Thai Banks To Start Charging For Atm Withdrawals ...

[fletchsmile]

Re Fletchsmile and DonX above, I'll just add... there's no one solution to these things... There's a variety of solutions, and what works best for one person may not be the correct answer for another person in a different situation...

But for me, I tend to lean toward DonX's view... and a bit with Fletchsmile. I believe the later is probably right about the long-term trend in currency fluctuations. However, for my life and situation right now, I'm not interested in playing the currency game, nor am I interested in converting U.S. based assets to Thailand based assets...

A few different people have wisely said... don't bring anything to Thailand that you can't afford to leave behind. I tend to follow that wise advise. So, despite the currency stuff, I prefer to keep my assets back home, for better or worse. As screwed up as various things are in the U.S., it's not as bad as here from a government and banking standpoint, where rules and practices can and do change overnight. And if you're on the wrong side of the change, you're just screwed. No recourse. Finished...

That said... a dollar saved is a dollar earned. Every time I don't pay an ATM fee, I'll have an extra drink in honor of the non-believers...

JFC

Are these the same wiseguys that were saying a couple of years back, leave your money in US/UK where it's "safe" and "no risk" earns 6% in a bank account and you can live off the interest? Few years later they've lost 25% of the value in FX rates and 67% in interest now they earn only 2%.

GBP 100k @ 6% x 70 = THB 420k p.a

GBP 100k @ 2% x 55 = THB 110k pa.

I understand the desire to get the best rate at a point in time at an ATM , for an extra beer or two, but if anyone actually likes being here and intends to continue I'd seriously question the "don't bring anything but the absolute minimum into Thailand brigade..." .

The wiseguy brigade always remain on the periphery of life in Thailand, feeling like outsiders, too scared to do anything, instead of just getting on with life. No home. No car. No house. Not even a bank account. Always worrying about FX rates.

In all honesty, in decades:

I know people who've had to pack up and leave here because it has become to expensive for them, because they haven't brought or retained enough personal financial assets in Thailand to secure their future. This trend will continue as Thailand develops, and gets more expensive.

I don't know a single person, or even a "friend of a friend" who has had the following personal financial assets confiscated or lost due to government rules or politics: bank account, property, mutual funds, money market funds, gold. That's assuming they've acted legally to acquire the assets in the first. I'd be very interested in an example where someone has...

Edited November 6, 2009 by fletchsmile

[fletchsmile]

... I'm not interested in playing the currency game...

That said... a dollar saved is a dollar earned. Every time I don't pay an ATM fee, I'll have an extra drink in honor of the non-believers...

Short version after my rather long-winded post above:

Whether you realise it or not - you guys are "playing the currency game", and continue to do so with each ATM withdrawal. That's where the issue is. Having some THB financial assets actually takes you OUT of the currency game, or at least lets you play on your own terms as and when you want.

Look after your dollars (baht) and you don't need to worry about the cents (satang)...

Ok will leave you to it. Still not sure how I let myself get dragged into this thread.... Guess we all make mistakes

Edited November 6, 2009 by fletchsmile

[jfchandler]

Can't speak for others, but I'm earning 6% on most of my cash in the U.S. because I locked it up in long term FDIC-insured CDs before the market crashed. So I'm feeling pretty good about that, and yes, I can live off of those kind of proceeds, among others.

As to your question about losing funds here, my favorite one was in the news a couple of months ago where, either one or more Thai bank employees at a particular branch simply stole large amounts of money from the accounts of customers at that branch... And eventually they were caught and arrested by the Thai police, but by that time, most or all of those funds of course were gone.

But as best as I recall, it looked like the victims weren't going to get their money back because the government was saying their deposit insurance scheme only applied to bank failures, not to criminal activities. And the bank itself didn't seem to be rushing to reimburse their customers...

