Exchanging AU to Thai Baht

[Eagle87]

I would know that because I have researched it and they were the only 2.

I wasn't going to mention it again as it had already been mentioned, but 28 Degrees uses the official Mastercard exchange rate. But feel free to assume they are ripping everyone off.

BTW, what card are you using that doesn't have international transaction fees? I'd love to be able to consider other options.

I pay no international transaction fees on my NAB Platinum Visa and also on my HSBC Platinum Visa - although thats part of Premier package.

I also dont have 20.99% interest rates on those cards or a series of other fees that are variously described on blogs as "tricky" or "sneaky" but hey ...

 

[Suspense]

FMJ. This is like having the Mormons knock on the bloody door and you can't get rid of them.

Out of curiosity grand messiah, what is the current "official Mastercard" rate versus, say, the Kasikorn rate linked to above? I'll happily bet my left nut (don't need em anymore anyhow) that is not as good as what you get in a Thailand bank.

Kasikorn is 30.84375 THB
Mastercard is 31.225049 THB

 

[Eagle87]

Kasikorn is 30.84375 THB
Mastercard is 31.225049 THB

Apples with Oranges.

You walk into Kasikorn today with AUD bank notes and you'll get tht rate (you'll get higher with travelers cheques and TT's).

The MasterCard International rate excludes mastercards own currency conversion fee (up to 2%) per transaction charged by MasterCard international and it also assumes a direct transfer to AUD. This only occurs if the transaction is direct USD to AUD. For any other foreign currency you will do 2 currency conversions, first to USD then from USD to AUD...

So that's 2 clips from MasterCard along the way + 2 rate conversions. Also, the rate quoted by MasterCard appears an amalgam buy/sell rate and as such overstates the best rate you'd get using the card overseas...

I'm happy to stand corrected on that but it's what the MasterCard international website indicates...

Fine print folks, fine print

 

[Suspense]

Apples with Oranges.

You walk into Kasikorn today with AUD bank notes and you'll get tht rate (you'll get higher with travelers cheques and TT's).

true, but i don't like carrying a few thousand AUD on me whilst travelling.

The MasterCard International rate excludes mastercards own currency conversion fee (up to 2%) per transaction charged by MasterCard international and it also assumes a direct transfer to AUD. This only occurs if the transaction is direct USD to AUD. For any other foreign currency you will do 2 currency conversions, first to USD then from USD to AUD...

So that's 2 clips from MasterCard along the way + 2 rate conversions. Also, the rate quoted by MasterCard appears an amalgam buy/sell rate and as such overstates the best rate you'd get using the card overseas...

I'm happy to stand corrected on that but it's what the MasterCard international website indicates...

i don't think that is correct. i don't reckon those currency conversion charges actually apply in practice.

here is a transaction of mine from when i was last there. i withdrew 20,000THB plus the 150THB atm fee:

02/09/11 - $637.66AUD || 20,150 / $637.66 = 31.5999
Yahoo Finance for this date has the AUD/THB exchange rate @ 31.8445

another transaction; this time for 10,000THB plus the 150THB fee:

03/09/11 - $321.08AUD || 10,150 / $321.08 = 31.6120
Yahoo Finance for this date has the AUD/THB exchange rate @ 31.8445


so i don't know what the fine print reads exactly, but the above is evidence enough for me that the card allows me to withdraw cash overseas at a pretty competitive rate.

 

[Eagle87]

true, but i don't like carrying a few thousand AUD on me whilst travelling.


i don't think that is correct. i don't reckon those currency conversion charges actually apply in practice.

here is a transaction of mine from when i was last there. i withdrew 20,000THB plus the 150THB atm fee:

02/09/11 - $637.66AUD || 20,150 / $637.66 = 31.5999
Yahoo Finance for this date has the AUD/THB exchange rate @ 31.8445

another transaction; this time for 10,000THB plus the 150THB fee:

03/09/11 - $321.08AUD || 10,150 / $321.08 = 31.6120
Yahoo Finance for this date has the AUD/THB exchange rate @ 31.8445


so i don't know what the fine print reads exactly, but the above is evidence enough for me that the card allows me to withdraw cash overseas at a pretty competitive rate.

Fair enough.

On the 1/9/11 I got $644.04 for the same 20,150 on a normal NAB Debit Card.

Then on the 5/9/11 I got $646.42 for the same 20,150 ....

And on 7/9/11 I got $329.83 for the 10,150 ....

So basically a slightly better rate but I "copped" the standard NAB Fee of $4 per transaction, which leaves me still slightly better off - chump change but still ...

FWIW, I don't carry large chunks of cash around either - although "a few thousand" is hardly large chunks. I'd typically transfer cash from my ANZ Account to Kasikornbank which usually arrives same day (usually within a few hours) and gets the TT rate which is higher. Obviously not a choice most Aussies have...

That said, just using their Aussie Debit Card will likely get them a rate equal to the 28 Degrees Card even allowing for the $4 fee per transactions their Aussie bank charges ... so, well, just saying ....

