TotallyOz Posted February 23, 2010 Posted February 23, 2010 New credit card laws are now in effect in USA. One of things it does is allow CC companies to up fees on overseas transactions. I hope everyone keeps up with their banks in the coming weeks to see what rates they are going to charge to withdraw money from ATM's, etc. Quote
Guest lvdkeyes Posted February 23, 2010 Posted February 23, 2010 I no longer use ATM's here. It is cheaper to just get a cash advance from a bank. Quote
mahjongguy Posted February 24, 2010 Posted February 24, 2010 I no longer use ATM's here. It is cheaper to just get a cash advance from a bank. Um, slow down a minute, guys. Although there are cards which have Credit, Debit, and ATM functions combined, it's pretty important to keep these three things separate. - New credit card regulations may change the fees collected when you make overseas purchases but they have no effect on ATM fees. - Getting a cash advance is a feature of the credit function of the card. Fees for cash advances have always been punitive. It's doubtful that a cash advance was ever a better bargain than simply using the ATM function, but if the rules have changed then it's definitely time to re-do such a comparison. And if you do, keep in mind that ATM fees are "flat", so the bigger the withdrawal the better it will compare to a cash advance. - Tourists (but not ex-pats) should check to see if their bank or credit union issues free traveler's checks. If so, they are a good way to beat the recent ATM fee hikes. The spread between traveler's checks rates and the wire-transfer rate is only 1%. Quote
Guest lvdkeyes Posted February 24, 2010 Posted February 24, 2010 Fees for cash advances have always been punitive. It's doubtful that a cash advance was ever a better bargain than simply using the ATM function, but if the rules have changed then it's definitely time to re-do such a comparison. And if you do, keep in mind that ATM fees are "flat", so the bigger the withdrawal the better it will compare to a cash advance. Check your facts. When I used ATM, my US bank charged $5.00 per transaction. Most Thai banks also charge 150 baht about $4.50) per transaction. ATM's limit you to 20,000 baht per transaction. When I get a cash advance I am charged a flat $3.00 fee by my bank and nothing by Thai banks. I am only limited by what I have in my account as to how much I can get as advance. So, If I take 60,000 baht from ATM it will cost me $28.50 or $15.00 if I use the only Thai ATM I know of that doesn't charge the 150 baht fee. To get that same amount as cash advance it will cost me $3.00, a saving of $12.00 to $25.50. How is this punitive? Quote
Guest TOQ Posted February 24, 2010 Posted February 24, 2010 lvdkeyes, are you using a Check Card or an actual Credit Card. Do you just go up to the teller window, hand them your card and ask to get cash on it? thanks john Quote
Guest lvdkeyes Posted February 24, 2010 Posted February 24, 2010 I use my ATM Debit card. I take my passport and my card to either Bangkok Bank or Ayudaya Bank. Quote
PattayaMale Posted February 24, 2010 Posted February 24, 2010 I am getting confused. I thought a "cash advance" is sort of like a loan from your bank. If you all ready have money in your account and withdraw that it is a cash withdrawal. Is it being said that a bank in the US will advance you cash you only need to pay $3.00, with no other fees or interest charge? May I ask what bank? Quote
Guest TOQ Posted February 24, 2010 Posted February 24, 2010 I use my ATM Debit card. I take my passport and my card to either Bangkok Bank or Ayudaya Bank. Thank you john Quote
Guest lvdkeyes Posted February 24, 2010 Posted February 24, 2010 They call it a cash advance even though it is my money I am getting. I didn't make up the term. I use Wells Fargo Bank in the US. Quote
PattayaMale Posted February 24, 2010 Posted February 24, 2010 They call it a cash advance even though it is my money I am getting. I didn't make up the term. I use Wells Fargo Bank in the US. Here is what Wells Fargo says in their glossary of terms. Cash Advance A cash loan drawn from the available credit of your credit card account. There is no grace period for cash advances. Interest accrues daily until the complete balance is paid in full. Transaction fees may apply. lvdkeyes, you may want to check this. They must be charging you interest and transaction fees. Quote
mahjongguy Posted February 25, 2010 Posted February 25, 2010 Here is what Wells Fargo says in their glossary of terms. Cash Advance A cash loan drawn from the available credit of your credit card account. There is no grace period for cash advances. Interest accrues daily until the complete balance is paid in full. Transaction fees may apply. lvdkeyes, you may want to check this. They must be charging you interest and transaction fees. Yes, to my knowledge a Cash Advance (as the word "advance" implies) is a credit transaction. Per the Wells Fargo website, such a transaction made at a teller window (rather than an ATM) would cost "either $20 or 4% of the amount of each advance, whichever is greater, for each advance obtained in person at a participating financial institution or other source". On 60,000 baht that would be $72. Perhaps it is possible to make a debit withdrawal from your checking/savings account by presenting your ATM card to a teller. If so, it would be interesting to know if the fees are exactly those as using an ATM machine. Quote
Gaybutton Posted February 25, 2010 Posted February 25, 2010 Yes, to my knowledge a Cash Advance (as the word "advance" implies) is a credit transaction. I don't see what difference it makes what it's called. The point is that people are trying to find ways to cut back on ATM fees. Lvdkeyes takes his ATM debit card to the banks he mentioned and is not charged those fees when he withdraws money from his account via a bank teller instead of using an ATM. He's been trying to point out that everyone else who uses a foreign debit card can probably do the same thing. Whether it's called a cash advance or something else, it seems to me that is irrelevant. No matter what the correct term may be, if you withdraw money the same way he does, you can save a bundle. Quote
