New A-T-M Fee?

[SurfRider]

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A friend withdrew 19,500 Baht yesterday from a TMB ATM on his U.S. debit card. The 150 Baht Thai ATM fee was charged as usual, but TMB added an additional fee of US$6.23. That's the equivalent of about 195 Baht at the exchange rate that his bank gave him, which is a 1% charge. He has a premium debit card that reimburses the 150 Baht Thai fee and he has never been charged any additional fees either on the U.S. or Thai end of the transaction.

I realize that many Expats regularly incur 1% to 3% service charges on ATM transactions ( particularly on cards from Europe), but in this case, he has had the card for over 5 years and this is the first time such a charge has been levied.

From his on-line statement, it appears that the charge is associated with TMB in Thailand and not his bank in the States. I'm curious if anyone has seen a new charge of this type on a recent Thai ATM transaction?

Thanks in advance for any information or comments.

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[BWPattaya]

Thanks for the warning. I have never used a TMB ATM but I will look later when I use a different bank's machine.

[jfchandler]

SR, as I mentioned to you by PM, I had the same experience with an ATM withdrawal this morning in BKK...

Although it isn't mentioned here in the thread yet, the original post refers to someone using a U.S. E*Trade Bank debit card to make a withdrawal here in Thailand, and getting charged what looks like a 1% foreign currency fee in addition to the withdrawal amount.

That's notable only because E*Trade had not charged any 1% foreign currency fees in the past, and they had refunded other banks' (including Thai banks') ATM fees. And based on the original post here in this thread, they still appear to be doing the ATM fee refunds from Thai banks.

Today, I used an E*Trade debit card to make a 1,000 baht withdrawal from an AEON ATM, which doesn't charge the 150 baht Thai banks withdrawal fee. My account was debited $32.10 with the withdrawal, plus a 32 cent fee attributed to AEON in my E*Trade banking ledger, the same as the person above had the 1% amount attributed to the different Thai bank ATM he was using.

So, on the withdrawal itself apart from the 1% added fee, I netted an exchange rate of 31.15, which is a bit lower than the Interbank Exchange Rate from yesterday of 31.28, according to the Bank of Thailand website. They won't post today's IER until the end of the day, so it's possible the gap between my withdrawal and today's IER will be narrower once it's posted.

Even though these 1% amounts are being attributed by E*Trade to the owner of the ATM where the withdrawal is being made, it would appear the 1% amount is actually being levied by E*Trade, but that's just my working assumption at this point, nothing except circumstance to prove it...

By the way, on my paper receipt from the AEON ATM, it mentioned only the 1,000 baht withdrawal and nothing about any fee, and same on the ATM video screen prior to making the withdrawal.

I suspect, if I or others go back to an AEON ATM with a different bank card like Schwab Bank or Capital One (which we know don't charge any foreign currency fee as yet), we'll get the straight withdrawal amount and no fee... That would confirm the fee is coming from E*Trade, as I suspect it is.

Edited August 31, 2010 by jfchandler

[bkkjames]

I saw something new the other day at a Krung Thai Atm (if i recall the bank correctly), that if you wanted to have a print out of your transaction they would charge you a fee. 10 baht I think it was?

[jfchandler]

Here's the official answer from E*Trade that they have indeed begun charging a 1% foreign currency fee on international ATM withdrawals....

Thank you for your message regarding the fee assessed to your E*TRADE ATM Card transaction abroad. I understand your concern regarding this matter.

This fee is charged if you use your debit card internationally or for transactions in non-U.S. currencies. Since it's a low 1%, using your debit card to make purchases while abroad may help you minimize currency conversion fees charged through alternative sources.

This is a valid fee which was previously absorbed by E*TRADE. In order to enhance our ATM-related services, E*TRADE had started assessing this fee since August 26, 2010.

I'd rather they DIDN'T enhance their ATM related services and NOT charge the 1% fee...but alas....not given that choice....

