Am heading to asia in a few months and plan on using my mastercard which will be loaded with money from my current account via online banking(small amounts and then withdrawn).
I would like to know what countries in asia I'll have trouble withdrawing money from using my credit card?
My bank in Ireland has informed me that I'll only pay 1.75% of the withdrawal fee if I use the mastercard that has money in credit. Pretty good?
The only country in Asia I've been to where there were *zero* ATMs is Myanmar. In Laos, Cambodia, Vietnam, etc. you'll find international ATMs in the major cities and the touristy towns. You just need to plan ahead and stock up on money if you're heading to a remote area.
I don't really understand your explanation about your withdrawal fees... Do you mean they'll only charge you 1.5% for international currency transactions?
What do you mean the going rate is 4% for mastercard?
My bank will only be charging me 1.75% on any ATM withdrawals. And theres also a 150bath local ATM fee on top of that per transaction.
I don't understand what you mean by commission?
I mean if you use the card to make purchases (not using an ATM to withdraw cash) the seller will charge you an extra 4% for Mastercard (the card company charges this to the seller and they typically pass that cost onto you). Always better to pay in cash, just wanted to let you know.
Thanks for that info Bob.............never knew that at all! 4% on top thats really really steep!
Well I hadn't planned on using the cc as a point of sale facility. I'll only be doing as you said and withdrawing cash from ATM's over there.
I would suggest that you use an ATM card rather than Credit Card. Carry your credit card as emergency back up, and for booking things online, but use ATM for cash.
My bank (NZ) charges 1.1% for ATM withdrawals, so it would pay to shop around. (Mind you, maybe that is just standard rate in NZ?)
Also - be aware that in Thailand you will also be paying an adidtion 150baht for EACH withdrawal. It's a charge from the Thai banks in addition to the % that you will pay your own bank. (Only happens in Thailand as far as I know). So it pays to pull as much cash out as you can each transaction.
@busylizzy: My bank will only charge me 1.75% on the withdrawal amount, whereas if i use my bank/ATM card they will charge me 2.75% PLUS 1.5% cross border handling fee. So as you can see, using the credit card to withdraw cash is best for me. I'm from Ireland by the way.
So you reckon that its only in Thailand that your charged a withdrawal fee from ATM's?
If so then thats great news, as I thought it was going to be a case of every country charging you a local ATM fee.