Do you know (Americans SS) to change ?

[acepredator]

2 minutes ago, gamb00ler said:

I have two US debit cards that don't add foreign transaction fees to ATM withdrawal, retail purchases or cash advances at a bank teller.  Schwab and Capital One 360 Savings don't add the any fees.  Of those two, only Schwab also refunds the 220 ฿ ATM fee.

 

In the Fidelity Terms and Conditions they say that certain account types are eligible to have all ATM fees refunded.  Also, Fidelity does not add foreign transaction fees.

 

I found the Fidelity details by googling for fidelity "debit card" terms conditions.

 

 

Thanks for the information. I have a Schwab brokerage account, but I don't know what the difference is between it and a Schwab bank account. It will be necessary to contact Schwab and get the information I need. If I can start using their debit card, that would save me a little bit of money per ATM transaction. 

[TallGuyJohninBKK]

56 minutes ago, gamb00ler said:

I think your estimate of 3-4% is a little on the high side.  I think the most common fees are 1.5% and 2%.  Bangkok bank also adds that fee if you use their debit card outside Thailand.

 

My comment was regarding the largest U.S. banks where most people typically will have their accounts. This chart below is from June 2023, so some may have increased theirs by now, but as you can see, 3% was most common at the time of the following report:

 

 

https://www.usnews.com/banking/articles/foreign-transaction-fees-by-bank

 

[gamb00ler]

1 minute ago, TallGuyJohninBKK said:

 

My comment was regarding the largest U.S. banks where most people typically will have their accounts. This chart below is from 2023, so some may have increased theirs by now, but as you can see, 3% was most common at the time of the following report:

 

 

https://www.usnews.com/banking/articles/foreign-transaction-fees-by-bank

 

wow... those are some greedy banks.  I usually use NerdWallet to find banks with better offers on fees and interest rates.

[TallGuyJohninBKK]

1 hour ago, gamb00ler said:

yes... Schwab is not a bank so they don't directly connect to SWIFT.  They need to use an intermediary bank.

 

Actually, Charles Schwab the corportation does have its own licensed bank, Charles Schwab Bank, that operates much like any other bank.. though more narrow in their offerings in that they're focused on being a cash management solution for people who also have Schwab brokerage accounts.

 

https://www.schwab.com/resource/why-i-created-schwab-bank

 

PS - account holders at Schwab definitely can do SWIFT international wire transfers from their Schwab brokerage account at least. I can't recall if that same international transfer capability is available on their banking side.

 

[TallGuyJohninBKK]

2 minutes ago, gamb00ler said:

wow... those are some greedy banks.  I usually use NerdWallet to find banks with better offers on fees and interest rates.

 

there certainly are other U.S. banks and credit unions out there that have lower or sometimes no FCFs, but you pretty much have to venture outside the world of the various U.S. mega banks.

 

An expat first has to understand and be aware of just what FCFs are, and then do their bank shopping with FCFs as part of the equation.

 

 

[gamb00ler]

2 hours ago, acepredator said:

When you withdraw money at a Thai bank ATM, using either a debit or credit card, there is a standard 220 baht fee that you must pay. This fee is the same regardless of how much money you withdraw. So you must add that amount to the $3.12 charged by US Bank.

He was not using an ATM.... he was doing a cash advance at the teller.  Bangkok bank used to offer that service for free but apparently has stopped it completely earlier this year.  I just opened a Krungthai bank account because they offer that service but they do charge 200 ฿.  That's not too bad because with a Schwab card I can get up to 15K US$ per advance.

[gamb00ler]

On 9/2/2024 at 12:24 PM, edwardflory said:

My Thai bank TELLER swipes my US Card, I sign 2 slips of paper

I forgot to ask you what Thai bank do you use to get a cash advance on your US debit card?

 

I used to use Bangkok bank but I've been told they don't offer that service anymore.

[TallGuyJohninBKK]

56 minutes ago, acepredator said:

Thanks for the information. I have a Schwab brokerage account, but I don't know what the difference is between it and a Schwab bank account. It will be necessary to contact Schwab and get the information I need. If I can start using their debit card, that would save me a little bit of money per ATM transaction. 

 

Schwab brokerage accounts operate pretty much the same as any other U.S. brokerage account, including these days typically no transaction fees on  stock purchases and sales. Schwab Bank mainly has their checking account and debit card, with no foreign currency fees and reimbursing foreign bank ATM charges.

 

Schwab makes it easy thru online banking to move cash back and forth between the two different sides of their operation, but both are available through the same Schwab online interface. Schwab Bank deposits are FDIC insured just as with any other U.S. bank.

 

In the past, anytime anyone wanted to open a Schwab Bank account, Schwab would automatically include a companion brokerage account, even if people never wanted to use that.... But in the end, many do end up using the brokerage side and holding very substantial investments there.

 

They make it easy, including easy to move funds between their bank and brokerage, and likewise easy to do online typically next day ACH transfers to and from other linked U.S. FI's that the account holder may have.

 

 

[gamb00ler]

1 hour ago, acepredator said:

It will be necessary to contact Schwab and get the information I need.

I find the easiest method to contact Schwab is through their online chat function.  I use a desktop all the time... not a smartphone.  Not sure if the online chat function is available on their phone app.  I've asked them dozens of questions that way and the Schwab customer reps have always been able to answer/help.

