Lusty Posted September 11, 2002 Report Share Posted September 11, 2002 Could someone enlighten me as to who decides what exchange rate I get if I use my current account ATM card.By this I mean my bank in the UK or the bank in Los of who's ATM I'm using?The reason I ask this is that if I change £100 into baht in the UK I'll get 5500bht and if I do the same in Thailand I'll get 6400 ish baht.Big difference.Thanx. Link to comment Share on other sites More sharing options...
bibblies Posted September 11, 2002 Report Share Posted September 11, 2002 It's Visa or Mastercard that decide the rate. They take it from the daily money markets, so you end up getting a exchange rate that's very competitive with those you see on the Thai currency exchange booths. Link to comment Share on other sites More sharing options...
lopburi3 Posted September 11, 2002 Report Share Posted September 11, 2002 Your home bank sets the method for the exchange rate of ATM transactions. It should be spelled out in their electronic transactions information (at least that is what it is called in the USA). Normal method for most US banks is to use the interbank exchange rate minus 1%. Your home bank will also charge their normal fee for using an atm outside of their system so it is best to make each exchange for a large amount. It is never (almost?) wise (someone may find an exception) to exchange money in your home country as the fees involved are normally very high. Link to comment Share on other sites More sharing options...
BelgianBoy Posted September 11, 2002 Report Share Posted September 11, 2002 Rusty, Here is my experiences and advice for you : - never change money at home, you always loose - do change your cash money at the airport or at a bank, also never do that in a hotel ! - Credit card take out wit ATM : credit company decides on exchange rate, but it is always slighly better than a bank, BUT there is a flat fee of 3.0 % to pay !!! bear that in mind...... What I now do ? I bring in cash and deposit it on my account with a Thai bank and I have a Visa electron card ( cost 300 Bt per year ) which is not a credit card, but a debet card allowing me to use the ATM just as anybody else and avoids me having loads of cash on me. Cheers ! Link to comment Share on other sites More sharing options...
greg Posted September 11, 2002 Report Share Posted September 11, 2002 I think the exchange rate is deceided by the issuing back. Before I left for Thailand 2 months ago the rate in the UK was 55 bht to the pound. I get here and its around 63 - 65 always change over here. As you are a frequent to LOS it maybee worth opening a Flex account with Nationwide. Then when you next come over put the cash in this account. The rate is always good and there is NO COMMISION at all. I am currently getting about 64 to the pound using a Nationwide debit card. Link to comment Share on other sites More sharing options...
Guest Posted September 12, 2002 Report Share Posted September 12, 2002 BB is correct about the 3% fee IF you are using a Credit Card. Best to use a debit card on your own home account. Only fees would be the ones for use of a debit card outside your home bank. (usually $1-2 per transaction) There are 2 major systems in use...Cirrus and Plus. The back of your debit card will show you which system they are cannected with. This way you get to keep your own money in your own account....and get the best online electronic exchange rates. Naturally there are caveats with anything that says "Electronic" and "Thailand" in the same paragraph. Not all cards work at all banks even though they display the appropriate symbols. Be prepared to find the ones that work for your card. I use both systems and find Bangkok Bank and Thai Military to be the most reliable. Some banks in the smaller places, even CM, fail to put enough money in their systems, especially on long weekends. Often by Sat. noon the ATM is litterly out of cash and won't be refilled until the next working day. So plan ahead. Lots of Luck Link to comment Share on other sites More sharing options...
Lusty Posted September 12, 2002 Author Report Share Posted September 12, 2002 Thanx for the feed back lads. Link to comment Share on other sites More sharing options...
solar Posted September 12, 2002 Report Share Posted September 12, 2002 If you are from the UK, Nationwide are offering a Visa card that do not charge commission and only 0.5% withdrawal fee. You also get 1% cashback for first 6 months and 0.5% thereafter. Link to comment Share on other sites More sharing options...
billywan Posted September 17, 2002 Report Share Posted September 17, 2002 Just have a general question. If I use my ATM card to withdraw US $300, is all of the money in 100 baht notes? Seems one would end up with quite a fistful of 100 baht notes if one exchanged 300 to 500 US. Better to go to the bank and exchange cash for baht?? Looking forward to my first trip to LOS next month. Link to comment Share on other sites More sharing options...
gene1944 Posted September 17, 2002 Report Share Posted September 17, 2002 Billywan said: If I use my ATM card to withdraw US $300, is all of the money in 100 baht notes? Seems one would end up with quite a fistful of 100 baht notes if one exchanged 300 to 500 US Uusally the machine will give either 500 baht or 1000 baht notes and the denominations you will get depends on the bank sponsoring the ATM rather than the amount withdrawn. Also, you withdraw by specifying baht amounts. ie 10000 baht is about $230 and 20,000 is about $460 now. Some banks limit you to withdrawing 10,000 baht from the ATM but you can go inside the bank (if it is open) and get more. You can also specify a lesser amount to withdraw at the ATM. Link to comment Share on other sites More sharing options...
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