 

[Suspense]

That said, just using their Aussie Debit Card will likely get them a rate equal to the 28 Degrees Card even allowing for the $4 fee per transactions their Aussie bank charges ... so, well, just saying ....

not my experience. i was molested by the cba using my debit card on a previous trip. i got a foreign currency fees (based on a % of the amount withdrawn iirc) on top of an already shite exchange rate.

avoided both of the above with the 28 degrees card.

 

[Eagle87]

not my experience. i was molested by the cba using my debit card on a previous trip. i got a foreign currency fees (based on a % of the amount withdrawn iirc) on top of an already shite exchange rate.

avoided both of the above with the 28 degrees card.

I provided numbers off a basic NAB Debit Card, showing better rates than the card being plugged hard by 2 (presumably) GE employees ... even after fees ..

On topic, dont change money in Oz ... other than that, unless you have a s**t account, you'll do fine taking money out through Thai ATM's ...

 

[Suspense]

I provided numbers off a basic NAB Debit Card

the basic nab transaction account is the NAB Classic Banking which states:

Overseas ATMs

There are fees for using ATMs overseas - $4 per withdrawal and $1 per balance enquiry.

There’s also a 2% fee on the Australian dollar transaction amount for cash withdrawals or purchases made in currencies other than Australian dollars.

http://www.nab.com.au/wps/wcm/connect/nab/nab/home/Personal_Finance/5/1/2/


is the NAB website incorrect or did you omit some details?

showing better rates than the card being plugged hard by 2 (presumably) GE employees ... even after fees ..

???

i withdrew 20,150BHT out for $637.66AUD and you withdrew the same amount THB for $644.04AUD.

20,150 / 637.66 = 31.59 THB/AUD
20,150 / 644.04 = 31.28 THB/AUD

 

[Eagle87]

the basic nab transaction account is the NAB Classic Banking which states:

Overseas ATMs

There are fees for using ATMs overseas - $4 per withdrawal and $1 per balance enquiry.

I already acknowledged the $4 fee. I have never paid a balance enquiry fee.

There’s also a 2% fee on the Australian dollar transaction amount for cash withdrawals or purchases made in currencies other than Australian dollars.

http://www.nab.com.au/wps/wcm/connect/nab/nab/home/Personal_Finance/5/1/2/


is the NAB website incorrect or did you omit some details?

No idea. I have never paid such a fee.

I am a business customer of NAB, not sure if that matters....

???

i withdrew 20,150BHT out for $637.66AUD and you withdrew the same amount THB for $644.04AUD.

20,150 / 637.66 = 31.59 THB/AUD
20,150 / 644.04 = 31.28 THB/AUD

So, basically the same, and thats on a standard NAB debit card... I could show you the rates using some better cards but thats hardly the point either.

You and your fellow GE spruiker were alluding to this card being the dogs bollocks. Its really just another card with a very high interest rate and a series of other charges which various blogs describe as "tricky"...

If your happy with the card, then fine, but stop kidding people that its anything else other than just another card ....

 

[Suspense]

So, basically the same

i don't really care; i just find it strange you were claiming the NAB debit card had a better rate when basic mathematics suggests otherwise.

You and your fellow GE spruiker were alluding to this card being the dogs bollocks. Its really just another card with a very high interest rate and a series of other charges which various blogs describe as "tricky"...

If your happy with the card, then fine, but stop kidding people that its anything else other than just another card ....

huh?

my first post i just answered a question about the card, stated a caveat about the card in which some people have had problems (now would a ge employee do that ) and said how i had no problems using with it.

my second post was a correction of another posters comment that the mastercard rate was not as good as the kasikorn rate (it was better)

my third was a correction of a misunderstanding about the card, in which i provided a first hand account of how the card does provide competitive exchange rates.

my fourth was a first hand account of how using an "aussie debit card" landed me with foreign currency conversion fees and a poor exchange rate.

my fifth post was a correction of your comment about the basic NAB debit account and some mathematics.

i've never said this is the best ****ing card in the world.
all i've said is it can help travelers who don't have NAB business transaction accounts save money on o/s conversion fees, as it has me.

 

[Eagle87]

i've never said this is the best ****ing card in the world.
all i've said is it can help travelers who don't have NAB business transaction accounts save money on o/s conversion fees, as it has me.

As you'd be aware from following the thread, the NAB Debit card is my third choice card and it still matches the 28 degrees one.

28 degrees is just another credit card that has as its sole claim to fame no currency conversion fees. It picks those up in other areas of the cards costs.

Any decent Gold or Platinum card matches it and has better features. A basic debit card, in my case does the same.

It's also incorrect that it betters the Kasikornbank rate. The rate you quoted for that comparison was the Kasikornbank notes rate which is bettered via their own TT/Travellers cheque and electronic transactions rates. In addition, the MasterCard rate you quoted is not an actual rate that one gets but an amalgam/average of the buy/sell rates on a given day exclusive of Mastercards conversion fees ....

It's just a card. The need to spruik it so hard via 5 or 6 posts from you and from the other GE sycophant is odd ...

