Bangkok Bank, American Visa Debit Cards

[Curt1591]

Just now, TallGuyJohninBKK said:

 

There's no set foreign currency fee on VISA debit cards from the U.S. in terms of what gets passed along to the end user.

 

It all depends on what the issuing bank wants to do..... pass along the VISA network charge, not pass it along, add extra onto the VISA charge...

 

As a result, there are cards with no fee, 1%, 2%, many at 3% and some even higher than that!

 

One of the reasons I have my credit union is that there are no fees. The only time I realize any fees is when I use my credit union issued, Visa backed, credit card and my debit for cash (1 time only as a test).

When I use my debit card in an ATM, the fee is included in the net amount.

 

When I use the credit card, or do an over-the-counter withdrawal with my debit card, I see an itemized debit of 1%. 

I got Visa to confirm the 1% on foreign transactions using the credit card. The stated, plainly, that "there is a 1% foreign transaction fee". 

But, when I decided to try a OTC withdrawal, they beat around the bush when it came to confirming the debit card fee. My credit union said it is Visa's charge. 

After confirming, in writing, that my CU would not assess a fee, and being warned that Visa may,  I tried out the super duper, OTC no fee scheme. Below, see result.

 

Exactly 1% !

Now, if one's banking institution chooses to absorb those fees, or even refund any fees, that's wonderful. But, one should be aware that the fees exist and not necessarily assume they will be waived. 

 

[TallGuyJohninBKK]

26 minutes ago, Curt1591 said:

One of the reasons I have my credit union is that there are no fees. The only time I realize any fees is when I use my credit union issued, Visa backed, credit card and my debit for cash (1 time only as a test).

When I use my debit card in an ATM, the fee is included in the net amount.

 

When I use the credit card, or do an over-the-counter withdrawal with my debit card, I see an itemized debit of 1%. 

I got Visa to confirm the 1% on foreign transactions using the credit card. The stated, plainly, that "there is a 1% foreign transaction fee". 

But, when I decided to try a OTC withdrawal, they beat around the bush when it came to confirming the debit card fee. My credit union said it is Visa's charge. 

After confirming, in writing, that my CU would not assess a fee, and being warned that Visa may,  I tried out the super duper, OTC no fee scheme. Below, see result.

 

Exactly 1% !

Now, if one's banking institution chooses to absorb those fees, or even refund any fees, that's wonderful. But, one should be aware that the fees exist and not necessarily assume they will be waived. 

 

 

Some institutions break out any foreign currency fees in the way they report transactions to their customers on their statements/online. Other's don't, and you only see/get a lump sum.

 

But it doesn't need to be complicated regardless of whether it's VISA or MC, debit or credit, OTC or POS or ATM,.,,because....

 

Both MC and VISA have websites that allow you to see and know their foreign currency conversion rate for any pair of currencies on any particular day. So all you need to do is see the actual rate you got (baht for dollars), and then go and see what the MC or VISA websites are showing for that same day... Then you will know for sure whether or not any FCF is being assessed.

 

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

 

https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html

 

That way, also, you don't have to rely on your card issuing bank staff back in the U.S. who may or may not know what they're talking about when it comes to bank card fees for foreign stuff.

 

 

 

Edited January 7, 2020 by TallGuyJohninBKK

[Curt1591]

12 minutes ago, TallGuyJohninBKK said:

That way, also, you don't have to rely on your card issuing bank staff back in the U.S. who may or may not know what they're talking about when it comes to bank card fees for foreign stuff.

 

My CU knows it's stuff. They have been around for over 80 years. They have always been 100% up front.

Visa is 20 years younger. Visa is the one that has avoided being upfront. 

As Pib verified, Visa and Mastercard do charge. That charge is 1% .

My CU passes on the charge because they run a straight forward operation. This cannot be said about institutions I previously banked with.

If my CU were to start eating other institutions' charges, I'm sure they would have make it up somewhere else.

 

In over 40 years with the institution, I have never incurred a charge for any of their services - notary, cashiers checks, copies, ... etc.


 

[TallGuyJohninBKK]

4 minutes ago, Curt1591 said:

If my CU were to start eating other institutions' charges, I'm sure they would have make it up somewhere else.

 

That's one way of rationalizing paying a 1% FCF...

 

But there are a variety of financial entities that DON'T charge the 1% FCF to their customers and don't extract it in other ways. Plus, there are some of those same and others that go a step further and also reimburse any foreign ATM use fees (like the Thai banks 220b ATM use fee) that their cardholders incur.

 

The best of all worlds is a No FCF debit or credit card with an account that also reimburses foreign ATM use fees.

 

[Curt1591]

31 minutes ago, TallGuyJohninBKK said:

 

That's one way of rationalizing paying a 1% FCF...

 

But there are a variety of financial entities that DON'T charge the 1% FCF to their customers and don't extract it in other ways. Plus, there are some of those same and others that go a step further and also reimburse any foreign ATM use fees (like the Thai banks 220b ATM use fee) that their cardholders incur.

 

The best of all worlds is a No FCF debit or credit card with an account that also reimburses foreign ATM use fees.

 

Of course.

But, since the OP is " ... not physically at my bank in the US", the OP would not, most likely, be able to open such an account. All that I have checked require US residency. 
 

Just looking at the here and now.

Edited January 7, 2020 by Curt1591

[TallGuyJohninBKK]

1 hour ago, Curt1591 said:

Of course.

But, since the OP is " ... not physically at my bank in the US", the OP would not, most likely, be able to open such an account. All that I have checked require US residency. 
 

Just looking at the here and now.

 

U.S. residency is a somewhat flexible term.

 

There are a couple golden rules I have for any American expat here:

 

--always try to open and maintain all the expat-friendly financial accounts you think you'll need BEFORE you move abroad.

 

--even after moving, keep an official residence address presence in the U.S. of some sort that can be used for official business -- whether it's a mail forwarding location, family member, friend, etc etc.

 

--Keep a state driver's license as long as possible, because that makes opening new bank accounts, if necessary, significantly easier.

 

If you have a state DL and a matching U.S. address, it's perfectly possible to open new financial accounts while you've living abroad... Just takes a bit more finesse sometimes.

Edited January 7, 2020 by TallGuyJohninBKK

[Curt1591]

8 hours ago, TallGuyJohninBKK said:

 

U.S. residency is a somewhat flexible term.

 

There are a couple golden rules I have for any American expat here:

 

--always try to open and maintain all the expat-friendly financial accounts you think you'll need BEFORE you move abroad.

 

--even after moving, keep an official residence address presence in the U.S. of some sort that can be used for official business -- whether it's a mail forwarding location, family member, friend, etc etc.

 

--Keep a state driver's license as long as possible, because that makes opening new bank accounts, if necessary, significantly easier.

 

If you have a state DL and a matching U.S. address, it's perfectly possible to open new financial accounts while you've living abroad... Just takes a bit more finesse sometimes.

 

[TallGuyJohninBKK]

18 hours ago, Curt1591 said:

But, since the OP is " ... not physically at my bank in the US", the OP would not, most likely, be able to open such an account. 

 

And that's where you're simply wrong.

 

My point above was, it's perfectly possible to open new U.S. bank accounts as an expat here without ever having to physically go back to, or be physically present in, the U.S.  I've done it numerous times over the years.

 

You just have to have the right arrangements, which I explained in the prior post above. A person also would want to focus on banks/CUs that have online application processes, which many do. It may take a bit of work and persistence. But it's absolutely doable.

[Curt1591]

I repeat .... 

 

9 hours ago, Curt1591 said: