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ATM withdrawal vs Bank transfer TT

steven100
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steven100 Star Member

steven100

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For any of the exchange rate experts out there ...

Current TT buying for AUD in Bangkok Bank is 21.57 approx.

How much difference would the rate be at a BB ATM be ....   ?  would I lose much on say 10,000 baht withdrawal   ??

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KhunBENQ Star Member

KhunBENQ

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Exchange rate is determined by the credit card issuer not the ATM operator.

(except you do the big mistake and select the respective option "DCC").

VISA rate is currently about 21.72.

 

What you loose for 10000 Baht: 220 Baht fee (2.2% !) from Thai bank (Bangkok Bank and others).

 

What you might(!) loose: more fees from your issuing bank.

Certain cards offer free withdrawal abroad.

 

Bank transfer as well as ATM withdrawal of such a small amount always comes out with significant loss.

 

Edited by KhunBENQ
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Kwasaki Star Member

Kwasaki

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24 minutes ago, steven100 said:

Current TT buying for AUD in Bangkok Bank is 21.57 approx.

How much difference would the rate be at a BB ATM be ....   ?  would I lose much on say 10,000 baht withdrawal   ??

I'm no expert on money I can post what I know about UK.

My experience using an ATM to draw money is the credit card is more expensive than using a debit card.

The best way for me to avoid ATM charges is going into Thai high st bank with passport and debit card, SCB charge me 180 baht my UK bank charges a cash transaction one.

 

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55Jay Gold Member

55Jay

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Just now, steven100 said:

Thanks,  but I have a Citibank debit card .... they don't charge anything for International bank transfers but obviously for ATM withdrawals there would be a fee plus the Thai bank charge a fee also I would imagine. 

Ah, ok, I didn't see you mention earlier what kind of card you had (Visa/MasterCard are common), so was just throwing the link up for your info.

 

I don't have Citibank but a quick look at their site showed a MasterCard branded ATM/Debit card - not sure what you've.  What is the logo on your card?

 

image.png.d2b12522bd876a4c51f3e22c12663c1c.png

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Pib Star Member

Pib

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12 minutes ago, steven100 said:

Thanks,  but I have a Citibank debit card .... they don't charge anything for International bank transfers but obviously for ATM withdrawals there would be a fee plus the Thai bank charge a fee also I would imagine. 

Visa or Mastercard Credit/debit cards use the exchange rate shown at the Visa/Mastercard exchange rate webpages minus any "foreign transaction fee" your card issuing bank (i.e., Citibank) may charge.  Of course this assumes you don't accept an ATM "DCC" offer (don't do that!!!) because then you get the local ATM owner's exchange rate that will surely suck.

 

You need to check with Citibank as to whether/how much of a fee they may apply "for your card.....not uncommon for 1 to 3% fee to be charged...but some card-issuing banks provide 0% foreign transaction fee cards like Schwab....but it all depends on the card-issuing bank.  Then of course you will have the Thai bank foreign card fee of Bt220 which Citibank may or may not reimburse....once again, whether the card-issuing bank reimburses varies. 

 

What exchange rate will be used is  the easy part....the harder part is knowing the fees associated with your card...those fees (if any) are set by your card-issuing bank (Citibank in this case).

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steven100 Star Member

steven100

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6 minutes ago, 55Jay said:

Ah, ok, I didn't see you mention earlier what kind of card you had (Visa/MasterCard are common), so was just throwing the link up for your info.

 

I don't have Citibank but a quick look at their site showed a MasterCard branded ATM/Debit card - not sure what you've.  What is the logo on your card?

 

image.png.d2b12522bd876a4c51f3e22c12663c1c.png

Yes .... that's the one I have

steven100 Star Member

steven100

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I found this ....

Citibank Australia does not charge Citibank Plus everyday account holders a fee when they withdraw funds from an international ATM or use their Citibank Debit Card to make in-store purchases overseas. Customers may be charged by the third party provider, which Citibank Australia does not control.

55Jay Gold Member

55Jay

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18 minutes ago, steven100 said:

Yes .... that's the one I have

OK.  I was just trying to determine which card you had to then get the right site for exchange rate, which are usually very close anyway, at least from what I remember.

 

Step 2 is factoring in the fees, which you've already started to do. 

 

Once you have those 2 data sets side by side (ATM & Bank Transfer), you can see the difference.

 

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steven100 Star Member

steven100

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Posted (edited)
51 minutes ago, 55Jay said:

OK.  I was just trying to determine which card you had to then get the right site for exchange rate, which are usually very close anyway, at least from what I remember.

 

Step 2 is factoring in the fees, which you've already started to do. 

 

Once you have those 2 data sets side by side (ATM & Bank Transfer), you can see the difference.

 

deleted message. 

 
Edited by steven100
steven100 Star Member

steven100

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2 hours ago, KhunBENQ said:

Exchange rate is determined by the credit card issuer not the ATM operator.

