Foreign Transaction Fees

Attention anyone from the US that uses their Washington Mutual ATM card to get cash when on vacation in Thailand (or anywhere overseas for that matter). WAMU has just added a 1% "Foreign Transaction Fee" to ATM withdrawels IN ADDITION to the $3 "International ATM withdrawel Fee". Anyone who opens a checking account AFTER March 15, 2006 will no longer be charged the $3 ATM Fee, but this does not help any of us with older accounts (unless we want to go to the trouble to close our account and open a new one).
I guess it's back to Traveler's checks. What's the usual cashing fee for a travelers' Check in Thailand, say at the Airport or Bank?

Attention anyone from the US that uses their Washington Mutual ATM card to get cash when on vacation in Thailand (or anywhere overseas for that matter). WAMU has just added a 1% "Foreign Transaction Fee" to ATM withdrawels IN ADDITION to the $3 "International ATM withdrawel Fee". Anyone who opens a checking account AFTER March 15, 2006 will no longer be charged the $3 ATM Fee, but this does not help any of us with older accounts (unless we want to go to the trouble to close our account and open a new one).
I guess it's back to Traveler's checks. What's the usual cashing fee for a travelers' Check in Thailand, say at the Airport or Bank?
Thanks for the heads up. This is one CRAPPY BANK! They have no system whatsoever to wire funds internationally unless you show up PERSONALLY at a branch in the US.

[piston10]

Between Christmas and Easter I was cashing travellers cheques at the Thai Military Bank. The cashing fee was 30 baht per cheque, whatever the value of the cheque. As I took very high-value TCs to Thailand I paid vitually no fees at all!

[piston10]

Oh, and I can spell 'virtually'! Miss the 'edit' facility of the old board.

BTW, you get the best available rate on the Thai money market by using TCs and cashing them in banks. Quite important while the baht is so strong.

What's the largest domination TC you can get from like American Express?

[GWMinUS]

The largest domination I could get from Bank of America was US$100.
I was told that other banks can issue US$200, but not at BofA.

The cost per TC is a combination of a Fee and a Tax, as I remember.
A year ago, I took US$50 TCs and paid through the nose!!!
But check around, the cost varies some based on the bank.
Not enough to worry about.
The Exchange Rate also varies, and that does make a difference!!!

As you also know, many US Banks now charge a fee for use of their Credit Card overseas. That is in addition to the Exchange Rate, which often very good. I used CapitalONE on my trip, because they DO NOT charge a Fee. At BofA it was 3%!!! Greedy Bas**rds.

:geek:

[Bob]

My local bank in my dinky (16,000) town has traveler's checks in denominations to $5,000.00. When I opened an SCB account in Chiangmai a year ago, I used quite a few $1,000.00 traveler's checks to load it up. Given where the baht's gone since then, wish I had deposited even more.
As someone noted, you get the best exchange rate at every venue I've visited in LOS using traveler's checks.

[yaraboy]

Additional problem with ATM withdrawals and more so with credit cards is a crap exchange rate varying between 2 and 3%

Beware... CapitolOne and Citybank are now charging a foreign transaction fee on credit cards. The only ones that still don't are cards issued by credit unions.

I think I have posted on a similar topic in the past, but here goes anyway. For UK citizens I do recommend Nationwide Building Society. They have a great website with access to your online accounts http://www.nationwide.co.uk , you can order travellers cheques in all major currencies on line and pay no commission and they have a commmission free buy back policy. They also have commission free use abroad on credit cards and ATM cards and free banking.

[Up2U]

"I guess it's back to Traveler's checks."....not necessarily. Start banking with a credit union or Etrade. No ATM fees and you get the overnight bank exchange rate. The best of both worlds.

I think I have posted on a similar topic in the past, but here goes anyway. For UK citizens I do recommend Nationwide Building Society. They have a great website with access to your online accounts http://www.nationwide.co.uk , you can order travellers cheques in all major currencies on line and pay no commission and they have a commmission free buy back policy. They also have commission free use abroad on credit cards and ATM cards and free banking.

