Credit card cash withdrawl over the counter

[magic69]

Hi guys

I've always used travelers cheques in the past cos I'm a safety guy. However the cost and increasing restriction of cashing them has pushed me toward the Halifax clarity credit card (uk). This card offers visa exchange rate no commission on cash withdrawl. There is a small interest charge but this can be overcome with Internet banking.

 

My plan had been (after speaking to another bm) to go into the bank and withdraw 25,000 baht every few days. Thus avoiding the rip off 180 baht atm charge.

 

HOWEVER another bm (who seems like an intelligent bloke) has heard stories of a thai bank converting the baht to sterling rather than doing what they should do which is just process the transaction in baht for visa and my bank to convert.

 

I've been searching PA for stories of this but can't find any. Anyone any stories conforming or denying this first hand?

 

Ps i know atms (and i assume in branch) will offer to convert for you and i know you should ALWAYS decline this "kind" offer.

[Scumbag]

Ps i know atms (and i assume in branch) will offer to convert for you and i know you should ALWAYS decline this "kind" offer.

I think there is some confusion here. If using an ATM it is companies such as Visa or Mastercard that do the conversion. The local bank has no other option.

 

I think you are getting confused with the situation where you use the card in a shop. You may be offered to be charged in your own currency rather than the local currency. Always refuse this.

[magic69]

Plenty of atms offer to convert scumbag. Certainly in Europe and I'm told in pattaya as well. Of course that's a bad idea as it will always be in the banks favour. But a guy on another thread claimed they did this in branch as well. I'd have ignored him if he sounded like a loon but seemed to know what he was talking about.

[Ru4Real]

I think there is some confusion here. If using an ATM it is companies such as Visa or Mastercard that do the conversion. The local bank has no other option.

 

Some ATMs do ask you if you want to use their conversion (which I decline). If it was the Mastercard/Visa rate why would they even ask?

[Scumbag]

Plenty of atms offer to convert scumbag. Certainly in Europe and I'm told in pattaya as well. Of course that's a bad idea as it will always be in the banks favour. But a guy on another thread claimed they did this in branch as well. I'd have ignored him if he sounded like a loon but seemed to know what he was talking about.

Sure you get Thai Baht out but there is no other option. However, what I am saying is that it is not the local bank (or even your own bank) that does the converting but Visa or Mastercard. I have used ATMs in many countries (including Thailand many times) and have never been given an option for the local bank to do the conversion rather than Visa/Mastercard. This is the reason why Thai banks have introduced a fee (ie they do not make any money from the conversion). When you use a foreign ATM you will always get the Visa/Mastercard rate plus charged your own bank's fee (if it has one) and the local bank's ATM fee (if it has one).

 

It should be exactly the same if you go into a bank branch except you may avoid the ATM fee. If you find a branch that wants to charge your CC in GBP rather than THB move on to another bank.

 

In any case using ATMs to get your money with a low fee account will be a better deal than TCs. I would just go with the card and see what you can work out once you get here. When using a card always make sure that you have a second method of accessing funds. Keep in mind that Thai ATMs will eject the money before the card. That might not seem important but it makes it very easy to walk away from the machine without the card. Unless the ATM is attached to the bank your chances of getting it back are small.

[Scumbag]

Some ATMs do ask you if you want to use their conversion (which I decline). If it was the Mastercard/Visa rate why would they even ask?

As I have just posted I have used ATMs in many countries (probably 100's of times) and have never been asked this question. Which ATMs ask this as it would be useful for people to know about it? You will not be asked this when using an SCB or Bangkok Bank ATM.

[Ru4Real]

I also have used ATMs in many countries (I haven't used any other method for about 15 years) and can assure you there is at least one Thai bank that asks. As I don't have a "favourite bank" not sure which but have a feeling it could be the yellow ones (Bank of Ayudhya?).

 

Edit:

 

Here's an example of Krung Thai ATMs using their own rate - http://thaiexpatinfo.blogspot.com.au/2015/06/how-to-avoid-thai-atm-exchange-rate-scam.html

[Harvey707]

Hi guys

I've always used travelers cheques in the past cos I'm a safety guy. However the cost and increasing restriction of cashing them has pushed me toward the Halifax clarity credit card (uk). This card offers visa exchange rate no commission on cash withdrawl. There is a small interest charge but this can be overcome with Internet banking.

 

My plan had been (after speaking to another bm) to go into the bank and withdraw 25,000 baht every few days. Thus avoiding the rip off 180 baht atm charge.

 

HOWEVER another bm (who seems like an intelligent bloke) has heard stories of a thai bank converting the baht to sterling rather than doing what they should do which is just process the transaction in baht for visa and my bank to convert.

 

I've been searching PA for stories of this but can't find any. Anyone any stories conforming or denying this first hand?

 

Ps i know atms (and i assume in branch) will offer to convert for you and i know you should ALWAYS decline this "kind" offer.

 

My apologies if I confused that issue slightly. (I got your PM but will answer here)

 

When you use the ATM the rate you are supposed to receive is the floating updated minute by minute Mastercard/Visa rate. It doesn't matter for example which Bank ATM you use.  When I have done routines checks after it appeared in online Banking it is very much spot on.

