ATM withdrawal amount

Diazo wrote:

for those looking to withdraw 8m the CitiBank ATM at Ben Thanh market in Sai Gon allows 8m and 3 st a time. Yes, I am sure you could do it in 3 separate trips if you like to. Happy banking

All Citibank ATMs allow a maximum withdrawal of 8M, 3X per 24 hrs period (no need to do it in 3 separated trips).  That's 24M per day.  If you have two cards as we do (same account), you can withdraw the maximum of 48M -- double the fun.

Beware that the exchange rate is pretty low.  The rate was $20 less per $1000 than I would have had if I exchanged dollars at jewelry stores.  Even safer than ATM, the stores deliver.

Moral of the story: hoard your dollars and use jewelry stores.

kschulz wrote:

Anybody have experience with the Shinhan Bank withdraw limits?

No direct experience but their website says it's 10 mill per time and 50 mill per day.
https://shinhan.com.vn/ (scroll down)

Libhero wrote:

All the ATMs I used charged me a fee in vnd plus $5 additional fee charged by my bank in Chicago for each transaction. Of course I ordered the bank to wave the fees because it did not have a branch in Vietnam and it happily did. I learned this little secret from a book I bought, "I will make you rich" by R. Seith.

If you have an account with Schwab, they'll automatically refund ALL fees from all banks in all the countries in the world, no need to make a request.

My daughter's bank (forgot the name) also automatically refunds ALL fees in all the countries in the world, but not from all banks, only from the ones in the network.

Ciambella wrote:

ATMs give out only a certain amount to out-of-network cards, which in VN is maxed out at 3M per transaction (not per day).  Citibank ATM allows 8M to Citi card, but only 3M to other cards.

As Schwab daily limit is $1000 (a bit more than 23M), you can perform at least 7 consecutive transactions from the same ATM if that's what you wish.

My financial advisor who does business in Vietnam out of Singapore, told me to "reject the exchange rate offered by the ATM/Bank" and allow Schwab to complete the exchange.

Have you seen the ATM offer its own exchange rate before?

If so, did the machine allow you to refuse in favor of settlement by Schwab?

OceanBeach92107 wrote:

My financial advisor who does business in Vietnam out of Singapore, told me to "reject the exchange rate offered by the ATM/Bank" and allow Schwab to complete the exchange.

Have you seen the ATM offer its own exchange rate before?

If so, did the machine allow you to refuse in favor of settlement by Schwab?

No, we've never seen that.  The only thing all machines asked was whether we would accept the transaction fee, which we've always said yes.

Earlier this month, out of laziness, we used an ATM from BIDV instead of Sacombank which is our favourite.  Aside from ATM fee and an outrageously high transaction fee (90K for 3M), the bank tagged another 10% for VAT.  We're waiting for end-of-the-month statement to see if Schwab picks up the VAT.  Either way, we'll never use BIDV again.

wandertheglobe wrote:

I was able to get 8M with a Fidelity card at Citi's ATM.

Citicorp owns Fidelity so they're in the same family.  That's the reason for your 8M withdrawal from a Citi ATM.

Ciambella wrote:

wandertheglobe wrote:

I was able to get 8M with a Fidelity card at Citi's ATM.

Citicorp owns Fidelity so they're in the same family.  That's the reason for your 8M withdrawal from a Citi ATM.

Hmm...according to this report, Fidelity is a privately held company.

https://www.bloomberg.com/research/stoc … pId=163894

My fidelity cash management account is linked to UMB Bank out of Kansas City, MO.

OceanBeach92107 wrote:

Ciambella wrote:

ATMs give out only a certain amount to out-of-network cards, which in VN is maxed out at 3M per transaction (not per day).  Citibank ATM allows 8M to Citi card, but only 3M to other cards.

As Schwab daily limit is $1000 (a bit more than 23M), you can perform at least 7 consecutive transactions from the same ATM if that's what you wish.

My financial advisor who does business in Vietnam out of Singapore, told me to "reject the exchange rate offered by the ATM/Bank" and allow Schwab to complete the exchange.

Have you seen the ATM offer its own exchange rate before?

If so, did the machine allow you to refuse in favor of settlement by Schwab?

