USD and EUR to Reach New Lows Against THB in 3 Months

[BestB]

2 minutes ago, Tayaout said:

I don't remember seing this in Thailand but it is quite commom. The option only appear when you use a foreign card and mostly at independant ATM. I've seen them in Malaysia and Europe. The ATM offer to charge you in your home currency or let your bank change to the local currency. They are usually a rip-off and its better to let your bank do the conversion. 

Thailand does not have this options and how can ATM be independent? do you mean not attached to the bank or owned by something else other than the bank?

 

Some shops have an option when using foreign credit card to charge thb or your home currency

[Tayaout]

 

[Tayaout]

Just now, BestB said:

Thailand does not have this options and how can ATM be independent? do you mean not attached to the bank or owned by something else other than the bank?

 

Some shops have an option when using foreign credit card to charge thb or your home currency

Independant as run by a private payment processor. 

[BestB]

1 minute ago, Tayaout said:

 

Does not apply to Thailand, use to about 15 years ago and then options who does the conversion was removed and 200 baht charge added

[Salerno]

6 minutes ago, BestB said:

It does not depend on the bank and if you actually had experience or a clue you would know, ALL banks on ATM withdrawals give master card rate, there is no choice or options. The only difference in rate is if bank itself adds little more or less, that little more or less is a satang  or two and its based on each banks rate as each bank has a different rate, which again is only different by 1/2 or 1/3 of a satang

 

Internet transfers gives you bank rate if you sending in your home currency, if you sending in baht, then your home bank does the exchange at much lower rate.

 

If you take cash into the branch, you will get more, that more is again a few satang difference.

 

3 minutes ago, BestB said:

Thailand does not have this options and how can ATM be independent? do you mean not attached to the bank or owned by something else other than the bank?

 

Some shops have an option when using foreign credit card to charge thb or your home currency

 

Mate, you don't have a clue, stop embarrassing yourself.

[BestB]

1 minute ago, Tayaout said:

Independant as run by a private payment processor. 

Again, does not apply or exist in Thailand, all ATMS are bank owned. AEON use to be one that was not the same, but soon realised how much they were loosing and caught on.

[BestB]

Just now, Salerno said:

 

 

Mate, you don't have a clue, stop embarrassing yourself.

Why do not you educate me with precise locations and options. Fire away

[Tayaout]

2 minutes ago, BestB said:

Does not apply to Thailand, use to about 15 years ago and then options who does the conversion was removed and 200 baht charge added

Like I said I don't remember seing them in Thailand but they are definitely all over the world including Malaysia. 

[BestB]

Just now, Tayaout said:

Like I said I don't remember seing them in Thailand but they are definitely all over the world including Malaysia. 

and like i said, you do not remember seeing them because they do not exist, only in the mind of some experts who i am waiting on to hear where they are located????

[ballpoint]

Just now, BestB said:

and like i said, you do not remember seeing them because they do not exist, only in the mind of some experts who i am waiting on to hear where they are located????

When using my Singapore and Australian based cards, TMB ATMs give this option.

[Salerno]

11 minutes ago, BestB said:

Why do not you educate me with precise locations and options. Fire away

WHy don't you educate yourself rather than post misinformation.

 

19 minutes ago, BestB said:

It does not depend on the bank and if you actually had experience or a clue you would know, ALL banks on ATM withdrawals give master card rate, there is no choice or options.

55555

[emptypockets]

30 minutes ago, Salerno said:

You get the Visa or Mastercard rate, not the bank rate,  unless the bank offers an exchange rate ... which as the BM said you would be silly to accept.

 

Depends on the bank, see answer above.

 

Not an internet expert, but I only use ATMs ... you're talking <deleted>.

I understand the various rates, but some people claim to be able to accept or not accept the banks proffered rate at an ATM. I have never seen this option/facility...where is it. Do you have a screenshot you could post?

[Salerno]

4 minutes ago, emptypockets said:

I understand the various rates, but some people claim to be able to accept or not accept the banks proffered rate at an ATM. I have never seen this option/facility...where is it. Do you have a screenshot you could post?

I don't tend to take pictures of ATMs ... nor do I pay much attention to which bank it belongs to. I'd say about 30% of the time I am offered the bank rate at which time at those ATMs you can accept or decline. There is no choice as in physically hitting a button to ask for options as it would ber against the banks interest. They play on the fact a lot of people just click through to get their money.

