Does anyone have any experience using credit cards for cash withdrawals from bank machines (ATMs)? Friend from India maintains a cash balance on his card and then withdraws it as needed. Thanks,

Quote:
Originally Posted by BobMac
I'm becoming interested in this topic. I rent out property in Perth and frequently withdraw money from my CBA account using my ATM card at Thai ATMs, on the max amount you can withdraw, 20,000 THB, I currently pay around $AUD18 in fees, previously it was about $4-5. So If I can get these fees down it would be a good thing.

Quote:
Bobmac,I think I may have mentioned this before? But my friend who lives in Pattaya had his credit card details stolen and maxed out in Thailand.

He used his credit card as his only source of funds and had his own cash in the card, when it was maxed out via Hong kong the bank put an immediate stop to the card leaving him with no funds and a card that had to be replaced in Australia!

The credit card company security turned a blind eye to unusual use of the card until it was too late because it was used in Asia on a frequent basis anyway.

I had to send him money until his return to OZ and it took many months for him to get his money and card back.

If you were on holiday and used your credit card just a few times it would possibly be ok ,but using it all the time puts you at a greater risk of id theft!

He only used the card to withdraw cash and am unsure how his details were stolen, so you have to be careful .

It put him under a lot of stress just knowing he had to fly back to Perth to sort out the problem as he could not do anything about it in Thailand.

This was before the new debit cards they have now, and it was a good idea because no fees were charged for using your own funds in the card,until he lost it all!

Now I only use credit cards overseas in an emergencey.

Den


Yes it was a good idea until my friend lost his money!

If you put your own money on a credit card and it gets used without your permission then your own money gets used first before the credit and is hard to get back!

Den

MY CBA ATM card is not a credit card, I can only use it if I have sufficient dosh in the account, up until a year or so ago when the fees shot sky hight, these cards were the way to go when traveling or living overseas. To the best of my knowledge criminals in Asia aren't working scams on this type of card, only the credit cards where you can max them out. However, due to the fee increase I now loose $AUD a transaction, and that adds up. I'm going back to Perth in Sept' and while I'm there I'll ask around the various banks/credit unions and see what the best deal is for my circumstances. I do have a credit card but rarely use it (I've used it in Oz to pay for tickets over the phone, that's about it) I've never used it in Asia as I'm kinda worried. I only keep for an emergency. Think I can get $AUD2,500 from it, so that would help out on a bad day. I'm really an old-fashioned cash-only sort of person.

Thanks for the advice and experiences. I am getting the impression that travel in Asia is not as easy as I thought. The financial issue presents a whole other level of potential worries. Better warned...

Just dawned on me - not sure correct --
If someone breaches your CC, it's the merchant/banks' problem. If someone gets access to your bank account through your debit card, it's your problem. I have personal experience with the former. Does anyone have experience with breaches to debit cards?

Not me personally, but I recently know of someone who had thousands of $$$ removed from his debit card. He had only used it at an ATM in Phuket. He had to sign Stat Decs to his bank and all monies was recovered... it really spoilt an otherwise wonderful holiday.
Cheers Geri

Andy ... Ive posted recently that I only (hesitantly) used my credit card once in Bangkok last month, and with no probs at all. I did one withdrawal from a Bank atm machine for 10,000bt (about $350AUD) and, as I said, No troubles, and only a $4.00 fee from my credit union to do this! I was pleasantly surprised with the low fee.

As everyone says, there are pros and cons for any method of money, you just have to work out which way, or combination of them, works best for you. For me, taking half cash and half t/cs and then having a credit card to be used only for a backup, worked brilliantly for me!
Ive actually never used my credit union atm debit card overseas anywhere.

Kitty

I think the point that I was trying to make was that although you do get your money back in the end,if you use you CC or debit CC as your main source of funds while overseas and CC security stop your card because they may think its being used by a third party ,then you have no funds until you contact the bank of issue.

If your own funds have been stolen then you have to prove it! Which is quite hard to do when you are in another country.

You dont know your card has been stopped until you try to use it and it is declined.

a letter is then sent to your home/bussines address to inform you that security center has stopped your card! Which is a lot of good if you are away on holiday.

I dont have a problem using a CC overseas once or twice while I am away,but after seeing the trouble you have to go through to to prove that your own funds were stolen then I would rather use Cash ATM card or T/C.

Den

"Not me personally, but I recently know of someone who had thousands of $$$ removed from his debit card. He had only used it at an ATM in Phuket."

Geri, this is the first I've heard of a debit card fraud through a Thai ATM machine. I wonder how the card was frauded? Doesn't somebody have to have the actual card in order to take money out? If so that means somebody stole your friend's card. The limit in Thailand for a 24hour period is 20,000Bt, so a thief would have to use the card over many days to get thousands.
I can't understand how a fraud like this could have worked with your friend. Can anybody explain this to me? I'm worried now.

BobMac
This kind of fraud was new to me too. I don't know all the details other than he used it at an ATM next to a money changer in Phuket. It was a right kafuffle getting his money back but he did in the end.
We only use cash on holidays and change $100 at a time.
Our next trip to Phuket isn't a package. We have booked the hotel online direct with the hotel and they have our credit card number already (sent in 2 separate emails for security) We have stayed at this hotel before and trust them implicitly... I guess we have to place our trust somwhere otherwise we wouldn't go anywhere.
Cheers Geri