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Mr Alan
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Quote: from retiredintahoe on 10:51 pm on Jan. 28, 2006
Mr Alan,
I don't know about others, but my USA ATM card has NO fees and a competitive rate to TC's and cash. I also see my balance in baht so I know no fees are assessed.
Post the name of your USA bank, and I will ask them about their ATM cards used in Thailand.
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 10:07 pm on Jan. 28, 2006
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LastSurvivor
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Quote: from Mr Alan on 11:43 am on Jan. 29, 2006
Quote: from LastSurvivor on 10:39 am on Jan. 28, 2006
Check out the exchange rate by visiting http://www.xe.com Bring an ATM card and use that for getting money. Available at almost every 7/11 and costs almost nothing with a better exchange rate than cash or travellers cheques.
All I can say is that there must be a lot of math challaged people on this forum, or they don't ever look closely at their bank statements.
If your ATM card is from the US, your effective exchange rate on ATM withdrawals in the LOS (after all fees) will be much higher than TC's or cash.
Same applies to credit card transactions (for purchases) where you will usually pay an extra 2-4% fee on top of the exchange rate.
I don't know for sure about ATM cards from the EU, but I would surprised if it is much different than the US.
**not a flame**
What are you smokin' Mr. Alan. I withdrew 10,000 Baht on 1/02/06 and my rate was 40.9869 baht per U.S. Dollar. There was a $2.44 International Service Fee which used to be factored into the exchange rate but it is now seperated so it is easier to understand. I seriously doubt you can do better than that exchanging cash or Cheques. ATMS give you the BEST exchange rate. Next time go to a bank and exchange cash/cheques then walk out to their ATM and see what the difference is. You are spot on about Credit Cards because the merchant will usually charge you 3% more and then the credit card company charges a fee. So you were 1/2 right.
LS
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Bangkok Women : Meet Sensual Bangkok Women
Posted on: 10:07 pm on Jan. 28, 2006
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Mr Alan
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Take a look at this article:
http://europeforvisitors.com/europe/articles/atm_conversion_fees.htm
Consumer Alert: ATM 'Conversion Fees'
Most experienced travelers will tell you that ATMs are the cheapest way to get cash overseas. For that matter, so does Visa, which handles currency conversion for banks around the world. Here's a statement from the Visa Global ATM Network Web page:
"Withdrawing cash at Visa/PLUS ATMs using a secured PIN can save you money and makes it easy to take advantage of the favorable exchange rates offered by ATMs. Cash withdrawals are dispensed in local currency, and are debited from your account in your own currency - this eliminates additional currency conversion fees and commissions often assessed by traditional currency exchange bureaus."
Well, think again. Some banks are now tacking an additional "conversion fee" onto the Visa or MasterCard currency-exchange commission. Not only that, but this hidden surcharge is on top of the flat transaction fees that banks often charge for ATM withdrawals away from home.
Wells Fargo, one of the largest banks in the U.S., is the latest bank to hit its customers with a "conversion fee." It now charges a 2% conversion fee "for each purchase transaction in a foreign currency using any type of ATM & Check Card." This means that, for a withdrawal of US $100 in a foreign currency, a Wells Fargo customer is paying a 1% commission to the Visa/MasterCard clearinghouse, a $2 bank "conversion fee" or surcharge, and a flat $2 ATM transaction charge. Total cost: $5, which is equal to an eye-popping 5% exchange commission.
Such fees aren't limited to banks in the U.S. Many British banks have "currency conversion fees," and the Australian Consumers Association reports that four of Australia's major banks have conversion fees ranging from 0.5% to 1% plus transaction fees of AU $1.5 to $5.
How can you avoid being gouged by high bank surcharges? One way is to switch banks. Not all banks charge conversion fees, and many charge less than Wells Fargo's 2%. Another way is to charge purchases on a Visa or MasterCard from an issuer that doesn't levy conversion fees. But watch out--some credit-card companies charge conversion fees of up to 5%.
Bottom line: As banks lose income from traveler's checks, they're looking for new ways to extract money from foreign travelers. Check your bank's policy on conversion and transaction fees before you use an ATM card abroad--and if you feel that your bank's fees are unreasonable, look for a less greedy bank.
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Thai Girls : Meet Sexy Thai Girls
Posted on: 10:10 pm on Jan. 28, 2006
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Mr Alan
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More stuff on ATM fees:
http://www.pctoday.com/Editorial/article.asp?article=articles/2006/t0403/06t03/06t03.asp&guid=
For years experts have recommended travelers skip traveler’s checks and use ATM, credit, or debit cards to obtain cash when necessary. That’s because banks extend credit card and debit card customers the wholesale currency exchange rate they obtain for multimillion-dollar transactions. However, fees now make this benefit less noticeable.
The 1% currency exchange conversion fee (commission) credit card associations (Visa, MasterCard) charge is the lowest you’ll find. However, many major banks have decided they, too, should levy a conversion fee (called a foreign transaction fee) of between 1% and 3%. There is no justification for this fee, other than greed.
