ATM fees for foreign Cards -

[kwilco]

  On 5/16/2023 at 7:59 AM, Pib said:

Dynamic Currency Conversion (DCC) could come into play where the Thai bank/ATM offers their local exchange rate versus the card-network (i.e., Visa, Mastercard, etc) rate.  Since a DDC rate will typically be much worst than the card-network rate be sure to read the ATM screen wording closely and push whatever button that declines the offered DCC rate.

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Agree that you don't want DCC - but the definition I have is not the same as yours, not local currency but your home currency

 

"Dynamic currency conversion (DCC), and sometimes referred to as cardholder preferred currency (CPC), allows customers to pay for a product or service in a foreign country using their home currency instead of the local currency. " - https://www.forbes.com/advisor/credit-cards/dynamic-currency-conversion/

[torturedsole]

  On 5/16/2023 at 1:09 PM, kwilco said:

Agree that you don't want DCC - but the definition I have is not the same as yours, not local currency but your home currency

 

"Dynamic currency conversion (DCC), and sometimes referred to as cardholder preferred currency (CPC), allows customers to pay for a product or service in a foreign country using their home currency instead of the local currency. " - https://www.forbes.com/advisor/credit-cards/dynamic-currency-conversion/

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Don't worry about that. Any mention of DCC should be ignored and let the card do the f/x transaction. It's very easy but also easy to get ripped off if you press the wrong button. 

[Pib]

  On 5/16/2023 at 1:09 PM, kwilco said:

Agree that you don't want DCC - but the definition I have is not the same as yours, not local currency but your home currency

 

"Dynamic currency conversion (DCC), and sometimes referred to as cardholder preferred currency (CPC), allows customers to pay for a product or service in a foreign country using their home currency instead of the local currency. " - https://www.forbes.com/advisor/credit-cards/dynamic-currency-conversion/

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Above is correct when "paying" for/buying something.   Typically, it's approx 5.9% worst....the percentage is usually stated on the checkout/payment receipt.   But the bottom line is you are still getting the local processing bank's DCC rate.  

 

But when withdrawing at an ATM DCC means the owner of that ATM (i.e., the Thai bank) is offering you "their DCC rate which is going to be significantly worst than the card network rate.....but the ATM screen will use vague wording in trying to hook you into thinking their rate is a good thing.

 

DCC good for the bank, bad for the customer. 

[Chivas]

  On 5/13/2023 at 11:01 PM, Skipalongcassidy said:

My bank pays all of my fees back to me every month... 

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Yes I've always doubted this and no one has ever been able to show otherwise

Whilst I'll use an extreme example it nonetheless is valid

 

If the ATM fee is 220 baht a pop and current Dollar/Baht is around 34 that entails a refund of $6.47 every usage  (ignore any other card related fees)

 

Now use the card every day.......

 

Thats around $194 a month

 

There simply must be a "limit" on these refund of fees for obvious reasons

[Skipalongcassidy]

  On 5/17/2023 at 8:13 AM, Chivas said:

Yes I've always doubted this and no one has ever been able to show otherwise

Whilst I'll use an extreme example it nonetheless is valid

 

If the ATM fee is 220 baht a pop and current Dollar/Baht is around 34 that entails a refund of $6.47 every usage  (ignore any other card related fees)

 

Now use the card every day.......

 

Thats around $194 a month

 

There simply must be a "limit" on these refund of fees for obvious reasons

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If you use the ATM everyday... why would you?    I do not use the ATM everyday so I do not know if my bank would object to daily usage and advise me to be smarter about withdrawing money... I use it once a week to withdraw 25,000Tbaht at a time and they pay the fees every month.

[shortstop2]

  On 5/17/2023 at 8:13 AM, Chivas said:

There simply must be a "limit" on these refund of fees for obvious reasons

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I also suspect that there is a secret undisclosed limit.  

 

 In the past I used my Fidelity Visa debit card linked to a Fidelity Cash Management Account.  The 220 baht gets refunded in a few days. Visa imposes no fee.  Fidelity imposes no fee.  The exchange rate is (or very close to) the interbank rate.   If the Fidelity card is linked to your Fidelity brokerage account then you don't get the 220 baht refunded.

[gamb00ler]

  On 5/17/2023 at 8:13 AM, Chivas said:

Now use the card every day.......

 

Thats around $194 a month

 

There simply must be a "limit" on these refund of fees for obvious reasons

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Your concern over the generosity of the institutions offering this perk is admirable.

Since their terms of service don't list a limit I presume you'll just have to find it with your own experimentation. ????????

I'm quite satisfied with the few refunds I've been given.

[NextG]

  On 5/17/2023 at 8:13 AM, Chivas said:

Yes I've always doubted this and no one has ever been able to show otherwise

Whilst I'll use an extreme example it nonetheless is valid

 

If the ATM fee is 220 baht a pop and current Dollar/Baht is around 34 that entails a refund of $6.47 every usage  (ignore any other card related fees)

 

Now use the card every day.......

 

Thats around $194 a month

 

There simply must be a "limit" on these refund of fees for obvious reasons

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Read for yourself…

 

https://www.schwab.com/savings

[Skipalongcassidy]

  On 5/24/2023 at 1:18 AM, NextG said:

Read for yourself…

 

https://www.schwab.com/savings

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You can lead a horse to water, but you cannot make it drink... there is always a doubting Tom.

[Dan O]

  On 5/14/2023 at 1:38 PM, bignok said:

No they give interest as well. No fees. Can get over 5%.

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I'm interested, What bank is paying  you 5 % interest on your account checking or savings account? 

[gamb00ler]

  On 5/24/2023 at 1:29 AM, Dan O said:

I'm interested, What bank is paying  you 5 % interest on your account checking or savings account? 