[gamb00ler]

7 minutes ago, TallGuyJohninBKK said:

 

Schwab brokerage accounts operate pretty much the same as any other U.S. brokerage account, including these days typically no transaction fees on  stock purchases and sales. Schwab Bank mainly has their checking account and debit card, with no foreign currency fees and reimbursing foreign bank ATM charges.

 

Schwab makes it easy thru online banking to move cash back and forth between the two different sides of their operation, but both are available through the same Schwab online interface. Schwab Bank deposits are FDIC insured just as with any other U.S. bank.

 

In the past, anytime anyone wanted to open a Schwab Bank account, Schwab would automatically include a companion brokerage account, even if people never wanted to use that.... But in the end, many do end up using the brokerage side and holding very substantial investments there.

 

They make it easy, including easy to move funds between their bank and brokerage, and likewise easy to do online typically next day ACH transfers to and from other linked U.S. FI's that the account holder may have.

 

 

I opened my Schwab brokerage account in '87 but never have had a bank account with them.  I just recently found out that Zelle transfers are possible with their bank account but not their brokerage accounts.

[TallGuyJohninBKK]

10 minutes ago, gamb00ler said:

I forgot to ask you what Thai bank do you use to get a cash advance on your US debit card?

 

I used to use Bangkok bank but I've been told they don't offer that service anymore.

 

In my experience, a lot of Thai bank branches are resistant to doing counter withdrawals using foreign debit cards, and they'll often make up all kinds of excused for they supposedly can't.  My opinion is that's just a lot of bogus excuses aimed at getting people to use their ATMs so the bank can pocket the 220b ATM fee.

 

For anyone who has a non FCF, no cash advance fee credit cards, the various Thai bank branches seem more willing to do counter withdrawals with those... But you really have to doublecheck that your credit card won't seriously ding you with fees for that kind of foreign transaction.

 

[Paradise Pete]

14 hours ago, OneManShow said:

what is the currency exchange rate ?
I guess currency exchange rate is lower than Wise. 

$5+currency exchange rate difference. 
 

To me the only advantage of using debit is the speed, in case of emergency needs. 

 

I don't know what rate they use, as I've never done it.

I've always thought the same as you, that they would squeeze me on the rate. But looking at the links posted earlier, those were actually slightly better than Wise. If those are the rates I'd actually get I can't say until I try it.

 

I'm pretty happy with Wise overall, and the money hits in seconds. So no trip to the bank. That's worth a few bucks right there.

 

 

[gamb00ler]

Just now, TallGuyJohninBKK said:

 

In my experience, a lot of Thai bank branches are resistant to doing counter withdrawals using foreign debit cards, and they'll often make up all kinds of excused for they supposedly can't.  My opinion is that's just a lot of bogus excuses aimed at getting people to use their ATMs so the bank can pocket the 220b ATM fee.

 

For anyone who has a non FCF, no cash advance fee credit cards, the various Thai bank branches seem more willing to do counter withdrawals with those... But you really have to doublecheck that your credit card won't seriously ding you with fees for that kind of foreign transaction.

 

yeah... Bangkok bank told me they would still do an advance on a credit card... which is super silly because the process for them is identical if I used a debit card.

[TallGuyJohninBKK]

2 minutes ago, gamb00ler said:

I opened my Schwab brokerage account in '87 but never have had a bank account with them.  I just recently found out that Zelle transfers are possible with their bank account but not their brokerage accounts.

 

With Schwab Bank, they have their own free and standard next day ACH transfers to and from whatever external accounts you want to link to your Schwab account.

 

I would never use Zelle,  as there have been far too many reports of problems with their service, and from what I've read, it seems to be on the decline.

 

 

 

https://www.cbsnews.com/news/zelle-refunds-impostor-scam-banks/

 

https://www.wsj.com/articles/small-banks-warn-they-might-have-to-drop-zelle-over-scam-payment-costs-11670849934

 

 

 

[dishman06]

On 8/31/2024 at 11:44 PM, OneManShow said:

I'm on SS benefits and I have an US bank account than my monthly payments direct deposit to that account. 
My question is how can I change the US bank to a Thai bank direct deposit, but not through Bangkok bank New York. I just want it to be direct deposit to my existing bkkb saving account. I have no access to my SS online account at this moment (waiting for code, but received it at my address after more than 2 months 🤔and the code was already expired) . 
Can I do this through SS Philippines ? Without opening a new account for this purpose ? 
 

I BELIEVE YOU CAN - my brother used the Bangkok Bank in NYC as his pass-through connection to Thailand - direct deposit from SSA before he died in Thailand - God bless his sole!

[KhunLA]

9 hours ago, acepredator said:

I certainly would not voluntarily pay to access my own money, but I didn't realize until reading your post that I had any choice in the matter. Could you please let us know specifically which financial institutions don't charge ATM fees and that reimburse the 220 baht charge? Thanks very much in advance.

 

8 hours ago, gamb00ler said:

I have two US debit cards that don't add foreign transaction fees to ATM withdrawal, retail purchases or cash advances at a bank teller.  Schwab and Capital One 360 Savings don't add the any fees.  Of those two, only Schwab also refunds the 220 ฿ ATM fee.

 

In the Fidelity Terms and Conditions they say that certain account types are eligible to have all ATM fees refunded.  Also, Fidelity does not add foreign transaction fees.

 

I found the Fidelity details by googling for fidelity "debit card" terms conditions.