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passport220

Americans: Bank Account Reimburses Out-of-Network ATM Fees Worldwide (Up to $4 usd)

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passport220
Posted (edited)

Will take off $4 usd about 125b of the 200b Thai ATM fee. Thailand is an approved country for ATM use/reimbursement. $500 daily ATM limit.

Aspiration New Account Link

"A free bank account that earns interest, has a mission to increase social impact, and has international ATM reimbursement (Up to $4 usd)."

Aspiration New Account Link

 

 

NerdWallet's Aspiration Online Checking Account Review 

"The account earns interest and cash back and doesn’t have ATM or monthly fees. In addition, Aspiration doesn’t charge overdraft fees"

  • Offers a hybrid checking-savings account with a rare 0.5% to 1% cash back on purchases and a 2.00% APY.
  • No monthly fee and no overdraft fees.
  • Reimburses all ATM fees worldwide.
  • Spending tracker for social impact, and 10% of Aspiration’s earnings go to charity.

Full review: https://www.nerdwallet.com/blog/banking/aspiration-bank-review/

 

Aspiration New Account Link

Edited by passport220

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forcebwithu

Schwab offers a debit card with unlimited ATM fee rebates.

1. Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa® Platinum Debit Card wherever it is accepted. ATM fee rebates do not apply to any fees other than fees assessed for using an ATM to withdraw cash from your Schwab Bank account. Schwab Bank makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from Visa and ATM operators. In the event that you have not received a rebate for a fee that you believe is eligible, please call a Schwab Bank Client Service Specialist for assistance at 888‐403‐9000 (or for clients of independent investment advisors, a Schwab Alliance Service team member at 800-515-2157). Schwab Bank reserves the right to modify or discontinue the ATM fee rebate at any time.

https://www.schwab.com/public/schwab/banking_lending/checking_account

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Luv2Phuket

FWIW, I have used my Schwab ATM card in a strip club, where they hit you for a percentage-based fee. 

IIRC, I took out $500 and got hit with a $50 fee (I know, I know....the little head was doing ALL of the thinking at that point! 5555)

Schwab reimbursed the entire $50.

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likeaking

OP, your post has conflicting information. The first line says $4 off Thai ATM fees and further down is says, "Reimburses all ATM fees worldwide.". I haven't read your attachment but I avoid adverts with conflicting claims.

I use the Charles Schwab debit card. One time in Lao I made five consecutive ATM withdrawals in five minutes and Schwab paid all the ATM fees

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LarryDarrell
passport220
27 minutes ago, likeaking said:

OP, your post has conflicting information. The first line says $4 off Thai ATM fees and further down is says, "Reimburses all ATM fees worldwide.". I haven't read your attachment but I avoid adverts with conflicting claims.

I use the Charles Schwab debit card. One time in Lao I made five consecutive ATM withdrawals in five minutes and Schwab paid all the ATM fees

Details are in the attachment that you did not read. I wanted to draw out the fine print that shows a limit of $4 on international transactions right up front.

I agree the CS account is more useful, USAA reimburses ATM fees up to $15 per month. This is just one more choice to reduce fees and as far as I know, the only 3 accounts that work in Thailand to give some type of fee reimbursement. 

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LarryDarrell
Just now, passport220 said:

I agree the CS account is more useful, USAA reimburses ATM fees up to $15 per month. This is just one more choice to reduce fees and as far as I know, the only 3 accounts that work in Thailand to give some type of fee reimbursement. 

Pretty sure that the Fidelity account does reimbursements.  The only downsides are a $500 daily limit and some FX fees on debit card purchases (but not ATM). 

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HimBadMan

I Have the Chase sapphire debit card ,  which is part of the chase sapphire checking account.  Free atms all over the world,  unlimited.   IMO much better than CS since Chase is my primary bank.

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LarryDarrell
Just now, HimBadMan said:

I Have the Chase sapphire debit card ,  which is part of the chase sapphire checking account.  Free atms all over the world,  unlimited.   IMO much better than CS since Chase is my primary bank.

Easy to say when you likely have $75,000+ in your Chase accounts to avoid the $25 monthly fee.  But it is another worthwhile alternative.  I guess that investments in the JP Morgan division also apply to the minimum.

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OldAsiaHand

Same same TD Bank... 

