Cash Transfer Test

[vagabond48]

vagabond48:

with an atm transaction, do you see any atm fee posted in account history? in my case, the atm fee (as well

as the 1% for-tran fee) was bundled into the tranasaction, and only the final amount was shown. i didn't have

a separate line item that i could ask to have reimbursed.

That exactly has been the problem with Fidelity. In the past, they have not shown an additional line for any fees charged. That is why you had to call them to get re-imbursed. I am waiting after the end of the month to see if they have fixed this problem like Schwab has. At that time, if the problem still exists, I will share my recent wasteful experience and possible solution if you have the mysmart cash account.

[jfchandler]

When you guys sort out what Fidelity is and isn't doing, and whether they're really legitimately reimbursing for what accounts, would you let the rest of us know in the spirit of public service????

[JimGant]

Chou,

Ok, got it. You had assumed the $150.11 charge had contained the 1% foreign transaction fee (thus the assumed fee-free 33.64 fx rate) -- but it hadn't. It was just an initial 'placeholder' until the 1% Visa foreign transaction fee was passed on by Fidelity (resulting in the final figure of $151.47). So, yep, no 'sweetner' for you.

USAA does something similar. One to two days after I use their ATM card in Thailand, I get a .8% added charge to the initial charge that had shown up on-line nearly instantaneously. This is a Cirrus transaction. Now, nothing ever changes between the initial charge -- and the always .8% later add-on. So, why they can't roll all of this into a single transaction is beyond me (and beyond anyone I've talked to at USAA).

Anyway, I don't use them anymore, preferring to ACH money. However, I need to get off my lazy butt and get one of those purely fee-free cards -- as a previous analysis shows I'm losing thousands of baht in beer money.

[vagabond48]

When you guys sort out what Fidelity is and isn't doing, and whether they're really legitimately reimbursing for what accounts, would you let the rest of us know in the spirit of public service????

I thought I just did. Regarding the mysmart account, until they automate the reimbursement of ATM fees at least in Southeast Asia, we will be at the mercy of the reps but as I said I will clarify my latest experience next month if they haven't fixed this problem yet. I hadn't had to get a reimbursement from them for 1 1/2 years. Again I repeat, the link I previously provided to the mysmart account explains the benefits of the card which clearly states that all fees are reimbursed except the 1% foreign exchange fee which, unknown to the reps, are reimbursed as well.

[jfchandler]

Sorry Vagabond, for the majority of us non-Fidelity account holders, it's hardly clear from reading here.

You're saying Fidelity is reimbursing the Thai fees and 1% upon request. But ChouDoufu below seems to be reporting a different situation...no 1% fee reimbursement and no foreign ATM fee reimbursements.

I don't have a Fidelity account... That's why I was saying, I hope you Fidelity guys will sort this out, so the rest of can know what's really the case with Fidelity card use...

Or, if they have different accounts providing different benefits for foreign ATM users, please let us know.

what i'm saying is that using the visa gold debit card attached to a brokerage account, either at atm or at teller, i am getting the actual exchange rate.

visa then adds a 1% foreign transaction fee, which is not reimbursed by fidelity. in addition, only domestic atm fees are refunded.

[vagabond48]

Sorry Vagabond, for the majority of us non-Fidelity account holders, it's hardly clear from reading here.

jfc, A couple of days ago, I wrote the post below (please reread it) which explained that there are at least 2 different accounts that could be linked to Fidelity's debit card. At no time have I seen any one mention that they had the mysmart cash visa debit card which reimburses all fees. I also provided a link to Fidelity's mysmart cash that explains the ATM benefits. The reason, I believe that my Fidelity mysmart debit card does not charge the 1% foreign exchange fee, is because I have always gotten between 99.9% to 99.98% of the final daily IER same as my Schwab debit card. I hope, between my explanation and the link I provided, this will clarify what fee benefits my visa debit card offers.

I don't have the time to get into this right now but Fidelity has the same debit card linked to different accounts providing different fee benefits. The visa debit card I use is linked to the MySmart Cash account which reimburses all fees worldwide and unknown to the reps like those at Schwab, does not charge the foreign exchange fee of 1%. The main problem is that many of their people including supervisors are ignorant of the difference between the card being linked to their brokerage account versus the mysmart cash account. I am waiting after the end of the month before I recount my recent lengthy experience getting my 150 baht (successfully) refunded.

[dudemeister]

After reading most of this head my thread is spinning!

So am I correct in saying - if you queue up inside the bank and use your card over the counter there is no charge?

