TransferWise ATM Mastercard Debit Card

[bmanly]

Hi, I have a Transferwise Mastercard Debit Card issue to me in Australia. It says that some ATM's are free of charge to use and that I can use it anywhere in the world. Can someone advise me if there is such an ATM in Thailand? I know I can use it pretty much anywhere in Thailand but is there any ATM with a low or no fee? Thank you.

Edited June 14, 2020 by bmanly

[Matzzon]

Not a professional, but as I understand it you need to have the currency set so that Thai baht is the main currency on the card for have free ATM withdrawals.

[bmanly]

9 minutes ago, Matzzon said:

Not a professional, but as I understand it you need to have the currency set so that Thai baht is the main currency on the card for have free ATM withdrawals.

OK thanks, so if I put it in Thai Baht (I have a boderless account with multiple currencies) I can get free withdrawals. Is that every ATM or are there specific ones I should use?

[Matzzon]

44 minutes ago, bmanly said:

OK thanks, so if I put it in Thai Baht (I have a boderless account with multiple currencies) I can get free withdrawals. Is that every ATM or are there specific ones I should use?

Out of the information i could find, was that it regards over 2 million ATM´s but it is only free up to 200 pounds withdrawal every month. With that low amount it seems pretty worthless to me.

 

https://transferwise.com/gb/travel-money/thai-baht-card

 

[bmanly]

Pretty sure that it is similar amounts for all countries around the world. So 200 pounds = around 7,600 baht which as you say is not so much. I was going to use it like an extra back up. 

 

Background: The AUD is up against the USD and THB right now. Just trying to buy some USD and THB whilst it is in my favour and position myself for small withdrawals if I need it when borders re-open. 

 

You are right though, i wonder why those monthly allowances are so small?

 

Thanks for your help.

[Pib]

You will still pay/not be reimbursed for any ATM Use fee like the Thai bank ATM Bt220 use fee for foreign cards....and the Transferwise debit card is a foreign card.  

 

https://www.finder.com/transferwise-borderless-account#:~:text=You can use your TransferWise,ATM%2C choose the local currency.

 

Quote

 

Withdrawal

• ATMs worldwide. Though you can withdraw up to $250 for free, you’ll still be responsible for paying any ATM fees.

 

[bmanly]

Thanks Pib, it seems what we really need to know is has any expat used their TransferWise MasterCard Debit Card at a Thai ATM yet.

 

So if you are currently holding THB in your TransferWise Account did you have to pay any fees for your withdrawal at a Thai ATM? We don't know the answer to this for sure yet. Anyone?

[bmanly]

I emailed TransferWise and this is what they said, I bolded part of the reply, the first $350 AUD is free:

_______

If you have the THB in your balance, ATM withdrawals are free up to 350 AUD (or the THB equivalent) in total per month. After that, a 2% withdrawal fee will be charged.

You can check how much you've spent in ATM withdrawals via your TransferWise app.

Now, if you don't have the funds in your account, we'll charge you the conversion fee. The ATM fee, itself, will still be free up to the 350 AUD (or equivalent).

Always make sure that you choose to use the local currency for the location of the ATM. For example, in Thailand, choose THB as the currency you want to be charged in.

This will stop the ATM from charging higher conversion rates.

__________

[Pib]

They only quoted you TW fees.  The Thai bank ATM use fee of Bt220 for a foriegn card is not a TW fee.  

 

 

[PGSan]

15 minutes ago, Pib said:

The Thai bank ATM use fee of Bt220 for a foriegn card is not a TW fee.  

 

 

And my trusty built-in calculator makes this Bt220 equal about 3% of the monthly free maximum amount.  Worst deal around?  

[bmanly]

3 hours ago, Pib said:

They only quoted you TW fees.  The Thai bank ATM use fee of Bt220 for a foriegn card is not a TW fee.  

 

 

Their email does not say that. It says this exactly:

 

Quote

The ATM fee, itself, will still be free up to the 350 AUD (or equivalent).

 

Surely there has to be someone in Thailand who has tried this. Can anyone confirm please?

[Pib]

 

https://transferwise.com/help/18/transferwise-debit-mastercard/2977984/what-should-i-do-if-i-got-charged-for-taking-out-cash

 

Quote

Every month, you can withdraw — for free — up to 200 GBP, 250 USD, 350 AUD, 350 NZD, 350 SGD, or your currency's equivalent.

What if the ATM charges me a fee?

Some ATMs charge their own fees, and unfortunately we have no control over that. Fortunately, they usually tell you beforehand, and give you the option to cancel.

 

 

[scubascuba3]

Op needs to find out:

 

- what TransferWise conversion fee is? some card companies charge 2%+

 

- what exchange rate is used? Mastercard or Transferwise?

Edited June 15, 2020 by scubascuba3

[bmanly]

I am the OP. I already said that you can hold THB in your TRansferWise Borderless Account and withdraw Thai Baht from a local ATM with your TransferWise ATM debit card. There is no conversion fees as it is already THB. 

 

What we are trying to establish is if the ATM will charge you that fee or not. So far one person says yes, another no and an email from TransferWise says no for any amount up $350 AUD or around 6,000 baht.

