Millions in the bank, not allowed a credit card...any chance?

[Pib]

In Thailand I use cash.It's easier for me.Have some money in schwab.I just go to the ATM,all fees I get reimbursed

Schwab is definitely changing their policies. 2 months ago I went to a Charles Schwab Bank in the states to open an account. They said you first go to Charles Schwab Brokerage and open an account there. I went to Schwab Brokerage and they said you must first invest $10,000 with them. I am happy with my brokerage that I use currently, and did not need to have a another brokerage account with Schwab. With a Bangkok Bank debit card, who the heck pays ATM fees anyways?

A brokerage acct is part of the deal to get the checking account with Schwab. You don't have to use the brokerage acct. Similar to one of my credit unions. Have to establish membership with a simple savings account ($5.00) first, then can open a checking account, etc.

Did you not have a US physical address, or otherwise tell Schwab you live outside the US? Sounds like they were steering you toward a Schwab International account.

Yeap...sounds like he opened an International Schwab account where you need to fund the brokerage account with $10K...a U.S. Schwab brokerage account does not have to be funded.

[ardokano]

With debit cards being issued by MasterCard and Visa which allows internet and other payment options, what is the benefit of having a credit card. Credit cards are just that, giving you credit but as you have Millions in the bank what is the advantage

BIG nono using a debit card. If it gets hacked, you lose everything with no chance of getting it back. If fraud goes against a credit card, the bleeding can be stopped quickly and the liability falls on the credit card issuer to pay. You lose nothing.

I wouldn't travel with a debit card anywhere. Not to mention debit cards are NOT accepted readily. Credit is the only way to go.

Not realy...

In many countries, it does not matter which card. It is important to pay one card. If the card owner says he does not pay (writes a statement to the bank). The bank must return the money to the account( if its money owner account used for payment), well, or to prove that the cardholder is paying ..

And if it be Credit card and Bank have proof it caldholder pay . so ask pay back for bank..

[55Jay]

In Thailand I use cash.It's easier for me.Have some money in schwab.I just go to the ATM,all fees I get reimbursed

Schwab is definitely changing their policies. 2 months ago I went to a Charles Schwab Bank in the states to open an account. They said you first go to Charles Schwab Brokerage and open an account there. I went to Schwab Brokerage and they said you must first invest $10,000 with them. I am happy with my brokerage that I use currently, and did not need to have a another brokerage account with Schwab. With a Bangkok Bank debit card, who the heck pays ATM fees anyways?

A brokerage acct is part of the deal to get the checking account with Schwab. You don't have to use the brokerage acct. Similar to one of my credit unions. Have to establish membership with a simple savings account ($5.00) first, then can open a checking account, etc.

Did you not have a US physical address, or otherwise tell Schwab you live outside the US? Sounds like they were steering you toward a Schwab International account.

Yeap...sounds like he opened an International Schwab account where you need to fund the brokerage account with $10K...a U.S. Schwab brokerage account does not have to be funded.

Not sure what you're able to do, but I tried to link my Schwab checking account to BB NY for ACH xfers. No can do online. Called and the guy said no as well, told me to try Bill Pay.

Turns out I could link the default brokerage to external accts on line, no problem. I just did my first ACH last week. Xfer from checking to brokerage, took a day to reflect, then brokerage to BB NY.

[Pib]

Not sure what you're able to do, but I tried to link my Schwab checking account to BB NY for ACH xfers. No can do online. Called and the guy said no as well, told me to try Bill Pay.

Turns out I could link the default brokerage to external accts on line, no problem. I just did my first ACH last week. Xfer from checking to brokerage, took a day to reflect, then brokerage to BB NY.

Unless something has changed from a few years ago you can setup ACH transfers link from the brokerage account online...that is, the ACH trial transfer deposits to validate. Can do all online...just as you figured out.

However, but, to setup the transfer links for Schwab Checking or Savings accounts you can not do it online....you must mail in a form with the routing/account number requesting setup of the transfer link. For a Schwab checking account the online link will appear for use once the form is approved. And for a Schwab Savings account once again you must mail in a form with the routing/account number requesting the setup of the transfer link..once approved the online link will still not appear online but you can tell "call-in the transfer" as the Schwab rep will see the link is approved in the system and accomplish the transfer for you...the Schwab rep called it a Phone-in Transfer Link.

A person can easily do an internal transfer from his Schwab Checking or Savings account to his Schwab brokerage account...from there a few seconds later you can do the ACH transfer out from the brokerage account to Bangkok Bank or whatever bank you have a transfer link setup to in the brokerage account transfer section.

Schwab pushes ease of use for its brokerage account but for the checking and savings accounts they are still mired, probably intentionally, in the "mail in a form" world to setup certain things. They much prefer to get you to use their brokerage account in trying to get you into the stock trading world so they can make stock buy/sell commissions. And still to this day if you have a Schwab Savings account you will get a Schwab Savings account statement by mail monthly if the balance change during the month...otherwise you still get a quarterly statement mailed to you---can not turn it off....I've asked several times. They do not do e-statements only for the Savings account although they do e-statements only for the brokerage and checking accounts if desired.

Yeap, the Schwab online system and policies are geared towards your brokerage account with much less emphasis on the Checking and Savings accounts.

[55Jay]

Not sure what you're able to do, but I tried to link my Schwab checking account to BB NY for ACH xfers. No can do online. Called and the guy said no as well, told me to try Bill Pay.