And they had the good sense to re-employ Duan Le in a senior planning position after he suffered all that unnecessary rudeness on "The Apprentice" without losing his dignity.

Mutuality has its moments.

[2lz2p]

I banked in US with Bank One - no conversion fee and $1.25 for ATM use - HOWEVER, they were bought out by Chase (JP Morgan Chase Bank) - it took several months for the conversion, but they finally completed it - now for ATM use outside US, the fee is $3 plus a 3% conversion fee :idea: - I also had a Chase Visa card, which I do not use here because of 3% conversion fee - same with some other cards I have. However, I do have one visa card issued by my USA credit union - no conversion fee (but they do use the Visa conversion rate which is a little less than the "bank" rates). So if I use a credit card here (not often), I use that one.

Since I am living here and have my direct deposits (pension and social security) automatically depoisted to my bank (now Chase), a friend recommended I get an Etrade account - this is an online US bank - Through the internet, I can transfer funds between my Chase and Etrade accounts without incurring any fees. So long as I maintain $1,000 on deposit at Etrade, there is no service charge (normally $10 per month) and no ATM fee by Etrade - they pay a small amount of interest on regular checking account a little more for a money market account. So using my ATM in Thailand does not incur any ATM fees and I get the "bank" rate of exchange. To open an Etrade account, you need a USA address. They mail a "signature" form, which needs to be signed and returned. Since I was here, the friends scanned and emailed the form to me here - I printed it out, completed it, and mailed it back to Etrade.

Although travelers checks are fine (some banks and credit union provide for free to their cutomers/members), when I vacationed here, it was a bit of a hassle to take the passport out of the hotel safe, go cash the checks, and then return the passport back to the hotel safe deposit box. Another thing to remember if you take a large amount (i.e., more than $10,000 US) out of USA on your person, whether in cash or travelers checks, the law requires that you report it to US Customs (otherwise, if caught, you face confiscation and/or criminal prosecution) -- personally I never had to worry about that - didn't have that much to spend on vacation. :cheese:

Attention anyone from the US that uses their Washington Mutual ATM card to get cash when on vacation in Thailand (or anywhere overseas for that matter)This is a common (and increasingly so) practice among all banks. It even (gasp!) happens when visitors to the US use their non-US bank cards (gosh!) in US ATMs (groan!)

I have noticed this on several occasions, it has been brought up on here several times, more specifically and without going overboard, there seems to be additional charges on credit cards when you buy stuff now. The best deal I have found as has been said on several threads is getting TCs from Nationwide, they are free and minimum charges in Thailand, also their Flexaccount which offers a good rate when taking money out in Thailand using their card. It doesn't help for US citizens though, I don't have a clue what is "miniminal charging" with US dollars when in Thailand.

Changing the subject though I recently bought some tickets for a show in London, now, normally you are charged for the ticket and a booking fee and on occasions postage, urgent delivery charges, but wait for it, there is now a charge for "collection from box office". I couldn't believe it. We have a choice thought don't we.

Some may think them old-fashioned, but I find them still a good way to go.
That I can get mine cost free at the time of purchase helps, of course.

In Thailand, at the bank exchange kiosk, the charge is always 30 Baht per cheque for encashment, plus 3 Baht per cheque for postage.
Seems to be the same at every bank, and is irrespective of the value of the cheque.
So $200 cheques make a lot more sense than $50, for example.

I use AMEX cheques, have never had a problem cashing them.
Once I had VISA travellers cheques, never again, some banks said no.

But did you have to pay for the AMEX TCs Ned?

[wowpow]

January 2006

The main considerations are
1) Good Security 2) Best exchange rate 3) Lowest fees 4) Convenience

I think that generally banks are not very nice people. They take your money for doing very little. They charge poor people high rates and give rich people low rates.

There is an Interbank exchange rate which you can see on www.oanda.com (http://www.oanda.com) the international broker such as VISA Direct Debit will charge 1%+ on top of this. Your bank will tweak the rate to their advantage without telling you 1% is good 3% is not. They are reluctant to disclose what they do. This goes for Direct Debits (ATMs) and credit card charges. You need to shop around.

