US no fee atm card to use in Thailand?

[zeekgarcia]

Anyone know of any US banks that do not charge any fees including the visa international currency exchange fees for using their atm card here in Thailand?

And any US banks that refund the Thailand atm fees and the visa or mastercard international currency exchange fees also?

thanks

[calbts2]

Easy answer - Schwab.

Also stick to AEON ATMS as they are now I think the last that do not charge the now 180 baht ripoff foreign atm card fee.

[thrilled]

Schwab is what ya want.they reimburse ya.Decent also when investing

[montrii]

If you have a PayPal debit card, the fee is nominal, maybe a dollar per transaction, but sometimes it seems they don't charge at all. This, in combination with Aeon, is how I do it. The exchange rates for both PayPal and Aeon are good, too, where they are not for the other aptly termed ripoffs. You can save about 40-50$ over the regular ATM for a $400 withdrawal if you do it the way I do. I guess Schwab is good, that's what I'm reading here, but I have no personal experience of that.

[Loptr]

Just a note on the Schwab accounts. The ATM cards are Debit cards, not Credit cards. They charge no ATM fees and reimburse all foreign ATM / transaction fees once a month.

[carken]

USAA bank in Texas (you can join online)

does not charge ATM fees AND will refund

Thai ATM fees charged

[JDGRUEN]

USAA bank in Texas (you can join online)

does not charge ATM fees AND will refund

Thai ATM fees charged

Yes - I can also vouch for USAA... Great Banking services. Their on line services work great. However, to be a member of USAA one must be a Veteran or Active Member of the U.S. Military or State Department. Family connection to a Veteran or Active Military - but it all depends on whether that person has been a USAA member... It is worth being checked out ...

[zeekgarcia]

Easy answer - Schwab.

Also stick to AEON ATMS as they are now I think the last that do not charge the now 180 baht ripoff foreign atm card fee.

Do you have the Schwab US account or International account?

If US cking account did you open your Schwab account while you were in Thailand?

If yes how did you do it?

[zeekgarcia]

Just a note on the Schwab accounts. The ATM cards are Debit cards, not Credit cards. They charge no ATM fees and reimburse all foreign ATM / transaction fees once a month.

What type of Schwab account do you have? The US cking or the international account?

Did you open the account while in Thailand?

If yes, how did you do it?

[zeekgarcia]

USAA bank in Texas (you can join online)

does not charge ATM fees AND will refund

Thai ATM fees charged

They charge the visa international fees

[zeekgarcia]

USAA bank in Texas (you can join online)

does not charge ATM fees AND will refund

Thai ATM fees charged

Yes - I can also vouch for USAA... Great Banking services. Their on line services work great. However, to be a member of USAA one must be a Veteran or Active Member of the U.S. Military or State Department. Family connection to a Veteran or Active Military - but it all depends on whether that person has been a USAA member... It is worth being checked out ...

They charge the visa international fees

[Pib]

If you have a PayPal debit card, the fee is nominal, maybe a dollar per transaction, but sometimes it seems they don't charge at all. This, in combination with Aeon, is how I do it. The exchange rates for both PayPal and Aeon are good, too, where they are not for the other aptly termed ripoffs. You can save about 40-50$ over the regular ATM for a $400 withdrawal if you do it the way I do. I guess Schwab is good, that's what I'm reading here, but I have no personal experience of that.

Looks like the PayPal MasterCard debit card charges two fees for a foreign ATM withdrawal. First a 1% flat fee (that could be the MasterCard 1% fee) and then another 2.5% foreign currency exchange fee. The 1% fee applies even if no foreign currency exchange occurs like selecting the rip-off Dynamic Currency Conversion (DCC) option at a foreign ATM when that bank's ATM will end up giving you a lower exchange rate...probably around 3% lower...an indirect fee. Banks may probably won't call it DCC at the ATM but give it some warm, fuzzy name which makes the customer thing they are getting a good deal--wrong!!!!...only the bank is getting a good deal in the lower exchange rate. The $1 per transaction is when making an ATM withdrawal "within the U.S." See Fees at Para 6 at this PayPal Debit Card Agreement webpage.

