The best exchange rate is always through an ATM. Banks use the official "interbank exchange rate" which is set by the foreign exchange market, so there's no mark-up or margin added. HOWEVER, you will pay transfer fees and other bank fees. Depending on your bank, those fees could be lower than the commissions and margins you'll pay through a money exchange. It's always best to ask your bank about their fees before you leave. You might even be able to negotiate a lower fee structure.
And check out these other safety tips for Thailand too:
Phil at the safety hub over 6 years ago
We traveled globally for 2 years. ATM is the best way to go for sure. Charles Schwab Bank has a free, interest earning checking account that refunds all ATM fees each month- from anywhere in the world. And they have no foreign transaction fees. It is an awesome deal. about 6 years agoAnswered by John & Emily via WorldNomads.com
I've just returned from the Philippines where I was quite challenged to get money from ATMs. I simply wasn't familiar with the process, as the restrictions are very different from those in the Western world. First, not all ATMs handle foreign transactions and locating one that does can be a challenge. Secondly, the amount you are permitted to withdraw can vary greatly from your own bank's daily limit, for example, in Coron after finding an international ATM, I was limited to withdraw only about $100.00 from the machine at a time, with 5 withdrawals the maximum allowed. Thirdly, the machines can be very slow fulfilling the transaction, and as you stand there waiting for the money to be dispensed, you start to wonder if your card is going to be dispensed or captured--agony. Then of course once you have the cash it can be quite a bundle to manage--bring pockets! about 6 years agoAnswered by JXG via WorldNomads.com
1. Charles Schwab rules are that you have to open an investing account w/them before being able to have that type of checking account. I found that out when I wanted to open one.
2. Capital One cards (visa AND bank cards) pay their bank transaction fee. You might still have to pay the bank on the other ends fee, but at least its only one fee.
3. Some countries (Mongolia, I know from experience and possibly Mauritius/Madagascar, I'll be there this summer) have ATMs but won't take a bank ATM card. It's a Visa or Mastercard ATM (for cash advances). I'm using my capital one visa and putting $$$ on the card, so that when I need to use their ATM cash advance (b/c that's all that's available)...I won't get charge a cash advance fee b/c it's my $$ on my card. I checked and that's possible per capital one! about 6 years ago
I am a Thai residence. I always do exchange everytime I'm going abroad with Super Rich Company (http://www.superrich1965.com/). I need to show my passport when doing a transaction. I notice that they accept credit card, but not sure about the rate. about 6 years agoAnswered by Kiki via WorldNomads.com