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

[luckyluke]

It is called Dynamic Currency Conversion. 

Many ATM's suggest this possibility. 

Not interesting at all for the customer. 

See:

 

Withdraw money from ATM

By Krenjai, December 29, 2016 in Jobs, economy, banking, business,

 

Edited October 5, 2019 by luckyluke

[CygnusX1]

Just now, emptypockets said:

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.

Not sure how to do a PM, so I’ll mention them here, and the moderator can delete the post if it’s not allowed.

Note that you have to be an Australian resident to open these accounts.

ING - you have to deposit a minimum of $1,000 a month in the account, and use the debit or a linked credit card 5 times a month. Fair exchange rate, no bank fee, plus ING rebate any charge by the bank that owns the ATM.

Citibank - fair exchange rate, no bank fee, no local ATM fee at Citibank’s Asoke branch.

Of course, the banks can change these conditions in future.

If you’re not an Australian resident, it’s worth doing a bit of research, think I saw a post somewhere about similar bank accounts in the US.

[Matzzon]

9 hours ago, Banana7 said:

Bank of Thailand needs to get rid of out bound currency restrictions NOW!

They have all heard your request, and will do all they can to obey.

[CygnusX1]

5 minutes ago, luckyluke said:

It is called Dynamic Currency Conversion. 

A scam on such a colossal scale as to make Bernie Madoff’s ponzi scheme look like a chook raffle.

[ballpoint]

28 minutes ago, CygnusX1 said:

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?

I've only ever seen it at TMB ATMs.  The difference is around SGD50.00 on a THB30,000 withdrawal - I'd get roughly $1,400 deducted from my account if I chose the given rate, but around $1,350 deducted when I choose not to.

[ballpoint]

32 minutes ago, BestB said:

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 ????

Yes, but the THB30,000 was from my DBS SGD account, which has a $5,000 daily limit.  The Australian BOQ card is hardly ever used outside of Oz due to the additional forex and bank fees on overseas withdrawals, but I have withdrawn money from it in the past here, with the same exchange rate choices given.  Granted, the most recent was a while ago now, so maybe I'll try it again sometime to see if that option is still given.

 

DBS also now have a fee-less remittance service to Thailand, and I can instantly transfer direct to my K-Bank account here using my phone, so that card also isn't used so much either, but I happened to use it this afternoon and still got given the exchange rate choice.

Edited October 5, 2019 by ballpoint

[gearbox]

8 minutes ago, CygnusX1 said:

Not sure how to do a PM, so I’ll mention them here, and the moderator can delete the post if it’s not allowed.

Note that you have to be an Australian resident to open these accounts.

ING - you have to deposit a minimum of $1,000 a month in the account, and use the debit or a linked credit card 5 times a month. Fair exchange rate, no bank fee, plus ING rebate any charge by the bank that owns the ATM.

Citibank - fair exchange rate, no bank fee, no local ATM fee at Citibank’s Asoke branch.

Of course, the banks can change these conditions in future.

If you’re not an Australian resident, it’s worth doing a bit of research, think I saw a post somewhere about similar bank accounts in the US.

I have 4 Aussie cards I use in Thailand:

 

* ING Orange Everyday Visa, Bankwest Platinum Mastercard, 28 Degrees Mastercard in places like Tesco, BigC, Homepro, etc. No surrency conversion fees, rates close to midmarket rates at xe.com

* ING Orange Everyday Visa, Citibank Plus debit Mastercard for ATM withdrawals. As you posted if you deposit $1000+ in a month in eligible Australian ING account and make 5 transactions, the usual 220 baht ATM charge is rebated. The 5 transactions doesn't need to be made in Australia, I usually make them at Tesco here. The Citibank card does incur 220 baht ATM fee if not used in a Citibank ATM, unfortunately no Citibank ATM in Samui.  However I managed to use it without fees for over the counter withdrawals at Krungthai near Tesco Lotus Chaweng.

 

I believe these withdrawals should be good for visa purposes too, as long as you keep your receipts. Like withdraw with the card and then deposit the cash in your Thai bank account.

 

 

[emptypockets]

35 minutes ago, CygnusX1 said:

Not sure how to do a PM, so I’ll mention them here, and the moderator can delete the post if it’s not allowed.

Note that you have to be an Australian resident to open these accounts.

