Opening an offshore accout to avoid charges withdrawing from thai atms

[QROPS]

I would also check out Standard Bank, I've recently opened an offshore bank account in the Isle of Man, you can choose between USD, Euro and Sterling.

Edited August 29, 2013 by QROPS

[sas_cars]

To pib thanks for this information in any case it wouldn't make any sense for me to even open a thai bank account. Totally not worth it and the charges on top of that.

My bank account is a singapore one posb owned by dbs bank and i have a feeling they don't have such a debit card should try to call them to ask. When you told me that it is the bank that screws you my heart sank cos my bank account is a singaporean one and if you know anything about singapore everything in there is designed to screw the citizens trying to squeeze out every single cent from them. Let's see the current exchange rate offered by money changers 1sgd = 24.5 upwards but i am sure the exchange rate i will be getting from the bank will be below 24 around 23.8 region.

No shortage of evil, fee hungry banks in the world...but those banks just call it business/profits.

You want something for nothing?

You bet....I'm just that kind of person. Plus I figure since the bank is paying me close to nothing on the checking account my debit card is linked to, but the bank is using the unobligated funds in my checking account and hundreds of thousands to millions of other customers just like me to make investments, loans, etc., that earns the bank back XX percent to pay their operating costs and profits to their shareholders why shouldn't they absorb the Visa/MasterCard 1% foreign transaction fee. In fact, I think actually the fee the banks really pay Visa/MasterCard is probably closer to 0.2% based on stuff I stumbled across on the web....it all depends on what pricing agreement the bank has with Visa/MasterCard. But one thing for sure, the banks that don't charge/absorb the Visa/MasterCard fee appear to be doing pretty good....like Schwab.

A very solid point. I second that.

[Firefan]

transactions are handled by "BNY Mellon," which apparently do not charge any foreign transaction fee just as my Schwab Visa debit card linked to "Schwab Bank" does not charge any foreign transaction fee (I also have a Schwab brokerage account but my debit card is linked to the Schwab Bank checking account which is opened automatically when opening a Schwab brokerage account).

However, apparently for FireFan with a Schwab One "U.S." Brokerage account (like I have also), his card is linked to his brokerage account and transactions managed by "PNC Bank"....apparently the brokerage account linked to "PNC Bank" does charge a 1% fee...or maybe said another way lets the Visa 1% flow through to the customer and does not absorb the fee.

I think you are getting confused with the 1% Visa foriegn exchange fee that is indeed passed to Schwab just like Visa passes to any card issuing bank/company but Schwab absorbs that fee and does not pass it along to you. Therefore you are not charged any fee. As sars_cars stated he is not charged any fee on his Schwab One International Visa debit card nor am l charged any fee on my US Schwab Visa debit card. I used it just a few days ago and many more times over the last few years here in Thailand---no fees...always the full/0% fee Visa rate.

Sent from my Samsung S4 (GT-I9500)

Hi Pib,

Did you check the link I gave: http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

It is CLEARLY stipulated there. Schroll down to Schwab. the Schwab BANK debit card do not charge the 1% currency exchange fee. The Schwab BROKER DOES charge.

I also asked my Schwab BROKER directly - and after meddling around the subject, they confirmed to me too. Finally I HAVE compared rates with the VISA homepage and always get 1% less (well +/- a few parts of 1% sometimes). They ALSO charge the 1% at point of sales transactions btw.

Notice that the Schwab BROKER debit card is actually issued by PNC bank and NOT Schwab BANK. I think that is the reason. In case of an American having linked his Schwab BROKER account up with his Schwab BANK account - he might be using the Schwab BANK debit card - and is therefore NOT charged the 1% exchange fee.

Anyway; PLEASE ask them yourselves! I did! Oh, and be prepared for them not to really answer your question! "yes sir! It's fee free" (they mean no annual fee or ATM fee from their side) "yes, sir! we reimburse the ATM fees"(true!). But give them above link and ask them to confirm the 1% on broker debit cards... I did!

In short: if it says PNC BANK on the back of your Schwab broker card you ARE charged 1%.

Cheers!

