You and your Thai Wife of 20 years.

[meltingpot2015]

Can we use foreign bank issued (UK/US bank) credit or debit card to withdraw cash from ATM's in Vientiane, Loas.

Is there an ATM Fee?. According to one of the reviews from the link below, some U.S card holders are charged 10 USD.

http://www.tripadvisor.com/ShowTopic-g293950-i11502-k6945272-Any_limits_for_cash_withdrawal_from_ATM-Vientiane_Vientiane_Province.html

[el jefe]

I've had no problem using my US ATM cards at many banks in Laos. Most ATM's charge an 18,000 to 20,000 kip fee (about US$2.00). My bank (Charles Schwab) reimburses all ATM fees. Any additional fees above that are charged by your bank in the US. The only way to know the exact fee is for you to contact them directly.

[meltingpot2015]

There is a related post below:

http://www.thaivisa.com/forum/topic/494515-atm-withdrawal-limits-for-cambodia-laos/#entry4665431

I did ATM pull yesterday at BCEL branch. I went to the cashier to begin with to withdraw U.S dollars. Was told there is 3% fee.

If you intend to withdraw 200 USD this works out 6 USD fee. My transaction was declined by Bank. So, the cashier advised it may be due to a single transaction withdrawal limit. So, I tried the ATM in the branch. When I entered 1600000 Kip (about 195 USD) to begin with, it was declined. Entered 1500000 Kip (183 USD) and a message comes-up on the ATM screen about the 20,000 kip atm fee. Say 'OK' to this and money was dispensed immediately.

It actually works out cheaper to use the ATM, in my case as this UK bank issued mastercard does not attract fees at the UK end. Just the ATM fee by the ATM provider. However, there are some reports that, depending on your home bank fees it may be cheaper to use the branch cashier for withdrawals. See post #12 in the link below: (that post is taking the atm fee as 5 USD per atm pull)

http://www.tripadvisor.com/ShowTopic-g293949-i9320-k6137583-o10-Australian_bank_acc_s_ATM_fees_travel_holiday_money-Laos.html

It seems you Scwabb account holders are on to a winner. If a non scwab account holder uses 2 ATM pulls to withdraw 3000000kip, that would amount to 2 x 20000 Kip fee = 40000Kip (4.88 USD). USing cashier at bank to withdraw USD, this would be 3000000 kip= 366 USD, which attracts 3% fee. So 366 x 0.03 = 10.96 USD. ATM wins by a mile.

However, as far as I am aware, to withdraw USD we need to go to cashier. (no ATM's dispense USD)

Edited September 3, 2015 by meltingpot2015

[nithisa78]

Yes, but they love green backs.

[squarethecircle]

Yes but my experience was it works out better to draw in THB in ATM's on the Thai side for everything you will need, then change to Lao kip on the other side. BCEL's charge 3% and you can get 0% charge on the Thai side (at the Japanese bank, can't remember the name).

[skatewash]

Yes but my experience was it works out better to draw in THB in ATM's on the Thai side for everything you will need, then change to Lao kip on the other side. BCEL's charge 3% and you can get 0% charge on the Thai side (at the Japanese bank, can't remember the name).

If the Japanese bank operating in Thailand you are thinking of is AEON, it started charging 150 Baht ATM access fee starting in 2014: http://www.aeon.co.th/aeon/en/fee-payment/aeon-atm-fee

[meltingpot2015]

Update:

PSV bank ATM in Vientiane did not ask me if I agree to the 20,000Kip fee. Although it did add a fee to a Withdrawal of 200,000 Kip. Another time (about a week after) I was not able to withdraw the single pull amount of 1,500,000 Kip (which can be done at BCEL).

I cancelled the withdrawal at PSV and used the nearest BCEL Branch ATM.

[Chivas]

I've had no problem using my US ATM cards at many banks in Laos. Most ATM's charge an 18,000 to 20,000 kip fee (about US$2.00). My bank (Charles Schwab) reimburses all ATM fees. Any additional fees above that are charged by your bank in the US. The only way to know the exact fee is for you to contact them directly.

