New ATM fees -- who's charging them?

[cavanami]

Citibank is (was?) good as they are really worldwide; China, Japan, Sillypore, etc.

Was very handy for the traveling I do.

[CondomKing]

I have said before, I use my Citibank card to draw out money at a UOB ATM and never was charged the 3% fee.

 

Try a UOB ATM with your Citibank card.

 

The 3% charge shows up on my statement, not on the ATM reciept. Have you checked your Citibank statement for the 3% charges?

If UOB is not charging the 3% I'll go there, as the 3% is usually more than 150 B. If they're not charging the 150 B either, even better.

 

[HeartThais]

I have said before, I use my Citibank card to draw out money at a UOB ATM and never was charged the 3% fee.

 

The fee might not show up as a separate line item. It might just be deducted from the exchange rate they give you.

[CondomKing]

The exchange rate on the street yesterday was 33.69 B to $ for 50&100's and the rate I got at the Citibank ATM was 33.09, plus 3% deducted from my account, which brings the actual rate down to 32.13 B.

 

CORRECTION: I just checked my Citibank online statement and realized that the amount decucted from my account and displayed on the ATM screen already included Citibank's 3% "foreign transaction fee". So, the bottom line exchange rate was 60 Satang less than the rate for U.S. 50's and 100's on the street.

[cavanami]

OK, that GOOD news!

 

Using UOB I have *** never *** been charged the 3%. No 3% shows up when I check my actual account.

Doing the math, the exchange rate is within 0.1 Baht of the published exchange rate for the day, nothing hidden in the amount deducted from my Citi account.

 

The last time I went to Citibank in Bangkok and used the Citi ATM there, they *** DID *** charge me the 3% and it *** DID *** show up in my account, thus I stopped using Citi a few years ago.

[CondomKing]

OK, so it looks like the Citibank rate including the 3% is about the same as the UOB Rate which doesn't show an additional 3% "charge" but it's obviously in the calculations somewhere. Seems like if UOB is not charging the 150 B surcharge the rate is almost interchangeable with Citibank Bangkok Branch, if using a Citibank card.

[cavanami]

Yes, *** if *** UOB is not charging the 150 Baht, then the best deal.

[WorldFun]

guys I think someone is messing things up or believing in fortune tellers, fortune cookies whatever

 

bank (card issuer) issues a card to a customer. card may be used to witdraw local currency from local branch/bank/atms (national/international atm network).

 

card may also be linked to international atm network system or alternatively banks foreign branch atm(s).

 

with me so far?

 

now 'some' banks may have some sort of internal exchange rate 'policy' for internal atm wihdrawals, but I've never encountered that thus as sson as you leave your currency area/country your foreign exchange rate, fees etc will be determined by a combination of the system and/or the banks additional fees as follows:

 

e.g. citibank.de cirrus atm cards is charging a flat fee of eur3.90 per atm withdrawal except if in citibank atms then it's free so far so good, so if using citibank.th all is free so far & no local 150bt fee should apply either - right?

 

now the 'worst' part is the exchange rate & here the 'base rate' will be set by the system i.e. 'cirrus'.

rate is set multiple times per day, so if e.g. withdrawing at x atm 10.50am & y atm 11.25 on the same day 2 different rates may or may not be applied! this base rate info unfortunately is not publicly available to check online as far as I know & the same for plus/visa, but should be close to what webs like xenon.com or oanda.com will display (interbank rate) & slightly better what thai banks TT or telex rates IME.

 

Unfortunately having this rate is not the end as e.g. I understand citibank.com (USA) tags on a 3% hefty surcharge which is among with the worst high street banks in UK & the likes does, but in Germany 'only' 1.15% is tagged on for citi cards while some banks like nationwide.co.uk etc are famed for 0% surcharge, but that is about to end & is it now 0.5% or that region for visa debit, but cirrus/cashcards still 0%?

 

So in the end with 2 cit card examples we'll get charged:

 

1) citi.com @ citi/uob.th: 0+0+3%!

2) citi.com @ ktb/bkk/scb/etc: 150bt+non citi withdrawal fee?+3%!

3) citi.de @ citi.th: 0+0+1.15%!

4) citi.de @ ktb: 150bt+3.90eur+1.15%

5) nationwide.co.uk @ citi/uob.th: absolutely free!!!

6) nationwide.co.uk @ ktb: 150bt only (or is it perhaps free for cirrus cards???)!!! LOL

 

the banking fee jungle goes on...

[CondomKing]

Yes, it's complicated and we're just trying to sort it out. I'm under the impression that the 3% "foreign transaction fee" that appears on my Citibank statement, online or paper, is not an additional fee but just a breakdown that Citibank lists as part of the transaction.

 

When I withdrew funds from the Citibank Bangkok Branch the exchange rate was just about the same as is available in the street, 60 Satang lower, and that includes the 3%. If an additional 3% were actually deducted from my account the exchange rate would have been at least 3% lower than what was available to change cash on the street.

 

BTW, the total withdrawl was displayed on the ATM screen and then when I checked online that amount was posted on my account as two entries - the withdrawl itself and then 3% which added up to the amount displayed on the ATM screen.

 

I guess it could be said that 60 Satang is almost 2% of the rate. Anyway, I'd like to know how other cards that do not post a "transaction fee" do against the rate in an exchange booth. Easy to figure out if you simply note the exchange booth rate shortly after making an ATM withdrawl.

[ThaiHome]

I think you will find that at least with US cards, the "transaction fee" is always shown seperatly. This is due to the class action suit that was filed against Citibank, BofA, Mastercard, Visa, etc for hiding the fee in the amount.

 

Link

 

TH