Expat Opening Bank Account In Thailand?

[LoveBug]

I'll be staying in Thailand for at least another 10 months. I've been here for several months now and sometimes I need to withdraw a huge sum of money. The limit is 10,000 baht daily and I also have to pay $5 for each transaction, whether or not it goes through.

I would like to open a bank account here in Bangkok. Do you know of any good banks that would allow an expat/foreigner to open an account with them? I live along Soi 3 near Fortune Tower.

Also, if anyone is into off-shore banking, let me know. I'd be interested.

Thank you.

[JAS21]

I'll be staying in Thailand for at least another 10 months. I've been here for several months now and sometimes I need to withdraw a huge sum of money. The limit is 10,000 baht daily and I also have to pay $5 for each transaction, whether or not it goes through.

I would like to open a bank account here in Bangkok. Do you know of any good banks that would allow an expat/foreigner to open an account with them? I live along Soi 3 near Fortune Tower.

Also, if anyone is into off-shore banking, let me know. I'd be interested.

Thank you.

Offshore I use alliance and leicester international Isle of Mann.

Here I have a bangkok bank account. My wife went with me to sort it, sorry cant remember if I opened it after my O visa or before. I have limited my BB withdrawals to 40000Baht a day...but you can have a higher limit.

Looks like u r not from the UK..most uk guys use Nationwide for atm no fees.

[LoveBug]

I'll be staying in Thailand for at least another 10 months. I've been here for several months now and sometimes I need to withdraw a huge sum of money. The limit is 10,000 baht daily and I also have to pay $5 for each transaction, whether or not it goes through.

I would like to open a bank account here in Bangkok. Do you know of any good banks that would allow an expat/foreigner to open an account with them? I live along Soi 3 near Fortune Tower.

Also, if anyone is into off-shore banking, let me know. I'd be interested.

Thank you.

Offshore I use alliance and leicester international Isle of Mann.

Here I have a bangkok bank account. My wife went with me to sort it, sorry cant remember if I opened it after my O visa or before. I have limited my BB withdrawals to 40000Baht a day...but you can have a higher limit.

Looks like u r not from the UK..most uk guys use Nationwide for atm no fees.

Can I open an offsore acount while here?

Is there a devaluation when I move my US funds from US bank to a Thai bank?

[mizzi39]

I'll be staying in Thailand for at least another 10 months. I've been here for several months now and sometimes I need to withdraw a huge sum of money. The limit is 10,000 baht daily and I also have to pay $5 for each transaction, whether or not it goes through.

I would like to open a bank account here in Bangkok. Do you know of any good banks that would allow an expat/foreigner to open an account with them? I live along Soi 3 near Fortune Tower.

Also, if anyone is into off-shore banking, let me know. I'd be interested.

Thank you.

Offshore I use alliance and leicester international Isle of Mann.

Here I have a bangkok bank account. My wife went with me to sort it, sorry cant remember if I opened it after my O visa or before. I have limited my BB withdrawals to 40000Baht a day...but you can have a higher limit.

Looks like u r not from the UK..most uk guys use Nationwide for atm no fees.

Can I open an offsore acount while here?

Is there a devaluation when I move my US funds from US bank to a Thai bank?

It fluctuates. The devaluation would depend on the exchange rate at the time of transfer. my US bank charges a staggering $40.00 if I need to transfer money to my Thai account. If I use ATM from my US bank I get hit with a $3.00 charge for every 3000 baht i withdraw.

As far as opening up a bank account, it depends which bank. Some banks will not let you open an account without an O or B visa, although i have heard of people opening accounts on a tourist visa.

Edited October 16, 2008 by mizzi39

[GungaDin]

Search "jobs, economy, banks" etc.

Use the search engine.

Your question is common, to say the least!

[kiakaha]

I'll be staying in Thailand for at least another 10 months. I've been here for several months now and sometimes I need to withdraw a huge sum of money. The limit is 10,000 baht daily and I also have to pay $5 for each transaction, whether or not it goes through.

