Flex Card Usage In Thailand

[topfield]

I Have Spent Over A Whole Month Trying To Find Out What Exchange Rate Is Used On Foreign Usage Of N/W Debit/Credit Card And Still Have Not Been Able To Discover The Facts !! Balking, Stalling And Ignorance Again And Again !

Yes, We All Know That The N/W Cards Give The Best Rates With No Charges, No Commission And No Currency Loading...or So They Advertise.

My Question Is WHERE DO THEY GET THEIR RATE FROM, As In One Day The Baht Can Move Several Percentage Points . A Cash Withdrawal Timed Correctly Can Mean Tens Of Pounds More...Or Tens of Pounds less !.

Here's The Position I Have Discovered So Far.

The Rate Used Is The 'Visa' Rate.

So What Is The Visa Rate ?

Answer From Visa : Rate Fixed The Previous Day And Stays The Same Despite All Subsequent Fluctuations. All Further Requests For Info Denied ! The Only Way Therefore To Discover The Facts Is To Experiment. I Have Discovered The Following :

1. Rate Applied Is 'Rate Of The Day.' The Day Starts At 11am Thai Time / 00.00 New York Time.

2. The Rate However Changed From Baht 71.39 To Baht 71.31 Today At 8am Thai Time Even Though The Day Had Not Changed !...that Happened Three Hours Later.

3. Monies Withdrawn Before 4pm Thai Time Are Processed 18 Hours Later When They Appear On Ones Oneline Statement.

4. Monies Withdrawn Later Than 4pm Take 36 Hours To Process When They Appear On Ones Online Statement.

Wow !! This Is Complicated And Still Experimenting And Still Not Got To The Bottom Of This.

Does Anyone Else Know The Facts ? Has Anyone else Experimented /

Edited June 2, 2006 by topfield

[Totster]

Why did you make a new topic...?

Why didn't you just continue the discussion here.. http://www.thaivisa.com/forum/index.php?showtopic=70399&hl=

totster

[PREM-R]

I Have Spent Over A Whole Month Trying To Find Out What Exchange Rate Is Used On Foreign Usage Of N/W Debit/Credit Card And Still Have Not Been Able To Discover The Facts !! Balking, Stalling And Ignorance Again And Again !

Yes, We All Know That The N/W Cards Give The Best Rates With No Charges, No Commission And No Currency Loading...or So They Advertise.

My Question Is WHERE DO THEY GET THEIR RATE FROM, As In One Day The Baht Can Move Several Percentage Points . A Cash Withdrawal Timed Correctly Can Mean Tens Of Pounds More...Or Tens of Pounds less !.

Here's The Position I Have Discovered So Far.

The Rate Used Is The 'Visa' Rate.

So What Is The Visa Rate ?

Answer From Visa : Rate Fixed The Previous Day And Stays The Same Despite All Subsequent Fluctuations. All Further Requests For Info Denied ! The Only Way Therefore To Discover The Facts Is To Experiment. I Have Discovered The Following :

1. Rate Applied Is 'Rate Of The Day.' The Day Starts At 11am Thai Time / 00.00 New York Time.

2. The Rate However Changed From Baht 71.39 To Baht 71.31 Today At 8am Thai Time Even Though The Day Had Not Changed !...that Happened Three Hours Later.

3. Monies Withdrawn Before 4pm Thai Time Are Processed 18 Hours Later When They Appear On Ones Oneline Statement.

4. Monies Withdrawn Later Than 4pm Take 36 Hours To Process When They Appear On Ones Online Statement.

Wow !! This Is Complicated And Still Experimenting And Still Not Got To The Bottom Of This.

Does Anyone Else Know The Facts ? Has Anyone else Experimented /

I know that this has been the subject of another thread but I must reiterate that I use Nationwide cash card in Thailand all the time and have always been happy with it. My card is just a cash card it does not have debit card facility and has no Visa logo on it so therefore I suspect it is not subject to the rates provided by the US visa company.

Did a google and found this:

Lloyds TSB makes a 2.75% foreign currency charge with an additional 1.5% (minimum £2, maximum £4.50) on cash withdrawals and £1 on purchases. Halifax charges 2.75% plus £1.50 on both.

According to data analyst Moneyfacts, Nationwide stands out for not charging a currency conversion or withdrawal fee for taking cash out abroad or on purchases.

Using these figures then a 100 GB pound withdrawal with Lloyds TSB would cost 104.75 GB pounds

The same transaction with Nationwide would cost 100 GB pounds

So it would seem that regardless of what the exchange rate is that Nationwide is cheaper

Nationwide website has this answer to the question of exchange rates applied on cash withdrawals

: The rates reported in the media may be based on large commercial transactions and are not indicative of rates received by the public. Our objective is to provide rates competitive with other retail sources.

[topfield]

Why a new thread ? Because this new thread contained brand new information and unlike the previous thread was concerned with experimentation to discover how the rate is actually arrived at.

Do mean that an thread on, say, toyota cars should exclude future threads on the toyota /

To carry through a no repeat thread rule to its logical conclusion would result in the forum ceasing to exist as every subject had been discussed in the past !

Surely its boring repetition that we want to exclude.... not matters previously raised but discussed in a fresh light.

In addition there are thousands of UK expats who use their flex card every day in Thailand as they would their uk cash in the uk and threads on the nationwide are always of interest as the card is unique among perhaps 500 other credit/debit cards issued in the UK.

[samran]

I knew these threads reminded me of something....and then it stuck me: Bernard Trink

Think about it, this is a currency exchange version of 'Nite Owl'.

A typical BT diatriabe would be as follows:

"Dinty Brand Baked Beans avaiable for 49 baht at foodland Silom, cheaper than the 53 baht charged at foodland Lat Prow. Well worth the 3 baht bus ride for the 4 baht saving"

As compared with Topfield:

"The foriegn exchange desk on soi 7 charges 0.00000000002% more than the foreign exchange desk on soi 9. It must be a conspiracy by some bloke who runs the bank of Thailand called Devakul who the newspapers won't spell his name in an a way that I can understand!!"

Stop the world and let me get off please.

[topfield]

I knew these threads reminded me of something....and then it stuck me: Bernard Trink

Think about it, this is a currency exchange version of 'Nite Owl'.

A typical BT diatriabe would be as follows:

"Dinty Brand Baked Beans avaiable for 49 baht at foodland Silom, cheaper than the 53 baht charged at foodland Lat Prow. Well worth the 3 baht bus ride for the 4 baht saving"

As compared with Topfield:

"The foriegn exchange desk on soi 7 charges 0.00000000002% more than the foreign exchange desk on soi 9. It must be a conspiracy by some bloke who runs the bank of Thailand called Devakul who the newspapers won't spell his name in an a way that I can understand!!"

Stop the world and let me get off please.

FAIR COMMENT ! Everyone has a different attitude to foreign exchange. Most are happy just knowing they get the best rate. But just consider...there are many Brits who use their flexcard for daily expenditure and spend perhaps fifty thousand baht a month . Thats 600,000 a year and if you add holidays , supporting the wife's family etc etc perhaps a million baht a year. Save just one percent on the exchange costs and thats ten thousand baht more to use as spending money.

[Khun Bob]

Topfield - did you get any further with this one ?