Best bank to withdraw $$$ from abroad?

[yzak]

I have a Mastercard debit and I've used it quite a bit at various atms to withdraw cash. I am wondering which banks/atms usually have the best exchange rates? I've been using Bank of Bangkok but other times different banks if the rates on the ATM were better. Any preferences?

Also, other than getting a thai bank account, is there an alternative over the counter way to withdraw cash from a debit card with better rates/lower fees? Thank you~

[Pib]

When you do a counter withdrawal using your card (i.e., Mastercard, Visa, etc) you get the exchange rate provided by the card network (i..e., Mastercard, Visa, etc) not a Thai bank rate.

Same applies for an ATM withdrawal unless the ATM also offers a DCC transaction and you accept...then you'll get a bank rate several percent below the card network rate. Always say No to a DCC transaction/option offer and then continue on with a regular withdrawal to get the higher card network rate.

Now any foreign transaction fees applied by your card-issuing bank will still apply whether it's an ATM or counter withdrawal.

[yzak]

When you do a counter withdrawal using your card (i.e., Mastercard, Visa, etc) you get the exchange rate provided by the card network (i..e., Mastercard, Visa, etc) not a Thai bank rate.

Same applies for an ATM withdrawal unless the ATM also offers a DCC transaction and you accept...then you'll get a bank rate several percent below the card network rate. Always say No to a DCC transaction/option offer and then continue on with a regular withdrawal to get the higher card network rate.

Now any foreign transaction fees applied by your card-issuing bank will still apply whether it's an ATM or counter withdrawal.

Sir, I am very thankful for this knowledge as I never knew that declining the initial prompt for the conversion is something that I could do...wow. I believe what you are talking about is what I am thinking of. Every ATM does ask me if I want to go ahead with the conversion or simply continue. I also said yes to the conversion. This is my error, correct?

I will try at the ATM next time and see if it works. Thank you very much.

Currently, I jump around to different ATMs to check on their rates and just choose the best one on that day because they change regularly and all banks offer different rates. It can be a bit of a hassle so what you have informed me of is greatly helpful and I will ask for the exchange rate provided by my card. Thanks again.

[Pib]

You are welcome. I don't know how you can check Thai bank ATM rates as the banks don't list ATM rates...they only list their TT/Sight Bill/Notes/Draft/Cheque rates. If by chance you were using this currency exchange webpage often referenced in ThaiVisa posts their statement where it says, "For ATM Rates, Select TT Currency Type" well that is a completely bogus status just to generate continuing visits to the website for page count and ad purposes. Now the Thai bank TT Buying Rate will usually be pretty close to card network rates, but the two rates are completely different.

You know why Thai banks don't list their ATM rates, well, it because they use card network rate unless they happen to offer you a DCC rate which you have the option to refuse.

I only use Visa logo cards for ATM and counter withdrawals and have never been offered a DCC transaction option (or whatever warm, fuzzy name the bank may give it to disguise a DCC transaction), but I see folks with Mastercard logo cards seem to be offered DCC transactions frequently.

In case you don't know you can find the Mastercard exchange rate at the Mastercard Exchange Rate Webpage, but unfortunately it's always one business day behind. However, the Visa Exchange Rate Webpage shows the current day rate. Keep in mind the Visa rate is referenced to U.S. Eastern Standard Time which is 12 hours behind Thailand in time...not sure about the Mastercard page reference time zone. Also, note on the Visa page if your card is issued by a European bank their is another link to check as rates for European bank issued Visa cards are slightly different...sometimes the rates are just a tad better...sometimes a tad worst in comparison to a non-European bank issued Visa card.

Edited November 30, 2014 by Pib

[yzak]

You are welcome. I don't know how you can check Thai bank ATM rates as the banks don't list ATM rates...they only list their TT/Sight Bill/Notes/Draft/Cheque rates. If by chance you were using this currency exchange webpage often referenced in ThaiVisa posts their statement where it says, "For ATM Rates, Select TT Currency Type" well that is a completely bogus status just to generate continuing visits to the website for page count and ad purposes. Now the Thai bank TT Buying Rate will usually be pretty close to card network rates, but the two rates are completely different.

You know why Thai banks don't list their ATM rates, well, it because they use card network rate unless they happen to offer you a DCC rate which you have the option to refuse.

I only use Visa logo cards for ATM and counter withdrawals and have never been offered a DCC transaction option (or whatever warm, fuzzy name the bank may give it to disguise a DCC transaction), but I see folks with Mastercard logo cards seem to be offered DCC transactions frequently.

In case you don't know you can find the Mastercard exchange rate at the Mastercard Exchange Rate Webpage, but unfortunately it's always one business day behind. However, the Visa Exchange Rate Webpage shows the current day rate. Keep in mind the Visa rate is referenced to U.S. Eastern Standard Time which is 12 hours behind Thailand in time...not sure about the Mastercard page reference time zone. Also, note on the Visa page if your card is issued by a European bank their is another link to check as rates for European bank issued Visa cards are slightly different...sometimes the rates are just a tad better...sometimes a tad worst in comparison to a non-European bank issued Visa card.

At the ATM, it will tell you the conversion rate, and that is what I mean by checking their exchange rates. Hmm, if the ATMs use my card network rate, then how come each ATM I check gives me a different rate? Was this the DCC rate that you speak of? I will keep my eye out for this DCC crap and insist on using my card network rate which is something I feel better about. Thank you.

[Pib]

Yeap, sounds like you been accepting the DCC rate (i.e., the bank's rate) which is usually around 3 to 4% lower than the card network rate. Thai banks don't post their DCC ATM rate on their websites since their DCC rate sucks, but some do post their credit card DCC rate in at the fine print of their exchange webpages which also sucks and may really be the same as their DCC ATM rate. And if your home country card-issuing bank charges a foreign transaction fee (most do in the 1 to 3% range) they may still hit you with that fee even for a DCC transaction...all depends on the card issuing bank. This would mean you are getting a lower DCC rate and still also getting hit with your card-issuing bank foreign transaction fee...both the DCC lower rate and say a 3% foreign transaction fee could add up to around 6 to 7% in bank fees. Does your card-issuing bank apply a foreign transaction fee? If you don't know, you need to find out.

[DogNo1]

The absolutely cheapest way to withdraw money that I have found is to obtain a no-foreign-transaction-fee credit card from a bank in your home country and then withdraw money using it over the counter at Bangkok Bank. You will incur no charges and will get the Visa or Mastercard conversion rate. You must then make an immediate on-line payment for the amount that you withdraw to your credit card to avoid interest charges which start accruing immediately. The problem with using ATM cards is that there is an ATM usage fee.

[davidsuphan]

Pib & Dog number 1, that's great info that you have posted, thanks from me too.

[yzak]

yeah this is basic stuff that I should have known earlier! thank you kindly~