[kamalabob2]

While AEON has not been charging the 150 baht atm fee, and while some debit card holders obtain fee refunds from the issuer of the atm card, the 1% is a VISA fee. My California Bank has been great about not charging me to use a "foreign" ATM machine, and to a point they would refund the 150 baht fee if I did not use a AEON ATM machine, but the 1% Visa fee was not refunded by my bank. Have any Thai Visa members had the 1% Visa fee refunded by their debit card issuer?

[jfchandler]

Kamala, re your E*Trade comments, the 1% fee does indeed original with VISA, which is the network for E*Trade's debit cards. Until lately, E*Trade was not passing along that fee to their customers... Now, they've decided to stop eating the fee and give it to their customers.

So you could call it a VISA fee or an E*Trade fee, depending on how you look at it. E*Trade's certainly not obligated to charge the 1% to their customers, and they hadn't been for all this time. So now, it's in fact an E*Trade policy decision to begin passing along the 1% fee to their customers.

And re your question, I don't think I know of any U.S. banks that "refund" the 1% fee... They either pass it along as a cardholder fee, as E*Trade has now chosen to do, or they don't pass it along, as E*Trade used to do, and as a few banks like Capital One and Charles Schwab Bank still do, to the best of my knowledge.

If the bank itself decides to pass along the fee, then it would make no sense for them to be refunding the fee they themselves have decided to charge.

[JimGant]

JFC, how the worm turns. You've had the best of all deals -- the fee free E*Trade ATM card, with the reimbursable 150bt feature, should that be needed. Some others -- Schwab -- were similar (but may no longer be....we'll have to wait for a report from that sector). In any event, the timing sure sucks, adding a new fee as the dollar sinks.

And, this may be where everyone is headed -- as our cousins in GB have shown, with their Nationwide cards no longer fee free.

You and I have not really explored over-the-counter transactions (in order to save the 150bt ATM fee) with our debit cards, as some others here have -- some successfully, others with a finger point to the ATM machine. You never needed to -- you were getting the best deal (the IER) possible. I get, with ACH transfers, about .6% off the IER. And an over-the-counter transaction, with my USAA ATM/Debit card, would cost me 1% off the IER. So, no reason to try the OTC. And, it would seem, no reason for you too to try OTC either, now also with a 1% off the IER fee.

So, as we all try to squeak out the best exchange options, where now for you? ACH?

[jfchandler]

You're right Jim, in that it's getting tougher at an especially bad time, with the $ value falling, and losing E*Trade from the no 1% VISA foreign currency fee club. However, all is not lost....

I do believe that Capital One's debit card, like their credit card, has no foreign currency fee. As an organization, Capital One has had a long track record of that across the board. So they should remain a good means of pulling cash. The only downside is, they don't reimburse any ATM fees, including the Thai 150 baht variety. So they'll work well with AEON ATMs, but not as good a deal with the others.

The Schwab debit card may be a better deal, but it's been a long time since I used one, so we'll have to verify it's status in present time. Schwab does reimburse Thai bank ATM fees, although as I recall they do at month's end, not immediately as E*Trade does... I don't remember them charging the 1% fee, but we'll need to check their net exchange rate to confirm that.

And then, and you might remember because I believe we posted back and forth about this lately, there's also the Service Credit Union -- open to active and retired military folks and their relatives -- that was advertising it's ServicePlus+ checking account that would refund all ATM and VISA 1% fees worldwide -- if your account met their qualifications, which involved doing a pension or payroll direct deposit, and a minimum balance of at least $1500.

Interestingly, by comparison, the account requirements for the E*Trade checking account, while different from SCU, are actually higher in terms of maintaining a minimum balance in order to avoid E*Trade's monthly account fee. Though E*Trade gives its account holders the choice of quite a few different means of avoiding their monthly fee and still enjoying their ATM refunds.

