Credit card fees

[CallumWK]

8 minutes ago, scubascuba3 said:

I'm interested how you continue to be obnoxious in every thread you are in

 

I'm interested to know why you even read my obnoxious threads, and take the threads off topic with deflecting comments

[Etaoin Shrdlu]

Do an internet search on "currency triangulation".  It will explain why another currency may need to be exchanged for US dollars before being converted to Thai baht.

[blackcab]

1 hour ago, CallumWK said:

I understand your logic in case of Kazakhstan, but we are talking about Euro, which is a major currency.

 

As I mentioned, this is how the credit card provider chooses to do business. It suits them. You either accept it or move on because you won't change it.

 

1 hour ago, CallumWK said:

But why the option to look up the conversion rate on their website, if they not gonna use it?

 

No idea because I can't speak for the credit card provider. Does that rate incorporate the currency triangulation?

[jaywalker2]

2 hours ago, KhunLA said:

I did an edit, while you were typing, and my USA card have no fees, and reimburses and silly Thai banks ATM fee.

 

... "My USA plastic I use for ATM has no fees, and reimburses the silly Thai bank ATM fee.

 

No reason to have fees on your plastic, just chose financial institution a bit more wisely." ...

 

Didn't read OP, since on my 'list'.  Only read your follow up, since it did follow mine.

 

I should have wrote my usual, when not reading the OP ...

... "to the title" ...

 

Oh well, carry on 

I don't know why this topic is difficult  to understand. Even if your credit card doesn't carry an annual fee, it will usually include a foreign transaction fee if you're converting from a foreign currency. That is, you are charged a percentage of the purchase price when you make a foreign transaction. There might also be a foreign exchange fee. You won't get the interbank rate at the time of purchase. It will be something higher, often 1 percent, Then there are ATM fees, cash advance fees, late payment fees, etc. 

 

Merchants are also charged a fee, usually 2.5 percet,

 

Not all companies charge all of these fees. The OP wasn't talking about an annual fee but a foreign transaction fee. That fee is built into the purchase price. Again, not all cards have foreign transaction fees but they are common. It's also common to charge 1 percent above the prevailing exchange rate. You may be waived these fees if you are a priority customer.

 

It's similar to the fees charged when withdrawing cash with a foreign debit card. Then you pay the bank fee, which I believe is currently 220 baht, and the foreign bank or CC company might charge a foreign transaction fee. The Thai banks try to induce you to also use a "dynamic conversion," which would result in another fee of 5 percent.

 

Only with cash are there truly no fees, which is why banks now want to start charging for the use of cash.

[KhunLA]

9 minutes ago, jaywalker2 said:

I don't know why this topic is difficult  to understand. Even if your credit card doesn't carry an annual fee, it will usually include a foreign transaction fee if you're converting from a foreign currency. That is, you are charged a percentage of the purchase price when you make a foreign transaction. There might also be a foreign exchange fee. You won't get the interbank rate at the time of purchase. It will be something higher, often 1 percent, Then there are ATM fees, cash advance fees, late payment fees, etc. 

 

Merchants are also charged a fee, usually 2.5 percet,

 

Not all companies charge all of these fees. The OP wasn't talking about an annual fee but a foreign transaction fee. That fee is built into the purchase price. Again, not all cards have foreign transaction fees but they are common. It's also common to charge 1 percent above the prevailing exchange rate. You may be waived these fees if you are a priority customer.

 

It's similar to the fees charged when withdrawing cash with a foreign debit card. Then you pay the bank fee, which I believe is currently 220 baht, and the foreign bank or CC company might charge a foreign transaction fee. The Thai banks try to induce you to also use a "dynamic conversion," which would result in another fee of 5 percent.

 

Only with cash are there truly no fees, which is why banks now want to start charging for the use of cash.

International transaction is expected, either direction.   The rest is down to the financial vendor you chose.   We prefer, (mine at least) no fees.  Not sure about the wife's, as never been or will be tested outside TH.

 

Simple, don't want to pay fees or have a card that charges them ... 

 

... use cash 🙄

 

Do people really need the simplest advice.  Simply shop around, as there are few bank choices in TH.  Even fewer CC vendors (VISA, MC, etc etc + Asian offers)

[gamb00ler]

1 hour ago, SAFETY FIRST said:

I have kasikorn credit cards for nearly 20 years now. Never been charged fees. 

 

I was told no fees as long as I make a few transactions each month. 

 

I have 3 cards 

Never paid interest, always pay by due date. 

 

Have you ever incurred charges outside of Thailand?

Those are the fees being discussed in this thread.  US credit/debit cards call those fees "foreign transaction fee".  Some US cards don't have those fees and some financial institutions charge high fees.

 

Everyone should know that your issuing bank/credit union/etc. doesn't participate in the foreign exchange.  VISA and MasterCard do the foreign exchange portion.

[treetops]

2 hours ago, CallumWK said:

I'm interested to know why you even read my obnoxious threads, and take the threads off topic with deflecting comments

 

I don't think it's the threads that are obnoxious, it's your responses to posts, especially if they are not directly addressing your question.

