Using Visa Card To Get Currency In Airport

[scarab800]

Does anyone have any idea if I can use my visa debit card at the currency exchange booths in the airport as I really dont fancy bringing out large sums of money this time when I arrive.

[pmarlin]

Just go up to any of the many ATMs located in the arrivals area and get your money, just make sure your card has a four number PIN. And of course let your issueing bank know your will be in Thailand.

[alstaxi]

Also be prepared for some large fees, from your bank, the thai bank that owns the machine, and a really lousy exchange rate and a premium on top of that, it is a handy method of getting cash, not very cost effective though.

[HerbalEd]

Also be prepared for some large fees, from your bank, the thai bank that owns the machine, and a really lousy exchange rate and a premium on top of that, it is a handy method of getting cash, not very cost effective though.

Better to use a debit card which means you only pay the ATM fee and no fees at your home bank. Also, you may want/need to have your bank raise your daily withdrawal limit.

[oldgeezer]

Also be prepared for some large fees, from your bank, the thai bank that owns the machine, and a really lousy exchange rate and a premium on top of that, it is a handy method of getting cash, not very cost effective though.

Better to use a debit card which means you only pay the ATM fee and no fees at your home bank. Also, you may want/need to have your bank raise your daily withdrawal limit.

I would be interested in knowing which banks do not charge fees for international ATM withdrawals.

Edited September 10, 2010 by oldgeezer

[wpcoe]

Yes, you can use your debit card over here, as long as your debit card is a PLUS or Cirrus card, and you choose an ATM which is also PLUS or Cirrus, which is most (all?) of the ATMs here in Thailand.

- your bank may (or may not) charge a fee for obtaining a cash advance from a non-member ATM, even on a debit card

- your bank may also charge an "international fee" for obtaining a cash advance in Thailand (mine charges 1%)

- the bank that owns the ATM in Thailand may, and probably will, charge a usage fee

However, my experience has been that I get a *good* currency exchange rate when drawing cash advances from ATMs. Usually higher than I've seen posted at the bank currency exchange booths.

YMMV, of course.

[wpcoe]

Reading another forum post on thaivisa.com, I was directed to a Stickman column (http://stickmanweekly.com/StickmanBangkokWeeklyColumn2010/Sukhumvit-Road-Postcards.htm) which had some relevant information. When I composed the post above I wanted to include the amount of ransom the fee charged by Thai ATMs for foreign withdrawals, but couldn't recall the amount. As indicated below it's a whopping B150 (US$4.89 per transaction at today's exchange rates):

I have been commenting on the 150 baht fee levied by Thai banks on withdrawals made from foreign accounts at Thailand ATM machines for some time. While I have mentioned that international banks as well as AEON ATMs allow you to make a withdrawal fee-free, these banks are for the most part in less convenient locations. There is now one spot where you can make fee-free withdrawals that is convenient - Interchange 21 building on the northeast corner of the Asoke intersection, just a stone's throw from the Asoke BTS station and the Sukhumvit MRT station. There are five Citibank ATM machines that dispense cash without robbing you of 150 baht for the privilege. These are new style ATM machines operated by touch screen. You pop your card in, it is read and then you can retrieve it and put it back in your pocket - so there's no danger of the card being gobbled up. You then carry on once your PIN number has been entered.

[scarab800]

Thanks guys will let my bank know i will be coming to thailand but may bring same cash as well.

[thaigold]

Best just to bring in 100 Dollar bills or Euros. There is no valid reason not to carry cash.

[sbk]

Best just to bring in 100 Dollar bills or Euros. There is no valid reason not to carry cash.

theft?

[tw25rw]

At ATMs you recieve the rate set by the card provider - VISA etc.. Add to that 150b at all except Aeon.

Cheaper than exchanging cash, but it's best to do larger sums to dilute the fee.

[jfchandler]

Some of the posters above really ought to read the banking threads here, where there is extensive discussion about the use of bank cards in Thailand....

In short, for Americans, Capital One and Charles Schwab are among the national banks that don't charge any foreign currency fees on ATM withdrawals abroad. A number of small banks don't as well... E*Trade used to be fee-free, but last month started passing along the card networks' 1% foreign currency conversion fee.

