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Home » Background » Research: At which Thai bank do I get the most favorable ATM exchange rates
Paul did a little research especially for the readers of Thailandblog and gives us an insight into the rates charged by the various banks.
During the holiday from October 24 to November 24, we made an ATM withdrawal of 14 THB 10.000 times.
Out of curiosity I have put these together in an Excel table, of course exchange rates differ per day, but the conclusion can be that SCB calculates the most favorable exchange rate.
They all charge 180 THB (0,18%) withdrawal costs, so this has cost us approx. 14 x € 4,50 = € 63,00 or a generous € 2,00 per day.
I can tell you how this relates to the costs charged by the credit card companies when I have received and processed all statements.
From my point of view, you're better off with Krungsri.
I kept an eye on the exchange rates at the counter (in KhonKaen and BKK). Of course, the rates also differ per location and time, so it is no more than an indication. The list:
Exchange rate: how many baht do you get if you offer 1 euro?
16/11/14 in Khon Kean:
Krungsri bank: 40,4
17-11-14 in Khon Kaen:
Krungsri sofa:40.66
Krung Thai couch: 40.59
Kasikorn: 40,66
Siam bank: 40,25
18-11-14 in Khon Kaen:
Krunsri: 40,35
Kasikorn: 40,4220
Krung Thai: 40,37
Siam: 40,22
20-11-14 in BKK:
superrich: 41,1
Kasikorn: 40,61
Siam: 40,5 and elsewhere 40,6
30-11-14 in Khon Kaen:
Kasikorn: 40,26
Krungsri: 40,30
Siam: 40,20
Krung Thai: 40,29
Bangkok Bank: 40,28
ATM krunsri on 18-11, pinned 8000 baht.
Written off: 203,96 euros (for 1 euro I got 39,22 baht)
So it differs per day, but during my stay where I paid attention to it, Krunsri or Kasikorn was often the better choice. Of course it is best to exchange cash at Superrich in large denominations. SCB's exchange rate was sometimes laughably lower than the other banks.
I have a bank account with Krungsi and with SCB for many years. Have followed the exchange rates of these 2 banks and Bangkokbank for a while and then it turns out that SCB is indeed the most expensive. Krungsi and Bangkokbank are not much different.
Dear Paul,
You say that you also realize that the current exchange rate has an influence, without the current exchange rate of the day in question, this is a nice study, but unfortunately without value, because you get a little more one day and a little less or more the next day your €s. and you can only make a conclusive calculation if you include the exchange rate in the calculation, there are days when it saves 5 or 6 baht, which is worth the €.
But thanks anyway, it gives a little guidance.
Yours faithfully,
Lex K.
From what exactly do you conclude that the SCB has the most favorable rates?
The TMB seems to be the most expensive bank if I compare the number of euros to 10.000 Baht.
However, the Krungsri seems cheaper than the SCB.
Both times 254 euros, while at the SCB only 1 time 254 euros occurs over those many times.
Also the one time pin at the Bangkok bank was 254 euros.
TMB is indeed the most expensive. That's what I found out too. From now on I will avoid these machines with a wide berth. Bangkok Bank seems the cheapest to me.
Paul,
That statement means very little to me. You should have mentioned the mid-market price for the sake of it.
The price of the THB is currently fluctuating between 40.60 and 41.40, which I have seen the last few days. These are fluctuations of approximately 2 percent. So if you have lost 254 euros one day and 257 euros the next day, that just falls in that margin, you cannot conclude from this that SCB is cheaper. After all, you have done most of the recordings at SCB anyway and the only one that stands out a bit is the TMB bank. But you should also just know what the daily exchange rate was.
It also makes a difference whether you have the conversion done within the CC company or the bank. You can usually choose continue with conversion or continue without conversion. With the first, the CC company exchanges it and with the 2nd, the bank.
Those daily rates can be found, will have to search.
Maybe a stupid question on my part, you have withdrawn 14 times 10.000. Why not 7x 20.000 (the limit per day). That saves 7x commission in Thailand and I don't know if you also have costs at your own bank for withdrawal abroad?
Dear Dirk, there are no stupid questions, only stupid answers. Responding to your question, in NL I have never had cash in my pocket for 2 years, I pay all my expenses with PIN. Also in Thailand I always use plastic for the larger expenses. At THB 10.000 per withdrawal, I have more cash in my pocket than I would like. And well it's vacation, then I don't count how many beers I drink in the evening, so you don't notice that 7x 180 Bath over a whole month's vacation. Regards, Paul Schiphol
Dear Paul,
I agree with you ... you are on vacation and apparently do not want to walk around the market with "at least three wallets, spread over your entire body", as the good advice of a blogger who has already been to Thailand 57 times and still has not has discovered that a safe way of managing money is a bank with an ATM .
lung addie
Small correction Dirk. The limit per day is 2 x 20.000 Bath.
Greetings,
Jan
site with the most common Thai banks, choose tt rate or notes .., is regularly updated
http://bankexchangerates.daytodaydata.net/default.aspx
The exchange rate does not only depend on the Thai bank. The Dutch banks also apply a commission on the withdrawal amount. This is in addition to any recording costs.
I once asked ING for clarification and got the answer that they charge 0.2% costs.