I would like to open a bank account here in Bangkok. Do you know of any good banks that would allow an expat/foreigner to open an account with them? I live along Soi 3 near Fortune Tower.

Also, if anyone is into off-shore banking, let me know. I'd be interested.

Thank you.

A foreigner can open an account anywhere in thailand, just take along your work permit and passport. Kasikorn, HSBC, Citibank etc... all satisfactory in my experience.

Regarding your $5 fee for using you overseas debit or credit card at an ATM...i know a few people who pay no fees, but this is usual a factor determined by the type of card, the persons "value" relationship with the bank, the persons ability to negotiate their fee structure with their bank etc....

[cathyy]

All US banks charge some kind of fee for withdrawing money from a foreign ATM that's "out of network." I have seen this fee be as high as 3% of the transaction, and as little as $2.75 per transaction. (We currently have the $2.75 deal, but due to a bank merger it goes away 20 October to be replaced by a $5 fee.) You can not usually find this specific information easily, but a bit of persistence in either searching the website of the bank or very specific questioning of a customer service rep will pry it out. This fee means the bank gets their little cut so that they are less likely to rape you on the exchange rate. But do be sure to ask about both foreign currency exchange fees and fees for the use of ATMs out of country and out of network.

Visa assesses a 1% fee for foreign transactions, including using a Visa-logo ATM card in a foreign, out of Network ATM machine. So go for a Mastercard logo ATM card.

As much as I despise and loathe the evil that is Bank of America I really have to recommend them for overseas banking. If you live in BKK, they have a lone ATM machine you could use at the large-business-accounts-only branch of BofA N.A. in BKK. And they only charge a $5 fee, depending on the US state in which your account was opened.

YMMV

Edited October 16, 2008 by cathyy

[Soutpeel]

I'll be staying in Thailand for at least another 10 months. I've been here for several months now and sometimes I need to withdraw a huge sum of money. The limit is 10,000 baht daily and I also have to pay $5 for each transaction, whether or not it goes through.

I would like to open a bank account here in Bangkok. Do you know of any good banks that would allow an expat/foreigner to open an account with them? I live along Soi 3 near Fortune Tower.

Also, if anyone is into off-shore banking, let me know. I'd be interested.

Thank you.

Citibank International personal banking in Singapore, maintain US$ 25,000 minimum balance and no bank fees, can use ATM card with no cost, except the THB 20 you get stung with via the Thai bank you use, this is on the Thai end, not the Singapore end

[Kerryd]

I have a couple of accounts at Bangkok Bank. I've opened them despite only having a 30 day stamp in my passport.

The big thing is, you need an actual address (i.e. your name on a house book). You need that to get the Certificate of Residency, which you need to open an account.

I've just gone through this yesterday to get an account for my dad.

My understanding is that, with just the 30 day stamp, BB will only let you open a savings account (no credit card, no internet banking). The ATM card works pretty much any and every where I've tried it.

My only limit seems to be how much the ATM will dispense. I've sat at one ATM and withdrew 120,000 baht, in 6 transactions.

My biggest problem is getting the money from home to my Thai account. My Canadian bank tells me I have to be in a local branch (in Canada) to do a wire transfer. I plan on just having my pay sent to my Thai account instead. Less hassles than I'm doing now.

Note that it seems that different branches (of the same bank) appear to interpret the rules differently. Where one branch may say no, the next closest branch may say yes.

On another note. Dad tried to cash some Traveller's Cheques (Canadian $$) yesterday at a Siam Commercial branch. They wouldn't do it and told him to go to a Bangkok Bank branch instead (though a month ago they had no problem cashing American $$ Travellers Cheques). Went to my branch of BB and they cashed the cheques no problem.

Also, due to my situation, I often take a large cash withdrawal from my credit card, deposit it in my Thai account, then go online and pay off the credit card. At Bangkok Bank, they let me take up to 100,000 baht per card, per day (up to my limit of course). I've tried it at a couple of other banks (Siam Commercial and Krung Thai) and they told me the maximum is 20,000 per card per day.

