2.5% Foreign Currency Conversion Fee being introduced

serfty · #11 (**permalink**) 23rd November 2006, 03:23 PM

Quote:

Originally Posted by JohnK

That map is in Thai.

When you are in BKK find out which banks ATM's you can use and I will apply this logic to Pattaya.

Thailand and logic? What am I thinking!

Not in Thai for me ... maybe you have a cookie set.

I suggest going to CitiBank Online , select English toward the top right, then select locations on the bottom right.

JohnK · #12 (**permalink**) 23rd November 2006, 07:38 PM

Quote:

Originally Posted by serfty

I suggest going to CitiBank Online , select English toward the top right, then select locations on the bottom right.

Ahhh, that explains it. It still doens't help because it only shows the Silom area in BKK and I won't be anywhere near there.

Not to worry I know where an ATM is located for at least 4 Thai banks and I will just have to try each one. If no luck then call Citibank in Australia for assistance.

chevalier · #13 (**permalink**) 23rd November 2006, 08:45 PM

[quote=NM]
I also received an update to the terms and conditions for the card that said that if the account is left in credit (them owing me money) for more than 45 consecutive days, they reserve the right to close the account and send you a cheque for the balance amount. And if that balance is less than $10 then they will not even send a cheque and instead consider it a fee for the service of closing the account.

Wonder how strict they are in enforcing the 45 day rule for credit balances? I've recently put in some funds in preparation for my trip to Ireland & Italy over Xmas and the funds will definitely sit as a credit balance for greater than 45 days before I start using it. I'ver certainly found the Citibank redicard the best for accessing money from atms in europe.

I suppose I could take it out and put it back in again prior to leaving!!

mick · #14 (**permalink**) 23rd November 2006, 08:52 PM

Quote:

Originally Posted by serfty

Good news, CitiBank still have no fees for these withdrawals from a redi-credit account. (As long as it is not a visa).

Thanks for the info, serfty! I also treated the invitation to convert to a Visa with the respect it deserved. I was happy to keep the account open until I also got the same update to the T&Cs as NM. It'll be interesting to see how seriously they'll adhere to the account closure terms.

Those mongrels in Citibank are such killjoys!

beardoc · #15 (**permalink**) 22nd December 2006, 11:04 PM

So does this apply only to Citibank Visa cards and not Citibank Mastercards?

serfty · #16 (**permalink**) 23rd December 2006, 11:31 AM

Quote:

Originally Posted by beardoc

So does this apply only to Citibank Visa cards and not Citibank Mastercards?

As far as I know it certainly applies to the Visa; you would need to check the T&C's of the Citibank M/C (BP?) to find out.

serfty · #17 (**permalink**) 23rd December 2006, 11:47 AM

Quote:

Originally Posted by JohnK

Ahhh, that explains it. It still doens't help because it only shows the Silom area in BKK and I won't be anywhere near there.

Not to worry I know where an ATM is located for at least 4 Thai banks and I will just have to try each one. If no luck then call Citibank in Australia for assistance.

Checked this site: Citibank Thailand and found the following: "You can choose to withdraw cash at any ATMs under ATM Pool and PLUS logo from ATM machines worldwide".

The first ATM I found at BKK arrivals happily presented we with THB2900 on request.

infoworks · #18 (**permalink**) 23rd December 2006, 01:11 PM

AX has also announced similar fee increases. Seems to be the trend!

JohnK · #19 (**permalink**) 24th December 2006, 01:11 AM

Quote:

Originally Posted by serfty

Checked this site: Citibank Thailand and found the following: "You can choose to withdraw cash at any ATMs under ATM Pool and PLUS logo from ATM machines worldwide".

The first ATM I found at BKK arrivals happily presented we with THB2900 on request.

Thanks for that information Ross.

How did the exchange rate compare with the cash rate?

serfty · #20 (**permalink**) 24th December 2006, 03:28 PM

Going by XE.com:

Code:

Calculation of the Bank Charges for this Transaction
For your convenience, print out this page and retain 
it for use with the Travel Expenses Calculator.

Date shown on receipt for this transaction:     December 3, 2006
Amount shown on receipt for this transaction:   2,900.00 THB
Raw Exchange rate for THB to AUD on 2006.12.03:
(Not including bank charges) 	                0.0353402
Value of transaction in your currency:
(Not including bank charges) 	                102.49 AUD
Amount shown on statement for this transaction: 105.56 AUD
Your estimate of the bank charges:              2.64 AUD ( 2.500% )
ACTUAL BANK CHARGES for this purchase: 	        3.07 AUD ( 2.999% )

So I guess CitiBank are already taking a 3% commission.

I guess an additional fee of 2.5% would apply to the CitiBank Visa making 5.5%!