Thai Banks To Start Charging For Atm Withdrawals ...

[endure]

What Nationwide seem to do is as soon as they are notified of the transaction they estimate the amount using that day's rate and deduct it from your 'account balance' to give what they display as you 'available balance' i.e. = your 'account balance' minus these estimates of transactions 'in the system'. A few days later the transaction is finalized and the rate at that time is used to calculate the amount finally deducted from your account. So all these reports of "I got such-and-such a rate at the ATM" are likely to be a little inaccurate depending on the rate changes between the day of the ATM transaction and the actual deduction.

When I did my 100k transfer via SCB (see post #306) it showed on the day as £1938.02 but was finalized at £1932.31, so not only did I save 7 x 150Baht ATM fees (had I used a charging ATM to withdraw the same amount over several days), but almost 6 quid on the deferred rate Of course it could easily have been a loss if the rate had moved the other way.

Has anyone asked the Nationwide yet if you can swap your debit card for a cash card?

Yes someone reported this earlier in the tread & NW reminded him that he would lose is purchase & overdraft facility as its a downgrade of your account as i stated earlier in this thread, so its best to keep that account for obvious reasons, check out the claims that some (steve2uk??) have reported applying for 2 accounts with no problems

I've got 4 Flexaccounts with NW. I know the last 3 were applied for online and granted there and then. I can't remember how I opened the first as I was a NW saver before my first Flexaccount and they were one of the first UK financial institution to offer online banking so I may have opened that online too.

[endure]

What Nationwide seem to do is as soon as they are notified of the transaction they estimate the amount using that day's rate and deduct it from your 'account balance' to give what they display as you 'available balance' i.e. = your 'account balance' minus these estimates of transactions 'in the system'. A few days later the transaction is finalized and the rate at that time is used to calculate the amount finally deducted from your account. So all these reports of "I got such-and-such a rate at the ATM" are likely to be a little inaccurate depending on the rate changes between the day of the ATM transaction and the actual deduction.

When I did my 100k transfer via SCB (see post #306) it showed on the day as £1938.02 but was finalized at £1932.31, so not only did I save 7 x 150Baht ATM fees (had I used a charging ATM to withdraw the same amount over several days), but almost 6 quid on the deferred rate Of course it could easily have been a loss if the rate had moved the other way.

Has anyone asked the Nationwide yet if you can swap your debit card for a cash card?

Yes someone reported this earlier in the tread & NW reminded him that he would lose is purchase & overdraft facility as its a downgrade of your account as i stated earlier in this thread, so its best to keep that account for obvious reasons, check out the claims that some (steve2uk??) have reported applying for 2 accounts with no problems

There's a specific tab ('Apply Online') available once you've logged into online banking that allows you to open a new Flexaccount. I don't know whether you can specify that you want a cashcard account though.

[Mali1964]

What Nationwide seem to do is as soon as they are notified of the transaction they estimate the amount using that day's rate and deduct it from your 'account balance' to give what they display as you 'available balance' i.e. = your 'account balance' minus these estimates of transactions 'in the system'. A few days later the transaction is finalized and the rate at that time is used to calculate the amount finally deducted from your account. So all these reports of "I got such-and-such a rate at the ATM" are likely to be a little inaccurate depending on the rate changes between the day of the ATM transaction and the actual deduction.

When I did my 100k transfer via SCB (see post #306) it showed on the day as £1938.02 but was finalized at £1932.31, so not only did I save 7 x 150Baht ATM fees (had I used a charging ATM to withdraw the same amount over several days), but almost 6 quid on the deferred rate Of course it could easily have been a loss if the rate had moved the other way.

Has anyone asked the Nationwide yet if you can swap your debit card for a cash card?