Guest lvdkeyes Posted February 25, 2010 Posted February 25, 2010 I really don't understand why some people can't just take my word for it or try it themselves. Believe me, the Thai banks call it a "cash advance" and I am ONLY charged $3.00 for the transaction. I check my bank statement regularly. Quote
2lz2p Posted February 25, 2010 Posted February 25, 2010 Here is what Wells Fargo says in their glossary of terms. Cash Advance A cash loan drawn from the available credit of your credit card account. There is no grace period for cash advances. Interest accrues daily until the complete balance is paid in full. Transaction fees may apply. lvdkeyes, you may want to check this. They must be charging you interest and transaction fees. Hmmmm. Seems to me it is comparing apples and oranges. Lvdkeyes said he uses his debit card not a credit card. The above terms says drawn from credit of your credit card account. Quote
Gaybutton Posted February 25, 2010 Posted February 25, 2010 I really don't understand why some people can't just take my word for it or try it themselves. Believe me, the Thai banks call it a "cash advance" and I am ONLY charged $3.00 for the transaction. I check my bank statement regularly. You might as well forget it. Some people just insist on trying to prove themselves right about the correct term to use. I don't understand it either. Who cares what it's called? It's what you can do that counts, not what term to use for what you're doing. It would seem to me that the common sense approach is to walk into either Bangkok Bank or Bank of Ayudhya with your debit card and passport in hand, go to a teller, withdraw the money you want, and see if you too are charged only $3. After your money is in your wallet, that's when to worry about whether to call it a cash advance, a cash withdrawal, or whatever the hell else sounds like a really great term to use. Quote
Guest lvdkeyes Posted February 25, 2010 Posted February 25, 2010 The $3.00 charge is by my US bank and appears on my statement. The Thai bank does not charge anything (at this point). Quote
Guest Posted February 25, 2010 Posted February 25, 2010 I really don't understand why some people can't just take my word for it or try it themselves. Believe me, the Thai banks call it a "cash advance" and I am ONLY charged $3.00 for the transaction. I check my bank statement regularly. I often get confused with Debit / Credit Card differences. The point of my post is that all of these fees may be changing and not for the better for those that travel anywhere overseas. Quote
PattayaMale Posted February 25, 2010 Posted February 25, 2010 You might as well forget it. Some people just insist on trying to prove themselves right about the correct term to use. I don't understand it either. Who cares what it's called? It's what you can do that counts, not what term to use for what you're doing. It would seem to me that the common sense approach is to walk into either Bangkok Bank or Bank of Ayudhya with your debit card and passport in hand, go to a teller, withdraw the money you want, and see if you too are charged only $3. After your money is in your wallet, that's when to worry about whether to call it a cash advance, a cash withdrawal, or whatever the hell else sounds like a really great term to use. GB, I did indeed try to understand what was being posted. This thread was about "New American Credit Card laws". When the term Cash Advance was used, I had thought that was about credit cards. So I asked for clarification. Even though I too appreciate the tip on inexpensive ways to get cash out of an account, some terms are important to clarify what is being said. In your former job, was it important to use the right term? I was not trying to prove my self "right". I leave that to you. I was trying to get clarification. I have gone to Bangkok Bank and used my USA bank card to get baht. I was charged a small teller service fee at Bangkok Bank and a less favorable exchange rate. My USA bank did charge an "international" withdrawal fee based on the cash changed into baht. When the thread started about New American Credit Card laws, and the term "cash advance" was used, I tried to figure out if what being posted was a change in what banks could do. So I tried to get clarification. It had nothing to do with proving me "right". Why do you like to be so opinionated and use such a critical tone? It has a tendency to put me off about posting anything. Sorry for the tension my request for clarification caused. Let me bow out, gracefully. Quote
Guest Posted February 25, 2010 Posted February 25, 2010 In your former job, was it important to use the right term? In my former job, the right term was essential. Quote
Guest jomtien Posted February 25, 2010 Posted February 25, 2010 Sorry for the tension my request for clarification caused. Let me bow out, gracefully. Please don't bow out, gracefully or otherwise. I'm with you on this one. The topic was actually CREDIT CARDS, which I would have found informative since I use them. Instead, it got derailed to ATM cards which interest me not, since I don't use them. Also, the ATM info has been posted before. Snarky comments from the moderators don't change the fact that it went off topic early on. Quote
Gaybutton Posted February 25, 2010 Posted February 25, 2010 I was not trying to prove my self "right". I leave that to you. I was trying to get clarification. You can bow out if you want to, but I wasn't even referring to your post. Snarky comments from the moderators Snarky? Moi? Don't blame the other moderators. The only snarky one was me. I'll have to take your word for it that my comments were snarky. After all, you're the expert on those kinds of comments . . . Quote