All of the above, E*Trade, Schwab, Capital One and SCU, are all nationally available accounts.. But then, it so happens, I have some other smaller, non-national accounts that also have the benefit of no 1% fee and ATM refunds, though I've never tested them against the Thai 150 baht fee, because I never had the need to before...

I'd be interested to hear from other members if they're aware of any other national or smaller local accounts that also have the benefit of charging no foreign currency exchange fees???? You have to be careful in assessing that, however, in that while many banks break out those fees as separate debits, some don't and just deduct the fees from your net proceeds, which might make one think they're not paying a fee when in fact they are. Calculating your net exchange rate is the best way to confirm that.

So, fortunately, as far as I'm concerned, my "worm" is doing just fine....

[jfchandler]

Jim, re the counter withdrawals method, you raise a good point... While counter withdrawals at least for now have the advantage of avoiding the Thai banks' 150 baht ATM withdrawal fee, they DON'T avoid any foreign currency exchange fees charged by one's home bank....

And let's remember, while quite a few U.S. banks do charge just the 1% that the VISA/MC networks charge, a lot of the bigger U.S. banks then turn around and use that as a profit center by adding their own fees on top to get to 2 or 3% or more foreign currency charges...

So people need to not just think about avoiding the 150 baht ATM fee, but also be aware of the foreign currency fee....

Today, I figured it out, that if I made a monthly ATM withdrawal of 20,000 baht (and used an ATM/card where I paid the 150 baht fee and also was hit by a 1% foreign currency fee--neither of which I ever do...) then I'd be paying more than $11 U.S. in total for the "privilege" of withdrawing my own money.... That's getting to be pretty steep, in my book....

You and I have not really explored over-the-counter transactions (in order to save the 150bt ATM fee) with our debit cards, as some others here have -- some successfully, others with a finger point to the ATM machine. You never needed to -- you were getting the best deal (the IER) possible. I get, with ACH transfers, about .6% off the IER. And an over-the-counter transaction, with my USAA ATM/Debit card, would cost me 1% off the IER. So, no reason to try the OTC. And, it would seem, no reason for you too to try OTC either, now also with a 1% off the IER fee.

[jfchandler]

Meanwhile, came across this interesting graphic and survey re the foreign currency fees charged by major credit card providers..... Schwab, Capital One and a pair of PedFed cards come out as winners, with 0% for. curr. fees and no monkeying around with the exchange rate...as the survey showed....

See the details and methodology of the survey in this accompanying article....

http://www.nerdwalle...ee-survey-resu/

PS... Look at Bank America, Chase, CitiBank and Wells Fargo... 3% all... Such @@@@@@@@@!!!!!!!

[jfchandler]

By the way, on a different matter still.... Jim Gant.... are you awake out there???

Last night, the wife and I were walking out for an evening on the town, and I needed to stop at an ATM to pick up some pocket money. Since this was one of those spur of the moment kind of things, I wasn't about to go hunting for an AEON ATM, so I stopped at an SCB ATM on my soi and used a U.S. MC logo debit card that refunds ATM fees...

When I did the withdrawal transaction at SCB, a message popped up on the ATM video screen asking me if I wanted SCB to do the currency conversion and listing an actual rate, something under 31 per.... I was taken aback a bit, and stopped and paused to read the info... And then finally decided NO, I didn't want SCB to do the exchange at that seemingly low rate....

So I'm wondering....and it's been a long time since I used an SCB ATM to withdraw cash.... Is SCB now doing their own version of Dynamic Currency Conversion, similar to Bank of Ayudhya????

I'd never seen that kind of message in making a cash withdrawal from an SCB ATM before....

[SurfRider]

.

Re: Schwab ATM fee Reimbursements ( comment from Schwab Debit Card holder )

"Once a month I see a credit on my account for ATM fees. You should save your ATM receipts; sometimes the fee amount is included in the total and you have to tell them (show them) about the fee. Happened to me twice."

