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When Do The Thai Banks Set The ATM Exchange Rate For The Day?

Mitkof Island
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Mitkof Island Silver Member

Mitkof Island

Posted
Posted

Checked the exchange rate yesterday morning about 9 am about 34.40 to the USD.   The ATM exchange rate was about 33.30 . Any idea how often the rate changes and when?

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steven100 Star Member

steven100

Posted
Posted
2 minutes ago, topt said:

Is that just for the ATM (as mentioned by the OP) rate?

 

Because for SCB they publish rates which can change multiple times a day -

https://www.scb.co.th/en/personal-banking/foreign-exchange-rates.html - already 2 time changes today, for yesterdays rates 5 changes.

 

Bangkok bank sets it's currency exchange rate at 8.30am everyday,  and I expect that also affects the ATM rate for international withdrawals.  

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Bill97 Platinum Member

Bill97

Posted
Posted
1 minute ago, steven100 said:

 

Bangkok bank sets it's currency exchange rate at 8.30am everyday,  and I expect that also affects the ATM rate for international withdrawals.  

But it usually changes during day.

steven100 Star Member

steven100

Posted
Posted
11 minutes ago, Bill97 said:

But it usually changes during day.

possibly,   but I'm just saying that's what they do online anyway .........  

topt Ruby Member

topt

Posted
Posted
1 minute ago, steven100 said:

yes,   8.30am....   that's what I said. 

If you look at the link it shows the latest time stamp of 9.05am - which by the end of today will be even later. 

And what you said was 

1 hour ago, steven100 said:

possibly,   but I'm just saying that's what they do online anyway .........  

Which it isn't as anyone who looks at the link can see........

Now whether they only use 2 fixed rates a day for ATM withdrawals I have no idea which is what I asked. 

 

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soi3eddie Platinum Member

soi3eddie

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Posted
2 hours ago, Mitkof Island said:

Checked the exchange rate yesterday morning about 9 am about 34.40 to the USD.   The ATM exchange rate was about 33.30 . Any idea how often the rate changes and when?

 

If using a foreign debit card, the rate is normally set by the foreign bank. Most UK banks levy a fee of 2.5% also some banks vary from fee free to 3.5%. The Thai ATM bank does not normally set the exchange rate except of the "dynamic currency conversion scam" where they show you the rate.

 

AI Overview

Dynamic Currency Conversion (DCC) is a scam that can occur when using ATMs in Thailand and other countries: 

 
How it works
  • DCC is a service that allows ATMs to display the transaction amount in your home currency, instead of the local currency. However, the foreign bank or ATM provider sets the exchange rate, which often includes a markup or extra fees. This means you may end up paying more than if you let your card's currency conversion do the work. 
     
    How to avoid DCC
  • To avoid DCC, you can choose to be charged in the local currency of the country you're in. When using an ATM in Thailand, you should always select the option "Without Conversion". 
     
     
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treetops Platinum Member

treetops

Posted
Posted
5 hours ago, Mitkof Island said:

Checked the exchange rate yesterday morning about 9 am about 34.40 to the USD.   The ATM exchange rate was about 33.30 . Any idea how often the rate changes and when?

 

Where did you check it at 9am?

 

The exchange rate is set by the payment processor - usually Visa or Mastercard - and not by the ATM operator, unless you opt for DCC as mentioned.  It'll be slightly below the rate you see on XE or Wise, for example, as Visa/Mastercard take their cut.

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Chwooly Advanced Member

Chwooly

Posted
Posted

I am confuse here. When I take money from my US account, my US bank does the exchange. The only time the local conversion applys is when I use a money changer. I never use the MasterCard exchange offered since it is usually much lower then the rate offered by my US Bank. 

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treetops Platinum Member

treetops

Posted
Posted
2 minutes ago, Chwooly said:

I am confuse here. When I take money from my US account, my US bank does the exchange. The only time the local conversion applys is when I use a money changer. I never use the MasterCard exchange offered since it is usually much lower then the rate offered by my US Bank.

