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Atm Exchange Rates, Beware There Can Be A Large Difference.


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This has happened to me before, but I did not realize what a big difference it was. There is a certain Government owned bank that gives a terrible rate on the Canadian Dollar. I went to withdraw my normal withdrawal from this bank last night and it would not give me the money because I was over my daily amount. The machine was one of those that shows the rate they are giving you. I looked at it and it was under 30 baht to a dollar. I went 50 metres down the street and was able to withdraw my money no problem. I just checked my bank account and they gave me a rate of 31.3580 per dollar, that’s a difference of over 1.35 baht per dollar. If one were to withdraw the maximum amount most machines allowed of 20,000 baht plus 150 baht service charge, you would be paying $29.09 Canadian, more at the government bank than the other bank. I can only speak in regards to the Canadian Dollar, but it is likely the same for other currencies. Next time you go to the ATM, PLEASE BE AWARE of this.

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I think you guys are missing something......There are 2 exchange rates you can now get from Thai ATMs using a 'Visa' or 'Mastercard' card and others which Im not familiar with. I rarely use any other ATMs now except Aeon when in Thailand to avoid the 150bt charge, but the last time or 2 when I had to use another ATM I noticed this:First u get offered on the ATM screen the exchange rate that the ATM bank itself uses and gives its customers. But SAY NO to this option as then u will get the Visa or Mastercard exchange rate which is far better. Not content with the 150 baht charge the greedy banking bustards have now come up with this little ruse/scam to skim off the difference, I assume, between the 2 rates. As I said I rarely use any ATMs in Thailand except Aeon so Im not sure if all the Thai banks r doing this. With Visa and Mastercard plastic u r meant to get their own exchange rates and not those that the greedy banks offer.....The banks have realised the consumer confusion on this, and once again they r taking advantage of u and cashing in. Also when shopping anywhere abroad or in Duty Free with plastic always ask to pay in the local currency and not in dollars or the currency of your home country or u will be ripped off in the same way.

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It showed you the exchange rate at the ATM!

That is what you have to be warned off.

It is called dynamic currency conversion and is a real rip off.

In reality it means that the ATM operating bank determines the exchange rate and not as usual the card issuing organization.

I am aware that Bank of Ayudhya does this kind of rip off.

If you use a European VISA Plus card, the exchange rate can be found here:

http://www.visaeurope.com/en/cardholders/exchange_rates.aspx

For US cards:

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp?src=ex_rez

The "conversion fee" depends on the card issuing bank, Some cards are without a fee.

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I think you guys are missing something......There are 2 exchange rates you can now get from Thai ATMs using a 'Visa' or 'Mastercard' card and others which Im not familiar with. I rarely use any other ATMs now except Aeon when in Thailand to avoid the 150bt charge, but the last time or 2 when I had to use another ATM I noticed this:First u get offered on the ATM screen the exchange rate that the ATM bank itself uses and gives its customers. But SAY NO to this option as then u will get the Visa or Mastercard exchange rate which is far better. Not content with the 150 baht charge the greedy banking bustards have now come up with this little ruse/scam to skim off the difference, I assume, between the 2 rates. As I said I rarely use any ATMs in Thailand except Aeon so Im not sure if all the Thai banks r doing this. With Visa and Mastercard plastic u r meant to get their own exchange rates and not those that the greedy banks offer.....The banks have realised the consumer confusion on this, and once again they r taking advantage of u and cashing in. Also when shopping anywhere abroad or in Duty Free with plastic always ask to pay in the local currency and not in dollars or the currency of your home country or u will be ripped off in the same way.

Its not the first time that I have heard of banks being called greedy bastards, but its the first time I've seen the credit card companies get such an easy ride!

Does anyone have hard data as to what the actual differences are between the exchange rates used by banks on their own ATM/debit cards and those used by credit card issuers?

Not that I would ever use a credit card for an ATM withdrawal - forget the exchange rate - any plusses there I would assume to be gobbled up by the issuing card's transaction and financing fees. Always well down the pecking order as an option for getting cash from your home country bank account into your hot hand in Thailand IMO. It seems to me that the best options in order of best returns (for reasonably significant sums - say $2,500 up - are):

1. Bring cash and exchange it at Super Rich, Pratunam, Bangkok (if you stomach the security risks of carrying cash). Always likely to be the best whatever home currency amounts you are exchanging (but bigger home currency notes attract a slightly higher rate at Super Rich for some currencies)

2. Transfer from home country to Thai bank account specifying your home country's currency, rather than Thai baht to be sent by your bank (may not be cheap for small amounts though - the bank charge is usually fixed rate no matter how much you send).

3. Bring cash and exchange at other good exchange rate booths (including the Super Rich branch locations) on the streets of Bangkok (other tourist locations?)

4. ATM withdrawal in Thailand using home country ATM/debit card (still not sure Aeon are cheaper than others, notwithstanding thier lack of a fee, since I've never seen the exchange rate that Aeon use quoted and compared it to the TT rates usd by other Thai banks)

5. Transfer from home country to Thai bank account specifying Thai baht for the transfer

6. ATM withdrawal using a credit card

Not sure where Western Union fit into this.

It's difficult to be completely prescriptive about the best option because it partly depends on how much you are expecting to exchange.

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