It appears that the break-even number on ATM withdrawals is 15,000 Baht -- If you transfer 15K Baht on a card that charges the 1% fee, that charge will be 150 Baht. If you use a card that doesn't reimburse for the Thai ATM usury fee, you'll be hit for a total of 300 Baht on a 15K transfer.

If you have a card that reimburses ( E-Trade ) you'll still be hit for 150 Baht, but reimbursed for the Thai ATM fee.

If you have a card that both reimburses and does not charge the 1% fee (Schwab?), you've got the best of all possible worlds.

In the past, I could pull 40K Baht from AEON via an E-Trade debit card -- that's changed and the limit appears to be around 30K ( probably US$1000 ) in one 24 hour period. So, 30K / E-Trade / 300 Baht = not good. 30K / Schwab / no fees = good. Capital-One debit card = to be determined.

Conclusion: Get as much as you can from an AEON ATM on a card that doesn't hit you for the 1% -- candidates, Schwab and/or Capital-One?

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[jfchandler]

And, ST, I think Schwab's debit card, via their checking or savings account, also is an OK way to make ATM withdrawals from Thai banks other than AEON....as long as you're aware and willing to monitor the reimbursement situation at month's end, to make sure Schwab is really reimbursing you for all the 150 baht fees you may have incurred... Save those ATM receipts.

I like to keep it simple, though, so using an AEON ATM with no 150 baht fee is always going to be my first choice. But in a pinch, or for those who don't live near any AEON ATMs, a Schwab card with month-end 150 baht fee reimbursements is a good alternative.

[JimGant]

JFC, sure sounds like SCB is using DCC with their ATMs. At least they're following the rules laid out by the networks (MC and Visa) -- and giving you the option.

And, it sounds like MC is the network allowing DCC with ATMS. Seem to remember that Visa/Plus said no to this. However, maybe it was the other way around -- and now both networks are allowing......

Anyway, SCB was definitely using DCC for cash advances, as the bottom of their website shows (or at least *showed* as it doesn't seem to have updated since June......) See HERE

Also, flyerguide's look at credit and ATM/debit cards seems to be up-to-date re E*Trade foreign transaction charges.

See flyerguide HERE

[jfchandler]

Ya, that's interesting that Flyer's Guide updated their info so quickly....since E*Trade only began charging the 1% foreign curr fee about one week ago, as per my post quoting their email above...

Interestingly, the separate blog post that the web site cites for the source of info re the change has a reference to Thailand in it...

The guy writing somewhat appears to be suggesting that E*Trade also may be ditching their ATM fee refunds (as opposed to beginning to charge the 1% foreign currency fee). But thus far, we've seen no evidence E*Trade has changed their ATM refunds policy.

The current language on E*Trade's web site continues to state they will do unlimited ATM fee refunds.... as follows:

Unlimited ATM fee refunds³

With Max-Rate Checking, E*TRADE Bank will not charge you a fee for withdrawing funds from any institution's ATM nationwide but the owner/operator of the ATM may. These fees will automatically be credited to your account. E*TRADE Bank does impose a charge equal to 1% of the transaction amount (including credits and reversals) for non-U.S. currency transactions. In the event E*TRADE Bank in its sole discretion determines that there has been either fraudulent or excessive use of the feature on a given account, E*TRADE Bank reserves the right to remove this feature and not refund the ATM fees. For additional information and important details about how the ATM fee refund will be applied, please visit www.etrade.com/atmrefundpolicy.

