Banking Fees For Atm Withdrawl

[jfchandler]

AEON ATMs have two different ways of selecting the amount for withdrawals...

1. They have a screen of preset amounts, where you just choose the button with the corresponding amount in 1000s.... That goes up to 10,000 or so....

2. Or, you can choose a button labeled something like "other" to manually enter a withdrawal amount in 1000s... I know a user can manually select at least up to 20,000 or 25,000.... Not sure about beyond those amounts in a single withdrawal.

[Lancelot]

AEON ATMs have two different ways of selecting the amount for withdrawals...

1. They have a screen of preset amounts, where you just choose the button with the corresponding amount in 1000s.... That goes up to 10,000 or so....

2. Or, you can choose a button labeled something like "other" to manually enter a withdrawal amount in 1000s... I know a user can manually select at least up to 20,000 or 25,000.... Not sure about beyond those amounts in a single withdrawal.

JF is correct. Go with the "Other" option, then punch in 20,000. My US card is limited to US $500 -yes, I called and they would not increase it- so I can only get $500 worth of THB. Such is life...

[jfchandler]

Right, it's a good thing to remember.... there are always going to be two limits that come into play...

1 is the limit of the ATM machine itself, which usually tops out at about 25 bills... And then 2 there's the daily withdrawal limit of your home account/card.

25,000 baht at current rates equals a bit above $800. But lots of U.S. banks have default daily card limits of $500, though some banks will increase that upon request. Others have $350 limits, while some have $1,000 or higher limits, or none at all....especially among the brokerage/bank account providers.

[SurfRider]

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"Can anyone verify the maximum withdrawal limit from a Aeon ATM?"

A year or so ago I was able to get up to 40,000 in one pull but lately it's been limited to 30,000 -- I think the limitation is due to my U.S. bank's daily limit but the AEON ATM that I used regularly was capable of 40K.

.

[jfchandler]

WOW, that's good news... SR....

I've never tried to pull that large an amount from AEON ATMs....

But it's good to know you could!!! And another good reason to use AEON ATMs where possible.

[jazzbo]

Thank you JFC (always makes me think of the Lindbergh kidnapping) -- I am just taking it one step at a time and spent 30 minutes on the phone yesterday with the SCHWAB rep (via my SKYPE link to USA);

I completed successfully a 2-step trial deposit but it linked into my IRA account and not my brokerage account which for withdrawal purposes is useless; I am now working on my second trial deposit sequence and will have to call them and have them link it to my SCHWAB ONE account -- BTW you initiate the external bank transfer set-up from the brokerage account not from the bank account ... the rep said that it can take up to 3 days for the funds to move from brokerage account to bank account...

But this is all moot until I can have the ATM card sent to Thailand...

[jfchandler]

I completed successfully a 2-step trial deposit but it linked into my IRA account and not my brokerage account

So you're saying you made a mistake and didn't link the correct account?

BTW you initiate the external bank transfer set-up from the brokerage account not from the bank account ...

You can also use your online banking setup at some other bank to create a link TO your Schwab bank account.

And, you can initiate the external bank account link from the Schwab bank account, but that requires the mail in forms (as opposed to online)

the rep said that it can take up to 3 days for the funds to move from brokerage account to bank account...

It's not really clear from your comment which bank account you're referring to, the Schwab one or some external bank account. Intra-Schwab transfers (brokerage to bank or bank to brokerage) are same day... A transfer to an external account could take 1-3 days, depending on what system the external bank account uses for transfers.

[SurfRider]

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Jazzbo,

If you're trying to link from some on-line account outside of Schwab, into your Schwab High-Yield-Checking account, it's very easy to do from the external account. No paperwork or snail-mail involved. Both myself and a friend have done it recently. If you want the Schwab ABA code that you need to complete the link, PM me and I'll give it to you.

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[jazzbo]

1, The 'Rep' is the SCHWAB rep ..