Yes someone reported this earlier in the tread & NW reminded him that he would lose is purchase & overdraft facility as its a downgrade of your account as i stated earlier in this thread, so its best to keep that account for obvious reasons, check out the claims that some (steve2uk??) have reported applying for 2 accounts with no problems

There's a specific tab ('Apply Online') available once you've logged into online banking that allows you to open a new Flexaccount. I don't know whether you can specify that you want a cashcard account though.

One post mentioned he applied for is 3rd account & wanted the cash card for the ATM they gave him the debit card as his credit rating was to high for the cash card as that's a basic account which the government forced the banks to give for people with poor credit rating so they can pay them benefits.

So its best to apply & then contact them by phone explaining why you want the cash card & your willing to downgrade for this new account best of look let us know how you go on.

[jgm005]

MBK Ground Floor Kasikorn ATM. NO FEE Rate 35.10 as of 11:30am/05/May

[wimpy]

My bank refunds up to $10.00 a month in atm fees.

I just checked, and on the 10,000 baht I withdrew at Government Savings Bank May 4th, I was refunded $3.81 in fees. This fee was not listed on the receipt. So someone is tacking on about a 135 baht fee, and not disclosing it anywhere during the transaction. Maybe it is a Visa network fee?

[jfchandler]

My U.S. bank also refunds "ATM fees" worldwide...

And even though the Thai ATMs I use here don't charge any fees themselves (because I only use the NO FEE ones), my U.S. bank has been automatically refunding the 1% VISA fee that also doesn't show up separately (since it's deducted via a slightly lower exchange rate) on ATM withdrawals. But they don't do it at the time of the withdrawal... They do it cumulatively at month's end.

[BIGTOE3]

I have 4 Nationwide Flexi accounts and went into the local branch last Thursday to ask about the cash card and charges.

They advised me that the .84% charge from 1st June and 1% from 1st July WILL apply for card cash accounts too. ( sorry).

BT

[SurfRider]

"This Bangkok Bank deal sounds promising though - it would certainly make things easier to just log into online banking and xfer money over here"

Here's the Bangkok Bank fee schedule for transferring funds from a BB account at their "branch" in New York to your local branch here. You first need to set up accounts in both locations.

( obviously a free transfer via a local No Fee ATM using a Debit Card such as E-Trade is best because it's FREE! )

But if you're allergic to ATMs or need to transfer larger sums you can deposit to the New York account on-line and the funds arrive in your local BB account a couple of days later -- I don't know about the Exchange Rate that this type of transfer suffers, but it would be worth asking at your local BB Branch.

http://www.bangkokbank.com/Bangkok+Bank/Pe...orm+USA+Fee.htm

Bangkok Bank in New York charges the following fees for funds transfers initiated via the US ACH system:

Transferred Amount -- and -- FEE

Less than USD ---- 50.00 ---- Free

USD ---- 51.00 - 100.00 ---- US$ 3.00

USD ---- 100.01 - 2,000.00 ---- US$ 5.00

USD ---- 2,000.01 - 50,000.00 ---- US$ 10.00

Bangkok Bank in Thailand also charges a fee of 0.25% of the amount in the Baht currency (minimum of THB 200; maximum of THB 500) when the funds are deposited into the recipient's Bangkok Bank account in Thailand

[Chaimai]

There's a specific tab ('Apply Online') available once you've logged into online banking that allows you to open a new Flexaccount. I don't know whether you can specify that you want a cashcard account though.

No. The system offers you the appropriate card according to your credit rating (as judged from the online opening process). I will request a 'down-grade' on one of my accounts to get the cash card. i don't need the OD facility (although I could apply through the 2nd account) and I don't believe the poster (or rather his source) who said that the new charges also apply to the cash card (although I cannot find any reference to the charges on the website now ???)

[BIGTOE3]

There's a specific tab ('Apply Online') available once you've logged into online banking that allows you to open a new Flexaccount. I don't know whether you can specify that you want a cashcard account though.