For a brief holiday there is little use worrying about the oncosts but for long stays, ex-pats and those on tight budgets itтАЩs nice to keep your own money if you can.

ATM DIRECT DEBIT
Thailand is very well supplied with ATM machines from the Airport arrivals hall to most tourist islands they are everywhere and now at many convenience stores as well. The usual withdrawal maximum is B20,000- per day and any fees are set by your own banks.

A few British banks do not charge any transaction fees world-wide and give good exchange rates. www.Nationwide.co.uk (http://www.Nationwide.co.uk) are exemplary and www.Citibank.co.uk (http://www.Citibank.co.uk) pretty good. Some US banks charge up to $5 a transaction or more or a % of what you withdraw. I find thus ludicrous - well itтАЩs more than a days pay for a Thai labourer. Often these banks provide a free cheque service? If you bank is one of those shop around for an alternative.

For convenience ATMs canтАЩt be beaten. For long stay people then more than one card and/or bank account would be wise and with internet access to manage your accounts to get best interest rates or a Thai bank account. Store your card numbers and loss report telephone numbers on your e-mail files.

CREDIT CARDS
VISA is the big one in Thailand though Mastercharge are making a big push and are now allied to Diners. American Express is not widely accepted outside of plush hotels and shops.Most small traders prefer cash or if accepting a credit card may ask for an extra sum to cover the fee. Malls, large hotels and restaurants and department stores are comfortable with them.
In Thailand many places which levy a service charge will present the voucher for signing with a tips space vacant - bloody cheeky I think. Credit cards can be used, in dire emergency to get cash but usurious rates usually kick in immediately and sometimes a fee. For other purchases you get some credit and sometimes a kickback or a guarantee or life insurance whatever.

Nearly all Thai credit card slips say тАЬNO REFUNDтАЭ but I have never had aproblem getting one.

Beware the new practice of presenting you with a slip in your own currency. It seems always to be at a bad exchange rate which is then converted back into Baht and transferred to your bank and converted to your home currency. You loose out by two conversions or there is a transaction fee

TRAVELLERтАЩS CHEQUES
These were fading as ATM usage grows but now that ATM fees can be huge they have their uses. Some organisations supple them free of charge Citibank and Nationwide in the UK and I have heard of several sources in the US. The disadvantages are, you pay up front, you have to take care of them, you need to have your passport with you to cash them and banks and exchange booths are not 24 hours everywhere. You need to have a supplier who has an agent or office in Thailand to replace lost ot stolen cheques or one that will get them to you within 48 hours. You get best exchange rates for high denomination ones at Thai banks. They are not widely accepted elsewhere. Never change them at hotels where the rates are terrible.

CASH
Obviously the low security route but desirable for some. Rush it to a safe or your Thai bank account. High rates for exchange and high for large notes. Damaged and dirty notes are often refused.

THAI BANK ACCOUNTS
It seems that the law is that foreigners cannot hold a Thai bank account unless they have a Non-Immigrant Visa. This is widely flouted but the rules seem to vary even from branch to branch of the same bank. Most Bangkok bank branches will open an a savings account on sight of your passport. Cheque accounts are very rare in Thailand but you get an ATM card with free withdrawals at your banks ATM and about a B20 fee at other ATMs. Interest rates will depend on your Visa type and start at a puny 0.5%. Once you have an account you can transfer money from abroad, pay in your cash or Travellers cheques and away you go. Thai ATM and credit cards have few safety guarentees.

INTERNATIONAL MONEY TRANSFERS
I have only used SWIFT from the UK and it works well. You can instruct your bank by phone or fax and the money comes through within 24 hours but can take a few days to get from a Bangkok bank to a provincial branch. Information needs to be spot on. An order for Mr P Smith which has Mr Smith P on his bankbook will be refused. A modest fee of UKL20 US$37 is made for any amount.

www.westernunion.com (http://www.westernunion.com) claim to have the fastest way to move money internationally to their own and some bank branches. It can be expensive and the recipient must have identification with the exact name.