 

Now like you I used to use the AEON ATM's that didn't charge the 180 Baht (or 150 as was then) so when they decided to join the Cartel and charge I decided for the first time to go for a Counter Withdrawal with one of my Cards.

I went to SCB as I have fairly large account there. First problem was "go use ATM Sir"

 

Tactfully politely I asked again got "the look" and sit down Sir.  Now I knew what the Mastercard rate was within 5 satang anyway

 

Girl swiped Card I signed the Slip for 20,000 duly received it and on my way

 

When it appeared in online Banking it was 1.17 Baht lower than what I had expected. I was charged effectively 410 Baht for not using the Machine.

 

Went on Thaivisa where there's a myriad of Posts/threads over same subject not just SCB but the others as well all suggesting that you do not receive the Mastercard/Visa rate but a lower one.

 

I'm not saying this is dynamic conversion as that is even worse, but somewhere in between.

 

The only way to truly test it with the Halifax is draw £250 from ATM and then the same as a Counter Withdrawal. I know the Halifax is £500 daily.

 

Wait till it appears online to see what rate was applied etc

[ngmassive]

i used my halifax clarity credit card at krungsi bank over the counter many times, i always got a good exchange rate, with no charges, around the same rate i could get with cash, i never asked the about them converting it from sterling or not. will use krungsi again on future trips, as i have allways been happy with them, and the rates they have given me.

[Harvey707]

i used my halifax clarity credit card at krungsi bank over the counter many times, i always got a good exchange rate, with no charges, around the same rate i could get with cash, i never asked the about them converting it from sterling or not. will use krungsi again on future trips, as i have allways been happy with them, and the rates they have given me.

 

You may well get the same rate with the Card as Krungsri cash rate, but it will be well below what TT and Yenjit will offer for Cash.  

[ngmassive]

You may well get the same rate with the Card as Krungsri cash rate, but it will be well below what TT and Yenjit will offer for Cash.  

just looked at my statement and i got 52.91 baht a £ at krungsi, the same or more than some of the cash exchanges at the time a few months ago. so it has never been well below the cash rate for me thanks.

[chippysam]

Used the Clarity card earlier this year , used SCB ATM close to April Suites found the MasterCard exchange rate very close the cash changers round Pattaya klang and soi bukhao .Was offered either the SCB rate for sterling or card rate for baht. Only cost the 180 baht for 40000 baht .

Tried Kasikorn over the counter and the rate was not quite as good as the card rate .Also compared visa rate to MasterCard rate in same ATM found the MasterCard rate was a good bit better . Paid the Clarity card with internet banking while in Pattaya, checked on return and found no charges at all on the account, would recommend this card

[Lambik]

I withddraw with my MasterCard at the counter since a very long time, the rate is between the T/T & Notes rates.

A few months ago the S.C.B. started to charge me 180 ThB for this operation ( " Communication Fee ").

[Ru4Real]

That sucks, the SCB is was my "go-to" bank whenever I need to do over the counter. Anyone know if other banks have started it?

[Harvey707]

just looked at my statement and i got 52.91 baht a £ at krungsi, the same or more than some of the cash exchanges at the time a few months ago. so it has never been well below the cash rate for me thanks.

 

Ok well just looked for live Prices. Krungsri live updated is 54.01

https://www.krungsri.com/bank/en/Other/ExchageRate/Todayrates.html

 

Yenjit Live is 54.40

http://www.yjpattayaexchange.com/4.html

 

Not a huge difference but 400 odd baht difference on a £1,000

[Harvey707]

Used the Clarity card earlier this year , used SCB ATM close to April Suites found the MasterCard exchange rate very close the cash changers round Pattaya klang and soi bukhao .Was offered either the SCB rate for sterling or card rate for baht. Only cost the 180 baht for 40000 baht .

 

 

Clarity limit is normally £500. How did you get 40,000 Baht out on one draw...??

[Lambik]

S.C.B ATM max 20.000 ThB a time, Bangkok Bank 25.000 ThB, some banks are allowing 30.000 ThB.

The ATM are programmed for a certain number of banknotes.

[Harvey707]

S.C.B ATM max 20.000 ThB a time, Bangkok Bank 25.000 ThB, some banks are allowing 30.000 ThB.

 

 

Krungsri is 30,000 Baht as long as your own Bank covers that amount in one draw

[magic69]

As I have just posted I have used ATMs in many countries (probably 100's of times) and have never been asked this question. Which ATMs ask this as it would be useful for people to know about it? You will not be asked this when using an SCB or Bangkok Bank ATM.

Most banks in Spain and prague gave this option, as did the ones i used in the usa and morrocco. Can't speak for the whole world.

[sabato]

Sure you get Thai Baht out but there is no other option. However, what I am saying is that it is not the local bank (or even your own bank) that does the converting but Visa or Mastercard. I have used ATMs in many countries (including Thailand many times) and have never been given an option for the local bank to do the conversion rather than Visa/Mastercard. This is the reason why Thai banks have introduced a fee (ie they do not make any money from the conversion). When you use a foreign ATM you will always get the Visa/Mastercard rate plus charged your own bank's fee (if it has one) and the local bank's ATM fee (if it has one).