A total of 3.5% in foreign transaction fees (this is excluding any local ATM fee) is probably on the high side of the average foreign transaction fees charged by banks. And these fees may not show up as "separate" charges/fees, but be hidden/masked in the lower exchange rate...I expect the latter is happening.

AEON ATMs give the "full/no fee" exchange rate and no foreign card fee is charge like where Thai banks charge the Bt180 fee for a MasterCard (Bt150 for a Visa card), but then PayPal applies its fees mentioned above. Savings $40 to $50 on a $400 withdrawal equates to PayPal debit card somehow savings 10% to 12.5% in fees...or in comparison to a true no foreign transaction fee debit card giving an extra 10%-12.5% on top of a full/no fee rate. Kinda unlikely that is happening...I doubt PayPal pay an exchange rate up to 12.5% higher than the Visa/MasterCard full/no fee exchange rate and also not charge any fees....because they do indeed charge fees...especially foreign transaction fees.

With a no foreign transaction fee debit card (the PayPal MasterCard debit is "not" one of them) no such fee is charged by the card issuing bank and you get the full MasterCard/Visa exchange rate which is real close to the TT Buying Rate offered by Thai banks for incoming wire transfers...about the best rate the common man can get when transferring fund electronically. Actually, the full Mastercard exchange rate usually runs around 0.5% lower than the TT Buying Rate where the full Visa rate will run much closer or a little above. As mentioned by others, Schwab Bank is one such bank to offers a no foreign transaction fee Visa debit card.

Oh, by the way, when transferring money internationally via PayPal they also sting you with a lower exchange rate and possibly an additional flat fee depending on who/why you are sending the money....the lower PayPal exchange rate provided on their debit card and for international transfers is where they make their real profits for international transactions--and it's done via the smoke-and-mirrors of a lower exchange rate.

Edited June 18, 2013 by Pib

[stoli]

Just a note on the Schwab accounts. The ATM cards are Debit cards, not Credit cards. They charge no ATM fees and reimburse all foreign ATM / transaction fees once a month.

There was a recent thread on TV that Schwab was closing these accounts that were not investing, and just using their free services. I have decided not to open a Schwab account if they are just going to close it shortly. Anybody have any knowledge that the other thread was wrong, and they are not closing accounts? I can understand Schwab's reasoning if true.

[Pib]

Just a note on the Schwab accounts. The ATM cards are Debit cards, not Credit cards. They charge no ATM fees and reimburse all foreign ATM / transaction fees once a month.

There was a recent thread on TV that Schwab was closing these accounts that were not investing, and just using their free services. I have decided not to open a Schwab account if they are just going to close it shortly. Anybody have any knowledge that the other thread was wrong, and they are not closing accounts? I can understand Schwab's reasoning if true.

You mean this "one" recent post in the Banking 101 Americans thread. And the poster was unsure why his account was closed. Not sure "one" individual having their account closed for some unknown reason is reason to strike Scbwab off the consideration list.

[stoli]

Just a note on the Schwab accounts. The ATM cards are Debit cards, not Credit cards. They charge no ATM fees and reimburse all foreign ATM / transaction fees once a month.

There was a recent thread on TV that Schwab was closing these accounts that were not investing, and just using their free services. I have decided not to open a Schwab account if they are just going to close it shortly. Anybody have any knowledge that the other thread was wrong, and they are not closing accounts? I can understand Schwab's reasoning if true.

You mean this "one" recent post in the Banking 101 Americans thread. And the poster was unsure why his account was closed. Not sure "one" individual having their account closed for some unknown reason is reason to strike Scbwab off the consideration list.

A month ago I was told by friends from the states about Schwab reimbursing all of their fees while they are in Thailand. I inquired with Schwab about opening an account such as theirs, which is based in the states and considers them just travelers when here. I was honest with Schwab and let them know that I reside in Thailand. I received a huge package of paperwork from one of their International V.P.s, stating the $10,000 requirement to open an account, (no problem), and encouraging me to understand that this is a brokerage account for trading, and not a banking account. At that point, I made the decision not to pursue it.

[Pib]

Just a note on the Schwab accounts. The ATM cards are Debit cards, not Credit cards. They charge no ATM fees and reimburse all foreign ATM / transaction fees once a month.

