US ATM Card

[pkspeaker]

I hadn't used my US ATM card to get money for a while.. looks like i got hit with a 5% exchange rate this or that.. i think i lost $60. . last time i used it i got the proper exchange rate,, what did i do wrong?

[Bill97]

8 minutes ago, pkspeaker said:

a 5% exchange rate this or that.

What does that mean?

[chickenslegs]

Did the ATM give you the choice of paying in your own currency or local currency. If you choose your own currency it will cost more.

Some ATMs may offer you a ‘service’ of being charged in your local currency (i.e. GBP). It’s always best to decline this option, choosing instead to be charged in THB.

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

[jas007]

18 minutes ago, pkspeaker said:

I hadn't used my US ATM card to get money for a while.. looks like i got hit with a 5% exchange rate this or that.. i think i lost $60. . last time i used it i got the proper exchange rate,, what did i do wrong?

Depending on your US banks and it's foreign ATM fee, you can pay a lot to take out money when you consider that fee, the foreign transaction fee, and the currency conversion fee, and the fee charged by the local ATM. that's just how it is unless you plan it out in advance.  

 

Some US banks won't charge a foreign transaction fee, some won't if you have the right kind of account with a certain balance level. Others might refund any foreign ATM fee.  

[Wuvu2]

Try Schwab Bank. They refund ATM fees anywhere in the world and give an excellent exchange rate.

[buick]

most ATMs i use in Bangkok have a screen at the very end of the transaction.  something about 'doing a conversion', you want to answer NO to that.  don't answer YES.  one bank's ATM specifically mentions a 5% fee related to 'the conversion', i think it's SCB.  maybe others do also and i haven't noticed.

 

i'm pulling cash from my account in USA.  it comes out in THB.  so somehow i get the 'conversion' without answering YES.  i can't explain it.  maybe someone else can. 

 

edit:  i'd say this new screen with the conversion question started showing up about a year ago.  maybe a little longer than that.  and wasn't on all ATMs in the beginning.  much more common now.

[Retfed50]

30 minutes ago, buick said:

most ATMs i use in Bangkok have a screen at the very end of the transaction.  something about 'doing a conversion', you want to answer NO to that.  don't answer YES.  one bank's ATM specifically mentions a 5% fee related to 'the conversion', i think it's SCB.  maybe others do also and i haven't noticed.

 

i'm pulling cash from my account in USA.  it comes out in THB.  so somehow i get the 'conversion' without answering YES.  i can't explain it.  maybe someone else can. 

 

edit:  i'd say this new screen with the conversion question started showing up about a year ago.  maybe a little longer than that.  and wasn't on all ATMs in the beginning.  much more common now.

I think its related to the type of card you use. My US Visa debit card does not allow automatic conversions so that screen will not pop up. Whereas my MasterCard dibit card does, snd I do get the conversion screen

[DFPhuket]

It sounds like you accidentally accepted Dynamic Currency Conversion (DCC) during your ATM transaction (you can Google that phrase). When the ATM offers to show the withdrawal amount in your home currency instead of Thai Baht, it's always DCC. While this might seem convenient, it comes with hidden costs. If you see it, click cancel or back. Some ATMS really try to get you to select DCC by showing it and encouraging you to click "continue."

 

If you choose to withdraw in your home currency, the ATM's bank sets its own exchange rate, which typically includes a markup of around 5% or more. To avoid this, always choose to complete transactions in Thai Baht. This way, the conversion will be at the Visa or Mastercard at the mid-market rate, which is quite favorable.

 

Regardless of your choice, you’ll still be charged the standard 220 baht ATM fee for using a foreign card in Thailand. A few US financial institutions (e.g., Schwabe) will reimburse the 220 ATM fee.

[bamnutsak]

20 hours ago, pkspeaker said:

I hadn't used my US ATM card to get money for a while.. looks like i got hit with a 5% exchange rate this or that.. i think i lost $60.

 

 

What type of card? Issuing bank? Visa or MC? How much THB did you take away? How much USD did you pay?

 

In addition to accidentally choosing DCC, your bank/card may charge an extra fee (%, ranges from 1% to 3%), and (of course) you must factor in the 220 THB ATM fee.

 

For some of us, ATM withdrawals are very cost-effective, we get THB, with no extra fee, at the daily MC/Visa rate, and we get the 220 baht fee reimbursed.

 

 

 

 

[alex8912]

20 minutes ago, DFPhuket said:

It sounds like you accidentally accepted Dynamic Currency Conversion (DCC) during your ATM transaction (you can Google that phrase). When the ATM offers to show the withdrawal amount in your home currency instead of Thai Baht, it's always DCC. While this might seem convenient, it comes with hidden costs. If you see it, click cancel or back. Some ATMS really try to get you to select DCC by showing it and encouraging you to click "continue."

 

If you choose to withdraw in your home currency, the ATM's bank sets its own exchange rate, which typically includes a markup of around 5% or more. To avoid this, always choose to complete transactions in Thai Baht. This way, the conversion will be at the Visa or Mastercard at the mid-market rate, which is quite favorable.

 

Regardless of your choice, you’ll still be charged the standard 220 baht ATM fee for using a foreign card in Thailand. A few US financial institutions (e.g., Schwabe) will reimburse the 220 ATM fee.

Thanks for explanation. I noticed this for the first time last month with Kasikorn. I have a USA Schwab card so I will get the 220 baht/$ back but they showed a conversion on first choice not second. You have to pay attention. It's a much bigger difference. 
 

I bet OP took out 30,000baht at 5% 1,500b plus 220b atm fee so 1720B total at 34.40 baht to dollar that's $50! Just be careful and it will never happen again 

[gilamonster]

"Dynamic conversion" is a banking scam.  The bank is essentially asking for a 1,000b tip if you are getting the 30k maximum withdrawal.  ALWAYS DECLINE.

[gilamonster]

If your card has the VISA logo on it, VISA does the currency conversion and its fee is already calculated in the rate.  If your bank charges you a foreign currency conversion fee, you are being scammed since they did NOTHING. It is just another ordinary visa card charge to them. By the bye, VISA's rate for THB is almost always better than TT's exchange rate, for example.  For THB, Visa is Better than MC. VISA's rate changes once daily on weekdays at 7am THAI time.  Friday's rate isalso used for Saturday & Sunday withdrawals.

[SiSePuede419]

On 1/12/2025 at 3:46 PM, pkspeaker said:

i think i lost $60.

You thought wrong.  You paid the foreign ATM fee disclosed in the agreement you agreed to when you opened the bank account.

PROTIP: My US credit card charges no foreign fee on purchases and even gives me about 2% of the charge back.

On $1000 of charges, they pay me $20.

I'm rich, woo hoo. ☺️

[thaipo7]

7 hours ago, Wuvu2 said:

Try Schwab Bank. They refund ATM fees anywhere in the world and give an excellent exchange rate.

I went to get money today on my Schwab account and it was denied.  Used it 3 times already with no problems.  Bangkok Bank showed me the error message as "Settled."  Will have to call tonight.

[deptrai]

On 1/12/2025 at 10:38 PM, Wuvu2 said:

Try Schwab Bank. They refund ATM fees anywhere in the world and give an excellent exchange rate.

In addition the the Charles Schwab Investor Checking Account, Fidelity Cash Management Account also refunds all foreign ATM transaction fees.  The only difference is that Fidelity refunds immediately and Charles Schwab refunds at the end of each month.