Citibank Greed

[Gary A]

I apologize to anyone who changed to Citibank because of my previous posts praising them. Prior to December there was no charge for international ATM transactions but there was a one percent foreign exchange fee. That fee has now gone from one percent to three percent. No where on their website does it say that. It still says one percent. They told me that I was notified via bank statement. I DON'T get bank statements because long ago I opted for wireless statements to save them money.

[Orangutan]

Join a credit union...I pay NO ATM FEES!

-Orangutan

[kudroz]

Yeah those charges are insane, HSBC charges me on widthrawals:

2.5% conversion fees for foreign currency widthrawals

1.5% handling charges for all widthrawals (minimum $2.25 USD)

So it's like, I'm getting hit a minimum of 3% everytime I want to widthraw money here in Thailand. That's why it's sometimes better to wire funds to my bank account here in Thailand instead of using the ATM card all the time.

[topfield]

Yeah those charges are insane, HSBC charges me on widthrawals:

2.5% conversion fees for foreign currency widthrawals

1.5% handling charges for all widthrawals (minimum $2.25 USD)

So it's like, I'm getting hit a minimum of 3% everytime I want to widthraw money here in Thailand. That's why it's sometimes better to wire funds to my bank account here in Thailand instead of using the ATM card all the time.

Sad. The vast majority of savvy expats use the cards of a certain building society where there are no charges whatsoever and the exchange rate often above the going market rate.

[Pink Mist]

can posters PM you and get the name of this institution?

regards

bronco

[kudroz]

Yeah those charges are insane, HSBC charges me on widthrawals:

2.5% conversion fees for foreign currency widthrawals

1.5% handling charges for all widthrawals (minimum $2.25 USD)

So it's like, I'm getting hit a minimum of 3% everytime I want to widthraw money here in Thailand. That's why it's sometimes better to wire funds to my bank account here in Thailand instead of using the ATM card all the time.

Sad. The vast majority of savvy expats use the cards of a certain building society where there are no charges whatsoever and the exchange rate often above the going market rate.

You're probably reffering to Nationwide, which is not very practical for someone who isn't from the UK. The only accounts, afaik, available to non-resident are savings accounts and they do not offer debit/credit cards.

[kudroz]

can posters PM you and get the name of this institution?

regards

bronco

I don't think it's a secret or against the rules to post that.

www.nationwide.co.uk

www.nationwideinternational.com

But as a said in my above post, they do not afaik open current accounts to non-resident. The only accounts available to non-residents are savings account with no debit/credit cards whatsoever.

[Gary A]

I had a look at the Etrade website and it looks quite promising. I have sent them an email and am waiting for their reply. I have also sent an email to Wachovia. The LPL Financial retirement account fees rape me too. As soon as I find someone who can do everything for a reasonable price, I'll be finished with Citibank and LPL Financial. Many of the Net banks do not offer international wire transfers.

[billd766]

Yeah those charges are insane, HSBC charges me on widthrawals:

2.5% conversion fees for foreign currency widthrawals

1.5% handling charges for all widthrawals (minimum $2.25 USD)

So it's like, I'm getting hit a minimum of 3% everytime I want to widthraw money here in Thailand. That's why it's sometimes better to wire funds to my bank account here in Thailand instead of using the ATM card all the time.

Sad. The vast majority of savvy expats use the cards of a certain building society where there are no charges whatsoever and the exchange rate often above the going market rate.

I would assume that to obtain one of these cards you would have to have a registered address in the and then visit the local branch to sign up.

Most expats actually live in Thailand so the cost of returning to the UK, obtaining a UK address, your residence there or perhaps a family or friends address to use, costs more money than you will save except over many years.

It is fine if you live part of the year there and the rest here but then you are not really an expat are you?