And then the info from the policy page:

No ATM fees – any machine, any bank, anywhere nationwide via unlimited ATM fee refunds

E*TRADE Bank will not charge you a fee for withdrawing funds from any ATM nationwide, but the owner/ operator of the ATM may. E*TRADE Bank will refund the amount of the owner/operator's fee by the end of the same day that the withdrawal occurred to your eligible account¹ if you meet any of the following conditions:

• You have a Max-Rate Checking account;
• Your total balance in either your E*TRADE® Money Market Account or Independent Checking Account is $5,000 or more after the completion of the transaction;
• You have $50,000 or more in cash and securities in your linked E*TRADE Bank Accounts, E*TRADE Securities accounts and employee stock plan accounts (including vested in-the-money options, stock option plan shares, ESPP shares, and released restricted stock); or
• You execute at least 30 stock or options trades per calendar quarter in your E*TRADE Securities account

Two transactions will appear on your statement. There will be a transaction for the total withdrawal (ATM fee plus withdrawal amount) and a second transaction for the refund of the ATM fee. Note that the online transaction history and the new available balance may not appear updated until the following morning.

And then the blog post re E*Trade cited in Flyer's Guide.

E*TRADE ATM Now Charges a 1% Foreign Transaction Fee The E*TRADE ATM associated with their Complete Brokerage account now charges a 1% foreign transaction fee for withdraws from foreign ATMs. Sometime around 24th the etrade computer’s automatically started applying this charge to my withdraws. E*TRADE still refunds my ATM fees applied by the ATM owner’s even if the fee is not in USD (for example THB in Thailand as long as it’s coded correctly). Etrade customer service representatives so far have been kind enough to credit over $20 of these fees back to my account but I am not certain how long this will last.

For some because of the ATM fee credits the ETRADE ATM might still be a viable option, but for now at least I will be switching to my Capital One Savings Account Debit card for foreign ATM withdraws. I will try to dig up my E*TRADE Bank’s ATM card to see if the charges remain the same.

Also, flyerguide's look at credit and ATM/debit cards seems to be up-to-date re E*Trade foreign transaction charges.

See flyerguide HERE

[jfchandler]

Jim, your memory is correct in that it was MC that was doing the Dynamic Currency Conversion (read, lousy lower exchange rate) thru Bank of Ayudhya originally, and not VISA...

Last night, as I mentioned, it was a MC logo card that I had used at the SCB ATM... So that would be consistent, both in terms of it being a MC logo card and SCB already doing DCC for their counter transactions...

I just hadn't seen any post here on TV re SCB now apparently joining Ayudhya ATMs in doing/offering DCC for MasterCard-logo cards... Guess they're always looking for ways to wring an extra buck out of the unsuspecting farangs...

JFC, sure sounds like SCB is using DCC with their ATMs. At least they're following the rules laid out by the networks (MC and Visa) -- and giving you the option.

[jfchandler]

OK, I think I can now confirm that both Schwab Bank and Capital One, when you use their VISA debit cards, are NOT charging any foreign currency fee and NOT doing anything nefarious with the transaction exchange rates.

Tonight, I did three back-to-back transactions with cards at an AEON ATM, as follows:

--Schwab VISA debit, 1 debit entry only, 31.14 exchange rate.

--Capital One VISA debit, 1 debit entry only, 31.14 exchange rate.

--and then a small bank MC debit, 1 debit entry only, 31.14 rate.

For comparison purposes, the Bank of Thailand posted Interbank Exchange Rate for today (9/2) was 31.18... So that pretty much tells you that Schwab and Capital One, in terms of exchange rates and not charging a foreign currency fee, are good, solid replacements for E*Trade.

It also further puts the lie to the member here who, in some recent posts, was claiming the U.S. banks were setting their own exchange rates for ATM transactions, and not the VISA/MC card networks. While some banks may add in their own fees, the above results pretty clearly show the underlying exchange rates are being set by the card networks....

[SurfRider]

.

Good work JFC, on solving the Schwab & Capital-One uncertainties, and Thank you!

On another note . . .

"Interestingly ... that the web site cites for the source of info re the change has a reference to Thailand in it."

Probably because Siam is the ONLY country on the planet that has so far had the audacity to infringe on the generosity of Thai Expats and charge a fee of 150 Baht for each transaction- even if you're only extracting 150 Baht. In other words, in such a case, a 100% processing fee. Is it Cojones or Insanity? Take your pick . . .

