atm

[allatsea2000]

Hi guys, just found out that it is a better exchange rate withdrawing money through atm card/visa as opposed to taking d0llars over and exchanging.

At present it is showing on bangkok post that the currrent excange for aussie dollars to baht is 28.11/1 aussie dollar. Just wondering if anybody knows the difference is i were to withdraw using atm card at machine. I have found out that my bank will charge me $5 for every withdrawel. So just trying to figure out the lurjistics of it all. Is it worth it

thanks for the info

see u in february.

[jai-dee]

Go to your bank's website and compare their exchange rate with that in Thailand. Then read the fine print in the rules and conditions for your account to see how much (if any) they take off the rate in addition. Some banks take up to 2% off every currency conversion.

 

The best rate you can get is by cashing commission-free (AUD denominated) travellers cheques in Thailand.

[lopburi3]

The very fine print in your banks electronic funds agreement should spell out the method used (at least in the US they do) and it is usually about 1 or 2 percent less than the bank-to-bank (interbank) rate. But you really need someone using the same bank to give you the date/time of exchange and what it cost him to be sure. There are normally no fees at the Thailand end but there might be a hidden clearing system fee as have never been able to get exchange rate to work out exactly to any published rate. Five dollars seems kind of high so you will want to take the most you can each time (usually 20k) if your daily limit allows. You can probably expect an exchange rate just a little less than the listed rate for wire transfer (or whatever the Post calls it).

[Guest]

Hi. Mr. 2000

 

For the most part i only use OZ ATM cards in Thailand rater than travellers cheques, due mainly to convienience and a better exchange rate than other methods. I use 2 national cards with the "Plus" symbol on the back and a national mastercard with the "cirrus" symbol. I get charges $4 dollars a transaction and the exchange rate is based on what the national bank rates is ...not the thai rate.

 

However do be carfull not to put all your eggs in one basket. I also have a westpac ATM card with the "cyrus" symbol BUT it has never worked in thailand even though the westpac bank insist that it does. I have both of my national cards (the mastercard and the chq and savings account) linked and have my internet banking capability activated. I never use my credit card in ATMs due to my fear of losing it, but i can transfer money between all Three accounts by internet in the event of one card being eaten by the atm. I also take a small amount of notes ($200) and maybe a small amount of travellers chqs just in case something goes horribly wrong.

 

hope this helped

[lopburi3]

Friday close as listed for USD at SCB web page gives a good indication of what is good and what is not.

 

Telex transfer rate 39.82

Travelers check 39.72

Cash $50-100 39.55

Credit card cash 38.72

Credit card sales 39.22

 

So if you can obtain free travelers checks they would give best return (even with the small stamp charge). In second place for most would be cash in $50-100. Just slightly lower would be atm/debit with charge of one percent (believe that is about the best you will find). Third would be a sales charge to a credit card. And very low on the list a cash advance charged to a credit card.

[Grumpy]

I use a Westpac Bank ATM card to withdraw from (Cirrus network) Thai ATMs. Westpac charge a AUD5 fee for the overseas withdrawal. As I also use internet banking I can check on the rate immediately and find the rate, with or without the $5 fee, is not as good as T/Cs or cash rate displayed at the exchange bureaus. T/Cs have the added upfront purchase cost, and the THB23 fee for changing them at exchange bureaus. The convenience of the ATM withdrawal wins it for me every time. I just take out THB20,000 each time so as to lessen the impact of the bank fee.

 

Cheers,

Grumpy

[allatsea2000]

thanks for the response. The rate is the same as suncorpmetway who i am with, so i suppose i just need to do the maths. ATM seems to be the way to go for convennience, do u ever have any problems withdrawing money on your card,. Probably be in bangkok, ko samet, ko chang, maybe hui hin, and pattaya, what r ur thoughts

[Grumpy]

I travel with 2 ATM cards that operate on separate accounts. The 2nd card is just for backup. If the first is lost/swallowed/f*ks up, then I can transfer money between accounts via internet banking and swap to the backup card. I've never had any problems using the cards in Thailand.

[lopburi3]

There must be an online connection to authorize withdrawal so that can be a problem at times, especially upcountry. There used to be a very short timeout on very poor lines so often the card could not be approved before it was called all kinds of things (illegal/fraud/etc) by the local computer programs. Believe most of those type programs have been replaced and lines are much better in the last few years. It is quite reliable but I would keep at least a day or two worth of cash or travelers checks just in case. And best to have two cards; even if one is a credit card. Another thing to remember is that credit cards look for out of ordinary transactions and can disapprove a charge even when plenty of credit is available. In home country the merchant gets note to call bank for clearance but here the clearing bank just says disapproved and they assume you are overdrawn. So don't panic that someone has charged all your credit limit if you get declined.

[rovineye]

So if you can obtain free travelers checks they would give best return (even with the small stamp charge). In second place for most would be cash in $50-100. Just slightly lower would be atm/debit with charge of one percent (believe that is about the best you will find). Third would be a sales charge to a credit card. And very low on the list a cash advance charged to a credit card.

 

Fourth on the list would be changing money at the airport at point or origin, fifth would be changing money at the hotel, and last and cetainly least, Western Union!