[kudroz]

Yeah those charges are insane, HSBC charges me on widthrawals:

2.5% conversion fees for foreign currency widthrawals

1.5% handling charges for all widthrawals (minimum $2.25 USD)

So it's like, I'm getting hit a minimum of 3% everytime I want to widthraw money here in Thailand. That's why it's sometimes better to wire funds to my bank account here in Thailand instead of using the ATM card all the time.

Sad. The vast majority of savvy expats use the cards of a certain building society where there are no charges whatsoever and the exchange rate often above the going market rate.

I would assume that to obtain one of these cards you would have to have a registered address in the and then visit the local branch to sign up.

Most expats actually live in Thailand so the cost of returning to the UK, obtaining a UK address, your residence there or perhaps a family or friends address to use, costs more money than you will save except over many years.

It is fine if you live part of the year there and the rest here but then you are not really an expat are you?

I called Nationwide for fun, and was told that in order to open a bank account you need to be registered with the inland revenue service or have a concil tax bill... she put me on hold several time to check with her supervisor and the connection wasn't good - so I didn't bother to have her repeat herself... bottom line is that only an address isn't sufficient.

[kudroz]

I had a look at the Etrade website and it looks quite promising. I have sent them an email and am waiting for their reply. I have also sent an email to Wachovia. The LPL Financial retirement account fees rape me too. As soon as I find someone who can do everything for a reasonable price, I'll be finished with Citibank and LPL Financial. Many of the Net banks do not offer international wire transfers.

It was reported on some expat forums that they started closing account for people who aren't trading but using the account only as a current account. They want to see some trading going on in the account.

[Gary A]

I'm a skeptic for sure. I don't mind paying reasonable fees for reasonable services but I refuse to be raped by any of the thieves. Charging me three percent to get my own money is NOT a reasonable fee. I am not a Brit so I can't use those programs that were suggested. Citibank has provided me very good services for a number of years but to triple the ATM rate SUCKS! Banks usually provide good service for reasonable rates BUT this is NOT reasonable. I WILL find a better way. In the mean time I REFUSE to use my ATM card and will pay the $30 fee for the wire transfer even though the exchange rate stinks.

[lopburi3]

The exchange rate is good for wire transfer. Check the Bangkok Bank rates and the TT is what you get when you send dollars and have the conversion take place in Thailand. If you have exchange take place outside of Thailand and send baht, yes, the exchange rate will be really bad.

[Gary A]

The exchange rate is good for wire transfer. Check the Bangkok Bank rates and the TT is what you get when you send dollars and have the conversion take place in Thailand. If you have exchange take place outside of Thailand and send baht, yes, the exchange rate will be really bad.

I don't have a problem with the Citibank exchange rate. I don't have a problem with the $30 wire transfer fee. What I have a problem with is raising the ATM fee from one percent to three percent. I have no problem with banks making money. They are in business to make money. Two years ago there was NO exchange rate fee. Last year they decided to charge one percent. I wasn't happy but that wasn't so unreasonable. Now they raise it to three percent! WHY?

[Dave the Dude]

The exchange rate is good for wire transfer. Check the Bangkok Bank rates and the TT is what you get when you send dollars and have the conversion take place in Thailand. If you have exchange take place outside of Thailand and send baht, yes, the exchange rate will be really bad.

Hi All

Although I'm in the Uk for a little longer,I have been looking to open a Nationwide on-line account so that I can latter get ATM withdrawals free. My bank HSBC Int Off-shore have just placed a GBP25,000 balance limit on accounts!!! to pay for services I dont need.

Please note Nationwide do NOT do Swift/Wire/Telegraphic Transfers abroad so its not a good place to save when permanently living abroad. To quote them 'We are only a Building Society and not a Bank'

Any suggestions for an On-line,interest bearing account ,that does Fgn transfers for a UK based,soon to be resident of Thailand,will be gratefuly appreciated.

ps Anyone have a Bankok Bank account in London. I understand they have one branch there????

Edited January 6, 2007 by Dave the Dude

[Khun ?]

