Us Bank Balance Changes

[colonelsing]

This is first time I joined an internet forum but this one seems very good.I was wondering if someone could help me understand this situation as I have no experience with international banking.

Every month I receive payments direct deposit into US bank account.I take out the maximyum amount every day from ATM and deposit it into Thai bank.But by the time I have finished taking it all out the total money is like 2000 baht less than when I started. Is this from bank fees or exchange rates or something?

Thank you in advance if anyone can explain this.

[Tomkagai]

This is first time I joined an internet forum but this one seems very good.I was wondering if someone could help me understand this situation as I have no experience with international banking.

Every month I receive payments direct deposit into US bank account.I take out the maximyum amount every day from ATM and deposit it into Thai bank.But by the time I have finished taking it all out the total money is like 2000 baht less than when I started. Is this from bank fees or exchange rates or something?

Thank you in advance if anyone can explain this.

Would guess its a combination of both the daily exchange rate and bank costs/fees, you should be able to see where the cash is going looking at your statement...

[naka]

Rule No.1 is never take your funds from another country via ATM ( Okay Nationwide folks ... I hear your fingers tapping )

If you can ? then leave the funds at home for as long as possible then have your bank send the funds

to your Thai bank by Bank to Bank electronic transfer ... Wire Transfer for you Americans.

Much better terms this way. Yes I do like Champagne ... Thanks for asking, but Cava will be just fine.

Naka.

Edited May 4, 2008 by naka

[Gary A]

I don't know about other banks but Citibank charges $1.50 plus three percent for ATM transactions. Naka has the right idea. A wire transfer costs a flat $30 regardless of the amount. I make a wire transfer a couple times a year.

[Tomkagai]

I don't know about other banks but Citibank charges $1.50 plus three percent for ATM transactions. Naka has the right idea. A wire transfer costs a flat $30 regardless of the amount. I make a wire transfer a couple times a year.

Gary assume you are talking about Citibank US, as I have a Citibank Bank account from the international banking arm out of Singapore and dont pay any ATM charges drawing cash in Thailand out of that account, only limitation is that can only draw THB 50,000 in a 12 hour period.

[worldfun]

tkg,

I think you're only talking no fees if using the sole citi atm at sathorn right?

If using other ATM's I'm afraid there might be charges - can you elaborate & if correct how much exactly (have to be lower than citi US pls!)?

[jfchandler]

The proper answers to these questions depends on what bank(s) you're using in the U.S. to originate your funds...

There are any number of banks and CUs that provide no-fee ATM card withdrawals...which means...no per transaction fee and no international exchange fee.... or... they may charge those fees initially, but then rebate them back each month provided you meet their criteria...

I have accounts of both types. Under those circumstances, it's perfectly financially sound to be withdrawing money in Thailand direct from your U.S. bank account using a U.S. ATM card. The Thai banks (BKK, SCB, others) don't charge surcharges for withdrawals using other banks' cards, at least those belonging to the same networks they belong to, such as Cirrus, VISA, etc...)

As long as you make sure your U.S. bank is not hitting you with per transaction or international exchange fees, many expats here use ATM cards to manage their cash needs, and avoid entirely the $30+ per wire transfer fees and the corresponding transaction fees that Thai banks assess for handling incoming international wire transfers...

The only potential downside is the ATM cards have daily (and sometimes other) withdrawal limits. But again, those are set by the U.S. bank that issues your ATM card, not the Thai bank. So you can choose an account, or request a limit increase, to fit with your personal needs.

Where the wire transfers to Thailand have greater benefit is when you need to move a very large amount of money in a single transaction, such as to advance funds toward a retirement visa, or buying/building a home, etc etc... In those cases, ATM transactions would be pretty inconvenient.

[Gary A]

When I first came over, Citibank had only the $1.50 transaction fee. If you kept a minimum balance of $6,000 in your account there was no fee. Maybe three years ago they started charging a one percent currency exchange fee.That has since gone up to three percent. I have no address in the US so it is not possible to open a new account with a bank that has more favorable rates. I have Social Security and pension funds direct deposited into my account at Citibank in California.

I HAVE tried to find a better bank but it is not possible while living here in Thailand. I spent at least a week exchanging emails with more than ten different banks and found nothing that would work any better.

ADDED - I once damaged my Citibank ATM card so I went to the Citibank in Bangkok to have it replaced. Not only would they NOT replace it, they wouldn't even contact Citibank USA to send me a new one. It may as well have been bank of nakorn nowhere. It is Citibank only by name.

Edited May 6, 2008 by Gary A

[Tomkagai]

tkg,

I think you're only talking no fees if using the sole citi atm at sathorn right?

If using other ATM's I'm afraid there might be charges - can you elaborate & if correct how much exactly (have to be lower than citi US pls!)?

Wrong....never have drawn any money from Sathorn ATM.....most of the time use SCB ATM with my Citibank card and dont pay any bank fees or withdrawal fees...all to do with the account you hold and more importantly how much is in the account, as you have to maintain a balance above US$ 25,000...if you do this banking costs are free....below this amount think you have to pay something like Sing$ 285/year....

My account is with Citibank international banking....same building at Citibank in Singapore on Orchard Rd...cant say too many good things about them....been with them for a few years and always excellent customer service...ie if the ATM card goes wonky...they will have a new couriered to me in Thailand within about 4 days, have in past had a problem with the card on a Monday..reported it to them and the new card was in my hands by Thursday morning in Thailand.

[toptuan]

Rule No.1 is never take your funds from another country via ATM ( Okay Nationwide folks ... I hear your fingers tapping )

Rule No. 2 is ignore rule No. 1

My USA bank charges nothing for ATM withdrawals worldwide, and I usually get the best exchange rates available. Like the later post by JfChandler, it differs widely among banks. Check with your own bank.

[tlock]

Rule No.1 is never take your funds from another country via ATM ( Okay Nationwide folks ... I hear your fingers tapping )

Rule No. 2 is ignore rule No. 1

My USA bank charges nothing for ATM withdrawals worldwide, and I usually get the best exchange rates available. Like the later post by JfChandler, it differs widely among banks. Check with your own bank.

Washington Mutual in the US has a Free Checking acount that doesn't charge for using non-WAMU ATMs and charges 1% international currency fee. Back in the days i was getting the Thailand onshore exchange rate as well (does that still apply?). For day to day use I find this the cheapest way to get pocket money.

[jfchandler]

There's no reason to pay a 1% international currency fee... especially if you are living in Thailand...not just visiting...

Just pick any good financial institution in the U.S. that has no fee international ATM use, and you're good to go....

There's no advantage to paying extra to access your own money!!!

Rule No.1 is never take your funds from another country via ATM ( Okay Nationwide folks ... I hear your fingers tapping )

Rule No. 2 is ignore rule No. 1

My USA bank charges nothing for ATM withdrawals worldwide, and I usually get the best exchange rates available. Like the later post by JfChandler, it differs widely among banks. Check with your own bank.

Washington Mutual in the US has a Free Checking acount that doesn't charge for using non-WAMU ATMs and charges 1% international currency fee. Back in the days i was getting the Thailand onshore exchange rate as well (does that still apply?). For day to day use I find this the cheapest way to get pocket money.