Some smaller banks and credit unions do not charge this fee. Find out if your bank does, and if it levies it on cash advances (credit cards) and withdrawals (debit and ATM cards). Some, but not all, banks also charge cash advance fees (cash from a credit card) and/or larger-than-normal ATM fees (cash from a debit or ATM card) if you use an out-of-network ATM. If your bank’s fees are excessive, find a better bank at Bankrate.com.
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Bangkok Girls : Meet Sexy Bangkok Girls
Posted on: 10:14 pm on Jan. 28, 2006
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retiredintahoe
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Quote: from Mr Alan on 4:54 am on Jan. 29, 2006
Quote: from retiredintahoe on 10:51 pm on Jan. 28, 2006
Mr Alan,
I don't know about others, but my USA ATM card has NO fees and a competitive rate to TC's and cash. I also see my balance in baht so I know no fees are assessed.
Post the name of your USA bank, and I will ask them about their ATM cards used in Thailand.
Mr. Alan:
Okay, I'm willing to learn.
My ATM card is issued by El Dorado Savings Bank. I was told that as long as I use one of the network ATMs (Cirrus, Interlink, Star) that there were no fees.
I have used the ATM card at Robinson's on Sukumvit Soi 19. No fees were indicated.
If you find differently, please let me know.
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 10:15 pm on Jan. 28, 2006
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Mr Alan
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As noted in the one of the above articles, some small banks may not charge a foreign exchange fee. Most of the larger banks do charge extra fees.
But did you calculate the foreign exhange rate to see what you actually paid?
Also, according to the El Dorado Savings Bank website, there is ATM Withdrawal fee of $1.00 that applies (No charge if you use an El Dorado Savings Bank ATM). I don't think that El Dorado Savings Bank has ATM machines in LOS.
http://www.eldoradosavingsbank.com/fees_charges.html
I suppose that it is possible that you have a special account with the bank that does not charge a fee, even thought the website says it normally charges one. However, even if there is no fee, you must do the math to calculate the exchange rate you paid and check the official exchange rate for that day to find out what your total transaction cost is.
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Bangkok Women : Meet Beautiful Thai Girls
Posted on: 10:28 pm on Jan. 28, 2006
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Mr Alan
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Quote: from LastSurvivor on 10:55 pm on Jan. 28, 2006
What are you smokin' Mr. Alan. I withdrew 10,000 Baht on 1/02/06 and my rate was 40.9869 baht per U.S. Dollar. There was a $2.44 International Service Fee which used to be factored into the exchange rate but it is now seperated so it is easier to understand. I seriously doubt you can do better than that exchanging cash or Cheques. ATMS give you the BEST exchange rate. Next time go to a bank and exchange cash/cheques then walk out to their ATM and see what the difference is. You are spot on about Credit Cards because the merchant will usually charge you 3% more and then the credit card company charges a fee. So you were 1/2 right.
LS
Last item first. The credit card fees I mentioned have nothing to do with the fact that the merchant has to pay a commission and may charge you more (at least in LOS). The credit card foreign exchange fees are paid by the card holder. The vast majority (but maybe not all) of credit card companies charge these fees, either as extra fees, or buried in the exchange rate. There may be some exceptions, but not many.
It is true that banks get wholesale exchange rates, which are better than the retail rates we pay at money exchangers. But if you take into account the fees, or the actual exchange rate on your bank statement (you have to calculate it since they don't usually show it), then you will find that ATM cards are almost always more expensive than cash or TC's (assuming you can get TC's without paying a fee).
I think that $2.44 is a substantial foreign exchange fee, and does not make up for the slightly worse exchange rate that cash and TC’s get. I realize that ATM cards are convenient, but I don’t want to mislead anyone into thinking that they save money over cash or TC’s.
I think this is my last post for awhile due to the limit of 5 posts within 24 hours.
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 10:45 pm on Jan. 28, 2006
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koolbreez
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The best rate for me is my ATM by far. The down side of it is my daily limit. Next best are $500 T/C's. Then it doesn't matter, $100 T/C's, or $100 bills, both are about the same.
The worst is cash advances on a CC.
Also, you might enjoy the night life on khao san road.
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Thai Girls : Meet Active Thai Girls
Posted on: 11:19 pm on Jan. 28, 2006
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ThaidUp
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The above info about Wells Fargo bank is wrong.
True they will charge a foreign conversion charge of any debit card transaction, but if you withdraw cash at an ATM there is a flat $5.00 charge. So I usually withdraw $500.00 USD at a time which the $5.00 fee amounts to 1%. The exchange rates are probably the best a consumer can get using a bank card.
Wells Fargo maximum cash withdraw limit is $500.00 whereas the debit card purchase can be 1>1.5K or higher
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Thai Women : Meet Matured Thai Women
Posted on: 12:16 am on Jan. 29, 2006
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Ballsburstin
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ATM card fees from Amerika are all over the map. I switched to a Citicorp account because I don't get hit with the heavy fees I used to get with Bank of America. There was recent writeup in a local newspaper in the USA about this issue. You have to shop carefully for an ATM card and credit card that works well overseas. Most rip you off with exorbatant xaction/exchange fees.
- Balls
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 2:00 am on Jan. 29, 2006
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