ING - you have to deposit a minimum of $1,000 a month in the account, and use the debit or a linked credit card 5 times a month. Fair exchange rate, no bank fee, plus ING rebate any charge by the bank that owns the ATM.

Citibank - fair exchange rate, no bank fee, no local ATM fee at Citibank’s Asoke branch.

Of course, the banks can change these conditions in future.

If you’re not an Australian resident, it’s worth doing a bit of research, think I saw a post somewhere about similar bank accounts in the US.

Looks like ING is the way to go. 

Much appreciated. I'm going to Oz at Christmas and see if can organise something with my salary into ING.

Edited October 5, 2019 by emptypockets

[emptypockets]

20 minutes ago, ballpoint said:

Yes, but the THB30,000 was from my DBS SGD account, which has a $5,000 daily limit.  The Australian BOQ card is hardly ever used outside of Oz due to the additional forex and bank fees on overseas withdrawals, but I have withdrawn money from it in the past here, with the same exchange rate choices given.  Granted, the most recent was a while ago now, so maybe I'll try it again sometime to see if that option is still given.

 

DBS also now have a fee-less remittance service to Thailand, and I can instantly transfer direct to my K-Bank account here using my phone, so that card also isn't used so much either, but I happened to use it this afternoon and still got given the exchange rate choice.

BOQ credit card is all I ever use. For the last seven years. Never seen a choice of exchange rate, all I see is the withdrawal of 220 baht..hit enter...gimme the money. Maybe I need to look a bit closer in future.

Edited October 5, 2019 by emptypockets

[Dumbastheycome]

6 hours ago, dotpoom said:

If true....good news for those of us moving on the greener pastures. I lodged my 800,000 19 years ago...it is and will be, worth a lot more...a "nice little earner"...Thanks for the good news.

So 19 years on and maybe the retro conversion will  just about  cover the inflationary devaluation of original  currency.

[Suradit69]

10 hours ago, Banana7 said:

Looks like USD is going breach 30 THB shortly,

Nothing creates confidence in a prediction like one that relies solely on "looks like" along with a meaningless reference to a fictitious support level.

 

This was mistakenly put in the banking and economy forum. It belongs in the Farang Pub forum, Full Moon sub-forum.

Edited October 5, 2019 by Suradit69

[BestB]

31 minutes ago, Suradit69 said:

Nothing creates confidence in a prediction like one that relies solely on "looks like" along with a meaningless reference to a fictitious support level.

 

This was mistakenly put in the banking and economy forum. It belongs in the Farang Pub forum, Full Moon sub-forum.

It would appear for our regular financial wizard rate of 30.04 is not an indication. Perhaps once it reaches 30.01 it would be sufficient enough

[Banana7]

15 hours ago, abrahamzvi said:

How do you know this? Do you have any facts, or know of any, which lead you to such assumptions? I am not saying it won't happen, but I really wouldn't dare make such gloomy forecasts.

Go here, see for yourself

https://longforecast.com/usd-to-bht-today-forecast

2020

Feb	29.81	29.58-30.48	30.03	0.7%	-1.8%
Mar	30.03	28.77-30.03	29.21	-2.7%	-4.5%
Apr	29.21	28.44-29.30	28.87	-1.2%	-5.6%
May	28.87	28.59-29.47	29.03	0.6%	-5.1

 

[Banana7]

7 hours ago, Suradit69 said:

Nothing creates confidence in a prediction like one that relies solely on "looks like" along with a meaningless reference to a fictitious support level.

 

This was mistakenly put in the banking and economy forum. It belongs in the Farang Pub forum, Full Moon sub-forum.

Do a little research and you'd find data. Or best stay in the Pub have another drink.

 

Edited October 5, 2019 by Banana7

[Banana7]

11 hours ago, thurien said:

I don't know where Banana7 got his info from, but he is not the only one predicting another "go south" episode:

 

https://walletinvestor.com/forex-forecast/usd-thb-prediction

 

 

See here: https://longforecast.com/usd-to-bht-today-forecast

2020
Jan	30.08	29.36-30.26	29.81	-0.9%	-2.5%

[uffe123]

Another good reason to leave this place. Many other better places to go and live. Don have to deal with all this <deleted>.