International cashiers cheques and International Money Orders can be sent securely or by courier.

SECURITY
Keep a record of all your key items ATM card numbers, credit card numbers, travellers cheque numbers, passport photocopy, travel insurance details and the emergency numbers to call in case of loss or your Cardguard service. It is convenient to scan them all and store in your e-mail files maybe with pin numbers hidden in some way only known to you. I always have some emergency money folded tiny and hidden about my person.

TIPS
Shop around for the best deal bank in your home country.
Avoid changing currencies if possible. e.g. there is no reason to get travellers cheques in US dollars unless you are American.
Keep spares of ATM cards and credit cards in a secure place.
Advise your bank when and where you are going otherwise they may think the card compromised.

http://www.moneysavingexpert.com/cgi-bi ... 5397,71685 (http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1106765397,71685), has good info for Brits.

BEST BUY BANKS:
U.K. Nationwide, Citibank
U.K. Citibank

even within a bank rates will vary of different accounts and deposit amounts, grade of credit card etc. and they can vary after you buy.

[Boxer]

The choice is pay cash, I have noticed many places now charge a fee for using Credit Cards on top, the days of free cards seems to be ending. You can report them to Visa or other cards but that dont help you on the spot. + 3% in Thailand across the board. Only good thing on Visa in UK is that all our purchases over 100 pounds are guaranteed Internationally if faulty or anything goes wrong with supplier we get our cash back from Visa. Fraudulant use is also covered if you have advised them where you are, good peace of mind in Thailand.

[American Teacher-old]

www.niddysnook.com (http://www.niddysnook.com) is back up and running and offers a safe, personal and inexpensive way to transfer money to a Pattaya friend.

Check it out today!

Fondly,
Chris

I am from the UK and agree with the comments posted in respect of the Nationwide, by far the best deal and also an excellent exchange rate when using an ATM card. However I will be moving soon to Thailand and spending most of the year resident in Bangkok. I am trying to find a way of transferring funds from the UK while I am in Bangkok. Ideally I would like to transfer the equivalent of a years pension in one go so that it meets the financial qualification when I come to renew my visa and also doing it just the once saves on transfer charges. I would then use the Nationwide ATM card for any top ups. Barclays will only allow a maximum of 5K pounds in any one day following a phone call and the exchange of a pre arranged password. Does anyone know of any bank that will allow a larger exchange to take place on say an annual basis once it has been set up.

[wowpow]

pitrevie - I dont know of any banks which allow you to increase the daily amount that you can get from and ATM. I did have a friend from UAR who had an arrangement with HSBC to get larger amounts from their ATMs - I think it was 60,000 baht. However they only have a very few in Thailand.

The method that I use is called SWIFT (Swift International Funds Transfer - I guess) You can transfer any amount for a fixed fee of UK┬г20 to a bank anywhere. If you have a Nationwide account go to Flex Account and click on Other Services and the SWIFT and you can printout the application form. You send this to them and the transfer takes place when you wish. Sadly they no longer accept fax applications. You would need to bring in money through this or a similar system if you are applying for a retirement Visa as you need a letter from the bank saying that the funds come from abroad unless you go the route of declaring your pension.

If you are averse to the ┬г20 charge I suppose you could open a load of internet accounts in the UK with an ATM card for each. You can transfer funds to your own account in the UK via the Internet for free. If you had 5 then you could withdraw 20,000 baht a day from each = 700,000 a week? I think it is wise to have at least two and possibly three accounts anyway in case of lost ATM cards or forgetting expiry dates.

My advice would be to keep the bulk of the money in the UK or offshore and draw it by ATM or credit card use as you need it. Thai banks give low interest rates and their ATM and Credit Cards do not have the insurance, against fraud, and consumer protection that UK ones have. The downside is that the banks will only send statements to your UK address ( but you can see them on a computer ) and they will only send replacement cards to your UK address.

