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ATMs that show exchange rate before you confirm transaction

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#1 Bullfrog

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Posted 07 July 2017 - 11:31 AM

When I use Kungsri (sp) ATMs using my TSB Mastercard it shows in advance the exchange rate that they will use for that transaction and gives you the chance to cancel if you disagree with the offered rate..

 

I discovered this purely by accident but are there any other banks' ATMs that do the same ???


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#2 Idefix

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Posted 07 July 2017 - 12:31 PM

When I use Kungsri (sp) ATMs using my TSB Mastercard it shows in advance the exchange rate that they will use for that transaction and gives you the chance to cancel if you disagree with the offered rate..
 
I discovered this purely by accident but are there any other banks' ATMs that do the same ???


This is a system present on some banks ATM that you also find in some restaurants or in shopping malls.
YOU MUST ALWAYS REFUSE this option !
It's a service managed by an intermediary company between the seller and the card company, and the final rate that you will get - once include intermediary fees - will be very bad !
Not far to be a rip-of/scam IMHO :(
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#3 Bullfrog

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Posted 07 July 2017 - 12:45 PM

This is a system present on some banks ATM that you also find in some restaurants or in shopping malls.
YOU MUST ALWAYS REFUSE this option !
It's a service managed by an intermediary company between the seller and the card company, and the final rate that you will get - once include intermediary fees - will be very bad !
Not far to be a rip-of/scam IMHO :(

 

Thanks very much for that. Thank goodness I only did it once then decided to ask on here!!!

 

It is something that I rarely use but for the next 6 weeks I am micro-managing the money I bring in because I am heading home for a short holiday and shall bring back some CIH...

 

Do you have any idea on which bank does the best rate at any given time for visa/mastercard transactions..??


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#4 Regyai

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Posted 07 July 2017 - 08:33 PM

Welcome to the scurrilous world of Dynamic Conversions


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#5 nkped

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Posted 07 July 2017 - 09:39 PM

You can select the option for do not convert and still go ahead with the transaction.  It will be a better rate, but you won't know what it is until you check your account.


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#6 Bullfrog

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Posted 07 July 2017 - 10:10 PM

You can select the option for do not convert and still go ahead with the transaction.  It will be a better rate, but you won't know what it is until you check your account.

 

Yep, that was my presumption too..


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#7 GeeGee

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Posted 07 July 2017 - 11:32 PM

Can somebody remind me where (if any), the fee-free ATM's are located.


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#8 jacko

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Posted 08 July 2017 - 06:28 AM

Can somebody remind me where (if any), the fee-free ATM's are located.

Don't believe there are any nowadays.

Depending on your origins you can get fee free cards from home, ie Citibank from USA or Halifax Clarity card from UK.


Edited by jacko, 09 July 2017 - 06:24 AM.

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#9 GeeGee

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Posted 08 July 2017 - 09:13 PM

Don't belive there are any nowadays.

Depending on your origins you can get fee free cards from home, ie Citibank from USA or Halifax Clarity card from UK.

 

Thanks, what I meant was are there any ATM's that don't charge a fee for using them. I know there used to be a couple that din't charge the B150 or whatever it is now.


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#10 Idefix

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Posted 09 July 2017 - 03:51 AM

Thanks, what I meant was are there any ATM's that don't charge a fee for using them.
I know there used to be a couple that din't charge the B150 or whatever it is now.


I think there is no more ATM not charging this fee, and that at most ATMs the fee is now 200 baht.
AEON who didn't charge any fee during a long time now charges 150 baht
Citibank who also was free (for EU cards?) now charges 180 baht
Bringing cash (EUR, GBP, USD) is not a bad idea nowadays...
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#11 GeeGee

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Posted 09 July 2017 - 04:13 AM

I think there is no more ATM not charging this fee, and that at most ATMs the fee is now 200 baht.
AEON who didn't charge any fee during a long time now charges 150 baht
Citibank who also was free (for EU cards?) now charges 180 baht
Bringing cash (EUR, GBP, USD) is not a bad idea nowadays...

