waerth Posted June 1, 2007 Report Share Posted June 1, 2007 I had to withdraw an amount of money from my Hong Kong HSBC account that was larger than the daily max I can take out from other banks ATM's so I decided to go to the ATM of HSBC on Rama IV as I can withdraw (in multiple times) whatever I want as long as I have it on my account. After the third round of withdrawing I got a message that I didn't have enough money in my account ... I was WTF ... I calculated it with ONSHORE rates and I should have enough. So I checked my saldo in Hong Kong on the ATM and indeed more was withdrawn then I had calculated! So I went to the info desk and asked the guy what's up with that it seems you guys gave me the OFFSHORE exchange rates. The guy confirmed this! He explained the following, if as an HSBC account holder you withdrawn from your Hong Kong account through an HSBC ATM, the exchange gets done in Hong Kong for OFFSHORE rates. If I would withdraw my money through another Thai Banks ATM the exchange gets done in Thailand for onshore rates! I went to my interbanking and compared my withdrawels and the exchange rates both through HSBC ATM and Thai bank's ATM's and the guy is right! So you get a better rate when you do not use your own bank ....... weird but through. I lost 2000 baht because of this But I learned a lesson always use other parties ATMs as you get a better rate! Waerth Link to comment Share on other sites More sharing options...
Tiger Moth Posted June 1, 2007 Report Share Posted June 1, 2007 Thanks for the post. Good to know. Link to comment Share on other sites More sharing options...
cavanami Posted June 1, 2007 Report Share Posted June 1, 2007 ...and the bank(s) continue to make $$$...grrrrr Link to comment Share on other sites More sharing options...
The_Munchmaster Posted June 1, 2007 Report Share Posted June 1, 2007 Thanks also. I bank with HSBC in Jersey and when in LOS I withdraw funds as and when I need them from an ATM. Fortunately I'm nowhere near the HSBC ATM's (which aren't located very conveniently for the hightlife areas) otherwise I would probably have used them. :thumbup: Link to comment Share on other sites More sharing options...
rickfarang Posted June 8, 2007 Report Share Posted June 8, 2007 Thank you. Something we wouldn't otherwise know. Link to comment Share on other sites More sharing options...
WorldFun Posted June 11, 2007 Report Share Posted June 11, 2007 Wow I didn't realise that & think perhaps it might not be how all banks or systems work maybe just your hsbbc HK? Was it via visa, cirrus or plus network do you know? ATM/Debit card? Another way to be 100% sure to get onshore rate is by bringing in the cash & then exchanging at the banks. Siam commercial seem to be giving way over the over banks at the moment more than 5% over the oanda.com offshare FX midrate https://www.scbbusiness.com/exchange/bk-txtexchange.htm Link to comment Share on other sites More sharing options...
WorldFun Posted June 11, 2007 Report Share Posted June 11, 2007 Offshore I meant to write obviously. Actually walking into my nearest smaller branch of Siam Commercial I was offered way below their advertised rates. Advertised online today 11jun (pm): SGD notes buying 22.65375. Sold THB to me however as only 22.1237500? Still slightly better than my ATM rate of today(withdrawn yesterday) which comes up as 22.007 net(fee & conversion free in any ATM or Visa retailer worldwide). Anyways perhaps the huge focus on exchange rates now is because the baht remains (too) strong & the offshore rates (as offered overseas mostly intercontinental) are way over the top:banghead: but at least seems easily avoided unless exchanging at home or using an international card issuers branch in LOS like citibank, hsbc etc. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.