[Soutpeel]

Also, due to my situation, I often take a large cash withdrawal from my credit card, deposit it in my Thai account, then go online and pay off the credit card. At Bangkok Bank, they let me take up to 100,000 baht per card, per day (up to my limit of course). I've tried it at a couple of other banks (Siam Commercial and Krung Thai) and they told me the maximum is 20,000 per card per day.

Surely you are getting battered with quite a high fee for cash advancing off your C/C, + exchange rate + any other fees, so seems to be a rather expensive way of doing it ??

[MickA]

I have always when needing large amounts just gone into a bank and withdrawn on my Visa card showing my passport. I do this once a month at the TMB here and get 60000 baht each time cost 4 pounds 50 from my UK bank

[bendix]

I could be wrong, but I don't think foreigners are allowed to have bank accounts in Thailand. In fact, many foreigners are now reporting that even foreign ATM cards have to be handed over to customs upon arrival.

If I were you, I would convert all your money to rice before you arrive; that way you'll at least be able to live.

If you're working here, don't bother with a bank account. Just ask them to feed you every day.

[bkkjames]

I could be wrong, but I don't think foreigners are allowed to have bank accounts in Thailand. In fact, many foreigners are now reporting that even foreign ATM cards have to be handed over to customs upon arrival.

If I were you, I would convert all your money to rice before you arrive; that way you'll at least be able to live.

If you're working here, don't bother with a bank account. Just ask them to feed you every day.

[Kerryd]

Surely you are getting battered with quite a high fee for cash advancing off your C/C, + exchange rate + any other fees, so seems to be a rather expensive way of doing it ??

I had originally thought that I wasn't getting dinged with any extra charges on my C/C's. But the following month I had "cash advance" fees tacked on to my balance.

Currently my only other option is to fly all the way back to Canada to do a transfer from my bank. Considering the costs, it looks like I'll be stuck with the current situation for the time being at least.

[denboy]

Surely you are getting battered with quite a high fee for cash advancing off your C/C, + exchange rate + any other fees, so seems to be a rather expensive way of doing it ??

I had originally thought that I wasn't getting dinged with any extra charges on my C/C's. But the following month I had "cash advance" fees tacked on to my balance.

Currently my only other option is to fly all the way back to Canada to do a transfer from my bank. Considering the costs, it looks like I'll be stuck with the current situation for the time being at least.

I opened a saving account with Krung Thia Bank years ago whist on a 30 day tourist visa without any problems. I transfer to that account from UK every few months as needed. They will issue a gold ATM card which allows withdrawls of 100.000 daily. krung Thai is a goverment bank which is a good bank for latters of garuntee (when needed)

Channel island banks I believe will not open an account for a US citizen unless you use a Thailand address for the account.

Cheers

[britmaveric]

Dunno my band charges no fee(s) for foreign transactions - one of the benefits. Any rate just need to shop around.

As for thai bank.... Kasikorn.

[jfchandler]

All US banks charge some kind of fee for withdrawing money from a foreign ATM that's "out of network." I have seen this fee be as high as 3% of the transaction, and as little as $2.75 per transaction. (We currently have the $2.75 deal, but due to a bank merger it goes away 20 October to be replaced by a $5 fee.) You can not usually find this specific information easily, but a bit of persistence in either searching the website of the bank or very specific questioning of a customer service rep will pry it out. This fee means the bank gets their little cut so that they are less likely to rape you on the exchange rate. But do be sure to ask about both foreign currency exchange fees and fees for the use of ATMs out of country and out of network.

Visa assesses a 1% fee for foreign transactions, including using a Visa-logo ATM card in a foreign, out of Network ATM machine. So go for a Mastercard logo ATM card.

As much as I despise and loathe the evil that is Bank of America I really have to recommend them for overseas banking. If you live in BKK, they have a lone ATM machine you could use at the large-business-accounts-only branch of BofA N.A. in BKK. And they only charge a $5 fee, depending on the US state in which your account was opened.

