spending in Thailand

NiftyDigits

hanwellmike wrote: »

My ATM card is called a K-SME Debit Card which I believe is a small business type card. I suspect this card was pushed on me instead of the usual personal debit card but I am not too bothered as long as it works.

That explains it. The annual fee for that card is 800 baht. Refunded if you spend 300,000 baht in a year. Also up to 1% cashback and SMS and email text alerts to let you know if there is movement in the account. Though only between 7am and 10pm. Email perhaps around the clock.

NiftyDigits

socrates wrote: »

ND - I have a question for you - when you use the Clarity Card to draw from a banks Forex section using the chip and pin machine - what costs are involved?

Which rate do you get the Visa rate or the banks exchange rate?

Clarity is a Mastercard. Some banks used to have a rate specifically for credit cards.
So I can't say, as I haven't run a comparison. Personally I've haven't done it, but have been with friends when they did.
The rate will be close to the Mastercard rate, if not the Mastercard rate. Certainly not more than 1% off, as long as they don't try to apply DCC.

socrates

NiftyDigits wrote: »

Clarity is a Mastercard. Some banks used to have a rate specifically for credit cards.
So I can't say, as I haven't run a comparison. Personally I've haven't done it, but have been with friends when they did.
The rate will be close to the Mastercard rate, if not the Mastercard rate. Certainly not more than 1% off, as long as they don't try to apply DCC.

Thanks for correcting me on the Visa thing

I was trying to work out where the banks made money from these transactions - so basically there is another rate between MC rate and the banks normal cash exchange rate

NiftyDigits

socrates wrote: »

Thanks for correcting me on the Visa thing

I was trying to work out where the banks made money from these transactions - so basically there is another rate between MC rate and the banks normal cash exchange rate

See here

Cash is Cash. Sight Bill is Travellers Cheque. TT is Telegraphic Transfer.

Why not try it and report back? As long as they don't try to force DCC on you, you should be pleasantly surprised.

socrates

NiftyDigits wrote: »

See here

Cash is Cash. Sight Bill is Travellers Cheque. TT is Telegraphic Transfer.

Why not try it and report back? As long as they don't try to force DCC on you, you should be pleasantly surprised.

So if I buy TC's in UK - I then take them to for example K Bank (receiving a better rate than cash) - exchange them all and deposit the money straight into my account - what other charges are there?#

I found it 33 baht per cheque

NiftyDigits

socrates wrote: »

So if I buy TC's in UK - I then take them to for example K Bank (receiving a better rate than cash) - exchange them all and deposit the money straight into my account - what other charges are there?#

I found it 33 baht per cheque

You can visit SuperRich or similar and get closer to the TC rate for cash anyway. Think there is one or two in Pattaya that offer similar rates for larger amounts.

socrates

ND

Some answers from CS

The account that you are opening is the Schwab One International Account. I can confirm the following:

Unlimited ATM fee rebates apply to cash withdrawal transactions using the Schwab One Visa Debit Card at any US and international locations on the Plus or Visa ATM networks.

Unlimited ATM fee rebates do not include fees imposed by merchants for POS transactions or currency exchange fees for international ATM withdrawals, or to fees imposed for balance inquiry and transfer transactions.

The Schwab One International Account does not have a checking account attached; it is a brokerage account. You are able to access the cash element within that brokerage account by using your Visa Debit card.

I have attached a brochure that details the SIPC protection on the Schwab One International Account.

There is no specific exchange rate that you can refer to but typically the exchange rate is 95 pips; i.e. if spot was $1.50 to the GBP and you were moving GBP into your account, you would get a rate of $1.4905. The 1% charge mentioned is on the Schwab Global Account, which is different to the Schwab One International Account.

NiftyDigits

socrates wrote: »

ND

Some answers from CS

The account that you are opening is the Schwab One International Account. I can confirm the following:

Unlimited ATM fee rebates apply to cash withdrawal transactions using the Schwab One Visa Debit Card at any US and international locations on the Plus or Visa ATM networks.

Unlimited ATM fee rebates do not include fees imposed by merchants for POS transactions or currency exchange fees for international ATM withdrawals, or to fees imposed for balance inquiry and transfer transactions.

