Overseas ATM Withdrawal

[a1v1n_]

Wait what? Isn't that close to 1:1?

Its about 2.782?

 

[bunnypangsai]

Wait what? Isn't that close to 1:1?



Actually when we go to the ATM, does the machine display the FX rate first, so we can decide whether we want to proceed or not?

e/r is pretty bad, or the banks will usually charge a certain rate. best to just carry sufficient cash

 

[dilphinus]

Wait what? Isn't that close to 1:1?

Withdrew RM 1500 from Maybank ATM in Msia using POSB Debit card using Maestro.
Horrible rate. That time the money changer rate around 3.

Did you read what koreanlover wrote? He drew MYR1500 which worked out to be S$534.17. That's SGD$1 to MYR2.80 by the bank while it was SGD$1 to MYR3 at the money changers. How is MYR2.80 close to 1:1?

 

[yknyong1]

Did you read what koreanlover wrote? He drew MYR1500 which worked out to be S$534.17. That's SGD$1 to MYR2.80 by the bank while it was SGD$1 to MYR3 at the money changers. How is MYR2.80 close to 1:1?

Quite wide spread

 

[Danden]

Withdrew RM 1500 from Maybank ATM in Msia using POSB Debit card using Maestro.
Horrible rate. That time the money changer rate around 3.

next time withdraw from maybank atm using maybank card the rate is bank rate and no fee

 

[bunnypangsai]

next time withdraw from maybank atm using maybank card the rate is bank rate and no fee

banks will think of every permutation.

 

[koreanlover]

next time withdraw from maybank atm using maybank card the rate is bank rate and no fee

Is the Maybank ATM card rate near the money changer rate?

 

[beanstalk6]

Wait what? Isn't that close to 1:1?



Actually when we go to the ATM, does the machine display the FX rate first, so we can decide whether we want to proceed or not?

I have not seen an ATM that displays the going rate, anywhere in the world.

 

[invisible999]

When you withdraw money from overseas ATM following factors come into place:

- Fee from your own bank for using other bank's ATM. Very few banks in Singapore do not change such fee. Two I know are CIMB when using ATM connected to VISA network and Citibank. All others charge various fees and these fees could be quite high - HSBC charges $8 for overseas withdrawal

- Fee imposed by the overseas bank/ATM. Varies on jurisdiction/country. For example, in Japan and most of Europe you don't have such fee. On other hand - in Thailand you will pay 180 bath ($6) for withdrawal, in Vietnam it is US $1-$2.5 equivalent in dongs and in US it is $2-$5, depending on bank.

- Forex rate. This is determined by your own bank. In general, ALL singaporean banks regardless of your status with them impose 2% on the top of the VISA/MC rate, which on its terms is 0.8%-1% higher than spot (inerbank) exchange rate.

So, as a worst case scenario, if you withdraw 2500 baht in Thailand with HSBC card you will end up paying $8+$6+$3=$17 or 17% higher comparing to spot interbank rate.

How to avoid this - you can avoid your own bank's fee and foreign ATM fee if you check/research carefully, but you can't avoid 2% Forex fee. If you are going to get large amount of money (like $2000) and 2% forex fee or $40 is too much for you - get cash either locally or at the destination at money changers.