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


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I can't believe I didn't know about the Aeon ATMs not charging that 150 baht fee. Been making withdrawals of 20-30k at the other more common ATMs for years and stomaching fees of 900-1200 baht respectively (incl conversion/overseas ATM use fees from bank back home)

As of May 2013, do Aeon ATMs still not charge the 150 baht fee?

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I just used one Saturday, no fee. I wish there was an Aon ATM in my home town. FYI if you get a cash advance and go inside the bank for it, rather than using there machines, there is no charge.

Sent from my i-mobile IQ 6 using Thaivisa Connect Thailand mobile app

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I can't believe I didn't know about the Aeon ATMs not charging that 150 baht fee. Been making withdrawals of 20-30k at the other more common ATMs for years and stomaching fees of 900-1200 baht respectively (incl conversion/overseas ATM use fees from bank back home)

As of May 2013, do Aeon ATMs still not charge the 150 baht fee?

Last withdrawal was May 31 with two different german bank cards (DKB, Postbank Sparcard) and there is still no fee.

If they would introduce you would read on this forum within a day I bet.

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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.

......AEON ATMs do not offer the Dynamic Currency Conversion rate, so u should be getting the straight Visa or Mastercard exchange rate at the time of the transaction plus any fees from your home card-issuing bank. This should be the case at any Thai ATM if it does not offer onscreen the DCC + of course the 150 baht fee. 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. The latter only charges 1.29% per month interest on cash withdrawals. But Ive recently caught Halifax manipulating the exchange rate between the time of the transaction and the time when it shows up as a transaction online or on your monthly statement. It is very difficult to notice this unless u make a note of the change in your running balance for every card withdrawal/transaction and compare this with the amount that eventually shows up for the transaction online or on your statement. I just happened to notice it as there was just one isolated withdrawal made on the card while I was in the UK for 6 months. If u do notice this then please do report it to UK trading standards as I have done. It could be yet another UK banking scam where Halifax and maybe other banks r illegally manipulating exchange rates. I no longer trust Halifax and will only use their card now as a back-up to the N&P card.

You also have Metro Bank and Nationwide Flex Direct - these are also free overseas usage cards (you pay local ATM charges)

- the N&P card you mention has some nice free features - if you lose your car or home keys or get locked out you are covered - or if you lose your passport or driving licence and phone call charges to deal with everything are refunded

I have heard recently that ATM's charge 180 baht for Mastercard and 150 for Visa withdrawals - true or not?

I am still curious about TC's

Maximum denomination is Sterling is 200 with a 1.25% - 1.5% charge - Dollars is $1000 and no charge - but you lose on the exchange rate - both have a 33 baht charge on each cheque so you save with the $ TC's - I cannot be bothered to do the equations - to work out where you would stand on 5,000 Sterling using both methods

I like to carry cash but Customs at LHR are getting progressively nosey every time I travel

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Yes, there's a separate thread about a recent change in Thai bank fees on foreign ATM card withdrawals...

The fee for foreign VISA logo cards remains 150b, but the fee for MC-logo foreign cards is being increased to 180b.

Either way, a better solution if available is to use any AEON ATM, and pay no local ATM fee.

But also, always be aware what kind of fees, if any, you're card-issuing bank may charge for foreign ATM withdrawals.

As mentioned above, AEON ATMs will give you the card networks rate, based on whether you use a VISA or MC. AEON ATMs don't set their own rate or have a lower exchange rate to recoup profits.

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Yes, there's a separate thread about a recent change in Thai bank fees on foreign ATM card withdrawals...

The fee for foreign VISA logo cards remains 150b, but the fee for MC-logo foreign cards is being increased to 180b.

Either way, a better solution if available is to use any AEON ATM, and pay no local ATM fee.

But also, always be aware what kind of fees, if any, you're card-issuing bank may charge for foreign ATM withdrawals.

As mentioned above, AEON ATMs will give you the card networks rate, based on whether you use a VISA or MC. AEON ATMs don't set their own rate or have a lower exchange rate to recoup profits.

I go to Pattaya - there are only 3 there and they are not convenient to my location

Seems like Flex Direct and N&P are the way forward but they have a lower daily withdrawal limit than Metro MC

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I don't understand why you guys don't just use debit cards use the credit function at aeon ATMs. No fees or charges and good exchange rate.

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AEON is always within .3 baht of what Google says. No 150b fee and 30,000b withdrawal limit. Using it for 6 years and check rate every time.

where is/are the aeon atm's in ubon ?

scotty

BigC, Tesco and Sunee .

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