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simonmix

Best Debit/credit card to avoid foreign exchange fees and interest

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simonmix

I dont like to bring big wads of cash so I always take out money from the ATM with my debit card. However, I am noticing I am not getting the exact amount that google tells me i should as im guessing its from the exchange interest and then ontop of that i am being charge $5 from my bank and 220 baht from the Thailand bank.

Any cards you guys recommend particularity Canadian ones as i am in Canada.

 

thanks,

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TheJoker

I am not sure if you can get it but the Charles Schwab account debit card is great.  No fees, and they refund you any ATM fees from anywhere in the world.  It links up perfectly with my credit union.  Anywhere you go, all fees refunded.

Joker..

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jay_613

I've been looking into Stack recently. Supposedly no FX fee's.  This is a reloadable mastercard, and has been getting a lot of praise from all I've read.  I've done a lot of research, and as Canadians, it doesn't seem we have many good options in terms of Debit cards. CC's there are a few really good options, but i'm leaning towards Stack, just waiting for their next good new customer promo.

 

If anyone else knows of anything better, i'd be interested to hear about them...

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jay_613
2 minutes ago, TheJoker said:

I am not sure if you can get it but the Charles Schwab account debit card is great.  No fees, and they refund you any ATM fees from anywhere in the world.  It links up perfectly with my credit union.  Anywhere you go, all fees refunded.

Joker..

Unfortunately we can't get Charles Schwab in Canada. That would have been my go-to if it was available. 

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lvartist

I carry a Schwab debit card for ATM withdrawals and a Capital One card for all credit card purchases. No foreign exchange fees on Cap One purchases. ATM fees overseas will be added for cash withdrawals however.

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Man7

I have TD Canada Trust with their big plan (free monthly fee with $5000 in the account each month. That saves any ATM fees anywhere. Still have to pay the 220B fee of course but at least it saves one side.

Someone once said Dejardain has an account like the Scwabb one but have not looked into it yet.

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thailv

Get Rogers credit card. However foreign transaction fee is still 2% but you get 3% cash back.

Sent from my STV100-3 using Tapatalk

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Whalley
14 hours ago, Man7 said:

I have TD Canada Trust with their big plan (free monthly fee with $5000 in the account each month. That saves any ATM fees anywhere. Still have to pay the 220B fee of course but at least it saves one side.

Someone once said Dejardain has an account like the Scwabb one but have not looked into it yet.
 

 

On top of the 220 baht Thai ATM fee. TD charges 3.5% FX fee (according to their web site)

https://www.tdcanadatrust.com/document/PDF/accounts/513796-20171030.pdf

The FX fee amounts to more than 1000 baht on a 30k ATM withdrawal.

 

.

image.png

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Whalley
Posted (edited)
2 hours ago, thailv said:

Get Rogers credit card. However foreign transaction fee is still 2% but you get 3% cash back.

Sent from my STV100-3 using Tapatalk
 

 

Rogers FX fee is 2.5%

So better by 1/2% with no FX fee and the 1% cash back reward is a Home Trust Preferred Visa CC.

https://www.hometrust.ca/credit-cards/preferred-visa-card/

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image.png

 

 

 

 

 

 

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Edited by Whalley

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Man7

Interesting. I missed that fee change. Will have to do some looking around at other cards and banks.

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Whalley
17 hours ago, simonmix said:

I dont like to bring big wads of cash so I always take out money from the ATM with my debit card.

What debit card are you using?

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thailand

I've starting using charles schwab too. it took the worry out of losing all the cash for a trip before I even arrived. A lot of credit cards have no foreign transaction fees, but don't withdraw cash off it. A foreign cash advance will have multiple fees and interest will begin immediately. 

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simonmix

Thanks everyone, I currently am using the TD credit and debit card and getting that 1000baht hit after taking out 30k so i am looking at stack and home trust card and even Scotiabank infinite passport credit card i believe has something to i heard.

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farcanal
22 minutes ago, simonmix said:

Thanks everyone, I currently am using the TD credit and debit card and getting that 1000baht hit after taking out 30k so i am looking at stack and home trust card and even Scotiabank infinite passport credit card i believe has something to i heard.

Simon, can you get a Citibank debit card?

I got one down here in Oz, just top it up before I head to Thailand. No transaction fees, except the standard Thai atm fee.

Pretty sure Citibank are world wide

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lvartist
Posted (edited)

I suspect that all CitiBank debit cards are not created equal.  I arrived in Saigon late yesterday. Needed some cash. Used my Schwab card at an ATM but was only able to get 3 million dong. While walking to one of my favorite restaurants I saw a Citi ATM. Read online that Citi allows 8-10 million dong withdrawals.  Since I also have a U.S. Citi account I called CitiBank last night to ask about fees.  Was told I would incur a 3 percent foreign transactions fee.  Today or tomorrow I will try the Schwab card at the CitiBank atm to see how much I can withdraw. 