 

No, your US bank does not.

 

As per my post it's the payment processor noted on your card, which seems like Mastercard for you.  The "other" rate offered at the ATM is being offered by the ATM operator and as you say is usually much lower.

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Chwooly Advanced Member

Chwooly

Posted
Posted
5 minutes ago, treetops said:

 

No, your US bank does not.

 

As per my post it's the payment processor noted on your card, which seems like Mastercard for you.  The "other" rate offered at the ATM is being offered by the ATM operator and as you say is usually much lower.

Thanks

 

I will have to take a look at that. 

dlclark97 Advanced Member

dlclark97

Posted
Posted
On 11/12/2024 at 9:40 AM, Mitkof Island said:

Checked the exchange rate yesterday morning about 9 am about 34.40 to the USD.   The ATM exchange rate was about 33.30 . Any idea how often the rate changes and when?

Changes multiple times during the day.

KhunBENQ Star Member

KhunBENQ

Posted
Posted (edited)
On 11/12/2024 at 12:22 PM, soi3eddie said:

using a foreign debit card, the rate is normally set by the foreign bank. Most UK banks levy a fee of 2.5% also some banks vary from fee free to 3.5%. The Thai ATM bank does not normally set the exchange rate except of the "dynamic currency conversion scam" where they show you the rate

Thumbs up.

The first meaningful answer.

Rates for foreign cards are usually set by the cc companies (VISA, Mastercard...) or issuing banks.

Nothing to do with the rates that you check at the Thai bank.

 

It's very long that I used a VISA card for cash withdrawal.

At that time VISA changed the rate only once per day and that was at 11 AM Thai time (some time in a US? timezone).

It has been written in age old threads. Too lazy to dig for it and show the links of the card organizations with the rates.

Edited by KhunBENQ
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KhunBENQ Star Member

KhunBENQ

Posted
Posted (edited)

An inconvenient site of MC:

https://www.mastercard.us/en-us/personal/get-support/convert-currency.html

 

For the case that your home country bank does not add a fee, it would give 34.42 for US Dollar.

But be aware about the Thai bank adding a fixed fee of 220(?) Baht for each withdrawal.

So you never reach the above number in total.

Just for reference the currency market rate at this moment is:

34.66.

Edited by KhunBENQ
bamnutsak Platinum Member

bamnutsak

Posted
Posted (edited)
On 11/12/2024 at 9:40 AM, Mitkof Island said:

Checked the exchange rate yesterday morning about 9 am about 34.40 to the USD.   The ATM exchange rate was about 33.30 . Any idea how often the rate changes and when?

 

 

Can you expand a bit on what you were doing?

 

Were you using a US-issued ATM Debit card to withdraw THB here?

 

Which financial institution issued the debit card? Is it Visa or MC (the logo should be on the front of the card)?

 

Does this bank charge any additional fees (percentage)? Some do not charge a fee, some do. Typically 2%.

 

How much THB did you withdraw? How much USD was withdrawn from your account?

 

Did you note the local fee? Was it 220 THB?

 

The rate should be from VISA or MC, and they have one rate per day, AFAIK.

 

 

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

 

With 0% fee, yesterday from VISA the rate would have been 34.19, WITHOUT factoring in the 220 THB ATM fee.

 

Fidelity does not charge a fee, and they reimburse the 220 THB ATM fee, usually within 48 hours.

 

 

 

 

Edited by bamnutsak
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edwardflory Advanced Member

edwardflory

Posted
Posted (edited)

If you use a US BANK DEBIY CARD inside the bank at a TELLER...do NOT use at the service desk,... you get a better rate than you get with a US BANK CREDIT CARD.  DO NOT use either at a ATM.


THE TELLER can deposit DIRECTLY  into YOUR Thai  bank account ( do NOT touch the money ) at the same bank for.best exchange rate.  Use your Thai Bank Card to withdraw money ( THB ) usually 30,000bt, at the banks ATM when I exit the bank.