And then, of course, there's the whole problem about not being able to directly and legally own a house and land here... or having to do so thru the gray-area company approach, or relying on one's wife to hold title. And then there's the periodic Thai government pronouncements about wanting to investigate supposed illegal foreign ownership of things... And then there's the always changing rules and regulations relating to visa requirements, which all of us need to be able to remain here...

So yes, while I expect and hope to stay here for a long time, given the broad environment here, I prefer to keep most of my eggs back in my former home.

[SurfRider]

"I'd seriously question the "don't bring anything but the absolute minimum into Thailand brigade..." ."

Were you here in 1997?

The Asian Financial Crisis was a period of financial crisis that gripped much of Asia beginning in July 1997, and raised fears of a worldwide economic meltdown due to financial contagion.

The crisis started in Thailand with the financial collapse of the Thai baht . . .

Thailand's booming economy came to a halt amid massive layoffs in finance, real estate, and construction that resulted in huge numbers of workers returning to their villages in the countryside and 600,000 foreign workers being sent back to their home countries. The baht devalued swiftly and lost more than half of its value. The baht reached its lowest point of 56 units to the US dollar in January 1998. The Thai stock market dropped 75%. Finance One, the largest Thai finance company until then, collapsed.

http://en.wikipedia.org/wiki/1997_Asian_Financial_Crisis

[fletchsmile]

"I'd seriously question the "don't bring anything but the absolute minimum into Thailand brigade..." ."

Were you here in 1997?

The Asian Financial Crisis was a period of financial crisis that gripped much of Asia beginning in July 1997, and raised fears of a worldwide economic meltdown due to financial contagion.

The crisis started in Thailand with the financial collapse of the Thai baht . . .

Thailand's booming economy came to a halt amid massive layoffs in finance, real estate, and construction that resulted in huge numbers of workers returning to their villages in the countryside and 600,000 foreign workers being sent back to their home countries. The baht devalued swiftly and lost more than half of its value. The baht reached its lowest point of 56 units to the US dollar in January 1998. The Thai stock market dropped 75%. Finance One, the largest Thai finance company until then, collapsed.

http://en.wikipedia.org/wiki/1997_Asian_Financial_Crisis

Indeed I was around in Asia at that time, and even then neither myself nor anyone I know had financial assets confiscated or lost due to government rules: bank account, property, mutual funds, money market funds, gold.

Didn't we also see something very similar on the other side of the pond quite recently? Massive lay-offs, largest bankruptcies in history, Fanni Mae, Freddy Mac etc etc.

Isn't one implication that people were so focused on the "risks" in Asia that they overlooked the risks back in the US. This time round Asian Banks have been much superior in weathering the storm, and have learnt the lessons. There's no doubt whatsoever US has been hit much harder than Asia this time round.

The key is not having all your eggs in one basket for when and where a crisis hits - as it will. You also need to look forwards.

BTW I would not advocate all your assets in Thailand anymore than I would in the US.

Both crises actually presented excellent opportunities for people willing to flexible about where to put their monies.

[fletchsmile]

Can't speak for others, but I'm earning 6% on most of my cash in the U.S. because I locked it up in long term FDIC-insured CDs before the market crashed. So I'm feeling pretty good about that, and yes, I can live off of those kind of proceeds, among others.

Well done on locking in/ fixing the interest rates and maintaining with extra 4%. Bad luck and shame you didn't do the same on the FX side. .

As to your question about losing funds here, my favorite one was in the news a couple of months ago where, either one or more Thai bank employees at a particular branch simply stole large amounts of money from the accounts of customers at that branch... And eventually they were caught and arrested by the Thai police, but by that time, most or all of those funds of course were gone.

But as best as I recall, it looked like the victims weren't going to get their money back because the government was saying their deposit insurance scheme only applied to bank failures, not to criminal activities. And the bank itself didn't seem to be rushing to reimburse their customers...