2. The external bank set-up on the online SCHWAB brokerage page does not give the option as to which brokerage account is linked and defaults to the IRA; once the second trial deposit is completed and again links to the IRA I have to call SCHWAB again and have them manually re-set it.

3. I tried to set-up a link from an account TO SCHWAB but it bombed out on the security -- I would have to call that bank but as you said the point is to pull from SCHWAB and not pay the $3.

4. but that requires the mail in forms (as opposed to online) I may end up doing that anyway to by-pass the brokerage account.

5. For now even with the 150 baht fee I will pay it not to have to travel out of the way to the AEON Bank ATM location -- besides I cannot go there (except surreptitiously) without telling the ThGF and if I bring her it will cost more than 150 baht.

6. If and when all else fails I will just call my Mommy.

6a. I am old enough to remember the days when you used to go into a small private room at the bank and they would have fancy long gold scissors for you to cut off the 'coupons' from the bottom of bonds for redemption -- those were the days.

Edited September 15, 2010 by jazzbo

[jfchandler]

1, The 'Rep' is the SCHWAB rep ..

The rep would have been correct in relation to it taking a couple days to do an transfer to an external account. The rep would NOT have been correct if your discussion was about moving funds between a Schwab brokerage and Schwab bank account, assuming you had cash in the brokerage account, as opposed to needing to liquidate securities. I've done the latter moving cash from the brokerage to the bank account... It's pretty much immediate.

6. If and when all else fails I will just call my Mommy.

Glad to hear you have a fall-back plan...

It's REALLY not so difficult as you're been trying very hard to make it sound... Schwab has a pretty clear online banking setup, at least from my perspective. The only thing that irks me about their system is their mail in process for initiating links between their bank account and external bank accounts. They really should bring up a trial deposits capability, similar to what they already have for their brokerage account linking.

[jazzbo]

I am not trying to make it sound like anything -- I have no agenda;

Schwab has a pretty clear online banking setup, UNLESS you have SCHWAB multiple accounts.

One of the guys in the F-A-S troika on the 'Financial Crisis' of-the-day topic once said that feel sorry for anyone with managed accounts... oh well.

Edited September 15, 2010 by jazzbo

[jazzbo]

I have now set-up the second MONEYLink to my SCHWAB account this time into the brokerage account not to the Rollover IRA account ... I can then transfer into the SCHWAB checking account which should be an instantaneous transaction although not guaranteed as such... Now I just have to get possession of the ATM card ... As I already have a Mommy thank you Jafsie for being my new Dutch Uncle.

[jfchandler]

Glad to hear you're making progress, Jazzy!

[thaihome]

With my USAA debit card all I pay is the Visa 1% fee for foreign currency withdrawal. Using the CITI ATM machines at Interchange 21 (Asok/Sukhumvit) there is no 150 baht fee.

This past month I withdrew some $2k through the month, paid twenty bucks in the FX fee and got a 5 dollar rebate from USAA.

Withdrew 8,000 baht yesterday at exchange rate, including the 1% fee, of 30.45.

This appear to about as good as it is going to get, short of opening the Schwab account

TH

[jfchandler]

Glad to hear about the Citi ATM issue, ThaiHome... Can you elaborate about that a bit more?

Is it just 150 baht fee-free with your USAA debit card, or other bank cards as well? And if just your USAA debit card, what profile does it have... as in... VISA or MC logo, and what network, Cirrus, Plus, Star, etc etc??

Nationally for U.S. folks, the Capital One debit card is good in that it doesn't charge any foreign currency or VISA network fees. But it doesn't refund the Thai banks 150 baht fee, so it's best used only with AEON ATMs.

E*Trade, by comparison, now charges the 1% VISA network fee, but automatically refunds other banks' ATM fees, including the Thai banks 150 baht one.

With my USAA debit card all I pay is the Visa 1% fee for foreign currency withdrawal. Using the CITI ATM machines at Interchange 21 (Asok/Sukhumvit) there is no 150 baht fee.

This past month I withdrew some $2k through the month, paid twenty bucks in the FX fee and got a 5 dollar rebate from USAA.

