Danthai Posted February 1, 2015 Share Posted February 1, 2015 (edited) No rumor, as of 14 January, one cannot transfer funds inside bank using visa debit card, only credit card. Found out when I needed to transfer money from US into SCB account. Manager said changed rules in January, It sounded like it was a new bank rule, not anything to do visa Visa Debit card. Anyone else experience this? Could be all the banks are applying this rule that only credit cards can be used now. Edited February 1, 2015 by Danthai Link to comment Share on other sites More sharing options...
bangmai Posted February 1, 2015 Share Posted February 1, 2015 could you clarify? If you could get a cash advance on a debit card; it would be a credit card..... Link to comment Share on other sites More sharing options...
hml367 Posted February 1, 2015 Share Posted February 1, 2015 I got signature cash advance on debit card at Bangkok Bank yesterday. Getting a cadh advance from a deposit account (debit card) is not credit.... At least in USA. Link to comment Share on other sites More sharing options...
Danthai Posted February 1, 2015 Author Share Posted February 1, 2015 Right now it must be SCB, but having lived in Thailand 20 years, usually others follow suit. Do not have a credit card. I've easily used my Visa debit card to transfer large sums over to my SCB account for many years. The limit is set by my Credit Union in US at $5000. Now they say only a credit card can transfer money that way as a cash advance. A couple years ago when I checked, you could do the same thing with your debit card. Do not know about now since I gave up my Bangkok account years ago for bad service. I believe many expats use this method because it avoids the ATM withdrawal limit and the 180 baht that gets added at this end. Maybe others are still using their debity cards at other banks to transfer funds into their accounts still. Link to comment Share on other sites More sharing options...
bangmai Posted February 1, 2015 Share Posted February 1, 2015 I got signature cash advance on debit card at Bangkok Bank yesterday. Getting a cadh advance from a deposit account (debit card) is not credit.... At least in USA. are you talking about a debit withdraw using a teller, to avoid the fee? That's not a cash advance; it's a debit withdraw. Link to comment Share on other sites More sharing options...
JulieM Posted February 1, 2015 Share Posted February 1, 2015 Thanks for this. I have a question. If I give SCB my US credit card (Citibank Mastercard) and ask them to charge, say, US$1,000 to my card and deposit that into my SCB in Thai baht, will this work? If so, this would be a convenient way to transfer money from the US to Thailand. Link to comment Share on other sites More sharing options...
Danthai Posted February 1, 2015 Author Share Posted February 1, 2015 The bank referred to it as a cash advance. See them about terminology. Link to comment Share on other sites More sharing options...
Danthai Posted February 1, 2015 Author Share Posted February 1, 2015 At any rate, they said they can no longer transfer using a debit card, only a credit card. Link to comment Share on other sites More sharing options...
bangmai Posted February 1, 2015 Share Posted February 1, 2015 go to another bank and do a teller debit withdraw, then go back to SCB and deposit the money. Julie, that would be a cash advance and would incur a lot of fees. Why would they want to pay merchant fees for something you didn't buy? Link to comment Share on other sites More sharing options...
Danthai Posted February 1, 2015 Author Share Posted February 1, 2015 Will give it a try. Link to comment Share on other sites More sharing options...
bangmai Posted February 1, 2015 Share Posted February 1, 2015 transferring money to BKK Bank NY is still the best way, and that is about the only reason I keep my account there. Never seen anything tempting at SCB, except for a few of the tellers. 2500 per year for a safety deposit box is kind of a rip-off, too. Link to comment Share on other sites More sharing options...
Dante99 Posted February 1, 2015 Share Posted February 1, 2015 Thanks for this. I have a question. If I give SCB my US credit card (Citibank Mastercard) and ask them to charge, say, US$1,000 to my card and deposit that into my SCB in Thai baht, will this work? If so, this would be a convenient way to transfer money from the US to Thailand. merchant fees on foreign transactions can be high, as mentioned cash advance fees even higher depends on the kind of card you have, Citi has many different ones Link to comment Share on other sites More sharing options...
hml367 Posted February 2, 2015 Share Posted February 2, 2015 (edited) transferring money to BKK Bank NY is still the best way, and that is about the only reason I keep my account there. Never seen anything tempting at SCB, except for a few of the tellers. 2500 per year for a safety deposit box is kind of a rip-off, too. Transferring by ACH through Bangkok Bank NYC is not the best for me. I can get money from my Visa credit card with no fees at all, including no foreign currency conversion fees. I then go online and transfer the amount from my deposit account to my credit card account. I used my debit card the other day because I am waiting for a replacement credit card. My Visa branded debit card does have the foreing currency conversion fee, so I kept the amount small until my replacement credit card arrives. There are some financial institutions in the US that offer no foreign currency conversion fees from Visa... Possibly Mastercard also, I don't know that. Fortunately my financial institution is one of those with no conversion fee. EDIT: In addition, the exchange rate from Visa compared to Bangkok Bank is not always the same. In my experiences the Visa rate is more favorable for me. Edited February 2, 2015 by hml367 Link to comment Share on other sites More sharing options...
bangmai Posted February 2, 2015 Share Posted February 2, 2015 I have no foreign transaction fees, but there is a 2% or 10 usd fee on cash advances, as well as no grace period. Link to comment Share on other sites More sharing options...