When the dust settles you'll find no customer has lost money. Please don't confuse the government deposit insurance scheme on failure of a bank, with the obligations of a solvent bank to re-imburse it's customers for errors, fraud etc. The bank is bound to re-imburse the customer and will face penalties etc for undue delays.

And then, of course, there's the whole problem about not being able to directly and legally own a house and land here... or having to do so thru the gray-area company approach, or relying on one's wife to hold title. And then there's the periodic Thai government pronouncements about wanting to investigate supposed illegal foreign ownership of things... And then there's the always changing rules and regulations relating to visa requirements, which all of us need to be able to remain here...

So yes, while I expect and hope to stay here for a long time, given the broad environment here, I prefer to keep most of my eggs back in my former home.

Nothing to stop you buying property legally in your own name including condo. No you cannot buy land. The problems arise in people trying to cheat or by-pass the laws to hold land. Simply put - don't and you've no worries.

BTW: Over hundreds of US banks have gone bankrupt recently, as did 1,000+ last time. Yes there are compensation schemes there as in Thailand. Both have the hassle of waiting. As for other examples: Lehmans, Merril's, Citibank, Enron, Worldcom, Madoff, sub-prime, etc etc. US is not without a whole barrel of issues either.

Please remember I'm not saying one or the other country is better or worse, just that the answer still remains spread your risk as these things happen everywhere.

As an aside, you might be interested to know ATM fraud is much more prevalent in Thailand than US.

Edited November 6, 2009 by fletchsmile

[SurfRider]

.

"There's no doubt whatsoever US has been hit much harder than Asia this time round.'

Were you aware that if you had Thai Baht in a bank in 1997, and one day, for example, it was worth 100,000 Baht - after the more than 50% devaluation, it was worth less than 50,000 Baht.

The U.S. Dollar has never been devalued in it's history -- If you had $100,000 in the bank on the same dates as the 100,000 Baht example above, it was still worth $100,000 after the plunge of the Thai Baht.

If you had a Condo in Thailand, as a friend of mine did, it was worth less than half of what he paid for it after the devaluation and today it's still worth less than he paid for it -- 12 years later.

Where your money was safer back in 1997 should be obvious and there was serious speculation less than two years ago that another Asian financial crisis could occur, and it still could.

There is an event possibly pending that is not permitted to be discussed in this Forum that could have a very serious negative effect on the Thai Baht. You'll have to guess what that event is if you don't already know.

.

[OriginalPoster]

Can't speak for others, but I'm earning 6% on most of my cash in the U.S. because I locked it up in long term FDIC-insured CDs before the market crashed. So I'm feeling pretty good about that, and yes, I can live off of those kind of proceeds, among others.

Well done on locking in/ fixing the interest rates and maintaining with extra 4%. Bad luck and shame you didn't do the same on the FX side. .

As to your question about losing funds here, my favorite one was in the news a couple of months ago where, either one or more Thai bank employees at a particular branch simply stole large amounts of money from the accounts of customers at that branch... And eventually they were caught and arrested by the Thai police, but by that time, most or all of those funds of course were gone.

But as best as I recall, it looked like the victims weren't going to get their money back because the government was saying their deposit insurance scheme only applied to bank failures, not to criminal activities. And the bank itself didn't seem to be rushing to reimburse their customers...

When the dust settles you'll find no customer has lost money. Please don't confuse the government deposit insurance scheme on failure of a bank, with the obligations of a solvent bank to re-imburse it's customers for errors, fraud etc. The bank is bound to re-imburse the customer and will face penalties etc for undue delays.

And then, of course, there's the whole problem about not being able to directly and legally own a house and land here... or having to do so thru the gray-area company approach, or relying on one's wife to hold title. And then there's the periodic Thai government pronouncements about wanting to investigate supposed illegal foreign ownership of things... And then there's the always changing rules and regulations relating to visa requirements, which all of us need to be able to remain here...

So yes, while I expect and hope to stay here for a long time, given the broad environment here, I prefer to keep most of my eggs back in my former home.

