit card that has ALL of the following:

--cash back

--no foreign currency fee

--no fees for cash advances

--no annual fee.

--and a reasonable interest rate on balances.

 

The Promise card does all of those, except for the cash back part, AFAIK.... When I want cash back, I use Cap One. When I want to do a cash advance/counter withdrawal, I'll use PFCU Promise. Every card and its purpose!

 

[TallGuyJohninBKK]

9 minutes ago, Skeptic7 said:

Nice...Thx! May actually get one...But where's my 1.5% Cash Back?!? ????

 

Actually, I can get you a bit closer than the Promise card...via the PFCU Platinum Rewards VISA card.... Same advantages of no foreign currency fee, no cash advance fee and no annual fee... PLUS... points earned on purchases...

 

I always don't think as much about the Platinum Rewards card, because there was a time in the past when it DID charge a foreign currency fee, so it's always been in the back of my wallet behind the Promise card. But PFCU changed that a few years back and eliminated its foreign currency fee...

 

When I signed up, also, the Promise card had a better interest rate on balances than the Platinum Rewards card did. But right now, they both seem to show the same standard APR range of from 12 to 18% depending on credit worthiness....

 

So maybe the Platinum Rewards would be a better choice for you... Though one other difference is the Platinum card has a 3% balance transfer fee, whereas the Promise card has a standard ZERO balance transfer fee...

 

https://www.penfed.org/credit-cards/platinum-rewards-visa-signature

 

[Skeptic7]

4 minutes ago, TallGuyJohninBKK said:

 

Actually, I can get you a bit closer than the Promise card...via the PFCU Platinum Rewards VISA card.... Same advantages of no foreign currency fee, no cash advance fee and no annual fee... PLUS... points earned on purchases...

 

I always don't think as much about the Platinum Rewards card, because there was a time in the past when it DID charge a foreign currency fee, so it's always been in the back of my wallet behind the Promise card. But PFCU changed that a few years back and eliminated its foreign currency fee...

 

When I signed up, also, the Promise card had a better interest rate on balances than the Platinum Rewards card did. But right now, they both seem to show the same standard APR range of from 12 to 18% depending on credit worthiness....

 

So maybe the Platinum Rewards would be a better choice for you... Though one other difference is the Platinum card has a 3% balance transfer fee, whereas the Promise card has a standard ZERO balance transfer fee...

 

https://www.penfed.org/credit-cards/platinum-rewards-visa-signature

 

Awesome...thx. Haven't kept a balance on a CC for 30 years, so the balance transfer fee and APR are not really an issue. Thx again...great info! ????

[TallGuyJohninBKK]

BTW, here's a broader overview article on various U.S. entities that offer no cash advance fee credit cards... But you have to read the details closely, because the article isn't aimed at expats, so some of the cards listed DO charge foreign currency fees.

 

https://www.magnifymoney.com/blog/best-of/20-credit-cards-no-cash-advance-fees189115277/

 

 

[Paul UK]

Hi - I have a UK fee-free credit card, and got the Mastercard rate on an ATM cash withdrawal in Thailand.  I transferred money to my card to avoid the interest charges.

 

However, I don't know how to avoid the 220 baht fee on ATM withdrawals.

 

Could someone explain which banks I can go to to get 'cash advances' over the counter without paying any fees, and what documentation (passport and CC enough?) I need to get this cash withdrawal?

 

Thanks

[scubascuba3]

Hi - I have a UK fee-free credit card, and got the Mastercard rate on an ATM cash withdrawal in Thailand.  I transferred money to my card to avoid the interest charges.
 
However, I don't know how to avoid the 220 baht fee on ATM withdrawals.
 
Could someone explain which banks I can go to to get 'cash advances' over the counter without paying any fees, and what documentation (passport and CC enough?) I need to get this cash withdrawal?
 
Thanks

I go to the bank counters, its trial and error to find a friendly branch, ideally use one where you have a bank account. I don't publicise it because many people will go and then its a pain for the staff and they might stop it

[TallGuyJohninBKK]

15 minutes ago, Paul UK said:

Hi - I have a UK fee-free credit card, and got the Mastercard rate on an ATM cash withdrawal in Thailand.  I transferred money to my card to avoid the interest charges.

 

However, I don't know how to avoid the 220 baht fee on ATM withdrawals.

 

Could someone explain which banks I can go to to get 'cash advances' over the counter without paying any fees, and what documentation (passport and CC enough?) I need to get this cash withdrawal?

