thursdaysd

HT - I have enough money invested in various Vanguard funds I haven't had to worry about fees for a while. I checked and see that the min. for MM accounts is $3,000, and fees can be waived "by registering for account access on Vanguard.com and establishing electronic delivery of statements, reports, and other shareholder materials through Vanguard’s e-service package". One year performance for Prime MM is 5.23%, although it's not so good for previous years.

But I've got nothing against the HSBC account, I'm just not sure I want to cope with yet another company. Maybe if I moved my checking account as well...

smartcookie

Thanks everyone for the info. I had the same concern as thursday about opening yet another account since I already have ING. But considering my ATM options are Washington Mutual and Bank of America, both of which charge 3% plus $3-5 per transaction, I think it may make sense for me to use HSBC and only get charged 1% on conversion.

It also looks like almost every company I've dealt with in Asia so far adds an extra 3% for using a credit card. So, that would make it more like 6% with the credit card fee. Definitely worth it to use cash and pay the 1% ATM fee.

Thanks all!

Kathie

cookie, I'm not sure how you are getting 6%. If you use any card in an ATM to withdraw money from your bank account, you are charged whatever that card charges as a foreign exchnage fee, in most cases 3%. It doesn't matter if it has a visa logo on it, you have not used it as a credit card. If you use your credit card to purchase something, you are likely to be charged 3% on the purchase as the foreign exchange fee.

It does sound like the HSBC account would save you money.

smartcookie

I believe when using an ATM/Debit card to get cash from an ATM machine, I would get charged $3-5 flat fee for using a foreign ATM machine PLUS 3% in terms of the conversion rate. And if I'm using my credit card, I'm going to be charged 3% by the store plus 3% on top of conversion rate by the credit card company, thus 6%.

Kathie

I have never been charged 3% by a store or hotel or restaurant in Thailand to use my credit card.

smartcookie

Most of the hotels, tours (Halong Bay), plane tickets (Vietnam Airlines) etc that I've been booking and putting on hold so far are asking for 3%...

KimJapan

The 3% charge for using Visa or Mastercard only seems to be applicable when you get out of the high end shops and hotels. I've never seen the charge at a restaurant..they either take cards or they don't.

thursdaysd

I've run into charges for using credit cards in various places in SEA, including Vietnam. As high as 4% on occasion. I try to pay cash.

Kathie

I was never charged for using a credit card in VN - not hotels, shops, restaurants, etc. So clearly, you are having a different experince. Really, I can't remembr ever being charged for the use of a credit card anywhere in SE Asia.

thursdaysd

Kathie - I think you stay at more expensive places than I do. Likely they simply add the charges into the quoted cost, which is not unknown in the west. I've seen European hotels/B&Bs quote cheaper prices for payment in cash.

rhkkmk

ttt

Kathie

Thursdays, I'm sure you are right that more expensive places are less likely to add a surcharge than more expensive places.

But as many rumors as I heard about places in Asia adding a surcharge for use of a credit card, I've not encountered it much. The only place I can remember paying a surcharge for use of a credit card was a little place in Kathmandu that had no credit card machine of it's own and had to borrow one from a nearby travel agency!

smartcookie

I agree with thursdays. I'm booking lower end accomodations and they are all asking for 3% if using a credit card, though they happily accept cash without this charge. Handspan Halong Bay tours also has this charge for CC use, and Bangkok Airways charges 5% for using a cc for their Discovery Pass. I'm sure the higher end accomodations and tours just add that fee to the cost.

I'm signing up for the HSBC online savings account and am reading the Terms and Conditions that I can now see during the signup process. From this part of the chart they have in there, it looks like there is a $1.50 fee for non-HSBC ATM withdrawals for the online savings account specifically since it doesn't seem to be on the exclusion list...Thoughts?


"Automated Teller Machines (ATMs) and other Electronic Fund Transfer (EFT) Facilities other than HSBC ATMs
Consumer Checking
Consumer Savings
The following EFT Facility Service Charges apply to all Consumer Checking and Savings Accounts when using your Debit MasterCard®, ATM, MasterCard® or Visa® card. These charges do not apply to an Interest Checking Plus, HSBC Premier, EmployeePlusSM, Interest Free Checking Account, or Online Payment Account.

Withdrawals, Balance Inquiries, and Transfers -- Interest Checking accounts - $1.00 each transaction.
All other accounts - $1.50 each transaction.

When an ATM not owned by HSBC is used, the ATM operator or any network used may charge you a fee (and you may be charged a fee for a balance inquiry even if a fund transfer is not completed)."

Kathie

I notice the online savings account is not listed... I'd call them and ask. I haven't used my card lately, but I never had any charge for using it last November in Thailand and Malaysia.

Kathie

By the way, I don't believe that Bangkok Air chrged me any extra for using a credit card for buying tickets online (not the Discovery Pass).

smartcookie

Yes, I noticed it wasn't listed. I wonder if the rules changed on that as well. The 1% statement is there as previously confirmed.

The credit card fee would be incorporated when buying tickets online since the only way to buy online is with a card.

mlb

I've been following this thread closely as I am also an HSBC online savings account holder and used it last year in Thailand. Too bad about the now 1% charge, but what is even more bothersome to me and hasn't been mentioned yet is the onshore versus offshore currency conversion the Bank of Thailand has created! If you convert from dollars or euros to thai baht using an offshore bank the rate is 4%-12% lower than using an onshore conversion. The current exchange rates are something like 32.6 baht to USD offshore versus 34 to the USD onshore. Currently this is a 4% difference and has been much higher. I believe my HSBC ATM will convert at the offshore rate, so in essence I will lose 4% due to the exchange differences.

I am thinking of opening an onshore dollars account and TT funds to the account in order to avoid this loss. This may or may not be important to you depending on how long you'll be over there...

Kathie

It's not clear to me that the off-shore rate will be used by ATMs. Somone recently reported getting the on-shore rate via an ATM. I'm also concerned about this issue and look forward to more reports from those using ATMs in Thailand. HSBC does have a branch in Bangkok - I don't know if this makes a difference or not.

mlb

Kathie (or anyone else):

Please post to this thread if you hear anything. It would simplify things tremendously if ATM withdrawals (especially using HSBC) would get the onshore rate.

I have also been monitoring this thread as well, but no info on this as of yet:

http://www.thaivisa.com/forum/index....p;showforum=13

Kathie

mlb, I'm going to start a new post on this question. It makes a difference for me as well.