Warning, 3% On Credit Card/debit Purchases

[Upcountry]

Hey folks,

Expat American here with credit cards from Citi/AT&T, MBNA, BankOne, and a Debit/Visa card from BankofAmerica.

I have verified and discovered the hard way that the ALL charge 3% now for charges made here in Thailand. This applies to purchase made at any merchant, including hypermarts, etc. To my great sadness, it also applies to my debit card "cash advances" via Bangkok Bank.

I feel like I just two-stepped into the dark ages.

I've been happy about being able to go the cash transfer window any time I needed cash and get money from my checking account, but not that's not practical.

Fleet Bank, in the US was bought by Bank of America. I found out that BoA is as old-fashioned in their policies and processes and old Chase. Their attitude toward customers and their money is also not what would make me want to stay with them.

So three questions:

1. At this point, what is the best way to transfer money?

2. How can I change to a more consumer friendly bank in the US without actually travelling there to meet someone in person?

3. What bank would be best to change to?

I've heard of the Bank of the Internet, but I'm not sure if my funds would be FDIC insurred in the same way as they are with my current account or with ING (per US law). I've been to their website, which shows and FDIC icon, but there are not links pointing to a specific statement about this.

Ideas?

Man, on top of the oil price increases, and other insanity, this is canom for a bursting somach. May arroy!

[simcity]

http://www.thaivisa.com/forum/index.php?showtopic=38622&hl=

http://www.thaivisa.com/forum/index.php?showtopic=35642&hl=

i have been hit too

[lopburi3]

SWIFT wire transfer between banks may look like a big charge when you see the $20-45 fee but if this is for large amounts the percentage will be much less than other methods; as you receive a good exchange rate and for $9,000 transfer the fee would only be about 1/2 percent.

[Thaigreg]

I used my Visa credit card on 5 Jul at Carrfour in Pattaya and was charged a 1% conversion fee. The 1% was on the dollar conversion amount.

[buadhai]

I used my Bank of Internet Visa ATM/debit card at Lotus on July 5th. The total was 620.50 baht. The withdrawal from my account was exactly US$15.00 for an effective exchange rate of 41.37 baht to the dollar. No fee was deducted at all.

On June 29th I withdrew, at an ATM, 4900 baht using the same card. The bank charged $119.20, but also gave me a surcharge refund of $1.23, making the net charge $117.97 for an effective exchange rate of 41.54 baht to the dollar.

It seems that not every bank is charging a fee.

[Upcountry]

Thaigreg, which card do you use? Before the 3% kicked in, I never saw a 1% fee in my currency conversions.

Thanks, buadhai, for mentioning Bank of the Internet not charging. I'm looking into Everbank now, also. Hopefully they don't charge 3%.

Anyone had good/bad experiences with Everbank? A friend insists they are the best. They promise very good interest for checking, on-line bill pays, etc. No ATMs, but that wouldn't matter much to me over here.

[buadhai]

I just checked the statement for my MBNA visa card. No fee at all.

Spent 7590 for a washer at Lotus. MBNA charged me US$183. Exchange rate is 41.48. No fee.

This is a "Motley Fool" branded card. I don't know if that makes any difference. MBNA issues lots of cards under different brand names.

[Harmonica]

Hey folks,

Expat American here with credit cards from Citi/AT&T, MBNA, BankOne, and a Debit/Visa card from BankofAmerica.

I have verified and discovered the hard way that the ALL charge 3% now for charges made here in Thailand. This applies to purchase made at any merchant, including hypermarts, etc. To my great sadness, it also applies to my debit card "cash advances" via Bangkok Bank.

I feel like I just two-stepped into the dark ages. 

I've been happy about being able to go the cash transfer window any time I needed cash and get money from my checking account, but not that's not practical.

Fleet Bank, in the US was bought by Bank of America. I found out that BoA is as old-fashioned in their policies and processes and old Chase.  Their attitude toward customers and their money is also not what would make me want to stay with them.