Gary

I am a preferd customer of Citi also and just started getting charged 1% this last year. I think

it had something to do with Mastercard going on the stock exchange. I do get free transfer but

rarely use the service. I do not use my ATM unless on vacation also as I can write a check when

I need cash. I have plenty sitting around from incoming payments that will last me the year

I hope so no ATM fee this year. They also raised fee's on over draught a bit, then of course that could be the LIBOR rate is up this year. They do have a 5.05%interest on interbank money market on the website.

I am looking for when I retire in the next year or two. May ask to see what Visacard fee's are.

Good Luck

I don't have a problem with the Citibank exchange rate. I don't have a problem with the $30 wire transfer fee. What I have a problem with is raising the ATM fee from one percent to three percent. I have no problem with banks making money. They are in business to make money. Two years ago there was NO exchange rate fee. Last year they decided to charge one percent. I wasn't happy but that wasn't so unreasonable. Now they raise it to three percent! WHY?

[LoveDaBlues]

NETBANK (United States bank). Never paid an ATM fee. Transfer fee is a flat $20.00 plus the fee charged by the 'intermediary' bank (Bangkok Bank NYC charges a flat fee of $5.00).

Cheapest way I've found to transfer money from United States to Thailand is the following. Bank of America -------> Bangkok Bank in New York------->Bangkok Bank in Thailand. Total cost is $13.00 USD. BOA charges $3.00; BB in NYC charges $5.00; BB in Thailand charges a percentage of money sent but there is a maximum charge and it is low.

I HATE Bank of America but at $3.00 for a transfer I'm keeping the account open.

NOTE: Bank of America would only allow me to xfer money to my account in Thailand. They WOULD NOT allow me to xfer money to my wife's account at the same Thai bank. They told me it's not allowed because the account names must match. With Netbank I can xfer money to any account in Thailand I choose. All of my xfer's I initiate myself on the web.

Edited January 6, 2007 by LoveDaBlues

[backflip]

I use Charles Schwab, and I don't get charged a fee for international ATM usage.

[simcity]

one thing to remember is the echange rates you getting for your baht !

my visa ( australian ) start to charge me 2.80 % fees for purchase and withdraw , but the exchange rates is the same as TT

my amex charge me only 1.25 dollar for withdraw , but the exchange rates is lower .

what i find the cheaper for me is to get AU dollars send to my Thailand bank account every few weeks

[srifah]

I apologize to anyone who changed to Citibank because of my previous posts praising them. Prior to December there was no charge for international ATM transactions but there was a one percent foreign exchange fee. That fee has now gone from one percent to three percent. No where on their website does it say that. It still says one percent. They told me that I was notified via bank statement. I DON'T get bank statements because long ago I opted for wireless statements to save them money.

Citibank noticed me a year and half ago that they will charge 3% if I use the credit card outside the US. Bank One charges 3% to use ATM outside the country (it's visa debit card) in addition to the ATM bank inThailand also a fee (?). Check into Compass bank, they will reimburse you when using ATM worldwide (don't know about the Thai bank), but atleast you only pay one of them, not both.

[Gary A]

I use Charles Schwab, and I don't get charged a fee for international ATM usage.

Charles Schwab looks pretty good. Are you a US resident or are you using their international account? I have no US address. I have emailed them for more information. LPL Financial has my retirement account and their fees are pretty crazy too. I may be able to kill two birds with one stone.

[Sophon]

The exchange rate is good for wire transfer. Check the Bangkok Bank rates and the TT is what you get when you send dollars and have the conversion take place in Thailand. If you have exchange take place outside of Thailand and send baht, yes, the exchange rate will be really bad.

I don't have a problem with the Citibank exchange rate.

If you don't have a problem with the Citibank exchange rate then why did you post this in an earlier post?:

I WILL find a better way. In the mean time I REFUSE to use my ATM card and will pay the $30 fee for the wire transfer even though the exchange rate stinks.