Nothing to stop you buying property legally in your own name including condo. No you cannot buy land. The problems arise in people trying to cheat or by-pass the laws to hold land. Simply put - don't and you've no worries.

BTW: Over hundreds of US banks have gone bankrupt recently, as did 1,000+ last time. Yes there are compensation schemes there as in Thailand. Both have the hassle of waiting. As for other examples: Lehmans, Merril's, Citibank, Enron, Worldcom, Madoff, sub-prime, etc etc. US is not without a whole barrel of issues either.

Please remember I'm not saying one or the other country is better or worse, just that the answer still remains spread your risk as these things happen everywhere.

As an aside, you might be interested to know ATM fraud is much more prevalent in Thailand than US.

I tend to agree that if you intend to live in the country long-term than you should bring in a fair amount of cash and invest it in the local currency. If a country is so financially risky that you don't dare buy property and make any in-country investments then I think that a person has to ask himself if that's the place that he really wants to commit to long-term. It might be different for someone who is in the country on a more transitory basis (perhaps working there for a couple of years rather than retiring there) since they may not actually know what country they will be living in a couple of years down the line. In that situation you might want less exposure to the local currency.

Edited November 6, 2009 by OriginalPoster

[jfchandler]

We're getting off-topic from the thread on Thai bank ATM withdrawals... so perhaps I will start another thread devoted to this topic we have meandered into...I think it's an interesting one...

I would encourage those interested to contribute to the new thread on this topic here...

And then this 80+ page one can remain devoted to ATMs....

[fletchsmile]

Appreciate the differing exchange of views jfc. Seems you and a few others here are unsure about your long term and whether you want to be here which is a different ball game.

Back on track... Don't forget the ATM fraud risks here in Thailand are higher than back home. Statistically the safest place to use ATMs are at bank branches, where security measures are better. Places like Tops, BIG C, Carrefour, bus stations, misc buildings etc are actually prime targets for scammers. Coincidentally AEON are common in supermarkets....

[jfchandler]

I also think it's a useful subject to discuss and debate, without any animosity held about differing views...

However, that said, I'm guessing English may not be your native language... Since, at least for me, I think I was pretty clear about saying above that I hope and intend to spend the rest of my life here in Thailand. Not much indecision in my comments above about that... But maybe you're too busy reading the Forex charts to actually pay attention to what I said...

I'm happy to stay here... I just don't trust the basic government/banking/law enforcement/courts system here to play any meaningful role in protecting my financial future, should the need arise. I'd much rather take my chances in that arena in the States.

Appreciate the differing exchange of views jfc. Seems you and a few others here are unsure about your long term and whether you want to be here which is a different ball game.

[kosh]

So yes, while I expect and hope to stay here for a long time, given the broad environment here, I prefer to keep most of my eggs back in my former home.

That's for sure, Euro is at 1.50 dollars......

And i got a free dual entry Visa that will cover ATM fees for moe than six month...

But the original use of ATM was to avoid going around with too much cash to reduce risk, now only big withdraw and a big safety box...

[jfchandler]

Do we perhaps have a BIG change coming here.... Another TV member posted this today in another thread...

There is a note at the SCB Bank site stating they are only charging 15B as of November 1.

Announcement

Effective November 1, 2009, Siam Commercial Bank will reduce

an ATM network fee for cash withdrawals or cash advances for Visa and

MasterCard credit cards issued by non-bank institutions and non-ATM

Pool members from 150 baht per transaction to 15 baht per transaction.

Siam Commercial Bank PCL

Here's the PDF document that SCB has posted to their web site....

SCB_fees_atm_en.pdf

There also were reports in another thread, which didn't make sense to me earlier, about users of Bank of Ayudhya ATMs saying they had been charged a 15 baht fee... Now maybe, that begins to fit....

[jfchandler]

I don't see, as yet, any comparable announcements on the web sites of either the Thai Bankers Assn. or Bangkok Bank....