That very well could be the answer....your Schwab Visa card linked to your Schwab U.S. brokerage account (it was a U.S. account, right?...or was it an International account) is issued through PNC Bank and they apparently charge a 1% fee. Sars_cars Schwab Visa card is linked to his Schwab International brokerage account through BNY Mellon Bank and they do not charge the 1% Visa fee because they absorb it for the customer. And for me with my Schwab Visa card linked to Scbwab Bank they do not charge the 1% Visa fee because they absorb it for the customer. I appears to come down to whether your card is linked to a brokerage or bank account, and even when linked to a brokerage account apparently it's different for Schwab's International Brokerage account and Schwab U.S. Brokerage Account.

Yea, I've recommend that flyerguide web site numerous times to other folks, but it does have errors in. Example: I also have a St Farm debit card which does not charge any foreign transaction fee...been using it for years....in fact I used it within the hour at my nearby AEON ATM....just checked my bank account an got a 32.11 exchange rate which exactly matches Visa's full/0% fee exchange rate of 32.11. A lot of that information on flyerguide is "crowd-sourced" info based on feedback from users of that web site and sometimes they feedback incorrect info, but with that being said, is still a great website for a person to start their hunt for fee free/low cost cards.

Hi Pib; yes Flyerguide can have errors for sure. Meanwhile my account (I am not American) is the Schwab International One broker account - the only Schwab account the original poster would be able to get with Schwab as he is a non resident alien just like me. That one has nothing to do with Schwab Bank as we know. My card is as mentioned in the flyerguide link handled by PNC bank. I believe even the USA Schwab One broker accounts are handled by them. Any card that says handled by PNC would have the 1% fee according to flyer guide. My card for sure has. I wonder how Sars card can be linked to Schwab via BNY Mellow Bank....? Your card does not surprise me then.

I still believe that Schwab BROKER debit cards charge the 1%, as that is what flyerguide say, what I have seen and what Schwab confirmed to me themselves! As for a US broker account debit card, it really has nothing to do with the OP as he is not American, but even THAT card seems to be charged the 1% according to Flyerguide. Flyerguide actually focus on the US based cards - so I am happy to get to tag along at only 1%! Would love to hear what Sars thinks?

Cheers!

[1Ping1]

Open an account at any of the major Thai banks. If your only a visitor several times a year bring cash. Drop it into the account and then use their atms. Reality of life.... Nothings free, the few bucks your concerned about. If you do this will be quite simply minimal in the Grande scheme of things.

[sas_cars]

transactions are handled by "BNY Mellon," which apparently do not charge any foreign transaction fee just as my Schwab Visa debit card linked to "Schwab Bank" does not charge any foreign transaction fee (I also have a Schwab brokerage account but my debit card is linked to the Schwab Bank checking account which is opened automatically when opening a Schwab brokerage account).

However, apparently for FireFan with a Schwab One "U.S." Brokerage account (like I have also), his card is linked to his brokerage account and transactions managed by "PNC Bank"....apparently the brokerage account linked to "PNC Bank" does charge a 1% fee...or maybe said another way lets the Visa 1% flow through to the customer and does not absorb the fee.

I think you are getting confused with the 1% Visa foriegn exchange fee that is indeed passed to Schwab just like Visa passes to any card issuing bank/company but Schwab absorbs that fee and does not pass it along to you. Therefore you are not charged any fee. As sars_cars stated he is not charged any fee on his Schwab One International Visa debit card nor am l charged any fee on my US Schwab Visa debit card. I used it just a few days ago and many more times over the last few years here in Thailand---no fees...always the full/0% fee Visa rate.

Sent from my Samsung S4 (GT-I9500)

Hi Pib,

Did you check the link I gave: http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

It is CLEARLY stipulated there. Schroll down to Schwab. the Schwab BANK debit card do not charge the 1% currency exchange fee. The Schwab BROKER DOES charge.

I also asked my Schwab BROKER directly - and after meddling around the subject, they confirmed to me too. Finally I HAVE compared rates with the VISA homepage and always get 1% less (well +/- a few parts of 1% sometimes). They ALSO charge the 1% at point of sales transactions btw.

Notice that the Schwab BROKER debit card is actually issued by PNC bank and NOT Schwab BANK. I think that is the reason. In case of an American having linked his Schwab BROKER account up with his Schwab BANK account - he might be using the Schwab BANK debit card - and is therefore NOT charged the 1% exchange fee.

