Kasikorn ATM/Conversion

[dddave]

A Kasikorn ATM is handiest to my apartment.  Whenever I withdraw Baht using my US based debit card, before completing the transaction, it asks do I want to convert to Thai Baht or Dollars.

I think this has something to do with conversion rates but I don't have a clue which option is better to select.  Anybody know what I'm asking about?

[Crossy]

NEVER accept the conversion (you will still get the cash) the exchange rate is far better.

 

[Upnotover]

Search Dynamic Currency Conversion for the details but as said, never accept the conversion to your home currency, always pay in THB.  Applies equally in shops and hotels.

[Dagfinnur Traustason]

You just don´t do things like that. Here you are paying for the convenience of going to the closest ATM. That will just make you lose money everytime. Either in bad exchange rates or the standard fee of using a foreign card.

What you do is getting a Thai bank acocunt that works online, as I suppose your foreign bank does as well. Then you make Transferwise transactions with good exchange rates and low cost to your Thai account and take out the money free in any Thai ATM.

[Psimbo]

1 hour ago, Crossy said:

NEVER accept the conversion (you will still get the cash) the exchange rate is far better.

 

How will he still get the cash- the ATMs only have baht. He will pay the US debit card company's rip-off exchange rate.

 

 

1 hour ago, dddave said:

A Kasikorn ATM is handiest to my apartment.  Whenever I withdraw Baht using my US based debit card, before completing the transaction, it asks do I want to convert to Thai Baht or Dollars.

I think this has something to do with conversion rates but I don't have a clue which option is better to select.  Anybody know what I'm asking about?

I don't understand why an ATM would offer the option- are you sure you are reading it properly as it doesn't make sense.

[Upnotover]

16 minutes ago, Psimbo said:

He will pay the US debit card company's rip-off exchange rate.

Which will be better than the locally offered DCC rate.

17 minutes ago, Psimbo said:

I don't understand why an ATM would offer the option

You would if you were a bank.  They make more money if you accept their conversion.

[lungbing]

46 minutes ago, Dagfinnur Traustason said:

You just don´t do things like that. Here you are paying for the convenience of going to the closest ATM. That will just make you lose money everytime. Either in bad exchange rates or the standard fee of using a foreign card.

What you do is getting a Thai bank acocunt that works online, as I suppose your foreign bank does as well. Then you make Transferwise transactions with good exchange rates and low cost to your Thai account and take out the money free in any Thai ATM.

Not quite free at any ATM.   I am from Khon Kaen and last weekend I was in Nong Khai.  It cost me 15 baht to withdraw cash.  It was a Kasikorn ATM and my account is Kasikorn, but I was out of my province.

[Dagfinnur Traustason]

9 minutes ago, lungbing said:

Not quite free at any ATM.   I am from Khon Kaen and last weekend I was in Nong Khai.  It cost me 15 baht to withdraw cash.  It was a Kasikorn ATM and my account is Kasikorn, but I was out of my province.

You should take that with your bank. That was taken away 1 year ago.

[Salerno]

2 hours ago, Dagfinnur Traustason said:

You just don´t do things like that. Here you are paying for the convenience of going to the closest ATM. That will just make you lose money everytime. Either in bad exchange rates or the standard fee of using a foreign card.

 

Depends on your home country and what options you have. A couple of options for example that negate the need for a Thai bank account for daily life (obviously one may be required depending on visa status, property purchase etc.); Americans have Charlie Schwab, Aussies have ING - both options no forex fees, no home charges, overseas ATM fees reimbursed and excellent exchange rates.

 

 

[Salerno]

2 hours ago, Psimbo said:

He will pay the US debit card company's rip-off exchange rate.

 

The exchange rate isn't a rip-off (assuming he doesn't accept the Thai bank rate), in fact it's as good or better than you could get elsewhere on any given day. It's the various fees he could get hit with.

 

2 hours ago, Psimbo said:

I don't understand why an ATM would offer the option- are you sure you are reading it properly as it doesn't make sense.

 

Various banks have been offering it for years, making a killing on the unwary.