YMMV

Cathyy, don't take this personally, but part of your advice above is simply wrong... and another part is very bad advice...

The wrong part: "All US banks charge some kind of fee for withdrawing money from a foreign ATM that's "out of network."

That's absolutely not true, as my own bank accounts can attest, and other banking posts here on TV can reinforce. There are some U.S. banks that specifically do not charge transaction fees for foreign or even out-of-network domestic use, as a perk for their accounts. And there are others that reimburse those charges every month, either unlimited or up to a certain amount per month.

The one part that you cannot avoid, I believe, is the 1% exchange rate cut that VISA takes. But that's VISA taking it, not your US bank, whichever one holds your account. And that typically never shows up as a discrete fee. Some however, like BofA and HSBC, decide to pile on and charge a 3% transaction fees, taking the extra for themselves, in addition to BofA's flat international transaction fee of what... $5 per use now.

The bad advice part: "As much as I despise and loathe the evil that is Bank of America I really have to recommend them for overseas banking."

As a long time and still current BofA customer in the U.S., they are very convenient to use there. But they're about the last U.S. bank I would ever use in Thailand. Their wire transfer fees (U.S. to Thailand) are extortionate. Their office in BKK provides absolutely no retail banking services for BofA customers. And why in the world would anyone want to pay 3% and $5 every time you use your BofA debit card in Thailand, when you could use any number of other U.S. bank or credit union cards and pay only 1% and often no flat fee.

Sorry, but you need to brush up a bit on your finances...

[jfchandler]

I could be wrong, but I don't think foreigners are allowed to have bank accounts in Thailand. In fact, many foreigners are now reporting that even foreign ATM cards have to be handed over to customs upon arrival.

If I were you, I would convert all your money to rice before you arrive; that way you'll at least be able to live.

If you're working here, don't bother with a bank account. Just ask them to feed you every day.

Bendix...you been smokin' that weed again...or just auditioning for a job with Thai immigration???

[jfchandler]

I have a couple of accounts at Bangkok Bank. I've opened them despite only having a 30 day stamp in my passport.

The big thing is, you need an actual address (i.e. your name on a house book). You need that to get the Certificate of Residency, which you need to open an account.

I've just gone through this yesterday to get an account for my dad.

My understanding is that, with just the 30 day stamp, BB will only let you open a savings account (no credit card, no internet banking). The ATM card works pretty much any and every where I've tried it.

My only limit seems to be how much the ATM will dispense. I've sat at one ATM and withdrew 120,000 baht, in 6 transactions.

A couple of points here....

For BKK Bank, yes, you do need some/any kind of residence address....but you don't need a Certificate of Residency to open an account. When I opened my BKKB account, I brought with me my apartment rental contract, but they didn't even ask to see it. Just wanted passport and to see my visa.

Re daily ATM limits, BKKB allows you to set quite high daily amounts for their ATM card, I think to a max of 500,000 per day. But, you can also tell them any amount less, when you establish your account. Personally, I'd never want that much exposure on a Thai bank ATM/debit card.

However, that limit (or others like it at other banks) are a separate issue from what their ATM machines will do in each ATM transaction. I believe the typical ATM machine limit is 20 bills per transaction. So if the machine is vending the largest 1,000 baht bills, they you could get 20,000 per transaction. And then if your daily limit allowed it, go back into the machine and do another...and another...etc etc..

Re BKKB's ATM cards, in the past, they were often issuing ATMs for some reason that had no 3-digit CCV security code imprinted on the back, meaning those cards could not easily be used for online purchases, even though BKKB maintained they could. So if someone is getting a Be1st card from BKKB these days, make sure it has the CCV code on the back.

[silomrama]

I'll be staying in Thailand for at least another 10 months. I've been here for several months now and sometimes I need to withdraw a huge sum of money. The limit is 10,000 baht daily and I also have to pay $5 for each transaction, whether or not it goes through.

I would like to open a bank account here in Bangkok. Do you know of any good banks that would allow an expat/foreigner to open an account with them? I live along Soi 3 near Fortune Tower.