JDGRUEN Posted February 2, 2015 Share Posted February 2, 2015 Seems to me the wrong terminology. A cash advance implies cash in advance of debit and repayment later. Taking cash from a debit card is just an immediate debit transaction. i cannot imagine a delay in the debit when using a debit card to get cash. Link to comment Share on other sites More sharing options...
bangmai Posted February 2, 2015 Share Posted February 2, 2015 Seems to me the wrong terminology. A cash advance implies cash in advance of debit and repayment later. Taking cash from a debit card is just an immediate debit transaction. i cannot imagine a delay in the debit when using a debit card to get cash. that's correct. It's a debit withdraw; they aren't advancing you one THB. And I would like to see the annual fee on a free cash advance credit card. Link to comment Share on other sites More sharing options...
Bill97 Posted February 2, 2015 Share Posted February 2, 2015 Please get this sorted fast. I need to get some money and don't know how. I just can't remember what the previous 372 Threads like this said. Link to comment Share on other sites More sharing options...
hml367 Posted February 2, 2015 Share Posted February 2, 2015 (edited) Seems to me the wrong terminology. A cash advance implies cash in advance of debit and repayment later. Taking cash from a debit card is just an immediate debit transaction. i cannot imagine a delay in the debit when using a debit card to get cash.that's correct. It's a debit withdraw; they aren't advancing you one THB. And I would like to see the annual fee on a free cash advance credit card. No annual fee on mine. Too much pedantics. The OP apparently understood and got an answer. Edited February 2, 2015 by hml367 Link to comment Share on other sites More sharing options...
bangmai Posted February 2, 2015 Share Posted February 2, 2015 Seems to me the wrong terminology. A cash advance implies cash in advance of debit and repayment later. Taking cash from a debit card is just an immediate debit transaction. i cannot imagine a delay in the debit when using a debit card to get cash.that's correct. It's a debit withdraw; they aren't advancing you one THB. And I would like to see the annual fee on a free cash advance credit card. No annual fee on mine. What's the name and type of card? I just looked at Citi Platinum and cash advance is 10 usd or 5%, whichever is greater, and that will even apply if you have a credit balance. Link to comment Share on other sites More sharing options...
hml367 Posted February 2, 2015 Share Posted February 2, 2015 Visa Platinum from my credit union. Link to comment Share on other sites More sharing options...
CMSteve Posted February 2, 2015 Share Posted February 2, 2015 That's like the Holy Grail. You can get a cash advance from a credit card and not pay and fees? Why not just max out the amounts daily, deposit in an interest bearing account and pay off before the end of term? They're giving you free money!!! Visa Platinum from my credit union. Link to comment Share on other sites More sharing options...
hml367 Posted February 2, 2015 Share Posted February 2, 2015 (edited) If you read my other posts you will see that I transfer from my deposit account and pay the amount to the credit card account. If I leave the balance on the credit card then I would pay finance charges from the day it is charged. However, I do get my money here free, which is better for me than using Bangkok Bank NYC. (at this time anyway) Edited February 2, 2015 by hml367 Link to comment Share on other sites More sharing options...
CMBob Posted February 2, 2015 Share Posted February 2, 2015 Some of the confusion here may be to use of terminology which means different things to different people. When I use or hear the term "cash advance", all I can think of is getting cash from a credit card (I'd never use "cash advance" referring to using a debit card - which essentially is just taking money out of my own bank account). In essence, a "cash advance" to me is borrowing money. Hml's posts are a bit confusing too. If all you're doing is taking money out of your cash account and paying a credit card balance/bill, that's not what I'd call a "cash advance", it's just paying a bill. Link to comment Share on other sites More sharing options...
bangmai Posted February 2, 2015 Share Posted February 2, 2015 Some of the confusion here may be to use of terminology which means different things to different people. When I use or hear the term "cash advance", all I can think of is getting cash from a credit card (I'd never use "cash advance" referring to using a debit card - which essentially is just taking money out of my own bank account). In essence, a "cash advance" to me is borrowing money. Hml's posts are a bit confusing too. If all you're doing is taking money out of your cash account and paying a credit card balance/bill, that's not what I'd call a "cash advance", it's just paying a bill. I agree with you 100%, Bob (on this statement). Here are two of three of my credit scores. That put's me in the 99th percentile...doesn't mean I'm wealthy; it does mean that I understand banking. Didn't Hml post about losing his cards in the mail recently? It's really not credible(no pun intended). And as for the OP, yeah, he knew the terminology, but got zilch.....But if someone can verify no fee cash advances with a specific credit card, then that would be great. Link to comment Share on other sites More sharing options...
hml367 Posted February 2, 2015 Share Posted February 2, 2015 (edited) Some of the confusion here may be to use of terminology which means different things to different people. When I use or hear the term "cash advance", all I can think of is getting cash from a credit card (I'd never use "cash advance" referring to using a debit card - which essentially is just taking money out of my own bank account). In essence, a "cash advance" to me is borrowing money. Hml's posts are a bit confusing too. If all you're doing is taking money out of your cash account and paying a credit card balance/bill, that's not what I'd call a "cash advance", it's just paying a bill. That is not what I said.Danthai got his answer. No need for further confusion. I have a very good working knowledge of the mechanics, you can call it what you want. Edited February 2, 2015 by hml367 Link to comment Share on other sites More sharing options...