No. The system offers you the appropriate card according to your credit rating (as judged from the online opening process). I will request a 'down-grade' on one of my accounts to get the cash card. i don't need the OD facility (although I could apply through the 2nd account) and I don't believe the poster (or rather his source) who said that the new charges also apply to the cash card (although I cannot find any reference to the charges on the website now ???)

Well the source was the Nationwide Branch Manager at their Paisley branch.

I asked about all their new charges for Flexi and card cash ie they do not pay interest on Flexi for example.

In Europe NO CHARGES in Thailand etc yes all cards have charges starting 1st June.

I hope this explains the current and future position.

BT

[Mali1964]

There's a specific tab ('Apply Online') available once you've logged into online banking that allows you to open a new Flexaccount. I don't know whether you can specify that you want a cashcard account though.

No. The system offers you the appropriate card according to your credit rating (as judged from the online opening process). I will request a 'down-grade' on one of my accounts to get the cash card. i don't need the OD facility (although I could apply through the 2nd account) and I don't believe the poster (or rather his source) who said that the new charges also apply to the cash card (although I cannot find any reference to the charges on the website now ???)

In Branch hearsay the link i have for you Chaimai took a bit of finding but its still there also a link confirming the VISA only charge.

Answer from that link it seems clear to me

No. Initially, only Visa debit card transactions will have a fee applied. Your cash card is run by a different provider and is only available for withdrawing cash (it does not have facilities to make purchases online or at retailers). Our Cash Card Account is our Basic Bank Account and is available/suitable for customers who meet the Basic Bank Account criteria.

http://www.nationwide.co.uk/pdf/current_ac...and_charges.pdf

http://www.nationwide.co.uk/current_accoun...ransactions.htm

[BIGTOE3]

There's a specific tab ('Apply Online') available once you've logged into online banking that allows you to open a new Flexaccount. I don't know whether you can specify that you want a cashcard account though.

No. The system offers you the appropriate card according to your credit rating (as judged from the online opening process). I will request a 'down-grade' on one of my accounts to get the cash card. i don't need the OD facility (although I could apply through the 2nd account) and I don't believe the poster (or rather his source) who said that the new charges also apply to the cash card (although I cannot find any reference to the charges on the website now ???)

In Branch hearsay the link i have for you Chaimai took a bit of finding but its still there also a link confirming the VISA only charge.

Answer from that link it seems clear to me

No. Initially, only Visa debit card transactions will have a fee applied. Your cash card is run by a different provider and is only available for withdrawing cash (it does not have facilities to make purchases online or at retailers). Our Cash Card Account is our Basic Bank Account and is available/suitable for customers who meet the Basic Bank Account criteria.

http://www.nationwide.co.uk/pdf/current_ac...and_charges.pdf

http://www.nationwide.co.uk/current_accoun...ransactions.htm

The first link is dated the 27th March before the new charges.

The second link shows the countries that You will NOT be charged in ie those in the EU.

I wish you were right and I was wrong BUT I don't think so.

BT

[Mali1964]

There's a specific tab ('Apply Online') available once you've logged into online banking that allows you to open a new Flexaccount. I don't know whether you can specify that you want a cashcard account though.

No. The system offers you the appropriate card according to your credit rating (as judged from the online opening process). I will request a 'down-grade' on one of my accounts to get the cash card. i don't need the OD facility (although I could apply through the 2nd account) and I don't believe the poster (or rather his source) who said that the new charges also apply to the cash card (although I cannot find any reference to the charges on the website now ???)

In Branch hearsay the link i have for you Chaimai took a bit of finding but its still there also a link confirming the VISA only charge.

Answer from that link it seems clear to me

No. Initially, only Visa debit card transactions will have a fee applied. Your cash card is run by a different provider and is only available for withdrawing cash (it does not have facilities to make purchases online or at retailers). Our Cash Card Account is our Basic Bank Account and is available/suitable for customers who meet the Basic Bank Account criteria.

http://www.nationwide.co.uk/pdf/current_ac...and_charges.pdf

http://www.nationwide.co.uk/current_accoun...ransactions.htm

The first link is dated the 27th March before the new charges.