Welcome to the real world. Your financial advisor is correct.
ATM operators have figured out another way to get more than just fees: "The
guaranteed exchange rate", but as your financial advisor has warned you, you will end up paying an higher exchange rate.

I first saw this some years ago in Europe and now see it virtually everywhere, except for Vietnam.

OceanBeach92107 wrote:

There is a machine to the right, inside the main door, that will give me ₫4,000,000 max on my Charles Schwab Visa Debit ATM card. It charges  ₫80,000 per transaction.

To the left, a different machine will give ₫7,000,000 max, but it charges ₫140,000 for the transaction.

I always read here in the forum that Schwab refunds all fees.

OceanBeach92107 wrote:

Schwab just rebated me $40.72 USD for September ATM fees here in Hà Nội; my first full month.

Sweet 

FYI, the reason Schwab credits their customers ATM & currency exchange fees (month as OceanBeach notes), is that this business cost is cheaper than building and operating a worldwide network of brick and mortar facilities. They most surely will continue this practice. It is also a brilliant word-of-mouth loyalty strategy as evidenced by the many savvy members of this expat community

Vagabondone wrote:

@ workplacestars
I can not  tell you how much your FYI is appreciated. I am starting a coffee shop and wanted to avoid the cost of opening a brick and mortar store. So I will have a mobile  coffee shop on the back of my motorbike and give the coffee away. I think with a business model such as this I should capture a large portion of the coffee market. You have a genius business mind. Thanks for sharing

Thumbs up for the kudos. Heck, coaching, consulting and training to business success is my passion and life's work - now to slow it down somewhere beautiful in VN    Best fortune to you and your evolving business Vagabondone. I'd love to partake in your coffee when you become operational.

Vagabondone wrote:

Oh shucks....not again.

Color me chagrined...now more determined to better recognize sardonic IEDs...thanks for the laugh.

workplacestars wrote:

OceanBeach92107 wrote:

Schwab just rebated me $40.72 USD for September ATM fees here in Hà Nội; my first full month.

Sweet 

FYI, the reason Schwab credits their customers ATM & currency exchange fees (month as OceanBeach notes), is that this business cost is cheaper than building and operating a worldwide network of brick and mortar facilities. They most surely will continue this practice. It is also a brilliant word-of-mouth loyalty strategy as evidenced by the many savvy members of this expat community

Vagabondone wrote:

@ workplacestars
I can not  tell you how much your FYI is appreciated. I am starting a coffee shop and wanted to avoid the cost of opening a brick and mortar store. So I will have a mobile  coffee shop on the back of my motorbike and give the coffee away. I think with a business model such as this I should capture a large portion of the coffee market. You have a genius business mind. Thanks for sharing

Ciambella wrote:

@Vagabondone:  I'm afraid your particular audience has missed your satire completely.

Perhaps because @Vagabondone used a faulty analogy.

Schwab isn't giving away money it could otherwise sell.

Schwab is allowing depositors limited access to their funds, in the cheapest, easiest manner, when compared to competitors.

Schwab is giving away liquidity, betting that people want to deposit their money in a place where it can be easily accessed, without financial penalty.

I think our FNG @workplacestars is correct.

I wonder what other financial institutions are paying out to maintain their ATM networks?

In Nashville, I decided late in the 1980's that recording my own song demos on my own equipment was a loosing proposition, both in terms of the money required for my own publishing needs, as well as the rapidly advancing quality of equipment.

What I would have purchased in 1990 (reel-to-reel) was quickly overtaken by ADAT recording, and mixing to DAT tape was superceded by the creation of CD-ROMs.

Now, direct to digital harddrive and cloud storage have made everything I might have purchased, obsolete.

I didn't know what was coming, but it was clear to me that newer and better toys would be coming out on a regular basis.

Directly on point: Yesterday I went to a Vietcombank ATM and it refused my card.

Not because of a network problem or a bank policy.

My Schwab card is a CHIP card, and that particular ATM is simply too old to be compatible with chip technology.

So the bank will eventually replace that ATM and make other necessary changes to their brick-and-mortar operations.

Some smart person at Schwab has decided to avoid those expenses in favor of a type of "leasing" agreement.

Brilliant!