 

 

Usually, for a credit card cash advance or counter withdrawal INSIDE a Thai bank, all you'll need is your actual passport and the card you want to use.

 

However, one challenge is, like so many things here, there is little consistency among the banks and branches that will do said transactions. Some will. Some won't. Some charge a separate fee these days on cash advances at the counter, some don't.  There have been some reports of the tellers at some branches telling the customer to go use their ATMs instead.

 

Sometimes it will take a bit of shopping around from branch to branch to find a branch willing to do a no-fee counter withdrawal with a foreign credit card. AFAIK, SCB and Krungsri are charging fees these days for counter withdrawals. I'm not sure about all the various others.

 

Edited June 9, 2019 by TallGuyJohninBKK

[Sandman77]

I using TransferWise when my cash€ money is used up sometime it arrived on same day in my kadkorn Bank but not always i also can wait 3 days Western Union € Exchange rate is lower then transfer wise for €!
Still best option and exchange rate without fees changed your cash money at super rich ! The positive side of TransferWise is that you have a garantee that exchange rate is fixed 2 or 3 days from that day of sending mostly exchange rate go always down half bath in 3 days for one euro but then TransferWise unser not affected by this
In some Asia country for receiving money with western the charges fees


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[Pib]

2 minutes ago, Sandman77 said:

Still best option and exchange rate without fees changed your cash money at super rich ! 

But the problem with that approach is you have to somehow have the foreign currency in-hand to exchange into Thai baht....like making a trip back to the home country to get the foreign currency.  That plane ticket cost is a currency exchange big indirect fee.

[Sandman77]

You can buy your homecutrency also on SuperRichTH when exchange rate is low when it’s to baht higher in future with 10000€ I got a profit of 10000 baht charging back to thai baht


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[JamJar]

25 minutes ago, TallGuyJohninBKK said:

 

Usually, for a credit card cash advance or counter withdrawal INSIDE a Thai bank, all you'll need is your actual passport and the card you want to use.

 

However, one challenge is, like so many things here, there is little consistency among the banks and branches that will do said transactions. Some will. Some won't. Some charge a separate fee these days on cash advances at the counter, some don't.  There have been some reports of the tellers at some branches telling the customer to go use their ATMs instead.

 

Sometimes it will take a bit of shopping around from branch to branch to find a branch willing to do a no-fee counter withdrawal with a foreign credit card. AFAIK, SCB and Krungsri are charging fees these days for counter withdrawals. I'm not sure about all the various others.

 

 

Only with debit cards, not with credit cards.

 

But yes, your passport, the credit card and your feet.

People, myself included, are reluctant to give specific details of a particular branch. Firstly, because there will always be those that complain that that branch is not convenient for them and secondly, I don't want too many people overloading a particular branch, in so that providing the service becomes a nuisance and blocks their actual account holders from getting timely service.

[Pib]

Branches can also flip-flop on their policy regarding accepting debit cards for a counter withdrawal (a.k.a., counter withdrawal).  And it don't matter if you have a bank account with that branch/bank or not.  Like a close-by Bangkok Bank branch I "use to use every few months" to do a cash advance using a US "credit" credit that had no cash advance fee or foreign transaction fee but did start charging interest from day one; however, I would prepay or pay same day the cash advance to avoid any fees. 

 

Anyway, this branch would not do a cash advance using a debit card...they would just point you to their ATM...and I tried twice over two months....told no each time for use of the debit card.  However, the branch gladly accepted a credit card for a counter withdrawals....and I probably did 4 or more such withdrawals using the credit card over a year or so.  Then I stopped going to this branch as I started using using other methods and cards to get money from the US.   

 

But, just a few days ago on the way to my Krungsri branch which I use frequently to do counter withdrawals using my US "debit" card with a high daily withdrawal limit I decided I would stop by the Bangkok Bank branch again and try the debit card again for a counter withdrawal.  Just got the urge to try them again.  I was expecting another no-can-do for a debit card but to my surprise this Bangkok Bank branch gladly processed the debit card counter withdrawal for Bt150K which I had directly deposited into my Bangkok Bank account....done and dusted in 5 to 10 minutes.

 

Yeap...varies from branch to branch....and branches can change policies over time....maybe due to different branch management....maybe due to bank policy change....maybe a bank clerk that didn't know better...maybe _____________(you fill in the blank).

