withdrawing funds from foreign ATM

[WalkingTabloid]

okay so I think I thought of a brilliant idea but there has to be something wrong with it or someone else would have done it so I'm asking all you experts.

I looked into Lloyds and doing transfers through them, but that would take 3,000 yen every time (my bank, CIBC, is one that charges 10 bucks a transfer and the exchange rate now is basically where 1,000 yen = ten bucks CDN or close enough to not bother quibbling, sooo...).

So I figured why not set up a bank account (like with shinsei) and then send hubby my bank card (reportedly shinsei cards work in foreign ATMs) and let him withdraw at home to pay the various bills I need him to pay.

Yeah there'd be a withdrawl fee, but not 3K yen per withdrawl!

Surely someone else has tried this and found a flaw or something? He'd be withdrawing once a month btw.

[User Name Deleted]

The only real snag could be that bank ATMs back home may have a withdrawal limit, so if you were sending substantial amounts back, it might take several trips to ATMs to get the money, which would equal several overseas ATM fees plus several currency conversion fees.

Probably worthwhile if the amounts you want to send home are quite small.

[Boscomber]

I have used my UFJ card in Australia when I was back there for holidays. It worked fine, no need to carry cash on the plane, get travellers cheques or transfer money. The first time I did it I was worried about the exchange rate, any fees etc. I think you will find they add a little onto the exchange rate, moreso than any fees. Better than 3 or 4000 everytime you want to send money.

[Cowardly_Samurai]

I guess it depends how much you want to send back. The strategy you suggested will work fine, except the exchange rate will not be that good. If you take the global ATM network gemplus for example, it is operated by VISA. The rate they offer will be generally be quite poor compared to the rate you can get from Lloyds. And here's another problem, it is very difficult to find out what rate they will give you before the transaction !!!! Sometimes the might not even do the exchange direct from Yen to Canadian dollars, but instead convert to US, and then to Canadian ! So you might lose twice !!

Lloyds works well, but will get pricey quickly if you want to do regular monthly transactions. I used Lloyds, but only sent money home on a six monthly basis.

[bland]

It would be possible, and it could be economical.


This page has an exhaustive list of "International Cashcards" available in Japan, with fees, etc.
http://www.yuiis.net/ja/bank/card/intlcard.html
(Japanese)


The best deals are


Shinsei Bank ATM card
http://www.shinseibank.com/atm/riyou_kaigai.html
0yen/withdrawal + 4% exchange rate markup


Saison "Yucho Check Card" (VISA)
http://www.saisoncard.co.jp/lineup/ca079.html
200yen/withdrawal + 1.6% exchange rate markup
(No longer available - service discontinued at end of 2007)


Suruga Bank VISA Debit Card
http://www.surugabank.co.jp/my/debit/index.html
210yen/withdrawal + 1.63% exchange rate markup


To the above fees, add any ATM surcharges applied by the owner of the ATM (if applicable).

These cards work at ATMs on the VISA / PLUS network. You'd need to consider which ATM you can use, and how much it will let you withdraw in one go, and factor in convenience, security, etc.

[WalkingTabloid]

Since I'm only sending about 100,000 yen a month home, it seems this would work well enough.

Thanks. :-)

[luked6]

Does anybody know if it's possible for banks to issue 2 international cash cards, or am I only allowed to have one?

I would like to send one home so someone would be able to withdraw money and deposit it into my account.

I'm with SMBC.

[bland]

Suruga Bank VISA Debit Card
http://www.surugabank.co.jp/my/debit/index.html
210yen/withdrawal + 1.63% exchange rate markup

Increased to 3.00% markup from 2011-04-01.

[OtoriOsaka]

Yeah there'd be a withdrawl fee, but not 3K yen per withdrawl!

It`s a good idea.

If your husband doesn`t need the cash then he can pay his bills with your VISA card, then there is no charge. That`s the situation with HSBC.