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Here's a good site to find high interest rate accounts in USA:

https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts?trk=nw_gn_5.0

 

or you can get short term CD's:

 

[bignok]

  On 5/24/2023 at 1:29 AM, Dan O said:

I'm interested, What bank is paying  you 5 % interest on your account checking or savings account? 

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Whatever country you want just search for highest yielding savings accounts with no fees. Or best card for travel.

[shortstop2]

Re CDs,there is a difference between brokered CDs which places like Fidelity and Schwab offer and a regular CD offered by brick and mortar banks. 

 

At Fidelity, you can sell CDs but the market is not very liquid and you will take a substantial haircut.  With a brick and mortar CD you often lose some interest if you break it early, perhaps three months.  It is cheaper to break a CD with most brick and mortar banks.  I think online banks that offer their own CDs such as Ally and Cap1 have penalties similar to the brick and mortar banks.

 

Ay Fidelity you can buy either call protected or non-call protected CDs. It is far better to by call protected brokered CDs, especially for long durations,  which means the bank does not have the right to return your money early.

 

Now you're not going to want to break a 1 month CD and most likely not a 3 month CD,  But 5 years is a long time to tie up your money in an instrument that's not easy to break in a cost effective manner.  So (except for the current debt ceiling crisis) Treasuries are a better alternative in which the Bid-Ask spread is reasonably tight.  But money market funds at Fidelity are paying a good rate too.  4.9% with a minimum 10K purchase in an IRA (100K if not in an IRA).

 

 

[Chivas]

  On 5/24/2023 at 1:22 AM, Skipalongcassidy said:

You can lead a horse to water, but you cannot make it drink... there is always a doubting Tom.

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.......and yet as totally expected when you read the actual notes carefully (you did notice the entry "2" ) that is not the case

 

No bank on earth is going to refund $200 a month lol. You know it I know and everyone with an IQ of 7 knows it

 

(Edited to add....what a rip off savings rate they offer)

[Skipalongcassidy]

  On 5/24/2023 at 5:09 AM, Chivas said:

.......and yet as totally expected when you read the actual notes carefully (you did notice the entry "2" ) that is not the case

 

No bank on earth is going to refund $200 a month lol. You know it I know and everyone with an IQ of 7 knows it

 

(Edited to add....what a rip off savings rate they offer)

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Actually, they will if it is an ATM usage fee while withdrawing cash or using the debit card... obviously you are the horse who refuses to drink... reading note "2" and understanding what it says are not your forte, nor is proper punctuation and sentence structure... 555

[scottiejohn]

Do AEON ATM's still offer free cash withdrawals for foreign debit cards?

[Pib]

  On 7/5/2023 at 7:41 AM, scottiejohn said:

Do AEON ATM's still offer free cash withdrawals for foreign debit cards?

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No....that ended years ago.

 

[NoshowJones]

  On 5/13/2023 at 9:04 PM, bignok said:

Atm fee 220 baht

5% conversion fee

 

Get a bank card with no fees

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Name a competent bank that has a debit card and no fees

[scottiejohn]

  On 7/8/2023 at 9:15 AM, NoshowJones said:

Name a competent bank that has a debit card and no fees

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First Direct have removed all foreign transaction fees!

[NoshowJones]

  On 7/8/2023 at 9:27 AM, scottiejohn said:

First Direct have removed all foreign transaction fees!

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Is that a Thai bank? I've never heard of them.

[scottiejohn]

  On 7/8/2023 at 9:29 AM, NoshowJones said:

Is that a Thai bank? I've never heard of them.

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Read the title of the OP!

[gamb00ler]

  On 7/8/2023 at 9:29 AM, NoshowJones said:

Is that a Thai bank? I've never heard of them.

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this topic is about fees charged by ATM's when using a foreign debit card.

[bignok]

  On 7/8/2023 at 9:15 AM, NoshowJones said:

Name a competent bank that has a debit card and no fees

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ING

[bignok]

Charles Schwab

[DrJoy]

  On 7/5/2023 at 7:41 AM, scottiejohn said:

Do AEON ATM's still offer free cash withdrawals for foreign debit cards?

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No.

 

Its 150 baht per trx

[NoshowJones]

  On 7/8/2023 at 9:56 AM, gamb00ler said:

this topic is about fees charged by ATM's when using a foreign debit card.

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Really??

[scottiejohn]

  On 7/8/2023 at 10:59 AM, DrJoy said:

No.

 

Its 150 baht per trx

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Thanks but;

Slightly better than 240 a withdrawal but it would cost me more than  the difference to get to one sadly!

[Pib]

  On 7/8/2023 at 9:15 AM, NoshowJones said:

Name a competent bank that has a debit card and no fees

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Schwab and Service Credit Union---all foriegn transaction/ATM fees reimbursed.  

[bignok]

  On 5/24/2023 at 5:09 AM, Chivas said:

.......and yet as totally expected when you read the actual notes carefully (you did notice the entry "2" ) that is not the case

 

No bank on earth is going to refund $200 a month lol. You know it I know and everyone with an IQ of 7 knows it

 

(Edited to add....what a rip off savings rate they offer)

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Normally 5 refunds a month

So 5x 220 baht.

[TallGuyJohninBKK]

  On 5/14/2023 at 1:33 PM, torturedsole said:

No such card in the UK but I get by with having a BBK account so transfer funds over occasionally from UK and withdraw at LoS ATM. 

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And, most certainly, you pay some variety of fees as part of doing the international funds transfer, usually, both from the middleman entity doing the transfer and always also a receiving fee on the part of the receiving Thai bank.