Poll: Predict the outcome of the U.S. presidential election (electoral college and after)

[Obb]

This is from the fees page at Bangkok Bank:

(Transaction fee will be waived for ATM withdrawals using AMEX cards ...)

on this page:

http://www.bangkokbank.com/BangkokBank/WebServices/HelpCenter/Pages/FeeTable.aspx

Anybody used an AMEX card and found they weren't charged?

[MJCM]

No idea, but I think when you withdraw money with any Credit Card you get a very bad rate. So even if they waived the 150 THB charge, you will lose out

From the Amex website:

Transaction fees are 3% for each transaction, with a minimum of $5.00 and no maximum. The ATM owner may charge additional fees for each transaction.

Link: http://www.americanexpress.com/lacidc/en/laccards/cashaccess.shtml

Edit: // SpEllIng

Edited July 9, 2013 by MJCM

[Pib]

Even with no charge being accessed by the local ATM you use, foreign transaction fees charged by the card issuing bank like the 3% mentioned above can really eat your lunch, but it makes the card issuing bank smile and get profits fat.

And keep in mind although the Visa/Mastercad/AmEx network charges a network transaction fee around 1% it's totally up the card issuing bank if they absorb that fee, pass it along to you, or add to it. In those cases where the foreign transaction fee you are being charged by your card issuing bank exceeds approx. 1% that means the card issuing bank is adding-on to the network fee...adding adding-on a percent or more and maybe a flat X-dollars per transaction fee also just to rub salt into the fee wound. Yes sir, foreign transaction fees are real cash cows for banks.

[thrilled]

I use schwab, they reimburse the fees

[Pib]

For the OP: you could give it a try without completing the ATM transaction since the Thai bank ATM should notify you of any foreign card fee before you press the final button which makes the ATM spit out the cash. If a notification appears on the screen about any fee and you don't want to incur the foreign card fee, just cancel the transaction.

But as mentioned in other posts above, it's any foreign transaction fee the card issuing bank may apply that is usually the fee that really stings.

[54321]

Do they do debit cards now? If you are making a withdrawal from a credit card, the rates are poor (as has been mentioned) and you get charged interest from the day you withdraw the funds, so you may save 150baht, but the other charges are ure to exceed 150 baht

[Pib]

Where you ask do they do debit cards now, if you mean does the Thai bank foreign card fee apply to foreign "debit" cards also, yes it does unless like the AmEx card exception. But Visa or Mastercard foreign credit or debit cards will get hit with a 150 or 180 baht, respectively, fee.

Sent from my tablet

[billd766]

How much is the yearly fee for Amex as this would have to be factored in as well?

[Pib]

How much is the yearly fee for Amex as this would have to be factored in as well?

It could be zero...I've got an AmEx card that has no annual fee...every U.S. credit card I've ever got be it Visa, MasterCard, AmEx, or when I had a Discover card were no annual fee cards. Also, a person's credit rating frequently determines whether they can get a no annual fee card or an annual fee card. But depending on how fee hungry the card issuing bank is and/or what is the norm for banks in some countries, a bank could apply an annual fee to all the cards it issues (e.g., AmEx, Visa, MC, whoever). Although we are talking foreign cards and just as a side note it seems Thai bank issued credit cards "with annual fees" is the norm regardless of a person's credit rating.

I like the saying of why do banks or airlines charge so many fees?...it simply because they can. Many people will gripe about the fees but continue to pay the fees if they now all the other banks/airlines charge the same fee.

[54321]

Where you ask do they do debit cards now, if you mean does the Thai bank foreign card fee apply to foreign "debit" cards also, yes it does unless like the AmEx card exception. But Visa or Mastercard foreign credit or debit cards will get hit with a 150 or 180 baht, respectively, fee.

Sent from my tablet

no, i mean do amex do debit cards

[negreanu]

10,000THB withdrawn on Amex (Singapore Charge Card yesterday) 441.46SGD. Not exactly without cost.....

[Pib]

10,000THB withdrawn on Amex (Singapore Charge Card yesterday) 441.46SGD. Not exactly without cost.....

OUCH!!! From comparing the charge/effective exchange rate to hit your account to the Bangkok Bank TT Buying Rate of yesterday (which is usually real close to the exchange rate that Visa/MasterCard/AmEx gives for a no foreign fee transaction card) that works out to approx. 7.5% in fees/reduced exchange rate. But that matches what the Singapore AmEx Gold Card Terms and Agreement where it says a 5% "cash advance" fee will apply and another 2.5% "foreign transaction" fee. Plus they are now charging a high interest rate (probably around 20%) on the cash advance until it is paid off...so pay off that cash advance soon. OUCH!!!

But even though AmEx (or the bank that issued the AmEx card) is charging those high fees, no fee was applied by the Thai bank ATM...unless maybe the ATM did notify you during the transaction there would be some small fee like Bt50 to Bt180 being charged (but it seems current crossfeed indicates foreign AmEx cards no longer get charged any withdrawal fee by most Thai bank ATMs). However, any small Thai bank ATM fee pales in comparison to the AmEx cash advance plus foreign transaction fees mentioned above.

Beyond the foreign transaction fee that applies to many credit (or debit) cards, using a charge (credit) card to get cash is always expensive regardless of country/bank of issue and whether it's a AmEx, Discover, Visa, MasterCard, or whoever---maybe the most expensive way to get money.

In the U.S. it's typical for credit cards to charge a 3% cash advance fee along with a foreign transaction fee usually around 3%, for a total of 6%. Of course the foreign transaction fee portion wouldn't occur if it was a no foreign transaction fee card, but the approx. 3% cash advance fee would still apply...basically it's an upfront fee for advancing (loaning) money. Getting cash using a charge/credit card is always an expensive way to get money...maybe the most expensive way.

[Obb]

Well not if you already have the card ...

How much is the yearly fee for Amex as this would have to be factored in as well?

[Pib]

Any annual fee on a card (AmEx, Visa, MasterCard, whatever card, etc) is definitely a cost factor in using a card since it's a flat fee you are basically paying each year to continue to use the card--whether you use it or not. Say the annual fee was 1,000 baht/year and you never used the card during the year to buy anything or get cash....well, that card cost you 1,000 baht that year just to stay in your wallet. But let's say you did use it 10 times during the year, you used it to buy things within Thailand with no attached card fees, well, each transaction really cost you 100 baht in fees due to the card's 1,000 baht annual fee.

For those U.S. credit cards with annual fees, it seems $39 to $69 or approx. Bt1,200 to Bt2,100, are typical annual fees. Plenty of cards that come with annual fees and plenty that don't...but that ratio can vary quite a bit depending on what country you are getting the card issued from, a person's credit rating, and other factors. Seems for Thai bank credit cards, an annual fee is the generally the norm like how an annual few on Thai bank debit cards is the norm also, but I've seen a few Thai credit cards that don't charge an annual fee.

Well not if you already have the card ...

How much is the yearly fee for Amex as this would have to be factored in as well?

Edited July 12, 2013 by Pib