Edited October 5, 2019 by Salerno

[emptypockets]

26 minutes ago, CM Dad said:

I got 30.22 at  a Kasikorn ATM on the 4th using my US debit card.  Stay away from government owned banks like Krungthai and GSB and the rate is better.  SCB also always has a lower rate than Kasikorn, Bangkok Bank, or Krungsi.

How did you know you got 30.22.

Serious question as I've never seen the exchange rate shown on ANY ATM ANYWHERE in the world.

 

And I'll be honest it doesn't really matter to me as I get hit with a foreign withdrawal transaction fee as well as any exchange rate depreciation by the bank so I'm pretty well at their mercy.

 

But I do want to know how you can be so sure what exchange rate the ATM is giving as you withdraw cash.

 

I'm starting to think these claims are pure BS personally.

Happy to be proven wrong.

 

[BestB]

14 minutes ago, ballpoint said:

When using my Singapore and Australian based cards, TMB ATMs give this option.

when did you use it last? i have account with TMB and it most certainly not only does not give this options, but has the worst rate 

[BestB]

9 minutes ago, Salerno said:

WHy don't you educate yourself rather than post misinformation.

 

55555

again, why do not you educate me with precise locations and options

 

I see lots of trolling, but still awaiting to hear anything else but trolling

[emptypockets]

32 minutes ago, Tayaout said:

I don't remember seing this in Thailand but it is quite commom. The option only appear when you use a foreign card and mostly at independant ATM. I've seen them in Malaysia and Europe. The ATM offer to charge you in your home currency or let your bank change to the local currency. They are usually a rip-off and its better to let your bank do the conversion. 

I'll take you word for it but I've never seen it anywhere. USA, Brazil, Thailand, England, Myanmar, Japan, Hong Kong...never ever seen it.

[BestB]

3 minutes ago, emptypockets said:

How did you know you got 30.22.

Serious question as I've never seen the exchange rate shown on ANY ATM ANYWHERE in the world.

 

And I'll be honest it doesn't really matter to me as I get hit with a foreign withdrawal transaction fee as well as any exchange rate depreciation by the bank so I'm pretty well at their mercy.

 

But I do want to know how you can be so sure what exchange rate the ATM is giving as you withdraw cash.

 

I'm starting to think these claims are pure BS personally.

Happy to be proven wrong.

 

Not entirely BS, some banks and ATM's prior to issuing money, show what the rate would be and the charge for withdrawal, it then asks you if you want to proceed or not.

 

I am pretty sure you are Australian, as Australian banks also charge $20 plus foreign currency conversion fees which sometimes they do not even show. 

 

On the bright side, there are now some travel credit/debit cards which you have to load prior to travelling which do not charge $20 and have a few more perks 

 

In Big C, if you pay with your foreign card it does not show or give you any options, but Friendship supermarket has an option which currency to charge(This is in Pattaya)

 

I have merchant facilities, and up until about 3 years ago, there was an option for which currency, if people chose their home currency, bank paid 0.01% commission to me. Then without any warning, this option disappeared during software update.

[ballpoint]

Just now, BestB said:

when did you use it last? i have account with TMB and it most certainly not only does not give this options, but has the worst rate 

I used my Singapore card at the TMB Robinson Surin branch this afternoon.  It offered the choice, as it always does, but I chose not to accept the rate, as I always do.  My bank sends me an SMS immediately following each transaction, telling exactly how many Singapore dollars were removed from my account, and the actual rate - the one not offered by the machine, was okay, as it always is.

 

If you have a local account with TMB then of course it's not going to offer a foreign exchange rate on a Thai baht withdrawal.

[CygnusX1]

32 minutes ago, BestB said:

It does not depend on the bank and if you actually had experience or a clue you would know, ALL banks on ATM withdrawals give master card rate, there is no choice or options. The only difference in rate is if bank itself adds little more or less, that little more or less is a satang  or two and its based on each banks rate as each bank has a different rate, which again is only different by 1/2 or 1/3 of a satang

 

Not the big 4 Australian banks! If you withdraw from one of those bank accounts at a Thailand ATM you’ll get a far worse rate than the mastercard or visa rate, way more difference than a few satang. I have accounts with 2 other banks in Australia, don’t know if I’m allowed to mention them here, which do give a fair exchange rate, always very close to the rate on the oanda website, and I even avoid the 200 baht ATM fee that the Thai banks charge.

You’re correct that there are no options on conversion presented in ATMs in Thailand. There are in other countries, eg Croatia, where the local bank will “helpfully” offer to covert to $A on the spot, at a truly appalling rate. You have to be very careful, I was stung once at a Euronet ATM, luckily I was only withdrawing a small amount.