Withdrew 8,000 baht yesterday at exchange rate, including the 1% fee, of 30.45.

This appear to about as good as it is going to get, short of opening the Schwab account

TH

[HughJorgen]

You still get the 150 baht charge from Kasikorn and Bangkok Bank (not sure about others), but you don't get it at Siam Commercial Bank ATMs.

I don't know which SCB branches favour you with that facility, I hold an SCB acc't and ALL the SCB ATM's in Pattaya Klang / Nua / Tai charge 150 baht, no exceptions, Kasikorn / SCB / Ayudhaya / TMB / et al... can you clarify please?

I read elsewhere on this forum that Aeon ATM withdrawals are fraught with danger, on some occasions no moneys issued, but deducted at original bank, meaning you have to jump thru' hoops, Aeon claiming that money was issued etc etc, so perhaps proceed with caution regarding Aeon, maybe have a member of staff accompany you ( preferably 'Manager', and no, not the "Toilet Manager" )

Edited September 16, 2010 by HughJorgen

[SurfRider]

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"I read elsewhere on this forum that Aeon ATM withdrawals are fraught with danger"

Yes, there was a thread on ThaiVisa that made those claims, however I have been using three of the four AEON ATMs in Pattaya for well over a year and have never had a problem ( fingers crossed! )

JFChandler, who posts prolifically on ATM and banking issues is a seasoned veteran with AEON ATMs in Bangkok has reported the same.

Personally, I wouldn't worry about it, but for very cautious people...there just might be that one first time -- of course, the sun might rise in the western sky tomorrow also, but I won't be watching for it . . .

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[jfchandler]

SR's correct about that, though it's certainly true any machine can fail sometime. There's no reason to believe that AEON ATMs are any more failure-prone than others... I've certainly never experienced that in the past two years.

Speaking of things to worry about at ATMs...

SCB offers "Safe & Sound SCB ATM" service featuring free maximized protection

Siam Commercial Bank PCL (SCB) is offering enhanced consumer protection with its new "Safe & Sound SCB ATM" service for customers using SCB ATM, SCB DEBIT, or SCB DEBIT PLUS cards. In the event of theft, robbery, or assault when making a withdrawal at an SCB ATM, SCB cardholders are entitled to medical claim and cash loss compensation up to 20,000 baht per case per person per year. The protection is free of charge and effective from now until 31 December 2011.

In announcing the new service, SCB Senior Executive Vice President Yol Phokasub noted, "Because more and more customers are conducting financial transactions at ATMs, SCB is concerned about protecting them in the event of unwanted circumstances. That's why we came up with "Safe & Sound SCB ATM" service for our customers making withdrawals at SCB ATMs while using SCB cards."

The "Safe & Sound SCB ATM" service is instantly available to customers using SCB ATM, SCB DEBIT, or SCB DEBIT PLUS cards, without any need to apply. For more information, please call the SCB Call Center at 02 777-7777.

[Lancelot]

Jazzbo, Schwab brokerage accounts allow you to use their own online banking system to link to any other of your U.S. bank accounts using their 9-digit ABA #s. You can create those links with any of your other banking accounts entirely online in the Schwab system, which uses the trial deposits method of confirmation.

Once you've created those links, you can use Schwab's online banking system to pull funds (for free, no charge) into your Schwab brokerage account from any of your other banks' linked accounts, including places like BofA or Wells Fargo.

I recently opened a Schwab Brokerage account, linked to a Schwab Checking account. Like JF has stated, you can link your external (checking) accounts to Schwab, but their web site, IMHO, is a bit akward. After several attempts, I was able to link my Schwab Brokerage account to my US checking account at ING. I've also tried to link my ING checking to my Schwab Bank checking, but after two business days, I have not seen the trial deposits posted (from ING to Schwab.)

Any way, I'm one happy camper to open a Schwab account as an additional defense against the onerus B150 ATM fee

PS-I still use Aeon as well to avoid fees...

