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


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Answer is easy.

So it is. As I showed in my reply #28.

AEON does not charge anything!

It is MY bank (the card issuer) that sets the fee, I my case the fee is 0%!

The exchange rate is determined by VISA as I have shown above.

Last reply in this thread, as I am sick to convince back-seat drivers and disbelievers.

I believe in my bank statements smile.png

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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.

This is very interesting. I remember after pressing NO the transaction is void. But i could be wrong, anyone had experience with this?

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Yes it is.

See these examples from June 2012:

AEON_20120616.jpg

And this is an excerpt from the account statement of my bank:

15.06.12 15.06.12 AS CENTRAL KHONKHEN (1)(S, THB 90.000,00 39,36412 2.286,35

16.06.12 18.06.12 LOTUS CHUMPAE (S9000), BANGKOK THB 98.000,00 39,55433 2.477,60

39.55 is exactly the exchange rate published by VISA for June 16.

Bangkok Bank TT exchange rate for June 15: 39.47750.

I am very surprised by this 'KhunBENQ as I have always found my withdrawals limited to the limit set by my UK card issuing bank. I assume u r using a 'foreign' bank card and not one issued by a Thai bank? though Ive never used one I understand that Thai bank cards have a much higher ATM withdrawal limit which may even be set by the cash dispensing bank. This would explain the high Aeon 100000 withdrawal limit. If what u say is correct, I will be very pleased to be able to withdraw so much more when I need it.
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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.

This is very interesting. I remember after pressing NO the transaction is void. But i could be wrong, anyone had experience with this?

U r probably confusing this with answering 'No' to the ATM question asking if u accept the 150 baht farang rip-off charge. If u say 'no' to this then the transaction will be voided. If that is the only 'proceed' question u get and u do go ahead then u should get the Visa or Mastercard rate as not all banks were/are offering their own bank (rip-off) rate. If u r asked to accept the banks exchange rate, u answer 'no', and the transaction is voided, I would advise u to walk away and use another bank's ATM. Even better find an Aeon ATM.
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The 2 best completely fee free cards issued in the UK for cash withdrawals are the N & P building society current account Visa debit card and the Halifax Clarity credit card.

You forgot Metro bank visa debit card

Thanks for that.............I've never heard of Metro bank before.
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SunsetT : It' s getting more confusing now. Let's make it clear: i use my farang bank card at a thai ATM and i don't want to pay the banks' commission. I am struggling to try to comprehend you could be telling me there is another ATM option after i selected not to comply with the B150 rate?

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SunsetT : It' s getting more confusing now. Let's make it clear: i use my farang bank card at a thai ATM and i don't want to pay the banks' commission. I am struggling to try to comprehend you could be telling me there is another ATM option after i selected not to comply with the B150 rate?

Sorry to confuse u Dancealot. U must comply with the 150 baht charge and select yes for this option unless u use an Aeon ATM which does not charge 150 baht. But yes, some Thai bank ATMs have another option asking u to accept their (inferior) exchange rate with a yes/no question. It will probably be before the 150baht question. I nearly always use Aeon ATMs now so I am not sure which Thai banks are doing this or whether they are all doing this now. I hope this is clearer for you.
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I am very surprised by this 'KhunBENQ as I have always found my withdrawals limited to the limit set by my UK card issuing bank. I assume u r using a 'foreign' bank card and not one issued by a Thai bank?

Sure, I am (was) using a VISA (debit) card issued by a german bank (DKB).

It has a limit of 2500 Euro per transaction and no fees worldwide (they even would reimburse the 150 Baht).

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I am very surprised by this 'KhunBENQ as I have always found my withdrawals limited to the limit set by my UK card issuing bank. I assume u r using a 'foreign' bank card and not one issued by a Thai bank?

Sure, I am (was) using a VISA (debit) card issued by a german bank (DKB).

It has a limit of 2500 Euro per transaction and no fees worldwide (they even would reimburse the 150 Baht).

I just checked and the exchange u received for the 2 transactions u show above mean that both withdrawals were just within the 2500 euro limit of your bank. So, as I said before, I think it is your bank that sets the withdrawal limit and not Aeon. I am jealous that your German bank allows such large withdrawals. The UK limits r ridiculously low in comparison: 12000 to 25000 baht per day.
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Very interesting.. I will stick with aeon from now.. Another question while we are talking about this. I am regularly wiring money form my dutch bank account to my thai bank account but i would like to avoid as much " bank fees" as possible but i do not know how...

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Very interesting.. I will stick with aeon from now.. Another question while we are talking about this. I am regularly wiring money form my dutch bank account to my thai bank account but i would like to avoid as much " bank fees" as possible but i do not know how...

I am English so I have no knowledge of Dutch bank fees, but from KhunBENQ's information above, If possible, I would open a DKB bank account in Europe, and use Aeon withdrawals to transfer all money required from Holland to Thailand.
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Very interesting.. I will stick with aeon from now.. Another question while we are talking about this. I am regularly wiring money form my dutch bank account to my thai bank account but i would like to avoid as much " bank fees" as possible but i do not know how...

I am English so I have no knowledge of Dutch bank fees, but from KhunBENQ's information above, If possible, I would open a DKB bank account in Europe, and use Aeon withdrawals to transfer all money required from Holland to Thailand.

Thanks! I hope you are suggesting the deutshe kredit bank doesn't charge foreign atm withdrawals ?

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The voluntary exchange rate option is not limited to ATMs. Hotels and other merchants elsewhere in S.E. Asia do the same thing with an option for charging credit cards in local or home country currency.

Edited by Jitar
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