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[QUOTE=Allover;2278785]I've used my Schwab Debit card at Thai ATMs for the past 4 years or so. I always get the Visa exchange rate (which is a very good rate) and get reimbursed for local bank fees.[/QUOTE]Same deal with Fidelity debit card at Thai ATMs. Exchange rate is whatever is posted at that moment on [URL]XE.com[/URL], which is much better than any place I can exchange US $100 bills for Thai baht.
[QUOTE=RobertLong;2278988]I have both a Schwab CC and a Debit card. I wonder how you can choose, on an ATM, the difference between Visa ex rates and the "scam" Bank rates? Can anyone explain that?[/QUOTE]Not exactly sure of your question?
I have a Charles Schwab card and a number of other cards issue from my Credit Union. I've been using the Schwab for 10 years and my Credit Union cards even longer here. For personal reason, I only keep just enough here in a Thai Bank for emergencies and to satisfy Immigration.
When it comes to ATM's use, I try to use one institution and that is Aeon, it isn't a bank but a lending institution in Pattaya there are only two locations one at Big see extra and Lotus North Pattaya. As of today they only charge 150 baht and provide the best rate regardless of what card I use. For example, if the Internation rate is 32.00 after my withdraw and I go online and check the rate given is somewhere at 31.50-60. In the past prior to my withdraw I've gone by T. T. Exchange booth which is the best in my opinion in Pattaya the rate for 50-100 bills might be 31.75-80, then I do a final pass by at the Bangkok Bank exchange booth near the food court Big see extra the rate for 50-100 USD is somewhere like 31.38.
So when you compare Cash exchanges vs. ATM withdraw out of Aeon it isn't far off it is the expense I pay for the convenience plus as you noted when I use my Schwab card fees are return end of the month. Now to your question?
When it comes to any of the Thai bank ATM depending on the type of card that is being used some cards like Schwab will not allow the Thai bank to dictate their rates to you. Your request for money will be done at the current International rate so if the rate is at 32.00 at Bank like Bangkok Bank ATM using a Schwab card might give you at best 31.50, I've found many times the ATM rate out of a Thai bank ATM will be pretty close to the rate they are giving you at one of their exchange booth for 50-100 USD bill minus the 220 baht the Thai ATM charges.
Here is how the Thai bank scam you when using their ATM like Bangkok Bank. As I noted I also use Debit cards issue by my Credit Union. Using Aeon ATM this doesn't happen only with Thai ATM's. When I put my card and request amount after it asks me whether I except the 220 charges which I push YES, the next screen will show you an entire breakdown of all the fees you will be paying you will also see the exchange rate they are providing if you accept the transaction. If the international rate is at 32.00 you will note the suggested rate will be something like 30.90 far below the International rate or a ATM like Aeon is providing. This is the scam of the Thai Bank if you are using a card that allows the Thai bank to dictate the rate.
If you are using a card like my Credit union and you get this breakdown on the screen. For a long time since I needed the money and thought I had no choice I push Yes thinking I had to but you can push NO, by doing so you are declining the suggested rate and it automatically reverts to the Internation rate which should give you more like 31.38-31.50 closes to the 32.00? By simple pushing NO, when you go back and do the math the Thai bank basically took an extra 800-900 baht for the transaction by providing you a rate far below.
I hope that helps? Good luck.
[QUOTE=HorseTrader;2279039]Same deal with Fidelity debit card at Thai ATMs. Exchange rate is whatever is posted at that moment on [URL]XE.com[/URL], which is much better than any place I can exchange US $100 bills for Thai baht.[/QUOTE]Yep. And then the outrageous ATM fee is refunded to you at the end of the month.
How do NON American expats get large sums of money to Thailand (ie. Those who do not have access to Charles Schwab and Fidelity)? I know there is Transferwire but are there better ways for large sums? I am considering buying a car.
I discovered Aeon by accident. As LBM said Aeon charges less than other ATM machines for withdrawals but IIRC they had a low withdraw limit?
[QUOTE=BananaBoi;2279181]I know there is Transferwire but are there better ways for large sums? I am considering buying a car.[/QUOTE]Try some of the other money transfer sites. I use Currencyfair but they don't transfer to Thailand at the moment. I'm not sure about Oanda, OzForex (or whatever they are called now), or other sites as I usually only need to transfer large sums to Australia.