The second link shows the countries that You will NOT be charged in ie those in the EU.

I wish you were right and I was wrong BUT I don't think so.

BT

The 2nd link clearly states that there's no charge for the cash card, if you click on the 3rd question that drop's down the answer you so want which state's cirrus NO CHARGE.

After all the shit from UK banks i thought a Bank manager would be the last person to believe.

Questions & Answers

• Will I be charged the Visa fee for withdrawing cash from a cash machine? Select the country you are visiting from the list below, if it is listed as "no fee charged" you will not be charged. Otherwise you will be charged the fee. Please remember if you use your credit card to withdraw cash you will be charged a cash advance fee.
  
• Will I be charged the Visa fee if I buy things from foreign websites? Select the country you are buying from, if it is listed as "no fee charged" you will not be charged. Otherwise you will be charged the fee.
  
• I have a Cash Card Account that I use to withdraw cash when I'm on holiday. Will I be charged? No. Initially, only Visa debit card transactions will have a fee applied. Your cash card is run by a different provider and is only available for withdrawing cash (it does not have facilities to make purchases online or at retailers). Our Cash Card Account is our Basic Bank Account and is available/suitable for customers who meet the Basic Bank Account criteria.Show all
  

[SurfRider]

"This Bangkok Bank deal sounds promising though - it would certainly make things easier to just log into online banking and xfer money over here"

"I don't know about the Exchange Rate that this type of transfer suffers"

As a follow-up on using the Bangkok Bank - New York branch to transfer funds to Siam, I checked with a friend who did one of these transfers on March 24 -- He received a VERY GOOD Exchange Rate of 35.84, which is better than any other rate reference I was able to find for that date.

So, it appears that the Exchange Rate one receives in doing one of these transfers is favorable and not an issue in figuring the cost of this type of transfer.

http://www.thaivisa.com/forum/Thai-Banks-S...51#entry2714951

.

[jgm005]

Kasikorn ATM, Don Muang Airport, 11am 06/May. NO FEE Exchange Rate of 35.10

[JimGant]

So, it appears that the Exchange Rate one receives in doing one of these transfers is favorable and not an issue in figuring the cost of this type of transfer.

ACH transfers via Bangkok Bank NY receive the same rate as for SWIFT wire transfers, namely the TT rate. And, on the Thai end, you pay the same receiving cost of .25%. But, using Ray23's example of $55 per wire transfer (the highest I've ever seen - USAA charges $35), you'd save $45 a pop for transfers above $2000. Real money.

Wire transfers are faster -- usually in one business day. ACH transfers, in my experience, are two business days, so no big difference. But that's because my bank (USAA) has no ACH middleman, as do many banks, including Bank of America, which adds several days to the transfer. Plus, it also adds a charge to use ACH.

And if your bank requires you to use their "billpay" service to do an ACH transfer, you may have to pay a fee. But even so, you're bucks ahead over wire transfers.

You can't open an account with Bangkok Bank NY -- they're a commercial bank -- so depositing your retirement check with them, as someone mentioned, won't work.

All this discussion lately on ATM fees had me dust off my spreadsheet. And since I don't have an ATM card that absorbs all the fees -- on both ends -- ACH transfers came out way ahead, particularly when it turned out I was actually paying more in fees than the 1% USAA advertised (and they're as reputable as they come!). An $8,000 ACH transfer costs only .3%; $12,000, .2%; and $4,000, .5%. All easily done on-line.

[jfchandler]

But, using Ray23's example of $55 per wire transfer (the highest I've ever seen - USAA charges $35), you'd save $45 a pop for transfers above $2000.

Jim, while a $55 U.S. bank fee for making an international wire is on the higher end of the current range among various banks, it's certainly not too far afield. I keep track of those fees among a variety of banks. The domestic wire fees these days generally seem to be in the $25 to $35 range, while international ones seem to be in the $40 to $60 range. I'm just talking about general averages here....obviously some banks will be outside those ranges.

