This is the strangest of all transactions I witnessed.
This was a FOUR day Thai holiday weekend. There were no rate adjustments locally on Monday because everything in Thailand was closed … even though money markets changed. The rate on the street was SUBSTANTIALLY less than I was receiving. I verified the rates in a variety of places, but in the end, I figured it was because of the holiday and the unwillingness of the local exchanges to modify their rate on a busy holiday.
I withdrew 20,000-baht plus the 180-baht fee, for a total of 20,180-baht. My account was charged $608.32USD for this withdrawal, which calculates to a currency conversion rate of 33.17 baht/USD that I received.
I paid for gas on a different Credit Card (Chase) than I normally use. I received 32.63 baht/USD.
Using my credit card at the mall: Then I went for my favorite hamburger and shopped at the grocery store with my main credit card (CapitalOne). I received 33.13 and 33.14 baht/USD.
To summarize: I received 33.17 at the ATM; 32.63 using a Chase card with no fees; and 33.13 using a Capital One card.
And the best street rate was 32.70!!!
Because I found this confusing, I began looking into the rates from different sources. First, I went to VISA and checked their rate for the day:
Visa was showing the rate would have been 33.17 (meaning that transactions on this day should have been converted at this rate).