Withdraw From Singapore Atm From Thai Bank Acct

[junkofdavid2]

Hello!

I'm planning to go to Singapore for Songkran. Many of us are planning to do the same and go to some other country.

Instead of changing THB to SGD before leaving, I'm thinking of just bringing my Kasikorn ATM card (with Visa Electron)

The question is... when the ATM in Singapore (or any other place) spits out Dollars, what exchange rate will be used?

If the Singapore (or other) ATM uses the world market rate (and gives me 1 USD for only 32.6 THB), then that's good for us and it's better to withdraw from ATM instead of changing money in Thailand before leaving.

However, if the Singapore (or other) ATM uses the Forex rate used inside Thailand (where you receive 1 USD for the more expensive 34.80), then it's better to just change money here before you leave (so that at least you are not charged 100 THB service charge for each withdrawal).

I called Kasikorn call center and they said the Singapore ATM will use the rates on the Kasikorn Website. However, this is Thailand and the call center lady didn't sound like she knew what she was talking about. I'm not saying she's wrong, but it seems that her answer was not well thought of. (It was the simple "you can check our website for SGD rates given by Kasikorn, Sir.")

Interesting to note for ANYONE going abroad.

Edited March 17, 2007 by junkofdavid2

[naka]

Last week I got 23.83134 Baht per Sing Dollar at an ATM in Singapore. (withdrawal was for S$500)

Naka.

[junkofdavid2]

Last week I got 23.83134 Baht per Sing Dollar at an ATM in Singapore. (withdrawal was for S$500)

Naka.

Thanks!

1) What is your Thai Bank?

2) And what Bank ATM in Singapore did you withdraw from (if you can remember?)

3) Do you remember what day that was (I'll check the on-shore Thai rate on that day and compare it with your rate).

Cheers!

Edited March 17, 2007 by junkofdavid2

[samtam]

I think you'll find the Kasikorn bank's answer is correct. Even if their settlement with whichever Singapore bank allows them a forex profit, they're not likely to pass that on to you; they'll fix your exchange rate at the official onshore THB rate. Ditto credit card bills outside of your counrty of account.

[Maestro]

Last week I got 23.83134 Baht per Sing Dollar at an ATM in Singapore. (withdrawal was for S$500)

This looks like the Thai bank’s rate, plus a fee for the use of the card outside Thailand.

--

Maestro

[junkofdavid2]

yup, based on Naka's reply, I think Maestro and Samtam are correct.

Thanks guys!

[Prakanong]

I think you can go with that figure

Money Changers in Sim Lim this morning were selling at 24.10

Songkran in Sing - I will miss you - going to PI for work for two weeks

Its pissing the Thai's off as they are missing all their holidays - can take later but its not the same

[topfield]

Sorry if this is not directly relevant as it is intended for sterling based UK expats only :

I confirm from personal experience that Nationwide ATM Debit Card consistantly gives the interbank rate in Singapore and that, as you probably already know , makes no charge or fee whatsoever for use of its card in Singapore.

[naka]

Last week I got 23.83134 Baht per Sing Dollar at an ATM in Singapore. (withdrawal was for S$500)

Naka.

Thanks!

1) What is your Thai Bank?

2) And what Bank ATM in Singapore did you withdraw from (if you can remember?)

3) Do you remember what day that was (I'll check the on-shore Thai rate on that day and compare it with your rate).

Cheers!

UOB in Thailand.

Cannot remember the other details.

Naka.