Anyway; PLEASE ask them yourselves! I did! Oh, and be prepared for them not to really answer your question! "yes sir! It's fee free" (they mean no annual fee or ATM fee from their side) "yes, sir! we reimburse the ATM fees"(true!). But give them above link and ask them to confirm the 1% on broker debit cards... I did!

In short: if it says PNC BANK on the back of your Schwab broker card you ARE charged 1%.

Cheers!

That very well could be the answer....your Schwab Visa card linked to your Schwab U.S. brokerage account (it was a U.S. account, right?...or was it an International account) is issued through PNC Bank and they apparently charge a 1% fee. Sars_cars Schwab Visa card is linked to his Schwab International brokerage account through BNY Mellon Bank and they do not charge the 1% Visa fee because they absorb it for the customer. And for me with my Schwab Visa card linked to Scbwab Bank they do not charge the 1% Visa fee because they absorb it for the customer. I appears to come down to whether your card is linked to a brokerage or bank account, and even when linked to a brokerage account apparently it's different for Schwab's International Brokerage account and Schwab U.S. Brokerage Account.

Yea, I've recommend that flyerguide web site numerous times to other folks, but it does have errors in. Example: I also have a St Farm debit card which does not charge any foreign transaction fee...been using it for years....in fact I used it within the hour at my nearby AEON ATM....just checked my bank account an got a 32.11 exchange rate which exactly matches Visa's full/0% fee exchange rate of 32.11. A lot of that information on flyerguide is "crowd-sourced" info based on feedback from users of that web site and sometimes they feedback incorrect info, but with that being said, is still a great website for a person to start their hunt for fee free/low cost cards.

Hi Pib; yes Flyerguide can have errors for sure. Meanwhile my account (I am not American) is the Schwab International One broker account - the only Schwab account the original poster would be able to get with Schwab as he is a non resident alien just like me. That one has nothing to do with Schwab Bank as we know. My card is as mentioned in the flyerguide link handled by PNC bank. I believe even the USA Schwab One broker accounts are handled by them. Any card that says handled by PNC would have the 1% fee according to flyer guide. My card for sure has. I wonder how Sars card can be linked to Schwab via BNY Mellow Bank....? Your card does not surprise me then.

I still believe that Schwab BROKER debit cards charge the 1%, as that is what flyerguide say, what I have seen and what Schwab confirmed to me themselves! As for a US broker account debit card, it really has nothing to do with the OP as he is not American, but even THAT card seems to be charged the 1% according to Flyerguide. Flyerguide actually focus on the US based cards - so I am happy to get to tag along at only 1%! Would love to hear what Sars thinks?

Cheers!

I am not american either. I am a non resident alien same like yourself. Yes my Schwab one international is operated by BNY Mellon and with 0 % fee. I just recently opened this account in late June. When did you open yours? Maybe you opened yours when Schwab was having PNC as banking partner and charging 1 % regardless, but now it's BNY Mellon with the 0 % advantage. Maybe you need to try calling Schwab and request them for your banking to be moved to BNY Mellon and see what they say?

[snake24]

Your Singapore account is good enough. Just withdraw 20,000 baht each time and you only pay the flat 150bht and S$5, what's the big deal?

Try a telegraphic transfer from your Singapore bank to a Thailand bank account and if you pay all the charges you will be paying more than S$75 per 20,000 bht in various bank charges.

The Shwab One account is an investment account first so expect to pay a broker for your share transactions and eliminate any ATM transaction benefits.

Dude you forgot to factor in the bad exchange rate cos the bank charges something like 2-3% so it's not 1sgd to 25THB but 1 sgd to 23.8THB i calculated that the last time i withdrew some money.

[snake24]

Would the offshore bank account be from the virgin islands or maybe some swiss bank?

you can bet your sweet butt that it would be neither!

by the way your 5USD is peanuts, I pay 150THb+ 8Euro+ exchangerate +++++

Well you are from the EU and the EU always charges for everything. Take the VAT charge in say making a phone call using skype. I see that ppl in the EU have to pay that VAT charge on top of the normal phone charges thank god we don't have that here.

One very good thing i like about EU is how strong the currency is and how the baht is weakening so you can get around 40thb for 1 eur which is almost an additional 20 thb compared to sgd.