There are no AEON ATMs in the airport, so to use that approach, which you should anywhere in Thailand, you need to make it into Bangkok, where there are plenty. As stated, AEON ATMs are the only ones that don't charge the 150 baht fee for foreign card ATM withdrawals.

Using an ATM/debit card (as opposed to a credit card) in no way guarantees your home bank won't also charge you extra fees for foreign ATM use. BofA, for example, charges its ATM/debit card users abroad $5 flat fee per withdrawal plus a 3% foreign currency fee...and that's in addition to the Thai banks 150 baht/almost $5 fee. A lot of the BIG U.S. banks do charge a standard 3% foreign currency fee on any international ATM withdrawals. Best to avoid using those abroad.

[phuketrichard]

Bring one atm and change ur max amount so the atm fee is not that great.% wise

[HughJorgen]

If you're a UK citizen, try applying for an on-line Debit card from Escape Cards, it's run by Newcastle Building Society, there are no ATM withdrawal charges, ( 'cept the obvious Thai 150 baht one ), no charges for POS transactions at Tesco / Carrefour etc and no charges for InterWeb transactions, you can only load up to a max. of 3000 quid per annum, but you can load at any Phones4U shop in the UK, prior to traveling ( means your card is loaded ready to go), or you can load by bank transfer ( 3-5 days clearance), I use it all the time now , ( I have 4x in different family member's names, so I can bypass the amounts restriction).

They have a great callback service should you have a problem, I've used the CB service 3x times so far, it's supposed to be chargeable, but they've waived the charges each time, like the Nationwide Flex acc't service that everybody used to use for a good number of years, it may not hang around for long tho' without some charges being applied, make hay while the sun shines.

PS. I didn't know about the Aeon 'free' withdrawals, there's one in Tesco at Pattaya Nua, I'll be popping in there to check that out, thanks for that little nugget of info.

PPS, as some members have stated your home country bank can charge an ERTF (Exchange Rate Transfer Fee) and also a Currency Conversion charge, so best to check on that, I got seriously screwed by Nat-West for many years by it's charges.

Chok dee khrab.

Edited September 12, 2010 by HughJorgen

[jfchandler]

If you're a UK citizen, try applying for an on-line Debit card from Escape Cards, it's run by Newcastle Building Society, there are no ATM withdrawal charges, ( 'cept the obvious Thai 150 baht one )...

That's a pretty sizable exception... $5 per ATM withdrawal charged by the Thai banks adds up pretty quickly, if it's not reimbursed by your home country bank. AEON ATMs, of course, offer a way to avoid that 150 baht fee. So using your card along with AEON would seem to work OK.

The new Metro Bank in London also is offering a checking account without foreign currency fees....

Edited September 13, 2010 by jfchandler

[wpcoe]

In short, for Americans, Capital One and Charles Schwab are among the national banks that don't charge any foreign currency fees on ATM withdrawals abroad. A number of small banks don't as well... E*Trade used to be fee-free, but last month started passing along the card networks' 1% foreign currency conversion fee.

With no advance notice, Capital One cancelled my card after I didn't use it for six (? maybe it was three?) months. I didn't realize Charles Schwab was a bank, I thought they only issued debit/credit cards against a brokerage account. I need to check that out! (However, last time I tried to open a Schwab investment account, they couldn't/wouldn't if I didn't have a USA address.)

[jfchandler]

Wpcoe, sorry to hear about that...

Just curious, when you had the problem with Cap One, did you show a U.S. address or Thailand address as your address of record on the account? And do you mean they canceled your CO credit card, or CO bank account debit card???

As for Schwab, yes, there is a Charles Schwab Bank that's an affiliate of the larger Schwab organization. They do issue savings and checking accounts, but the last time I looked, they do require the account holder to open a Schwab brokerage account at the same time. Pretty much all of that can be done online and via postal mail. I've never seen the brokerage account requirement as a problem, because there are NO monthly or other maintenance fees or account use or minimums associated with their brokerage account.

I know Schwab has an international division for their brokerage services... But I'm guessing they may indeed require a U.S. address for their banking services. That's another example of a reason I always advise about keeping a U.S. address of record and using that for one's banking and credit card dealings.

