ATM's vs Exchange Rate

[Rig Pig]

I try not to do it too often but periodically I need to withdraw some cash from an ATM from my US account. I never get an exchange rate anywhere near the current rate published online. Even when the ATM offers a guaranteed rate as an option, the rates shown are lower than current and when the withdrawal shows up on my account it's a lower rate. I'm sure if my US bank (BOA) had ATM's here in Phuket it might help. Unfortunately, they do not! Can anyone recommend which Thai bank ATM offers the best exchange rate? Thanks.

[Robert Paulson]

Idk what happens with you. I feel I get very good exchange rate when I use my Charles schwab card. 

[Upnotover]

First, don't ever accept the exchange offered by the ATM (Dynamic Currency Conversion).  Always have the exchange done by your own bank.  Irrespective of whichever Banks ATM you use you will get the Visa or Mastercard rate on the day.  You will be charged 220 baht for the withdrawal, depending on your bank/card you might get that reimbursed, and some (foreign) banks charge a % fee for themselves.

[KhunBENQ]

2 hours ago, Rig Pig said:

Can anyone recommend which Thai bank ATM offers the best exchange rate?

Ad written above decline any offer which shows your currency on display.

This indeed means that the Thai bank can fix the rate ("DCC" scam).

Terrible rates!

You have a whole bunch of wrong ideas about using foreign cards at a Thai ATM.

And you don't give the important information:

 

What type of card is it (credit card?) ?

Issuing card organization (VISA, Mastercard, ...?)?

 

This would allow to look up the rate that you get at a Thai ATM.

And that's the same at every ATM (at least from reputable major banks).

[KhunBENQ]

2 hours ago, Rig Pig said:

Can anyone recommend which Thai bank ATM offers the best exchange rate?

As written not relevant for credit card withdrawals.

Differences only in cash exchange.

[KhunBENQ]

19 minutes ago, Upnotover said:

You will be charged 220 baht for the withdrawal, depending on your bank/card you might get that reimbursed, and some (foreign) banks charge a % fee for themselves.

Until years ago my German bank reimbursed.

Stopped.

Don't even know whether they charge a fee for cash because I haven't used a foreign card at an ATM here since nearly 10 years.

[KhunBENQ]

Not Phuket specific BTW

[Captain Flack]

Moved to banking.

[Chivas]

Whatever card you use you're going to get the mastercard/visa rate in real time unless something has changed recently

[NowNow]

3 hours ago, Chivas said:

Whatever card you use you're going to get the mastercard/visa rate in real time unless something has changed recently

 

Apart from DCC , the ATM charge and the % your home bank might take. 😊

[gamb00ler]

8 hours ago, Robert Paulson said:

Idk what happens with you. I feel I get very good exchange rate when I use my Charles schwab card. 

Chuck is the best!  He refunds the 220 ฿ and he doesn't charge any foreign transaction fee.

Next best is Capital One 360 that also has no fee but doesn't refund the 220฿.

 

Unless you screw up and accept the bad exchange rate they offer (DCC) you'll get the same exchange rate from all Thai bank ATM's.  Those rates are set by Visa and Mastercard, not by your home bank or the Thai bank.

 

However, you probably have a debit card that will add 1-3% in fees for all transactions outside your home country.

[Robert Paulson]

1 hour ago, gamb00ler said:

Chuck is the best!  He refunds the 220 ฿ and he doesn't charge any foreign transaction fee.

Next best is Capital One 360 that also has no fee but doesn't refund the 220฿.

 

Unless you screw up and accept the bad exchange rate they offer (DCC) you'll get the same exchange rate from all Thai bank ATM's.  Those rates are set by Visa and Mastercard, not by your home bank or the Thai bank.

 

However, you probably have a debit card that will add 1-3% in fees for all transactions outside your home country.

I did the dcc once recently. I clicked on the screen without even reading it. Frinkin thieves I tell you. But other than thay yeah it’s the best

[Chivas]

16 hours ago, NowNow said:

 

Apart from DCC , the ATM charge and the % your home bank might take. 😊

 

Why move the goalposts

We are talking about the relative exchange rates applied. Any amount of "extras" may change the bottom line but the rate is Visa/Mastercard

[NowNow]

3 hours ago, Chivas said:

 

Why move the goalposts

We are talking about the relative exchange rates applied. Any amount of "extras" may change the bottom line but the rate is Visa/Mastercard

 

A totally meaningless statement. If the card provider attaches any fees, then it's no longer the 'VISA/Mastercard rate'. For example, one of my cards deducts 1% when used outside the SEPA area. So within SEPA I get the full rate and outside; rate minus 1%. 

Your adding "in real time" is also without meaning, since there is no way of knowing what the rate is before they are updated on their official sites. Until then you might just see the rate from the day before. How does that count as in 'real time'?

What we can say is that if you don't use or are caught out by DCC, then you will get the VISA/Mastercard rate minus any deductions from the ATM and your card provider. It's quite obvious this is what has occurred to the original poster. His statement of "nowhere near" indicates that he is not receiving the full VISA/Mastercard rate, as that would qualify as 'near'.

Added to this, your statement of "whatever card you use..." is also misleading, since there are cards that don't use the VISA/Mastercard network.

No goalposts have been moved. You just have to learn to communicate in a way understandable to all.

[bamnutsak]

On 6/30/2024 at 8:46 AM, Rig Pig said:

I'm sure if my US bank (BOA) had ATM's

 

In addition to the DCC scheme, which can be avoided by declining that option whereby you will get the daily VISA/MC rate which is excellent, you're getting dinged the local ATM fee of 220 baht, and 3% charge from BofA.

 

 

Bank of America will assess an international transaction fee of 3% of the U.S. dollar amount for all ATM withdrawals processed in foreign currency. International ATM operators may offer to do your currency conversion for you, but they may charge a higher fee for conversion.

 

 

Assuming you have a local bank account you would likely be better off making a WISE transfer, or for larger amounts, even paying the $45 SWIFT fee to BofA would be better.

 

 

The VISA calculator here works fine, you can adjust the fee from 0% upwards. 

 

 https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

 

 

When I use my Fidelity (VISA) ATM card here I get the daily VISA rate, and Fidelity refunds the 220 baht ATM fee.