Edited August 29, 2013 by snake24

[snake24]

How visiting Thailand once a year and being concerned with miniscule fees makes me wonder just how much spending, withdrawing is taking place to even be bothered.

However when I started traveling and vacationing this too was a concern of mine and the research I turned up was HSBC. HSBC seems to have a location in every major country/city in the world. Therefore using an HSBC atm in Bangkok will not incur atm fees if your account was opened in a HSBC in another country.

International transaction fees/point of sale on credit/debit cards range from 1.-3.%

Escaping any fees these days is a difficult task but it can be done. Some banks in the USA refund up to $10 (THB300) a month on atm fees. My bank refunds me if I scan/email a copy of my atm receipt showing the atm charge merely because I've told my bank I have been "deployed" to Thailand. Amazing the respect and benefits you receive just by the choice of words you use. No verification or official documents required to prove such "deployment" and if ever questioned, my answer is, "I deployed myself, indefinitely".

Live and learn. The ethics, morals and values we all grew up with 30-40+ years ago don't seem to apply today. Honesty is not always the best policy. When you want results "NOW"

I admire penny-pinchers, cutting-corners, coupon clippers and such, doing so allows you the luxuries of buying that 150THB coffee at Starbucks

In my case it isn't being a penny pincher or being a cheapo charlie even though my current situation might look like this.

It is gaining more knowledge in the prepartion for future events.

Take that schwabb account. That will aid greatly if you travel to other countries in the future and need to withdraw for atms cos i am sure they will give you the best rates in another country say laos or maybe the ukraine for example.

Also u need to consider this. Most bank atms allow a maximum of 20k thb, some 25k and i think AEON allows 40k so let's say in some event u urgently need 100k thb. AEON atms are hard to locate and the most common one is siam bank i think and i think it only allows a max of 20k thb so that is 5 withdrawals, 150x 5 and 5x5 of charges on top of the bad exchange rate.

[ThailandNick2]

Looks as though there has already been a lot to say on this topic but I will add the following.

I read this article earlier today and portions pertain to your post:

http://www.neverendingvoyage.com/manage-money-when-travelling/

Additionally. ..I pondered this myself and it was especially a solution when I lost my wallet here and needed cash. Bitcoin. They do local meetup services here in thailand...no bank fees. (I know..first country to say its illegal..ironically the most corrupt country I have been to)

[YeaBiGgiEs]

How visiting Thailand once a year and being concerned with miniscule fees makes me wonder just how much spending, withdrawing is taking place to even be bothered.

However when I started traveling and vacationing this too was a concern of mine and the research I turned up was HSBC. HSBC seems to have a location in every major country/city in the world. Therefore using an HSBC atm in Bangkok will not incur atm fees if your account was opened in a HSBC in another country.

International transaction fees/point of sale on credit/debit cards range from 1.-3.%

Escaping any fees these days is a difficult task but it can be done. Some banks in the USA refund up to $10 (THB300) a month on atm fees. My bank refunds me if I scan/email a copy of my atm receipt showing the atm charge merely because I've told my bank I have been "deployed" to Thailand. Amazing the respect and benefits you receive just by the choice of words you use. No verification or official documents required to prove such "deployment" and if ever questioned, my answer is, "I deployed myself, indefinitely".

Live and learn. The ethics, morals and values we all grew up with 30-40+ years ago don't seem to apply today. Honesty is not always the best policy. When you want results "NOW"

I admire penny-pinchers, cutting-corners, coupon clippers and such, doing so allows you the luxuries of buying that 150THB coffee at Starbucks

Also u need to consider this. Most bank atms allow a maximum of 20k thb, some 25k and i think AEON allows 40k so let's say in some event u urgently need 100k thb. AEON atms are hard to locate and the most common one is siam bank i think and i think it only allows a max of 20k thb so that is 5 withdrawals, 150x 5 and 5x5 of charges on top of the bad exchange rate.

Bank ATMs and account are all given defaults upon opening. Its standard and I presume the amount is the result of some complex algorithm based on demographics. Its not in stone. If your withdrawals on average above the default rate you can have it raised. If you anticipate a 1 time need, you can contact your bank directly and they will place a 24-72hr increase to the stated amount at which time you can go into MOST MAJOR foreign banks and do what appears to be a "cash advance" but its actually a withdrawal which you have already pre-approved and your account has been prepared for this larger than normal 1-time withdrawal. This is also free of charge or should be. I had to do this from my USA account debit card I have, called my bank, got the 72hour pre-approval for the amount I stated then went into 4 banks here in ON NUT area as their excuse was that their swiper machine was not working (no further comment to my comment and frustration to this challenge)

I have found banks exchange rates are higher than some street currency exchange places. If you withdraw local currency from your foreign atm card then you are subject to the worst rates of that whole day or weekend.