I know you like to reference your USAA account as an example. But as I've mentioned before, USAA accounts are mostly only available to folks with some current or past U.S. military connection, not the general public. So they don't exactly function the same as a general, public U.S. bank.

You can't open an account with Bangkok Bank NY -- they're a commercial bank -- so depositing your retirement check with them, as someone mentioned, won't work.

Actually, while you are right you can't open an account with BKK Bank's New York branch, I believe someone could arrange to have their retirement check deposited VIA them.

To do that, someone would just open a regular BKK Bank account in Thailand. And then, set up direct deposit with that person's pension provider, and give them the ABA # for the BKK Bank New York branch and then the Thailand account number. Then, just like ACH transfers, the retirement funds would be sent to the BKK Bank New York branch and forwarded onward to the person's Thailand account with BKK Bank.

Of course, the same approach would work with traditional wire transfers. Rather than paying the higher U.S. bank fee for an international wire transfer direct to Thailand, a person in/from the U.S. could arrange to send a lower priced DOMESTIC wire from their U.S. bank to the BKK Bank New York branch using the same ABA# and Thailand account number, and likewise have the funds forwarded onward to their Thailand BKK Bank account.

[Chaimai]

In Branch hearsay the link i have for you Chaimai took a bit of finding but its still there also a link confirming the VISA only charge.

Answer from that link it seems clear to me

No. Initially, only Visa debit card transactions will have a fee applied. Your cash card is run by a different provider and is only available for withdrawing cash (it does not have facilities to make purchases online or at retailers). Our Cash Card Account is our Basic Bank Account and is available/suitable for customers who meet the Basic Bank Account criteria.

Sterling work Mali This answer is consistent with previous announcements.

No disrespect to BT (I am always prepared to stand corrected) but the answer from the branch smacks of being the answer they could give to the "best of their knowledge". Same as Yamaha shop said "Falang cannot buy in his name" - Yes, he could they were just unaware or too lazy to give the right answer !

[JimGant]

I know you like to reference your USAA account as an example. But as I've mentioned before, USAA accounts are mostly only available to folks with some current or past U.S. military connection, not the general public. So they don't exactly function the same as a general, public U.S. bank.

Yeah, you do need a military connection for USAA banking -- but they do function same as other banks -- and usually better, as USAA seems to get top marks for service year after year. And their ATM cards are better than many -- no flat fees, and reimbursements for ATM owner fees. But, as mentioned, I was disappointed to discover some hidden fees when I ran some numbers, as it turned out I was paying about 1.5% in fees vice the advertised 1% passed-on foreign transaction fee.

Of course, the same approach would work with traditional wire transfers. Rather than paying the higher U.S. bank fee for an international wire transfer direct to Thailand, a person in/from the U.S. could arrange to send a lower priced DOMESTIC wire from their U.S. bank to the BKK Bank New York branch using the same ABA# and Thailand account number, and likewise have the funds forwarded onward to their Thailand BKK Bank account.

But why would you pay $25-$35 for a domestic wire transfer when you can ACH for $5-$10?

[jfchandler]

But why would you pay $25-$35 for a domestic wire transfer when you can ACH for $5-$10?

Just trying to make people aware of ALL the different routes that are available...

Some banks do impose various per-transaction limits on their outbound ACH transfers, meaning there might be times for some people when a wire transfer would be necessary instead of an ACH... such as for large amount house/condo purchases...

[BIGTOE3]

In Branch hearsay the link i have for you Chaimai took a bit of finding but its still there also a link confirming the VISA only charge.

Answer from that link it seems clear to me

No. Initially, only Visa debit card transactions will have a fee applied. Your cash card is run by a different provider and is only available for withdrawing cash (it does not have facilities to make purchases online or at retailers). Our Cash Card Account is our Basic Bank Account and is available/suitable for customers who meet the Basic Bank Account criteria.

