Cash withdrawal fees.

[virginprune]

On 7/23/2018 at 9:24 AM, jrlee183 said:

HSBC, Citibank, and some BPI ATMs allow you to withdraw up to 20k at a time i believe.  Also, HSBC dont charge either

You could always use a remittance service like world remit to transfer the cash to yourself and pick up from a local agent. that would be much cheaper

I have a HSBC account in the UK, they certainly do charge, around £7-8. BPI do not accept HSBC cards either debit or credit.

This is for UK based account. If you have a local HSBC account that appears to work differently.

Edited August 8, 2018 by virginprune

[JJReyes]

Banks make money either through fees per ATM transaction or the foreign exchange spread.  The spread can be as high as 7%.  I find that paying the nominal ATM fee (usually about $5) is better if you are withdrawing the maximum amount permitted. Your home bank would also charge a fee, about a $5 fee per transaction, but this is waived for their good customers. Sometimes it is automatic. Sometimes you have to ask for the waiver. 

I had some leftover GBP which I wanted to exchange back into USD. The money changer booth at Gatwick Airport was charging 15% commission. By waiting until my return to the USA, my bank did the exchange (purchase my foreign currency) as a courtesy without a fee. The reason given is the bank sold me GBP 300 prior to departure so I would have local currency upon arrival. They decided not to charge a commission twice.

 

Edited August 8, 2018 by JJReyes