One day I spent about 3 hours, determined to find the best currency exchange place, with best rates in my favor of course. I checked every bank, those bright orange and green ones, indian ones around Nana and the BEST I found after all this time was an Indian one near NaNa BTS on Sukhumvit across the soi from SUBWAY SUBS restaurant. Damned if I can remember the name

[Pib]

I have found banks exchange rates are higher than some street currency exchange places. If you withdraw local currency from your foreign atm card then you are subject to the worst rates of that whole day or weekend.

As you implied that's assuming you have a debit card that charges a healthy foreign transaction fee like snake24's current situation.

I just looked at the Super Rich currency exchange web site and their best rate is 32.13 baht/USD. Just looked at the web site that shows the Thai bank average TT Buying Rate which is 32.06. The Visa exchange rate for today and continuing until 11am on Friday morning is 32.11.

For all practical purposes these three rates are very close, but with the TT Buying Rate you would have also incurred wire transfer fees which would have lowered its effective exchange rate by at least 0.4% probably ending up around 31.93. We are now left with the Super Rich rate and Visa rates which are practically the same. But Super Rich locations are limited, and while AEON ATMs are not as widespread as Thai bank ATMs a person gets the same Visa exchange rate with their no fee Visa card exchange rate in a AEON or Thai bank ATM. Yes, the Thai bank ATM would charge a Bt150 fee but like with Schwab even that is reimbursable. But for me, I always use an AEON ATMs since I have three close by to my home location and I don't want to help kill the Reimbursement Golden Goose (i.e., have Schwab spend money on me unnecessarily).

Maybe a person can find some places that will give you a significantly better exchange rate than the TT Buying Rate or Visa no fee exchange rate (but I kinda doubt it), but a person would need to be carrying foreign currency when they walk in. Personally, I prefer going to my local Lotus mall and using my no fee Visa debit card in an AEON ATM to get the amount of cash I need for a few weeks or a month...or even a day versus carrying a lot of foreign currency around looking for the best exchange rate. Preaching to the choir I know.

Getting a no foreign transaction fee Visa or MasterCard is really a good way to get money in a foreign country and probably the cheapest way although if you need a BIG amount of money within a few days you will need to wire some in and get the Thai bank TT Buying Rate minus the wire/receiving fees.

[hawker9000]

Capital One also charges no foreign transaction fees on their Venture card (and you get 2x miles), but you'll pay the normal exorbitant fees on cash advances from ATMs. So I now consider it or any other credit card an emergency source of cash only.

The Schwab solution seems to get a lot of positive comments.

I set up an account in Thailand, and now transfer money to it from my brokerage (not Schwab) at no cost (yeap - not even a wireless transfer fee) other than a very small percentage to an intermediary bank and the spread that the Thai bank applies to the currency exchange. 'Can then use that bank's debit card to withdraw money at their ATMs (small fee applies if you make withdrawals outside of your "home" region). End-to-end and all-in, every time I do the math on the transfers I've gotten a rate comparable to or better than any other option I've looked into, and certainly preferable to carrying large amounts of cash each time I travel there. And my transfers can take as little as 12 hrs.

Traveler's Checks MIGHT be a lower-cost option (for Thailand) IF you can get them for free (my bank charges 1%) and don't mind the extra "rigor" involved in cashing them.

[shaurene]

You travel here once a year right? You're unclear what currency the offshore bank account is held in - I assume Thai baht? All sounds like too much trouble for your annual hols. And believe me, when banks move currencies, there is always a margin made, so I think your friend is probably exaggerating somewhat on the supposed benefits.

Your best bet is open a Thai bank account. Total cost say 500B for the ATM card and a 150 one off admin fee.

TT money to your Thai account at a time and exchange rate that is suitable to you - your domestic bank will ha

ve a charge of say $20. Or if you have online banking, you may have a lower fee.