 

Hoping to find find someone who has actually tried this and knows the answer for sure, cheers.

 

Edit: When I was in Singapore I had SGD in that account. The second ATM that I tried was a free withdrawal. So it works in Singapore.

Edited June 15, 2020 by bmanly

[YT3k72Em]

Transferwise wont tell you what fees a random bank ATM may charge because they can't hope to know with millions of ATMs around the world.  They just tell you what ATM fees they charge you and warn you that there may be other fees.

 

Best way is stick it in a machine and see what it says.

Edited June 15, 2020 by YT3k72Em

[scubascuba3]

5 minutes ago, bmanly said:

I am the OP. I already said that you can hold THB in your TRansferWise Borderless Account and withdraw Thai Baht from a local ATM with your TransferWise ATM debit card. There is no conversion fees as it is already THB. 

 

What we are trying to establish is if the ATM will charge you that fee or not. So far one person says yes, another no and an email from TransferWise says no for any amount up $350 AUD or around 6,000 baht.

 

Hoping to find find someone who has actually tried this and knows the answer for sure, cheers.

 

Edit: When I was in Singapore I had SGD in that account. The second ATM that I tried was a free withdrawal. So it works in Singapore.

of course the ATM bank will charge you, all banks use the same standard wording that Transferwise used.

 

As for conversion fees, i was referring to non Thai baht because obviously if you have THB there is no conversion

[bmanly]

6 minutes ago, YT3k72Em said:

Best way is stick it in a machine and see what it says.

Thanks, I will do that when I come back. There doesn't seem to be one expat with this card over there at the moment, so strange. I just got to wait for flights to re-open.... I wonder how long that will take.

[bmanly]

6 minutes ago, scubascuba3 said:

of course the ATM bank will charge you, all banks use the same standard wording that Transferwise used.

But they don't. They do not charge me in Australia and they did not charge me in Singapore, that's why I asked.

[Pib]

9 minutes ago, YT3k72Em said:

Transferwise wont tell you what fees a random bank ATM may charge because they can't hope to know with millions of ATMs around the world.  They just tell you what ATM fees they charge you and warn you that there may be other fees.

On target!   TW beats around the bush and does not specifically tell a person they do not reimburse any "ATM Use Fee" an ATM may charge....like how Thai banks charge an approx Bt220 ATM Use Fee when using a foreign Visa/Mastercard.   

 

Below is a quote of TW beating around the bush wording talking about ATM Use fees. 

Quote

Some ATMs charge their own fees, and unfortunately we have no control over that. Fortunately, they usually tell you beforehand, and give you the option to cancel.

If the withdrawal was going to be free TW wouldn't tell you that you have the option to cancel the transaction.  Instead they would tell you to not to worry as TW will absorb that fee/reimburse you.  That is, if you don't want to incur the ATM use fee--because we are not going to reimburse it--you can just cancel.   TW has zero control over whether an ATM charges a use fee.  

[bmanly]

2 minutes ago, Pib said:

TW beats around the bush and does not specifically tell a person they do not reimburse any "ATM Use Fee"

That's probably more to the point. I think I will try this as an experiment when I come back and post my findings here, thanks.

[Pib]

From the Transferwise Australia Product Disclosure Statement.  See weblink for full disclosure.  In the product disclosure and card example when they say "variable component" (i.e., their beating around the bush terminology) they are talking charges like ATM Use Fee which vary from country to country, bank to bank, etc. 

 

https://transferwise.com/australia/fsg_pds

 

 

[treetops]

2 hours ago, bmanly said:

Edit: When I was in Singapore I had SGD in that account. The second ATM that I tried was a free withdrawal. So it works in Singapore.

But would that ATM have charged you if you used a regular Australian bank debit card?  Without that information we don't know if this was benefit due to using TW or if it was just a non-charging ATM.

[PerkinsCuthbert]

For sure a local ATM will recognise that your TW card is foreign-issued and will charge you 250 Baht accordingly. It's a bad deal.

[Masterton]

Correct, you will almost certainly be charged the THB200+ that all ATMs in Thailand charge non-Thai bank cards. This has nothing to do with Transferwise, it is down to the Thai banks. The reason you are not charged in Aus/Singapore/Wherever for the ATM fee is because the ATMs in those countries don't tack on the ridiculous charge to transactions from overseas cards. For example in the UK you may not get charged for using your card in any normal ATM but if you use some no name brand ATM inside a shop, they tack on an extortionate fee. 

[tropix]

I can confirm that yes there is a local atm withdrawal fee to use transferwise debit card. I am in Thailand now with Thai baht balance in my transferwise account. When I used a Krungsri atm and started to withdraw money it asked me if I will accept the 220 baht fee so I cancelled the transaction. So even though there is Thai baht in my transferwise account, because the card is foreign the Thai bank will charge a foreign card fee. When I use the transferwise app or site to send money from my transferwise balance to my Thai bank account it usually takes only 3 hours. It is a fast, inexpensive option if you have a Thai bank account. If you do not have a Thai bank account then transferwise is not very helpful to withdraw cash inside Thailand because the debit card has high local fees and low withdrawal limits.