The Schwab One International Account does not have a checking account attached; it is a brokerage account. You are able to access the cash element within that brokerage account by using your Visa Debit card.

I have attached a brochure that details the SIPC protection on the Schwab One International Account.

There is no specific exchange rate that you can refer to but typically the exchange rate is 95 pips; i.e. if spot was $1.50 to the GBP and you were moving GBP into your account, you would get a rate of $1.4905. The 1% charge mentioned is on the Schwab Global Account, which is different to the Schwab One International Account.

So what about the US$10k in the brokerage account? How do you move that out again or do you just leave it there?

Typical is 95pips, but what if it is more?
Hate to point out the obvious, but if you take the equivalent of £300 out of the ATM with a fee free card and the Thai ATM fee is around £3. That is only 1% anyway. If from an AEON, then no charge.
Then what if the US$ weakens against the £? More losses.
Are you happy with SIPC? I would not be.

For the possible savings, for me, it's not worth it.

socrates

NiftyDigits wrote: »

So what about the US$10k in the brokerage account? How do you move that out again or do you just leave it there?

You only need to maintain a balance of $1000

Typical is 95pips, but what if it is more?

Hate to point out the obvious, but if you take the equivalent of £300 out of the ATM with a fee free card and the Thai ATM fee is around £3. That is only 1% anyway. If from an AEON, then no charge.

There is no card that allows £300 withdrawal (as far as I know) @ 150 baht as the Metro Card is MC and MC is 180 baht now

The other 2 are £250 withdrawal limit - NW and N&P

I am not going to include the clarity card as I have had reports from another forum that the exchange rate is not good


Then what if the US$ weakens against the £? More losses.

According to reports the £ is heading for more devaluation and I agree with this. The US has announced it is not going to continue with QE on any significant basis - so in my opinion the £ will weaken against the dollar


Are you happy with SIPC? I would not be.

I have not read up properly on this will get back to you when I have

For the possible savings, for me, it's not worth it.

Answers above in Italics

socrates

NiftyDigits wrote: »

You didn't answer the first question. What happens to the US$10000?

You story about MC having an 180 baht charge is pure fantasy. If the Association have agreed on 180 baht, then it's 180 baht for both VISA and MC.

Your 'reports' about the Clarity are just hearsay....and wrong.

We'll see what happens with the currencies.

Yes, read up on SIPC and FDIC.

You credit the account with $10k - you go to Thailand and you spend money - as long as you maintain a balance of $1k the account remains live

Its funny because the MC story and the Clarity story both come from the site you always tend to quote from - I will cut and paste for you

''Yes, there's a separate thread about a recent change in Thai bank fees on foreign ATM card withdrawals...

The fee for foreign VISA logo cards remains 150b, but the fee for MC-logo foreign cards is being increased to 180b.

Either way, a better solution if available is to use any AEON ATM, and pay no local ATM fee.

But also, always be aware what kind of fees, if any, you're card-issuing bank may charge for foreign ATM withdrawals.

As mentioned above, AEON ATMs will give you the card networks rate, based on whether you use a VISA or MC. AEON ATMs don't set their own rate or have a lower exchange rate to recoup profits.''


''AEON ATMs do not offer the Dynamic Currency Conversion rate, so u should be getting the straight Visa or Mastercard exchange rate at the time of the transaction plus any fees from your home card-issuing bank. This should be the case at any Thai ATM if it does not offer onscreen the DCC + of course the 150 baht fee. The 2 best completely fee free cards issued in the UK for cash withdrawals are the N & P building society current account Visa debit card and the Halifax Clarity credit card. The latter only charges 1.29% per month interest on cash withdrawals. But Ive recently caught Halifax manipulating the exchange rate between the time of the transaction and the time when it shows up as a transaction online or on your monthly statement. It is very difficult to notice this unless u make a note of the change in your running balance for every card withdrawal/transaction and compare this with the amount that eventually shows up for the transaction online or on your statement. I just happened to notice it as there was just one isolated withdrawal made on the card while I was in the UK for 6 months. If u do notice this then please do report it to UK trading standards as I have done. It could be yet another UK banking scam where Halifax and maybe other banks r illegally manipulating exchange rates. I no longer trust Halifax and will only use their card now as a back-up to the N&P card.''

I can point you to the direct link if you want by PM - let me know