Thanks for your very comprehensive reply TeePee. This year is no problem as I am based in the UK and can transfer the funds before leaving. However next year I would like to make the same one off transfer but by then I will be in Thailand. As I need to prove the funds came from outside Thailand in order to secure my retirement visa I am not sure that multiple ATM withdrawals would be acceptable. Of course like a lot of guys here I will still be using my Nationwide card for withdrawals if I need them but my main concern was getting sufficient funds there to back up my visa application on a year by year basis and provide the proof that such funds came from outside the kingdom.

WhiteDesire, Most US Banks will provide AMEX TCs free of charge to their customers who have accounts at that bank.

As stated before, Your best bet is if you belong to a Credit Union. Credit Union's do not (as yet) charge a Foreign transaction Charge on VISA/MC charge cards or on their ATM Cards. They also usually don't have any overseas ATM Withdrawel fee's.

As stated before, Your best bet is if you belong to a Credit Union. Credit Union's do not (as yet) charge a Foreign transaction Charge on VISA/MC charge cards or on their ATM Cards. They also usually don't have any overseas ATM Withdrawel fee's.

The don't happen to be mutuals like the Nationwide, by any chance do they?

[wowpow]

pitrevie -
"...over 50 years old, proof of a sum of 800,000 baht in a Thai bank OR an income of not less than 65,000 baht per month must be presented - OR a combination of balance in the bank and a monthly income. Example: 400,000 Baht in the bank and 32,500 Baht coming in every month." thaivisa

I cannot imagine that ATM withdrawls can prove to have come from abroad - also you must have it sent to Thailand in foreign currency - not that that's bad idea.

[Mi Cow Chai-old]

I find American Express Travelers Checks the easiest to cash and the least expensive. I have had great problems changing US $100.00 bank notes. Can anyone tell me where that have had success in changing cash for baht?

... what is a credit union - is that an american terminology or someat - in the UK TCs are generally offered free if one is with a corresponding bank, otherwise a fee of 1% or 1.5% could easily be paid, even when one holds a bank account with the corresponding bank. When one purchases AX TCs, I have always had to pay a fee to purchase them. Would be interested to know if AX TCs are available in the UK for free and if so where from. Although, I now use Nationwide for free TCs and transaction free withdrawals from overseas bank. As I stated earlier and other people also have said, its getting beyond a joke now with additional fees being charged, mainly referring to credit card charges. But it is big business, when one pays for goods or services, they generally pay with credit cards and don't bat an eye. There is also another point, in that people pay by credit card for the sheer convenience - they dont' want to carry cash around with them at all for obvious reasons. That is why I personally think Nationwide TCs and transaction free withdrawals are the best and cheapest way of obtaining money - although hotel bills need really to be paid by credit card, otherwise too much cash being handled - can't think of a reasonably priced method to pay hotel bills other than this way - can you!

I was aware of the charges that most US banks started charging, and took early advice, and thru BOA (Bank of America), I asked them what was the highest denomation ot Amex checks I could get, they said USD 100, called Amex, they said that it was $500, and the bank could order them. Armed with this info, I got my checks in less than 3 days.

My Thai ATM cards allow for cash withdrawal of up to 100,000 baht per day. I have also have a cash card from a US Bank, which is limited to the equivalent of $1,000.00 per day.

I bought Amex TC in US $1000 denominations a few months ago at Washington Mutual bank in US. I had to notify them in advance and they were ready for pick-up a week later. Otherwise, the largest denomination my WAMU branch carried was US $100. I have a deluxe acct at WAMU and do not pay any fees for TC's - also, I do not pay any fee for purchasing AMEX TC's at my credit union.

Barclays in the UK solved my problem. As I stated ATM withdrawals do not help when it comes to showing that you have the requisite funds in the bank to support a visa renewal. Barclays will accept a standing order to transfer a one off sum to my Thai bank account. This will take place annually and ensure that enough funds have been transferred to support the visa application. No need to return to UK every year and send any sums via Swift the whole thing will be done automatically via the standing order until it is canceled.