When I'm in Thailand I just use an ATM since I'm only usually there for a few days and only need around 10,000 baht.
[QUOTE=BananaBoi;2279181]How do NON American expats get large sums of money to Thailand (ie. Those who do not have access to Charles Schwab and Fidelity)? I know there is Transferwire but are there better ways for large sums? I am considering buying a car.
I discovered Aeon by accident. As LBM said Aeon charges less than other ATM machines for withdrawals but IIRC they had a low withdraw limit?[/QUOTE]What's your definition of "better ways" and "large sums".
As the amounts become bigger the FX rate becomes more important than the fees. I've found Transferwise beats Australian bricks and mortar banks for speed and nett amount received. After you get the required account numbers etc together, I find it easy to use.
A transfer of AUD 50 k today would have the recipient receive 1,126,658. 50 THB after fees.
[QUOTE=LittleBigMan;2279112]Not exactly sure of your question?
I have a Charles Schwab card and a number of other cards issue from my Credit Union. I've been using the Schwab for 10 years and my Credit Union cards even longer here. For personal reason, I only keep just enough here in a Thai Bank for emergencies and to satisfy Immigration.
When it comes to ATM's use, I try to use one institution and that is Aeon, it isn't a bank but a lending institution in Pattaya there are only two locations one at Big see extra and Lotus North Pattaya. As of today they only charge 150 baht and provide the best rate regardless of what card I use. For example, if the Internation rate is 32.00 after my withdraw and I go online and check the rate given is somewhere at 31.50-60. In the past prior to my withdraw I've gone by T. T. Exchange booth which is the best in my opinion in Pattaya the rate for 50-100 bills might be 31.75-80, then I do a final pass by at the Bangkok Bank exchange booth near the food court Big see extra the rate for 50-100 USD is somewhere like 31.38.
So when you compare Cash exchanges vs. ATM withdraw out of Aeon it isn't far off it is the expense I pay for the convenience plus as you noted when I use my Schwab card fees are return end of the month. Now to your question?
When it comes to any of the Thai bank ATM depending on the type of card that is being used some cards like Schwab will not allow the Thai bank to dictate their rates to you. Your request for money will be done at the current International rate so if the rate is at 32.00 at Bank like Bangkok Bank ATM using a Schwab card might give you at best 31.50, I've found many times the ATM rate out of a Thai bank ATM will be pretty close to the rate they are giving you at one of their exchange booth for 50-100 USD bill minus the 220 baht the Thai ATM charges.
Here is how the Thai bank scam you when using their ATM like Bangkok Bank. As I noted I also use Debit cards issue by my Credit Union. Using Aeon ATM this doesn't happen only with Thai ATM's. When I put my card and request amount after it asks me whether I except the 220 charges which I push YES, the next screen will show you an entire breakdown of all the fees you will be paying you will also see the exchange rate they are providing if you accept the transaction. If the international rate is at 32.00 you will note the suggested rate will be something like 30.90 far below the International rate or a ATM like Aeon is providing. This is the scam of the Thai Bank if you are using a card that allows the Thai bank to dictate the rate.
If you are using a card like my Credit union and you get this breakdown on the screen. For a long time since I needed the money and thought I had no choice I push Yes thinking I had to but you can push NO, by doing so you are declining the suggested rate and it automatically reverts to the Internation rate which should give you more like 31.38-31.50 closes to the 32.00? By simple pushing NO, when you go back and do the math the Thai bank basically took an extra 800-900 baht for the transaction by providing you a rate far below.
I hope that helps? Good luck.[/QUOTE]That is just what I wanted to know. I bring cash but in a pinch I have debit cards and CC cards for last minute needs.
Thank you.
RL.
[QUOTE=BananaBoi;2279181]How do NON American expats get large sums of money to Thailand (ie. Those who do not have access to Charles Schwab and Fidelity)? I know there is Transferwire but are there better ways for large sums? I am considering buying a car.
I discovered Aeon by accident. As LBM said Aeon charges less than other ATM machines for withdrawals but IIRC they had a low withdraw limit?[/QUOTE]Aeon will give you easily 20,000 baht depending on you ATM protection limit which with most are set at 500 USD. A few years back Aeon after putting in new design machine set their limit at 8000 baht for a foreign card reason from their HQ was Aeon isn't a bank for say but a lending institution. If you took your card inside a branch and ask for cash you won't get any. They decided to lower the amount since their machines were running out of Baht so often due to the large volume of foreign card withdraws. Months later they reinstated the max limit 20 notes after realizing the ATM even at 150 they were missing out on.
