bkk bank and k-bank low exchange rate

[mrmicbkktxl]

HI I noticed now a few times bkk bank atm's and k-bank atm's are kind of cheating

for example on july27th 1euro=37.69thb buyingrate bkk bank, but in real I got only 37.62thb

a few months back I always got 1.5% more than the buying rate was.

It's not to much but I think the 180thb they charging is enough.

Is there a reason for lower rate?I was using foreign ATM card not a creditcard

[Pib]

The bank's buying rate, like the TT Buying Rate used for incoming wire transfers, is "not" the rate you get when you use your card in an ATM or counter withdrawa unless you selected a DCC transaction. The two rates are always close to each other but that's just by chance/due to competition.

The rate you get is the card-network rate, that is the Visa, Mastercard, Union Pay, etc., rate...the rate is set by the card-network; not by the bank. The only time a bank ATM would offer a different rate is if the ATM happen to offer you a Dynamic Currency Conversion (DCC) selection/rate that they are probably not going to call DCC but instead some warm & fuzzy name like Bank Rate, Home Rate, etc. DO NOT accept a DCC transaction due to the 3 to 4% lower exchange rate...decline and continue on to get the card network rate (i.e, the Visa/Mastercard/etc rate).

To determine the Visa or Mastercard exchange rate you must go to their exchange rate websites:

Visa: http://usa.visa.com/personal/card-benefits/travel/exchange-rate-calculator.jsp

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

Now, the TT Buying Rate and Visa/Mastercard exchange rates are usually pretty close say plus or minus a 0.5%....sometime the Visa/Mastercad exchange rate is a little better than the TT Buying Rate...sometimes vice versa. Also, there is always one or two business day lag between Forex rates that are changing by the second compared to the card network rates as card network rates generally only change once a day, where TT Buying Rate can change numerous times during the day depending on how volatile the forex market is. And be sure to take into account any foreign transaction fee your "card-issuing" bank may apply in addition to the Thai bank ATM Bt180 fee.

Summary: card network and TT Buying Rates are usually pretty close...you get the card-network exchange rate and not the TT Buying Rate....use the Visa/Master card exchange rate pages to determine the rate....and don't forget any fees that effectively lower your rate...and DO NOT accept a DCC transaction.

[mrmicbkktxl]

Thanks for clarification

[pgardiner]

not knowing the technicalities I would say yes, they are giving you a very low rate to improve their profitability

[aussiebrian]

The bank's buying rate, like the TT Buying Rate used for incoming wire transfers, is "not" the rate you get when you use your card in an ATM or counter withdrawa unless you selected a DCC transaction. The two rates are always close to each other but that's just by chance/due to competition.

The rate you get is the card-network rate, that is the Visa, Mastercard, Union Pay, etc., rate...the rate is set by the card-network; not by the bank. The only time a bank ATM would offer a different rate is if the ATM happen to offer you a Dynamic Currency Conversion (DCC) selection/rate that they are probably not going to call DCC but instead some warm & fuzzy name like Bank Rate, Home Rate, etc. DO NOT accept a DCC transaction due to the 3 to 4% lower exchange rate...decline and continue on to get the card network rate (i.e, the Visa/Mastercard/etc rate).

To determine the Visa or Mastercard exchange rate you must go to their exchange rate websites:

Visa: http://usa.visa.com/personal/card-benefits/travel/exchange-rate-calculator.jsp

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

Now, the TT Buying Rate and Visa/Mastercard exchange rates are usually pretty close say plus or minus a 0.5%....sometime the Visa/Mastercad exchange rate is a little better than the TT Buying Rate...sometimes vice versa. Also, there is always one or two business day lag between Forex rates that are changing by the second compared to the card network rates as card network rates generally only change once a day, where TT Buying Rate can change numerous times during the day depending on how volatile the forex market is. And be sure to take into account any foreign transaction fee your "card-issuing" bank may apply in addition to the Thai bank ATM Bt180 fee.

Summary: card network and TT Buying Rates are usually pretty close...you get the card-network exchange rate and not the TT Buying Rate....use the Visa/Master card exchange rate pages to determine the rate....and don't forget any fees that effectively lower your rate...and DO NOT accept a DCC transaction.

Different banks give different rates. Nothing to do with if you have a visa/mastercard. It is the bank that sets the rate. I have a Citibank visa debit card from Australia and unlike most Australian banks, there are no fees from the Australian side, just the normal 180 Baht from the Thai bank. Try this site, usually is fairly accurate. UOB normally gives the best rate. http://bankexchangerates.daytodaydata.net/default.aspx

Edited July 31, 2015 by aussiebrian

[Pib]

Different banks give different rates. Nothing to do with if you have a visa/mastercard. It is the bank that sets the rate. I have a Citibank visa debit card from Australia and unlike most Australian banks, there are no fees from the Australian side, just the normal 180 Baht from the Thai bank. Try this site, usually is fairly accurate. UOB normally gives the best rate. http://bankexchangerates.daytodaydata.net/default.aspx

You are so incorrect. You get the card network rate unless accepting a DCC transaction which gives you a bank rate 3 to 4% lower. Even the website you gave says use the card network exchange rate links they give to determine ATM rates. I've done hundreds of ATM transactions in Thailand with my no foriegn transaction fee cards...I've always got the Visa/Mastercard exact exchange rate. Edited August 1, 2015 by Pib

[aussiebrian]

Different banks give different rates. Nothing to do with if you have a visa/mastercard. It is the bank that sets the rate. I have a Citibank visa debit card from Australia and unlike most Australian banks, there are no fees from the Australian side, just the normal 180 Baht from the Thai bank. Try this site, usually is fairly accurate. UOB normally gives the best rate. http://bankexchangerates.daytodaydata.net/default.aspx

You are so incorrect. You get the card network rate unless accepting a DCC transaction which gives you a bank rate 3 to 4% lower. Even the website you gave says use the card network exchange rate links they give to determine ATM rates. I've done hundreds of ATM transactions in Thailand with my no foriegn transaction fee cards...I've always got the Visa/Mastercard exact exchange rate.

I never use DCC. Well why is it then if you make 2 withdrawals using the same Visa debit card at 2 different bank ATM's within a minute of each other, one at UOB and the other at Bangkok bank, you get 2 different exchange rates? I have done that many times, and always get different rates.

On the site I sent it says "This site was created to save you money by allowing you to easily compare the current foreign exchange rates at various banks. " It also says "For approximate ATM rates, select the TT currency type. See also Mastercard rates, Visa USA rates and Visa Europe rates."

Edited August 1, 2015 by aussiebrian

[Pib]

Correct...as I mentioned earlier the TT Buying Rate used for incoming wire transfers and Card network rates are usually pretty close to each other...like that website says the TT would give you an "approx" rate. For the exact rate go to the card network exchange rate pages.

I frequently use TMB and Krungsri ATMs since the allow 30k baht per withdrawal...and use to use AEON ATMS....all withdrawals always matched the card network rate. I have occassionsly used a Bangkok Bank ATM...once again I got the exact card network rate.

All my credit card purchases always match the card network rate also.

Edited August 1, 2015 by Pib