 

 

[ecaps]

On 6/8/2019 at 2:08 PM, Pib said:

 

Now, if needing the money to document a monthly income for extension of stay purposes it's no good for that.  But if just needing to get money for day-to-day living or keep your Bt800K deposit topped up for extension of stay purposes you can't beat a no foreign transaction fee debit card....even Transferwise comes in a distance second.

 

 

I think I know the answer to this but your wording has me intrigued:

Are you saying that showing a 800k amount in a debit card is compliant for a visa or an extention of stay?

[Pib]

Just now, ecaps said:

I think I know the answer to this but your wording has me intrigued:

Are you saying that showing a 800k amount in a debit card is compliant for a visa or an extention of stay?

No.  Using a debit card to get money monthly into Thailand is not a "transfer" that Thai immigration accepts if using the "monthly Bt65K income method." 

 

If you use a debit card to do a withdrawal and also have it directly put in your bank account in the same setting it's coded just as any other local "deposit;" not as an "international transfer."   

 

This combo transaction is really two separate transactions happening seconds apart.  First transaction is a withdrawal from your card-issuing bank in the home country documented by the Point of Service/card swipe machine receipt you get...the bank rep puts the funds in a temporary holding account until the next step can be accomplished.  The next step/the 2nd transaction is "deposit" of that money into your bank account although the money never touched your hands...the bank rep simply moved the funds from the temporary holding account into your bank account which includes you signing a deposit slip.  Only the 2nd transaction, the deposit, is documented in your Thai bank passbook/ibanking/statement.   

 

But if you use the "Bt800K large deposit in a Thai bank method" then using debit card to fill-up/top-up our Thai bank account to Bt800K and also get day-to-day living money works great if  you have a no foreign transaction fee debit card...and even better if it also reimburses ATM fees....beat any money transfer method in terms most baht received at the least cost to you.  And if using the debit card for counter withdrawal you might not even incur a Thai bank withdrawal fee---I don't.

 

 

[CMBob]

On 6/7/2019 at 4:44 AM, johnson36 said:

But still cheaper than bank transfers

 

Maybe for smaller amounts.  Just checked on sending $25,000 via wire using them and the new fee was $186.53 (the current/old fee being $147.39).  My US bank charges $85.00 to send that same amount whereas my US credit union charges $50.00.  

[Pib]

6 minutes ago, CMBob said:

Maybe for smaller amounts.  Just checked on sending $25,000 via wire using them and the new fee was $186.53 (the current/old fee being $147.39).  My US bank charges $85.00 to send that same amount whereas my US credit union charges $50.00.  

Sending fees are only part of the cost analysis.  The other part is the exchange rate.  The Transferwise exchange rate will be higher than your sending bank or receiving bank.

 

 

[CMBob]

2 hours ago, Pib said:

Sending fees are only part of the cost analysis.  The other part is the exchange rate.  The Transferwise exchange rate will be higher than your sending bank or receiving bank.

 

 

No, that's not true, at least in my case.  I always wire in US Dollars and the exchange rate given is the rate on the given day it shows up in my Thai bank (in my case, Siam Commercial Bank); however, if one tried to wire in Thai baht, you're correct in that the exchange rate given in the US for Thai baht is typically 3-6% lower.  

[Pib]

12 hours ago, CMBob said:

No, that's not true, at least in my case.  I always wire in US Dollars and the exchange rate given is the rate on the given day it shows up in my Thai bank (in my case, Siam Commercial Bank); however, if one tried to wire in Thai baht, you're correct in that the exchange rate given in the US for Thai baht is typically 3-6% lower.  

It is true even in your case as you are just delaying the exchange rate cost until you decide to exchange from your USD account to Thai baht.   And the exchange rate used when you do that is the TT Buying Rate just like for an incoming transfer that is converted to baht and deposited into a baht account.   

 

And based on the continuing slow downward USD-THB exchange rate by waiting you have actually lost more money by not exchanging earlier.

[Pattaya46]

19 minutes ago, Benroon said:

On 6/7/2019 at 6:34 PM, Pattaya46 said:

They already increase their EUR->THB fee about 0.20% earlier this year. 

Now a second increase about 0.15%  

Probably worth to look what fees competition now offer...

errr I think you mean 15% for GBP transfers ! (more for US)

No. I mean their fee for EUR->THB will change to about 0.68%

while now it's still about 0.53% and was about 0.34% in January.

Their fee will just double from January 

[Neeranam]

On 6/9/2019 at 1:49 PM, Pib said:

If you are talking using Transferwise you can not send money "from" Thailand...nor can you use a cyrpto option.

Thanks.in that case. Revolut could be betterbetter.