.

[jfchandler]

ST, I put out a public challenge here on Thai Visa to all the world traveling members for anyone to factually document another country where the standard foreign card ATM withdrawal charge is higher than the now close to $5/150 baht rate in Thailand...

So far, no one's pointed to any standard bank system ATM fee anywhere in the world that's higher.

[JimGant]

are NOT charging any foreign currency fee and NOT doing anything nefarious with the transaction exchange rates.

JFC, good point -- your issuing bank is *not* obligated to use the network's wholesale exchange rate (same/similar to the IER), although this is certainly the best rate they can get. And, certainly this is the rate that they (the issuing bank) and the network use to provide baht payment to the Thai ATM owner (or Thai debit/credit card merchant receptor). Then, they can charge you a less effective (read: nefarious) exchange rate, pocket the spread, and still say with a straight face: our only charge is to pass on the 1% foreign transaction fee.

Fishing thru that 'nerdwallet' link you posted above, I found the following:

Keep in mind, your credit card [ATM/Debit card] company also has the freedom to charge you an unfavorable exchange rate, in addition to the foreign transaction fee. American Express has a reputation for giving cardholders favorable exchange rates, despite their 2.7% fee, so in theory you could actually end up paying more using Capital One. NerdWallet is working on an “Around the World” report where we charge the same item using several different cards in several different countries to see where things really shake out.

Well, their in theory example for Capitol One was off, at least as you found out recently using their ATM card.

But, the fact remains, there are some (many?) card issuers that use this exchange 'spread' to their benefit, while maintaining they charge no fees -- or merely pass on the 1% network foreign exchange fee. Even my vaunted ATM and credit card company, USAA, swears they only pass on the 1% network fee. After running a spreadsheet for two + years, USAA is actually charging 1.5% off the IER -- for both ATM and credit transactions.

What's in your wallet? (Inside joke for Yanks -- based on a commercial.)

[jfchandler]

Jim, I've never had any USAA accounts, so I'm not as familiar with them...

So, you're saying they charge the card networks' 1% foreign currency fee and then take another .5% for themselves, meaning they're 1.5% off the IER??

'

Even my vaunted ATM and credit card company, USAA, swears they only pass on the 1% network fee. After running a spreadsheet for two + years, USAA is actually charging 1.5% off the IER -- for both ATM and credit transactions.

What's in your wallet? (Inside joke for Yanks -- based on a commercial.)

Speaking of Capital One, I wanted to mention a couple things about their Rewards Money Market Account, which doesn't charge any foreign currency fees, that distinguishes it from the also fee-free Schwab checking and savings accounts.

The Capital One MMA account and Online Savings Account have a monthly limit of only six checks, bill pays and/or outgoing transfers. (The limit of six per month doesn't apply to ATM withdrawals, however). In contrast, the two Schwab accounts have no limits on monthly transactions.

I went over that monthly limit one time with Capital One, just by one transaction, and got a warning letter from them in the mail. I believe that limit of 6 is a federal/FDIC requirement for money market accounts.

Also, the Schwab debit card is a VISA logo card, meaning it can be used for ATM withdrawals and Point of Sale (POS) purchases. In contrast, the Capital One card is a ATM-only card, meaning it's not VISA or MasterCard logo'd. It is part of the PLUS network and works fine in most Thai bank ATMs. But can't be used for purchases, and it does have a $500 daily limit, which is lower than Schwab.

Just some things to be aware of, for folks who might be looking for a replacement account or card for their E*Trade business.

[powderpuff]

Schwab refund the fee PER TRANSACTION.

No need to keep receipts or wait for the end of the month.

[cardholder]

Just some things to be aware of, for folks who might be looking for a replacement account or card for their E*Trade business.

JFC, you have made many sagely posts about ATM useage and related costs - as indeed, has JG.

