You can buy baht with a credit card at Super Rich?

[Duke of Earl]

Rumour is, you can buy baht at SuperRich with a cc and it doesn't show to your bank as a cash advance, but as a regular purchase. This of course would come with more favorable terms.

 

Has anyone tried to buy baht at SR with a cc?

[jackdd]

Probably just a myth, because Superrich would pay a fee to the credit card issuing company which would be much higher than their margin (unless Superrich would apply a 3% or something like this fee to compensate for the fees they have to pay)

[VBF]

@Duke of Earl There have been a few threads on TV on the broad subject of getting cash on Credit and/or Debit cards.

This is one recent one

I went back through my followed content but I don't seem to be following anything relevant.

 

I suggest you have a play with the search function on TV and see what comes out.

As a newbie you may find all sorts of interesting stuff...... then again...... 

 

Edited October 18, 2018 by VBF

[Duke of Earl]

8 hours ago, VBF said:

I suggest you have a play with the search function on TV and see what comes out.

I searched, found nothing, then asked the question ????

[VBF]

8 hours ago, Duke of Earl said:

I searched, found nothing, then asked the question ????

Hmmm...... you're right,  I just searched and came up with nothing either.

I was sure I'd seen something in the past - sorry Duke 

I am inclined to agree with post #2.

 

I take it you're not in Thailand, or you'd have just gone into SR and asked?

If you are, (especially Pattaya)  and if they don't do it, see if there's a TT exchange (yellow / black logo) in your area; they might be worth asking.

Also if you can find a Yenjit, try there.

 

Tbh, these are all CASH exchanges so it's doubtful.

 

Good Luck

Edited October 19, 2018 by VBF

[Bob12345]

On 10/18/2018 at 8:42 PM, jackdd said:

Probably just a myth, because Superrich would pay a fee to the credit card issuing company which would be much higher than their margin (unless Superrich would apply a 3% or something like this fee to compensate for the fees they have to pay)

Agree, we asked once at a gold shop and they were willing to sell gold on a credit card payment as long as you paid the fees on their side also (the idea was to profit from the credit card bonus points as the house contractor wanted either cash or gold).

[Just Weird]

On ‎10‎/‎18‎/‎2018 at 7:56 PM, Duke of Earl said:

Rumour is, you can buy baht at SuperRich with a cc and it doesn't show to your bank as a cash advance, but as a regular purchase. This of course would come with more favorable terms.

 

Has anyone tried to buy baht at SR with a cc?

They won't do it with a debit card, I've tried, so it's doubtful they would with a credit card.

[Duke of Earl]

20 minutes ago, Bob12345 said:

Agree, we asked once at a gold shop and they were willing to sell gold on a credit card payment as long as you paid the fees on their side also 

By chance do you remember the extent of the fees?

 

If it were 3% and treated as a purchase (not a cash advance) I would do it.

My cc has no foreign transaction fees and deferred apr for the nexr year so 3% is doable provided the exchange rate is good.

[TallGuyJohninBKK]

19 minutes ago, Just Weird said:

They won't do it with a debit card, I've tried, so it's doubtful they would with a credit card.

 

I haven't tried myself, but I'm pretty sure I've read here in the past others reporting that they're a cash only transaction place.  I think I asked that question at Vasu in the Sukhumvit area in the past, and got the same answer.

 

But no harm in asking yourself, just to be sure.

 

 

Edited October 20, 2018 by TallGuyJohninBKK

[PerkinsCuthbert]

The answer is a definitive 'no'. Superrich, Vasu and the rest are strictly cash operations that make their commission on exchange rate spreads.

[bushwacker]

Several years ago before going to Thailand, I loaded up my Master card and Visa card with cash.   When traveling to Thailand, I went into Siam Bank and asked to take out a cash advance on my master card.  I took it out in Canadian $ so there was no issue with out of country rates and as the money was already in the account there was no crazy interest.  The advance on paper was in dollars but the bank paid me in baht.  Worked very nicely ... so I would expect it cannot be done any more ... ????

 

[jackdd]

9 hours ago, bushwacker said:

Several years ago before going to Thailand, I loaded up my Master card and Visa card with cash.   When traveling to Thailand, I went into Siam Bank and asked to take out a cash advance on my master card.  I took it out in Canadian $ so there was no issue with out of country rates and as the money was already in the account there was no crazy interest.  The advance on paper was in dollars but the bank paid me in baht.  Worked very nicely ... so I would expect it cannot be done any more ... ???? 

 

It does still work this way, but OP asked specifically about "doesn't show as cash advance, but as purchase", which won't work because somebody has to pay the about 3% fees involved when "making a purchase" ????

[Bangkok Barry]

On 10/18/2018 at 10:18 PM, VBF said:

@Duke of Earl There have been a few threads on TV on the broad subject of getting cash on Credit and/or Debit cards.