Edited by lvartist
Typo

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JB300
1 hour ago, lvartist said:

I suspect that all CitiBank debit cards are not created equal.  I arrived in Saigon late yesterday. Needed some cash. Used my Schwab card at an ATM but was only able to get 3 million dong. While walking to one of my favorite restaurants I saw a Citi ATM. Read online that Citi allows 8-10 million dong withdrawals.  Since I also have a U.S. Citi account I called CitiBank last night to ask about fees.  Was told I would incur a 3 percent foreign transactions fee.  Today or tomorrow I will try the Schwab card at the CitiBank atm to see how much I can withdraw. 

I've never been charged a fee for using my (Singapore) Citi(Gold) Debit card in a Citi ATM & understood it was free worldwide.

 

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Coffeejunkie

If they didn't make it so difficult to open a thai bank account without having to live there it wouldn't be a problem.  I waste over 20 $ a visit in atm fees because I won't take a large sum of cash with me.

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KhunChang
Posted (edited)
9 minutes ago, Coffeejunkie said:

If they didn't make it so difficult to open a thai bank account without having to live there it wouldn't be a problem.  I waste over 20 $ a visit in atm fees because I won't take a large sum of cash with me.

Hmmm i have a Thai Bank account opened in 2015 but nowadays i hardly use it.

I have a Euro debit card with no fees for foreign transactions.

So i "only" pay the 220 THB atm fee for 30K THB.

If i want to use my Thai account instead it would cost me 228 THB for the same amount to get the money here via transferwise and i have to wait at least 2 working days before the money arrives. (Means up to 4-5 days if during  the weekend)

Edited by KhunChang

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jay_613

I usually bring a few thousand cash with me, and just stick it in a ziplock, inside a sock, wrapped in a pair of boxers, in a bag of laundry. Nobody would dare steal those. :P    But ya, a Charles Schwab, or thai bank account would work as well for me too. 

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Coffeejunkie

I tried 2 different banks and the residence was the problem.  Bangkok bank just last summer. I would rather wire one lump sum for one fee and be done with it. I get too nervous taking 3k to 4k usd with me which is my budget for 3 weeks. 

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KhunChang
Posted (edited)
17 minutes ago, Coffeejunkie said:

I tried 2 different banks and the residence was the problem.  Bangkok bank just last summer. I would rather wire one lump sum for one fee and be done with it. I get too nervous taking 3k to 4k usd with me which is my budget for 3 weeks. 

Ok, in 2015, it was already difficult to open a bank account.

I was on a Tourist Visa at this time.

I went to a Kasikorn branch in the BIG C near the city center.

I brought with me

- a farang friend that  has an account there already, so they couldn't close directly the discussion by saying they don't open account for foreigners on Tourist Visa.

- the rental contract from my condo at this time.

They were reluctant to open it, i told them "but my landlord is in Bangkok, I need the account to transfer him the monthly rent"

They finally agreed and it cost me an additionnal 3000 THB for a useless Accident Insurance contract that wouldn't be enough to cover more than a couple of days in a decent private hospital. Sucker I know.

Now, I can see you're from US, aren't you eligible for this Schwab account?

Edited by KhunChang

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Straw

For Brits the Halifax Clarity is the best bar none as long as you pay the balance off the day it lands on your statement

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thailv

Check prepaid air Canada visa cc from CIBC

Sent from my STV100-3 using Tapatalk

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gentleman.jack.darby
On 15/05/2019 at 19:36, simonmix said:

I dont like to bring big wads of cash so I always take out money from the ATM with my debit card. However, I am noticing I am not getting the exact amount that google tells me i should as im guessing its from the exchange interest and then ontop of that i am being charge $5 from my bank and 220 baht from the Thailand bank.

Any cards you guys recommend particularity Canadian ones as i am in Canada.

 

thanks,

The rates that Google publishes are rates from the forex markets and should only be used as a rough guideline

When one uses a credit or debit card for an ATM withdraw or purchase, the exchange rates are set by the credit card network to which one's card "belongs", usually Visa or Mastercard

If one wants to see the exchange rate in effect on a specific day, both Visa and Mastercard maintain online calculators

For example, Visa USA is here:

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

Visa also maintains a calculator for Europe

It's my view that worrying about the actual exchange one gets at an ATM or for a purchase is not really the thing on which one should focus since the rates mandated by Visa or Mastercard for their networks are the best ones us mere mortals will likely ever get;

It's more important to focus on finding the best cards which keep fees to a minimum, e.g., ATM owners fees (THB 220 in Thailand), avoiding foreign transaction fees, foreign exchange conversion fees, the Visa or Mastercard network fee, etc.

For Americans, the best card is the Charles Schwab Bank debit card, which refunds all ATM owner fees anywhere in the world and imposes no other fees.

Some other debit cards for Americans which minimize fees are from USAA, Alliant FCU (Federal Credit Union), Fidelity, and State Department FCU

It's not hard to find credit cards which charge no foreign transactions - the best company overall is probably Capital One, but Chase and Bank of America offer them as well.

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