Last year I need to get a large sum here to Thailand while in Thailand, I went through around 10 companies or services by the time I crossed all the T and I I settle on Transferwise which many Expat like to use from England. Round things out they have the best exchange rate by the time you break it all down you still coming out ahead. Many of the other services will not do large sums unless you develop a pattern of transfer or your bank / credit union won't because they can't confirm it is really you which is understandable for security reason.
With Transferwise you need to set up an account which is really easy because I can tell you aside from here and a few emails I can't do much else. In my efforts last year I basically wanted 30,000 USD to buy another truck many companies wouldn't do such a large transfer. I didn't want to use my Charles Schwab since the majority of my money are in mutual funds and I have no plans to sell any at this time. Transferwise made a suggestion that I could do two 15,000 USD transfers if I did it on my credit union debit card ACH, which had a extra fee on top of their commission. Before everyone jump down my throat even with their low commission and ACH fee their exchange rate was far above everyone else! I contacted my Credit Union online and told them what I wanted to do that I will move 30,000 USD into my Debit card linked to my checking that it would be taken out by Transferwise HQ in USA In New York.
I took a few days more than expected since there were a number of holidays here in the end while I was waiting for the exchange rate jump to 33.42 Doing it home in the USA Was real easy on my visit in September, I got online Transferwise with my account and made another transaction of 100,000 USD. Then I went to my Credit Union and requested a wire transfer to the New York branch to their account I think it was 15.00 or 30.00 USD within a hour Transferwise sent me a email that they got the money 24 hours later it was in my Bangkok Bank account.
Littlebigman, I must not be understanding something because why didn't you just transfer the money from your Credit Union account to your Schwab investment account. You can keep cash in your Schwab account. You must of had a reason.
[QUOTE=HoustonPlayer;2279650]Littlebigman, I must not be understanding something because why didn't you just transfer the money from your Credit Union account to your Schwab investment account. You can keep cash in your Schwab account. You must of had a reason.[/QUOTE]I've been with this Credit Union for 40 years although a Credit Union it is a full service with branches all over the country. For personal reason trustee issues, my Schwab account majority of investments money is tied with me and my brother. Let's just say keeping things separate and not co-mingling assets with Charles Schwab and my Credit Union has worked so far so I'm happy with things. Plus the Credit Union majority of my money is kept in timely CD's paying me 2. 50 right now my Charles Schwab conservative investment average 12 percent right now then I have a larger account with Vanguard. In a few years if all things go as planned I will need to take a minimum withdraw from the account and transfer that money to Thailand which should be close to a 1 million baht a year before taxes and still leave the principle intact. At that time I hope my sex drive and interest return so I will hit the Go Go circle again?
[QUOTE=Goferring;2279205]What's your definition of "better ways" and "large sums".[/QUOTE]Cheaper. Over 1 million baht.
[QUOTE=BananaBoi;2279684]Cheaper. Over 1 million baht.[/QUOTE]If your not Australian, all I can suggest is download the free app plug in your numbers and currency (you don't have to complete the transaction) and compare it to your bank's retail FX rates and charges.
I know on small amounts I win because of low fees and in larger amounts I still win because of the better FX rates.
[QUOTE=HorseTrader;2279039]Same deal with Fidelity debit card at Thai ATMs. Exchange rate is whatever is posted at that moment on [URL]XE.com[/URL], which is much better than any place I can exchange US $100 bills for Thai baht.[/QUOTE]General consensus is that Superrich1965 and Vasu have the highest rates for currency exchange. I also use the money changers on Soi Arab as they are in the same ballpark. As of this writing the USD / THB cross is:
[URL]XE.com[/URL]= 31.53.
Superrich1965 = 31.47.
Vasu = 31.43.
SL.
Just curious whether the ladies ever get jealous or bitchy over each other when buying LD to different ladies. Say. You buy a LD and become touchy with each other but then someone else catches your eye. You then buy her a LD and it goes on. Do they get bitchy?
Any jealousy is all gamesmanship. Feel free to buy drinks for whoever you feel like. Don't let any girl dictate how many drinks you need to buy her or her 'sisters'.
Personally if any of my girls got jealous of me buying drinks for a new hot girl I would stop buying drinks for my regular girl.