There was a recent thread on TV that Schwab was closing these accounts that were not investing, and just using their free services. I have decided not to open a Schwab account if they are just going to close it shortly. Anybody have any knowledge that the other thread was wrong, and they are not closing accounts? I can understand Schwab's reasoning if true.

You mean this "one" recent post in the Banking 101 Americans thread. And the poster was unsure why his account was closed. Not sure "one" individual having their account closed for some unknown reason is reason to strike Scbwab off the consideration list.

A month ago I was told by friends from the states about Schwab reimbursing all of their fees while they are in Thailand. I inquired with Schwab about opening an account such as theirs, which is based in the states and considers them just travelers when here. I was honest with Schwab and let them know that I reside in Thailand. I received a huge package of paperwork from one of their International V.P.s, stating the $10,000 requirement to open an account, (no problem), and encouraging me to understand that this is a brokerage account for trading, and not a banking account. At that point, I made the decision not to pursue it.

What else do you thing they would have told you. Sometimes its best not to ask the question....just sign up.

[kurtmartens]

Depending on the type of Bank of America account you have, they will waive and/or reimburse fees. They do this a few times a year for me when I remember to call and ask.

[NCC1701A]

From USAA website:

USAA Bank refunds up to $15 in other banks' ATM usage fees each month and does not charge a fee for the first 10 ATM withdrawals. Subsequent transactions will be charged $2.00 each. A 1% foreign transaction fee applies to withdrawals outside the United States.

No fees from Charles Schwab.

[JimGant]

USAA bank in Texas (you can join online)

does not charge ATM fees AND will refund

Thai ATM fees charged

They charge the visa international fees

Yes, they do charge the 1% foreign transaction fee -- and its the MasterCard/Cirrus network, which has a less favorable FX rate than the Visa/Plus network.

They do offer Visa credit cards. But you're stuck with MC for debit/ATM cards -- or with the Cirrus network with their ATM card (which comes with their savings account, thus no debit feature).

Their Visa credit card has 1% cashback on all purchases, so this neutralizes the network fee -- so I realize a notch above the buying TT rate. I guess I could do better with a Capital One card, although the guidelines on those cards is kind of a blur.

As mentioned on another thread, if you can't get a fee free ATM card, you're better off ACHing funds through Bangkok Bank NY.

[TallGuyJohninBKK]

USAA bank in Texas (you can join online)

does not charge ATM fees AND will refund

Thai ATM fees charged

They charge the visa international fees

As Jim notes above....USAA charges a 1% foreign currency fee on debit card ATM withdrawals...

BTW, the OP asked this same question in the TV thread on Banking for Americans in Thailand, and there's a lot of related info on the subject posted there.

See the posts and answers that follow the OP's mirror post in this other thread:

http://www.thaivisa.com/forum/topic/483106-banking-for-americans-in-thailand-101/page-13#entry6572434

Edited July 5, 2013 by TallGuyJohninBKK

[TallGuyJohninBKK]

Just a note on the Schwab accounts. The ATM cards are Debit cards, not Credit cards. They charge no ATM fees and reimburse all foreign ATM / transaction fees once a month.

There was a recent thread on TV that Schwab was closing these accounts that were not investing, and just using their free services. I have decided not to open a Schwab account if they are just going to close it shortly. Anybody have any knowledge that the other thread was wrong, and they are not closing accounts? I can understand Schwab's reasoning if true.

You mean this "one" recent post in the Banking 101 Americans thread. And the poster was unsure why his account was closed. Not sure "one" individual having their account closed for some unknown reason is reason to strike Scbwab off the consideration list.

As for Charles Schwab... a perfectly good account, in fact one of the best available for expats...

But...clearly, you want to open the account and keep the account using your U.S. residence address.... not anything in Thailand.

Although there are exceptions of course, anytime you bring a Thailand address into a discussion with U.S. banks, something bad is likely to happen more often than not.

For whatever reasons, Patriot Act or otherwise, U.S. banks have their policies and procedures... Don't try to fight them over it... go with the flow. Do your banking business the way they want you to...and you'll encounter far fewer problems.

Edited July 5, 2013 by TallGuyJohninBKK

[bendejo]

As of today, according to the fellow I spoke to on the phone, you do not need military status to open a USAA checking account, but this is due to change within the next two months. I recall a few years ago when I looked into it the rule was strictly military and their families only, I can only guess why this is relaxed at present. And yes, 1% international transaction fees (having to do with conversion), and a max of $15/month refunded on extraneous ATM fees.

