ATM Withdrawal

[fritzgoss]

Just a heads up on a change that appears to have been made to ATM withdrawals using a foreign debt/ATM card. Yesterday I used my US debt/ATM card to withdraw cash from an ATM first at Krungsri, then at SCB. For the first withdrawal, I got a strange notice that I had never seen before, but sort of ignored it and just pushed the usual buttons. Out came the money and a long receipt slip, which told me that "EX.RATE: 30.5...THE EX. RATE APPLIED IS BASED ON COUNTER RATE (NOTE BUY) ANNOUNCE IN WWW.KRUNGSRI.COM INCLUDING A HEDGING MARGIN NOT EXCEEDING 3%. I HAVE CHOSEN NOT TO USE THE MASTERCARD CURRENCY CONVERSION PROCESS AND AGREE THAT I WILL HAVE NO RECOURSE AGAINST MASTERCARD CONCERNING ANY MATTER RELATED TO THE CURRENCY CONVERSION OR ITS DISCLOSURE." So, notwithstanding the poor English, I had agreed to use a different exchange process and rate than normally is used. When I checked the board in the bank, the rate I would normally get for such withdrawal was 31.1, which if you make a large withdrawal, can make a significant difference, all on top of the usual (and exorbitant)  220 baht fee. I asked the bank staff about this change and they had no idea. 

Then I went to SCB to see if I would encounter the same situation. I was informed by the ATM that the rate would be 29.5, but I noticed I could reject this rate and opt to process the transaction the normal way, which I did. When I checked my account in the US, the rate used was 31.25, almost 2 baht more! 

 

So, heads up as it appears that the banks have changed their procedure for withdrawals using a foreign debt/ATM card and you might want to tread carefully the next time withdrawing money.

[Langsuan Man]

6 minutes ago, fritzgoss said:

So, heads up as it appears that the banks have changed their procedure for withdrawals using a foreign debt/ATM card and you might want to tread carefully the next time withdrawing money.

Nothing new about this, most banks give you the option to obtain the Dynamic Conversion rate or the regular exchange rate.  You just have to read the screen and not blindly punch buttons or it will end up costing you money 

[Pib]

You were simply being offered a DCC exchange rate and you accepted it.   Nothing new about that.

 

Seems Mastercard cards frequently get the DCC offer based on many ThaiVisa posts I've seen over the years.   All but one of my US debit cards are Visa cards...I use them frequently in Thai ATMs....have never been offered a DCC screen.

 

Be sure to read the ATM screen "closely" as the DCC offer wording is vague/misleading....leads you in the way of selecting a DCC transaction.  See below Dec 2016 as to how the Krungsri ATM use to offer a DCC transaction and how to avoid pressing the wrong button because of the vague/misleading wording.

 

 

 

 

[fritzgoss]

but this was the first time I had seen this. I use this same  ATM card a few weeks ago, and didn't get any such message or choice. In fact, this is the first time in the 17 years I have been here that I have encountered this. But I realize now, based on other comments, that this may only happen when using a Mastercard debt rather than Visa.  I think the banks made some recent change to their system. 

[seajae]

I always got these messages when using my cards from overseas, nothing new at all, time to get a local bank account if you are worried about them

[Pib]

11 minutes ago, fritzgoss said:

but this was the first time I had seen this. I use this same  ATM card a few weeks ago, and didn't get any such message or choice. In fact, this is the first time in the 17 years I have been here that I have encountered this. But I realize now, based on other comments, that this may only happen when using a Mastercard debt rather than Visa.  I think the banks made some recent change to their system. 

Regardless of whether a Mastercard, Visa, AmEx, UnionPay, etc., is used if a DCC transaction is being offered one of the screen displays will be where you accept or decline the offer....read the wording closely as it will no doubt be vague...meant to lead you toward pressing the button that accepts the DCC transaction.  Whenever you see a specific exchange rate being offered it's a DCC offer...DO NOT accept....press the appropriate button that allows you to continue on to get the Mastercard/Visa/etc., exchange rate.   

 

Whatever printout you read on the paper receipt is an after-the-fact notice. 

[fritzgoss]

you all must be using different banks or ATM cards then me because I have NEVER seen this type of message in the 17 years I have been here, even as recent as last month when I used the same card in the same machine....and having a local bank account doesn't solve anything unless one earns money here and doesn't need to transfer funds from overseas.