Atm Exchange Rates

[bangkoksingapore]

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.

[peter991]

You could have been lucky. Currently on the Currency Converter, the US Dollar to Thai baht rate is 1.00 USD = 32.9810 THB. I use an Australian ATM card in Thailand and get the international (off-shore) rate, regardless of which bank I use.

Also, the rate you received - did that include the Overseas Transaction fee? In my case, it's around $AUD6.

Peter

[Thanyaburi Mac]

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.

I assume you used your U.S. bank's ATM card, right?

I'm sort of lucky, from what I've heard, my credit union gives me 10 free ATM withdrawals a month anywhere in the world.

However, I've heard of other U.S. banks that may charge a $1-$3 fee for each withdrawal from an ATM not owned by them.  And, they may also charge an additional 1%-3% "foreign exchange" fee.  This might have been what happened to you.  Email your bank and check their charges, check for both posibilities.

I usually get a rate somewhat better than a $100 bill but less than a travelers check when using my ATM at SCB.

Here's their exchange rate url:

http://www.scb.co.th/html/exchange/bk-txtexchange.htm

Mac

[gburns57au]

Fees are usually deducted after the transaction....

The exchange rates vary during the day...and from bank to bank

Also the exchange rate you eventually get is the exchange rate at your home bank when the transaction hits that system....you may find that your statement will show a different rate.

[Carmine6]

Just to reiterate and clarify, it doesn't generally matter which bank's ATM you use, it's how your bank clears the transaction that affects the rate. SCB isn't doing the exchange, you're just using their ATM and it's going through the Plus or Star or whatever ATM network your card is on. Looks like your bank is charging 2% on the exchange.

I get the best exchange rates from Fidelity Investments, but they charge an ATM fee unless you qualify for the gold commission schedule. It's basically right around the exchange rate on bank websites. USAA Savings Bank also gives a great exchange rate. I think they have maybe a 0.25% fee since it seems to be slightly less than what I get with Fidelity.

My worst account is with WAMU which takes either a 1% or 2% fee. Basically you can do better by exchanging $100 bills. I think my Citibank account would be the same, but they're generally fee heavy so I've never even tried to use them. They'd also charge an ATM fee unless I went to their one branch in Thailand.

Your best bet is to try to get an account somewhere with no ATM fee. Internet banks for example or credit unions.

[Jimjim]

I read in another thread before about a bunch of people getting the onshore rate whenever they used ATMs in Thailand. So this thread is conflicting with that, but whatever. I always got a good rate when I used either my Visa or Mastercard based in U.S. banks. I always checked and was surprised, but it seems like I got the onshore rate.

[Carmine6]

I read in another thread before about a bunch of people getting the onshore rate whenever they used ATMs in Thailand. So this thread is conflicting with that, but whatever. I always got a good rate when I used either my Visa or Mastercard based in U.S. banks. I always checked and was surprised, but it seems like I got the onshore rate.

For US banks, you the exchange rate is based on the onshore rate on ATM withdrawals.

[bangkoksingapore]

i have 4 atm debit cards and none of them give a fair rate. either they charge fees for every ATM withdrawal or they take a 2-3%.

Can anyone recommend a bank that i cant sign up with online that will not charge a fee or take a percentage? i tried usaa but its for members of the us military only.

[endure]

From the UK point of view we have a Savings & Loan called Nationwide that issues ATM cards with no charges which gives the onshore rate and seems to do it live as well. Two drawings on one of my Nationwide cards 1 minute apart this week gave differing exchange rates of 68.662 & 68.657.

[Carmine6]

i have 4 atm debit cards and none of them give a fair rate. either they charge fees for every ATM withdrawal or they take a 2-3%.

Can anyone recommend a bank that i cant sign up with online that will not charge a fee or take a percentage? i tried usaa but its for members of the us military only.

Someone here used to always rave about Bank of Internet http://www.bankofinternet.com/Default.aspx . Maybe search for that and check the old posts. I do not have an account with them, so have no personal experience.

Credit unions also tend to be good choices if you're eligible for one or can find one that has open membership.

[Kimera]

From the UK point of view we have a Savings & Loan called Nationwide that issues ATM cards with no charges which gives the onshore rate and seems to do it live as well. Two drawings on one of my Nationwide cards 1 minute apart this week gave differing exchange rates of 68.662 & 68.657.

If your from the UKThe Nationwide is the card to use, no charge for overseas use, the rates are good and the swift transfer is excellent

[bangkoksingapore]

i have 4 atm debit cards and none of them give a fair rate. either they charge fees for every ATM withdrawal or they take a 2-3%.

Can anyone recommend a bank that i cant sign up with online that will not charge a fee or take a percentage? i tried usaa but its for members of the us military only.

Someone here used to always rave about Bank of Internet http://www.bankofinternet.com/Default.aspx . Maybe search for that and check the old posts. I do not have an account with them, so have no personal experience.

Credit unions also tend to be good choices if you're eligible for one or can find one that has open membership.

its not possible to search bank of internet on thai visa because of is less than 4 letters and searching bank or internet will get a million responses.

[Maestro]

its not possible to search bank of internet on thai visa because of is less than 4 letters and searching bank or internet will get a million responses.

Put it in between marks and this is the search result you get.

--

Maestro

[Carmine6]

its not possible to search bank of internet on thai visa because of is less than 4 letters and searching bank or internet will get a million responses.

Put it in between marks and this is the search result you get.

--

Maestro

LOL, recommended by a banned member. Let me once again say that I have no personal experience with this bank.