 

It should be exactly the same if you go into a bank branch except you may avoid the ATM fee. If you find a branch that wants to charge your CC in GBP rather than THB move on to another bank.

 

In any case using ATMs to get your money with a low fee account will be a better deal than TCs. I would just go with the card and see what you can work out once you get here. When using a card always make sure that you have a second method of accessing funds. Keep in mind that Thai ATMs will eject the money before the card. That might not seem important but it makes it very easy to walk away from the machine without the card. Unless the ATM is attached to the bank your chances of getting it back are small.

Kasikorn bank was definitely doing this a few years back, was about $25 worse off for it. I only hit 'yes, proceed with conversion', since I was an idiot and thought hitting no would have cancelled the transaction.

[sabato]

My apologies if I confused that issue slightly. (I got your PM but will answer here)

 

When you use the ATM the rate you are supposed to receive is the floating updated minute by minute Mastercard/Visa rate. It doesn't matter for example which Bank ATM you use.  When I have done routines checks after it appeared in online Banking it is very much spot on.

 

Now like you I used to use the AEON ATM's that didn't charge the 180 Baht (or 150 as was then) so when they decided to join the Cartel and charge I decided for the first time to go for a Counter Withdrawal with one of my Cards.

I went to SCB as I have fairly large account there. First problem was "go use ATM Sir"

 

Tactfully politely I asked again got "the look" and sit down Sir.  Now I knew what the Mastercard rate was within 5 satang anyway

 

Girl swiped Card I signed the Slip for 20,000 duly received it and on my way

 

When it appeared in online Banking it was 1.17 Baht lower than what I had expected. I was charged effectively 410 Baht for not using the Machine.

 

Went on Thaivisa where there's a myriad of Posts/threads over same subject not just SCB but the others as well all suggesting that you do not receive the Mastercard/Visa rate but a lower one.

 

I'm not saying this is dynamic conversion as that is even worse, but somewhere in between.

 

The only way to truly test it with the Halifax is draw £250 from ATM and then the same as a Counter Withdrawal. I know the Halifax is £500 daily.

 

Wait till it appears online to see what rate was applied etc

I keep a careful eye on the fx rates for OTC withdrawals, as it comes up on my statement in AUD making me suspicious (where an ATM will show THB), but the receipt clearly shows THB on the withdrawal.. If they are doing their own conversion, it's not so bad, I think it's just the TT fx rate that you would get at their money changer booth. One day it seemed very close to the fx cross rate, another day about 1.5% worse (~3% spread, which is, sadly, the current AUD spread at many money changers). In both cases I took note of the fx cross rate near the time of withdrawal, and later compared it to actual conversion rate.

 

If you get the request to use the ATM, if you ask to withdraw a larger amount (like 50'000) which can't be done on the ATM, there might be less resistance. Sorry I forgot my pin also works.

[travelling_man]

Plenty of atms offer to convert scumbag. Certainly in Europe and I'm told in pattaya as well. Of course that's a bad idea as it will always be in the banks favour. But a guy on another thread claimed they did this in branch as well. I'd have ignored him if he sounded like a loon but seemed to know what he was talking about.

 

I have been asking for the past two years for anyone to tell me which BANK ATM in Pattaya offers the "dynamic currency conversion" (or "pay in your currency") service.  [Notice I said "BANK ATM", and not some private, "forex atm" or some other name].

 

I have used my international debit card at (almost) every bank ATM in Pattaya and have never been offered this service.

 

I would be inclined to believe that this service was offered IN BRANCH, but I don't use in-branch withdrawals.  Credit Card and Debit Card terminals set up with DCC have a different button to push if the card is not from the local country.  And here in Thailand, (retail store) staff have been taught to convince the customer that "pay in your home currency" is "BENEFICIAL" to you because you know "exactly" what you will pay ... which is all a lie of course.

 

I hope you post an update when you are able to test it yourself.

[chippysam]

Clarity limit is normally £500. How did you get 40,000 Baht out on one draw...??

You are correct my mistake meant 20000 baht

[Harvey707]

You are correct my mistake meant 20000 baht

 

Out of interest this Revolut Card/App allows £2000 per day (with £5000 maximum over 4 days)

That's not a misprint

Be an idea to have a separate thread as to which Banks atm give out the most in a single draw.  Krungsri I know is 30,000 so as to minimise the 180 Baht atm fees

[chippysam]

Just read up on the revolut card , well spotted Harvey .Offering 12 months no charges , still got the ATM fee though 180 baht , . Been reading on some blogs,users are finding the exchange rate a fraction below the MasterCard rate .

I think the limiting factor on keeping the cost down is the amount of withdrawal from an ATM, now that there are fee free cards . Or go over the counter with a marginally less exchange rate and a wait in the bank .

I know cash is king but it can present problems at customs and then security in Thailand, I will stick to card and suck up the 180 baht .So need to find ATM's with higher withdrawal limits as mentioned in earlier posts