In the worst case you pay 180 Baht to the Thai bank, the withdrawal costs to the
Dutch bank and 0.2% commission at ING.
You can avoid the withdrawal costs for e.g. ING by taking a more expensive payment package.
There are several apps to check the exchange rate.
In Android check in the playstore on thai Baht and you will find various current apps that are updated very frequently. You then have an overview of exchange offices and banks.
It also makes a difference to simply withdraw 10.000 instead of 20.000.
This is not possible at Kasikorn, for example, 15.000 can be withdrawn at a time.
At the Tmb you can simply withdraw 20.000
Saves 2.25 euros per time. In other words, a slightly better course.
At Kasikornbank I always get 20000 baht not 15000 off comparing banks is not easy you have to use the atm at the same time also done with 3 farangs and on the overview of my belgian bank that also make different calculations it was cheaper not the atm that supposedly at the time none
charged 150 more expensive than kasikorn , but bangkok bank was the best then ? Check your Dutch or Belgian bill to see what you ultimately have to pay in euros for the same amount. Don't just compare the exchange rate.
Forgot to mention something Kasikorn etc. you see the highest amount 10000 but you can also press the button different amount and then I can withdraw a maximum of 20000 that is the limit that my Belgian bank allows I used to be able to collect even 24000 but then the rate was 49.99 bath per
EUR ?
The most favorable ATM charges 150 Bath and that is the ÆON bank
The exchange rate does not only depend on the Thai Banks.
The banks in the Netherlands also have an influence on this.
At ING you pay, for example, 0.2% commission (this is not visible because it is settled in the total amount)
I once asked ING for an explanation why the exchange rates differ so much from the exchange rate on the world market. This had to do with the fact that they pass on exchange costs in the amount.
Depending on the payment package, you also pay withdrawal costs. With a more expensive payment package, this is again free.
Withdrawal at the same bank TMB with ING card and SNS card also gives a difference of 4 euros.
At the kasikorn you can pay a maximum of 10.000 pins with 180 baht. At the TMB you can, for example, withdraw 20.000 baht with 180 baht in costs. Still saves 2.25 +/-.
By the way, the course is easy to check on your smartphone.
Download the app (in android) Thai baht best money exchanger.
Here you have the daily rate of all Thai banks and exchange offices.
You can choose from euros, $, pounds. Very clear. And very current.
Today, for example, the following exchange rates:
Sia Money exchange: 40.55
Grand Superrich: 40.45
Kasikorn: 40.12
Siam Commercial Bank: 39.98
TMB: 39.23
Although the TMB in itself has a less favorable rate, if you withdraw 20.000 it can therefore be cheaper in practice.
It is best if you come again, to bring 9999 euros and exchange it here in local exchange shops.
There you get more for 1 euro.
In Hua Hin and Phuket you get more for a euro.
I always make a positive balance on my VISA Gold card. I enter the bank with a passport and can withdraw up to 50 baht. I do not pay 000 baht and because I have a positive balance I only pay 180 euro 1 per transaction with the card.
You also get a favorable rate with the Gold card.
Marcel, good tip from you. You write that you get a favorable rate with your Visa card, do you happen to know whether this rate is more favorable compared to pinning with a bank card at an ATM? When I compare payments in shops or restaurants with my Visa card with debit card withdrawals with my debit card (same day), I notice that Visa uses a significantly worse exchange rate. Looking forward to your answer.
Hi Leo
I compare the following. If I pin with a Dutch card it will cost me 180 baht. I also pay another 2 euro 75 transaction costs at the ASN bank (My bank).
In total almost 5 euros.
If I take money with my VISA card, I don't pay anything in Thailand; get 50 000 baht in one go and pay only 1 euro 50 transaction costs here.
I have never checked, but I was promised at the time that I would get a better rate with the Gold card than with the debit card.
For example, last year I got 50 000 bath for 1140 euro.(About 42 bath for 1 euro).
If you would get a few baths less, this variant is still cheaper than with a Dutch card. Hope this answer is of some use to you
Greetings Marcel.
Just a question about the banknotes, I think I read somewhere that when you exchange banknotes of € 200, the exchange rate is slightly more favorable, is this true or not and do they prefer € 100 or even € 50 banknotes? ?
That's right, the exchange offices have a preference for large denominations, so € 500 and sometimes want to calculate a favorable rate.
Hi John, yes indeed. Unlike here in Belgium, they prefer to see large denominations here. It is no problem at all to exchange € 500 notes in the exchange desks. And usually you get a better rate than for a note v 50 . Sometimes you have to ask!
Regards, Eric
In my opinion, when withdrawing money in the ATM with a Dutch card, the rate is totally dependent on the bank in the Netherlands!.
Please note that the Dutch banks also charge a rate surcharge in addition to withdrawal costs!
The conversion rate is indeed determined by the bank in NL, namesake. Whether your own bank also charges withdrawal costs depends on the payment package that you have agreed with your bank. In the basic package, costs are charged for recordings outside Europe.
I have an account with Krungtai bank. But exchanging cash in eu for bath was most favorable at Krunsi last November. So change there and put it on the account at KTB.
Has 2 pin options. Agree with the rate of the bank or not. If you do not agree and collect 10000 Bath, the exchange rate will be arranged through your bank. Saved me the exchange rate of 41 or 43 in August