So three questions:

1. At this point, what is the best way to transfer money?

2. How can I change to a more consumer friendly bank in the US without actually travelling there to meet someone in person?

3. What bank would be best to change to?

I've heard of the Bank of the Internet, but I'm not sure if my funds would be FDIC insurred in the same way as they are with my current account or with ING (per US law). I've been to their website, which shows and FDIC icon, but there are not links pointing to a specific statement about this.

Ideas?

Man, on top of the oil price increases, and other insanity, this is canom for a bursting somach. May arroy! 

Ditch 'em all and get a Visa/MasterCard combo from Siam Commercial Bank locally. Outstanding service, accuracy and works flawlessly even for stateside transactions. Very pleased!

[Upcountry]

Good to know harmonica. I'll check it out.

It could well be that a Motley Fool card is handled differently than a regular MBNA card.

[buadhai]

Good to know harmonica. I'll check it out.

It could well be that a Motley Fool card is handled differently than a regular MBNA card.

<{POST_SNAPBACK}>

I just looked at my statement for the period ending June 16th. There are two baht purchases on it. The exchange rate for one is 40.21 and the other is 40.19. There are no additional fees or charges. This is for a Motley Fool MBNA Platinum Visa card.

Bank of Internet is a regular US bank; FDIC insured and all. Your money is as safe there as it is in any other US bank. The only difference is that they don't have any brick and mortar branches. It's all on line. But, they do have a toll free number that is answered by a human and they do respond to e-mail quickly; usually within 24 hours.

[simcity]

Ditch 'em all and get a Visa/MasterCard combo from Siam Commercial Bank locally. Outstanding service, accuracy and works flawlessly even for stateside transactions. Very pleased!

<{POST_SNAPBACK}>

i was in the impression , thai visa from bank charge a lot for withdraw , like 3-4 % a go ??? plus off course interest to follow .

do you know what is the cost of it ?

Edited July 7, 2005 by simcity

[Thaigreg]

Thaigreg, which card do you use? Before the 3% kicked in, I never saw a 1% fee in my currency conversions.

Thanks, buadhai, for mentioning Bank of the Internet not charging. I'm looking into Everbank now, also. Hopefully they don't charge 3%.

Anyone had good/bad experiences with Everbank? A friend insists they are the best. They promise very good interest for checking, on-line bill pays, etc. No ATMs, but that wouldn't matter much to me over here. 

<{POST_SNAPBACK}>

Upcountry,

I used my Visa credit card. I was just at Carrefour today and purchased some items using my Visa debit card and their was no fee charge. It seems it is only with my Visa credit card. This card was issused by my Credit Union bank and again it is only a 1% conversion fee.

[farangene]

Bank of Internet is a regular US bank; FDIC insured and all. Your money is as safe there as it is in any other US bank. The only difference is that they don't have any brick and mortar branches. It's all on line. .....

<{POST_SNAPBACK}>

Actually they do have a brick and mortar bldg in San Diego. One of their benefits is they offer free parking while in San Diego.

Buadhai -- thanks for the good tip on Bank of Internet. I plan to look into it.

[Harmonica]

Ditch 'em all and get a Visa/MasterCard combo from Siam Commercial Bank locally. Outstanding service, accuracy and works flawlessly even for stateside transactions. Very pleased!

i was in the impression , thai visa from bank charge a lot for withdraw , like 3-4 % a go ??? plus off course interest to follow .

do you know what is the cost of it ?

Can find out the answer to your query in a few days, but you can do the same @ any SCB branch.

I got mine mostly for convenience and do not use them for cash advances. My entire balance gets paid off automatically via direct access. So there are no Interest charges either.

Having a large credit limit coupled with the fact that your purchases after the cut-off date each month, don't get deducted for almost 50 days -- think about the currency gains you make every 2 month period -- its like taking candy from a baby except that these banks are tigers, not babies -- that's why it is even sweeter.