bangkoksingapore Posted August 16, 2007 Share Posted August 16, 2007 (edited) Went to the ATM yesterday at Siam Commerical Bank. I took off 16k baht. The charge in USD was $473 which comes out to 33.82 baht/USD, their website lists US DOLLAR $50-$100 USD 34.54 34.72 What exchange rate do you get when you go to the ATM? Which banks offer fair rates? This drives me mad. Edited August 16, 2007 by bangkoksingapore Link to comment Share on other sites More sharing options...
bangkoksingapore Posted August 17, 2007 Author Share Posted August 17, 2007 bump Link to comment Share on other sites More sharing options...
Carmine6 Posted August 17, 2007 Share Posted August 17, 2007 Went to the ATM yesterday at Siam Commerical Bank. I took off 16k baht. The charge in USD was $473 which comes out to 33.82 baht/USD, their website lists US DOLLAR $50-$100 USD 34.54 34.72 What exchange rate do you get when you go to the ATM? Which banks offer fair rates? This drives me mad. It's not Siam Commercial that's changing your money when you go to the ATM, you're just using their ATM. However your bank clears it will affect the rate you get. Your bank may also take a piece of the exchange rate. I have an account that gives me the exchange rate, but two others take maybe 1% for ATM withdrawals. My best rate is with Fidelity Investments, but I qualify for free ATM withdrawals. Otherwise they charge a fee. USAA Savings Bank also gives a good rate, though just a bit less. I think there's maybe a .25% fee they take. WAMU and Citibank I think give 98% or 99% of the exchange rate. Whatever it is, its about the same or worse than exchanging physical $100 bills. With my other accounts, I get better than that rate. Link to comment Share on other sites More sharing options...
bangkoksingapore Posted August 17, 2007 Author Share Posted August 17, 2007 if i were to physically exhange $100 bills I would get 3472 baht/$100 bill with these rates, is that correct? Link to comment Share on other sites More sharing options...
DurianChips Posted August 17, 2007 Share Posted August 17, 2007 if i were to physically exhange $100 bills I would get 3472 baht/$100 bill with these rates, is that correct? No, you would get 3454 baht. Although the retail rate may be a bit lower than posted on the website. (If you wanted to buy dollars, you would need 3472 baht for a $100 bill) Link to comment Share on other sites More sharing options...
bangkoksingapore Posted August 20, 2007 Author Share Posted August 20, 2007 anyone have an atm card from the usa that doesnt charge a fee or take a percentage? Link to comment Share on other sites More sharing options...
meadish_sweetball Posted August 20, 2007 Share Posted August 20, 2007 Exchanging cash is usually not a great idea as the rate tends to be lower. Traveller's cheques are better. For what it's worth (I realize you were asking about the US), all Swedish banks will charge either a flat fee or a percentage of the total sum withdrawn when using an ATM in Thailand to withdraw cash. Some apply both. Link to comment Share on other sites More sharing options...
fletchsmile Posted August 20, 2007 Share Posted August 20, 2007 Went to the ATM yesterday at Siam Commerical Bank. I took off 16k baht. The charge in USD was $473 which comes out to 33.82 baht/USD, their website lists US DOLLAR $50-$100 USD 34.54 34.72 What exchange rate do you get when you go to the ATM? Which banks offer fair rates? This drives me mad. bump was your "bump" because you were staggering around enebriated at 4.18am in the morning looking for an ATM? BTW I find I get better rates with regional/Asian banks compared to say UK banks on the rate. The other one to watch is the transaction fee. Some banks charge 2%. Depending on how much you take out you need to watch a combination of best rate and transaction fee. Then there's also timing. Different time zones process your transcation at different times, so the rate can vary up and down anyway. Link to comment Share on other sites More sharing options...
AmericanGuy1066 Posted August 20, 2007 Share Posted August 20, 2007 Went to the ATM yesterday at Siam Commerical Bank. I took off 16k baht. The charge in USD was $473 which comes out to 33.82 baht/USD, their website lists US DOLLAR $50-$100 USD 34.54 34.72 What exchange rate do you get when you go to the ATM? Which banks offer fair rates? This drives me mad. bump Bumping yourself. Don't you realise you're in Thailand handsum man? Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now