 

This is the process I use at KRUNGSRI ( YELLOW BANK )

 

A CREDIT CARD is processed as a LOAN, a DEBIT CARD is processed as a CASH TRANSFER or MERCHANT PURCHASE

Edited by edwardflory
spelling
edwardflory Advanced Member

edwardflory

Posted
Posted

Here is the test:

WITHDRAWING $100USD

 

Use a CREDIT CARD at the bank ATM. Count the monies you withdraw ( SAVE MONEY and just check the screen for the conversion then end transfer ). NOTE: Usually withdrawals limited to 30,000bt.

 

Then enter the bank and

 

Use a DEBIT CARD at the TELLER, 30,000 converted DEPOSIT straight to your account. Look at receipt.

+120bt additional cash DEPOSITED into my Thai Bank Account

 

I found the 120bt difference within 6 - 10  minutes

 

I look at it this way, simply stated, about $40 on $1000 my usual transfer at a time.

treetops Platinum Member

treetops

Posted
Posted
1 minute ago, edwardflory said:

( SAVE MONEY and just check the screen for the conversion then end transfer )

 

You should never accept the ATM conversion - that's exposing you to DCC as explained upthread.  Reject the conversion and you'll get the "correct" exchange rate.

 

You're also comparing credit card with debit card which could be using different processors with different exchange rates (probably not 120 baht different though) and don't mention the ATM fee if the transaction was completed.

gamb00ler Platinum Member

gamb00ler

Posted
Posted
On 11/12/2024 at 9:40 AM, Mitkof Island said:

Checked the exchange rate yesterday morning about 9 am about 34.40 to the USD.   The ATM exchange rate was about 33.30 . Any idea how often the rate changes and when?

You should be more clear otherwise we have to guess exactly what you're trying to do.

 

Are you trying to withdraw from a Thai ATM using a foreign debit card?

 

Hopefully your debit card is on either the the MasterCard or Visa networks.  It is these payment processing networks that set the exchange rates.  The Thai banks do not set the rate.

 

Last time I checked both MC and Visa set their rate at about 7AM Thai time on Tue through Sat.  That rate will stay in effect until the next new rate is issued.  Saturday's rate stays in effect until Tue AM.

 

When using an ATM decline the option sometimes offered to bill you in your home currency.  The rate given will be much worse than the MC or Visa rates.

 

If you want to know the exchange rates, they are given on the MC and Visa web sites.

https://www.mastercard.us/en-us/personal/get-support/convert-currency.html

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

 

To get the exact amount of your home currency that will be deducted from your account, you will need to know what percentage your home bank adds for foreign transaction fees.  Some banks charge 0% and some up to 3%.

 

 

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gamb00ler Platinum Member

gamb00ler

Posted
Posted
On 11/12/2024 at 10:27 AM, steven100 said:

 

Bangkok bank sets it's currency exchange rate at 8.30am everyday,  and I expect that also affects the ATM rate for international withdrawals.  

The Thai banks do not set the exchange rates for using a foreign credit or debit card either at an ATM or at the teller.  The MasterCard and Visa payment processing firms determine the exchange rates when a card is used.

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Liverpool Lou Star Member

Liverpool Lou

Posted
Posted
On 11/12/2024 at 9:40 AM, Mitkof Island said:

Checked the exchange rate yesterday morning about 9 am about 34.40 to the USD.   The ATM exchange rate was about 33.30 . Any idea how often the rate changes and when?

1333!

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gamb00ler Platinum Member

gamb00ler

Posted
Posted
3 hours ago, edwardflory said:

If you use a US BANK DEBIY CARD inside the bank at a TELLER...do NOT use at the service desk,... you get a better rate than you get with a US BANK CREDIT CARD.  DO NOT use either at a ATM.

 

The reason you get different amounts from using a debit vs using a credit card is due to fees.  Both MasterCard and Visa give the same exchange rates for debit and credit card transactions.  Getting cash from a credit card almost always is the worst option for getting cash since it is considered a loan whereas a withdrawal using a debit card is like withdrawing cash already on deposit with your home bank.

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