Schwab Visa Plus ATM

[ThaiBob]

I seldom get the posted rate.

http://usa.visa.com/personal/card-benefits/travel/exchange-rate-calculator.jsp

When does Schwab update their system? I wait until it is the new day EST in New York. When I calculate my exchange rate I divide my posted Schwab amount into, for example, 20,180 THB which includes the Thai 180 baht charge. Does Schwab charge a hidden fee (ISA, for example).

[ThaiBob]

Ok, Schwab experts, I just did withdrawal today at 12:30 for 30,000 baht (plus 180 for Thai bank) The amount charged to my Schwab account, $847.43 which includes the reimbursable Thai bank charge. What is my exchange rate? The Visa link shows 35.771.

Edited August 29, 2015 by ThaiBob

[Pib]

Ok, Schwab experts, I just did withdrawal today at 12:30 for 30,000 baht (plus 180 for Thai bank) The amount charged to my Schwab account, $847.43 which includes the reimbursable Thai bank charge. What is my exchange rate? The Visa link shows 35.771.

30180 divided by $847.43 equates to a 35.613561 exchange rate.

The Visa exchange rate for 29 Aug per their website is 35.613803. Identical to the rate applied to your account to the third decimal point...you can't get all the decimal points to match since Schwab must round to a penny (2 decimal amount).

I expect you used the Visa exchange rate site wrong way. You probably entered Thai Baht in the first currency field which says My Card Is In Select Currency when you should have entered U.S. Dollars....and then in the next field where it says My Transaction Was In Select Currency you should have entered Thai Baht. Reversing the currency entries that way does give a rate of 35.771 which is high and incorrect due to the difference profit spreads used between currencies...depends which way you are converting.

When doing it the correct way you'll then need to take the fractional result given and divide it into 1...then you'll have the correct rate for a USD to THB conversion which is the 35.613803 value.

[ThaiBob]

Ok, Schwab experts, I just did withdrawal today at 12:30 for 30,000 baht (plus 180 for Thai bank) The amount charged to my Schwab account, $847.43 which includes the reimbursable Thai bank charge. What is my exchange rate? The Visa link shows 35.771.

30180 divided by $847.43 equates to a 35.613561 exchange rate.

The Visa exchange rate for 29 Aug per their website is 35.613803. Identical to the rate applied to your account to the third decimal point...you can't get all the decimal points to match since Schwab must round to a penny (2 decimal amount).

I expect you used the Visa exchange rate site wrong way. You probably entered Thai Baht in the first currency field which says My Card Is In Select Currency when you should have entered U.S. Dollars....and then in the next field where it says My Transaction Was In Select Currency you should have entered Thai Baht. Reversing the currency entries that way does give a rate of 35.771 which is high and incorrect due to the difference profit spreads used between currencies...depends which way you are converting.

When doing it the correct way you'll then need to take the fractional result given and divide it into 1...then you'll have the correct rate for a USD to THB conversion which is the 35.613803 value.

You nailed it as usual. Thanks! My only comment is Schwab and Visa do not appear to be synchronized as the Visa site shows 35.771, which shows the higher rate and incorrect rate (I learned) for 8/29 but Schwab posted the lower rate. It was 11:30pm in NYC(12:30 here) so when does the date flip for Schwab?

[Pib]

Actually 12:30pm (around lunch time) in Thailand would be 1:30am ET (same day) since the U.S. is still on daylight saving time.

It think the switch time is midnight ET. About the only way to confirm is to do a withdrawal early enough in the morning here in Thailand to ensure it still before midnight previous day U.S. Eastern Time and then see which day rate your get. And you need to do this on a Mon-Friday since Visa Sat & Sun rates are usually the same....that's why they were already listing tomorrow's/30th/Sunday rate today....and tomorrow's rate is the same as today's/29th/Saturday's.

[Pinot]

Visa? Schwab rate? Schwab reimburses the transaction fee, it's irrelevant.