Turns out I could link the default brokerage to external accts on line, no problem. I just did my first ACH last week. Xfer from checking to brokerage, took a day to reflect, then brokerage to BB NY.

Unless something has changed from a few years ago you can setup ACH transfers link from the brokerage account online...that is, the ACH trial transfer deposits to validate. Can do all online...just as you figured out.

However, but, to setup the transfer links for Schwab Checking or Savings accounts you can not do it online....you must mail in a form with the routing/account number requesting setup of the transfer link. For a Schwab checking account the online link will appear for use once the form is approved. And for a Schwab Savings account once again you must mail in a form with the routing/account number requesting the setup of the transfer link..once approved the online link will still not appear online but you can tell "call-in the transfer" as the Schwab rep will see the link is approved in the system and accomplish the transfer for you...the Schwab rep called it a Phone-in Transfer Link.

A person can easily do an internal transfer from his Schwab Checking or Savings account to his Schwab brokerage account...from there a few seconds later you can do the ACH transfer out from the brokerage account to Bangkok Bank or whatever bank you have a transfer link setup to in the brokerage account transfer section.

Schwab pushes ease of use for its brokerage account but for the checking and savings accounts they are still mired, probably intentionally, in the "mail in a form" world to setup certain things. They much prefer to get you to use their brokerage account in trying to get you into the stock trading world so they can make stock buy/sell commissions. And still to this day if you have a Schwab Savings account you will get a Schwab Savings account statement by mail monthly if the balance change during the month...otherwise you still get a quarterly statement mailed to you---can not turn it off....I've asked several times. They do not do e-statements only for the Savings account although they do e-statements only for the brokerage and checking accounts if desired.

Yeap, the Schwab online system and policies are geared towards your brokerage account with much less emphasis on the Checking and Savings accounts.

Yup, that's what it was. Oddly enough, when I set up some investments through a private broker a couple years ago, Schwab was one of the accepted custodial brokerage firms to hold and monitor the assets. My broker and the investment fund group didn't want to use my existing Schwab brokerage acct, so they did the paperwork to open another, tagged IA managed (independent advisor), so now I have two. Schwab takes their monthly fee straight out of it, as well as funds my broker's quarterly fees to him. That's probably the rub.....

The original brokerage acct stays at zero but happy that I finally figured out it is my ACH platform to external accounts.

Edited April 6, 2016 by 55Jay

[fletchsmile]

I never paid much attention to Thai credit cards, I use US no fee/cash back card. This thread sent me to BB card site. Wow, they do have some pretty good promotions running, although didn't go through the details. I might have a look at this myself.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/CreditCards/Pages/CreditCardPromotion.aspx

Does BB point out that, unlike with US credit cards, you have no statutory protection from credit card fraud with any Thai CC? So, that means you are on the hook for all charges on the card including fraudulent ones. While it's possible that a bank may decide to make you whole in the event of fraud such a step is entirely at their discretion.

No promotion could persuade me to assume such a risk.

Now that you mention it, recall reading that here in the past, maybe that's what put me off previously. Thanks.

I'm not going to argue that Thai Consumer Protection Laws equal such laws as in many western countries...nope, not going to do that. However Thai banks do have processes/policies for lost/stolen cards, disputes against charges you didn't make, etc.

For example review the Bangkok weblinks on their credit cards especially the FAQ link, Forms Download/Credit Card Dispute links, etc. A few are listed below.

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/creditcards/Pages/CreditCardPromotion.aspx

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/CreditCards/FAQs/Pages/default.aspx

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/creditcards/formsdownload/Pages/Default.aspx

Yes US consumer protection is stronger on CC

As you mention protection consumer protection exists in Thailand, just not as strong. As a customer, I've had the odd dispute or fraud transaction related to my CC in my time. All resolved in my favour.

Also when previously working for a bank here I'd come across cases where complaints had been made / fraud etc and there were processes in place. CC are not my specific area, but as a senior person in the bank, I'd see specific cases or general procedures/ systems come up from time to time when escalated in different forums.

When people say "no statutory protection in Thailand" for CC that's just plain wrong.

[55Jay]

Does BB point out that, unlike with US credit cards, you have no statutory protection from credit card fraud with any Thai CC? So, that means you are on the hook for all charges on the card including fraudulent ones. While it's possible that a bank may decide to make you whole in the event of fraud such a step is entirely at their discretion.

No promotion could persuade me to assume such a risk.

Now that you mention it, recall reading that here in the past, maybe that's what put me off previously. Thanks.

I'm not going to argue that Thai Consumer Protection Laws equal such laws as in many western countries...nope, not going to do that. However Thai banks do have processes/policies for lost/stolen cards, disputes against charges you didn't make, etc.

For example review the Bangkok weblinks on their credit cards especially the FAQ link, Forms Download/Credit Card Dispute links, etc. A few are listed below.

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/creditcards/Pages/CreditCardPromotion.aspx

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/CreditCards/FAQs/Pages/default.aspx

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/creditcards/formsdownload/Pages/Default.aspx

Yes US consumer protection is stronger on CC

As you mention protection consumer protection exists in Thailand, just not as strong. As a customer, I've had the odd dispute or fraud transaction related to my CC in my time. All resolved in my favour.

Also when previously working for a bank here I'd come across cases where complaints had been made / fraud etc and there were processes in place. CC are not my specific area, but as a senior person in the bank, I'd see specific cases or general procedures/ systems come up from time to time when escalated in different forums.

When people say "no statutory protection in Thailand" for CC that's just plain wrong.

Thanks, Fletch.