Jump to content
BANGKOK 22 April 2019 09:36
Elizway

How do i calculate the exchange rate when withdrawing from ATM?

Recommended Posts

Posted (edited)

So if i'm withdrawing from an ATM in a foreign country and i'm trying to figure out how much i'll be charged (minus all the fees), do i look at the THB > USD or the USD > THB exchange rate (using my bank app)?

 

For example i want to withdraw THB 1000. And 1 THB = USD 0.033. But 1 USD = THB 34 (which makes it 29.411 when you change it to THB>USD) . So in this example, If i calculate the 1000 according to the exchange rate of THB>USD, i am charged 33. But if i calculate the 1000 according to the exchange rate of USD>THB, i am charged 34.

 

Which one do i go with?

 

btw, i did call the bank. They are giving me contradicting information. One says USD>THB. I call back later to double check, the other tells me THB>USD. And they are both sure!

Edited by Elizway

Share this post


Link to post
Share on other sites

i think the bank the owns the ATM you are using controls the rate. 

  • Confused 1

Share this post


Link to post
Share on other sites
1 minute ago, NCC1701A said:

i think the bank the owns the ATM you are using controls the rate. 

Not trying to know what the rates are. I am trying to know if they calculate BUY or SELL....so THB>USD or USD>THB?

Share this post


Link to post
Share on other sites

I don't understand your math. 

The present exchange rate is 31.7 baht per 1 USD and atms are going to clip a little off of that, plus ding you 200 baht per transaction.

 

If you have the right debit card, your home bank will reimburse the 200 baht fee.

 

If you don't use a bank that refunds atm fees globally, then it's a better deal in Thailand to exchange cash.

 

Rarely can you use a cc in Thailand without paying 3% juice or more.

 

Share this post


Link to post
Share on other sites
1 minute ago, Happystance said:

I don't understand your math. 

The present exchange rate is 31.7 baht per 1 USD and atms are going to clip a little off of that, plus ding you 200 baht per transaction.

 

If you have the right debit card, your home bank will reimburse the 200 baht fee.

 

If you don't use a bank that refunds atm fees globally, then it's a better deal in Thailand to exchange cash.

 

Rarely can you use a cc in Thailand without paying 3% juice or more.

 

Thank you Happystance, but thats not what i was asking

Share this post


Link to post
Share on other sites

Assuming that the "foreign" bank is in Thailand, and that your ATM card is from a US bank, it will be a USD>THB transaction. In other words, you will be using USD to buy THB.

 

Your own US bank will set the buying rate. There may be charges applied by your own bank and by the Thai ATM.

Share this post


Link to post
Share on other sites
1 minute ago, chickenslegs said:

Assuming that the "foreign" bank is in Thailand, and that your ATM card is from a US bank, it will be a USD>THB transaction. In other words, you will be using USD to buy THB.

 

Your own US bank will set the buying rate. There may be charges applied by your own bank and by the Thai ATM.

Even though i am withdrawing in baht?

Share this post


Link to post
Share on other sites

The rates are set by visa / mastercard, here the calculators:

https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

 

The Thai bank ATM adds 220THB on top of whatever you withdraw and your foreign bank might charge you a foreign currency fee (called "bank fee" in the calculator).

Share this post


Link to post
Share on other sites
Just now, jackdd said:

The rates are set by visa / mastercard, here the calculators:

https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

 

The Thai bank ATM adds 220THB on top of whatever you withdraw and your foreign bank might charge you a foreign currency fee (called "bank fee" in the calculator).

I am using a debit card

Share this post


Link to post
Share on other sites
1 minute ago, Elizway said:

I am using a debit card

Should be the same rates

Share this post


Link to post
Share on other sites
1 minute ago, Elizway said:

Even though i am withdrawing in baht?

Your US bank will be using your USD to buy the THB that you withdraw from the ATM.

The Thai bank will charge you for the convenience of using their ATM.

Share this post


Link to post
Share on other sites
Posted (edited)
15 minutes ago, chickenslegs said:

Your US bank will be using your USD to buy the THB that you withdraw from the ATM.

The Thai bank will charge you for the convenience of using their ATM.

BEAUTIFUL! Exactly what i've been trying to find out for 2 days!! Why in the world was i not able to get this information in the accumulated 3+ hours ive been talking to the bank?!?

 

Is this standard, with all banks and all countries?

 

Edited by Elizway

Share this post


Link to post
Share on other sites
2 minutes ago, Elizway said:

BEAUTIFUL! Exactly what i've been trying to find out for 2 days!! Why in the world was i not able to get this information in the accumulated 3+ hours ive been talking to the bank?!?

 

Is this standard, with all banks and all countries?

Bank charges will vary - but, if you are withdrawing from a USD bank account, you will always be using USD to buy the local currency.

Share this post


Link to post
Share on other sites
Posted (edited)
6 minutes ago, chickenslegs said:

Bank charges will vary - but, if you are withdrawing from a USD bank account, you will always be using USD to buy the local currency.

And here is an online agent. This is what he said:

 

Ok, thanks for clarifying, this would depend if you select to be charged in dollars or the local currency. If you select dollars the conversion would be from usd to the local currency. If you select the local currency the rate would be local currency to USD. It really depends what the ATM offers you and what you select.

 

Is he saying the same thing you are? Am i missing something? Or is it false info?

 

Edited by Elizway

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...