Nationwide Atm Exchange Rate

[JAS21]

When withdrawing from ATM’s, against my Nationwide Flex Account using my Debit Card, and I always use Bangkok Bank ATMs, in the past I have always got close to the Bangkok Bank TT rate.

Last night, after the banks had closed and the rate is usually frozen until the next morning, I withdrew 6000Baht. Later I looked at my Nationwide Bank Account and noticed that it appeared that they would be debiting £124.25…this gives a rate of about 48.3.

Bangkok Bank TT were showing just under 52 and the at that time the mid rate was over 52.

Anyone else ever had this happen.

[JohnC]

How bizzare! I have been using my n/w flexi a/c here for four years and the rate is always higher than the bangkok bank but lower than the quoted foreign exchange rate on the internet. For example todays rate is 52.58 ( http://www.exchange-rates.org/converter/GBP/THB/1) whilst the BB is 51.06, I withdrew 10,000 baht on Tuesday and N/W gave me 52.48. which as normal is a few satang below the quoted exchange rate and a few above BB. Where does 48.3 come from I have no idea, also remember that UK banks are 7 hours behind Thailand so may still be open when you withdraw here but I have never had that happen to me and would be intrested if you find out any more as 48 to the £ is scary!! We know N/W do not charge for overseas withdrawls and I wonder if you were overdrawn and there is a bank charge in there somewhere but again you would probably know that and not question it, all very starnge.

[Tafia]

How bizzare! I have been using my n/w flexi a/c here for four years and the rate is always higher than the bangkok bank but lower than the quoted foreign exchange rate on the internet. For example todays rate is 52.58 ( http://www.exchange-rates.org/converter/GBP/THB/1) whilst the BB is 51.06, I withdrew 10,000 baht on Tuesday and N/W gave me 52.48. which as normal is a few satang below the quoted exchange rate and a few above BB. Where does 48.3 come from I have no idea, also remember that UK banks are 7 hours behind Thailand so may still be open when you withdraw here but I have never had that happen to me and would be intrested if you find out any more as 48 to the £ is scary!! We know N/W do not charge for overseas withdrawls and I wonder if you were overdrawn and there is a bank charge in there somewhere but again you would probably know that and not question it, all very starnge.

I'm with JohnC I have always had a better rate than the Thai Banks are showing, NW always seem to have more a more favourable rate.

Would need to investigate further I think!!

[gennisis]

When withdrawing from ATM's, against my Nationwide Flex Account using my Debit Card, and I always use Bangkok Bank ATMs, in the past I have always got close to the Bangkok Bank TT rate.

Last night, after the banks had closed and the rate is usually frozen until the next morning, I withdrew 6000Baht. Later I looked at my Nationwide Bank Account and noticed that it appeared that they would be debiting £124.25…this gives a rate of about 48.3.

Bangkok Bank TT were showing just under 52 and the at that time the mid rate was over 52.

Anyone else ever had this happen.

I used Bangkok Bank ATM at 12.22 on Thursday 11th.....10,000Baht at 52.7....so guess you should query your transaction

[JAS21]

How bizzare! I have been using my n/w flexi a/c here for four years and the rate is always higher than the bangkok bank but lower than the quoted foreign exchange rate on the internet. For example todays rate is 52.58 ( http://www.exchange-rates.org/converter/GBP/THB/1) whilst the BB is 51.06, I withdrew 10,000 baht on Tuesday and N/W gave me 52.48. which as normal is a few satang below the quoted exchange rate and a few above BB. Where does 48.3 come from I have no idea, also remember that UK banks are 7 hours behind Thailand so may still be open when you withdraw here but I have never had that happen to me and would be intrested if you find out any more as 48 to the £ is scary!! We know N/W do not charge for overseas withdrawls and I wonder if you were overdrawn and there is a bank charge in there somewhere but again you would probably know that and not question it, all very starnge.

The rate has always been good before as you all say, I draw out quite frequently and the rate has always been about BB TT level....I still have over £1000 in the account. I'll wait until Monday, thats when I will be able to see the rate transaction. thanks

[JohnC]

As an aside to this I was in Royal Garden Plaza this evening and we went to use our Bangkok Bank Card at the TMB ATM and there was a sign posted on the atm machine that said " Notice New Rule from B O T foreign cards restricted to 5000 baht" That means to withdraw your 65000 a month for retirement you need to make 13 trips to the atm! Talk about disouraging people!! Yes I know you dont need to withdraw all of it every month and you can go to the bank and get as much as you want on your debit card subject to funds being available but I think this is another crazy rule that has no logic!! yes yes I know, TIT logic does not exist!!

Edited December 14, 2008 by JohnC

[briley]

The OP is quoting the rate of the amount blocked on his account.

When you do a withdrawal money your available funds falls, but do not shown as a withdrawal. This is always more than the actual amount that finally appears as a withdrawal, usually about 48 hours after the withdrawal.

I look forward to the OP giving us the final rate he gets.

[imaneggspurt]

As an aside to this I was in Royal Garden Plaza this evening and we went to use our Bangkok Bank Card at the TMB ATM and there was a sign posted on the atm machine that said " Notice New Rule from B O T foreign cards restricted to 5000 baht" That means to withdraw your 65000 a month for retirement you need to make 13 trips to the atm! Talk about disouraging people!! Yes I know you dont need to withdraw all of it every month and you can go to the bank and get as much as you want on your debit card subject to funds being available but I think this is another crazy rule that has no logic!! yes yes I know, TIT logic does not exist!!

I think this is because they dont want farang drawing out and running off with all their money as its so strong !

[JAS21]

The OP is quoting the rate of the amount blocked on his account.

When you do a withdrawal money your available funds falls, but do not shown as a withdrawal. This is always more than the actual amount that finally appears as a withdrawal, usually about 48 hours after the withdrawal.

I look forward to the OP giving us the final rate he gets.

Yes..I live and learn....I have just checked my account and the actual rate I received was 52.214 and they actually debited £114.91. Thanks for that explanation.

[samui04]

The OP is quoting the rate of the amount blocked on his account.

When you do a withdrawal money your available funds falls, but do not shown as a withdrawal. This is always more than the actual amount that finally appears as a withdrawal, usually about 48 hours after the withdrawal.

Correct, but this year the final amount of money with my Cirrus debt card was very close to the blocked money.

With a weekend in the middle it took also 6 days to clear the transaction... lazy europe banks...

but the exchange rate was very good:

11 dec SCB Euro notes 45,51 t/T 45,86 -- cirrus 46.16 +20b+2E commission.

no match with credit cards, although the commissions will render small amount withdrawn costly...