[foreverlomsak]

2 hours ago, Dagfinnur Traustason said:

take out the money free in any Thai ATM.

depends on the bank your ATM card is from and the bank whose ATM you are using.

[Dagfinnur Traustason]

19 minutes ago, foreverlomsak said:

depends on the bank your ATM card is from and the bank whose ATM you are using.

Yes, you are right, but in the OP case it should still be free.
https://www.reuters.com/article/thailand-banks/thailands-top-banks-to-waive-off-digital-transaction-fees-idINL3N1RB2VI?edition-redirect=in

[foreverlomsak]

4 minutes ago, Dagfinnur Traustason said:

Yes, you are right, but in the OP case it should still be free.
https://www.reuters.com/article/thailand-banks/thailands-top-banks-to-waive-off-digital-transaction-fees-idINL3N1RB2VI?edition-redirect=in

I'll believe it when I see it, how often have you read should happen in Thailand and it doesn't.

[Dagfinnur Traustason]

7 hours ago, foreverlomsak said:

I'll believe it when I see it, how often have you read should happen in Thailand and it doesn't.

I happened 2018! You believe what you want. I have Kasikorn, Krung Thai and Bangkok Bank and can take out as described in article with no cost.

[thaisail]

7 hours ago, Salerno said:

 

Depends on your home country and what options you have. A couple of options for example that negate the need for a Thai bank account for daily life (obviously one may be required depending on visa status, property purchase etc.); Americans have Charlie Schwab, Aussies have ING - both options no forex fees, no home charges, overseas ATM fees reimbursed and excellent exchange rates.

 

 

Charles Schwab will reimburse the ATM charge only for Americans who have the Schwab One Brokerage accounts based on a US resident billing address. I have so far not been offered a conversion rate more favorable than the rate offered by Schwab. 

[scubascuba3]

Anyone who starts a thread like this hasn't planned properly.

 

Step 1) get a US/UK etc card which doesn't charge for ATM withdrawals and provides Visa or mastercard rate no commission. 

 

Step 2) open a Thai bank account

[dddave]

On 2/20/2021 at 7:30 AM, scubascuba3 said:

Anyone who starts a thread like this hasn't planned properly.

And why do you presume that I, as the OP, had not planned properly? 

Perhaps if you read the original post again you might understand that I was not asking about ATM fees, but about a specific option asked by a Kasikorn ATM about how the currency conversion would be calculated.  That is a question completely apart from transaction fees.

 

I actually have two US accounts that waive international transaction fees. I also have a Thai bank account so my planning was just fine.

[billd766]

On 2/20/2021 at 7:30 AM, scubascuba3 said:

Anyone who starts a thread like this hasn't planned properly.

 

Step 1) get a US/UK etc card which doesn't charge for ATM withdrawals and provides Visa or mastercard rate no commission. 

 

Step 2) open a Thai bank account

Have you ever tried to get a UK/US credit card whilst living in Thailand?

[scubascuba3]

9 hours ago, billd766 said:

Have you ever tried to get a UK/US credit card whilst living in Thailand?

That's the point, should have applied for 1+ cards before coming 

[scubascuba3]

9 hours ago, dddave said:

And why do you presume that I, as the OP, had not planned properly? 

Perhaps if you read the original post again you might understand that I was not asking about ATM fees, but about a specific option asked by a Kasikorn ATM about how the currency conversion would be calculated.  That is a question completely apart from transaction fees.

 

I actually have two US accounts that waive international transaction fees. I also have a Thai bank account so my planning was just fine.

Because it's obvious, if you have a Thai bank account those questions on the ATM don't come up, only if you have a foreign card and the fact you ask the question is you don't know enough about exchange rates yet. What rate do you get on your US accounts? any commission added? 

[billd766]

7 hours ago, scubascuba3 said:

That's the point, should have applied for 1+ cards before coming 

It is a bit late now as I left the UK in 1999.

 

I did have an offshore account but I closed that as I had already left and they were trying to charge me more than 70 GBP just to keep the account let alone all the monthly fees and charges.