Or, bring cash with you and deposit it to your Thai account.

There is no minimum amount you need to keep in your Thai account, so no need for dead money.

I have had Thai account for many years, best way to go. ATM card cost me 150bhart and normally charge 15Bt for withdrawal. Before you send T/T check with the bank sending it if they use a third party bank like City Bank if they do do not send it as you will get the lowest rate going. Wait for the exchange rate you want and take a Bank Draft over, it would be in Thai Bhart and put that into your Thai account. Forget your offshore one.

If you only use your bank's ATM's, zero cost. No annual account fees.

Your total annual cost for holidaying in Thailand (after you open your account) can be zero, or $20..........up to you.

[Naam]

"offshore account to avoid ATM charges" in the section "jobs, economy, banking and business" should be awarded the attribute "most ridiculous thread of the year!"

[Firefan]

Hi Sars,

Had my Schwab One International account for couple of years - but just recently (when you opened account) got my latest Schwab broker debit card - and still says PNC on the back. I have just contacted Schwab to see what they say. Cheers!

[Firefan]

Sars; while waiting for reply from Schwab I checked the http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange for links to both Bank of NY (the BNY part) AND BNY Mellow.... NONE of them are even on the list.... the plot thickens....

Cheers!

[Pib]

Thousands of U.S. banks/credit unions issuing debit cards....and I guess the list of what someone would consider major/well known banks would be somewhere north of a hundred...expect the Flyersguide site only lists the most well known ones and/or the ones people provide info on. But regarding the Schwab debit card I expect people just refer to it as the Schwab card regardless of the particular bank is underwriting/managing the card transactions....appears Schwab is using at least three different banks which have already been mentioned.

[Roger Lee]

My solution may or not fit what you want to do but it works for me, and I avoid the double whammy of fees when taking cash out of the ATM.

While in Thailand open a Paypal account that is from Thailand, it must be opened while you're in country or they won't let you do it. They didn't for me anyway.

Open a local savings account that offers a VISA ATM debit card. I chose Kasikorn and it works great for me, you may have to try a couple of branches as every branch seems to have their own rules.

When transferring funds I gift myself from one Paypal account to the other then transfer those funds to my savings account. The cost for $1000 and up is like $5 and I'm sure they're getting some profit when they convert the currencies. The first time I did this Paypal asked me to call and verify the transaction, no verifications have been needed since.

This process can take a week or two until the funds finally get to my savings but if you have the time the savings from not having ATM fees can be substantial.

I do have a 15 baht fee for foreign ATM's with my Kasikorn card when I use a different ATM from a different branch, but 15bt is nothing compared to what I was getting hosed for. Also some ATM's will allow a 30,000 baht withdrawal, and most will allow 20,000 baht with the Kasikorn VISA ATM card, which is nice.

Hope this helps,

Roger

paypal requires you to provide them with your particulars which would include your home address and everything after 7k in transactions are done and i have a paypal account that is fully verified. Well to open a new paypal account in a foreign country wouldn't really make sense and yes the exchange rates of paypal aren't too good. Suck if i might add. I think it's the same as those banks that charge 2-3% on top of the rates.

The reasoning behind opening a Thai PayPal account is that the US PayPal account won't accept the Swift codes required for linking the Thai savings account.

Regards,

Roger

Edited August 30, 2013 by Roger Lee

[Firefan]

Thousands of U.S. banks/credit unions issuing debit cards....and I guess the list of what someone would consider major/well known banks would be somewhere north of a hundred...expect the Flyersguide site only lists the most well known ones and/or the ones people provide info on. But regarding the Schwab debit card I expect people just refer to it as the Schwab card regardless of the particular bank is underwriting/managing the card transactions....appears Schwab is using at least three different banks which have already been mentioned.

Hi Pib, sure enough. Got the reply from Schwab as per below. Presume all Schwab broker cards now handled by BNY Mellow ten.(received my currnt card in July still stating PNC Bank on it - guess last batch). So again seems I am right. The fee is being charged. I have asked him how much. Sars; why don't you try to ask them too? Cheers!

Dear Mr. xxxxx

I called Schwab Card service, all visa debit card is handled by BNY Mellow Bank, and it charges foreign currency conversion fee.

Hope all is well.

