Guest buckeroo2 Posted January 15, 2010 Posted January 15, 2010 Why in the world would you pay $40 for a wire transfer when you can get a cash advance at BKK Bank or Ayudhaya Bank for $3? If I use my U.S. ATM card at an ATM machine I have a daily limit - about $500 on average. Wouldn't a cash advance have the same limit if I am using the same ATM card? If so, I would need to use a cash advance 20 times while I am in Thailand and incur $60 in fees and 20 trips to the bank rather than 1 trip and a $40 fee. Quote
Gaybutton Posted January 15, 2010 Posted January 15, 2010 Wouldn't a cash advance have the same limit if I am using the same ATM card? No, it wouldn't. A cash advance is limited only by the amount currently in the account the cash advance is coming from. Also, just to make sure, it is always a good idea to alert, by telephone, both the agent who answers your call and the fraud department of your card issuing bank, that you are traveling to Thailand, where you will be, in what city you intend to make large cash advance withdrawals, even from which bank if you happen to know, the dates you will be there, and the approximate amounts you intend to withdraw. That way they'll have that information on record and should not block anything. Also, just in case, ask them for a number to call in the event that a problem does arise. That may actually be too much information. All they wanted from me was to know that I will be making a large cash advance via my debit card in Thailand and the dates I expect to be in Thailand. When I made the final payment on my house in Pattaya, I withdrew over 400,000 baht via cash advance on my USA debit card with no problem whatsoever. I had made the calls I suggested above. I was in and out of the bank in less than 15 minutes. Just make sure you have your passport with you - the real passport, not a copy. If you are making the withdrawal in a Thai bank where you have an account, have the bank book with you too. Quote
Guest Astrrro Posted January 15, 2010 Posted January 15, 2010 Why in the world would you pay $40 for a wire transfer when you can get a cash advance at BKK Bank or Ayudhaya Bank for $3? One has to be wary of hidden charges and do the math. Many USA credit cards impose a 3% fee for a cash advance. I'm not sure about the fees with debit cards. Guys like me bring in one big chunk of change per year so $40 (or $10 plus 500 baht with BKK Bank) pales in comparison to a 3% fee. Quote
Gaybutton Posted January 15, 2010 Posted January 15, 2010 One has to be wary of hidden charges and do the math. Many USA credit cards impose a 3% fee for a cash advance. I'm not sure about the fees with debit cards. It seems to me that by making one quick call to your issuing bank and you can find out. Quote
Guest lvdkeyes Posted January 15, 2010 Posted January 15, 2010 One has to be wary of hidden charges and do the math. Many USA credit cards impose a 3% fee for a cash advance. I'm not sure about the fees with debit cards. Guys like me bring in one big chunk of change per year so $40 (or $10 plus 500 baht with BKK Bank) pales in comparison to a 3% fee. Read what I posted carefully. I said $3.00 (three dollars)not 3%. Quote
Guest Astrrro Posted January 15, 2010 Posted January 15, 2010 Read what I posted carefully. I said $3.00 (three dollars)not 3%. I know. But many US credit cards come with a 3% cash advance fee. Quote
Guest Astrrro Posted January 15, 2010 Posted January 15, 2010 It seems to me that by making one quick call to your issuing bank and you can find out. I called banks and have no confidence that the customer service rep is giving the correct info. There is usually a fee from both the issuing bank and also a fee from Visa or Mastercard if it's a foreign currency. I've never gotten a straight answer regarding wheter there is one intebak rate or an interbank sell rate and interbank buy rate. I gone into bank branches and they generally say they don't know if there are additional charges from Mastercard or Visa. The lack of transparency is appalling and some people are in for big surprises. Quote
Gaybutton Posted January 15, 2010 Posted January 15, 2010 I called banks and have no confidence that the customer service rep is giving the correct info. In that case, why are you disputing the actual experience lvdkeyes has had? You do have confidence in actual experience, don't you? We're talking about a cash advance on a debit card, not a credit card. The difference is a credit card is doing exactly that - extending credit. A debit card is not extending credit. It is debiting funds already present in an account. Lvdkeyes is using a debit card and is being charged a flat fee and not being charged a percentage. What's the problem? I don't understand the point you are trying to make. Quote