This is one recent one

I went back through my followed content but I don't seem to be following anything relevant.

 

I suggest you have a play with the search function on TV and see what comes out.

As a newbie you may find all sorts of interesting stuff...... then again...... 

 

 

Or, he could ask Superrich.

 

[Ken]

19 hours ago, Duke of Earl said:

By chance do you remember the extent of the fees?

 

If it were 3% and treated as a purchase (not a cash advance) I would do it.

My cc has no foreign transaction fees and deferred apr for the nexr year so 3% is doable provided the exchange rate is good.

I just bought some gold using AMX.  The fee from the gold shop was 3%. It showed up as a purchase and not any kind of cash advance.   The AMX exchange rate was a very favorable rate and no foreign transaction fee, I checked.

[Duke of Earl]

2 hours ago, Bangkok Barry said:

 

Or, he could ask Superrich.

 

Assuming I was anywhere near one. Since I'm asking here, it's more logical to assume I'm not.

[Duke of Earl]

3 hours ago, jackdd said:

It does still work this way, but OP asked specifically about "doesn't show as cash advance, but as purchase", which won't work because somebody has to pay the about 3% fees involved when "making a purchase" ????

Right. But who pays that 3% and how it shows makes all the difference as a cash advance has a higher Apr that starts immediately, and a purchase does not in my case.

So I pay a lot less if I pay that 3% myself.

[scubascuba3]

It doesn't sound a particularly good deal. I use my CC and get the Mastercard rate which is very good and no charges. How much higher is the SR rate vs CC rate?

[Bangkok Barry]

58 minutes ago, Duke of Earl said:

Assuming I was anywhere near one. Since I'm asking here, it's more logical to assume I'm not.

 

You don't have to be near one. The internet can be quite helpful From their website:

 

Q: How can we contact Superrich Thailand?

A: For more information please contact

Call Center: +66(0) 2254 4444

Facebook Message: SuperrichTH

Line@: @SuperrichTH
 

Edited October 21, 2018 by Bangkok Barry

[Just Weird]

17 hours ago, PerkinsCuthbert said:

The answer is a definitive 'no'. Superrich, Vasu and the rest are strictly cash operations that make their commission on exchange rate spreads.

"...make their commission on exchange rate spreads".

 

Who'd have guessed.

[Duke of Earl]

1 hour ago, scubascuba3 said:

It doesn't sound a particularly good deal. I use my CC and get the Mastercard rate which is very good and no charges. How much higher is the SR rate vs CC rate?

I agree, when able to use the cc, but often it's cash only in Thailand. 3% is nothing to celebrate, but I need cash.

My current visa cc has no foreign transaction fees, no apr till next year, and gives almost the live exchange rate. Better rate than SR or Vasu exchanging cash even. I don't know how they make any money.

I'd love to find a way to draw currency off my cc without it looking like a cash advance to my bank. 

[scubascuba3]

I agree, when able to use the cc, but often it's cash only in Thailand. 3% is nothing to celebrate, but I need cash.
My current visa cc has no foreign transaction fees, no apr till next year, and gives almost the live exchange rate. Better rate than SR or Vasu exchanging cash even. I don't know how they make any money.
I'd love to find a way to draw currency off my cc without it looking like a cash advance to my bank. 

What's wrong with it being a cash advance? I do this at the bank counter then transfer money across into my CC account to cover it so no interest

[Duke of Earl]

14 minutes ago, scubascuba3 said:

What's wrong with it being a cash advance? 

All of these reasons:

https://www.thebalance.com/why-you-should-avoid-a-credit-card-cash-advance-960036

 

I'm not looking to pay it off right away, also.

Edited October 21, 2018 by Duke of Earl

[scubascuba3]

All of these reasons:
https://www.thebalance.com/why-you-should-avoid-a-credit-card-cash-advance-960036
 
I'm not looking to pay it off right away, also.

All that is noise, if you pay it off straight away that list can be ignored. If you can't pay it off straight away then yes someone needs to find an alternative way

[jackdd]

12 minutes ago, Duke of Earl said:

All of these reasons:

https://www.thebalance.com/why-you-should-avoid-a-credit-card-cash-advance-960036

In the end it depends on the credit card which you are using.

I have a credit card which does not charge any fees when doing a cash advance and no interest charged if i pay it off with my next monthly bill, so there is really no reason not to use it under these circumstances.

[sanmyintmaung]

You can buy Foreign Currency (Not Thai Bahts) at Super Rich Yellow using your credit card. Fee is 2.5%.

Creditcard purchases are available only in Super Rich Yellow Branches below. Other branches not in the list below accept only cash.

