Atm Exchange Rates, Beware There Can Be A Large Difference.

[KhunBENQ]

Answer is easy.

So it is. As I showed in my reply #28.

AEON does not charge anything!

It is MY bank (the card issuer) that sets the fee, I my case the fee is 0%!

The exchange rate is determined by VISA as I have shown above.

Last reply in this thread, as I am sick to convince back-seat drivers and disbelievers.

I believe in my bank statements

[Dancealot]

I think you guys are missing something......There are 2 exchange rates you can now get from Thai ATMs using a 'Visa' or 'Mastercard' card and others which Im not familiar with. I rarely use any other ATMs now except Aeon when in Thailand to avoid the 150bt charge, but the last time or 2 when I had to use another ATM I noticed this:First u get offered on the ATM screen the exchange rate that the ATM bank itself uses and gives its customers. But SAY NO to this option as then u will get the Visa or Mastercard exchange rate which is far better. Not content with the 150 baht charge the greedy banking bustards have now come up with this little ruse/scam to skim off the difference, I assume, between the 2 rates. As I said I rarely use any ATMs in Thailand except Aeon so Im not sure if all the Thai banks r doing this. With Visa and Mastercard plastic u r meant to get their own exchange rates and not those that the greedy banks offer.....The banks have realised the consumer confusion on this, and once again they r taking advantage of u and cashing in. Also when shopping anywhere abroad or in Duty Free with plastic always ask to pay in the local currency and not in dollars or the currency of your home country or u will be ripped off in the same way.

This is very interesting. I remember after pressing NO the transaction is void. But i could be wrong, anyone had experience with this?

[Dancealot]

It was a lot of work but i got it. I think this will answer a lot of unanswered questions.

http://www.aeon.co.th/en/customerservices_servicelocation.php

[SunsetT]

Yes it is.

See these examples from June 2012:

And this is an excerpt from the account statement of my bank:

15.06.12 15.06.12 AS CENTRAL KHONKHEN (1)(S, THB 90.000,00 39,36412 2.286,35

16.06.12 18.06.12 LOTUS CHUMPAE (S9000), BANGKOK THB 98.000,00 39,55433 2.477,60

39.55 is exactly the exchange rate published by VISA for June 16.

Bangkok Bank TT exchange rate for June 15: 39.47750.

I am very surprised by this 'KhunBENQ as I have always found my withdrawals limited to the limit set by my UK card issuing bank. I assume u r using a 'foreign' bank card and not one issued by a Thai bank? though Ive never used one I understand that Thai bank cards have a much higher ATM withdrawal limit which may even be set by the cash dispensing bank. This would explain the high Aeon 100000 withdrawal limit. If what u say is correct, I will be very pleased to be able to withdraw so much more when I need it.

[SunsetT]

I think you guys are missing something......There are 2 exchange rates you can now get from Thai ATMs using a 'Visa' or 'Mastercard' card and others which Im not familiar with. I rarely use any other ATMs now except Aeon when in Thailand to avoid the 150bt charge, but the last time or 2 when I had to use another ATM I noticed this:First u get offered on the ATM screen the exchange rate that the ATM bank itself uses and gives its customers. But SAY NO to this option as then u will get the Visa or Mastercard exchange rate which is far better. Not content with the 150 baht charge the greedy banking bustards have now come up with this little ruse/scam to skim off the difference, I assume, between the 2 rates. As I said I rarely use any ATMs in Thailand except Aeon so Im not sure if all the Thai banks r doing this. With Visa and Mastercard plastic u r meant to get their own exchange rates and not those that the greedy banks offer.....The banks have realised the consumer confusion on this, and once again they r taking advantage of u and cashing in. Also when shopping anywhere abroad or in Duty Free with plastic always ask to pay in the local currency and not in dollars or the currency of your home country or u will be ripped off in the same way.

This is very interesting. I remember after pressing NO the transaction is void. But i could be wrong, anyone had experience with this?

