 ATM Machines inThailand |
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| Best way to get cash without high ATM fees | ||||||||||||||||||||||||||||||
NancyDenver Nancy Miller Post Count: 3 Msg: #1 22 weeks ago, August 4th 2009 | My son will be participating in a Study Abroad program from August-December in Thailand. I'm told that many businesses do not accept credit cards, and that there are fees for accessing ATM machines (which seem to be plentiful) from a foreign bank account. I am wondering if anyone has a suggestion on how to give him access to cash on a regular basis without getting socked by fees! I was thinking it mgiht make sense to send him over there with $1,000 worth of Travelers' Cheques and have him open a local bank account so he can withdraw money from local ATMs. If anyone has any suggestions I would be most grateful - I think it goes without saying that it would be dangerous to roam around Thailand with a lot of cash - by the way he will be situated in Kohn Kaen in NE Thailand at the University. |  Ali Ali Watters Post Count: 3929 Msg: #2 22 weeks ago, August 5th 2009 | I don't think the ATM's in Thailand are that expensive that you should worry about it... | Today I took out 10,000 Baht - and was charged 150 Baht by the local bank - 34 Baht = $1 USD So - $5 fee for a $295 withdrawal - but it's a flat charge - so mostly travelers take out the limit each time. The fee's on travelers cheques will be similar I think...  Sir Halberd Hal Post Count: 182 Msg: #3 22 weeks ago, August 5th 2009 | Besides the 150 baht fee that some banks are charging there are the other normal charges that may just show up in a lower exchange rate or separate fee. The 150 baht surcharge is a new fee on foreign credit cards and debit cards but before that we still had ATM charges. | I have a debit card with a credit union. The credit union pays for some of my overseas ATM withdrawal charges. This debit card does not pay the 150 baht surcharge though (so far.) There is one or two banks that are not adding the fee to withdrawals. So, if you have a debit card from a credit union that pays for some or all of your overseas fees that means you can take out a set amount of Thai baht every day according to what you have set up at your bank/CU. For me I can take out $500 US per day in Thai baht and the CU pays the ordinary fees. Credit unions also sell travelers checks to their members without any commissions. If you bring travelers checks only stick with the largest sizes you can get. The fee to cash a TC is 33 baht per check which is cheaper than the withdrawal from an ATM for the same amount of cash. I am not too hot on using credit cards for cheap purchases overseas because of the possibility of CC fraud. With credit cards you incur interest and fees. For cheap purchases in restaurants and shops use cash. Some travelers use credit cards with no problems and some others end up with high price fraudulent charges. You may have to hunt around for a credit union that pays for your overseas ATM charges but they are out there. I only keep a set amount in my CU debit account. When I run my balance down I make an electronic transfer from my regular bank accounts to that credit union account to replenish. This way if I lose my debit card or somehow it gets stolen together with my pin number my losses are limited. This has worked for me for many years. My CU debit cards have MasterCard and Visa affiliations. When I take money out of an ATM I only do that when the bank is open. This way if the card gets jammed the bank clerks can immediately open the ATM and withdraw it. Cash does work if he has a safe place to store the money. Oh yeah, anytime you plan on using a credit card or debit card overseas notify your bank that you will be out of the country and where. Otherwise your ATM withdrawal may be denied because they suspect the card is stolen. Good luck. [Edited: 11:55 - Sir Halberd - Update.] NancyDenver Nancy Miller Post Count: 3 Msg: #4 22 weeks ago, August 5th 2009 | I just found out something AWESOME. If you open a Charles Schwab ATM in the US, you can use that ATM card anywhere in the world with no charges (and if you get charged they will reimburse you). So that's the route I am going - I can then deposit funds in the account every month here in Denver as needed, so this looks like the best solution. It's crazy - I spoke with Wells Fargo, Key Bank, Chase, Capital One, and none of those banks or credit card companies offered anything near what Charles Schwab did. Schwab says they have people open accounts like this all the time! Thanks for all of your comments, thought I'd pass this along for the sake of others. | Also, with regard to using US credit cards for foreign transactions - Capital One has a card with no foreign transaction fees so I will have my son use that as a backup for larger purchases if needed. Thanks again for all the advice! Sir Halberd Hal Post Count: 182 Msg: #5 22 weeks ago, August 5th 2009 | Is there an annual fee for that Charles Schwab account? | Thank you. NancyDenver Nancy Miller Post Count: 3 Msg: #6 22 weeks ago, August 5th 2009 | Not that I can see - you can check it out at www.schwab.com, click on Checking and read about it, it's called "Schwab Bank High Yield Investor Checking." I spoke with a couple of students who went this route during their Study Abroad in Spain and they said it was great. One of them had his ATM card stolen and Swhwab even sent them emergency funds. You are required to open a "Schwab Investment Account" but there is no requirement to buy or sell stocks in order to use the ATM/Checking Account. | Sir Halberd Hal Post Count: 182 Msg: #7 22 weeks ago, August 6th 2009 | Okeydokey. | Number of Users: 3 | Number of Posts: 7 | |||||||||||||||
