Avoiding Atm Charges

[Pib]

Folks who use ATM/Debit/Credit cards in a foreign country really need to check to see what fee(s) their bank charges for use of the card in a foreign country. Most are probably going to find out it's in the 2 to 3% range, a few will find out it's 1%, some will find out it's in the 3 to 5% range when the fee dust settles, and even fewer will find out they pay no fees like with Schwab, State Farm, Capital One, and few others.

Many tourists get a bank account shock when they get back home, look at their bank account statement, see the various charges/fees, and figure out they got a low exchange rate. Don't blame the ATM as any charges an ATM charges will be reflected on the ATM screen/receipt. But it's the bank that issued you the ATM/debit/credit card that can "fee" you to death on a foreign transaction.

And remember, never, ever accept a Dynamic Currency Conversion (DCC) in a point of sale or ATM withdrawal as you are probably going to get 2 to 4% lower exchange rate on that transaction "before" your home country bank starts piling on it's foreign transaction fee. But hey you may think that DCC gave me a charge in dollars/pounds/euros/my home country currency, so there shouldn't be any additional fees by my bank, right? Wrong, as the fee applies to any transaction in a foreign country regardless of the currency you used to settle the foreign transaction. DCC bad, very bad, never accept it....all it does it put more money in the merchant's/owner of the ATM pocket....and that "more money" comes from your bank account....repeat, bad, very bad, never accept it.

Edited August 10, 2011 by Pib

[youbuyshirt]

I have a Capital One ATM card. It's just a straight ATM card, not a debit card or credit card. Can I use this card to make counter withdrawals inside the bank and avoid the ATM fees? Or does that require a debit card?

This is the unlucky Cirrus ATM card that doesn't work at AEON machines.

Thanks for any answers.

[Chivas]

Cloud96, you said:

This is about 0.975% before the foreign transaction charge so unless my math is wrong, AEON charged 4 times more than a counter withdrawal.

I think you already know, but it's not Aeon charging you -- it's your bank and the MC network.

As far as anyone knows, the Aeon mafia is, to date, only picking on one individual -- or so it's reported....

Just trying to hold down the rumors about Aeon.

Be as cynical as you like JG !!

Anyone would think I own shares in every Thai bank just to advocate the non use of Aeon.

Since my last post on a seperate thread where my final comment was OUT I have indeed used AEON again for a 10,000 withdrawal and also from Kasikorn in a 3 minute spell.

Again AEON was more expensive on bottom line albeit by just 0.08 pence on this occasion, but notwithstanding K took 10,150 and Aeon 10,000.

Again the cynics need to do it themselves with their own card.

AEON are not cheaper-period.

[JimGant]

Be as cynical as you like JG !!

Yeah, I don't know where, or why, you're getting the adverse Aeon numbers you're getting. I finally, last week, passed an Aeon machine, and decided to use it with my Schwab Visa Debit/Atm card. Voila. I got the exact (to the third decimal point)advertised Visa rate. No Aeon fees, no fees passed on by Schwab. However, the Schwab characterization of my transaction had "Carrefour ATM," which certainly says nothing about Aeon, and, furthermore, was incorrect as to the Mall, as Big C has already eaten Carrefour. Point: Your report on the 3 ATM transactions over the weekend -- if they were as badly delineated as mine, maybe you couldn't differentiate who was who....

Anyway, you're the only guy (and wife) reporting Aeon transactions that don't track with anyone else in radio range of this forum.

Decided to close you out as a flake (or someone too trusting of his wife's ATM transactions). Hopefully, you'll discover the error leading to your conclusions.

[Langsuan Man]

I have a Capital One ATM card. It's just a straight ATM card, not a debit card or credit card. Can I use this card to make counter withdrawals inside the bank and avoid the ATM fees? Or does that require a debit card?

This is the unlucky Cirrus ATM card that doesn't work at AEON machines.

Thanks for any answers.

Pretty sure that you will not be able to do "counter withdrawels" using the Capital One ATM card, which you correctly identified as being useless at AEON

Since you have already established your eligibility for a US Bank account I would suggest that you go on line and apply for a Capital One checking account, which will give you a Master Card branded Debit Card

[TallGuyJohninBKK]

Re the comments above...

Capital One only allows online opening of checking accounts for people whose U.S. residence address (which would become your address of record for the account) is located in a state/area where they don't have physical bank branches. When you go to the Cap One web site, it will ask for your zip code, and then depending on your answer, it either will or won't show the checking accounts as available.

Also, regarding so-called counter withdrawals, the Thai banks in some cases will do those, as opposed to sending you away to their ATMs, because the card you're presenting is a VISA or MC logo card. If you present a straight ATM card without a VISA or MC logo like the Cap One Cirrus ATM only card, I doubt very much that they'd process a counter withdrawal with it. But, I must say, I also haven't tried it myself.

[Pib]

I have a Capital One ATM card. It's just a straight ATM card, not a debit card or credit card. Can I use this card to make counter withdrawals inside the bank and avoid the ATM fees? Or does that require a debit card?

This is the unlucky Cirrus ATM card that doesn't work at AEON machines.

Thanks for any answers.

Pretty sure that you will not be able to do "counter withdrawels" using the Capital One ATM card, which you correctly identified as being useless at AEON

Since you have already established your eligibility for a US Bank account I would suggest that you go on line and apply for a Capital One checking account, which will give you a Master Card branded Debit Card

And that Capital One Mastercard Debit card will be a 0% foreign transaction fee card, which is a very good thing.

[4evermaat]

I have a Capital One ATM card. It's just a straight ATM card, not a debit card or credit card. Can I use this card to make counter withdrawals inside the bank and avoid the ATM fees? Or does that require a debit card?

This is the unlucky Cirrus ATM card that doesn't work at AEON machines.

Thanks for any answers.

No. You need the visa / mc logo to use the "credit" option. Even though it is a cash advance, they are using the credit option to keep the transaction "pin-less". Then you sign the slip approving this transaction.

[wellred]

I got a travelex cash passport Globe card and they charge 1.4% per transaction, no additional fee. I gather ATM's in Thailand and Cambodia may charge (except some AEON ones?) but in terms of the exchange rate how is that determined?

I tried to press Travelex for this when I got the card and they said the rate was set by Mastercard. So at the point at which I withdraw from an ATM in LOS does that mean the rate is whatever Mastercard are showing at that time? I haven't loaded the card up yet but thought id check before I do.

Compared to other pre paid cards this looked to be the best of the bunch.

Thanks

Edited August 28, 2011 by wellred

[TallGuyJohninBKK]

I don't know about Cambodia...but in Thailand.... all the Thai banks charge a flat 150 baht fee for ATM withdrawals made with foreign ATM cards... regardless of the amount withdrawn.

AEON, which has ATMs throughout Thailand that will accept VISA and MC logo cards, does not charge the 150 baht fee, as AEON is not a Thai bank.

As for the exchange rate, it's all up to the pre-paid card vendor you're using...

MasterCard and VISA do set the base exchange rates for international card ATM withdrawals, such as you'd get using a foreign card in a Thai bank ATM...or AEON for that matter.

But then, apart from that, your card provider can charge you a fee, such as the 1.4% you mentioned. They also can change the base MC exchange rate by adding their own cut to that, or any variety of other fees associated with prepaid cards, topping up fees, monthly fees, etc etc...

For Americans, pre-paid cards are invariably a bad idea compared to regular no foreign currency fee bank card options that are available. There also are no fee bank card options available for Brits.... For other countries, YMMV...