Bring your Money with you

[robaus]

My British friends tell me Nationwide? plastic is free from overseas transaction fees.

 

If you're an Aussie, Wizard Clear Advantage Mastercard is excellent. No overseas fees at all and a good exchange rate. I top it up via netbanking from my interest bearing account when I need funds, so use it sort of like a debit card.

 

 

[cavanami]

Just xchanged USD cash at Kasikorn and got: 34.24,

xchgd some T/C and got: 34. 07

 

Pulled some cash from the Kasikorn ATM using my Citibank ATM card and got: 33.60

 

Looks like cash is king!

[saucier01]

looks like the proof is in the numbers.

 

cheers.

[..]

The last ATM transaction I did using my USA bank was on 30 April and I received 34.7141, when the official rate was 33.0500 per Oanda (obviously the offshore rate) and BBL was buying big notes at 34.43.

 

Yesterday, I got a rate of 121.2163 yen for an ATM transaction where Oanda shows the rate to be 121.0070.

 

On 3 May, I got Oz$1.2106 with Oanda showing 1.2118.

 

I think it depends upon the issuing bank. My US bank is a small three-branch boutique bank without many of the fees of the large chains -- they do not charge for any ATM transaction and obviously do not stroke you on the forex. They are great.

 

It does not appear to be linked to ATM machine. I tried Kasikorn and Thai Military ATMs to test (cuz they are near each other) and got the same rate.

 

Cheers,

SD

[..]

I was curious, so I checked my AmEx bill to see the rates there.

 

30 April - 34.0369 baht

3 May - 1.1802 Oz dollars

15 May - 117.7426 yen

 

So the ATM card for me is 2-3% better deal over AmEx.

 

Cheers,

SD

[dean]

Do the small banks also charge the 1% commission that Visa now charges for every ATM withdrawl? I'm looking to change banks when I go back the the U.S. in September because I'm now being charged $1.50 per ATM transaction and 1% from VISA, which adds up to $6.50 on a $500 withdrawl. For now, I'm having money wire transfered for a $35 charge. On Friday at Siam Commercial Bank, I got an exchange rate of 34.47.

[..]

I'm not noticing anything from my bank, but they use MasterCard as their debit service. The only fees I pay are US$10/mo on occasion if I do not keep an average balance of US$2,500 in the account.

 

Cheers,

SD

[mongatu]

Both MasterCard and Visa always charge a 1% conversion fee for exchanging money using a debit card. Supposedly, though, they give you a commercial exchange rate that is supposed to be better than the retail rate, so that might effectively cancel out the 1% fee.

 

Your particular bank may or may not add a fee to this 1! fee or they might add an ATM usage fee, or both. However, fortunately there are several banks that don't add anything to the MC/Visa 1% fee or charge any ATM fees. I have an account with Washington Mutual that doesn't add any fees beyond the MC 1% fee nor charge for ATM usage and even does free international wire transfers. Also have an account with "USAA" Fed. Savings Bank that uses a MC debit card with no additional fees beyond the 1%, plus even if the ATM you use happens to charge a fee, they reimburse me for that.

 

However, I haven't checked what exchange rates these MC ATM debit cards are giving since I haven't been in Thailand lately. So I'm still not sure whether you get a better rate with the atm cards or with cash.

[cavanami]

I was told that Washington Mutual Bank did not charge anything when pulling money out of an ATM.

I setup an account with them and will try it out when I return to BKK next week and advise.

[mongatu]

Right, THEY (WM) don't charge anything, but MC (which they use) still does charge their 1% fee and WM passes that on to you. I don't think there is a way around that.