Excellent advice in #21. Maintaining a US address and doing all your banking/IRS/SS/etc business via that address will save you a world of grief. The trick is to find an economical way to do it -- I had an address for $99/yr, then the b_stards upped it to $20/month plus added charges.

Because I am mistrusting of the way banks and such entities do things (in any country!) if you're going to do the retirement visa thing with a deposit in a Thai bank I would suggest you find a second bank in your home country that you do the international transfers through, this way if there is a misunderstanding and something goes wrong (eg, account is blocked due to suspicious activity) you can limit the potential damage/inconvenience.

Edited July 11, 2013 by bendejo

[Langsuan Man]

Find out if you're eligible for USAA membership in a few easy steps.

Who is eligible?

• Active, retired and honorably separated officers and enlisted personnel of the U.S. military.
• Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS).
• Adult children whose eligible parents have or had a USAA auto or property insurance product.¹
• Widows and widowers of USAA members who have or had a USAA auto or property insurance policy.

[JimGant]

Full membership (e.g., insurance) in USAA does require a military connection. However, their banking services are open to all US citizens (and maybe some non citizens too -- I dunno). And you can apply from -- and live full time in -- Thailand. I just double checked that with a phone call to USAA.

Call their Thailand number: 001-800-531-87220

[TallGuyJohninBKK]

If USAA doesn't mind Thailand addresses, I think that's great.

But the advice I offered above still stands. Usually when people start changing their banking and related addresses, I think they will tend to change ALL of them for various accounts... to keep things consistent, and avoid credit bureau/ID problems.

And that's where the trouble is going to start. Because while it may be fine for USAA, chances are pretty good a Thailand address won't be fine for a variety of other financial institutions. And the person making the address change will end up getting a number of card cancellation/account closure notices, and/or run into problems when it's time to send out a renewal bankcard.

For a lot of different reasons, it pays (and often costs) to keep a U.S. mailing address. If family connections don't provide you one, there are a number of different commercial services that will provide that address and then forward your mail onward to Thailand through one means or another.

[lomatopo]

While not addressing the OP's question(s), I did see an article yesterday which said that,

The Bank of Thailand recently announced it will issue up to five foreign commercial bank subsidiary licences, which allow up to 20 branches and 20 ATMs. This will provide for a wider scope of activity than previous branch licences, but still falls short of a full banking licence Fitch expects potential applicants to be Asian banks that are new entrants to Thailand.

whether this ultimately happens, and whether these financial service providers offer fee-free ATM transactions remains to be seen.

[JDGRUEN]

From USAA website:

USAA Bank refunds up to $15 in other banks' ATM usage fees each month and does not charge a fee for the first 10 ATM withdrawals. Subsequent transactions will be charged $2.00 each. A 1% foreign transaction fee applies to withdrawals outside the United States.

No fees from Charles Schwab.

Schwab sounds pretty good. But USAA's charges and terms sound pretty reasonable to me... Also, in my case I have to balance all the other great services I can get from USAA. For stateside use the low premiums on home and car insurance are significant. As we say in Texas - 'it is six in one and a half dozen in the other'.

[TallGuyJohninBKK]

It's not like you can only have ONE bank account...

Have an account with each of them, and enjoy the benefits both offer, and use the Schwab card when abroad to save the 1% +...

There's no ongoing minimum deposit required for the Schwab checking, and of course, no monthly fees or FCF.

[TallGuyJohninBKK]

While not addressing the OP's question(s), I did see an article yesterday which said that,

The Bank of Thailand recently announced it will issue up to five foreign commercial bank subsidiary licences, which allow up to 20 branches and 20 ATMs. This will provide for a wider scope of activity than previous branch licences, but still falls short of a full banking licence Fitch expects potential applicants to be Asian banks that are new entrants to Thailand.

whether this ultimately happens, and whether these financial service providers offer fee-free ATM transactions remains to be seen.

Indeed, it's hard to know what will happen, and anything real coming from this is likely to be some years away...

But in all likelihood, it won't mean anything good in terms of fee-free U.S. bank services here, since only the big mega bank international players are likely to try for this...and all of them are pretty heavy on FCFs.

