Samsung Pay

[pmarlin]

Samsung Pay now offers international bank transfers.  if you have the Samsung pay app you might want to look at it. I looked at it very quickly and notice you have to have Visa or MC debit card in order to use it. More later when i get a chance to check it out.

Edited December 13, 2019 by pmarlin

[Max69xl]

I think it's about international transfers from only the US (so far) to 47 countries. 

[tabarin]

Pff, is every company starting a payment service nowadays? 

[DJ54]

Just noticed when checking my Chase account. They’ve added global transfers. Just for grins I checked how much to transfer 

1,000 USD... 0

[ThaiBunny]

1 minute ago, DJ54 said:

Just noticed when checking my Chase account. They’ve added global transfers. Just for grins I checked how much to transfer 

1,000 USD... 0

What was the exchange rate?

[Paradise Pete]

2 hours ago, ThaiBunny said:

What was the exchange rate?

Not exactly comparable, I know, but due to an unexpected and large expense I recently had to use my US credit card, a Visa issued by Chase, for a 125,000 baht transaction. They gave me an exchange rate of 28.95. On the phone I got them to waive the foreign transaction fee (~$125.00) but they said I had to talk to Visa directly about the exchange rate, and made it seem unlikely that they would budge. Chase treats me like royalty, always waiving everything I ask, but Visa doesn't care.

 

update: I just checked the global transfer service and the exchange rate they offered was 29.25.

Edited December 14, 2019 by Paradise Pete
added info

[Pib]

1 hour ago, Paradise Pete said:

Not exactly comparable, I know, but due to an unexpected and large expense I recently had to use my US credit card, a Visa issued by Chase, for a 125,000 baht transaction. They gave me an exchange rate of 28.95. On the phone I got them to waive the foreign transaction fee (~$125.00) but they said I had to talk to Visa directly about the exchange rate, and made it seem unlikely that they would budge. Chase treats me like royalty, always waiving everything I ask, but Visa doesn't care.

 

update: I just checked the global transfer service and the exchange rate they offered was 29.25.

Visa does set the exchange rate for your card (ditto for Mastercard if having a Mastercard card), but your card may also carry a foreign transaction fee like your Chase credit card.   The "card-issuing bank" determines if any foreign transaction fee will be passed/charged to your; not Visa.

 

Based on the amounts you gave above your Chase charges you a 3% foreign transaction fee which effectively reduces the Visa exchange rate by 3%.  Don't blame Visa for a crappy exchange rate; blame your card-issuing bank (i.e., Chase) for charging a 3% foreign transaction.  

 

Or, if your Chase card does not carry a foreign transaction fee I guess the 3% fee was for a cash advance as most cards typically carry a fee of 3% for a cash advance.

 

Plenty of cards out there that do not charge any foreign transaction fee...it's the only kind I use in Thailand.

 

When you say "global transfer service" who do you mean?  That sounds like a generic phrase.

 

 

[fceligoj]

It'll be interesting to see what issues will develop with the Samsung Pay International transfers.

 

Pertaining to your Chase credit cards, get a black card, NO EXCHANGE RATE FEES and the exchange rate is fairly reasonable.  When I use the card to make reservations using either Agoda or Bookings.com, I always use Thai Bahts. (Am an American)

 

I am surprised that you do not use Transferwise, best exchange rate and one of the lowest services fees anywhere.

[Paradise Pete]

On 12/14/2019 at 3:03 AM, Pib said:

Visa does set the exchange rate for your card (ditto for Mastercard if having a Mastercard card), but your card may also carry a foreign transaction fee like your Chase credit card.   The "card-issuing bank" determines if any foreign transaction fee will be passed/charged to your; not Visa.

 

Based on the amounts you gave above your Chase charges you a 3% foreign transaction fee which effectively reduces the Visa exchange rate by 3%.  Don't blame Visa for a crappy exchange rate; blame your card-issuing bank (i.e., Chase) for charging a 3% foreign transaction.  

 

Or, if your Chase card does not carry a foreign transaction fee I guess the 3% fee was for a cash advance as most cards typically carry a fee of 3% for a cash advance.

 

Plenty of cards out there that do not charge any foreign transaction fee...it's the only kind I use in Thailand.

 

When you say "global transfer service" who do you mean?  That sounds like a generic phrase.

 

 

I got them to waive the foreign transaction fee of $125. In the end, after that, they in effect charged me $4,170 for 125,000 baht, which was actually a pretty fair rate. Not quite as good as I could have gotten myself, but not outrageous,

I used to also have a second Chase card that had the perk of nor foreign transaction fees, but the card itself was not free, so I had canceled that card. When I did so Chase consolidated my total credit limit into the one card, and I knew from experience that they were always willing to waive fees for me, making this card worth a lot more to me (higher cash back, totally free). It's less "prestigious", but I don't care at all about that.