ChiFlyer Posted December 21, 2024 Posted December 21, 2024 I use Bangkok Bank for my Thai Banking. I do not use or have an ATM card with them. The reason is I use a Charles Schwab Debit Card for all ATM withdrawals. Schwab is an e-bank and refunds all ATM fees anywhere in the world. I have been using Kasikorn ATMs for years now and have been pleased with the availability of their machines and the reliability of their services. On a recent ATM withdraw I noticed that the Schwab withdraw was higher than I expected. I then noticed that Kasikorn was charging a 5% currency conversion rate. (From USD to THB - come one). I suspect that this is something new. I also suspect that Schwab will cover this, but I dislike having costs like this. Is this consistent with what others are seeing? Any recommendations for other ATMs that are not doing this? TIA, CF
Stillearly Posted December 21, 2024 Posted December 21, 2024 Dynamic Currency Conversion .... Im pretty sure you have an option not to accept the rate and let your own bank do the conversion 1 1
KWA Posted December 22, 2024 Posted December 22, 2024 8 hours ago, Stillearly said: Dynamic Currency Conversion .... Im pretty sure you have an option not to accept the rate and let your own bank do the conversion The payment processor will do the conversion when you decline DCC, usually Visa or Mastercard. I read a report recently that claimed an ATM (can't remember the bank) where once the user declined DCC the ATM cancelled the withdrawal process altogether. I suspect user error but it would be a worrying trend if it was allowed to take off.
ChiFlyer Posted December 22, 2024 Author Posted December 22, 2024 9 hours ago, Stillearly said: Dynamic Currency Conversion .... Im pretty sure you have an option not to accept the rate and let your own bank do the conversion A potential problem I see with this approach is that USD to THB conversions done in the US are not going to be very friendly either. I guess I will see for now if Schwab covers the conversion done by BKB. I get a report at the end of the month.
Glasseye Posted December 22, 2024 Posted December 22, 2024 Don't know what to say about the 5% other than.... I tansfer funds over here through Wise (or other means) directly into my K and BKK accounts when needed. I also will use my Schwab International card and home bank card for ATM withdrawls at times. Both banks fully reimburse all ATM charges.
Recommended Posts