Thanks for that information. I shall start stuffing fivers in an envelope in readiness for next month


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#12 Bullfrog

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Posted 09 July 2017 - 06:13 AM

Bringing cash (EUR, GBP, USD) is not a bad idea nowadays...

 

Yep , as mentioned in one of my replies I will be bringing back CIH. Does anybody know any advantage or disadvantage when changing GBP 20s or 50s...


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#13 jacko

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Posted 09 July 2017 - 06:24 AM

 

Thanks, what I meant was are there any ATM's that don't charge a fee for using them. I know there used to be a couple that din't charge the B150 or whatever it is now.

People dream of the days when it was only 150 baht... :D

200 is more common and I have heard rumour of a bank charging 220!

 

If you do not mind carrying a lot of cash and the risk it involves you can carry up to 10,000 Euros equivalent out of UK without declaring it. Superrich in Bangkok will give the best exchange rate for cash. Slightly less in airport vicinity (see link). As you can see 50 notes get a better rate.  In Pattaya I would guess TT exchanges are the best rate and you can haggle for a slightly better one than displayed for larger transactions.

 

Personally I would be wary of carrying too much cash,,,, those room safes are sometimes not to be trusted.


Edited by jacko, 09 July 2017 - 06:36 AM.

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#14 valentinoxxx

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Posted 10 July 2017 - 08:53 PM

ATM are not too bad if you carry a fee free card and withdraw the max possible. Halifax Clarity allows £500 per day and passes on the full Mastercard rate.

Mastercard rate for the 10th is 43.8885, which is a little better than the rate offered by SuperRich Thailand at the airport for £50; 43.7 and TT Exchange in Pattaya; 43.7.

 

So withdrawing 21500 baht from an ATM that doesn't meddle with the Mastercard exchange rate will net you a current rate of 43.445 after the 220 baht fee.

 

So whilst not the best, it is still a viable option. If of course you can take a cash advance over the counter without fees, it is actually better than cash in this instance.


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#15 valentinoxxx

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Posted 10 July 2017 - 09:12 PM

Can somebody remind me where (if any), the fee-free ATM's are located.

 

Rayong;

 

http://www.bankofchi...27_1873497.html

 

Otherwise; http://www.bankofchi...en/aboutus/ab3/

 

There you can use your Mastercard debit cards and get the full Mastercard rate with no ATM using your fee free debit cards, such as(For UK residents); Monzo, Loot, Starling Bank etc


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#16 Bullfrog

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Posted 11 July 2017 - 12:26 AM

ATM are not too bad if you carry a fee free card and withdraw the max possible. Halifax Clarity allows £500 per day and passes on the full Mastercard rate.

Mastercard rate for the 10th is 43.8885, which is a little better than the rate offered by SuperRich Thailand at the airport for £50; 43.7 and TT Exchange in Pattaya; 43.7.

 

So withdrawing 21500 baht from an ATM that doesn't meddle with the Mastercard exchange rate will net you a current rate of 43.445 after the 220 baht fee.

 

So whilst not the best, it is still a viable option. If of course you can take a cash advance over the counter without fees, it is actually better than cash in this instance.

 

One of my tasks whilst in UK is to change banks from TSB to Halifax just for the Clarity card.....Or maybe just apply for the card...


Edited by Bullfrog, 11 July 2017 - 12:29 AM.

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#17 midlifecrisis

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Posted 11 July 2017 - 01:31 AM

This is a system present on some banks ATM that you also find in some restaurants or in shopping malls.
YOU MUST ALWAYS REFUSE this option !
It's a service managed by an intermediary company between the seller and the card company, and the final rate that you will get - once include intermediary fees - will be very bad !
Not far to be a rip-of/scam IMHO :(

A question.