With no advance notice, Capital One cancelled my card after I didn't use it for six (? maybe it was three?) months. I didn't realize Charles Schwab was a bank, I thought they only issued debit/credit cards against a brokerage account. I need to check that out! (However, last time I tried to open a Schwab investment account, they couldn't/wouldn't if I didn't have a USA address.)

[MrRichard2009]

Has anyone tried to use the free bill pay feature from a usa bank to Thailand ?

[pmarlin]

Some of the posters above really ought to read the banking threads here, where there is extensive discussion about the use of bank cards in Thailand....

In short, for Americans, Capital One and Charles Schwab are among the national banks that don't charge any foreign currency fees on ATM withdrawals abroad. A number of small banks don't as well... E*Trade used to be fee-free, but last month started passing along the card networks' 1% foreign currency conversion fee.

There are no AEON ATMs in the airport, so to use that approach, which you should anywhere in Thailand, you need to make it into Bangkok, where there are plenty. As stated, AEON ATMs are the only ones that don't charge the 150 baht fee for foreign card ATM withdrawals.

Using an ATM/debit card (as opposed to a credit card) in no way guarantees your home bank won't also charge you extra fees for foreign ATM use. BofA, for example, charges its ATM/debit card users abroad $5 flat fee per withdrawal plus a 3% foreign currency fee...and that's in addition to the Thai banks 150 baht/almost $5 fee. A lot of the BIG U.S. banks do charge a standard 3% foreign currency fee on any international ATM withdrawals. Best to avoid using those abroad.

BOA ATm debit Visa card charges $5.00 plus 1% transaction fee but using a Regular BOA Visa, MC, Amex credit card they charge 3% transaction fee on any credit card charge used in Thailand.

[jfchandler]

Marlin, I believe you're correct about BofA's $5 fee plus 1% for foreign ATM cash withdrawals...

I was thinking above about a situation where someone uses their BofA debit card to make a POS or online purchase internationally... In those cases (debit card, not credit card), BofA still does charge a 3 percent foreign currency fee....

[wpcoe]

Just curious, when you had the problem with Cap One, did you show a U.S. address or Thailand address as your address of record on the account? And do you mean they canceled your CO credit card, or CO bank account debit card???

It's been so long now, I'm not sure, but I think it was just a Capital One VISA card, with no savings or checking account. Whatever I had, I got it because it didn't charge a fee for overseas transactions. I don't often have use for a credit card now that I've settled in in Thailand, so I didn't use it within whatever was the required time, and they canceled/close the account. (I do a SWIFT transfer once a year to deposit funds in my Thai bank account, and then pretty much live on a cash basis in Thailand, just using ATM withdrawals from the Thai bank when I need cash.)

As for Schwab, maybe I'll try again. ("If at first you don't succeed...")

I currently have a Fidelity 401k account (which cannot be moved, of course) and a separate Fidelity investment account. When I first tried to open a "Brokerage Link" for my 401k account, i.e. an investment account to play with my 401k money, instead of just the pre-determined mutual funds, they declined my application since I lived overseas and had no USA address. This past spring, I decided to just print out the application form (from their web site) and mail it in. Voila! About a month later, I had a Brokerage Link. Go figure. But, based on that experience, I should try Schwab again. I'm not very satisfied with Fidelity.

[jfchandler]

That's interesting, Wpcoe....

I have Schwab accounts, and just out of curiousity, was looking today at Fidelity's accounts in comparison. From what I could discern, Schwab has a better package of accounts and services for someone residing overseas.

One of the main differences I noticed is that Schwab refunds ATM fees worldwide and doesn't charge the 1% VISA network fee on ATM withdrawals, whereas Fidelity, based on their web site, also refunds worldwide ATM fees but DOES charge the 1% VISA network fee.

Schwab also has had a straight 2% cash back Visa rewards credit card (closed to new apps, but maintained for existing customers) that charged no foreign currency fee. Fidelity, by comparison, has a 2% cashback Amex card, but it has a 1% foreign currency fee. And then they have a VISA card that has 1.5% cashback and a 3% foreign currency fee. No thanks...

One thing to note: in looking at the Schwab web site today, I noticed an announcement saying they are getting out of their VISA credit card program in the next month or so, and turning it entirely over to FIA Card Services, which already was managing that card. The card will still work, and the announcement said the terms will remain the same--unless there's any future announcement from FIA changing them. But it was enough to make me want to look around, just in case some big change results.

