Excessive Withdrawal Fees

Matty9999 · Post by **Matty9999** » Thu Nov 19, 2020 8:40 pm

Hey guys im an American citizen and when i go to withdraw money from my bank account using a Citibank mastercard ATM card, i get charged a hefty fee by Citibank and the local bank, anyone know of a better way to transfer money? Just an example withdraw $480, its a $14 foreign transaction fee by citi plus a $7 ATM fee by the local bank for a total of $21 so i only get $459. What is a better way? thanks.

Wilhelm · Post by **Wilhelm** » Thu Nov 19, 2020 8:46 pm

If you open a U.S.-based account with Fidelity or Schwab (I think there are some others too), you can get all ATM fees reinbursed in full. You pay no fees at all.

samrong01 · Post by **samrong01** » Fri Nov 20, 2020 7:13 am

Mr Wilhelm may well be right but you will still be charged a local ATM fee in any case. This varies from $4 at most banks to $10 at FTB. One solution is to transfer a lump sum and withdraw from that. You will still be gouged for fees but only once.

pissontheroof · Post by **pissontheroof** » Fri Nov 20, 2020 8:24 am

Wilhelm wrote: ↑Thu Nov 19, 2020 8:46 pm If you open a U.S.-based account with Fidelity or Schwab (I think there are some others too), you can get all ATM fees reinbursed in full. You pay no fees at all.

Not possible to open a schwab acct. if you live here . And there is another better way to do it .

But i ain’t telling

LesTiao · Post by **LesTiao** » Fri Nov 20, 2020 8:36 am

When you open a schwab acct in the usa you sign a declaration that you live in the usa and provide an address.

If you move here they will realize it because all card withdrawals are from Cambodia banks. They will close your account.

Exactly what happened to me.

timmydownawell · Post by **timmydownawell** » Fri Nov 20, 2020 10:50 am

Matty9999 wrote: ↑Thu Nov 19, 2020 8:40 pm Hey guys im an American citizen and when i go to withdraw money from my bank account using a Citibank mastercard ATM card, i get charged a hefty fee by Citibank and the local bank, anyone know of a better way to transfer money? Just an example withdraw $480, its a $14 foreign transaction fee by citi plus a $7 ATM fee by the local bank for a total of $21 so i only get $459. What is a better way? thanks.

Check with Citi if they have another type of account that doesn't charge foreign transaction fees. Meanwhile, use Vattanac Bank ATMs, $4 fee. Some of their ATMs are inside Smile Marts etc, so keep an eye out.

Arget · Post by **Arget** » Fri Nov 20, 2020 11:09 am

timmydownawell wrote: ↑Fri Nov 20, 2020 10:50 am Some of their ATMs are inside Smile Marts etc, so keep an eye out.

And you too could be a PM

YouTube · Post by **General Mackevili** » Fri Nov 20, 2020 11:21 am

LesTiao wrote: ↑Fri Nov 20, 2020 8:36 am When you open a schwab acct in the usa you sign a declaration that you live in the usa and provide an address.

If you move here they will realize it because all card withdrawals are from Cambodia banks. They will close your account.

Exactly what happened to me.

I don't think I ever had to 'declare' it. I think all Americans who use Schwab are worried about this, but of my random friends who have it and use it all the time overseas, I've yet to hear of anyone (besides you) to actually lose it. Condolences.

samrong01 wrote: ↑Fri Nov 20, 2020 7:13 am Mr Wilhelm may well be right but you will still be charged a local ATM fee in any case.

Just to be clear, Schwab also PAYS the local ATM fees for you, so you literally spend NOTHING to get USD in your American account out of an ATM in Cambodia, or any other country around the world.

Route66 · Post by **Route66** » Fri Nov 20, 2020 11:35 am

samrong01 wrote: ↑Fri Nov 20, 2020 7:13 am Mr Wilhelm may well be right but you will still be charged a local ATM fee in any case. This varies from $4 at most banks to $10 at FTB. One solution is to transfer a lump sum and withdraw from that. You will still be gouged for fees but only once.

Wrong . With Fidelity all foreign ATM fees are reimbursed.Been using them for over ten years .

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