[luckyluke]

22 minutes ago, Banana7 said:

Go here, see for yourself

We can only give real credit to this, 

if their forecast was accurate, 

lets say for example in 1999, 

for 2000 till now. 

[AboutThaim]

15 hours 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. 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

Why not use a transfer agent like TransferWise? You get the going rate but pay a fee. This amount they tell you before you proceed with the transfer. You transfer from your Aussie bank to their Aussie bank and (lately) the baht is in your Thai bank the same day less the transfer fee.

[Salerno]

15 hours ago, BestB said:

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.

Thai banks are doing the conversion only if you are dumb enough to accept their offer to do so where that functionality is available. Otherwise you get the Mastercard or Visa rate depending on what card you use.

Edited October 6, 2019 by Salerno

[BestB]

1 hour ago, AboutThaim said:

Why not use a transfer agent like TransferWise? You get the going rate but pay a fee. This amount they tell you before you proceed with the transfer. You transfer from your Aussie bank to their Aussie bank and (lately) the baht is in your Thai bank the same day less the transfer fee.

I am just telling you how it works with Westpac , what you use is your choice .

[BestB]

1 hour ago, Salerno said:

Thai banks are doing the conversion only if you are dumb enough to accept their offer to do so where that functionality is available. Otherwise you get the Mastercard or Visa rate depending on what card you use.

So again , tell me precise location where “it’s available”

[armadillo215]

On 10/5/2019 at 2:08 PM, nobodysfriend said:

Que sera , sera , the future's not ours to see , whatever will be , will be ...

Detailed predictions of what will happen in the future are a slippery slope , if not funded by real events ( like climate change ...)

HOW DARE YOU!!!

[Salerno]

3 hours ago, BestB said:

So again , tell me precise location where “it’s available”

Mate, stop embarrassing yourself, or not, I don't care but at least stop posting misinformation, it's a disservice to our fellow BMs.

 

I'm not going to give you the answer to that question no matter how often you repost the question as if, somewhat childishly, it proves your point - it doesn't. I don't go around mapping ATMs (nor taking pictures of the screen as another BM asked for) surprising as that may be. If I need cash, I look around and use whatever ATM that happens to be the first I come across regardless of location or bank. I also haven't done an indepth study if it's all ATMs from a given bank or just some ATMs where they try and scam you into accepting a DCC rate (if you don't see it on screen you get the Mastercard or Visa rate depending on your card)

 

I am somewhat bemused this "conversation" is even required as it's been the case for years. As you deny it, perhaps you are the target audience the banks that do this are targeting i.e. those dumb enough to just keep clicking yes instead of reading the screen.

 

There have been BMs in this thread confirming it, and I have no doubt over the years it's been raised on TV on numerous other occasions. In fact, how about this one:

 

(BTW, that thread does actually include a screenshot for the BM who asked for one.)

 

Or how about this one:

 

 

Or this one:

 

 

 

It's also widely published on the internet such as:

 

Quote

 

Always choose to be charged in the local currency

 

Some ATMs may offer you a ‘service’ of being charged in your home currency. While you may feel relieved to see the figures on terms you’re more familiar with, it’s always best to decline this option. Being charged in the local currency helps you avoid hidden ATM rip-offs by giving you the best possible exchange rate. Choosing to see the transaction shown in your home currency gives the ATM permission to give you an arbitrary (generally much more unfavorable) exchange rate for your withdraw.

 

https://transferwise.com/gb/blog/atms-in-thailand

 

 

 

Quote

 

When withdrawing money in Thailand, it is recommended NOT to convert the charges to your home country currency because this way you will pay even more. An ATM will offer you this option during the withdrawal process, but you should cancel it.

 

https://thailandtravelessentials.com/withdrawing-money-in-thailand/

 

 

 

Quote

 

All major debit and credit cards are accepted by the Thai ATMs. Always remember to choose without conversion, and that you want to be charged in Thai Baht. Otherwise, you will get a poor exchange rate from the local bank. 

 

https://www.swedishnomad.com/currency-thailand/

 

 

 

Quote

 

You're using the MC/Visa international network when you're pulling out Baht from a foreign bank and the exchange is done by the MC/ Visa network.

 

jonez450 is correct - when you withdraw, you have a choice to use the Thai banks exchange rate or visa/MCs. It's up to you, but in general I've had a better rate with letting visa decide.