So every year, when you renew your Retirement Visa, You must show you have 800,000 baht in a Thai Bank Account? Or a combination of deposit and montly income equallying 800,000 baht?

[wowpow]

pitreveie - Barclays Direct Debit Internationally! Now that's new one to me. Thanks for the info. What charges are there?

quote "No need to return to UK every year and send any sums via Swift" you post the form from Thailand - no need to deliver by hand??!!

And they had the good sense to re-employ Duan Le in a senior planning position after he suffered all that unnecessary rudeness on "The Apprentice" without losing his dignity.

Mai pen rai. He could have found a job in Hongkers. What's that old saying - Failed In London Try Hong Kong? You of all FILTH should know...but of course you lost your dignity.

[wowpow]

Are ancient, derelict, hackneyed, redundant, acronyms the worst of all!!

Tray FLIT -= Failed London investigate Thailand.

TeePee if you are interested then I can forward you the email I received from Barclays. There is no form to send. You set up a standing order by instructing them how much and where etc but first you must have a UK address so that they can verify the details. This is similar to the old days when you set up standing orders for your utilities (now its direct debits) Thereafter they will carry out your instructions as per standing order until you inform them to stop, vary or there are no funds available to send. The cost of the standard transfer applies 20 UK pounds. If you just do the one annual transfer to support your visa application then it will have cost you only 20 pounds.

[lonelywombat]

And they had the good sense to re-employ Duan Le in a senior planning position after he suffered all that unnecessary rudeness on "The Apprentice" without losing his dignity.

Mai pen rai. He could have found a job in Hongkers. What's that old saying - Failed In London Try Hong Kong? You of all FILTH should know...but of course you lost your dignity.



To blame the English for the Amazing state of Bangkok or Thailand is bizarre in the extreme.

But we CAN blame the British for letting their FILTH run amuck in pre-1997 Hongkers, can't we?

Appears the ancient Dr Anne Thrope is back to her bitter best.

[Smiles]

" ... Appears the ancient Dr Anne Thrope is back to her bitter best ... "
Has she/he ever been anything but bitter? I can't recall ... and that's over 17 different handles and at least 2 versions of Sawatdee Forum and perhaps PattayaGay and possibly before that.
What a supremely ghastly person.

Cheers ...

Has she/he ever been anything but bitter?I must disagree. I don't find any of the Thrope family "bitter". FILTH here is being used quite specifically against a Forum poster merely to annoy him. I have mentioned the LSE somewhat disdainfully against the same poster. The intention is purely to annoy. You are reading far more into these gentle "digs" than they warrant. Since the written word often doesn't convey the tone of voice nor provide a visual of the tongue planted firmly in the cheek, misapprehensions occur

Now I must go back to planting my tongue firmly between the cheeks of last night's boy

[Smiles]

Now I must go back to planting my tongue firmly between the cheeks of last night's boy
I disrespectfully disagree.

Now, I want you to say 20 times ~ while your tongue is firmly planted "up there" ~ " ... Mith Thrope ith a dithgrath, Mith Thrope ith a dithgrath, Mith Thrope ith a dithgrath, Mith Thrope ith a dithgrath"...".

If you can make it to the finish with that togue-tickling pronunciation (while "up there") then you'll not only come over to my point of view, but the Tongued One will have one HELL of a time . . . and I'm certain will tell you so.

Cheers . . . :ky: (I wish ElephantSpike would make that KY tube more accessible. It's quite difficult to find amongst the 1342 smilies he's got on parade)

[GWMinUS]

Another Topic HIJACKED!!!
Only to loose it's relevance...

Now, I want you to say 20 times ~ while your tongue is firmly planted "up there" The usual invitation is "Sit on my face and I'll tell you how much you weigh"

Another Topic HIJACKED!!! Only to loose it's relevance...I think by p.3 of any thread Forum Entropy has usually kicked in and possibly even caused the thread to lose its relevance

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