[Casual1]

A couple years ago i was overly disgusted with the ATM and FTF charges from my hometown bank, about $10-$13 for a 10K baht withdrawl (ATM charge and FTF). I did the research on Thaivisa , could never find the Aeon ATM in Patts. Charles Schwab, Capital One, USAA, and Statefarm made the cut as to research more. Statefarm and USAA only reimbursed a limited amount of ATM fees, cant remember what the FTF fee were, crossed them off the list . Charles and Cap One gives everything back and no FTF, CS has a visa debit card and CO has a mastercard debit. Visa card gives a better exchange rate over MC. Cap One has better interest rates for "holding" your money. Cap one is easier to set up transfers between bank accounts online (even non-cap one accounts), CS has you fill out paperwork with wet signatures to tranfer between accounts. so heres what I did:

• Opened Charles Schwab account for myself (checking and Brokerage, no money in the brokerage account, i'm in the USA, travel to Thailand 2-3 times a year) took about 2-3 weeks before the account and paperwork was all finished and normal banking routine were available to include transfers. I load up this account before i leave for LOS trips. Visa debit card, better exchange rate,
• Opened Charles Schwab joint account for me and the thai wife (checking and Brokerage, no money in the brokerage account) ,she lives full time thailand and was going to university at the time (told Schwab this over the phone). Got 2 AMT cards, sent one to her. when she needs money, i easily transfer money from my CS account to "her" CS account, she can withdrawl it instantly. CS refunds all ATM charges at the end of the month. if i'm quick and lucky, i move the refund amount back to my account as the wife see it as "her money" if its in her account.
• Chales Schwab has no banking or brokerage fee for having an account.

• Opened a Capital One checking and savings account online because they had better interest rates for "holding" my money over Charles Schwab. Mastercard debit, not as good as Visa exchange rate.
• Opened a Capital One credit card (MC) account because they offer cash back on charges and chasing airline miles and thier rules were getting ridiculous .
• Set up transfer to both Charles Schwab accounts, takes 3-4 business days when i move money to a CS account.
• NOTE--- when i set up the transfers between different bank accounts going thru Charles Schwab, they required paperwork and signatures, even the wifes sig on the joint account. When setting up transfers using Cap One, all can be done online with a routing and account number. all transfer currently work seemlessly between CS and CO and vise-versa, but takes 3-4 business days.
• Added wife to Capital One CC and gave her a card (able to put here photo on the card, she thinks its cute) for when she needs to buy something expensive or needs car work. BLAST AWAY, I'm not broke, she's calls and asks before she uses it.
• Capital One has no account fee.

I use Capital One for all my banking in the US. load up money to MY Charles Schwab account for trips and to transfer cash to the wifes Charles Schwab. I set up another Capital One 360 (old ING bank) savings account because Capital One (yes, 2 different entities ) dropped their savings interest rate to 1/2 of what Capital One 360 is offering. Capital One 360 does offer a no fees checking account, same as Capital One, but i have everything setup and dont want to re-setup transfers and checks and ATM cards etc...

when i use my Capital One ATM card in LOS (not often), its a 50-50 percent chance that they refund the ATM fees automatically, a call at the end of the month with ATM reciepts in hand usually clears it up.

I will soon retire from the military and move to LOS full time. I will tell Charles Schwab and Capital One that i am being "reassigned", not retiring, to thailand and give them my contact info for thailand. or just give them a relatives address and a Magic Jack phone number.

Sorry its wordy, but didnt want to leave anything out. i did this all about 2 years ago, the rumors of "stopping the free stuff" was floating around back then also, but havent seen it yet. I recently set up a Roth IRA with Schwab and got a call from their broker who wanted to "chat" about my investment ideas. During our "chat", I ask why CS gave out free banking and how could they afford to keep people like me, who doesnt make them any money and actually COST them money by refunding my ATM fees, on the books? he said they always make money and have no intentions of dropping deadbeats like me because he said..."you've just opened an IRA, we'll make money off you now!!!"

Capital One CC cash back has already paid for one of my airline tickets to LOS .

Thanks Thiavisa and all the members who put out good info.

Edited November 17, 2013 by Casual1