Awk Posted February 2, 2015 Share Posted February 2, 2015 Some of the confusion here may be to use of terminology which means different things to different people. When I use or hear the term "cash advance", all I can think of is getting cash from a credit card (I'd never use "cash advance" referring to using a debit card - which essentially is just taking money out of my own bank account). In essence, a "cash advance" to me is borrowing money. Hml's posts are a bit confusing too. If all you're doing is taking money out of your cash account and paying a credit card balance/bill, that's not what I'd call a "cash advance", it's just paying a bill. I don't think that is what he said. Perhaps you are unfamiliar with this particular concept, but having a card with similar terms (except I have to pay a foreign transaction fee unfortunately, so I don't use it much), the point is that you can do a cash advance, up to your credit limit, and there is no fee incurred on doing this. Unlike when you purchase goods however, the issuing bank will start running an interest on the money you cash advanced from day one. So to avoid paying interest, you need to in effect pay part of your credit card bill in advance; the part you have to pay in advance is of course the exact amount you cash advanced. The cash is advanced for free. But it is up to you whether you want to pay of the cc/bank immediately, or run up an interest. Most of my credit cards levy various obnoxious fees for a cash advance, but one still only levies interest, plus the FT-fee all unfortunately levy. A couple of years ago I had a cc that did not levy interest, but only the FT-fee. I could cash advance my full credit limit and just pay the bill as normal the next month. Then they changed the terms to start calculating interest from day one, and a year after that they also added other fees. Link to comment Share on other sites More sharing options...
hml367 Posted February 7, 2015 Share Posted February 7, 2015 That put's me in the 99th percentile...doesn't mean I'm wealthy; it does mean that I understand banking. Didn't Hml post about losing his cards in the mail recently? It's really not credible(no pun intended). And as for the OP, yeah, he knew the terminology, but got zilch.....But if someone can verify no fee cash advances with a specific credit card, then that would be great. I am pretty sure I understand banking from working at a financial institution. Incidentally, the "plastic" of that financial institution was part of my responsibilities. A credit report does not mean someone understands banking. It is an indication from empirical data how someone handled their reported credit. I did not post anything about losing any cards in the mail. I am not sure what you are saying is not credible. I get my money here for free. Link to comment Share on other sites More sharing options...
bangmai Posted February 7, 2015 Share Posted February 7, 2015 but the issuer of your miracle platinum visa remains a mystery, for some unknown reason. Link to comment Share on other sites More sharing options...
CMBob Posted February 7, 2015 Share Posted February 7, 2015 I don't think that is what he said. Perhaps you are unfamiliar with this particular concept, but having a card with similar terms (except I have to pay a foreign transaction fee unfortunately, so I don't use it much), the point is that you can do a cash advance, up to your credit limit, and there is no fee incurred on doing this. Unlike when you purchase goods however, the issuing bank will start running an interest on the money you cash advanced from day one. So to avoid paying interest, you need to in effect pay part of your credit card bill in advance; the part you have to pay in advance is of course the exact amount you cash advanced. The cash is advanced for free. But it is up to you whether you want to pay of the cc/bank immediately, or run up an interest. Never heard of that process but it sounds theoretically possible. In essence, you just take a cash advance on your credit card and it's interest free so long as you have that same amount at the same time built up as a credit in your credit card account. Presuming there are no international transaction fees and no issues with the exchange rate, sounds like it's feasible although, at first blush, it's hard to believe I'd ever pay my credit card company more than I owe them at the time (plus, if you missed having an adequate credit balance for even a day, many of the credit card companies charge a minimum fee for any cash advance). Link to comment Share on other sites More sharing options...
hml367 Posted February 8, 2015 Share Posted February 8, 2015 (edited) but the issuer of your miracle platinum visa remains a mystery, for some unknown reason. I answered you in post #20. There is no reason to give you my credit union's name. All you have to do is search the internet for "no foreign currency conversion fee credit card" and sites will be listed that have information on major card issuers that have this feature. As I said, there is no reason for me to give you the name of my credit union. http://www.creditcards.com/credit-card-news/credit-card-foreign-transaction-fees-disappearing-1280.php Because you do not have this does not mean it is not credible. Edited February 8, 2015 by hml367 Link to comment Share on other sites More sharing options...
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