What Atm Card Has The Cheapest Fees?

[DONEWITHIT]

Hello,

I'm a 54year old American living in Colorado,USA.I've been married to a Thai for 33years and retire from the civil service in 5mo.I've been focusing on this move to Bangkok since the early 70's.In those days I wrote to every company I could get an address for that had business in Thailand asking for a job or what I had to do to procure a job with them.I never had any luck,so I figured I'd find a job where I could retire young with a good pension,you know,do my time and then make the move(If I lived long enough).I'm not looking for any personal information whatsoever.I,too,believe you should keep your money in an off-shore/home country bank and use an ATM card in Thailand but in your estimation,what card doesn't rape you with fees for usage/currency exchange?Everybody's interested in ways to save money and living in Thailand,this is a biggie.I would like nothing more than your opinion,a little help to get me started on the right path.There are so many stories about everything other than,what's the ATM card with the cheapest usage fees?With the dollar diving,I'm looking for every edge.I couldn't find the information I seek without contacting shitloads of banks so I'm writing members that are knowledgable on Thailand instead.I hope I don't come across as lazy because I really have put in ALOT of research and many decades of intense thought into this move.Thanks for your time reading this and have a great New Year in Thailand.

DONEWITHIT

Colorado,USA

[lopburi3]

You should not even be thinking about US ATM cards. All you will need is a Thai bank ATM card to draw your funds directly from your Thai account. And to fund that account you should use large wire transfers (if you can not arrange another method) to keep your costs down. I always transfer $9000 myself so total costs are about 1/2 of one percent (you receive the best exchange rate also). Some have been able to get a hit or miss domestic wire transfer to Thai branch banks to work (sometimes) lowering there costs even more. Keep your US debit card to make payments outside Thailand or travel home and a credit card. But don't use them here unless you are not concerned about the fees and exchange loss. Good to have for emergency use only.

I use 1st Bank and call them to make transfers - last call (Skype) at 1105PM (0905AM Denver) last night and money confirmed in Bangkok Bank here today at noon. Other banks might have a lower foreign wire transfer fee ($45) but I have had good service for last 14 years so see no need to change.

[DONEWITHIT]

Hello lopburi 3,

Thanks for the great info.We have 1st banks here.Did you go to the bank to set things up or do it online?Even though I'm a newbie on Thaivisa,I've perused your site since I first came upon it,along with anything and everything I came across pertaining to Thailand.No where is perfect but I LOVE THAILAND.The only sure things are 1)We're moving to Bangkok and 2)I'm going to school to learn the language.Everything else,adventure.For me this is the biggest draw to living in Thailand.Thanks again for the straightforward answer.

[onethailand]

umm... I think Lopburi was referring to his 1st Bank branch in Denver... we do not have 1st Bank in Thailand.

[sriracha john]

If you wish to keep your funds in the USA, have a look at Bank of Internet....

It has worked well for me here in Thailand.

Excellent exchange rates, interest-bearing free checking, ATM fees refunded, etc.

http://www.bankofinternet.com/

Edited January 16, 2008 by sriracha john

[Thanyaburi Mac]

Hello,

I'm a 54year old American living in Colorado,USA.I've been married to a Thai for 33years and retire from the civil service in 5mo..I,too,believe you should keep your money in an off-shore/home country bank and use an ATM card in Thailand but in your estimation,what card doesn't rape you with fees for usage/currency exchange?Everybody's interested in ways to save money and living in Thailand,this is a biggie.

DONEWITHIT

Colorado,USA

Do you belong to a credit union?  If not, are you eligible for such?  You might ask them what their various charges are.

The credit union I use gives me 10 free withdrawals per month from any ATM machine just about anywhere.  I've used it in various U.S. states, Thailand, Moscow (Russia, not Idaho), works fine.  Haven't yet tried it in Laos.

As to the exchange rate received, on 3 January I wrote my monthly personal check on the credit union for deposit to my Siam Commercial Bank (SCB) baht account.  With the U.S. $ tanking, it came to $1,960 or baht 65,206.20, which is cut by baht 200 for SCB's fee and a baht 3 stamp of some sort, net to the account, baht 65,003.20.  Exchange rate was 33.27.

Went outside the bank and hit their ATM machine, did a withdrawal of baht 20,000, which was charged to my credit union $$ account as $596.09.  That's a rate of 33.55, strangely higher than the personal check rate.

However, as you've probably noted, some U.S. banks do tend to screw their customers with fees.  Had some friends over here a couple months back, they were getting hit for something like 3% of the amount withdrawn via their ATM debit card!  Depends on the bank, best to check.

FYI, I do this monthly bahg 65,000 deposit from my U.S. credit union for purposes of Thai Immigration's requirements for the "retirement" extension of my Non-O visa.  Get a nice form from the bank that shows the funds come from outside Thailand.