U r probably confusing this with answering 'No' to the ATM question asking if u accept the 150 baht farang rip-off charge. If u say 'no' to this then the transaction will be voided. If that is the only 'proceed' question u get and u do go ahead then u should get the Visa or Mastercard rate as not all banks were/are offering their own bank (rip-off) rate. If u r asked to accept the banks exchange rate, u answer 'no', and the transaction is voided, I would advise u to walk away and use another bank's ATM. Even better find an Aeon ATM.

[SunsetT]

The 2 best completely fee free cards issued in the UK for cash withdrawals are the N & P building society current account Visa debit card and the Halifax Clarity credit card.

You forgot Metro bank visa debit card

Thanks for that.............I've never heard of Metro bank before.

[Dancealot]

SunsetT : It' s getting more confusing now. Let's make it clear: i use my farang bank card at a thai ATM and i don't want to pay the banks' commission. I am struggling to try to comprehend you could be telling me there is another ATM option after i selected not to comply with the B150 rate?

[SunsetT]

SunsetT : It' s getting more confusing now. Let's make it clear: i use my farang bank card at a thai ATM and i don't want to pay the banks' commission. I am struggling to try to comprehend you could be telling me there is another ATM option after i selected not to comply with the B150 rate?

Sorry to confuse u Dancealot. U must comply with the 150 baht charge and select yes for this option unless u use an Aeon ATM which does not charge 150 baht. But yes, some Thai bank ATMs have another option asking u to accept their (inferior) exchange rate with a yes/no question. It will probably be before the 150baht question. I nearly always use Aeon ATMs now so I am not sure which Thai banks are doing this or whether they are all doing this now. I hope this is clearer for you.

[KhunBENQ]

I am very surprised by this 'KhunBENQ as I have always found my withdrawals limited to the limit set by my UK card issuing bank. I assume u r using a 'foreign' bank card and not one issued by a Thai bank?

Sure, I am (was) using a VISA (debit) card issued by a german bank (DKB).

It has a limit of 2500 Euro per transaction and no fees worldwide (they even would reimburse the 150 Baht).

[SunsetT]

I am very surprised by this 'KhunBENQ as I have always found my withdrawals limited to the limit set by my UK card issuing bank. I assume u r using a 'foreign' bank card and not one issued by a Thai bank?

Sure, I am (was) using a VISA (debit) card issued by a german bank (DKB).

It has a limit of 2500 Euro per transaction and no fees worldwide (they even would reimburse the 150 Baht).

I just checked and the exchange u received for the 2 transactions u show above mean that both withdrawals were just within the 2500 euro limit of your bank. So, as I said before, I think it is your bank that sets the withdrawal limit and not Aeon. I am jealous that your German bank allows such large withdrawals. The UK limits r ridiculously low in comparison: 12000 to 25000 baht per day.

[Dancealot]

Very interesting.. I will stick with aeon from now.. Another question while we are talking about this. I am regularly wiring money form my dutch bank account to my thai bank account but i would like to avoid as much " bank fees" as possible but i do not know how...

[SunsetT]

Very interesting.. I will stick with aeon from now.. Another question while we are talking about this. I am regularly wiring money form my dutch bank account to my thai bank account but i would like to avoid as much " bank fees" as possible but i do not know how...

I am English so I have no knowledge of Dutch bank fees, but from KhunBENQ's information above, If possible, I would open a DKB bank account in Europe, and use Aeon withdrawals to transfer all money required from Holland to Thailand.

[Dancealot]

Very interesting.. I will stick with aeon from now.. Another question while we are talking about this. I am regularly wiring money form my dutch bank account to my thai bank account but i would like to avoid as much " bank fees" as possible but i do not know how...

I am English so I have no knowledge of Dutch bank fees, but from KhunBENQ's information above, If possible, I would open a DKB bank account in Europe, and use Aeon withdrawals to transfer all money required from Holland to Thailand.

Thanks! I hope you are suggesting the deutshe kredit bank doesn't charge foreign atm withdrawals ?

[remiss]

This is also something to be aware of when paying by card in stores or hotels etc. Make sure they charge you in THB.

[Jitar]

The voluntary exchange rate option is not limited to ATMs. Hotels and other merchants elsewhere in S.E. Asia do the same thing with an option for charging credit cards in local or home country currency.