It sounds like you make your transfers in THB instead of USD, and lopburi was just pointing out that if you transfer USD instead of THB you will in fact receive a very good exchange rate from your Thai bank. If you transfer large amounts (say in the USD 5,000 range) you will probably despite the transfer fee end up being better off than you were using your ATM card back when you were paying a 1 percent fee.

Sophon

[Gary A]

The exchange rate is good for wire transfer. Check the Bangkok Bank rates and the TT is what you get when you send dollars and have the conversion take place in Thailand. If you have exchange take place outside of Thailand and send baht, yes, the exchange rate will be really bad.

I don't have a problem with the Citibank exchange rate.

If you don't have a problem with the Citibank exchange rate then why did you post this in an earlier post?:

I WILL find a better way. In the mean time I REFUSE to use my ATM card and will pay the $30 fee for the wire transfer even though the exchange rate stinks.

It sounds like you make your transfers in THB instead of USD, and lopburi was just pointing out that if you transfer USD instead of THB you will in fact receive a very good exchange rate from your Thai bank. If you transfer large amounts (say in the USD 5,000 range) you will probably despite the transfer fee end up being better off than you were using your ATM card back when you were paying a 1 percent fee.

Sophon

You have lost me somewhere. I ALWAYS wire dollars. I get the same exchange rate that shows on my Yahoo home page. At this point the only option I have is a wire transfer for US $30. I refuse to pay the 3% currency exchange rate. My post is ONLY complaining about the ATM exchange fee. It is not a credit card. It is a simple Citibank debit card. When the dollar is weak, I hesitate to wire money and like to use the ATM card to buy time to see if the baht weakens.

[topfield]

The exchange rate is good for wire transfer. Check the Bangkok Bank rates and the TT is what you get when you send dollars and have the conversion take place in Thailand. If you have exchange take place outside of Thailand and send baht, yes, the exchange rate will be really bad.

I don't have a problem with the Citibank exchange rate.

If you don't have a problem with the Citibank exchange rate then why did you post this in an earlier post?:

I WILL find a better way. In the mean time I REFUSE to use my ATM card and will pay the $30 fee for the wire transfer even though the exchange rate stinks.

It sounds like you make your transfers in THB instead of USD, and lopburi was just pointing out that if you transfer USD instead of THB you will in fact receive a very good exchange rate from your Thai bank. If you transfer large amounts (say in the USD 5,000 range) you will probably despite the transfer fee end up being better off than you were using your ATM card back when you were paying a 1 percent fee.

Sophon

As an aside, some years back I had an account with Citgold in Singapore and had their ATM card..

I was extremely impressed with one feature I have never found before on an ATM account and not seen since.

When making a cash withdrawal at an ATM in London, for example , before the transaction was completed, a notice came on the screen saying I wished to withdraw X pounds.

The following amount in Sing dollars would be debited from my account using the following exchange rate which was then quoted. Should I wish to proceed I should press OK.

Do Citibank still use this system ? Wow..if only Nationwide and others would introduce it ,life would be so much easier !

[bmanly]

Gary A, Citibank Australia pulled the same stunt. Use to be a flat $4 withdrawal fee then they sent a letter out saying how they would drop this $4 fee for a 2.5% conversion fee. That meant my regular ATM withdrawal fee went from $4 flat to a whopping $27 for a 30,000 baht withdrawal! ! !

For Aussies go this card at THIS LINK, no ATM fees, No Conversion fees and if you load your card before withdrawal no interest either, cheers.

[Oswulf]

Please note Nationwide do NOT do Swift/Wire/Telegraphic Transfers abroad so its not a good place to save when permanently living abroad. To quote them 'We are only a Building Society and not a Bank'

This is just plain wrong. I have transferred money from my Nationwide account to my Thai bank accounts using SWIFT on several occasions. Generally Nationwide prefers that you send your SWIFT instruction through the post. However, by prior agreement, they'll also accept faxed instructions.