Also, if anyone is into off-shore banking, let me know. I'd be interested.

Thank you.

[Langsuan Man]

I'll be staying in Thailand for at least another 10 months. I've been here for several months now and sometimes I need to withdraw a huge sum of money. The limit is 10,000 baht daily and I also have to pay $5 for each transaction, whether or not it goes through.

This is a restriction on your home bank.

I would like to open a bank account here in Bangkok. Do you know of any good banks that would allow an expat/foreigner to open an account with them? I live along Soi 3 near Fortune Tower.

As other posters have mentioned you should be able to open a Thai bank account

.

The only thing that a Thai bank account will do for you is that you will now be able to WIRE transfer large amounts into your Thai bank account and thus save the $5 fee that you are currently paying. But remember you will have to pay whatever wire transfer fee your home bank requires. I am assuming that your bank is located in the US (I also have to pay $5 for each transaction) and that will effect what you pay for the wire.

I happen to have an E'trade Bank account and they offer free ATM withdrawals and only charge a flat $25 for international wire transfers. Many US banks offer the same. You just have to shop banks.

[cathyy]

The wrong part: "All US banks charge some kind of fee for withdrawing money from a foreign ATM that's "out of network."

That's absolutely not true, as my own bank accounts can attest, and other banking posts here on TV can reinforce. There are some U.S. banks that specifically do not charge transaction fees for foreign or even out-of-network domestic use, as a perk for their accounts. And there are others that reimburse those charges every month, either unlimited or up to a certain amount per month.

The one part that you cannot avoid, I believe, is the 1% exchange rate cut that VISA takes. But that's VISA taking it, not your US bank, whichever one holds your account. And that typically never shows up as a discrete fee. Some however, like BofA and HSBC, decide to pile on and charge a 3% transaction fees, taking the extra for themselves, in addition to BofA's flat international transaction fee of what... $5 per use now.

The bad advice part: "As much as I despise and loathe the evil that is Bank of America I really have to recommend them for overseas banking."

As a long time and still current BofA customer in the U.S., they are very convenient to use there. But they're about the last U.S. bank I would ever use in Thailand. Their wire transfer fees (U.S. to Thailand) are extortionate. Their office in BKK provides absolutely no retail banking services for BofA customers. And why in the world would anyone want to pay 3% and $5 every time you use your BofA debit card in Thailand, when you could use any number of other U.S. bank or credit union cards and pay only 1% and often no flat fee.

Due to the previously mentioned bank merger, I very recently searched long and hard for a US bank that did not charge a fee for an out of network foreign ATM. They all charged a fee. Some banks will waive that fee if you maintain a minimum balance in your checking account. Like $25,000. I don't maintain a balance that large in my checking account. So my statement in true in general, but not for you as you apparently qualify for the exception. If you know of a bank that does not charge a foreign ATM fee without having to maintain over $2500 in your checking account please tell me which bank it is. I'd be very interested.

How current is your info on the 3% currency exchange fee at B of A? That's the evil bank that took over my semi-nice bank. I have read their schedule of fees very closely. They do not mention any fee other than the $5 that applies to foreign ATMs or currency exchange. They do not stipulate any fee for currency exchange at all. If your information is old, it may have changed now due to the class action suits they lost fairly recently over foreign exchange fees. Also, the fees they are allowed to charge are not necessarily standard nationwide but vary by state to conform with the state banking laws of where your account is located, so YMMV. Or it could be they'll take the 3% out via an artificially low exchange rate. I'll find out in a week or two.

My recommendation of B of A is based solely on that flat fee. Everybody else I talk to is paying either 2% or 3%. If I can get out of paying that fee I would be quite happy.

[Toany]

I'll be staying in Thailand for at least another 10 months. I've been here for several months now and sometimes I need to withdraw a huge sum of money. The limit is 10,000 baht daily and I also have to pay $5 for each transaction, whether or not it goes through.

I would like to open a bank account here in Bangkok. Do you know of any good banks that would allow an expat/foreigner to open an account with them? I live along Soi 3 near Fortune Tower.