I now cannot understand anyone (who spends the majority of their time in Thailand) using an overseas card.

I hail from the UK and when Nationwide's Flexaccount was free it was excellent and there was no need to consider an alternative. Now, with the advent of a variety of fees, and fee recovery, it no longer makes economic or practical sense to use overseas cards in an ATM - except for emergency.

My monthly transfer to Kasikorn bank costs me (net, in my eyes because I get £5 reward each month for crediting £1,000) £4.50 or 215 Baht. Kasikorn provides an excellent online banking facility and I can pay a variety of people instantly - free to another K Bank customer 25/35 Baht to another bank.

Overseas ATM cards are dead - RIP

Edited September 3, 2010 by cardholder

[jfchandler]

Cardholder, everyone can arrange their finances as fits their own needs and style...

But the statement you make below is simply incorrect. The truth is, I get a better deal on my foreign exchange cash transactions than you do, even though you're paying relatively little in the way of fees...

By using a combination of fee-free AEON ATMs and fee-free U.S. accounts/cards, I get basically the full Interbank Exchange Rate on my withdrawals, with absolutely no fees deducted on the Thai or U.S. ends...

You have to have to use the right combination of AEON ATMs and U.S. no-fee accounts. And that arrangement isn't convenient for everyone. But it is for me as someone who lives in Bangkok, so I'd be foolish not to take advantage of it...

I don't know of any available wire transfer arrangement that's going to beat that approach, because to do so, it would have to be a free wire to send (and a few banks do offer that) and a no-charge exchange on the Thai end, and I don't know of any Thai banks that do that...

PS - Let me add, that your statement MAY be correct for U.K. folks such as yourself, who apparently have access to fewer and less favorable banking options that us U.S. folks.

But, I thought I remembered reading in some other threads here a few months back about U.K. folks using some kind of new online wire transfer facility offered by HSBC to move funds from UK accounts to HSBC in Thailand... The exact details and exchange rates involved in that, however, were never really made clear by those posting on the subject.

I just mention it to say, there MAY still be some good UK banking options out there for pulling money in Thailand.

Now, with the advent of a variety of fees, and fee recovery, it no longer makes economic or practical sense to use overseas cards in an ATM - except for emergency.

Edited September 3, 2010 by jfchandler

[jfchandler]

Thanks for clarifying that, PP... I've never incurred Thai bank ATM fees with Schwab, so I'm not the best to speak to that detail... I know some posters here have complained in the past that Schwab didn't always automatically do the refund credits, and that it took calls to their CSRs to remedy the situation.

Curiously, by comparison, I have occasionally incurred Thai bank ATM fees with my E*Trade account. And never once for me has E*Trade ever failed to immediately do the correct ATM refunds....

Here's the refunds policy that Schwab lists on their web site....

Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa® Check Card wherever it is accepted. ATM fee rebates do not apply to any fees other than fees assessed for using an ATM to withdraw cash from your Schwab Bank account. Schwab Bank makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from Visa and ATM operators. In the event that you have not received a rebate for a fee that you believe is eligible, please call a Schwab Bank Customer Service Representative for assistance at 888-403-9000. Schwab Bank reserves the right to modify or discontinue the ATM fee rebate at any time.

Schwab refund the fee PER TRANSACTION.

No need to keep receipts or wait for the end of the month.

[jfchandler]

PP, I was reading further re Schwab and their policy on ATM refunds...

Here's further info from their web site. Note the underlined portion in footnote #2:

Do I pay ATM fees?

We don’t charge any ATM fees and we reimburse any ATM fee you are charged—worldwide.¹ While the ATM screen may say something like “you will be charged $2 for this transaction. Proceed?” Just click yes and we’ll refund that charge to your account.