Edited October 7, 2012 by Jitar

[Obb]

Hey folks, you can always write to the Financial Consumer Protection Center at The Bank of Thailand to inquire about Thai banks' collusion on fees, and other matters such as obfuscation of their ATM forex rates.

I did. Twice. No reply of course. Not even an acknowledgement.

http://www.bot.or.th/ENGLISH/FINANCIALLITERACY/Pages/index.aspxw.bot

[CrankyCarrot]

I can't believe I didn't know about the Aeon ATMs not charging that 150 baht fee. Been making withdrawals of 20-30k at the other more common ATMs for years and stomaching fees of 900-1200 baht respectively (incl conversion/overseas ATM use fees from bank back home)

As of May 2013, do Aeon ATMs still not charge the 150 baht fee?

[Issangeorge]

I just used one Saturday, no fee. I wish there was an Aon ATM in my home town. FYI if you get a cash advance and go inside the bank for it, rather than using there machines, there is no charge.

Sent from my i-mobile IQ 6 using Thaivisa Connect Thailand mobile app

[KhunBENQ]

I can't believe I didn't know about the Aeon ATMs not charging that 150 baht fee. Been making withdrawals of 20-30k at the other more common ATMs for years and stomaching fees of 900-1200 baht respectively (incl conversion/overseas ATM use fees from bank back home)

As of May 2013, do Aeon ATMs still not charge the 150 baht fee?

Last withdrawal was May 31 with two different german bank cards (DKB, Postbank Sparcard) and there is still no fee.

If they would introduce you would read on this forum within a day I bet.

[socrates28]

I think you guys are missing something......There are 2 exchange rates you can now get from Thai ATMs using a 'Visa' or 'Mastercard' card and others which Im not familiar with. I rarely use any other ATMs now except Aeon when in Thailand to avoid the 150bt charge, but the last time or 2 when I had to use another ATM I noticed this:First u get offered on the ATM screen the exchange rate that the ATM bank itself uses and gives its customers. But SAY NO to this option as then u will get the Visa or Mastercard exchange rate which is far better. Not content with the 150 baht charge the greedy banking bustards have now come up with this little ruse/scam to skim off the difference, I assume, between the 2 rates. As I said I rarely use any ATMs in Thailand except Aeon so Im not sure if all the Thai banks r doing this. With Visa and Mastercard plastic u r meant to get their own exchange rates and not those that the greedy banks offer.....The banks have realised the consumer confusion on this, and once again they r taking advantage of u and cashing in. Also when shopping anywhere abroad or in Duty Free with plastic always ask to pay in the local currency and not in dollars or the currency of your home country or u will be ripped off in the same way.

Its not the first time that I have heard of banks being called greedy bastards, but its the first time I've seen the credit card companies get such an easy ride!

Does anyone have hard data as to what the actual differences are between the exchange rates used by banks on their own ATM/debit cards and those used by credit card issuers?

Not that I would ever use a credit card for an ATM withdrawal - forget the exchange rate - any plusses there I would assume to be gobbled up by the issuing card's transaction and financing fees. Always well down the pecking order as an option for getting cash from your home country bank account into your hot hand in Thailand IMO. It seems to me that the best options in order of best returns (for reasonably significant sums - say $2,500 up - are):

1. Bring cash and exchange it at Super Rich, Pratunam, Bangkok (if you stomach the security risks of carrying cash). Always likely to be the best whatever home currency amounts you are exchanging (but bigger home currency notes attract a slightly higher rate at Super Rich for some currencies)

2. Transfer from home country to Thai bank account specifying your home country's currency, rather than Thai baht to be sent by your bank (may not be cheap for small amounts though - the bank charge is usually fixed rate no matter how much you send).

3. Bring cash and exchange at other good exchange rate booths (including the Super Rich branch locations) on the streets of Bangkok (other tourist locations?)

4. ATM withdrawal in Thailand using home country ATM/debit card (still not sure Aeon are cheaper than others, notwithstanding thier lack of a fee, since I've never seen the exchange rate that Aeon use quoted and compared it to the TT rates usd by other Thai banks)

5. Transfer from home country to Thai bank account specifying Thai baht for the transfer

6. ATM withdrawal using a credit card

Not sure where Western Union fit into this.