Also, if anyone is into off-shore banking, let me know. I'd be interested.

Thank you.

If you are English -

Open a Nationwide bank account and you can withdraw up to 300 pounds per day with your ATM card and no charges either end. The exchange rate they give you is also very good. As far as I know it is the only UK bank doing this. Also, if you have a credit card with them, again there are no charges and you get a good exchange rates. All free and no charges.

[jfchandler]

Cathyy.....

There are quite a few banks that don't charge extra fees for foreign ATM transactions. But they tend not to be the MAJOR national banks, but rather smaller and regional banks and credit unions. And I don't mean they don't charge based on your having a huge account balance. I mean they don't charge period. You need to do some research online and even here on TV, where some of this has been discussed and reported on previously. But for two examples, Salem Five Direct's EOne checking account is such an account. Salem5 doesn't charge any fees themselves when you use other bank's ATMs, and they will reimburse up to a certain amount if other banks charge you a fee (which Thai banks typically do not, except for SCB now). And, IndyMac Bank in California, at least before they were taken over by the Fed, was another. I haven't checked on them since that occurred to tell you if they've changed the policy about that. Likewise, for credit cards, Capital One doesn't charge foreign exchange fees when you use their credit cards abroad, unlike many another companies that charge up to 3% also.

About BofA, I haven't used them for the past year. But last time I did (obviously more than once), using their standard BofA debit card in Thailand, every ATM transaction would generate 3 separate line item charges to my BofA checking account: 1) the withdrawal itself, 2) the flat non-BofA ATM fee, which was $3 something and then went up to $5 I think, and then 3) their 3% foreign currency exchange charge. It was RIDICULOUS, and that's what cause me to swear off ever using them again in Thailand (or elsewhere abroad). So my experience on that was not so long ago.

Because these banks are U.S. banks, they don't typically spend a lot of time talking about no foreign ATM or foreign currency charges as an important feature, since most people are using their ATM cards domestically. So it either takes you doing to research, and specifically looking for banks that advertise never charging ATM fees anywhere in the world. That's a start, but ATM fees are not the same as foreign currency charges. So you really need to look for both.

The wrong part: "All US banks charge some kind of fee for withdrawing money from a foreign ATM that's "out of network."

That's absolutely not true, as my own bank accounts can attest, and other banking posts here on TV can reinforce. There are some U.S. banks that specifically do not charge transaction fees for foreign or even out-of-network domestic use, as a perk for their accounts. And there are others that reimburse those charges every month, either unlimited or up to a certain amount per month.

The one part that you cannot avoid, I believe, is the 1% exchange rate cut that VISA takes. But that's VISA taking it, not your US bank, whichever one holds your account. And that typically never shows up as a discrete fee. Some however, like BofA and HSBC, decide to pile on and charge a 3% transaction fees, taking the extra for themselves, in addition to BofA's flat international transaction fee of what... $5 per use now.

The bad advice part: "As much as I despise and loathe the evil that is Bank of America I really have to recommend them for overseas banking."

As a long time and still current BofA customer in the U.S., they are very convenient to use there. But they're about the last U.S. bank I would ever use in Thailand. Their wire transfer fees (U.S. to Thailand) are extortionate. Their office in BKK provides absolutely no retail banking services for BofA customers. And why in the world would anyone want to pay 3% and $5 every time you use your BofA debit card in Thailand, when you could use any number of other U.S. bank or credit union cards and pay only 1% and often no flat fee.

Due to the previously mentioned bank merger, I very recently searched long and hard for a US bank that did not charge a fee for an out of network foreign ATM. They all charged a fee. Some banks will waive that fee if you maintain a minimum balance in your checking account. Like $25,000. I don't maintain a balance that large in my checking account. So my statement in true in general, but not for you as you apparently qualify for the exception. If you know of a bank that does not charge a foreign ATM fee without having to maintain over $2500 in your checking account please tell me which bank it is. I'd be very interested.

