Krung Thai Bank Atm Exchange Rate

[DerringDo]

A friend of mine went to the KTB ATM on Pattaya Klang and he was surprised to notice the exchange rate difference.

Here is as I understand it:

He was withdrawing A$ from his bank in Australia in Thai Baht. (Commonwealth ATM card not a debit card.)

Posted board rates were as follows:

28.3 for Travelers cheques

28.2 for A$ cash

and on the screen of the ATM for a cash withdrawal was 27.08. This was in addition to the 20Baht ATM Fee and the 150Baht foreign card fee.

Has anyone else had the misfortune to notice this rip-off? Traditionally you get closer to the Telegraphic Transfer rate on ATM withdrawals. The ATMs inside Tops were far closer to the TT rate.

He went to the same ATM over 3 days to make sure he wasn't seeing things.

I look forward to others sharing their experiences. Is it just KTB at the moment or has it been noticed at other banks?

[sevenhills]

Here's a link to check daily rate from all banks. http://bankexchangerates.daytodaydata.net/default.aspx

Yes this seems to be the normal charges at most banks in Thailand?

[Stjohnm]

Bring TC's Next time, ATM foreign withdrawals are a complete rip off no matter where you are in the world

[el jefe]

Bring TC's Next time, ATM foreign withdrawals are a complete rip off no matter where you are in the world

If you do the proper research and get an ATM card from the right bank in your home country, you will always get a better rate than by using Travelers Checks.

[CharlieH]

Bring TC's Next time, ATM foreign withdrawals are a complete rip off no matter where you are in the world

If you do the proper research and get an ATM card from the right bank in your home country, you will always get a better rate than by using Travelers Checks.

And if you use AEON there is NO 150 baht fee.

[DerringDo]

Thanks for the site link above. This is what it says on the page: "For ATM rates, select the TT currency type."

Unfortunately as demonstrated by my friend the advice is no longer accurate. TT rates are the best, better than TCs but that no longer applies at this bank obviously.

My question still stands.

[paddlinsteve]

I've had a more disastrous encounter with a Krung Thai ATM this week that cost me dearly.

As some of you may know, relations haven't been smooth for the past 20 years between Thailand and Saudi Arabia, the country where I work. As a result the exchange rate for any conversion between the baht and the Saudi riyal is pretty miserable.

What the credit card companies and most banks normally do is to first convert from one of these currencies to USD and from thence to the local currency. That way no one gets hurt.

However, the Krung Thai ATM that I used this week for the first time had a confusing question when I tried to take out 10,000 baht. I was asked whether I wanted to follow the Mastercard currency exchange system. I declined because I was using an ATM card from the Saudi British bank so the question seemed irrelevant.

The next day when I checked my online account with my home bank I was astounded to see that the equivalent of 12,500 baht had been taken from my balance. I had lost 2,500 baht (25%) due to the transaction being calculated according to the miserable direct baht-riyal rate rather than the favourable credit card rate.

I'm sure not many of you would be in any danger of falling into this trap. However, if you know anyone coming to Thailand who has a Saudi riyal-denominated account he should avoid the Krung Thai ATMs at all costs!

[KamnanT]

However, the Krung Thai ATM that I used this week for the first time had a confusing question when I tried to take out 10,000 baht. I was asked whether I wanted to follow the Mastercard currency exchange system. I declined because I was using an ATM card from the Saudi British bank so the question seemed irrelevant.

I believe this is a specific example of what is a broader "racket" going on in many countries with credit card clearing banks offering the option to have your transactions converted back to your home currency by the merchant's clearing bank rather than by the credit card association/company (VISA/Mastercard/AMEX). It normally takes the form of the electronic terminal asking you if you want the charge to be in THB or your home currency (say, GBP if you have a UK issued card). My experience has been that if you opt for your home currency, the local Thai bank converts at an atrociously bad rate...much worse than the day's "TT BUY" rate. On two occasions I've had sales staff assume that I wanted home country currency without even asking and handing me a credit card slip in GBP to sign. Reaching for a calculator on both occasions confirmed that the rate stank, even taking into account the 2.99% fee that my UK bank charges on foreign currency transactions. Both times, I politely asked that transaction be voided and re-entered as a THB transaction.

Has anyone else had a more positive experience?