Originally Posted by
frappant
First morning in Thailand, tried to withdraw 2000 THB from Siam Bank ATM. This is by Tops grocery store.
Says It will charge 220 THB, I tap to continue.
Then it says some conversion rate 5% and says it will draw $66 and change from my account.
I tap “continue without conversion” and it exits the transaction, spits out my card, no receipt, no charge on my Schwab account, at least not yet.
So some ATMs will charge high fee AND do some high conversion rate?
according to XE, 2000 THB should be $56 or so.
Whenever I've come across this DDC, pressing "Continue without Conversion" allows it to process the withdrawal using the visa/mastercard exchange rate which is what you want. It looks like a big difference partially due to you drawing such a small amount and partially because you're not comparing like with like. You would be debited 2,220 baht, not 2,000 which is currently nearly $63 USD on XE. Presumably you'd get the ATM fee back from Schwab so you'd be between $3 and $4 USD out of pocket.