PS - It sounds from what you said like you probably had a Thailand address with the Capital One credit card, although you didn't confirm that exactly. I don't know for sure, but they may be one of those companies that doesn't handle foreign address accounts. Their credit card account profile page doesn't seem to even list the capability to use an non-U.S. address.

[elliss]

Best just to bring in 100 Dollar bills or Euros. There is no valid reason not to carry cash.

theft?

i allways bring cash into thailand ,

i use two seperate wallets :jap:

and place the money into my thai bank account asap.

[tombkk]

Bring one atm and change ur max amount so the atm fee is not that great.% wise

I don't own an ATM (Automatic Teller Machine) yet! But due to your advice, I will look into getting one.

Kindly advise how the excess baggage charge would compare to the bank charges if I just brought a card.

If I owned such a machine, I could certainly change the max amount. But wouldn't I have to fill in the cash before departure? Wouldn't it be easier to just bring the cash without the machine?

You may have a very good advice, I am looking forward to your answers to my simple questions.

[jfchandler]

As long as someone has access to a good ATM card that doesn't charge foreign currency conversion fees, there's no reason to bring anything more than pocket change cash when traveling abroad.

Not only will you avoid the security risks that come with carrying large amounts of cash (as opposed to traveler's cheques), but you'll get a better net exchange rate by pulling cash from Thai ATMs than you would at the bank exchange booths or converting traveler's cheques.

Then, the only other issue is, on the Thailand end, you'd either want to use a fee-free AEON ATM or have a home country bank account that refunds other banks' ATM charges.

Easy to arrange for Americans, with a multitude of banking choices available. Brits best option is the new Metro Bank in London, which doesn't charge foreign currency fees on its debit card. Can't speak to banks from other countries.

[jombom]

Thanks guys will let my bank know i will be coming to thailand but may bring same cash as well.

Yes, good idea. You only need enough to last a few days, until you get yourself sorted.

In Asia cash is king. Try to avoid using your credit card ------ in fact don't. Very high risk of being scammed by palming.

[electau]

Cash.

Travellers cheques.

ATM Bank debit card.

Mastercard debit card or Visa debit card, use the SAV or CHQ not CC at an ATM

Fees and charges will be levied on cards by your home bank and with CCs an international transaction fee will be charged.

If you carry TCs denominations of $100. Encash at the FX desk/currency exchange of a bank.

Most countries banks charge fees on all FX transactions, the US seems to be an exception but they probably get their fees by some other way, they should be itemised on your bank statement.

[jfchandler]

The U.S. is a big banking market, with a range of products and accounts to be had...

Some big banks will charge up to 3% foreign currency conversion fees, so anyone would be a fool to use their cards abroad.

But likewise, there are a number of well-known U.S. banks whose ATM and credit cards charge NO foreign currency fees whatsoever, including some that also will refund other banks' ATM use charges, including the Thai banks150 baht fee.

By using those latter kind of cards, users will get a much better exchange rate than either cash or traveler's cheques will provide.

I have them. I use them. I've tested and compared the real exchange rates....

That said, similar cards may not be available to folks from other countries.

Edited September 23, 2010 by jfchandler

[electau]

Perhaps those special rates apply to US customers and transactions in USD. I have always received the best rates with AUD cash and AUD or USD travellers cheques, exchanged at a bank FX desk. T-Cheques purchased from a bank in Australia.

The USD is still the worlds reserve currency and if in doubt what currency to buy - buy USD.

[jfchandler]

Traveler's cheques cashed at banks in Thailand always are charged a per cheque processing fee, which reduces their net. That and the rate used by banks for traveler's cheques is lower than the exchange rate used by the VISA and MC networks for ATM transactions...so long as the banks at either end don't charge any fees.

The rates I described are not "special rates." They're the normal rates applied by the VISA and MC card networks anywhere in the world without any bank fees...which typically are some points better than the "Buying TT" rate offered by banks.

The key is to have a home country bank that doesn't charge any foreign currency fees, and use a foreign country ATM that either doesn't charge any fees or having a home country bank that reimburses them.

Edited September 23, 2010 by jfchandler