 

[Suspense]

28 degrees is just another credit card that has as its sole claim to fame no currency conversion fees. It picks those up in other areas of the cards costs.

it has a high interest rate and some high late fees, but i have only used it as a debit facility so that is irrelevant to me and anyone with decent money management abilities. it has no monthly or yearly fees. i've not paid one fee, charge or a cent of interest with this card.

Any decent Gold or Platinum card matches it and has better features.

most will usually have monthly/yearly fees or other requirements/stipulations.

A basic debit card, in my case does the same.

a business transaction account. and unless the op has a business transaction account with the nab, using a basic aussie debit card will result in additional conversion fees.

It's also incorrect that it betters the Kasikornbank rate. The rate you quoted for that comparison was the Kasikornbank notes rate which is bettered via their own TT/Travellers cheque and electronic transactions rates.

le sigh...

forumer leper said:

what is the current "official Mastercard" rate versus, say, the Kasikorn rate linked to above? I'll happily bet my left nut (don't need em anymore anyhow) that is not as good as what you get in a Thailand bank.

i provided the figures that said official mastercard rate was just a good (and better for bank notes, which is the relevant conversion method considering it is bank notes that are withdrawn from atms) than the kasikorn rate.

this was not opinion. it was fact.

In addition, the MasterCard rate you quoted is not an actual rate that one gets but an amalgam/average of the buy/sell rates on a given day exclusive of Mastercards conversion fees ....

it is the rate that one gets. i provided a real-life example of me getting that rate (or close enough to it) on the 02/09. if you won't take my word for it (which it seems as though you won't), here is two massive whirlpool theads stating the same thing about the competitiveness of the rates offered by the card...

http://forums.whirlpool.net.au/archive/1471967

http://forums.whirlpool.net.au/forum-replies.cfm?t=1677676

it's a wonder ge is making any money employing that many spruikers...

It's just a card. The need to spruik it so hard via 5 or 6 posts from you and from the other GE sycophant is odd ...

nothing of what i have posted has been anything but fact or an opinion based on fact/personal experience. i could give a **** whether the op actually gets a 28 degrees card or not, but i felt i could help answer some questions about the card and correct a few misunderstandings (which seem to be obstinately persisting...) about the card.

i don't know what it is that you find so objectionable about me doing this, so much so that you have to label me in every second post as a ge employee, spruiker or sycophant. i also recommend albums i like in the music forum, but i've never been decried as a sycophant for doing that.

not that i care, it just seems... odd.

 

[year of the roo]

^ hahah kudos for continuing to reply to that know-it-all douchebag, but I am far too busy with GE business....

See you at the next staff meeting detailing our spruiking at teletubbiesforum.com???

 

[Eagle87]

There are 2 guys in this thread who can't let go of spruiking a particular card.

One of them - the one who accuses others of being "know it all douchebags" called out anyone who didn't have one of these cards ...

I have simply pointed out that even a standard bank debit card can get pretty much the same rate as this uber card ...

If people want to get any card they want, I couldnt give a toss, I simply took exception to folks coming onto the board to spruik one card as being somehow stellar and above all others when it isn't true.

Its a high cost, high fee card with a decent (but not special) arrangement on currency transactions. If one were to get a credit card for the sole purpose of not using it for credit - as you suggest you have, then fine, its ok ... of course if you took those cash advances as cash advances i.e. accessed the credit limit in any way then those high rates and costs would kick in...

But sure, if people want to get a credit card and then use it solely as a debit card primarily for use in overseas countries then its not too bad. Not stellar but ok ...

Again, my issue was with the flog who was pumping the card up as gods gift to cards ... you say you aren't .. although your ongoing defence of any criticism of it is .. odd

 

[year of the roo]

Hey you keep coming back for no particular reason as well. My comments earlier were in jest, try not taking everything so seriously champ, relax a little

 

[Eagle87]

Hey you keep coming back for no particular reason as well. My comments earlier were in jest, try not taking everything so seriously champ, relax a little

Whatever champ ....

 

[sammm]

i have a 28 degrees card and have used it o/s and in thailand.

iirc it uses mastercard exchange rates which are much better than oz banks/travelex etc. and has no additional foreign currency conversion fees. you do have to pay the atm fee per transaction however (150 baht generally).

only caveat is that it is a credit card and apparently ge aren't fond of ppl pre-loading it with cash and then using it's facility as sort of a debit card without foreign currency conversion fees. some ppl have had the card blocked whilst o/s but this is rare and only has happened when they've tried to withdraw more than their credit limit, or so i've heard.

that said, most people, including myself, have used it for that purpose before and had no problems whatsoever. i think it is boss.



nb. don't work for ge.

am the same asbove. I also have a 28 degrees mastercard, and use it as a debit card overseas. works great no fees the exchange rate is based on the forex exhange rate. Only fee is depending on the bank overseas whether they charge a fee.

also don't work for GE

 

[The Dice Man]

Bumping this purely for anyone having experience using oz forex. Is it safe?