How current is your info on the 3% currency exchange fee at B of A? That's the evil bank that took over my semi-nice bank. I have read their schedule of fees very closely. They do not mention any fee other than the $5 that applies to foreign ATMs or currency exchange. They do not stipulate any fee for currency exchange at all. If your information is old, it may have changed now due to the class action suits they lost fairly recently over foreign exchange fees. Also, the fees they are allowed to charge are not necessarily standard nationwide but vary by state to conform with the state banking laws of where your account is located, so YMMV. Or it could be they'll take the 3% out via an artificially low exchange rate. I'll find out in a week or two.

My recommendation of B of A is based solely on that flat fee. Everybody else I talk to is paying either 2% or 3%. If I can get out of paying that fee I would be quite happy.

[Krungbin]

I'll be staying in Thailand for at least another 10 months. I've been here for several months now and sometimes I need to withdraw a huge sum of money. The limit is 10,000 baht daily and I also have to pay $5 for each transaction, whether or not it goes through.

I would like to open a bank account here in Bangkok. Do you know of any good banks that would allow an expat/foreigner to open an account with them? I live along Soi 3 near Fortune Tower.

Also, if anyone is into off-shore banking, let me know. I'd be interested.

Thank you.

I have accounts with HSBC in Hong Kong and I am very happy with this bank. Internet banking works just but fine and I am using my cards all over the world, no problem... This stated, if you wish to open a local account, I can recommend you to go to the Krung Thai Bank branch located on the floor level of Fortune Tower (right hand side coming from the Mercure hotel). I opened one there, my passport, a validaddress and no further question asked. Internet (in and out) and ATM banking works very well...

[cathyy]

Cathyy.....

There are quite a few banks that don't charge extra fees for foreign ATM transactions. But they tend not to be the MAJOR national banks, but rather smaller and regional banks and credit unions.

Please list them. Specifically the ones located in southern lower Michigan. I am not interested in a troubled bank like IndyMac, even if it was located in an area to be of use to me. The other bank you mentioned is also not located in my area. I contacted every Credit Union in southern lower Michigan for which I was eligible for membership. They all charge a fee, even if it's only the 1% Visa fee. You say they are easy to find but haven't looked in my area. I've looked in my area and say they are impossible to find.

[jfchandler]

Cathyy, maybe you have some particular reason to need to have a physical bank branch in Michigan...

But for me, these days, with the availability of Internet banking and easy online ACH transfers, the physical location of a bank is pretty irrelevant.

Almost any bank these days you can open and fund a new account either entirely online or mostly online and then by mailing back a few signed documents. And then fund the account by mailing in a check or doing an ACH transfer.

We're talking about having an ATM/debit card that you can use to make low or fee free ATM withdrawals when traveling abroad. It doesn't have to be your primary bank/banking relationship. Just the one you use for traveling abroad. So what difference does it really make whether the bank has an office physically in some particular area???

I have never gone looking for banks in southern lower Michigan. Maybe you can consider broadening your banking horizons a bit...

The bank I mentioned above, Salem Five Direct, is a quality bank with both FDIC and state insurance, great customer service, and a very good account in terms of its feature set.

http://www.salemfivedirect.com/

And about IndyMac bank, yes, they got into trouble in the whole mortage scam thing. But now they are owned by the FDIC, and you can't be any more secure than that. In checking today, I see they have now changed so that their checking accounts can only be opened in their branches. But their savings accounts can be opened online. Unfortunately, their web site no longer provides clear info on their fee policy... So a person would need to call them.

http://www.imb.com/

Another very good choice, depending on your spending habits, is Charter Bank in New Mexico (again, you can do everything online here). They have what they call a Turbo checking account that currently pays 6% interest on any balances up to $25,000 (not $25K as the minimum balance). They also refund all ATM fees. But you do have to meet 4 conditions to quality for this: 1) accept electronic (not paper) statements, 2) log-into their web site at least once a month, 3) make at least 13 debit card purchases (gas, grocery store, online music, etc etc.) per month of any amount, and 4) have at least one direct deposit or ACH transfer (no fees for that) in or out per month.