[barhopper]

Aeon Locations Link

http://www.aeonthailand.com/lang/en/menu/S...h#branchATMForm

[wimpy]

Do we perhaps have a BIG change coming here.... Another TV member posted this today in another thread...

There is a note at the SCB Bank site stating they are only charging 15B as of November 1.

Announcement

Effective November 1, 2009, Siam Commercial Bank will reduce

an ATM network fee for cash withdrawals or cash advances for Visa and

MasterCard credit cards issued by non-bank institutions and non-ATM

Pool members from 150 baht per transaction to 15 baht per transaction.

Siam Commercial Bank PCL

Here's the PDF document that SCB has posted to their web site....

SCB_fees_atm_en.pdf

There also were reports in another thread, which didn't make sense to me earlier, about users of Bank of Ayudhya ATMs saying they had been charged a 15 baht fee... Now maybe, that begins to fit....

I just tried a SCB ATM. It warned about the usual 150 baht fee. I declined to go further.

[Langsuan Man]

Do we perhaps have a BIG change coming here.... Another TV member posted this today in another thread...

There is a note at the SCB Bank site stating they are only charging 15B as of November 1.

Announcement

Effective November 1, 2009, Siam Commercial Bank will reduce

an ATM network fee for cash withdrawals or cash advances for Visa and

MasterCard credit cards issued by non-bank institutions and non-ATM

Pool members from 150 baht per transaction to 15 baht per transaction.

Siam Commercial Bank PCL

Here's the PDF document that SCB has posted to their web site....

SCB_fees_atm_en.pdf

There also were reports in another thread, which didn't make sense to me earlier, about users of Bank of Ayudhya ATMs saying they had been charged a 15 baht fee... Now maybe, that begins to fit....

Read the announcement carefully, it does not state DEBIT cards, and as of today at 1 PM has not been implimented at my local SCB, ATM

Edited November 7, 2009 by Langsuan Man

[SurfRider]

.

"There is a note at the SCB Bank site stating they are only charging 15B as of November ... Visa and MasterCard credit cards"

They specify CREDIT CARDS - no mention of Debit Cards. Isn't it already well known that a Credit Card transaction costs MUCH more to the customer than a Debit Card withdrawal?

Maybe they're trying to say, "If you use a Credit Card, we'll only hit you ONCE, not twice, like we've been doing for the past 7 months"

.

Edited November 7, 2009 by SurfRider

[BIGTOE3]

.

"There is a note at the SCB Bank site stating they are only charging 15B as of November ... Visa and MasterCard credit cards"

They specify CREDIT CARDS - no mention of Debit Cards. Isn't it already well known that a Credit Card transaction costs MUCH more to the customer than a Debit Card withdrawal?

Maybe they're trying to say, "If you use a Credit Card, we'll only hit you ONCE, not twice, like we've been doing for the past 7 months"

.

Honest question.- If your Credit card is in CREDIT and you make a wthdrawal on it is it still expensive ?

BT

[SurfRider]

.

"If your Credit card is in CREDIT and you make a wthdrawal on it is it still expensive ?"

Wouldn't your Credit Card ALWAYS be in CREDIT - Unless you had overpaid your last bill and therefore, were carrying a Debit Balance?

Either way, your charges would be the same: An inferior Exchange Rate in comparison to a Debit Card; Whatever fees the bank issuing the CC adds: a possible fee charged by the ATM network: and topped off by the 15 Baht fee that SCB is touting.

( or maybe I don't understand what you mean by "in CREDIT" )

.

[jfchandler]

Good points above... I don't know what that announcement really means either...and as we all know, the Thai banks aren't always so great at translating their ideas into clear English...

I can only point to some items..

--In another thread in the past day or so, some TV members were talking about getting 15 baht ATM charges from Bank of Ayudhya that they had never seen before.