[jfchandler]

Any way, I'm one happy camper to open a Schwab account as an additional defense against the onerous B150 ATM fee

PS-I still use Aeon as well to avoid fees...

A man after my own heart... Way to go!!!!

BTW, I've noticed something lately about another U.S. bank that's not bad to have... Capital One.... They don't charge any foreign currency or other fees when you use their straight ATM card abroad.... That's the good news, although unlike Schwab, Capital One typically doesn't refund other banks' ATM fees.... (which of course doesn't matter if one's using AEON).

But what I found about Capital One that annoys me more than a bit.. For most of their accounts, they have a STANDARD FIVE BUSINESS DAY hold on any deposited funds....before they become available in your account. That's not just when someone has a new account with them, or only for certain deposits like checks. But apparently for all deposits, period.

Three business days is standard for many banks, including Schwab. But a lot of banks also are increasingly moving to making funds available on the next business day after funds post to your account. At FIVE days, Capital One is really pushing it....

[Lancelot]

JF, I am not familiar with Capital One, but the info is good to know.

Off topic, but a buddy of mine is planning on spending more time in the Philippines. He has a Schwab brokerage/checking account so he can avoid the new Piso 200 ATM withdrawl fees there. However, he is going to open a USD account with a Philippine bank, then deposit paper checks drawn on a US checking account. He said it takes about 3.5 weeks for the check to clear, but there are no fees and he can use his PI ATM card to avoid the foreign ATM fee issue.

More than one way to skin a cat

[jfchandler]

Lancelot, I'm not too sure about your friend's approach...

I can't speak to the PH... But here in Thailand, the Thai banks charge per check handling fees for those kinds of deposits....and then, you gotta wait nearly a month or so for the funds to clear...

Here in Thailand, a better alternative might be bank counter withdrawals using one's foreign ATM card... But those are hit and miss...some banks don't like or want to do them, and send you out to their ATMs.. Others charge a below market currency exchange rate... But some do, and they don't have the 150 baht fee or any surcharge from the Thai end.

BTW, what's the deal with the 200 peso ATM fee you mention... not heard any mention of that.... 200 peso charged against who in what kind of circumstances?

JF, I am not familiar with Capital One, but the info is good to know.

Off topic, but a buddy of mine is planning on spending more time in the Philippines. He has a Schwab brokerage/checking account so he can avoid the new Piso 200 ATM withdrawl fees there. However, he is going to open a USD account with a Philippine bank, then deposit paper checks drawn on a US checking account. He said it takes about 3.5 weeks for the check to clear, but there are no fees and he can use his PI ATM card to avoid the foreign ATM fee issue.

More than one way to skin a cat

[Lancelot]

Lancelot, I'm not too sure about your friend's approach...

I can't speak to the PH... But here in Thailand, the Thai banks charge per check handling fees for those kinds of deposits....and then, you gotta wait nearly a month or so for the funds to clear...

Here in Thailand, a better alternative might be bank counter withdrawals using one's foreign ATM card... But those are hit and miss...some banks don't like or want to do them, and send you out to their ATMs.. Others charge a below market currency exchange rate... But some do, and they don't have the 150 baht fee or any surcharge from the Thai end.

BTW, what's the deal with the 200 peso ATM fee you mention... not heard any mention of that.... 200 peso charged against who in what kind of circumstances?

I think my buddy's method will work OK, albeit a bit slow for the funds to be available. I've seen similar posts about other expats using that method on a few Philippines centered boards. Just requires more planning, remembering the lead times for checks to clear. He did say he would not use this method in Thailand, and just reply on Aeon/Schwab.

Yes, the PI banks have climbed on board and instituted a P200 withdrawl fee for non PI ATM cards. Same, same Thailand style. If you adjust for currency differences, it works out close to B150. Word gets around.

[jfchandler]

Lancelot, yes, your friend's approach will work in Thailand - Thai banks will accept the deposit of foreign checks made out to you into your Thai bank account.