It's difficult to be completely prescriptive about the best option because it partly depends on how much you are expecting to exchange.

......AEON ATMs do not offer the Dynamic Currency Conversion rate, so u should be getting the straight Visa or Mastercard exchange rate at the time of the transaction plus any fees from your home card-issuing bank. This should be the case at any Thai ATM if it does not offer onscreen the DCC + of course the 150 baht fee. The 2 best completely fee free cards issued in the UK for cash withdrawals are the N & P building society current account Visa debit card and the Halifax Clarity credit card. The latter only charges 1.29% per month interest on cash withdrawals. But Ive recently caught Halifax manipulating the exchange rate between the time of the transaction and the time when it shows up as a transaction online or on your monthly statement. It is very difficult to notice this unless u make a note of the change in your running balance for every card withdrawal/transaction and compare this with the amount that eventually shows up for the transaction online or on your statement. I just happened to notice it as there was just one isolated withdrawal made on the card while I was in the UK for 6 months. If u do notice this then please do report it to UK trading standards as I have done. It could be yet another UK banking scam where Halifax and maybe other banks r illegally manipulating exchange rates. I no longer trust Halifax and will only use their card now as a back-up to the N&P card.

You also have Metro Bank and Nationwide Flex Direct - these are also free overseas usage cards (you pay local ATM charges)

- the N&P card you mention has some nice free features - if you lose your car or home keys or get locked out you are covered - or if you lose your passport or driving licence and phone call charges to deal with everything are refunded

I have heard recently that ATM's charge 180 baht for Mastercard and 150 for Visa withdrawals - true or not?

I am still curious about TC's

Maximum denomination is Sterling is 200 with a 1.25% - 1.5% charge - Dollars is $1000 and no charge - but you lose on the exchange rate - both have a 33 baht charge on each cheque so you save with the $ TC's - I cannot be bothered to do the equations - to work out where you would stand on 5,000 Sterling using both methods

I like to carry cash but Customs at LHR are getting progressively nosey every time I travel

[TallGuyJohninBKK]

Yes, there's a separate thread about a recent change in Thai bank fees on foreign ATM card withdrawals...

The fee for foreign VISA logo cards remains 150b, but the fee for MC-logo foreign cards is being increased to 180b.

Either way, a better solution if available is to use any AEON ATM, and pay no local ATM fee.

But also, always be aware what kind of fees, if any, you're card-issuing bank may charge for foreign ATM withdrawals.

As mentioned above, AEON ATMs will give you the card networks rate, based on whether you use a VISA or MC. AEON ATMs don't set their own rate or have a lower exchange rate to recoup profits.

[socrates28]

Yes, there's a separate thread about a recent change in Thai bank fees on foreign ATM card withdrawals...

The fee for foreign VISA logo cards remains 150b, but the fee for MC-logo foreign cards is being increased to 180b.

Either way, a better solution if available is to use any AEON ATM, and pay no local ATM fee.

But also, always be aware what kind of fees, if any, you're card-issuing bank may charge for foreign ATM withdrawals.

As mentioned above, AEON ATMs will give you the card networks rate, based on whether you use a VISA or MC. AEON ATMs don't set their own rate or have a lower exchange rate to recoup profits.

I go to Pattaya - there are only 3 there and they are not convenient to my location

Seems like Flex Direct and N&P are the way forward but they have a lower daily withdrawal limit than Metro MC

[krisb]

I don't understand why you guys don't just use debit cards use the credit function at aeon ATMs. No fees or charges and good exchange rate.

[transam]

AEON is always within .3 baht of what Google says. No 150b fee and 30,000b withdrawal limit. Using it for 6 years and check rate every time.

where is/are the aeon atm's in ubon ?

scotty

BigC, Tesco and Sunee .

[ubonrthai]

And 3rd floor of Central near Robinson.

[smacko]

When doing an over the counter withdrawal will you get the visa or mc rate and not the banks crappy rate?