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

 

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". 
     
     

Agreed 100%. Don't worry about the banks' appalling exchange rate which is offered at ATM's Worldwide and not just in Thailand. You are insane to accept this DCC which is a complete scam! ATMs word it deceptively in such a way that you think you must accept it to get your cash. But just click 'proceed without conversion' or the similar wording that they use. Then you will receive the much much better MasterCard or VIsa exchange rate, whichever your card is minus of course your home country bank's charge and the extortionate Thai bank ATM charge. The Thai bank's exchange rate is completely irrelevant when withdrawing from an ATM.

Posted

I don't think there is a set time for the exchange rate. Yes they will set the first exchange rate for the day at 9.30am.

After that, if there is little trading it may remain unchanged until the next day, if there is heavy trading it may change many times during the day.

I recall to have seen more than 9 changes in a single day on the Kasikorn website during heavy trading days

Posted

SCB updated the rates on their website 8 times so far today, yesterday it was 11 times. Bangkok Bank updated their rates 4 times so far today.

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