Sterling work Mali This answer is consistent with previous announcements.

No disrespect to BT (I am always prepared to stand corrected) but the answer from the branch smacks of being the answer they could give to the "best of their knowledge". Same as Yamaha shop said "Falang cannot buy in his name" - Yes, he could they were just unaware or too lazy to give the right answer !

I understand where you are both coming from so have e'mailed my query to N/W Head Office.

I will keep you posted when they reply.

BT

[ray23]

Trust me guys I'm far from a finacial genu ius but ther were reasons I was using the ATM card, it was a free service with the bank in the states. So the only charge I got was from the Thai bank if any.

I have two ways I can go I can have my t retirement domne on a dirct deposit Bangkok Bank New York, not transfer fees that way. Then whatever happens here in Thailand.

Or I can sit up an automatic internet via debit to the New York branch again no charge.

I have some changes coming in income in the next 60 days so I will ride it out till I decide which is the best method to get the money to the Bangkok Bank in New York. I don't want to be making a bunch of changes.

I used Kasikorn to move a 100K through the ATM this month with no charge whatsoever 15 K at a time. But a long term plan will be much easier.

So zero service charges this month

[JimGant]

I was using the ATM card, it was a free service with the bank in the states. So the only charge I got was from the Thai bank if any.

Well, until a few weeks ago, no charges from Thai banks for ATM use. Out of curiosity, what bank have you been getting "free service" from? These are relatively rare -- and just off the top of my head, seem to be brokerages (E*Trade, Fidelity, etc), where they'll eat the fees to keep your (trade) business.

I have two ways I can go I can have my t retirement domne on a dirct deposit Bangkok Bank New York, not transfer fees that way. Then whatever happens here in Thailand.

Have you talked to BB NY about opening an account? As far as I know, they're a commercial operation, thus no retail accounts.

[hyperdimension]

With respect to all, I beleive that the Thai bank has no influence on the Exchange Rate for a cash advance whether over the counter or by ATM. I think it's the rate applied by the bank that issued the card in the country of issue at the time it hits the account.

THAT'S why using different cards in different banks shows up different rates - the time SCB takes to notify Nationwide will almost certainly be different from the time it takes Kasikorn to notify Nationwide, or Barclays or whoever.

This matches my perception of what happens.

FWIW, I just (3pm today) used both my Nationwide Debit (Visa) and Cashcard (Cirrus) to draw 14,000 baht with each from a Kasikorn ATM (major branch in Chiang Mai). No on-screen mention of 150 baht and the receipt slips say "Fee: 0.00". The transactions aren't currently showing online, but I'll check/compare them to see what the effective exchange rate applied for each (as per my earlier post on matching withdrawals from an SCB ATM last week).

I also happened to spot a mobile GSB ATM (basically a van with the ATM in its side) parked nearby. Having already maxed out both cards (as per Nationwide's GBP 300 per day limit) at Kasikorn, I couldn't try it - but I did spot Visa logo's on the machine (as well as some other system called "Plus"); that leads me to think it would accept Visa Debit cards but not Cirrus/Maestro etc - there being no mention of those on the GSB ATM).

I hope some of this feedback helps some here - it's what I remember ThaiVisa being best for. None of us likes this situation, but backbite jumping on those with whom you disagree isn't likely to be helpful. Reading the thread from first post to last, I see repeated examples of people (innocently and understandably) confusing different kinds of card - debit versus credit versus purely cash/ATM cards. There also seems to be some variation in terminology between US & UK usage (ntm our continental European members). As touched on by jfchandler, I (as a Brit) take "cash advance" to mean a credit transaction (i.e. a loan) - as opposed to a withdrawal/transfer of funds that I already have. It really wouldn't be surprising if a Thai bank worker perceived it the same way - and we (surely?) all know that credit transactions hit hard with charges whether expressed as fees or poor exchange rates or both.

