Kathie

Very interesting. I got no notice with my e statement a few days ago. And when I called HSBC (because of your post) I was told they started assessing the 3% fee as of October 1. Some people are being assessed the fee now - such as Kuranosuke (above) but at least one perosn is not - Bisbee (above).

mlb

Jeez...HSBC is really playing loose with the rules! Oh well, I've already begun moving my funds to capital one.

Kathie

No kidding, mlb, this whole thing gets stranger with every post. You'd think the rules would change for all acounts of the same type at the same time. My money is also in the process of being transferred out of HSBC.

Mara

As far as using Capital One, I was just looking at their website and it says you can only make a maximum of six withdrawals a month from their Money Market acct. What type of account are you looking at?

mlb

Mara: I opened a high yield money market account. You are correct in that it is 6 withdrawals a month maximum. I will budget myself weekly and make one atm withdrawal per week, so this will be okay for me.

The main advantage I found with Capital One is their good APR of 5%, and no fees whatsoever on atm withdrawals. In addition, I will also use their cashback mastercard which also has no fees plus gives you 1% back on all purchases and a 25% year-end bonus on cashback.

Just another option out there....

Mara

Thanks, mlb, just wanted to make sure I was looking at the right account.

I have been with HSBC for a long time as my previous bank was taken over by them. It is really too much trouble for me to change now but I am thinking about other options for my travel money

Your CapOne cc sounds good - the one I have gives points for miles which IMO is basically useless as I will never buy enough to get a flight from NYC to Albany ;-)

smartcookie

Unless you spend over $25K a year on your credit card, it's always a better deal to get one with cashback benefits. I get $300 back in cash from my Citibank Dividend card and there are no fees. My American Express Clear gives 1% back on everything in Amex gift cards once I max out on the Citibank one

LeighTravelClub

I don't know if residents of the U.S. can use the Nationwide Building Society (who offer all the services that any bank does), but if you can, then it's worth looking at them. Very good interest rates on saving accounts and zero charges for card usage overseas.Here is a link into their site. Might be worth having a look round it for some people.
http://www.nationwideinternational.c...lar_glance.htm

Bisbee

My accounts are HSBC Internet Checking and Savings (USA based) and I'm withdrawing from HSBC ATM's in HCMC.

Kathie

Thanks, Bisbee. Do let us know if you start getting charged the 3% currency exchange fee HSBC says it is charging beginning Oct 1 or Nov 5, depending on who at HSBC you talk to!

And cookie, whether miles or dollars is a better deal depends on the person and how you use your miles. Since I use my miles for upgrades to Business class, each mile is worth 5 - 9 cents, depending routes. For me, these miles are a much better deal than a one cent per dollar rebate.

On my AmEx card, I pay a 2% conversion fee on foreign purchases but get bach 2% on travel expenses such as hotels, air tickets, etc., 3% on restaurant charges and 1% on everything else. You might be able to convert your AmEx to this type.

Leigh, thanks for the link. I'll have to take a look at it and see if it's an option!

smartcookie

Even for upgrades, you need thousands of miles. You still need to be spending a lot on your credit card and you've mentioned before that you do. For an average person who doesn't watch their spending and tries to put everything on the credit card (and pays it off every month), this is not the case.

AmEx Clear is not part of the AmEx points system. It's specifically for cashback only. I've also found that most points systems are not worth it for an average consumer either since the redemption is never 1-to-1. Also, even in the US, many places still don't accept AmEx. I often have to use my MasterCard, so I can't max out on my AmeEx benefits.

Also, the biggest advantage to cashback is that it's cash and you don't have any restrictions whatsover on how to use it. That's huge.

Kathie

cookie, I get more miles each year from flying than from spending. But I do accumulate a lot of miles each year - enough to upgrade to business class on an international flight once or twice a year and upgrade to first on a Hawaii flight.

I mentioned the AmEx card I have because it isn't a points card, but a cash back card that pays you 1 - 3% depending on what items you are charging. Given your preference for cash back, I thought you might be interested in MORE cash back.

Guenmai

Hanuman...You've lost me. What's with this 5 million baht requirement to open a bank account in Bangkok? I opened one about 2 years ago with about 50 dollars. Happy Travels!

Guenmai

OK...You say a checking account. Mine, I think is a savings account, but with a VISA debit card issued on my bank in BKK... which should be the same as a checking account I would imagine. Happy Travels!

Kathie

Guen, is your Thai account with HSBC? That's what Hanuman is talking about.

smartcookie

Which AmEx card are you referring to? I looked at all of them and the other ones had a sliding scale where you had to spend a minimum of $6K or so to get 1% or even less possibly. Can't recall now, but it didn't make sense for me. I use Amex as a secondary card when I max out on the $300 on my Mastercard. So, it's more important for me to earn 1% right away without minimums to reach. That card also didn't actually pay out the earnings until months later, which I didn't like. Both of the cards I have come with pretty instant gratification

And yes, of course if you fly at least 2 international trips a year, miles make sense since you're basically using the miles from the credit card to top off your already healthy miles bank. I was just saying that it doesn't make sense for an average person. I do one international trip a year and it doesn't make sense in my case. $500 in cashback makes a lot more sense, especially as there are no $50-75 a year fees to pay that basically get deducted from some of those benefits.

Kathie

Cookie, I thought I had an AmEx that was generally available, but perhaps not. It's through Costco, and your rebate begins acruing with the first dollar you spend.

Guenmai

No Kathie...It's with Bangkok Bank. I thought she meant that this was now general banking rules as I know the rules have been changing in Thailand. Happy Travels!

smartcookie

The Costco AmEx looks like a good deal. I'm not a Costco member, so haven't looked at that one. I assume you have to be a member to get it?

Their Blue Cash card is the one that acrues at a lot less than 1% until you spend at least $6K. You also only get the earnings once a year I believe. Is it different for the Costco card? How do you obtain the cashback in your case? Thanks.

smartcookie

Just looked it up. Looks like there is no annual fee if you're a Costco member. I was thinking of switching from my current Amex to another Amex if I can find a better deal for me, but don't want a Costco membership.