Withdraw funds from ATM

EDIT :
WAIT a minute! Why am I commenting on a post so old! 😝😝😝

Having a healthy bank balance doesn't tell the big picture.

Oftentimes my bank suspends my card until they hear from me. Fraud protection is a big reason why cash is not available overseas... Give them a call.

OceanBeach92107 wrote:

lord enki wrote:

I can withdraw 9 mil @ ACB for 50K

Very highly doubtful.

Please provide the specific location of the ATM.

Over the past 18 months I have regularly used my U.S. debit card at ACB ATMs in Hanoi, Danang, Hoi An, Tam Ky, Buon Ma Thuot, HCMC and Vũng Tàu.

The top limit for foreign withdrawal transactions at ACB ATMs has always been ₫3,000,000 VNĐ with a ₫55,000 VNĐ fee.

Same at Sacombank, Using Schwab Debit Card,      3mil VND with fee refunded to my account by Schwab!!!

OceanBeach92107 wrote:

atomheart wrote:

OceanBeach92107 wrote:

Did you read what he wrote?

Did you?

Did I what?

Well, did you find the blue bird of hapiness?    He didn't mention conversion rates or fees on his bank's side, why I recommended to investigate those two options...

goodolboy wrote:

OceanBeach92107 wrote:

lord enki wrote:

I can withdraw 9 mil @ ACB for 50K

Very highly doubtful.

Please provide the specific location of the ATM.

Over the past 18 months I have regularly used my U.S. debit card at ACB ATMs in Hanoi, Danang, Hoi An, Tam Ky, Buon Ma Thuot, HCMC and Vũng Tàu.

The top limit for foreign withdrawal transactions at ACB ATMs has always been ₫3,000,000 VNĐ with a ₫55,000 VNĐ fee.

Same at Sacombank, Using Schwab Debit Card,      3mil VND with fee refunded to my account by Schwab!!!

1usd = 22,900vnd  was the exchange rate last time I did the ATM withdrawal using Schwab Debit Card on Monday. Charge refunded was 1.94usd

goodolboy wrote:

goodolboy wrote:

OceanBeach92107 wrote:

Very highly doubtful.

Please provide the specific location of the ATM.

Over the past 18 months I have regularly used my U.S. debit card at ACB ATMs in Hanoi, Danang, Hoi An, Tam Ky, Buon Ma Thuot, HCMC and Vũng Tàu.

The top limit for foreign withdrawal transactions at ACB ATMs has always been ₫3,000,000 VNĐ with a ₫55,000 VNĐ fee.

Same at Sacombank, Using Schwab Debit Card,      3mil VND with fee refunded to my account by Schwab!!!

1usd = 22,900vnd  was the exchange rate last time I did the ATM withdrawal using Schwab Debit Card on Monday. Charge refunded was 1.94usd

What bank here?

Also, don't forget: when figuring out the exchange rate, you have to include the ATM fee, as if you received it as cash.

Of course, you receive the money and the bank gets the fee but BOTH amounts are then subject to the exchange rate from dollars to dong.

OceanBeach92107 wrote:

goodolboy wrote:

goodolboy wrote:

Same at Sacombank, Using Schwab Debit Card,      3mil VND with fee refunded to my account by Schwab!!!

1usd = 22,900vnd  was the exchange rate last time I did the ATM withdrawal using Schwab Debit Card on Monday. Charge refunded was 1.94usd

What bank here?

Also, don't forget: when figuring out the exchange rate, you have to include the ATM fee, as if you received it as cash.

Of course, you receive the money and the bank gets the fee but BOTH amounts are then subject to the exchange rate from dollars to dong.

Charles Schwab Debit card & like I said before the ATM fee of 1.94 usd was reimbursed by Schwab to my account. So to make it simple:-
I withdrew 3 mil vnd at the Sacombank ATM using my Schwab Debit card. My Schwab account was debited 131.02 usd for the transaction but then the ATM transaction surcharge of 1.94 usd was credited back to my account by Schwab.  This card is linked to a stock trading account at Schwab & the cash is held in the Schwab Liquid assets fund & as such earns a healthy dividend paid monthly. Hows that then??   

goodolboy wrote:

OceanBeach92107 wrote:

goodolboy wrote:

1usd = 22,900vnd  was the exchange rate last time I did the ATM withdrawal using Schwab Debit Card on Monday. Charge refunded was 1.94usd

What bank here?

Also, don't forget: when figuring out the exchange rate, you have to include the ATM fee, as if you received it as cash.

Of course, you receive the money and the bank gets the fee but BOTH amounts are then subject to the exchange rate from dollars to dong.