I read this often about CS refunding ATM fees. If you used that card daily in Thailand its going to cost 5400 Baht a month on average. Even with a weakening Baht that's still around $150 ?? Yes no one would in practice use ATM's daily or very unlikely but that's not quite the point.

CS repay that without quibble,,,,,?? Am not doubting just asking.

[Jiu-Jitsu]

I've had no problem using my US ATM cards at many banks in Laos. Most ATM's charge an 18,000 to 20,000 kip fee (about US$2.00). My bank (Charles Schwab) reimburses all ATM fees. Any additional fees above that are charged by your bank in the US. The only way to know the exact fee is for you to contact them directly.

I read this often about CS refunding ATM fees. If you used that card daily in Thailand its going to cost 5400 Baht a month on average. Even with a weakening Baht that's still around $150 ?? Yes no one would in practice use ATM's daily or very unlikely but that's not quite the point.

CS repay that without quibble,,,,,?? Am not doubting just asking.

http://content.schwab.com/m/q310/schwab_bank_high_yield_investor_checking/ELC44427C-02.html

http://millionmilesecrets.com/2014/05/13/charles-schwab-debit-card/

[JimGant]

You’ll get a linked Charles Schwab brokerage account with no fees or minimums when you apply for the checking account. But you don’t have to use it!

A loss leader (or at least not a profit center) to, hopefully, have the traveling US public use their Schwab brokerage service that automatically attaches when they get their Investor checking account, with Debit/ATM card. Probably a good call, as those who have disposable income for traveling are also, most likely, investors (and, conversely, the hand-to-mouth backpacker crowd probably doesn't qualify for a Investor checking account).

[meltingpot2015]

Careful. See post:

http://www.thaivisa.com/forum/topic/803418-fed-up-with-bank-fees/page-2#entry9158025

also check out:

http://www.consumeraffairs.com/finance/schwab.html

On above link, see Reviews on 17 and 18 August 2015 in particular.

Some reports from the news:

http://www.consumeraffairs.com/class-action-lawsuit-and-litigation-news

http://consumerist.com/2013/05/16/charles-schwab-drops-forced-arbitration-clause-from-contracts/

However, there are some excellent reviews below:

https://www.creditkarma.com/reviews/banking/single/id/charles-schwab-bank2

Edited October 5, 2015 by meltingpot2015

[meltingpot2015]

You’ll get a linked Charles Schwab brokerage account with no fees or minimums when you apply for the checking account. But you don’t have to use it!

A loss leader (or at least not a profit center) to, hopefully, have the traveling US public use their Schwab brokerage service that automatically attaches when they get their Investor checking account, with Debit/ATM card. Probably a good call, as those who have disposable income for traveling are also, most likely, investors (and, conversely, the hand-to-mouth backpacker crowd probably doesn't qualify for a Investor checking account).

You are right, the hand-to-mouth backpacker qualifies for the card with crazy ATM fees attached.

[JimGant]

The rule they [CS] applied is very weird. They take a hard pull on your credit report when you only apply for a checking account, that you deposit your own money into their bank instead of borrowing money from them.

Yep, only investor quality folks need apply. Reimbursing ATM fees to the poor would not be a smart business decision.

[meltingpot2015]

Its more a business tactic. A ruthless one. Since no other bank in the U.S offers the same incentive, there is no competition.

Reimbursing ATM fees to the poor would not be a smart business decision

We would need to differentiate between the poor and the ""travelling" poor...backpacker types.

In their home country the rich/poor gets treated alike, when it comes to ATM withdrawals, but when the poor backpacker sets foot abroad, he/she get shafted with the exorbitant ATM fee.

With all these poor folks going abroad and making ATM withdrawals, if the banks were to reimburse them all...it would cost the banks....Millions?...Trillions??, but hang on...do poor folks make that many ATM withdrawals anyway?. (amount and frequency)

Yep, let the poor folks pay for this unrepentant privilege, while those who can actually afford it feel smug and try and find the most absurd justifications.

pxxx on the poor and tell them its raining, more like.

Edited October 5, 2015 by meltingpot2015