I disagree, when you buy baht with foreign currency, which is what an ATM transaction is, the Thai central bank has a central rate and the other banks can vary that rate - but the final rate is set by the bank that supplies the currency that you are buying - just like in a forex booth. And because both your own bank and the ATM bank do work to service your transaction, they can both impose a further separate bank charge but they have to declare that to you at the time of purchase.

That makes more sense to me. It feels more logical for the business who issues the THB cash notes to be the one who sets the rate to you. For all non-ATM currency exchange transactions (TT, cheques, notes) the rates obviously vary competitively across different banks and currency exchange shops, allowing you to shop around for the best rate. So it seems strange, if it is true, that Visa and Mastercard dictate the same rate to all banks only for ATM currency exchange transactions.

Do you guys remember when the onshore THB rates at the Thai banks and exchange booths (and when withdrawing from ATMs) were vastly better (sometimes by around 10%) than the offshore THB rates (at overseas banks and on Oanda.com)? Were we all then getting the rates dictated by Visa and Mastercard (minus their percentage fee) when using the ATM? Did the Visa exchange rates web page show the better onshore rate or the offshore rate? At that time, the onshore TT rate seemed to be the most accurate number to go by for ATM currency exchange transactions.

Edited May 7, 2009 by hyperdimension

[BIGTOE3]

In Branch hearsay the link i have for you Chaimai took a bit of finding but its still there also a link confirming the VISA only charge.

Answer from that link it seems clear to me

No. Initially, only Visa debit card transactions will have a fee applied. Your cash card is run by a different provider and is only available for withdrawing cash (it does not have facilities to make purchases online or at retailers). Our Cash Card Account is our Basic Bank Account and is available/suitable for customers who meet the Basic Bank Account criteria.

Sterling work Mali This answer is consistent with previous announcements.

No disrespect to BT (I am always prepared to stand corrected) but the answer from the branch smacks of being the answer they could give to the "best of their knowledge". Same as Yamaha shop said "Falang cannot buy in his name" - Yes, he could they were just unaware or too lazy to give the right answer !

I understand where you are both coming from so have e'mailed my query to N/W Head Office.

I will keep you posted when they reply.

BT

Well it appears I got it wrong so sorry.

I attach the answer from N/W Head office for all to read.

Dear Member,

Thank you for your message. I confirm that the newly announced charges for overseas withdrawals will only apply for cards issued by Visa - Nationwide Debit Cards, Credit Cards.

For CIRRUS Cash Cards these are operated by MasterCard and will not be introduced the newly announced charge.

You can use your cash card to withdraw money from Nationwide, LINK or CIRRUS cash machines with no fees from Nationwide.

You can withdraw up to £300 a day in local currency subject to available funds. You have access to any of 750,000 cash machines world-wide displaying the Nationwide, LINK, VISA or CIRRUS symbols.

We do not charge for using cash machines or to purchase goods, but the machine provider may make a charge over which we have no control.

When you use a Nationwide Visa debit card or credit card to make a transaction in certain currencies other than sterling, Visa charge a fee for each transaction and Nationwide currently pays that fee on your behalf. We will start to pass this fee onto you from 6 May 2009 on credit card and from 1 June 2009 on debit card and it will be included in the sterling amount shown on your statement. The fee is currently 0.84%. From 1 July 2009 this fee will increase to 1%.

Nationwide is now recovering this Visa fee because, as a prudent organisation, we must maintain a balance between offering competitive products whilst ensuring that they remain sustainable in the long term. This is particularly important at the current time given the challenging conditions in which all financial services providers operate.

By passing on this fee we can continue to offer credit and debit cards with many benefits including commission free overseas usage.