--the SCB announcement above references "cash withdrawals and advances". If they're only talking about credit cards, what's the difference between a cash withdrawal and a cash advance??? I think anyway/time you pull money with a credit card it's considered a cash advance. Cash withdrawals, on the other hand, is a term generally used in connection with ATM debit card use.

--As for the timing and Nov. 1 having already passed, you may recall, when the various banks originally came out to begin charging the 150 baht fee, various of them had announcements saying they were going to start the fee on a certain date. And invariably, they never actually hit those dates...and the actual change took place later.

I've got a call in to the SCB Call Centre, and the rep was going to kick it up to her manager for an answer... She initially told me it the change would apply to both credit and debit cards... But when I pointed out the wording in the notice, she said she'd need to check further.

[BIGTOE3]

.

"If your Credit card is in CREDIT and you make a wthdrawal on it is it still expensive ?"

Wouldn't your Credit Card ALWAYS be in CREDIT - Unless you had overpaid your last bill and therefore, were carrying a Debit Balance?

Either way, your charges would be the same: An inferior Exchange Rate in comparison to a Debit Card; Whatever fees the bank issuing the CC adds: a possible fee charged by the ATM network: and topped off by the 15 Baht fee that SCB is touting.

( or maybe I don't understand what you mean by "in CREDIT" )

.

I mean if you have intenionally OVERPAID - SO you are in Credit - If you then take out the cash via ATM.

Thanks

BT

[wimpy]

There also were reports in another thread, which didn't make sense to me earlier, about users of Bank of Ayudhya ATMs saying they had been charged a 15 baht fee... Now maybe, that begins to fit....

Can some point me to this other thread? Thank you.

[jfchandler]

It was this thread... only begun yesterday... re Bank of Ayudhya....

Well...I just got a call back from the SCB rep, and after checking with her manager, she reports that their announcement doesn't apply to foreign cards at all...

She claims it only applies to NON-BANK credit cards...such as those issued by entities like (some irony here) AEON and TESCO-Lotus and others...

[OriginalPoster]

.

"There is a note at the SCB Bank site stating they are only charging 15B as of November ... Visa and MasterCard credit cards"

They specify CREDIT CARDS - no mention of Debit Cards. Isn't it already well known that a Credit Card transaction costs MUCH more to the customer than a Debit Card withdrawal?

Maybe they're trying to say, "If you use a Credit Card, we'll only hit you ONCE, not twice, like we've been doing for the past 7 months"

.

Honest question.- If your Credit card is in CREDIT and you make a withdrawal on it is it still expensive ?

BT

It depends upon the policies of the bank that issued your card. For my credit union's visa card, cashing up the account in advance will in fact avoid any financing changes on cash advances taken out against that card. I found this out recently when I accidentally used my credit card instead of my ATM debit card at when I got cash at one Kasikorn's currency exchange counters. Once I realized the mistake (which was before the charge was posted to my account), I cashed up the account such that I had a sufficient credit balance to cover all pending transactions. That worked - no fees nor interest were incurred and there was no hit on the exchange rate.

[BIGTOE3]

.

"There is a note at the SCB Bank site stating they are only charging 15B as of November ... Visa and MasterCard credit cards"

They specify CREDIT CARDS - no mention of Debit Cards. Isn't it already well known that a Credit Card transaction costs MUCH more to the customer than a Debit Card withdrawal?

Maybe they're trying to say, "If you use a Credit Card, we'll only hit you ONCE, not twice, like we've been doing for the past 7 months"

.

Honest question.- If your Credit card is in CREDIT and you make a withdrawal on it is it still expensive ?

BT

It depends upon the policies of the bank that issued your card. For my credit union's visa card, cashing up the account in advance will in fact avoid any financing changes on cash advances taken out against that card. I found this out recently when I accidentally used my credit card instead of my ATM debit card at when I got cash at one Kasikorn's currency exchange counters. Once I realized the mistake (which was before the charge was posted to my account), I cashed up the account such that I had a sufficient credit balance to cover all pending transactions. That worked - no fees nor interest were incurred and there was no hit on the exchange rate.

