Mastercard conversion at ATM

[Chwooly]

I use a us bank and today needed to get money at the ATM, At the end of the transaction there is a question about if I want to use the Mastercard conversion rate, Today it was something like 31.23b/dollar. I just checked my bank and they gave me 31.77b/dollar.

Just a heads up that just blindly accepting the choices on ATMS can cost you some money.

[CharlieH]

Wrong forum

MOVED

[Pib]

I just check the Mastercard rate (latest rate reflected 29 Sep/Mon) and it's 32.1049 baht/USD. The previous rate cover 26-28 (Fri-Sun) was 32.057. Based on the rate you got it's almost exactly 1% lower than the MC rate for 26-28 Sep...so I'm going to assume your home country card-issuing bank applied a 1% foreign transaction fee.

And if an ATM offers a Dynamic Currency Conversion (DCC) rate which may have a warm & fuzzy name like Bank Rate, Home Rate, etc., just say no to DCC and continue on with a regular transaction to get the Mastecard/Visa exchange rate "minus any foreign transaction fee your home country card-issuing bank may apply."

[JohnThailandJohn]

NEVER agree to the conversion rate the ATM offers.

[Pakaty]

If anyone is interested, here is M/C's link for the exchange rate they are giving. You have to chose the date as you can check rates on previous dates but even though you may not be able to select the current date. The most recent date you can select is the rate you will get at that moment. They use Fridays rates on the weekends and we are one day ahead, holidays etc.

https://www.mastercard.com/global/currencyconversion/index.html

And yes, they always give you a better rate than what an ATM will offer you. Select "Continue without conversion".

Edited September 30, 2014 by Pakaty