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Exiled
Posted (edited)
2 hours ago, HimBadMan said:

I Have the Chase sapphire debit card ,  which is part of the chase sapphire checking account.  Free atms all over the world,  unlimited.   IMO much better than CS since Chase is my primary bank.

Recently I was helping a friend of a friend to get his personals in order.  He was having his pension in the U.S. deposited into a Chase account and was withdrawing money once a week. I noticed the card was from Chase, indicated Visa Debit card not sure of the level Sapphire or not?

Going through his financial statement on his Chase checking I noticed aside from the ATM fee here in Thailand he was being charge on the other end $5.00, then for each transaction I noticed another fee for " international conversion "  $14.95  I ask him in all my years of financial dealing never came across such a thing. I ask him what is that for he had no idea never asked but reviewing his record he has been paying this fee for close to 10 years.  You add it up he was paying easily 3000 baht extra a month which he could had used in his situation.  I hook him up with Charles Schwab but by the time the account was opened and card arrived he pass away.

Of interest curious I contacted a Government friend to look into the banking charges of Chase to obtain a explanation even he was shock and surprise of this conversion fee unless it is explain I wouldn't be surprise in the future a big class action lawsuit?

Edited by Exiled

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Luv2Phuket

If asked, I think they disclose the fee. I think it is a flat fee (the $5) for using an out of network foreign ATM and then an additional % of the transaction.

My primary personal bank (Union Bank of CA) has a similarly absurd fee structure. Chase is where my business accounts are.

My investments are split between Fidelity & TD Ameritrade, so it sounds like I should look into a back-up account there for my Schwab account.

To the OP, thanks for highlighting another option! It’s always good to have options!


Sent from my iPhone using Tapatalk

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LarryDarrell
2 hours ago, Exiled said:

Recently I was helping a friend of a friend to get his personals in order.  He was having his pension in the U.S. deposited into a Chase account and was withdrawing money once a week. I noticed the card was from Chase, indicated Visa Debit card not sure of the level Sapphire or not?

Going through his financial statement on his Chase checking I noticed aside from the ATM fee here in Thailand he was being charge on the other end $5.00, then for each transaction I noticed another fee for " international conversion "  $14.95  I ask him in all my years of financial dealing never came across such a thing. I ask him what is that for he had no idea never asked but reviewing his record he has been paying this fee for close to 10 years.  You add it up he was paying easily 3000 baht extra a month which he could had used in his situation.  I hook him up with Charles Schwab but by the time the account was opened and card arrived he pass away.

Of interest curious I contacted a Government friend to look into the banking charges of Chase to obtain a explanation even he was shock and surprise of this conversion fee unless it is explain I wouldn't be surprise in the future a big class action lawsuit?

I looked at the terms for the Chase Total Checking.  I think it is the "entry level" checking account.  Both the $5 fee and 3% foreign conversion fee are disclosed.  The Chase Sapphire Checking and associated debit card are "high level" accounts.  As I mentioned you must have $75,000 with Chase in order to avoid a $25 monthly fee with this account. 

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LarryDarrell
3 hours ago, OldAsiaHand said:

Same same TD Bank... 

It seems like TD Bank only serves the East Coast.  You can't open a checking account there unless you live in one of their served areas.  While their "TD Beyond" Checking account will reimburse ATM fees if you maintain a $2500 balance, none of their online information tells any details of if they add foreign conversion fees.  I actually called them and the phone rep could not give me an answer.  Sounds bad.  Online reviews of TD customer support is pretty scathing.  I'd probably take a pass on it unless I lived in a served area and also desperately needed some kind of Canadian connection.

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Exiled
50 minutes ago, LarryDarrell said:

I looked at the terms for the Chase Total Checking.  I think it is the "entry level" checking account.  Both the $5 fee and 3% foreign conversion fee are disclosed.  The Chase Sapphire Checking and associated debit card are "high level" accounts.  As I mentioned you must have $75,000 with Chase in order to avoid a $25 monthly fee with this account. 

Based on your answer I don't dispute it but when you say terms I wonder like most things how many people actually read the fine print?  I have a number of bank cards myself pretty much use my Credit Union cards, C.S. Wells Fargo and none of these cards have terms like Chase. My cousins and brother uses basically the same cards, along with Citi Bank, and never have seen charges for foreign conversion fee.

Thanks,  nevertheless like I said the guy passed away before I could help him.

