Using Visa Card To Get Currency In Airport

[HerbalEd]

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.

And those well-know banks are????

[jfchandler]

Nationally in the U.S., Capital One and Charles Schwab Bank have ATM debit cards that carry absolutely no foreign currency fee on purchases or ATM withdrawals. They also don't pass along the card networks' own 1% fee. Those include Capital One's Money Market account, and Schwab's High Yield Investors Checking and Savings accounts.

Schwab Bank also refunds other banks' ATM fees worldwide. Capital One does not.

Capital One also offers a range of credit cards with absolutely no foreign currency fees. Schwab has had no fee credit cards, but lately is turning them over to another company, so those may be a bit in flux right now.

Those are probably the best of the field nationally. But then there are a lot of smaller banks and CUs that have similar offers, sometimes only if you live in their area or meet certain membership criteria, such as the Service Credit Union, which is open to anyone with a military or government service connection directly or in their immediate family.

[martin81]

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.

Be aware that even if Aeon ATM are fee free they may not give you any money. Over 2 months ago I tried to withdraw 7000 and then 5000 B in in Aeon ATM at Lotus Krabi. Did not get any money or receipt but only error messages. But Aeon took the money from my VISA account anyway. It has still not been resolved.

[jfchandler]

There's a similar report re the same kind of problem with an AEON ATM from another TV member who just posted it in another banking-related thread today... no info on where the ATM involved in his problem was, as yet.