Regards,

______________________

David Xu, CWS

VP/Financial Consultant - Intl | Schwab International Services

[Firefan]

Sars; you got any input to this? Would appreciate it! Cheers!

[sas_cars]

Sars; you got any input to this? Would appreciate it! Cheers!

Why don't you go and make a test withdrawal of 500 Baht from your nearest AEON ATM machine and show us the results here, and then we'll determine whether you are charged a 1 % fee or not.

[Pib]

Test withdrawal of 1000 baht (min allowed at an AEON ATM) should provide confirmation one way or another. If there is a 1% fee on the international brokerage account debit card the test would only cost a person a 10 baht fee. And if I remember right sars has already done withdrawals with no fees hitting his account or lower exchange rate.

Firefan, Looking back through your posts I didn't see any where it appeared you have tried an actual withdrawal yet to see what the Schwab folks are telling you is true. If you have tried a withdrawal already there would be no need to contact Schwab to ask the question as the withdrawal results would tell the story. Also, the FlyerGuide web site seems to be talking Schwab Brokerage cards which is for U.S. accounts/citizen/resident aliens....it's completely different than the Schwab Global Brokeage account apparently used for U.S. investors to invest in foreign stocks and then Schwab International Brokerage account for non-citizens/non-resident aliens/U.S. citizens living overseas. And maybe the foreign transaction fee is being applied--or should I say received from Visa to the card-issuing bank--but then the bank is absorbing the fee/not passing it along which effectively means it a no fee card...but the Schwab international folks are not mentioning that little detail? Hurts my head just trying to understand the differences in the various Schwab brokerage accounts...glad I just got the plain jane debit card linked to Schwab Bank checking account (vs brokerage account) which definitely doesn't charge any fee based on many, many withdrawals I've done and the Schwab website info...and even the flyerguide web site that states so. Cheers.

Edited September 5, 2013 by Pib

[sas_cars]

Test withdrawal of 1000 baht (min allowed at an AEON ATM) should provide confirmation one way or another. If there is a 1% fee on the international brokerage account debit card the test would only cost a person a 10 baht fee. And if I remember right sars has already done withdrawals with no fees hitting his account or lower exchange rate.

Firefan, Looking back through your posts I didn't see any where it appeared you have tried an actual withdrawal yet to see what the Schwab folks are telling you is true. If you have tried a withdrawal already there would be no need to contact Schwab to ask the question as the withdrawal results would tell the story. Also, the FlyerGuide web site seems to be talking Schwab Brokerage cards which is for U.S. accounts/citizen/resident aliens....it's completely different than the Schwab Global Brokeage account apparently used for U.S. investors to invest in foreign stocks and then Schwab International Brokerage account for non-citizens/non-resident aliens/U.S. citizens living overseas. And maybe the foreign transaction fee is being applied--or should I say received from Visa to the card-issuing bank--but then the bank is absorbing the fee/not passing it along which effectively means it a no fee card...but the Schwab international folks are not mentioning that little detail? Hurts my head just trying to understand the differences in the various Schwab brokerage accounts...glad I just got the plain jane debit card linked to Schwab Bank checking account (vs brokerage account) which definitely doesn't charge any fee based on many, many withdrawals I've done and the Schwab website info...and even the flyerguide web site that states so. Cheers.

Pib, as mentioned earlier, I hold Schwab International Brokerage and I am a non-resident alien. I have done withdrawals so far in Thailand, UAE and the UK and my results are consistent with Visa Daily Rates at 0 %. I don't see why it would be any different for Firefan as he's exactly a non resident alien and holds a Schwab International Account same like mine That's why I recommended him to go and do a test withdrawal and let us know the results here, then we can tell him whether there are any fees being applied (which is highly unlikely since his bank is also BNY Mellon as per confirmed by Schwab to him)

[Firefan]

I have pulled cash before and was charged the 1% fee in line with Flyerguide; BUT that was when PNC bank was apparently handling my card more than a year ago - so my Schwab financial advisor might WELL be wrong. Normally do not pull money via debit card myself, as got local income, but will give it a shot. Personally I believe that my advisor is wrong, as Sars BNY Mellow results speak for themselves - and my advisor have confirmed PNC Bank not in charge of my card either anymore. Sars results and mine should be the same as we have the exact same accounts/cards (now).

Cheers!