How do I receive the ATM fee rebates for all my ATM transactions?<a name="9">

We’ll refund any ATM fees you’re charged by ATM operators in the same month when you use your Schwab Bank Visa® Platinum Check Card.²

2. The rebate will appear as a lump-sum credit on the same checking account periodic statement that includes ATM fees incurred for that particular account statement cycle.

Schwab High Yield Investor Checking FAQs

And then, because some folks have asked on this subject, their info on the brokerage account that's required as a companion account:

Do I need to open a Schwab One brokerage account with my Schwab Bank High Yield Investor Checking account?

Yes. The Schwab Bank High Yield Investor Checking account is only available when linked to a Schwab One brokerage account. When you open a High Yield Investor Checking account, you must open a Schwab One brokerage account. The two accounts will be connected, so you can easily transfer funds between them to meet both your investing and checking needs. While you’re under no obligation to use the Schwab One account, we think you’ll find it to be very convenient. And, you’ll enjoy all of the benefits of investing with Schwab brokerage at no additional cost.

Are there any account services fees for my High Yield Investor Checking or my linked Schwab One brokerage accounts?

No, there are no monthly or low balance fees for either account when you open a High Yield Investor Checking account linked to a Schwab One brokerage account.

[jfchandler]

Yikes!!! I was talking to Schwab Bank this morning to follow up on a couple of details...and found some surprising info...

Their High Yield Investor's Checking account comes with what they call a VISA Platinum check/debit card. But I couldn't find the daily limits for ATM withdrawal and POS anywhere in their information... So I asked...

And the answer is: $1,000 per day for ATM withdrawal, and automatically $15,000/day for POS activity (with the odd provision that any ATM cash withdrawals in a day also count toward your daily POS limit).

Fortunately, Schwab does allow account holders to change/reduce the daily limits by request...if you don't want a $15K POS limit on their card.

On other matters, Schwab does not have any limits on the number of external bank accounts that can be linked for online transfers to either their checking or companion brokerage accounts.

External accounts can be linked entirely online to the Schwab brokerage account. But for some reason, they still require people to mail in paper forms to accomplish external account links to their checking account (you can't do it online via trial deposits, as yet).

However, there is a workaround for that.... They also provide free/instant online transfers between their brokerage account and checking accounts. So a person can link any external account entirely online to the Schwab brokerage account for transfers, and then simply use their Schwab online banking to shift those fund into/out of the checking account.

[JimGant]

My monthly transfer to Kasikorn bank costs me (net, in my eyes because I get £5 reward each month for crediting £1,000) £4.50 or 215 Baht.

Cardholder, sounds like Halifax Bank, if my memory serves. And, with all the discussion here amongst the Brits on transferring money, this option stood-out as being the cheapest, as well as one of the easiest with its on-line feature.

With Nationwide joining the fee club, EFT appears to be the cheapest way to get your baht -- assuming you've price shopped for the best deal, as you appear to have done.

[cardholder]

My monthly transfer to Kasikorn bank costs me (net, in my eyes because I get £5 reward each month for crediting £1,000) £4.50 or 215 Baht.

Cardholder, sounds like Halifax Bank, if my memory serves. And, with all the discussion here amongst the Brits on transferring money, this option stood-out as being the cheapest, as well as one of the easiest with its on-line feature.

With Nationwide joining the fee club, EFT appears to be the cheapest way to get your baht -- assuming you've price shopped for the best deal, as you appear to have done.

Jim, I should have been clearer - yes, Halifax Bank.

Google Halifax Reward account and look at their Online banking. It is pretty user-friendly and I have found that SWIFT payments now only take one day.

One minor health warning ! - the small print staes that the online payments system is only intended for UK use and you MUST NOT use the transfer facility if overseas. The reality of this means that in over 12 months I have been 'suspended' once - a friend has been suspended twice. A quick phone call (preferably using CAT card cheap rates:)) to the UK to explain that you are visiting Thailand and need to transfer funds to buy some goods resolves matters. A minor potential inconvenience that is out-weighed by the significant benefits.