Us Banks And Credit/debit/atm Charges

[JimGant]

Anyone checked what your US bank is charging to use your ATM card here in Thailand? I've got Suntrust, and up until two months ago, I paid only the 1% fee that the Visa/MC networks charge for international transactions (plus my bank charges a flat $2 for each transaction). Lately, however, they're tacking on an additional charge of around $8 for each transaction (I always get 25000 baht, so it might be a percentage charge -- but I can't tell unless I try another amount). They won't admit to it, however, but it's easy enough to spot: use the BOT website to get the Interbank Exchange Rate for the applicable day, then crunch this against your bank's numbers. Historically, it came out almost perfectly to the 1% Visa/MC charge -- now it's more like 2.2%. But my new USAA ATM card is still 1% at the same Bangkok Bank ATM machine -- so the new charge is not on this end.

Also going up as of May 25th -- MBNA credit card international fees -- from strictly the 1% Visa/MC network charge, to a total of 3%. Heck, I switched to MBNA two years ago because my First USA (now Chase) was charging 3%. Now, apparently, 9 out of 10 major banks are charging at least 3%.

The solution I found: USAA Federal Savings Bank. I got a no-annual-fee Mastercard that doesn't charge anything more than the 1% for the Visa/MC network, plus I get a 1% credit against all charges, so that at the $20,000 mark way down the road, I'll get this $200 back. And I opened a bank account with them too: free checking, free checks, and no ATM fees for foreign exchanges --they even reimburse any fees charged by the foreign bank. Nitnoy, yes -- but it all adds up if you're going to keep using a US account. (But that 1% Visa/MC network charge doesn't go away -- and only does when I use my Bangkok Bank ATM card)

But the bank account was mainly to do SWIFT transfers to Thailand, as I found Suntrust procedures too cumbersome. I just EFT money from Suntrust to USAA, then send a fax to USAA to have it sent to my Bangkok Bank account. I tried this the other night, after loading the Windows XP fax program, which I'd never used before.. Neat! There's no particular form nor pin to provide, just pertinent info like SWIFT code, acct number etc, instructions that USAA provided me in an email. I did this 9:00 PM here (9:00 AM in USAA's San Antonio), and the money was here next day, full Telex exchange rate. For security, they do advertise that they will contact your "phone number of record," and I had already provided them my Thai phone number as a secondary number. They never called, however, and when I asked why, they said this was because the Bangkok Bank account had the same name as the USAA account.

I haven't been to San Antonio in 40 years, so I set this all up via phone and internet. Yes, I've been a USAA member for years, so maybe they already had pertinent info and signatures on file. Heck, I even provided my desired ATM pin over the phone. I did ask about having a foreign address, and they said this was ok but that initially you needed a US address (however, the person I talked to didn't sound completely confident about having to be initially in the US). Anyway, for someone with one foot still over the pond, USAA may be a good option. Oh, you can call toll free from Thailand (but remember it's 12 hour difference in Texas): 001-800-531-22650. Website is helpful too (usaa.com).

Anyway, USAA is but one option. Credit unions can be good, and I know on this forum Schwab and Bank of Internet have been mentioned as attractive. But my main point -- which probably got lost in my long-winded rambling -- is that check to make sure your credit card and ATM banks haven't jacked up their fees lately.

For some further info on USAA, check this out (and don't believe the first person, who implies you must be military to use USAA -- their banking services are open to all).Using ATM/Credit Card Abroad

[buadhai]

Withdrew 12000 baht from my Bank of Internet checking account yesterday using a Bangkok Bank ATM. The Bank of Internet ATM/debit card is Visa branded. Here's the transaction:

05/27/2005 ATM W/D 04:08 05/27/05 324049 -$298.46

002299000018

BANGKOK BANK/BR.339

No fee from either bank or from Visa. Exchange rate: 40.21 baht to the dollar.

Most recent purchase with MBNA Visa credit card:

883.82 baht paid to TOT:

05/27/2005 0034 VS C TOT CORP.KORAT - N.RATCHASIMA $21.98

No fee at all. Exchange rate: 40.21 baht to the dollar.

So, I guess when it comes to fees, even if you have an MBNA credit card, YMMV....