[BestB]

1 minute ago, ballpoint said:

I used my Singapore card at the TMB Robinson Surin branch this afternoon.  It offered the choice, as it always does, but I chose not to accept the rate, as I always do.  My bank sends me an SMS immediately following each transaction, telling exactly how many Singapore dollars were removed from my account, and the actual rate - the one not offered by the machine, was okay, as it always is.

 

If you have a local account with TMB then of course it's not going to offer a foreign exchange rate on a Thai baht withdrawal.

What do you mean you chose not to accept the rate?

 

You previously said, TMB ATM offers the choice to either charge in THB or your home currency, so you chose not to accept the exchange rate but chose what? If you do not accept the rate, ATM would cancel the transaction.

 

I have merchant account with TMB for about 10 years and know all the the options TMB offers and having the option of which currency to charge has not been available for about 3 years as i mentioned earlier, it was removed without any notice

[CygnusX1]

3 minutes ago, ballpoint said:

I used my Singapore card at the TMB Robinson Surin branch this afternoon.  It offered the choice, as it always does, but I chose not to accept the rate, as I always do. 

I stand corrected - it’s just that I’ve never seen this in Thailand. Is the offered rate a bit worse, or a scam 15% worse?

[BestB]

5 minutes ago, CygnusX1 said:

Not the big 4 Australian banks! If you withdraw from one of those bank accounts at a Thailand ATM you’ll get a far worse rate than the mastercard or visa rate, way more difference than a few satang. I have accounts with 2 other banks in Australia, don’t know if I’m allowed to mention them here, which do give a fair exchange rate, always very close to the rate on the oanda website, and I even avoid the 200 baht ATM fee that the Thai banks charge.

You’re correct that there are no options on conversion presented in ATMs in Thailand. There are in other countries, eg Croatia, where the local bank will “helpfully” offer to covert to $A on the spot, at a truly appalling rate. You have to be very careful, I was stung once at a Euronet ATM, luckily I was only withdrawing a small amount.

Westpac charges $20 and then foreign currency fee, before it was a total amount, but then they changed and it shows the breakdown, Rate is the same, they then add the conversion fee and the bank fee, the conversion fee is what makes rate look much worse. If you account does not show the break down, then this is why you see very bad rate, but as i said, not so much the rate but the conversion fee they add

 

Now about the rate ATM gives you in Thailand, Thai banks are the ones who are doing the conversion, not the Australian bank, Australian bank is the one who charges foreign conversion fee as well.

 

Try this, do internet transfer to Thailand in AUD and do one in THB. If you send it in AUD, you get more baht for your dollar but if you send it in THB you pay more dollar for the baht(hope it makes sense)

 

If you send in AUD you pay $20 fee,but if you send in THB you pay $10

[ballpoint]

Just now, BestB said:

What do you mean you chose not to accept the rate?

 

You previously said, TMB ATM offers the choice to either charge in THB or your home currency, so you chose not to accept the exchange rate but chose what? If you do not accept the rate, ATM would cancel the transaction.

 

I have merchant account with TMB for about 10 years and know all the the options TMB offers and having the option of which currency to charge has not been available for about 3 years as i mentioned earlier, it was removed without any notice

I take out THB30,000

It asks if I want SGDX,XXX deducted from my account, at an exchange rate of XX.XX THB per SGD ie/ conversion done on THB30,220 at this end, (adding the THB220 ATM fee), OR if I just want to withdraw the money and have it converted at the other end, as per just about every other bank's ATM. 

The exchange rate offered is close to that given at exchanges, but slightly worse.  My bank sends me an SMS saying I have withdrawn THB30,220 from TMB Robinson Surin and gives me the SGD amount that was deducted from my account, which is slightly less than the amount that would have been deducted had I chosen the ATM's conversion rate.

 

I tend to use TMB machines because they offer THB30,000 as a fastcash option, and every one I have used, upcountry and in Bangkok, has also given me the exchange rate option too, on my Singapore and Australian ATM cards.  My Australian one doubles as a Visa debit card, but the Singapore one is purely an ATM card.

[BestB]

1 minute ago, ballpoint said:

I take out THB30,000

It asks if I want SGDX,XXX deducted from my account, at an exchange rate of XX.XX THB per SGD ie/ conversion done on THB30,220 at this end, (adding the THB220 ATM fee), OR if I just want to withdraw the money and have it converted at the other end, as per just about every other bank's ATM. 