Here's the url I use for checking daily real time exchange rates:

http://www.scb.co.th/html/exchange/bk-txtexchange.htm

Mac

back in the LoS since '89

[lopburi3]

Hello lopburi 3,

Thanks for the great info.We have 1st banks here.Did you go to the bank to set things up or do it online?Even though I'm a newbie on Thaivisa,I've perused your site since I first came upon it,along with anything and everything I came across pertaining to Thailand.No where is perfect but I LOVE THAILAND.The only sure things are 1)We're moving to Bangkok and 2)I'm going to school to learn the language.Everything else,adventure.For me this is the biggest draw to living in Thailand.Thanks again for the straightforward answer.

I used the Littleton 1st Bank office and set up a wire transfer agreement in person for myself and wife during a visit. That allows phone call to a designated telephone number and use of password to effect transfers. Believe most, if not all, will want you to take this action in person for security reasons. Once set up you can send to whatever accounts you want.

One of the major reasons I started using this method was the nasty ATM messages you receive when contact can not be made in a timely manner for foreign bank accounts and you get "account suspended", "unauthorized use", "incorrect code" and such messages flashing on the screen and you don't get your money and have to wait for a more auspicious time.

[Tolley]

The only way i would use a foreign ATM card is where you can get a no ATM fee and no foreign currency conversion fee option.

If you can find an ATM card that offers that then well and good.

In AUstralia they have a Wizaard Mastercard which is a credit card which offers that facility and therefore cost effective.

Otherwise take the advice of the other posters.

[TEFLMike]

If you wish to keep your funds in the USA, have a look at Bank of Internet....

It has worked well for me here in Thailand.

Excellent exchange rates, interest-bearing free checking, ATM fees refunded, etc.

http://www.bankofinternet.com/

Intersting link. Is there anything similar in the UK, anyone, please?

[Thanyaburi Mac]

Hello lopburi 3,

Thanks for the great info.We have 1st banks here.Did you go to the bank to set things up or do it online?Even though I'm a newbie on Thaivisa,I've perused your site since I first came upon it,along with anything and everything I came across pertaining to Thailand.No where is perfect but I LOVE THAILAND.The only sure things are 1)We're moving to Bangkok and 2)I'm going to school to learn the language.Everything else,adventure.For me this is the biggest draw to living in Thailand.Thanks again for the straightforward answer.

I used the Littleton 1st Bank office and set up a wire transfer agreement in person for myself and wife during a visit. That allows phone call to a designated telephone number and use of password to effect transfers. Believe most, if not all, will want you to take this action in person for security reasons. Once set up you can send to whatever accounts you want.

One of the major reasons I started using this method was the nasty ATM messages you receive when contact can not be made in a timely manner for foreign bank accounts and you get "account suspended", "unauthorized use", "incorrect code" and such messages flashing on the screen and you don't get your money and have to wait for a more auspicious time.

Lop 3

Seems like I very rarely gut such an error message, very rarely, the if I do I pull out the SCB card and use it on my local baht account.

Another reason for using the foreign ATM is that I don't want to keep a large amount of baht in my local accounts, shades of July 1997 fears, I guess.  Got caught then but not real badly.  Where I got "caught" was buying the house and the large addition in 1996, sure could have saved a bunch by waiting  a year!  Oh, well, such is life in the LoS.

Mac

[lopburi3]

Actually for the last year or so - and probably for the immediate future - it is better to have the large money here (other than interest rates). I don't know how often that communications error occures these days as have not been using - but was at hospital and had my credit card refused last year (same day the undersea cable broke) so don't have very good luck.

[fletchsmile]

If you wish to keep your funds in the USA, have a look at Bank of Internet....

It has worked well for me here in Thailand.

Excellent exchange rates, interest-bearing free checking, ATM fees refunded, etc.

http://www.bankofinternet.com/

Intersting link. Is there anything similar in the UK, anyone, please?

Not exactly sure what parts you refer to when you say similar. I use: "Smile The Internet Bank" as my UK bank

http://www.smile.co.uk

Consistently good interest rates, service and accounts. No branches all internet (tho' if you needed a branch they are part of the Coopertaive Bank Group). Ethical stance. They can do international transfers by sending an on-line secure message for processing. I opened the account on-line. Will send cards to overseas address. Also linked to buying mutual funds, via a funds on-line. I opened it on-line several years back and they transferred all the direct debits STOs etc from my previous bank. All in all excellent.

I have to admit I don't know how good they are on their exchange rates tho'. I've rarely transferred money from the UK, or used a UK ATM. I usually do from Singapore on the rare occasions needed.

For getting money into Thailand, I would do a SWIFT/TT transfer into a local Thai bank account, requesting to convert the currency in Thailand at onshore rates. Then I'd use the local bank account's ATM. This way it is more important what rate the local Thai bank gives. Your UK bank/ Singapore bank transfers in original currency. The Thai bank converts it.

If you ask your original bank in your home country to do the currency conversion you'll lose big time, because of the difference in onshore/offshore rates at the moment.

