ATM conversion option

[HLover]

When withdrawing foreign funds from an ATM, the option to 'continue with conversion- yes/no' option is displayed. I am a mathematical moron and would like to know how to get the best rate, based on this perplexing question.

[Crossy]

Click "NO".

[HLover]

Can you explain why? This has vexed me for years.

[Crossy]

Can you explain why? This has vexed me for years.

The option for DCC (Dynamic Currency Conversion) uses a rate, which, whilst they tell you what it is, is pretty carp.

Clicking 'NO' will get you the prevailing Visa / Mastercard rate in force when the transaction goes through. You won't know what it is when you withdraw the cash, but you can guarantee it's better than the DCC rate.

The same applies if using your overseas credit card, always get charged in Baht if asked if you want Baht or home currency.

[KhunBENQ]

It has been discussed multiple times in the forum.

NEVER accept an option that offers to convert to your home currency right at the transaction.

I will be praised with warm words but does not tell about the terrible rates that will be applied by the ATM operating Thai bank.

Cancel the transaction when asked to confirm an amount in your home currency.

Always in Baht. Conversion will be done by the card issuing organization/bank at much better rates.

Edited March 20, 2016 by KhunBENQ

[Kaoboi Bebobp]

Thank you. One great mystery explained. LOL

[mikebell]

I am going on holiday to Vietnam & want Dong and/or $. I have a choice of cards: UK or BKK bank. Which would be better to use if needed in Vietnam?

[wcoast]

Mikebell get dong for spending in Vietnam, you'll get screwed with fx rates and your change by vendors etc. Assuming you mean credit card, choose the one with the lowest fx charge, usually 2.5%, better yet buy your dong in Thailand at an fx shop like SuperRich

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[HLover]

Thank you for the insight, mods can close if they want, thanks to Thai Visa.

[mikebell]

Mikebell get dong for spending in Vietnam, you'll get screwed with fx rates and your change by vendors etc. Assuming you mean credit card, choose the one with the lowest fx charge, usually 2.5%, better yet buy your dong in Thailand at an fx shop like SuperRich

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Will do, thank you Mr Coast.