Thanks OP - I will try a wihdrawal from my CC ( which is i credit ) and at the same time withdraw the same amount from my Debit card and post here PS They are both Nationwide cards

BT

[SurfRider]

.

"I mean if you have intenionally OVERPAID - SO you are in Credit - If you then take out the cash via ATM."

Just guessing on ths one, but I've never seen any reference to there being more than one fee structure associated with Credit Cards.

As I understand it, the fee charged is the sum of these components ( possibly with a few variations in rare cases ): An inferior Exchange Rate in comparison to a Debit Card ( which can be significant ); Whatever fees the bank issuing the CC adds: a possible fee charged by the ATM network: and topped off by whatever fee the ATM bank adds ( if any ).

I think the general assumption among financial institutions is that it's your money if you're using a Debit Card and they have very little latitude in levying fees on your money ( with the exception of course, of the new 150 Baht Thai ATM Usury fee )

With a Credit Card, it is assumed that you're using borrowed money, so they can screw you to the wall in any way they see fit! . . .

I'm sure many people here will be looking forward to the results of your Credit Card vs. Debit Card test - hopefully you'll be able to report the specific Exchange Rate -- Many times people report things like "got the best exchange rate", but there are many reference rates out there and it's rarely clear what they were comparing to.

It's been well established in this thread that x-rates.com comes closest to the International Exchange Rate standard and it's easy to compare any ATM rate to the x-rates reference.

http://www.x-rates.com/d/THB/USD/data120.html

.

[barhopper]

.

"There is a note at the SCB Bank site stating they are only charging 15B as of November ... Visa and MasterCard credit cards"

They specify CREDIT CARDS - no mention of Debit Cards. Isn't it already well known that a Credit Card transaction costs MUCH more to the customer than a Debit Card withdrawal?

Maybe they're trying to say, "If you use a Credit Card, we'll only hit you ONCE, not twice, like we've been doing for the past 7 months"

.

Honest question.- If your Credit card is in CREDIT and you make a withdrawal on it is it still expensive ?

BT

It depends upon the policies of the bank that issued your card. For my credit union's visa card, cashing up the account in advance will in fact avoid any financing changes on cash advances taken out against that card. I found this out recently when I accidentally used my credit card instead of my ATM debit card at when I got cash at one Kasikorn's currency exchange counters. Once I realized the mistake (which was before the charge was posted to my account), I cashed up the account such that I had a sufficient credit balance to cover all pending transactions. That worked - no fees nor interest were incurred and there was no hit on the exchange rate.

Thanks OP - I will try a wihdrawal from my CC ( which is i credit ) and at the same time withdraw the same amount from my Debit card and post here PS They are both Nationwide cards

BT

I fear that if you do withdraw cash from an ATM from a Credit Card you will be hit with a charge even if you are in credit.

http://www.nationwide.co.uk/creditcard/gol...atescharges.htm

http://www.nationwide.co.uk/creditcard/gol...ransactions.htm

Edited November 9, 2009 by barhopper

[barhopper]

Here's the new Visa.com/foreign exchange rate calculator that The Nationwide are using for their rates.

N.B. Use the currency converter below to get the rate that Visa Europe used on the day your transaction was processed or to get an indication of the rate you may receive when using your Visa card.

Don't forget to add the 0.84% charge in the conversion fee box if you're using a Nationwide Visa Debit Card

http://www.visaeurope.com/fxcalculator/main.jsp

Edited November 9, 2009 by barhopper

[vagabond48]

I stand corrected.

I went Wednesday to the same Aeon at Airport Plaza in CM where I was told last week I would be charged the 150b fee.

Although the friendly fee warning message is no longer displayed, no fee was charged and I got 100.04% of the xrate IER.