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Buddy Edgewood

As far as I know, no other bank can beat Charles Schwab's ATM rebate program.  It should be every American international monger's #1 choice of ATM cards. 

I suggested to Schwab that they advertise it that way, but I haven't heard back from them yet. :D

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gentleman.jack.darby
14 hours ago, LarryDarrell said:

Pretty sure that the Fidelity account does reimbursements.  The only downsides are a $500 daily limit and some FX fees on debit card purchases (but not ATM). 

Fidelity does not charge a foreign currency conversion fee.

They do however pass on the 1% Visa ISA (International Service Assessment) fee - the fee to help cover the cost of running the network which, for me, is fair enough

Not as good as Charles Schwab, but still pretty good

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gentleman.jack.darby
15 hours ago, passport220 said:

Details are in the attachment that you did not read. I wanted to draw out the fine print that shows a limit of $4 on international transactions right up front.

I agree the CS account is more useful, USAA reimburses ATM fees up to $15 per month. This is just one more choice to reduce fees and as far as I know, the only 3 accounts that work in Thailand to give some type of fee reimbursement. 

Add Alliant Federal Credit Union to the list - very easy to join and easy to work with

Alliant reimburses up to USD 20 per month

However, they don't reimburse the 1% Visa ISA (network) fee, but every little bit helps and it's better than a poke in the eye with a sharp stick

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gentleman.jack.darby
15 hours ago, passport220 said:

Details are in the attachment that you did not read. I wanted to draw out the fine print that shows a limit of $4 on international transactions right up front.

I agree the CS account is more useful, USAA reimburses ATM fees up to $15 per month. This is just one more choice to reduce fees and as far as I know, the only 3 accounts that work in Thailand to give some type of fee reimbursement. 

State Department Federal Credit reimburses up to USD 15 per month and they will reimburse the Visa ISA fee as well.

Appears easy to join and I've been considering them as a backup for Charles Schwab and Alliant.

Another somewhat obscure option

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Luv2Phuket
1 hour ago, gentleman.jack.darby said:

Fidelity does not charge a foreign currency conversion fee.

They do however pass on the 1% Visa ISA (International Service Assessment) fee - the fee to help cover the cost of running the network which, for me, is fair enough

Not as good as Charles Schwab, but still pretty good

Given that I have 2 brokerage accounts at Fidelity (personal and SEP-IRA), it just took me a few clicks to (hopefully!) open a Cash Management Account with the fee-free (except for 1% Visa ISA) ATM card.

If you do this, be sure to open a Cash Management Account.  I almost just requested a debit card for my brokerage account, but realized that no fees were reimbursed and that it was a shitty deal!

I've already put a little in from my checking account and moved some cash sitting in my personal account for "base" funding.

This will be a FAR better "back-up" card for my Schwab card than my crappy UBOC card, which would charge me through the nose if I ever had to use it!

 

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LarryDarrell

The Fidelity 1% fee only applies to purchases made as a Visa debit card (just in case it was a confusing point).  I'm pretty certain that ATM pulls do not have any fees or charges.  Also, Fidelity has a $500 daily ATM limit which cannot be increased.  A minor hindrance perhaps.

Any experienced traveler will have proper credit cards with no foreign transaction fees and wouldn't consider making purchases on a debit card anyway.

I also think that it is a very good back up or alternative to Schwab.  I don't know why everyone focuses on Schwab alone, especially when many Americans might already have Fidelity brokerage or retirement accounts.

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OldAsiaHand
10 hours ago, gentleman.jack.darby said:

Fidelity does not charge a foreign currency conversion fee.

The problem with this advertising claim by many card issuers, even including American Express, is that it is utterly meaningless. The card issuer determines what exchange rate to apply to each transaction and you have no way to argue with it. Who cares whether the charge includes a 'fee'? You can (and will) be ripped off consistently by the application of an unfavorable exchange rate which pads the profits of the card issuer at no cost to them.

How would you like to have a business in which you determined what you were going  to change your customer after he has already made his purchase? Yeah, me, too.

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LarryDarrell
1 hour ago, OldAsiaHand said:

The problem with this advertising claim by many card issuers, even including American Express, is that it is utterly meaningless. The card issuer determines what exchange rate to apply to each transaction and you have no way to argue with it. Who cares whether the charge includes a 'fee'? You can (and will) be ripped off consistently by the application of an unfavorable exchange rate which pads the profits of the card issuer at no cost to them.