The problem is, with the per check fees the bank will charge, it ends up being pretty un-economical compared to reasonable no or low-fee ATM withdrawals.

The last time I inquired about that at SCB, they had a fee of 203 baht ($6.68) per foreign check deposited, and a minimum value of $50 per check.

I think my buddy's method will work OK, albeit a bit slow for the funds to be available.

[Lancelot]

Lancelot, yes, your friend's approach will work in Thailand - Thai banks will accept the deposit of foreign checks made out to you into your Thai bank account.

The problem is, with the per check fees the bank will charge, it ends up being pretty un-economical compared to reasonable no or low-fee ATM withdrawals.

The last time I inquired about that at SCB, they had a fee of 203 baht ($6.68) per foreign check deposited, and a minimum value of $50 per check.

I think my buddy's method will work OK, albeit a bit slow for the funds to be available.

JF, some times I am not easy to understand

I was trying to say that my buddy will use the paper check method in the Philippines. In Thailand, where he spends less time, he will rely on Aeon ATMs and/or his Schwab fee reimbursing ATM card.

[jfchandler]

Righto!!!

I was just trying to provide factual info for folks re foreign check depositing in Thailand...

[citizen33]

Does anybody from the UK know about Metro Bank online? I noticed that JFChandler mentioned this new bank and I visited its website to check things out. At face value it looks like the bank offers a similar deal to the old Nationwide one - overseas ATM withdrawals with no extra charges apart from those imposed by Mastercard.

https://www.metrobankonline.co.uk/personal/metro-bank-accounts/Important-Information-Summary/

The further information on current accounts states:

MasterCard®* / LINK Debit card allows access to ATMs and the purchase of goods and services wherever the MasterCard logo is shown. Withdrawals from Metro Bank ATMs are free. Some cash machine operators may apply a direct charge for withdrawals from their cash machines and this will be advised on screen at the time of withdrawal. If you make a debit card payment in a foreign currency, we will change the amount of the transaction to sterling on the date we pay it out of your account using the rate for the transaction which is set and provided to us by MasterCard.

What seemed less attractive is (a ) no interest on account balances (b ) current branches ('stores') are all in London and (c ) Opening an account requires the customer to ring a designated telephone number and there aren't many details of the process on the website.

It would be good to hear from somebody with firsthand experience.

Edited September 29, 2010 by citizen33

[jfchandler]

I looked at Metro Bank's web site in some detail before I made any mention of them here on TV...

As best as I could see, they want people to go into one of their branches in order to open a new account.

After that, I'd assume, everything could be handled online thru their Internet banking...

Right now they have just two branches in the London area, though they've already announced plans to expand.

Considering the normal interest rates (almost nothing) offered on typical savings or checking accounts these days, I'd say you'd not be missing much with a no-interest account, particularly if it's saving you 2 or 3% on every ATM withdrawal or purchase abroad by not having any foreign currency fee.

Of course, it would be better if Metro also absorbed the card network 1% fee... Unfortunately, they don't do that. But as best as I can tell, their account is about the best deal available right now for UK folks who live or frequently travel abroad.

As I mentioned elsewhere, having an account with Metro doesn't mean you have to do ALL your banking thru them. But, it certainly would make sense to use their account for any purchases and ATM withdrawals made abroad (outside the UK).

[electau]

Does anyone know the current encashment fee of a Thai bank at the FX desk for a $100 travellers check?

[jazzbo]

As of last week I completed the set-up of my Scwab Brokerage account (not the IRA Rollover) with a link to the checking -- required two sets of trial depopsits and multiple telephone calls to Indiana service center... I was also able to initiate from SCHWAB (pull) a transfer from a Wells Fargo bank account and then transfer from brokerage to checking ... so I am now waiting on the ATM card to be sent from USA and will then see how things really work

The reason 2 sets of trial deposits were required is that the first transfer set-up defaulted to the IRA account and there was no way to specify otherwise... one cannot transfer from an IRA account to checking.

Thanks Jayfsie ...