Guest Posted January 15, 2010 Posted January 15, 2010 To be fair, in the UK the vast majority of banks charge fees near 2.75% on foreign transactions. There are one or two exceptions, like the Nationwide (0% within Europe, <1% beyond) & it seems Santander may have an account without fees (I just saw their advert this evening, but have not yet read the small print). From what I have read, the US is similar -most banks charge steep fees, with just one or two exceptions. So it is very reasonable to raise the question about near 3% fees. Equally, if the bank has been carefully chosen it could be possible to minimise or avoid such fees. Quote
Gaybutton Posted January 15, 2010 Posted January 15, 2010 So it is very reasonable to raise the question about near 3% fees. Of course the question is reasonable. But lvdkeyes has provided the answer, hasn't he? At least enough of an answer to also make it reasonable to give it a try. If it were me, no matter where my home country is, I would ask my bank about fees for a cash advance via debit card in a foreign country. Then I would call again later, speak to a different agent, and see if I get the same answer. If I like what I'm hearing, then once I'm in Thailand I would do a cash advance for a small amount of money and see what the charges actually turn out to be. If I'm not being charged, now I would know I can do cash advances without problems. On the other hand, if I find that I'm being charged that dreaded 3%, then I would go back to doing my transactions at ATMs where I'm not charged the 150 baht fee. Quote
Guest lvdkeyes Posted January 16, 2010 Posted January 16, 2010 I don't know how to make it any plainer. I WAS ONLY CHARGED $3.00 every time I have gotten a cash advance. NO OTHER COSTS AT ALL. Quote
Guest Astrrro Posted January 16, 2010 Posted January 16, 2010 In that case, why are you disputing the actual experience lvdkeyes has had? FFS, I'm not disputing his experience. I'm just saying that not everyone is guaranteed to have the same experience if their American bank is not lvdkeyes bank. Quote
Guest Posted January 16, 2010 Posted January 16, 2010 Of course the question is reasonable. But lvdkeyes has provided the answer, hasn't he? Absolutely. Perhaps I should have been more careful with the previous reply. Ldkeyes has obviously been smart enough to find one of the small percentage of banks that don't charge 2~3% for overseas transactions. This is exactly what any frequent traveller should consider doing. Quote
kokopelli Posted January 17, 2010 Posted January 17, 2010 Well, I've said it once and I'll say it again. I don't understand why those of you who are eligible don't simply open a Thai bank account and however you want to do it, a transfer while still in your home country, travel checks, cash, or whatever, just put the funds you'll need while in Thailand into that account and be done with it. Then you won't have any of these problems. Those of you who can, but don't, you're on my "I Don't Get It" list. Even though I am in Thailand for months at a time, my income is on a monthly basis from separates sources in the US. I really don't have a big pot of money to transfer to my Bangkok Bank account prior to my trips. So I live from "paycheck" to "paycheck" and thus cannot do what you suggest. I suppose if I were living here full time I could arrange deposits to Bangkok Bank in NYC but that is not the case. Quote
Gaybutton Posted January 17, 2010 Posted January 17, 2010 I suppose if I were living here full time I could arrange deposits to Bangkok Bank in NYC but that is not the case. That is why I said, "Those of you who can, but don't, you're on my "I Don't Get It" list." If you can't, you can't. I was talking about those who can. Quote
Guest Astrrro Posted January 17, 2010 Posted January 17, 2010 Bangkok Bank in NYC. Now I have an American account linked to Bangkok Bank New York so it's just a click of the mouse but as you mentioned it's only worthwhile if moving a big chunk of money due to the fees. It was a little bit of hassle setting it up but glad I did. Think there's a London branch too. Quote
