ATM fees

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ATM fees

Postby aem » Sat Jun 18, 2016 12:51 pm

I was planning to keep on using my German Bank account and get money with my credit card (VISA). My bank does not charge anything for getting money from an ATM no matter in which country I am, but apparently all Cambodian banks do charge a fee now?

I remember that at least Canadia bank used to charge no fee in 2012 when I was here the last time. Is there any bank that does not charge left or at least a bank that charges a very low amount? Any other way to get money without these fees?

Cheers!
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ATM fees

Postby Khmerhamster » Sat Jun 18, 2016 1:07 pm

I had a surprising experience with the Post Office from the UK.
They advertise fee free transfers, I had assumed that this meant no fees from their side.
However one time I queried the deposited amount and (unsurprisingly) the Campu bank had deducted a fee at their end.
The Post Office offered to refund any fees charged. They were also willing to back date this to when I started transferring through them.
So, I was able to claim for a couple of years of transfers.
I now submit a request for a refund once a year and they always pay up very promptly (within 3 or 4 days).

This gives an unexpected windfall of several hundred dollars ever my year.

So, if your bank account offers 'fee free' transfers it may be worth your while asking them if they cover fees charges at the receiving end.
You might be lucky...
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Re: ATM fees

Postby TristranandIsolde » Sat Jun 18, 2016 2:06 pm

Only Vatanac Bank (with Visa only, not with MC) has free ATM withdrawals now I believe. Canadia stopped and charge $4 per withdrawal.

I think you can go into Canadia during business hours and withdraw $500 or more for no fees, but you should check first.
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Re: ATM fees

Postby aem » Sat Jun 18, 2016 7:21 pm

Checked out Vattanac today. ATM says 4 Dollar Charge for "European Credit Card" .... it is getting annoying :( Will go to a Canadian Bank office soon and ask about that 500 Dollar thing. Any additional hints? Maybe there is a bank that only charges 2 Dollars or sth?
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Re: ATM fees

Postby BillyB » Sat Jun 18, 2016 11:14 pm

Don't just look at the fees, look at the exchange rate you get as well.

Far better to carry a big wadge of your own currency, and find a decent local moneychanger than to mess around using ATM's
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Re: ATM fees

Postby badboybubby » Sun Jun 19, 2016 7:24 am

BillyB wrote:Don't just look at the fees, look at the exchange rate you get as well.

Far better to carry a big wadge of your own currency, and find a decent local moneychanger than to mess around using ATM's


this is what i assumed as well so was curious to learn from my aussie bank that the exchange rate using ATM's (in this case visa debit) is the wholesale rate...i always assumed it would be closer to the retail rate which would usually make money changers a lot more competitive...

this site seems to confirm it...
http://www.independenttraveler.com/trav ... tms-abroad

so if you can get no or small fees on your ATM's and/or you use them sparingly you're probably better off sticking to the ATM's...
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Re: ATM fees

Postby JJones » Sun Jun 19, 2016 8:43 am

I was looking at a new company that claims to have very competitive exchange rates. But I am not a resident of any EU countries and therefore can not get an account. Have a look:

https://revolut.com/

I opened an account at the Canadia and wire transfered enough money to use for a year in one shot. Then just use their bank card.
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ATM fees

Postby Peaktu » Mon Jun 20, 2016 2:58 am

Badboybubby - in the UK banks use the wholesale visa or MasterCard rate for foreign purchases or withdrawals then add a "loading" - typically 2%. They then add a transaction fee on top of that. There are a couple of banks that don't add any fees or loading. I imagine banks are much the same in NZ & Aus.
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Re: ATM fees

Postby logos » Mon Jun 20, 2016 4:14 am

UK banks (hsbc in any case) charge a ridiculous hefty non sterling fee for every purchase in € with their credit cards. I can't for a second imagine they'd give a good deal on atm fees abroad.
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Re: ATM fees

Postby badboybubby » Mon Jun 20, 2016 9:33 am

Peaktu wrote:Badboybubby - in the UK banks use the wholesale visa or MasterCard rate for foreign purchases or withdrawals then add a "loading" - typically 2%. They then add a transaction fee on top of that. There are a couple of banks that don't add any fees or loading. I imagine banks are much the same in NZ & Aus.


not familiar with any "loading"...my bank (ING) advertised fees are $2.50 for ATM withdrawals...2.5% on purchases....
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Re: ATM fees

Postby raendi » Mon Jun 20, 2016 9:47 am

TristranandIsolde wrote:Only Vatanac Bank (with Visa only, not with MC) has free ATM withdrawals now I believe.

MayBank doesn't take fee.
Pardon my engrish, thanks you.
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Re: ATM fees

Postby venuslary » Mon Jun 20, 2016 11:41 am

Yup Maybank has been free for my UK and Japanese visa cards for all this time now. 
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Re: ATM fees

Postby Hot_Pink_Urinal_Mint » Mon Jun 20, 2016 12:25 pm

I get paid into an overseas account with Mastercard attached (I know you have visa) and for me the cheapest is ANZ at $3.50 for $500.

Be careful at Aeon Mall - Vattanack, Alceda and all the other local banks want $5 for $250!

ABA wanted $9 for $700

Maybank wouldn't accept Mastercard withdrawals.
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Re: ATM fees

Postby Kachang » Mon Jun 20, 2016 4:00 pm

Hot_Pink_Urinal_Mint wrote:I get paid into an overseas account with Mastercard attached (I know you have visa) and for me the cheapest is ANZ at $3.50 for $500.

Be careful at Aeon Mall - Vattanack, Alceda and all the other local banks want $5 for $250!

ABA wanted $9 for $700

Maybank wouldn't accept Mastercard withdrawals.


Why not open a local account and transfer 10k at a time @ 0.1-0.2% ? After that local withdrawals are free. 0.7% for a single transfer seems just stealing your money, especially since they'll hardly give more than that on a year's saving.
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Re: ATM fees

Postby badboybubby » Mon Jun 20, 2016 5:51 pm

Kachang wrote:Why not open a local account and transfer 10k at a time @ 0.1-0.2% ? After that local withdrawals are free. 0.7% for a single transfer seems just stealing your money, especially since they'll hardly give more than that on a year's saving


whilst things are more competitive these days with money transfers a fair chunk is taken out, usually a percentage, by a US intermediary to facilitate the transfer...then there's usually a "receiving fee" that the local bank slug you with, either flat fee or percentage...

ps. just on the question of ATM's and exchange rates i'm guessing that when they're talking about the wholesale rate that it's not the same thing as the inter bank rate because if it was why would you bother buying foreign currency from a bank?....i presume it's a visa/mastercard rate which is probably fractionally better than the retail rate...
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