This is not my experience.  I have 3 credit cards and 2 debit cards that claim to charge no "fees" and I wouldn't hesitate to use any of them overseas.  I always get a fair rate based on the exchange rates at that moment.  I don't feel the slightest bit "ripped off" and I think I do my homework.  If you want to compare the rate I get from an ATM or purchase terminal to the rate I would get from SuperRich or TT for cash then we are talking about sweet eating apples to tart baking apples. 

Sure, I get a lousy rate compared to a non-bank money changer.  But that is the "cost of convenience" for not having to carry huge amounts of cash.

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gentleman.jack.darby
14 hours ago, Luv2Phuket said:

Given that I have 2 brokerage accounts at Fidelity (personal and SEP-IRA), it just took me a few clicks to (hopefully!) open a Cash Management Account with the fee-free (except for 1% Visa ISA) ATM card.

If you do this, be sure to open a Cash Management Account.  I almost just requested a debit card for my brokerage account, but realized that no fees were reimbursed and that it was a shitty deal!

I've already put a little in from my checking account and moved some cash sitting in my personal account for "base" funding.

This will be a FAR better "back-up" card for my Schwab card than my crappy UBOC card, which would charge me through the nose if I ever had to use it!

 

I had no trouble opening a cash management account with Fidelity, although it has been awhile, so I expect you'll be fine

The other major U.S. brokerages offer them and large banks (Chase), whose reason to exist is 'cash management', are starting to market their investing services to folks that traditionally aren't brokerage customers. so Fidelity would be at a big disadvantage if they made it difficult for their brokerage clients to avail of cash management services

I can think of no good outcomes, and a lot of bad ones, for having a debit card tied to one's brokerage account; I mostly use my Charles Schwab account and if I need money in my 'bank' account, I manually move it from the brokerage side. Lets me sleep better at night knowing that there is a 'firewall' between my brokerage assets and my 'bank' account, from which I write the occasional check and make debit card transactions.

Speaking of a 'firewall' between the brokerage and 'bank' side at Charles Schwab, Schwab automatically enables overdraft protection on the bank side which will draw from the uninvested cash or margin on the brokerage side if needed for an overdraft.

I'm fully invested on the brokerage side, but an overdraft or more importantly, (an) unauthorized transaction(s) from a compromise of my bank debit card could turn into a very big deal very quickly if paid against my margin, so I directed Schwab Bank to turn that feature off.

Likely the other brokerages offer the same service so, depending on one's needs and practices, it's something to check and consider when using cash management services. 

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gentleman.jack.darby
5 hours ago, OldAsiaHand said:

The problem with this advertising claim by many card issuers, even including American Express, is that it is utterly meaningless. The card issuer determines what exchange rate to apply to each transaction and you have no way to argue with it. Who cares whether the charge includes a 'fee'? You can (and will) be ripped off consistently by the application of an unfavorable exchange rate which pads the profits of the card issuer at no cost to them.

How would you like to have a business in which you determined what you were going  to change your customer after he has already made his purchase? Yeah, me, too.

No, the actual exchange rate is set by the card network, such as Visa, MasterCard, American Express, etc. and NOT the card issuer

Visa and MasterCard publish their daily exchange rates on the web, so any that cares to can see their exchange rate for any particular day.

Where folks get confused is using or trying to calculate the exchange rate AFTER taking into account the fees imposed by their card ISSUER, which will, obviously, be less than the actual exchange rate mandated by the card network (Visa, Mastercard, Pulse, UnionPay, etc.)

Folks would be much better served by focusing on the fees, such as 'foreign transaction fee', 'foreign currency fee' 'ISA fee' etc. that are either imposed or passed on (ISA fee) by their card ISSUER and using a card issuer, such as Charles Schwab, Fidelity, USAA, Alliant, etc. (debit cards) or Capital One, Chase (some), Bank of America (some), etc. that issue 'no foreign transaction fee' credit cards.

At the end of the day, since card networks are heavy hitters in the foreign exchange markets, us mere mortals are very unlikely to ever get an exchange rate better than those offered by the card networks for transactions in which we can use a card; unfortunately, we must deal with some greedy banks forever trying to take advantage of us by tacking on unreasonable and sometimes outrageous fees (Chase - USD 5 for using a non-U.S. ATM PLUS 3% foreign conversion fee) simply because some of us can afford to and choose to travel.

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