[KhunLA]

Just Goolgled 'payment service providers' & 'payment processing vendors' aside from the big 3; Visa, Mastercard, and American Express.

 

Wow ... options abound.  A few I knew about, most I did not.  Yea, there's that many.

[bamnutsak]

20 hours ago, jaywalker2 said:

Only with cash are there truly no fees, which is why banks now want to start charging for the use of cash.

 

 

For those of us from the U.S. this statement is incorrect/misleading.

 

Using an ATM card here yields the daily Visa (or MC) exchange rate, and my bank refunds the 220 baht ATM fee, usually within three working days.

 

Using a credit card here also yields the daily Visa (or MC exchange rate), and my three Visa cards all offer ZERO foreign transaction fees - always stipulating that the charge be rung up in THB.

 

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html  be sure to change the fee from the default 2% back to 0%

 

 

https://www.nerdwallet.com/best/credit-cards/no-foreign-transaction-fee

 

Two of my cards have no annual fee. One card is $95 per year, which yields cash benefits exceeding $95.

 

[jaywalker2]

11 hours ago, bamnutsak said:

 

 

For those of us from the U.S. this statement is incorrect/misleading.

 

Using an ATM card here yields the daily Visa (or MC) exchange rate, and my bank refunds the 220 baht ATM fee, usually within three working days.

 

Using a credit card here also yields the daily Visa (or MC exchange rate), and my three Visa cards all offer ZERO foreign transaction fees - always stipulating that the charge be rung up in THB.

 

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html  be sure to change the fee from the default 2% back to 0%

 

 

https://www.nerdwallet.com/best/credit-cards/no-foreign-transaction-fee

 

Two of my cards have no annual fee. One card is $95 per year, which yields cash benefits exceeding $95.

 

Fidelity in its debit card Faq clearly states that although foreign transaction fees have been eliminated recently (they were 1 percent until this year), you might not get the best exchange rate

[bamnutsak]

10 hours ago, jaywalker2 said:

Fidelity in its debit card Faq clearly states that although foreign transaction fees have been eliminated recently (they were 1 percent until this year), you might not get the best exchange rate

 

 

My Fidelity ATM-Debit card gives the daily Visa exchange rate. The 220 THB ATM fee is reimbursed. Fidelity upgraded their ATM-Debit card with zero foreign transaction fees Sep 28, 2024. I was never charged that 1% fee. My daily limit is $1,000.

 

Fidelity has a no-annual-fee Visa credit card that has zero foreign transaction fees.

 

 

 

 

[oldcpu]

I think Krungsri also has that exchange rate policy ( of a 2% to 2.5% fee embedded ( hidden) inside the exchange rate they give with conversions via US$) when using one of their credit cards outside of Thailand.

 

When I am outside of Thailand I use my Wise debit card, where I have already prepositioned money in the local currency. At least this way I know in advance the exchange rate I will be getting  ( albeit obviously there is guess work as to currency movement after one pre converts the money in wise to the foreign currency).

[KhunLA]

24 minutes ago, bamnutsak said:

 

 

My Fidelity ATM-Debit card gives the daily Visa exchange rate. The 220 THB ATM fee is reimbursed. Fidelity upgraded their ATM-Debit card with zero foreign transaction fees Sep 28, 2024. I was never charged that 1% fee. My daily limit is $1,000.

 

Fidelity has a no-annual-fee Visa credit card that has zero foreign transaction fees.I 

I also have a 'cash management' account card w/Fidelity.  Been with them since the 80s.  That's where my pension goes, and actually lived off that last yet, while banking my whole Soc Sec DD @ BBL, actually wife's BBL to avoid filing FBAR.  SS is more than enough for ret visa extension.

 

Daily limit @ $500, which is fine, since pension is only $357, since I took it way early 

 

Strangely, haven't touched either yet, and still living off some leftover baht from last year.  Also haven't taken any long O&A this year.  After Songkran, out the door for a nice one, planning now.

[SMIAI]

Perhaps CallumWK doesn't understand they are being 'obnoxious'. When they are told that is the exchange rate utilised is shown on the VISA/Mastercard website, but decide to be grossly disrespectful by arguing that is not the case, with no evidence whatsoever.

 

[CallumWK]

3 minutes ago, SMIAI said:

Perhaps CallumWK doesn't understand they are being 'obnoxious'. When they are told that is the exchange rate utilised is shown on the VISA/Mastercard website, but decide to be grossly disrespectful by arguing that is not the case, with no evidence whatsoever.

 

 

Nownow, see who is back

[SMIAI]

I was wrong. They do realise... but I gave them the benefit of the doubt. I guess we should keep that in mind for the next time they come on here asking for help.

[rough diamond]

55 minutes ago, SMIAI said:

Perhaps CallumWK doesn't understand they are being 'obnoxious'. When they are told that is the exchange rate utilised is shown on the VISA/Mastercard website, but decide to be grossly disrespectful by arguing that is not the case, with no evidence whatsoever.

 

That is nothing new from him!