(except you do the big mistake and select the respective option "DCC").

VISA rate is currently about 21.72.

 

What you loose for 10000 Baht: 220 Baht fee (2.2% !) from Thai bank (Bangkok Bank and others).

 

What you might(!) loose: more fees from your issuing bank.

Certain cards offer free withdrawal abroad.

 

Bank transfer as well as ATM withdrawal of such a small amount always comes out with significant loss.

 

So the Citibank Aust'  rate for Thai Baht is 21.46 ......  so that's the rate I get + charge of 2.2% BB. ??

Pib Star Member

Pib

Posted
Posted
22 minutes ago, steven100 said:

If the ATM rate is 21.25 (  Bank Notes Buying Rate )   then the difference on 10,000 baht is only approx $7 .....   

 

But the ATM does not equal the Bank Notes Buying Rate.    Bank Notes Buying Rates deals with buying cash.

 

You need to go the the Mastercard exchange rate webpage to see the ATM rate you will get....and I just looked...it would be 21.82 AUD assuming you have a no foreign transaction fee card.

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steven100 Star Member

steven100

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2 minutes ago, Pib said:

But the ATM does not equal the Bank Notes Buying Rate.    Bank Notes Buying Rates deals with buying cash.

 

You need to go the the Mastercard exchange rate webpage to see the ATM rate you will get....and I just looked...it would be 21.82 AUD assuming you have a no foreign transaction fee card.

so the Citibank foreign exchange rate for Thai baht 21.46  is not the rate I use ..... 

KhunBENQ Star Member

KhunBENQ

Posted
Posted (edited)
6 minutes ago, steven100 said:

So the Citibank Aust'  rate for Thai Baht is 21.46 ......  so that's the rate I get + charge of 2.2% BB. ??

Can't comment on the rate.

What card do you use is the important question (Mastercard, VISA...)?

 

Not 2.2% but 220 Baht(!) fee from the Thai bank (ATM operator).

2.2% is just the ratio if you pull 10000 Baht.

The less you pull the higher the percentage (relative loss of money).

 

Edited by KhunBENQ
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steven100 Star Member

steven100

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Just now, KhunBENQ said:

Can't comment on the rate.

What card do you use is the important question (Mastercard, VISA...)?

 

Not 2.2% but 220 Baht(!) fee from the Thai bank (ATM operator).

2.2% is just the ratio if you pull 10000 Baht.

The less you pull the higher the percentage (relative loss of money).

 

It's a citibank Australia direct debit card with mastercard logo bottom right corner.

Pib Star Member

Pib

Posted
Posted
so the Citibank foreign exchange rate for Thai baht 21.46  is not the rate I use ..... 
Where did you get that rate? Some Citibank webpage maybe....what webpage?
JamJar Senior Member

JamJar

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Posted
3 hours ago, Kwasaki said:

I'm no expert on money I can post what I know about UK.

My experience using an ATM to draw money is the credit card is more expensive than using a debit card.

The best way for me to avoid ATM charges is going into Thai high st bank with passport and debit card, SCB charge me 180 baht my UK bank charges a cash transaction one.

 

 

Unfortunately, your U.K experience is a bit dodgy. There is no difference between the best credit cards and the best debit cards from the U.K when it comes to ATM withdrawals.

In addition to that, one of the best ways to obtain cash within Thailand is with a particular U.K credit card.

 

Change your plastic and change the Thai bank.

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Pib Star Member

Pib

Posted
Posted

Yeap....21.82 just like  posted earlier.  Keep in mind this assumes your Citibank debit card does not charge a foreign transaction fee.  If such a fee is charged the Citibank webpage talking policy/fees for your card will say so.  It's common for many credit/debt cards to charge a 1 to 3% foreign transaction fee; but many also do not charge any fee.  Just be sure you understand what fees may be associated with your card.....each card-issuing bank sets their own fees.

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JamJar Senior Member

JamJar

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4 minutes ago, steven100 said:

Pib ... 21.82

Capture.PNG.44a046b6ca92aaa62534eb38103617ae.PNG

 

 

 

 

Should be thereabouts., minus the 220 baht ATM fee.

 

So you'll look for an ATM that allows up to a 30,000 baht withdrawal in so that you can withdraw 21,500 baht.

 

Bank transfer in AU$ will incur an incoming fee to the Thai bank of perhaps 0.25% with a minimum of 200 baht and a max of 500 baht. There might also be a middleman(correspondent) bank fee. 

If they insist on sending in Thai baht, the exchange rate will be horrible.

 

 

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Kwasaki Star Member

Kwasaki

Posted
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3 hours ago, JamJar said:

when it comes to ATM withdrawals.

In addition to that, one of the best ways to obtain cash within Thailand is with a particular U.K credit card.

Well you like many others and newbies miss the point completely I have not gone back to England in 14 years and have no desire to do so if my First Direct bank send money to me for £6 that suits me fine thankyou.

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