As Jim points out, it is wise to check frequently on your effective exchange rate and whether or not fees are being charged. These things tend to change without our noticing....

[barryofthailand]

I am also a USAA member, and have been for years. I have a Usaa credit card, but do my main banking with the Lockheed credit union who does not charge me for atm transactions. When i use my credit card for purchases there are no extra charges. When i use the credit card for a cash advance at an atm machine they chatge me the one percent.

[PeaceBlondie]

Since my eldest son and his wife are employed by USAA bank and its computer operations, I'm prejudiced. I'd believe any good news about customer service from USAA Bank.

Thanks, Jim - I just checked my Wells Fargo (first time I've made an ATM withdrawal in Thailand since returning from Texas in April). Sure enough, the fee went from $3 to $5. The exchange rate itself was great - 40.207 yesterday, 27 May. But unless they've upped my daily withdrawl limit, that extra $2 is another 0.67 percent, lowering my exchange rate by 27 satang more.

Hmmm, USAA Bank has all my data from a failed transaction a year ago; maybe I'll give them a call.

I teach English, but being Texan, sometimes spell 'withdrawl' with a drawl.

Edited May 28, 2005 by PeaceBlondie

[JimGant]

MG,

Interesting the Visa/MC network fee isn't being charged, at least at the advertised 1% rate (closer to .5% for you, as the Interbank rate on 27 May was 40.439). But your MBNA Visa has me really intrigued -- was it issued to you directly, or thru a third party?

There's all kinds of shananigans out there -- and I've heard banks will negotiate fees with those clever enough to figure them out (most folks, however, don't take enough time to figure things out).

But, I'm still waitng for PTE to report in on Visa debit card POS money transfers to his SCB account.....

Glad you survived your Dengue fever.............

[buadhai]

Interesting the Visa/MC network fee isn't being charged, at least at the advertised 1% rate (closer to .5% for you, as the Interbank rate on 27 May was 40.439). But your MBNA Visa has me really intrigued -- was it issued to you directly, or thru a third party?

The brand name on the card is "Motley Fool", the name taken by a couple of brothers who do a financial advisory show on US public radio. They also have a web site.

But, I'm still waitng for PTE to report in on Visa debit card POS money transfers to his SCB account.....

And I. Here's what I'm doing: We have three US accounts and five ATM cards. We take out a total of 60,000 baht at a time and use one of Bangkok Bank's ATM cash deposit machines. I think we're up to about 450,000 baht transferred so far....

Glad you survived your Dengue fever.............

<{POST_SNAPBACK}>

Thanks....

[JimGant]

and use one of Bangkok Bank's ATM cash deposit machines.

You're braver than I am. The idea of putting money into a machine -- then having it go 'tilt' -- always worried me. But, I guess this doesn't happen too often, or no one would use the darn things. Besides, the clerks inside my branch are cute.........

[daxbr]

Anyone checked what your US bank is charging to use your ATM card here in Thailand? I've got Suntrust, and up until two months ago, I paid only the 1% fee that the Visa/MC networks charge for international transactions (plus my bank charges a flat $2 for each transaction). Lately, however, they're tacking on an additional charge of around $8 for each transaction (I always get 25000 baht, so it might be a percentage charge -- but I can't tell unless I try another amount). They won't admit to it, however, but it's easy enough to spot: use the BOT website to get the Interbank Exchange Rate for the applicable day, then crunch this against your bank's numbers. Historically, it came out almost perfectly to the 1% Visa/MC charge -- now it's more like 2.2%. But my new USAA ATM card is still 1% at the same Bangkok Bank ATM machine -- so the new charge is not on this end.

Also going up as of May 25th -- MBNA credit card international fees -- from strictly the 1% Visa/MC network charge, to a total of 3%. Heck, I switched to MBNA two years ago because my First USA (now Chase) was charging 3%. Now, apparently, 9 out of 10 major banks are charging at least 3%.