[topfield]

Please note Nationwide do NOT do Swift/Wire/Telegraphic Transfers abroad so its not a good place to save when permanently living abroad. To quote them 'We are only a Building Society and not a Bank'

This is just plain wrong. I have transferred money from my Nationwide account to my Thai bank accounts using SWIFT on several occasions. Generally Nationwide prefers that you send your SWIFT instruction through the post. However, by prior agreement, they'll also accept faxed instructions.

In fact Dave the Dude is right. Nationwide is a Building Society so do not make international transfers.

What they do is instruct their bankers usually HSBC to do this.

So both of you are right !!

[Gary A]

I WILL find a better way. In the mean time I REFUSE to use my ATM card and will pay the $30 fee for the wire transfer even though the exchange rate stinks.

It sounds like you make your transfers in THB instead of USD, and lopburi was just pointing out that if you transfer USD instead of THB you will in fact receive a very good exchange rate from your Thai bank. If you transfer large amounts (say in the USD 5,000 range) you will probably despite the transfer fee end up being better off than you were using your ATM card back when you were paying a 1 percent fee.

Sophon

--------------------------------------------------------------------------------------------------

Sorry Sophon. I see now where I confused everyone. The baht/dollar exchange stinks, not the Citibank exchange rate.

[Dave the Dude]

Please note Nationwide do NOT do Swift/Wire/Telegraphic Transfers abroad so its not a good place to save when permanently living abroad. To quote them 'We are only a Building Society and not a Bank'

This is just plain wrong. I have transferred money from my Nationwide account to my Thai bank accounts using SWIFT on several occasions. Generally Nationwide prefers that you send your SWIFT instruction through the post. However, by prior agreement, they'll also accept faxed instructions.

In fact Dave the Dude is right. Nationwide is a Building Society so do not make international transfers.

What they do is instruct their bankers usually HSBC to do this.

So both of you are right !!

Hi ALL

I must hold my hands up and admit I was wrong. SORRY I was told by cashier in a Nationwide branch the above info, but have since checked thier website which confirms they CAN DO T/F'S TO THAILAND by downloading form and then posting it to UK. Interesting comment re faxed instructions.I will be going into Eastbourne Branch to open account tommorrow and will see wot they say about FAXED INSTRUCTIONS.

p.s. Prehaps this is not a good time to admit to being an ex-Bank Manager. (until I realised there was a better future in plumbing than finance!)

Edited January 7, 2007 by Dave the Dude

[yankee-expat]

I'm a skeptic for sure. I don't mind paying reasonable fees for reasonable services but I refuse to be raped by any of the thieves. Charging me three percent to get my own money is NOT a reasonable fee. I am not a Brit so I can't use those programs that were suggested. Citibank has provided me very good services for a number of years but to triple the ATM rate SUCKS! Banks usually provide good service for reasonable rates BUT this is NOT reasonable. I WILL find a better way. In the mean time I REFUSE to use my ATM card and will pay the $30 fee for the wire transfer even though the exchange rate stinks.

Open a Bangkok Bank Savings Account. Wire the money from your local USA bank using a domestic wire transfer to Bangkok Bank in NYC.

New York Branch

Mr. Chalit Phaphan, Branch Manager

Bangkok Bank PCL New York Branch

29 Broadway, 20th Floor, New York

NY 10006

Tel: (1-212) 422-8200

Fax: (1-212) 422-0728

Swift: BKKB US 33

Telex:(023) 175459 BKBK UT

E-mail: [email protected]

FED Routing No: 026008691

CHIPS ABA: 0869

Usually 15 dollars to wire the money domestically. Use your name on the account in Thailand and put the Thai account number for the payee.

Bangkok bank then charges 5 dollars to move the money from NYC into your account in LOS.

Takes a day.