Edited January 17, 2008 by fletchsmile

[jfchandler]

I don't think it's so simple as to say... NEVER use a foreign ATM card here....

If you need to legally document incoming funds transfers for retirement visa or other Thai govt. purposes, then wire transfers from your domestic bank provide a good document trail for that.

Also, many of the larger/major U.S. banks are ripoffs when it comes to withdrawing ATM funds in foreign countries, including Thailand. BofA and HSBC (non-Premiere), for example, both charge 3% foreign currency transaction fees on the amount you withdraw here, if you use their ATM cards. BofA also charges a flat amount per transaction fee in addition to their % fee... So..in those cases, NEVER USE is good advice.

However, there are a lot of credit unions and smaller banks in the U.S. that offer NO FEE ATM card use anywhere in the world, and likewise charge NO foreign currency transaction fees. If you don't need to legally document incoming funds, I do think those kinds of arrangement are good and convenient, and maybe even more cost effective than doing international wire transfers.

Since I don't need to document incoming funds, I regularly use a couple of different U.S. ATM cards to obtain funds here. All of them have no fees and no foreign currency charges. And in my years here, I've never had any technical problem/access issue being locked out of withdrawing funds.

I think it's also a good way of self-budgeting, since you're only pullling down smaller amounts at any given time vs. having a large incoming amount via wire transfer. I also keep and use several accounts, so in case I ever lose a card or have any problem with one, I always have another ATM card/account I can use instead.

As of yesterday, my cash withdrawal from one U.S. account through Siam Comm. Bank's ATM went at a 32.87 exchange rate.

Here in Thailand, you also should consider opening a local account with BKK Bank. The advantage is BKK Bank has a New York office with a U.S. ABA number, which means you can link your U.S. bank accounts online to BKK Bank via that ABA number. It's then possible to do U.S. funds transfers online that go to BKK Bank in New York, and then get credited onward to your Thai BKK Bank account. I've done it, and it works. There have been other threads written here that discuss that in more detail.

By the way, the same general issues apply to U.S. credit cards. Many charge from 1 to 3% foreign currency transaction fees if you try to use them abroad. So make sure you find and pick a U.S. credit card that doesn't carry such a fee.

[lopburi3]

The SWIFT rate yesterday was 33.05 at Bangkok Bank as made a transfer. So you received about 1/2 of one percent less (which is about what I paid in fees) so comes out about the same overall. And you have a good card.

The problem with the Bangkok Bank domestic transfer method is that it does not always work (from a number of reports) and it is probably against banking regulations. Small transfers seem to get through but higher amounts are flagged for review and blocked. Believe that it is likely only supposed to be used for transfer to special accounts at the Thai end (no ATM access) as used by federal agencies for pension payments.

[siamamerican]

Hello,

I'm a 54year old American living in Colorado,USA.I've been married to a Thai for 33years and retire from the civil service in 5mo.I've been focusing on this move to Bangkok since the early 70's.In those days I wrote to every company I could get an address for that had business in Thailand asking for a job or what I had to do to procure a job with them.I never had any luck,so I figured I'd find a job where I could retire young with a good pension,you know,do my time and then make the move(If I lived long enough).I'm not looking for any personal information whatsoever.I,too,believe you should keep your money in an off-shore/home country bank and use an ATM card in Thailand but in your estimation,what card doesn't rape you with fees for usage/currency exchange?Everybody's interested in ways to save money and living in Thailand,this is a biggie.I would like nothing more than your opinion,a little help to get me started on the right path.There are so many stories about everything other than,what's the ATM card with the cheapest usage fees?With the dollar diving,I'm looking for every edge.I couldn't find the information I seek without contacting shitloads of banks so I'm writing members that are knowledgable on Thailand instead.I hope I don't come across as lazy because I really have put in ALOT of research and many decades of intense thought into this move.Thanks for your time reading this and have a great New Year in Thailand.

DONEWITHIT

Colorado,USA

Many online brokers refund the atm fees. My ameritrade account and schwab accounts do this. You don't have to trade stocks - just need a checking account with the brokerage. I would go with Schwab, because they seem to have more local branches and the client service reps can help you setup the account and answer questions about international wire and ATM fees. Amertrade doesn't charge me for wires, but I think you need to have a 50 - 100k in stocks or cash to qualify.

[DurianChips]

Many online brokers refund the atm fees. My ameritrade account and schwab accounts do this. You don't have to trade stocks - just need a checking account with the brokerage. I would go with Schwab, because they seem to have more local branches and the client service reps can help you setup the account and answer questions about international wire and ATM fees. Amertrade doesn't charge me for wires, but I think you need to have a 50 - 100k in stocks or cash to qualify.

I see this was a few months ago, but if you're still around, I'd love to hear about how you set this up with Ameritrade. I've been with them for my investment accounts for years (originally when they were TD Waterhouse), and I didn't even know that they had checking accounts.