 

When I use an ATM at a bank, I expect the transaction to be between me and the bank. Now you demonstrate that a third party is involved with the exchange rate. Are there security concerns in this?


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#18 valentinoxxx

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Posted 11 July 2017 - 01:35 AM

 

One of my tasks whilst in UK is to change banks from TSB to Halifax just for the Clarity card.....Or maybe just apply for the card...

 

Indeed, no need to change banks in order to obtain the Halifax Clarity. 

Don't depend on just one card in case it gets blocked at just the wrong time.

Barclaycard Platinum Travel (VISA) doesn't off as good a rate as Mastercard, but it charges no interest on cash advances as long as you pay your statement balance off in full. Also good to have an alternative at hand. VISA currently 43.63

So together they give you an ATM withdrawal limit of £1000 per day.

https://www.barclayc...vel-credit-card


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#19 valentinoxxx

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Posted 11 July 2017 - 01:38 AM

A question.

 

When I use an ATM at a bank, I expect the transaction to be between me and the bank. Now you demonstrate that a third party is involved with the exchange rate. Are there security concerns in this?

 

There is no third party as such. It is the local bank offering to do the exchange, instead of simply passing on the Mastercard/VISA exchange rate.

Of course it is to their benefit, but they try to sell it to you as though they are doing you a favour.


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#20 Bullfrog

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Posted 11 July 2017 - 01:47 AM

 

Indeed, no need to change banks in order to obtain the Halifax Clarity. 

Don't depend on just one card in case it gets blocked at just the wrong time.

Barclaycard Platinum Travel (VISA) doesn't off as good a rate as Mastercard, but it charges no interest on cash advances as long as you pay your statement balance off in full. Also good to have an alternative at hand. VISA currently 43.63

So together they give you an ATM withdrawal limit of £1000 per day.

https://www.barclayc...vel-credit-card

 

Barclays are number one on my shitlist........ It concerns my earnings whilst working in Myanmar some time ago....They near as hell walked me out my branch and the only access I had to my money was to buy something in a supermarket and get 100 quid cashback......I bought an aweful lot of things in Sainsburys .....


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#21 valentinoxxx

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Posted 11 July 2017 - 02:02 AM

 

Barclays are number one on my shitlist........ It concerns my earnings whilst working in Myanmar some time ago....They near as hell walked me out my branch and the only access I had to my money was to buy something in a supermarket and get 100 quid cashback......I bought an aweful lot of things in Sainsburys .....

 

So Santander Zero and Creation Everyday. But they have smaller ATM withdrawal limits


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#22 midlifecrisis

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Posted 11 July 2017 - 02:04 AM

 

There is no third party as such. It is the local bank offering to do the exchange, instead of simply passing on the Mastercard/VISA exchange rate.

Of course it is to their benefit, but they try to sell it to you as though they are doing you a favour.

 

Thanks. I understand now!


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#23 Bullfrog

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Posted 24 July 2017 - 11:02 PM

This is a system present on some banks ATM that you also find in some restaurants or in shopping malls.
YOU MUST ALWAYS REFUSE this option !
It's a service managed by an intermediary company between the seller and the card company, and the final rate that you will get - once include intermediary fees - will be very bad !
Not far to be a rip-of/scam IMHO :(

 

So - The BBC finally catches up with PattayaTalk.

 

http://www.bbc.com/n...siness-40702496


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#24 valentinoxxx

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Posted 25 July 2017 - 12:46 AM

 

So - The BBC finally catches up with PattayaTalk.

 

http://www.bbc.com/n...siness-40702496

 

Not really. This from 2007; http://news.bbc.co.u...ess/6310771.stm

 

I think the latest push is just promotional material for FairFX


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#25 Bullfrog

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Posted 25 July 2017 - 01:29 AM

 

Not really. This from 2007; http://news.bbc.co.u...ess/6310771.stm

 

I think the latest push is just promotional material for FairFX

 

Good one....It is I that is behind the news.....again..


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