Best exchange rates for foreign ATM withdrawals?

[Hal65]

Which Thai banks have you guys found to have the best forex rates and least fees for foreign ATM withdrawals? I'm headed to the Phils and have accounts at Kasikorn, Krungsri, Thanachart and Bangkok bank.

Edited September 3, 2019 by Hal65

[Maestro]

Moved this topic from the Visa forum to the forum "Jobs, economy, banking, business, investments"

[Pib]

At all Thai banks (and most any bank in the world) you receive the "card-network" (i.e.,, Visa/Mastercard/AmEx/etc) exchange rate minus any "card-issuing bank" foreign transaction fee.   Therefore, all Thai banks will provide the same exchange rate since it's really the card-network providing the exchange.

 

Now, there is one exception and that is if the ATM offers you a Dynamic Currency Conversion (DCC) transaction which is that bank's exchange rate they are offering you.  This rate will typically be approx 3%  lower (worst) than the card-network rate.  Highly unlikely the ATM screen will say DCC anywhere....but if you see an exchange rate being offered that means it's a DCC transaction.  DO NOT accept it.   DCC bad for the customer; good for the bank.

 

Read the screen wording closely and select to Continue Without Conversion (or similar wording).   This means you are declining their offer to use their DCC exchange rate and instead receive the card-network exchange rate. 

 

And if talking which Thai bank debit card charges the lowest foreign transaction fee when using them outside Thailand, I expect they are all "Bt100 plus 2.5% currency risk (i.e., foreign transaction fee)" which is pretty standard for Thai debit cards when using them outside Thailand.

Edited September 4, 2019 by Pib

[Jaggg88]

I use a UK currency debit card and get a good exchange rate from the card issuer so I always decline the DCC exchange offer. However last year I used an ATM on the coast south of Hua Hin and the machine kept telling me there was insufficient funds when I knew there was more than sufficient. I eventually tried accepting the DCC exchange rate and low an behold suddenly there were sufficient funds. I should have taken a picture of the ATM as I cant remember its make but beware of this banking scam. I was in a rush to get to the airport otherwise I would have walked away.

Aeon ATMs usually charge the least fees.