dddave 3835 Posted February 19 Share Posted February 19 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? Link to post Share on other sites
Popular Post Crossy 28945 Posted February 19 Popular Post Share Posted February 19 NEVER accept the conversion (you will still get the cash) the exchange rate is far better. 5 Link to post Share on other sites
Upnotover 3102 Posted February 19 Share Posted February 19 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. 1 Link to post Share on other sites
Dagfinnur Traustason 1451 Posted February 19 Share Posted February 19 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. Link to post Share on other sites
Psimbo 5130 Posted February 19 Share Posted February 19 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. 4 Link to post Share on other sites
Upnotover 3102 Posted February 19 Share Posted February 19 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. 1 Link to post Share on other sites
lungbing 1878 Posted February 19 Share Posted February 19 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. 1 Link to post Share on other sites
Dagfinnur Traustason 1451 Posted February 19 Share Posted February 19 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. Link to post Share on other sites
Salerno 4899 Posted February 19 Share Posted February 19 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. 1 Link to post Share on other sites
Salerno 4899 Posted February 19 Share Posted February 19 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. Link to post Share on other sites
foreverlomsak 1154 Posted February 19 Share Posted February 19 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. 1 Link to post Share on other sites
Dagfinnur Traustason 1451 Posted February 19 Share Posted February 19 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 Link to post Share on other sites
foreverlomsak 1154 Posted February 19 Share Posted February 19 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. 1 Link to post Share on other sites
Dagfinnur Traustason 1451 Posted February 19 Share Posted February 19 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. Link to post Share on other sites
thaisail 57 Posted February 19 Share Posted February 19 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. Link to post Share on other sites
scubascuba3 11486 Posted February 20 Share Posted February 20 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 1 Link to post Share on other sites
dddave 3835 Posted February 21 Author Share Posted February 21 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. 1 Link to post Share on other sites
billd766 27165 Posted February 21 Share Posted February 21 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? Link to post Share on other sites
scubascuba3 11486 Posted February 21 Share Posted February 21 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 Link to post Share on other sites
scubascuba3 11486 Posted February 21 Share Posted February 21 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? Link to post Share on other sites
billd766 27165 Posted February 22 Share Posted February 22 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. Link to post Share on other sites
Recommended Posts
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 accountSign in
Already have an account? Sign in here.
Sign In Now