Go here and find the best rate. It can change hourly but this is alway accurate. Use the TT rate.

Krung Thai is currently #1 paying 35.76 as I write this. That's what you'll get if you run over there right now.

http://bankexchangerates.daytodaydata.net/default.aspx

[DogNo1]

I will soon be opening a Schwab account. Their literature says that although they reimburse ATM charges, they charge 1% on foreign transactions. Has that been your experience? If they do charge the 1% then I will use my Navy Fed credit card for cash advances rather than the Schwab ATM card and pay the dollar amount to Navy Fed on the same day to avoid interest charges. I've sometimes gotten stuck overnight and had to pay one day's interest on about $455 of around $0.55. Not a devastating cost!

[TallGuyJohninBKK]

Krung Thai is currently #1 paying 35.76 as I write this. That's what you'll get if you run over there right now.

http://bankexchangerates.daytodaydata.net/default.aspx

No.... If someone is using a foreign VISA or MC logo debit card to make an ATM withdrawal from a Thai bank, with few exceptions, the base exchange rate that will apply will be the VISA or MC network rate for that day -- and have nothing to do with whatever that Thai bank's local exchange rate is that day, which gets used at exchange counters and such.

The only difference, beyond the Thai bank ATM fees, will be whatever foreign use fees the home country card-issuing bank may tack onto the transaction.

If someone takes a Schwab bank VISA debit card on one afternoon and does three different ATM withdrawals back to back at three different Thai bank company ATMs, the exchange rate on the transactions will be identical...

So long as the card holder doesn't voluntarily opt into something called Dynamic Currency Conversion where some ATMs ask if you want the transaction shown in your home country currency instead of Thai baht. Doing that will cost you an extra 3-4% off the standard VISA or MC rate for the day.

[PattayaClub]

I will soon be opening a Schwab account. Their literature says that although they reimburse ATM charges, they charge 1% on foreign transactions. Has that been your experience? If they do charge the 1% then I will use my Navy Fed credit card for cash advances rather than the Schwab ATM card and pay the dollar amount to Navy Fed on the same day to avoid interest charges. I've sometimes gotten stuck overnight and had to pay one day's interest on about $455 of around $0.55. Not a devastating cost!

i have never heard f such a charge by Schwab, nor have I been charged it. there is a lot of "literature." Do you have a link?

Edited August 29, 2015 by PattayaClub

[Pib]

Visa? Schwab rate? Schwab reimburses the transaction fee, it's irrelevant.

Go here and find the best rate. It can change hourly but this is alway accurate. Use the TT rate.

Krung Thai is currently #1 paying 35.76 as I write this. That's what you'll get if you run over there right now.

http://bankexchangerates.daytodaydata.net/default.aspx

Gosh, so many people who don't understand. The TT Rate is "not', repeat, "not" a bank's ATM rate. Please refer to this post/thread for more info: Link.

[Pib]

I will soon be opening a Schwab account. Their literature says that although they reimburse ATM charges, they charge 1% on foreign transactions. Has that been your experience? If they do charge the 1% then I will use my Navy Fed credit card for cash advances rather than the Schwab ATM card and pay the dollar amount to Navy Fed on the same day to avoid interest charges. I've sometimes gotten stuck overnight and had to pay one day's interest on about $455 of around $0.55. Not a devastating cost!

i have never heard f such a charge by Schwab, nor have I been charged it. there is a lot of "literature." Do you have a link?

Ditto to what PattayaClub said...I have a Schwab account/debit card (US)....no foreign transaction fees and once a month when your monthly statement is issued they reimburse ATM fees for the month.

Then I thought maybe the Schwab 'International' may now have a 1% fee but according to the Scwhab International website they don't and they reimburse ATM fees.

Now if you are using a Schwab "brokerage" account (not talking debit card anymore) to trade stocks where some currency conversion occurs then there can be up to a 1% or other currency conversion fee....but once again we talking stock trading transactions and not debit card transactions.