[dudemeister]

(referring to the 150 baht charge)

[jfchandler]

Thanks for clarifying, Vagabond... I hadn't seen the details of this Fidelity "mySmart Cash" account before... It's interesting, contrary to your personal experience, that their web site says that other banks' ATM fees "automatically" will be reimbursed to your Fidelity account "the same day the ATM fee is debited from the account" and is very clear to say this applies "worldwide."

mySmart Cash Account Details

Key Benefits Fidelity Advantage Open online today to:

* Competitive interest rates (see current rates)

* No account fees

* No minimum deposit or balance required

* Deposits are eligible for FDIC insurance3

* Easy cash management features, including:

– ATM/Debit Card – never pay another ATM fee2

– Free Fidelity BillPay®

– Free unlimited checkwriting

– Free automated money transfers

– Electronic Funds Transfers

– Direct Deposit

– Fidelity® Investment Rewards® Credit Card

* Reimbursed ATM fees at over 1 million ATMs worldwide2

* Invest efficiently – establish the new automated money transfer feature – set high balance alerts to tell you when cash is available to invest in potentially higher yield options

* Fidelity® Investment Rewards® American Express® Card. Apply for the card to earn 2% on purchases to your mySmart Cash Account.4

* Enroll in free Fidelity BillPay, ATM/Debit Card and checkwriting

* Establish Electronic Funds Transfer and direct deposit

* Have checks sent to you (when you sign and return your signature card)

1. The mySmart Cash Account is a brokerage account designed to meet your everyday spending needs. It is not intended to serve as your main account for securities trading. Customers interested in securities trading should consider a Fidelity Account.® You can also link these two accounts for seamless management of your finances.

2. All Fidelity ATM withdrawal fees will be waived for your mySmart Cash Account®. In addition, your mySmart Cash Account® will automatically be reimbursed for all ATM fees charged by other institutions while using a Fidelity Visa® Gold Check Card linked to your mySmart Cash Account® at any ATM displaying the Visa®, PLUS® or STAR® logos. The reimbursement will be credited to the mySmart Cash Account® the same day the ATM fee is debited from the account. Please note there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account. The Fidelity Visa® Gold Check Card is issued by PNC Bank, DE and administered by PFPC Trust Company, which are not affiliated with Fidelity Investments.

3. The Cash Balance in the mySmart Cash Account is swept to an FDIC-insured interest bearing account at a Program Bank. The deposit at the Program Bank is not covered by SIPC. The deposit is eligible for FDIC insurance subject to FDIC insurance coverage limits. For more information about FDIC insurance coverage, please visit the FDIC website at www.FDIC.gov. As referenced in the FDIC-Insured Cash (Core) Disclosure Statement for the mySmart Cash Account, customers are responsible for monitoring their total assets at the Program Bank to determine the extent of available FDIC insurance. All FDIC insurance coverage is in accordance with FDIC rules. See the list of eligible Program Banks. For additional information please see FDIC Disclosure Document (PDF).

[jfchandler]

In general, you are correct....

Thai banks don't seem to be charging the 150 baht ATM fee for counter withdrawals.

However, you should make sure:

a: you're using a debit card, and not a credit card, to avoid heavy cash advance and interest charges.

b: that your home bank doesn't charge any separate fee for counter withdrawals. Some such as Chase and Wells Fargo do.

c: to be aware of what kind of exchange rate the Thai bank you choose is offering, and make sure they're not charging an off-market rate.

In the alternative, you also could use any AEON ATM and not pay any 150 baht ATM fee either.

After reading most of this head my thread is spinning!

So am I correct in saying - if you queue up inside the bank and use your card over the counter there is no charge?

[el jefe]

In general, you are correct....

Thai banks don't seem to be charging the 150 baht ATM fee for counter withdrawals.

However, you should make sure:

a: you're using a debit card, and not a credit card, to avoid heavy cash advance and interest charges.

b: that your home bank doesn't charge any separate fee for counter withdrawals. Some such as Chase and Wells Fargo do.

c: to be aware of what kind of exchange rate the Thai bank you choose is offering, and make sure they're not charging an off-market rate.

In the alternative, you also could use any AEON ATM and not pay any 150 baht ATM fee either.

Can anyone mention where there are AEON atm's?

Thanks.

[jfchandler]

AEON has a Thailand web site that includes a list of their locations throughout the country...

But if you're looking for locations in CM, I believe, they've been posted in threads on TV previously... You could do a search for those here...

[dudemeister]

In general, you are correct....

Thai banks don't seem to be charging the 150 baht ATM fee for counter withdrawals.

However, you should make sure:

a: you're using a debit card, and not a credit card, to avoid heavy cash advance and interest charges.

b: that your home bank doesn't charge any separate fee for counter withdrawals. Some such as Chase and Wells Fargo do.

c: to be aware of what kind of exchange rate the Thai bank you choose is offering, and make sure they're not charging an off-market rate.

In the alternative, you also could use any AEON ATM and not pay any 150 baht ATM fee either.

After reading most of this head my thread is spinning!

So am I correct in saying - if you queue up inside the bank and use your card over the counter there is no charge?

Thanks, jfchandler, a perfect summary, exactly the data i was trying to extricate.