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exchange rates and ATM withdrawal?

Travel Forums Asia exchange rates and ATM withdrawal?

1. Posted by Swept Away (Travel Guru 1113 posts) 8y

Do get a fair deal if we use the Atm card to get local currency?

Example if the price in your country 1 dong is to 1 thai baht...

will you get significantly less if you get your dong through an ATM in Thailand?

2. Posted by loubylou (Travel Guru 664 posts) 8y

Your bank should charge you the international money market rate at the time you withdrew the money. Look at Xe currency converter site for the current exchange rates.

Just be aware that your bank may charge you a fee for overseas withdrawal, usually between 1.5% to 2%. You should check with your bank. If your bank does charge just remember to get larger amounts out to cancel out the charge!

3. Posted by Swept Away (Travel Guru 1113 posts) 8y

THANKS

4. Posted by Daawgon (Travel Guru 1993 posts) 8y

It's the best all around to use an ATM. Just the time you save by not waiting in line at a bank is well worth the small fee. Be sure to notify your own bank/credit card company of your itinerary else they could well freeze your accounts!

5. Posted by karazyal (Travel Guru 1653 posts) 8y

Quoting Swept Away

Do get a fair deal if we use the Atm card to get local currency?

Example if the price in your country 1 dong is to 1 thai baht...

will you get significantly less if you get your dong through an ATM in Thailand?

I always find the rate that I get using an ATM in Thailand is pretty good compared to cash. To save on ATM fees take out the highest amount you can to cut down on lots of fees for cheap withdrawals. When you go home you can change any leftover Thai baht back to your currency at the airport.

There are some debit cards that you can get where the bank or credit union pays your ATM fees, or at least some of them. Credit unions often do this, I have a debit card through my credit union that pays my ATM fees overseas and sells me travelers checks without any fees too! There are debit or ATM cards that have lower charges too.

Thailand has a good system for changing money over - they use real banks or mini bank branches for money changing. These banks are all over the city - real easy to find. The rate is changed a little every day, either up or down, the rate you get today will be pretty much the same in all of the banks for that particular day. Stores and hotels will give you a lower rate of exchange than the banks.

Good luck.

[ Edit: Edited on Aug 12, 2008, at 9:56 PM by karazyal ]

6. Posted by Swept Away (Travel Guru 1113 posts) 8y

IS IT BEST TO MAKE WITHDRAWAL IN THAILAND AND CARRY BAHT TO LAOS???

7. Posted by bwiiian (Travel Guru 768 posts) 8y

Quoting Swept Away

will you get significantly less if you get your dong through an ATM in Thailand?

I wouldn't recommend getting your dong through an ATM!!!! I expect it will be a small one. if you are after a bigger dong i suggest soi cowboy and look for the ladyboys

8. Posted by karazyal (Travel Guru 1653 posts) 8y

Quoting Swept Away

IS IT BEST TO MAKE WITHDRAWAL IN THAILAND AND CARRY BAHT TO LAOS???

You can use some Thai baht along the border areas with Thailand but I think US dollars are more widely accepted in many other areas. Make sure that you have some small notes to pay for cheap purchases.

This link says that Thai baht is widely accepted - you can't go wrong with US dollars though!
http://www.worldtravelguide.net/country/143/money/South-East-Asia/Laos.html

Lao money is Kip - don't leave that country with their money because no one wants to convert it to another currency. (Same for Cambodian Riel - no one wants that money either once you fly out.)

Good luck.