Charles Schwab Debit card & like I said before the ATM fee of 1.94 usd was reimbursed by Schwab to my account. So to make it simple:-
I withdrew 3 mil vnd at the Sacombank ATM using my Schwab Debit card. My Schwab account was debited 131.02 usd for the transaction but then the ATM transaction surcharge of 1.94 usd was credited back to my account by Schwab.  This card is linked to a stock trading account at Schwab & the cash is held in the Schwab Liquid assets fund & as such earns a healthy dividend paid monthly. Hows that then??   

So much fluff & stuff, yet you still aren't providing all of the DATA so we can all compare experiences correctly...but I don't think that's your fault.

As I recall, the last time I used a Sacombank ATM, the ATM fee was NOT listed on the receipt.

However, the ATM fee WAS included in the $131.02 charge to your Schwab account.

Since you received an immediate ATM rebate (unlike Schwab One accounts which must wait for monthly rebates of the aggregate of ATM fees) then you can simply subtract the ATM fee ($1.94) from the total account debit ($131.02) to get the currency charge for ₫3,000,000 ($129.08).

Divide 3,000,000 by 129.08 to get

23,241.400681747 or ₫23,241 which was the approximate exchange rate you received, NOT ₫22,900 as you previously stated.

It's important that we don't mislead the casual reader.

Also, if you multiply 23,241.400681747 by 1.92 (the rebated fee amount) you get:

45,088.31732259 or ₫45,088 which is the APPROXIMATE amount of your ATM fee.

However, somewhere in your two numbers is the hidden exchange fee.

Someone else likely knows how to get to that, but I'm guessing your Sacombank fee was ₫45,000 VNĐ and your "hidden" foreign exchange fee is represented by the 88 dong remainder from your ATM fee, which currently = about 0.0038 USD (or 38/100 of one cent)

Whatever percentage that amount represents is  the same percentage that could be applied to your $129.08 to get the rest of the hidden exchange fee.

I'm posting this all here because in previous discussions, some hater always comes along and accuses Schwab of charging higher exchange fees than Transferwise or some other gimmick, when (as we both know) Schwab gets us about as close to the true exchange rate as possible.

Cheers!

OceanBeach92107 wrote:

goodolboy wrote:

OceanBeach92107 wrote:

What bank here?

Also, don't forget: when figuring out the exchange rate, you have to include the ATM fee, as if you received it as cash.

Of course, you receive the money and the bank gets the fee but BOTH amounts are then subject to the exchange rate from dollars to dong.

Charles Schwab Debit card & like I said before the ATM fee of 1.94 usd was reimbursed by Schwab to my account. So to make it simple:-
I withdrew 3 mil vnd at the Sacombank ATM using my Schwab Debit card. My Schwab account was debited 131.02 usd for the transaction but then the ATM transaction surcharge of 1.94 usd was credited back to my account by Schwab.  This card is linked to a stock trading account at Schwab & the cash is held in the Schwab Liquid assets fund & as such earns a healthy dividend paid monthly. Hows that then??   

So much fluff & stuff, yet you still aren't providing all of the DATA so we can all compare experiences correctly...but I don't think that's your fault.

As I recall, the last time I used a Sacombank ATM, the ATM fee was NOT listed on the receipt.

However, the ATM fee WAS included in the $131.02 charge to your Schwab account.

Since you received an immediate ATM rebate (unlike Schwab One accounts which must wait for monthly rebates of the aggregate of ATM fees) then you can simply subtract the ATM fee ($1.94) from the total account debit ($131.02) to get the currency charge for ₫3,000,000 ($129.08).

Divide 3,000,000 by 129.08 to get

23,241.400681747 or ₫23,241 which was the approximate exchange rate you received, NOT ₫22,900 as you previously stated.

It's important that we don't mislead the casual reader.

Also, if you multiply 23,241.400681747 by 1.92 (the rebated fee amount) you get:

45,088.31732259 or ₫45,088 which is the APPROXIMATE amount of your ATM fee.

However, somewhere in your two numbers is the hidden exchange fee.

Someone else likely knows how to get to that, but I'm guessing your Sacombank fee was ₫45,000 VNĐ and your "hidden" foreign exchange fee is represented by the 88 dong remainder from your ATM fee, which currently = about 0.0038 USD (or 38/100 of one cent)

Whatever percentage that amount represents is  the same percentage that could be applied to your $129.08 to get the rest of the hidden exchange fee.

I'm posting this all here because in previous discussions, some hater always comes along and accuses Schwab of charging higher exchange fees than Transferwise or some other gimmick, when (as we both know) Schwab gets us about as close to the true exchange rate as possible.

Cheers!

Very good, thanks for that, makes it easy to understand now. 23.241 even better yipeeee, just made my day, am off out for a beer to celebrate.   Hey, & to top it all I just changed xxxxusd at the gold place up the road about an hour ago & all I got was fn 23,220

I'll cross post an answer I made earlier this month.
It's actually a VPBank ATM tho.

https://www.expat.com/forum/viewtopic.p … 63#4786158