The exchange rate offered is close to that given at exchanges, but slightly worse.  My bank sends me an SMS saying I have withdrawn THB30,220 from TMB Robinson Surin and gives me the SGD amount that was deducted from my account, which is slightly less than the amount that would have been deducted had I chosen the ATM's conversion rate.

 

I tend to use TMB machines because they offer THB30,000 as a fastcash option, and every one I have used, upcountry and in Bangkok, has also given me the exchange rate option too, on my Singapore and Australian ATM cards.  My Australian one doubles as a Visa debit card, but the Singapore one is purely an ATM card.

Will check out TMB ATM in Pattaya tomorrow to see what options it gives.only Oz banks have $1000 limit per withdrawal so would not be 30000 ????

[NCC1701A]

i have been on this forum for seven years and everyone told me not to open a Thai bank account or I would die and for sure not to bring any money into the super unsafe Thai banks because my money be gone the next day.

 

What happened to that?

 

 

[emptypockets]

31 minutes ago, BestB said:

Not entirely BS, some banks and ATM's prior to issuing money, show what the rate would be and the charge for withdrawal, it then asks you if you want to proceed or not.

 

I am pretty sure you are Australian, as Australian banks also charge $20 plus foreign currency conversion fees which sometimes they do not even show. 

 

On the bright side, there are now some travel credit/debit cards which you have to load prior to travelling which do not charge $20 and have a few more perks 

 

In Big C, if you pay with your foreign card it does not show or give you any options, but Friendship supermarket has an option which currency to charge(This is in Pattaya)

 

I have merchant facilities, and up until about 3 years ago, there was an option for which currency, if people chose their home currency, bank paid 0.01% commission to me. Then without any warning, this option disappeared during software update.

Spot on, I'm an Aussie. Agree with the 220 baht charge if you want to proceed but cannot recall ever seeing an exchange rate option. Maybe I have never looked close enough! Don't think my bank charges 20 bucks but a percentage of the total transaction. I'll have to check the bank statement...the pricks are probably doing both. So glad I have shares in them!!

Edited October 5, 2019 by emptypockets

[NCC1701A]

i have been on this forum for seven years and everyone told me not to open a Thai bank account or I would die for sure and not to bring any money into the super unsafe Thai banks because my money will be gone the next day.

 

What happened to that?

 

 

Edited October 5, 2019 by NCC1701A

[emptypockets]

29 minutes ago, CygnusX1 said:

Not the big 4 Australian banks! If you withdraw from one of those bank accounts at a Thailand ATM you’ll get a far worse rate than the mastercard or visa rate, way more difference than a few satang. I have accounts with 2 other banks in Australia, don’t know if I’m allowed to mention them here, which do give a fair exchange rate, always very close to the rate on the oanda website, and I even avoid the 200 baht ATM fee that the Thai banks charge.

You’re correct that there are no options on conversion presented in ATMs in Thailand. There are in other countries, eg Croatia, where the local bank will “helpfully” offer to covert to $A on the spot, at a truly appalling rate. You have to be very careful, I was stung once at a Euronet ATM, luckily I was only withdrawing a small amount.

If you don't want to mention them PM is the way to go. I'm interested. I don't like paying 11 bucks per withdrawal.

[CygnusX1]

8 minutes ago, BestB said:

Westpac charges $20 and then foreign currency fee, before it was a total amount, but then they changed and it shows the breakdown, Rate is the same, they then add the conversion fee and the bank fee, the conversion fee is what makes rate look much worse.

OK, but I suppose it still amounts to the same thing, ie the big 4 Australia banks are a poor option for withdrawing from overseas ATMs.

 

10 minutes ago, BestB said:

Try this, do internet transfer to Thailand in AUD and do one in THB. If you send it in AUD, you get more baht for your dollar but if you send it in THB you pay more dollar for the baht(hope it makes sense)

That’s at least partly correct. I recently purchased a condo, money had to be transferred to Thailand in $A, with the Thai bank doing the conversion. This suited me as I got a much better rate with the Thai bank converting to $A than I would have with the Australian bank (one of the big 4) converting to baht before the money left Australia.

However, for my elite visa, I had to transfer the money to Thailand in baht, which I unfortunately had to do via one of the big 4 banks. If I’d been able to do it from my account with a non big 4 bank, I would have received a better exchange rate, about equal to oanda’s. Compare the foreign exchange rate published by one of the big 4 banks with the oanda rate.