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ATM exchange rates: i have a Taiwanese bank
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jmdma808
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im wondering if there is anyway i can find out the ATM rates in thailand, cambodia, and laos. I have a Taiwanese bank account so the exchange rates over here are pretty good but i want to just use my ATM card over there because i dont want to lose my cash or have it stolen/ carry it around/ etc. I want to find out how much worse the rates are if i use the ATM's over there to withdraw money.
#1 Posted: 2/7/2009 - 20:34
googdot
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Not sure what bank you're with, but I use my Taiwanese Visa debit card overseas (just look for the PLUS symbol on the ATM). It uses the Visa exchange rates, which I think are set once per day. You can get the relevant exchange rate here:
http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp
#2 Posted: 2/7/2009 - 21:34
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BruceMoon
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jmdma808
Here on Travelfish, there has been a discussion on ATM fees in Thailand, Cambodia & Laos. These fees are merely for taking money out of the ATM. Go to:
http://www.travelfish.org/board/post/thailand/6007_new-bank-charges-for-atm-withdrawls
and
http://www.travelfish.org/board/post/indochina/2780_how-to-manage-your-money-while-travelling-in-asia
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As for Visa exchange rates, many banks take an addition 'exchange fee' on top of the Visa exchange rate. Here, in Australia, it is between 2 - 5% of the transaction. You may be wise to ask your bank in Taiwan whether there is an 'exchange fee' for using your Visa card overseas.
Hope this helps.
Cheers
#3 Posted: 3/7/2009 - 13:57
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googdot
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Bruce is correct - I was thinking you were only after the actual exchange rates.
His links tell the story. And in Taiwan, I am charged $75NT per overseas withdrawal, plus 1.1%.
Believe it or not, this is actually pretty good considering how I used to get scammed on the fees and percentages big time by my old bank in New Zealand.
#4 Posted: 3/7/2009 - 18:47
jmdma808
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hey thanks for the info guys but googdot, i am actually only after the exchange rates. but not the visa exchange rates because i just want to use my bank card or atm card or whatever its called. its not a visa. It works at any atm that has the Cirrus symbol. so if i take cash out of an atm in say thailand, what exchange rates are used? the Thailand bank of which the atm belongs to? if that is the case, what im trying to find out is if some banks in laos or cambodia or thailand use really bad exchange rates that will rip me off. im not worried about atm fees from my taiwanese bank. just the exchange rates that are used when i take money out from foreign atm's. thanks for the help, i know this is complicated.
#5 Posted: 8/7/2009 - 12:24
BruceMoon
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jmdma808
As I'm sure you know, the exchange rate between two currencies fluctuates by the minute.
My understanding is that Cirrus is a large multinational company that has an interbanking arrangement with a majority of the global banks. But, Cirrus itself does not sell credit arrangements to retail customers like you. What they do is sell their interbanking power to organisations like Visa or Mastercard.
So, you will likely hold a Visa or Mastercard (or similar) with a Cirrus logo. This means you can use any ATM that has a Cirrus logo affixed. And, even if there is no Cirrus logo, you'll likely be able to use if it has a Mastercard logo (but not necessarily a Visa logo - dominant in Vietnam, but not Loas or Thailand).
The exchange rate you are charged will generally be made by your card provider.
Mastercard do not publish their exchange rates on the net, Visa do (the next day). The visa site is at:
http://www.corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp
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However, if you want a very quick way to see the exchange rate, go to:
http://www.xe.com/ucc/
This uses the interbank 'mid-market' rates. The difference between what your card provider will charge on any day and the xe.com rate will only be a matter of a very small fraction of a cent (if any difference).
Hope this helps.
Cheers
#6 Posted: 8/7/2009 - 12:54
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jmdma808
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BruceMoon, thank you for your expertise! you seem to know an incredible amount of information about virtually every topic that is posted on this forum. You have a very impressive depth of knowledge. Thanks again.
#7 Posted: 10/7/2009 - 07:45
BruceMoon
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jmdma808
Thanks for the compliment.
I really like to help people, and there is a big plus for me.
When I go look at a question someone else raises, I tend to learn something I then did not know. So, what I am doing is teaching myself about 'issues' that I may have to deal with when next I go to SE Asia (which has been 2 or 3 times a year). So, I'm helping you and helping me.
Cheers
#8 Posted: 10/7/2009 - 08:24
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