It is very important to remember that while we are recovering the Visa fee from customers, the fee only applies to transactions in currencies outside the Visa Europe Region and almost all credit and all debit card issuers charge around 2.75% for all overseas transactions. As a result, although there will be an increased cost to our customers when we recover the Visa fee, the cost of overseas usage to the consumer is still likely to be significantly lower than if they were to use a card issued by one of our main competitors

For more information about foreign transaction fees please visit our site via the following link http://www.nationwide.co.uk/current_accoun...ransactions.htm (http://www.nationwide.co.uk/current_account/foreigntransactions.htm) There is a question and answers section to address some of the most common questions, you can also view the A-Z listing of countries where fees will be charged. Unless stated otherwise a fee will be charged.

Regards,

Internet Services

Sorry everyone for my earlier incorrect post.

BT

[Mali1964]

Thanks Bigtoe at least its strait from the horse's mouth & as its now posted on here it should let the Brits understand that Nationwide is still the No1 bank for overseas use.

[SurfRider]

"seem to be brokerages (E*Trade, Fidelity, etc), where they'll eat the fees to keep your (trade) business."

E-Trade has two divisions -- Brokerage and Banking -- You can open an E-Trade checking account on-line, with a Visa Debit Card that can be used worldwide to withdraw cash from an ATM without any transfer or currency conversion fees on the E-Trade end --AND-- you don't need to have a Brokerage account.

The account can be managed totally on-line from anywhere in the world.

Awhile back SCB started adding a 20 baht fee to ATM withdrawals from a foreign account, but that charge only showed up on the transaction receipt and was never deducted from the E-Trade account, so it isn't clear whether ET ate the charge, or SCB simply never got paid.

In response to a specific recent inquiry, ET said they WOULD NOT cover the new 150 Baht confiscatory charge that is unique to Thailand, but since it's possible to avoid this fee by using an ATM at one of four known Thai banks that are not charging the fee, that should not be a problem.

Last time I checked, you needed a U.S. Address, Phone, and Driver's License in order to open an ET checking account, but I know of an Expat here who used his brother's address, etc. in the U.S. and there was no problem opening the account.

I think you may need to keep about US $5000 in the account if you want to avoid a small monthly service charge, but that does not affect anything associated with transfer of funds via a Debit Card ATM withdrawal.

I've been using their Debit Card for almost 5 years to move funds into Thailand and have never paid even one single Baht to do so.

https://us.etrade.com/e/t/banking

[ray23]

I looked into Bank of Bangkok a few years back but since I was paying zero fees aoped to the AM instead. At that eveeything could done from Thailand. So I need to get dresh information. Several people in the Udon area already use this method. I have hear zero to $10.00 for a transfer. I will follow up soon.

[johng]

Dear Member,

Thank you for your message. I confirm that the newly announced charges for overseas withdrawals will only apply for cards issued by Visa - Nationwide Debit Cards, Credit Cards.

For CIRRUS Cash Cards these are operated by MasterCard and will not be introduced the newly announced charge.

So back to the question ...how do we go about getting the CIRRUS Cash Card instead of the Visa debit/credit card

from Nationwide ?

When I opened my account with them I asked for a cash card but they refused saying my credit rating was " too good " ha ha

[Chaimai]

Dear Member,

Thank you for your message. I confirm that the newly announced charges for overseas withdrawals will only apply for cards issued by Visa - Nationwide Debit Cards, Credit Cards.

For CIRRUS Cash Cards these are operated by MasterCard and will not be introduced the newly announced charge.

So back to the question ...how do we go about getting the CIRRUS Cash Card instead of the Visa debit/credit card

from Nationwide ?

When I opened my account with them I asked for a cash card but they refused saying my credit rating was " too good " ha ha

johng - I know that this topic has attracted a lot of posts but your question has already been answered if you would like to refer back. You can apply for a 'downgrade' from VISA to CIRRUS (Mastercard) - allyou seem to lose is the potential for an overdraft facility. If this concerns you, open a second account and just downgrade on that one.

Edited May 8, 2009 by Chaimai