The solution I found: USAA Federal Savings Bank. I got a no-annual-fee Mastercard that doesn't charge anything more than the 1% for the Visa/MC network, plus I get a 1% credit against all charges, so that at the $20,000 mark way down the road, I'll get this $200 back. And I opened a bank account with them too: free checking, free checks, and no ATM fees for foreign exchanges --they even reimburse any fees charged by the foreign bank. Nitnoy, yes -- but it all adds up if you're going to keep using a US account. (But that 1% Visa/MC network charge doesn't go away -- and only does when I use my Bangkok Bank ATM card)

But the bank account was mainly to do SWIFT transfers to Thailand, as I found  Suntrust procedures too cumbersome. I just EFT money from Suntrust to USAA, then send a fax to USAA to have it sent to my Bangkok Bank account. I tried this the other night, after loading the Windows XP fax program, which I'd never used before.. Neat! There's no particular form nor pin to provide, just pertinent info like SWIFT code, acct number etc, instructions that USAA provided me in an email. I did this 9:00 PM here (9:00 AM in USAA's San Antonio), and the money was here next day, full Telex exchange rate. For security, they do advertise that they will contact your "phone number of record," and I had already provided them my Thai phone number as a secondary number. They never called, however, and when I asked why, they said this was because the Bangkok Bank account had the same name as the USAA account.

I haven't been to San Antonio in 40 years, so I set this all up via phone and internet. Yes, I've been a USAA member for years, so maybe they already had pertinent info and signatures on file. Heck, I even provided my desired ATM pin over the phone. I did ask about having a foreign address, and they said this was ok but that initially you needed a US address (however, the person I talked to didn't sound completely confident about having to be initially in the US). Anyway, for someone with one foot still over the pond, USAA may be a good option. Oh, you can call toll free from Thailand (but remember it's 12 hour difference in Texas): 001-800-531-22650. Website is helpful too (usaa.com).

Anyway, USAA is but one option. Credit unions can be good, and I know on this forum Schwab and Bank of Internet have been mentioned as attractive. But my main point -- which probably got lost in my long-winded rambling -- is that check to make sure your credit card and ATM banks haven't jacked up their fees lately.

For some further info on USAA, check this out (and don't believe the first person, who implies you must be military to use USAA -- their banking services are open to all).Using ATM/Credit Card Abroad

<{POST_SNAPBACK}>

Thanks Jim for lots of good information. 2 additional points:

1. Some MBNA cards started charging 3% foreign transaction fees but some do not. Example: Worldpoints does but AAA does not.

2. USAA atm card only refunds bank fees for transactions within the USA, not outside. Their wording is confusing because they consider "foreign" ATM machines as non USAA owned.

3. I found BofI atm card to be the most useful too. Too bad their daily limit is only $500.

Edited May 31, 2005 by daxbr

[dclaryjr]

For some further info on USAA, check this out (and don't believe the first person, who implies you must be military to use USAA -- their banking services are open to all).Using ATM/Credit Card Abroad

<{POST_SNAPBACK}>

Hmmm...I didn't know that. I've been pissed at them for years for granting full status to active duty E-1s but no to retired NCOs.

[Gary A]

I use a Citibank branch in California. They charge a flat $1.50 per transaction regardless of the amount. I have also opened a Siam Commercial account here in Thailand and once or twice a year I wire transfer money from Citibank to this account. That is a flat $30 fee also. Siam Bank has a small charge for that but it is not much. ATM transactions from Siam Bank are free as long as you make them in the same province as your branch bank. Outside of the province there is a 20 baht fee.

[JimGant]

I've been pissed at them for years for granting full status to active duty E-1s but no to retired NCOs.

Doesn't make a whole lot of sense. Their website says "active duty officers and enlisted," so I guess I'd be turned down too if I hadn't joined while on active duty.Seems like it should be open to anyone who did his or her full 20.

[JimGant]

Some MBNA cards started charging 3% foreign transaction fees but some do not. Example: Worldpoints does but AAA does not.

Nor does MGNewman's. Strange stuff, this banking business....

USAA atm card only refunds bank fees for transactions within the USA, not outside. Their wording is confusing because they consider "foreign" ATM machines as non USAA owned.

Didn't know that. Fortunately, I've yet to run into any surcharges on ATM machines here in Thailand.

[daxbr]

This is the only bank that offers unlimited atm fee refunds from overseas locations:

http://www.firstrepublic.com/aboutus/promo...mworldwide.html