 

https://www.reddit.com/r/Thailand/comments/3otxgf/which_thai_banks_offer_the_best_atm_exchange/cw0ghtg

 

 

 

Quote

 

You are often now given the opportunity to use the local rate or your own rate but choosing your own rate, although it may tell you how much it will cost, is usually a worse rate than sticking with the local rate and allowing it to go through normal conversion. This is called Dynamic Currency Conversion which is great for the banks but not so great for the customer.

 

https://www.tripadvisor.com.au/ShowTopic-g293915-i3686-k8522191-ATM_exchange_rate_question-Thailand.html

 

 

So, do us all a favour, this isn't primary school where you "have" to win, pull your neck in, admit you've been posting misinformation and cease henceforth.

 

 

 

Edited October 6, 2019 by Salerno

[englishoak]

Now THAT was one funny exchange, no fees either 

 

 

[BestB]

57 minutes ago, Salerno said:

Mate, stop embarrassing yourself, or not, I don't care but at least stop posting misinformation, it's a disservice to our fellow BMs.

 

I'm not going to give you the answer to that question no matter how often you repost the question as if, somewhat childishly, it proves your point - it doesn't. I don't go around mapping ATMs (nor taking pictures of the screen as another BM asked for) surprising as that may be. If I need cash, I look around and use whatever ATM that happens to be the first I come across regardless of location or bank. I also haven't done an indepth study if it's all ATMs from a given bank or just some ATMs where they try and scam you into accepting a DCC rate (if you don't see it on screen you get the Mastercard or Visa rate depending on your card)

 

I am somewhat bemused this "conversation" is even required as it's been the case for years. As you deny it, perhaps you are the target audience the banks that do this are targeting i.e. those dumb enough to just keep clicking yes instead of reading the screen.

 

There have been BMs in this thread confirming it, and I have no doubt over the years it's been raised on TV on numerous other occasions. In fact, how about this one:

 

(BTW, that thread does actually include a screenshot for the BM who asked for one.)

 

Or how about this one:

 

 

Or this one:

 

 

 

It's also widely published on the internet such as:

 

 

 

 

 

 

 

 

 

 

So, do us all a favour, this isn't primary school where you "have" to win, pull your neck in, admit you've been posting misinformation and cease henceforth.

 

 

 

Mate stop trolling and posting references to 2016 and 2017, it is 2019 already. So try again, unless trolling is all you know

[Salerno]

Is "troll" the new "race card"?

 

Now you've been educated on Thai ATMs, perhaps for homework you can study what a "troll" is - hint, it's not someone that actually thinks accuracy and truth are important, nor is it someone that tries to correct another person that is misinformed and spreading that misinformaion.

 

For bonus points, how about looking up intellectual integrity.

 

Regardless, the information is there for fellow BMs to make their minds up. Up to them what they do with the information and what they believe.

Edited October 6, 2019 by Salerno

[BestB]

5 minutes ago, Salerno said:

Is "troll" the new "race card"?

 

Now you've been educated on Thai ATMs, perhaps for homework you can study what a "troll" is - hint, it's not someone that actually thinks accuracy and truth are important, nor is it someone that tries to correct another person that is misinformed and spreading that misinformaion.

 

For bonus points, how about looking up intellectual integrity.

 

Regardless, the information is there for fellow BMs to make their minds up. Up to them what they do with the information and what they believe.

So in other words do not a clue yet will insist on posting nonsense just for the sake of trolling????

[Salerno]

Why does the site have so many that forget the oft misattributed quote (and it's variants):

 

Quote

 

It is better to remain silent at the risk of being thought a fool, than to talk and remove all doubt of it.

 

Maurice Switzer

 

 

[shy coconut]

11 hours ago, Banana7 said:

Go here, see for yourself

https://longforecast.com/usd-to-bht-today-forecast

2020

Feb	29.81	29.58-30.48	30.03	0.7%	-1.8%
Mar	30.03	28.77-30.03	29.21	-2.7%	-4.5%
Apr	29.21	28.44-29.30	28.87	-1.2%	-5.6%
May	28.87	28.59-29.47	29.03	0.6%	-5.1

 

If you truly, 100% believe this, then why don't you sell every asset you own and buy

Thai baht? You would make a lot of money in 6 months!