Should I exchange my money before leaving? Or should I use the ATM abroad to withdraw abroad? The answer to that would depend on the currency of the country you’re heading to and try to do the USD/Your Home Country’s Currency and Currency of The Country You’re Visiting/USD exchange rate comparison.
On ATM Withdrawal:
For the past year up to the present, the USD to THB (Thai Baht) exchange rate fares well compared to PHP (Philippine Peso) to THB. My Payoneer MasterCard, for example, is in USD currency and if I use it to withdraw at an ATM in Thailand, I probably would get 200 baht more compared to using a GCash MasterCard to withdraw THB money which is in PHP currency by default.
An ATM in Thailand from a bank called Siam Commercial Bank (colour violet) would prompt me if I wanted to follow the bank’s conversion rate displayed on the screen. There also is an additional 220 baht withdrawal fee. From countless withdrawals with the SCB ATM machine, I noticed that choosing the option of NOT following the bank’s conversion rate was preferable. I also tried the Krungsri Bank ATM machine many times but it would not give me the option to view the bank’s conversion rate.
On Exchanging Currency:
I do not recommend exchanging money three ways. Stick to the bills on hand and exchange them at a currency exchanger WITHIN the city or locale you’re in. Exchanging my money at an airport almost always gets me 500 baht or 350,000 dong short. That’s a lot. Local currency exchangers (and legal ones, please) often have the best rates – the kind of rate that’s closest to what you would see on the XE mobile app.
Here’s the slip of a currency exchanger at the airport (arrivals) in Don Mueang:
At the time, 1 VND was equivalent to 0.0013 on the XE mobile app. It fluctuates between 0.0012 and 0.0014. What’s interesting was when I exchanged my Vietnamese dong into Thai baht at a local exchanger in Ben Thanh Market before leaving HCM a month and a half ago, the rate they had was 1 VND = 0.0013 THB.
Before I left Thailand for HCM in early October, I went to a local exchanger to exchange my baht into dong. The rate of the local exchanger was similar to that of XE’s.
Here are the details of the currency exchanger I recommend: