ATM Exchange Rates

For the past 18 months I have been using the AEON ATM machines to make withdrawals from my US bank account. I have never been charged the standard 150 baht fee on this end that other bank ATM's take, and the exchange rate has always been better than the average rate for all the banks as listed on the following link (the TT rate is the same as ATM rate on this site):

http://bankexchangerates.daytodaydata.net/default.aspx

However, today when I made a withdrawal I went to my computer and saw that the exchange rate given was 10 satang lower than the bank averages. It's not a big deal...only a 200 baht loss, but it made me wonder if ATM transaction exchange rates are updated as often during the day as the rates at a walk-in local bank. Or perhaps AEON has decided that they will now give a less favorable exchange rate in lieu of charging the standard 150 baht fee.

Does anyone out there have any specific knowledge of how that process works with the ATM's so far as the timing for updating exchange rate fluctuations?

Don't know much about it. But yesterday I took out ฿20,000 from a Bangkok Bank atm with a ฿150 "transaction" fee. Total from amount from my USA bank was $642.93. So total rate was about 31.11including the "transaction" fee. If that helps.

Hi,
Just been checking on my Lloyds offshore bank statment. from there I.O.M. branch. Any withdrawal made at a ATM, in Udon, has the exchange rate for the withdrawal, printed on the statment. One was a seven digit number for the ex. rate. Does that mean that your own bank puts the ex. rate in. Never thought about it before. Just usually put a months wages in a Thai bank account, from my own bank at home, and withdraw it every week, this also cuts out the 150B charge.

douglas wrote:Hi,
Just been checking on my Lloyds offshore bank statment. from there I.O.M. branch. Any withdrawal made at a ATM, in Udon, has the exchange rate for the withdrawal, printed on the statment. One was a seven digit number for the ex. rate. Does that mean that your own bank puts the ex. rate in. Never thought about it before. Just usually put a months wages in a Thai bank account, from my own bank at home, and withdraw it every week, this also cuts out the 150B charge.

Douglas, I'm just guessing here, but I'd say that when you use a local bank's ATM to withdraw money from a foreign bank, the local bank uses an international clearing house which gives them the equivalent in Thai Baht based on a current exchange rate, and they pass on to you an amount in Baht which is measured by that bank's own particular exchange rate at the time. You can see from the following link, http://bankexchangerates.daytodaydata.net/default.aspx , that exchange rates can vary between Thai banks from 7-10 satang at any given time during the day.

So, are you saying that you are withdrawing money from your offshore account, then making a physical deposit into your local bank, or are you somehow directly transferring that money online bank to bank to avoid the 150 baht local ATM fee on foreign transactions? My bank in the US does not give me that option with their online banking services.

Just got a new ATM card from HSBC a few weeks ago and on the paper under Foreign Transaction it says a lot of mombojumbo, but states that the exchange rate comes from MasterCard International Inc. "and is further increased by a % established from time to time by us (currently 3%)......

I monitor the exchange rate i get compared to the current interbank rate. As said above, I think it goes through an international clearing house and depends on the rate at the time it goes through there. Generally, the exchange rate is about 1% less than the interbank rates (presumably fee from clearing house) - this roughly corresponds with the rates displayed by Thai banks. I do find that different cards give different rates, even though used in an ATM machine at the same time. One bank consistently gives me a better rate (using Mastercard) than the other (using Visa). Also fees and charges are on top. I am lucky to have a 'fee free' credit card so prefer to use this as it saves about 100 baht a time (even allowing for interest).

HSBC are one of the more expensive options. Even if only saving 1% on the fees that can save 5,000 baht a year if card is main source of cash.

Foreign currency deposit Bank of Ayudhya!

http://www.krungsri.com/en/sme-detail.aspx?did=89[/u]

give You details of this unique possibility for You to transfer funds to an FCD account.
You get an ATM card to use nationwide with Bank of Ayudhya branches. No charge of Baht 150 per withdraw.
Rate of exchange to Baht is the actual TT (Tele Transfer) rate quoted online 4 times per day.
For instance today the following currencies deposit are available:
11 currencies (1 account per currency) : USD, GBP, EUR, JPY, AUD, CHF, HKD, SGD, NOK, SEK, DKK.
Very simple to use but read for yourself from above link.
Kind regards from
Maxeboy

hi,
When i bought my house i went to a few Udon banks. They all said the same, your can withdraw 200,000B a day without informing your home bank what the money was for. Above this you have to inform your home bank what the monies were for. I did this and withdrew, from my debit card, 200,000B a day for five days. Took about five mins. each day. They asked me if i wanted the money transfered to LOS in sterling and changed to B in LOS. I also saved a lot of money this way.
I now get my money sent out here, each month, in sterling and put in the bank. I use their ATM card to withdraw monies each week, thus not paying the 150B ATM rate, plus my home banks overseas withdrawal rate, and get a better ex. rate. Us pensioners have to watch our pennies. Please got into a bank and check.

Douglas
I bought a house some time ago. Went into SCB asked for 800,000 baht. They swiped my debit card,took a copy of my passport and paid it into my SCB current account. No charges and good exchange rate, apart from the 2% Nationwide charge in UK. I do the same every month (not 800,000). I then use my SCB debit card to draw out money when I need it. No ATM charges. One thing I found out when I used the SCB debit card in Khon Kaen I was charged 30 baht. asked SCB why? cause I used it in another city T.I.T