ATM withdrawal limits with a local bank account and bank card

I would not be comfortable bringing 7 months worth of cash with me, and official oversea transfers from Canada cost at least 2.5% FX fee + other fees on top. I made some more research and seems there's no way, at least from Canada, to avoid that FX conversion fee, unless I use a complicated system that would required an extra bank transfer before I can send the money abroad.

I will bring my first month worth of expenses in cash (including the extra rent's safety deposit)  and then use the Vietnamese "mafia" system ($5 +1.5% fee, no FX fee)  to have money sent to Vietnamese contacts in Saigon who will deposit the money into a Vietnamese bank account and will allow me to withdraw as much as I want with the bank's ATM card.

Even though I'm from a socialist Canadian province, I'm very capitalistic in my way of thinking *but* I can't stand banks. That half hidden FX conversion fee of 2.5% is an example of their predatory practices and only now some local governments are forcing banks to disclose these fees (like on credit card statements in Quebec). So as a matter of principle I will do anything to avoid the Western banking system. Even in my city, I'm willing to pay for bus tickets to go to my bank's ATM to avoid withdrawal fees even though it might be more expensive in money and time, just to show you how much I hate giving even $1 to banks.

As a "hobby", I do credit card churning, which means applying for credit cards to get free rewards and then cancelling, For me it's not even for the money, it's for the pleasure of extracting $300-400 from a bank every time I do it. Of course I need to do this with moderation because your credit score takes a hit every time (in North America, we're using credit monitoring companies like Equifax that will give you a "score" based on your credit history).

WillyBaldy wrote:

As a "hobby", I do credit card churning, which means applying for credit cards to get free rewards and then cancelling, For me it's not even for the money, it's for the pleasure of extracting $300-400 from a bank every time I do it. Of course I need to do this with moderation because your credit score takes a hit every time (in North America, we're using credit monitoring companies like Equifax that will give you a "score" based on your credit history).

My son in law did that for several years between 2005-2009, making quite a good income out of shuffling new credit cards.

Ciambella wrote:

WillyBaldy wrote:

As a "hobby", I do credit card churning, which means applying for credit cards to get free rewards and then cancelling, For me it's not even for the money, it's for the pleasure of extracting $300-400 from a bank every time I do it. Of course I need to do this with moderation because your credit score takes a hit every time (in North America, we're using credit monitoring companies like Equifax that will give you a "score" based on your credit history).

My son in law did that for several years between 2005-2009, making quite a good income out of shuffling new credit cards.

The "money" I make yearly from this is insignificant but it's nice to have freebies from banks, when you're usually the one giving them freebies. You can get cards that will give you a bunch of Air Miles that can then be converted to flights or hotels when you have enough points. I've got this other card that gives me 4 VIP passes at airport lounges every year, which usually cost USD$30+ per admittance. Nothing is more satisfying than free food and drinks and a nice shower after a 12-14 hours flight. Another credit card I own doesn't charge the 2.5% FX conversion fee on foreign currency purchases, this can be very useful on vacation. The key to this strategy is to repay the card fully every month, I have not paid credit card interest since 2000. Credit cards are a dangerous tool in the hands of people who don't manage their finances quite well or live beyond their means.

PS: I work as a software developer in the credit card processing business and most of our clients are in Europe (mainly France). It's very interesting to see the cultural difference between Europe and North America when it comes to credit and credit cards. Most of Europeans use "debit" credit cards, which are Mastercard or Visa cards that will actually use money directly from your bank account. North America is really all about credit.

WillyBaldy wrote:

Most of Europeans use "debit" credit cards, which are Mastercard or Visa cards that will actually use money directly from your bank account. North America is really all about credit.

I learned that lesson during the first year living in Italy.  The only culture shock I've ever experienced in my life was how the bank in Italy paid my credit card (they paid all my bills automatically, nothing came to me).  They paid the card in full every month no matter the amount and no matter the balance of my account.  It was scary for a while until I learned to pay attention.

WillyBaldy wrote:

Thanks @OceanBeach, yeah so on my side it's CAD$13 fixed, + 2.5% conversion (can't avoid it if using any legit international transfer). Now I just need to find info on what fee the Vietnamese bank will charge.

Goes to say, cash is still king. The person brave enough to carry $10,000 on them in the plane will save a lot on fees, but maybe not on sleepless nights 

I have carried this amount on several occasions. Either with a shirt with zippered cargo pockets, or in my zippered pockets in my pants. I have nylon travel type pants with large zipped cargo pockets.
Money does NOT set off the metal detector, and I have never had a problem, even when security waved the wand around me for metal objects they have never questioned the bulges in my legs or shirt.
I also have a pacsafe portable safe and have used it also in my carry on.
I then exchange it and deposit into my account, better exchange away from banks.
Always carry big sums and never worry, yes I know. What can happen but I simply won't pay the transfer fees anymore and associated costs.
9 years of this without a problem.

As someone who has in the past advocated for Citibank, with an account on both sides, as the best way no-fee way to move money from the US to VN, I feel obligated to report changes for the worse.  I don't know if this change is temporary or permanent.  Some negative changes in procedure have been reversed in the past. 

Presently, the ability to transfer USD from NYC to the USD current account in HCMC seems closed off.  You must transfer directly into the VND current account.  This way has always been available but the exchange rate has been and still is very poor.  In the past, we used to transfer to the USD account and make the transfer at a better rate.   Last week on 24/08, I got only 22,522.523 VND per USD.   The same day XE closed at 23,221.53 which means a cost of about $30 per $1000 based on difference in rates.  You can take whatever you think you can get for dollars at the gold shops and calculate your cost of using Citi.

My wife is presently in Vietnam with our Schwab card.  Although she does not need funds, I asked her to make a small, maybe 1 million VND, ATM withdrawal so that we can compare exchange rates.