http://www.turbochecking.com/

Another option with folks who just recently have become a national bank is Capital One Direct. They have what they call a High Yield Money Market account that includes an ATM card where Capital One will not charge any ATM fees either domestically or abroad. (They will not reimburse the other bank's ATM fees if they charge them, but most banks in Thailand don't anyway). There are no other account fees, though I believe they would deduct VISAs 1% cut via the exchange rate calculation.

http://www.capitalone.com/directbanking/mo...ounts/index.php

I'll check and see if I can find a broader list of these kinds of accounts, since others might be interested as well.... But if the bank for you has to be in that one narrow geog. area you mentioned, then yes, it could be a problem.

Edited October 18, 2008 by jfchandler

[cathyy]

Cathyy, maybe you have some particular reason to need to have a physical bank branch in Michigan...

I'll check and see if I can find a broader list of these kinds of accounts, since others might be interested as well.... But if the bank for you has to be in that one narrow geog. area you mentioned, then yes, it could be a problem.

Yes, I do have valid reasons to keep my banking in that specific area. It has to do with my husband's parental units, and the ease with which a trusted family member can access our account and the parents' account in person, on the same day, if need be. Trust me that this need does exist, and will continue to exist.

Yeah, I'd have totally switched to an Internet bank a long time ago if my preference was the only issue.

[jfchandler]

For Cathyy and others, here are some additional options...

Countrywide Bank (now owned by BofA) offers an Interest Checking account ($250 min. bal.) through its physical branches and a money market (checking) account ($1,000 min. bal.) that can be opened online. Both are available with ATM cards. The bank's web site says their ATM cards can be used with any Star, Plus or Cirrus network ATM machine, and Countrywide won't charge any fee for withdrawals. Countrywide will not reimburse other bank's fees.

Countrywide's web site and their 84 page accounts disclosure document seem to make no mention of any extra foreign currency transaction fee. So I would assume Visa or MC take their standard 1% via a slightly reduced exchange rate, and no additional fees are charged. But their telephone customer service hours are only M-F, so I couldn't confirm that today.

Addditionally, maybe this will be of help to you Cathyy. They seem to have 3 physical branch locations in Michigan. See the following site on their web site:

https://bank.countrywide.com/fincenter2.aspx?si=MI

Also, Bank of Internet based in San Diego CA offers a high interest checking account that charges no ATM fees and reimburses other bank's fees up to $8 per month. Comes with a Visa check card. There is no min. bal. required, but you need $5,000 in the account to avoid a $7.50 per month service charge. They also make no mention of any additional foreign currency fees regarding their account, but anyone interested should call to confirm. This account also includes a free initial order of checks and unlimited check writing privileges, as well as free online billpay.

Lastly, I checked on the latest from BofA regarding their ATM fees schedule.

At least for California accounts (and I assume elsewhere), their current fee schedule lists a $2 per use fee for non-BofA ATMs used in the U.S., and a $5 per use fee for non-BofA ATMs used internationally. ($5 is REALLY steep!!!!). Those fees apply equally to ATM withdrawals, transfers and balance inquiries... $5 just to check your account balance?????

I looked tonight on BofA's web site, but couldn't find their current additional % charge for foreign currency withdrawals.

[jfchandler]

Here's the latest foreign currency info for Bank of America, according to Bankrate.com...

Bank of America

• ATM withdrawal: $5 plus 1 percent of ATM withdrawal

(waived for BofA customers withdrawing money from global ATM alliance members)

• Credit card purchase: 3% of point of sale charge

• Debit card purchase: 3% of point of sale charge

• Credit card cash advance: Their regular cash advance fee applies; no additional charge.

Bankrate also has an article that explains this whole subject, including the 1% standard deductions assessed by Visa and MC, and how different banks add on their own charges above that. At the bottom of the article, they have a search function to see the different rates for a variety of major banks.

http://www.bankrate.com/brm/news/cc/200506...bank=bofa#chart