1. Ratchdamri Main Branch

2. Central World Branch

3. Central LadPhrao Branch

4. Central Bangna Branch

5. Central Embassy Branch

6. Central East Ville Branch

7. Silom Complex Branch

8. Silom Branch

9. Seacon Square Branch

10. The Crystal Ratchapruek Branch

11. The Mall Bang Khae Branch

12. The Mall Bangkapi Branch

13. BTS Siam Branch

Link below is the Announcement post from Superrich Yellow Official Facebook page. You can press "see translation" to read in English.

 

Edited October 21, 2018 by sanmyintmaung

[sanmyintmaung]

You can also buy Foreign Currency (Not Thai Bahts) at Super Rich Green using your credit card. Fee is 2.2%.

Creditcard purchases are available only in Super Rich Green Branches below. Other branches not in the list below accept only cash.

1. Ratchadamri Headquarters,

2. Siam Paragon

3. Central Rama 9

4. Central Pinklao

5. Paradise Park

6. Suvarnabhumi Airport 

 

Link below is the Announcement post from Superrich Green Official Facebook page. You can press "see translation" to read in English.

 

 

[VBF]

6 hours ago, Bangkok Barry said:

 

Or, he could ask Superrich.

 

As I already said above (#5)...."I take it you're not in Thailand, or you'd have just gone into SR and asked?"

[Duke of Earl]

7 hours ago, Bangkok Barry said:

 

Or, he could ask Superrich.

 

 

44 minutes ago, VBF said:

As I already said above (#5)...."I take it you're not in Thailand, or you'd have just gone into SR and asked?"

To answer your concerns: no-not near a SR, yes- I tried to look before I asked. I don't read Thai. I also called SR and they were unable to understand my question clearly, and understandably wouldn't know how the transaction would appear to my bank anyway. I wrote on Line and never got a response. I wrote my bank and got a boilerplate reply about cash advances. 

[Duke of Earl]

58 minutes ago, sanmyintmaung said:

You can also buy Foreign Currency (Not Thai Bahts) at Super Rich Green using your credit card. Fee is 2.2%.

Creditcard purchases are available only in Super Rich Green Branches below. Other branches not in the list below accept only cash.

1. Ratchadamri Headquarters,

2. Siam Paragon

3. Central Rama 9

4. Central Pinklao

5. Paradise Park

6. Suvarnabhumi Airport 

 

Link below is the Announcement post from Superrich Green Official Facebook page. You can press "see translation" to read in English.

 

 

This is excellent. Thank you.

Precisely what I am looking for.

 

My last question: will this just appear to my bank as a purchase? I suspect yes.

That would be perfect.

 

Thanks again.

[Pib]

2 hours ago, Duke of Earl said:

All of these reasons:

https://www.thebalance.com/why-you-should-avoid-a-credit-card-cash-advance-960036

 

I'm not looking to pay it off right away, also.

Yeap, using a credit card to get a cash advance is usually a costly way to get money. 

 

Not only would you have the Superrich fee of 2.5% your card-issuing bank probably charges the typical 3% cash advance fee and possibly even a foreign transaction fee of around 3% as most cards have foreign transaction fees.   We are now up to 8.5% just to get the money in hand.  Since interest on a cash advance begins to accrue "immediately a person is probably paying higher interest than for a standard purchase....maybe paying around 18% interest on a cash advance.  And if he already has a credit card balance for purchases and can't pay off the entire balance then his payment may only go towards the standard purchase balance and not a penny of the cash advance balance is paid down which continues to rack-up higher interest than the standard purchases. 

 

The cash advance is still processed/shows as a type of "purchase" transaction "but" underlying "Merchant Category Code (MCC)" coding identifies it as a cash advance so your card-issuing bank can apply the appropriate fees/higher interest.  

 

Lot of different credit cards out there from different countries with different rules, but if using a the "typical"U.S. credit card the general rules are:  a cash advance fee of approx 3%, a foreign transaction fee of around 1 to 3%, interest begins to accrue  immediately in comparison to a standard purchase where you get a grace period, usually higher interest for cash advance compared to a standard purchase, and unless you pay off the entire balance at the next monthly statement all or part of you payment may just go towards the lower interest standard purchase balance....that cash advance balance is untouched and still racking up interest. 

 

But there are some (not many) U.S. credit cards that do not charge any cash advance or foreign transaction fee like Pentagon Federal Credit Union credit card.   However, interest still begins to accrue immediately and they also play the standard purchase & cash advance game if not paying the balance in full at the end of the month.  But you can pay the entire balance (standard purchase balance and cash advance balance) immediately after doing the cash advance to avoid any interest on the cash advance.   Then again most folks using a credit card to get a cash advance are probably short of cash to pay in full a monthly bill....much less to pay it off immediately/right after the cash advance.

 

I just wouldn't use a credit card to get cash unless you have one of the few cards with no cash advance or foreign transaction fee "and you can immediately/quickly pay off the full balance on your credit card.

 

Visa/Mastercard MCC Coding for a Cash Advance/Disbursement