exchange rate Krungsri bank

[fruitman]

Today i took 10.000 baht out of an atm from Krungsri. 

 

On the receipt was printed the following:

 

Access fee : 220

Exchange rate 32.74

tran. currency: 311.81 EUR

 

 

I had to pay the 220 baht access fee, that's ok and i understand that.

 

On their website right now is 34.38 buying rate for 1 euro, which is much more than the 32.74...So why did i get this very low exchange rate when they even mention a much higher rate on their krungsri website?

 

I called Krungsri and they say they don't know the exchange rate for using atm...the price on the website is only for exchange cash euro billiets at the counter. If i want to know the exchange rate i have to call my bank in the Netherlands.

 

So my question is: Is this normal? Why don't they publish the exchange rate for using atm on their website? Is this low rate caused by my Dutch bank? Do you guys also get this ultra low exchange rate when using a thai atm?

 

 

[Peter Denis]

Withdrawing money from your foreign bank-account using a thai ATM is a very expensive method.

And there are quick, easy and cheap solutions.

> At today's exchange rate of 34,90 to receive 10.000 THB in your thai bank-account using TransferWise, would cost you 286,- Euro + approx 3.- Euro to cover TW's service fee.

In majority of cases the money will be next day on your thai bank-account, and taking that amount out of your thai bank-account using an ATM will cost you something between 0 and 15 THB.

 

 

[fruitman]

6 minutes ago, Peter Denis said:

Withdrawing money from your foreign bank-account using a thai ATM is a very expensive method.

And there are quick, easy and cheap solutions.

> At today's exchange rate of 34,90 to receive 10.000 THB in your thai bank-account using TransferWise, would cost you 286,- Euro + approx 3.- Euro to cover TW's service fee.

In majority of cases the money will be next day on your thai bank-account, and taking that amount out of your thai bank-account using an ATM will cost you something between 0 and 15 THB.

 

 

Thanks but that was not my question...i want to know why Krungsri uses another exchange rate for using their atm...32.74 for 1 euro is extreme low...on top of that i paid 220 baht surcharge plus 2.5 euro to my dutch bank. I'm being scammed.

[Upnotover]

You didn't by any chance accept DCC (Dynamic Currency Conversion)?  That is certainly a way to give money away.

[fruitman]

1 minute ago, Upnotover said:

You didn't by any chance accept DCC (Dynamic Currency Conversion)?  That is certainly a way to give money away.

No i just took 10.000 baht out of the atm...i wanted 20.000 though but the atm thought that was too much so i took 10k....

 

The rate was printed on the screen, 32.74 baht which i accepted...but when i checked the website from Krunsri at home it said the rate buying rate is 34.38 so i got scammed. I wonder if you guys also get scammed by Krungsri and other thai banks or what is going on? 

[Upnotover]

If you accepted the rate on the screen sounds to me like you accepted DCC.  In which case the result is no surprise.  They do deliberately make is ambiguous which option to select in order to avoid DCC.  Always let the conversion be done by Visa or Mastercard not locally.

[Mavideol]

28 minutes ago, fruitman said:

Thanks but that was not my question...i want to know why Krungsri uses another exchange rate for using their atm...32.74 for 1 euro is extreme low...on top of that i paid 220 baht surcharge plus 2.5 euro to my dutch bank. I'm being scammed.

no, not scammed, hard times here call for hard decisions from the banks, less customers but same profit

[scubascuba3]

5 minutes ago, fruitman said:

No i just took 10.000 baht out of the atm...i wanted 20.000 though but the atm thought that was too much so i took 10k....

 

The rate was printed on the screen, 32.74 baht which i accepted...but when i checked the website from Krunsri at home it said the rate buying rate is 34.38 so i got scammed. I wonder if you guys also get scammed by Krungsri and other thai banks or what is going on? 

The last thing you should have done was accept the ATM exchange rate, it's the worst option, they might as well ask, are you a mug? if you say yes you get that rate. For future withdrawals you need to check with your netherlands bank what exchange rate you get (such as Mastercard) and what % they charge. As for the Krungsi website I've never seen them quote the ATM exchange rate

[Upnotover]

 

[TallGuyJohninBKK]

7 minutes ago, Mavideol said:

no, not scammed, hard times here call for hard decisions from the banks, less customers but same profit

 

The way to tell if you got DCC scammed is whether the ATM screen and your ATM receipt list your withdrawal amount in your home country currency or in THB.

 

If it lists it in your home country currency as in what you posted above -- tran. currency: 311.81 EUR -- that means they offered and you accepted getting screwed on your exchange rate when you accepted their 32+ offer.

 

The ATM screen offer won't ever say it's Dynamic Currency Conversion. But that's what it's called when the ATM offers you a withdrawal amount in your card's currency as opposed to a THB amount. Usually 2-4% worse than declining that and just asking for a THB based amount.

 

[fruitman]

22 minutes ago, Upnotover said:

If you accepted the rate on the screen sounds to me like you accepted DCC.  In which case the result is no surprise.  They do deliberately make is ambiguous which option to select in order to avoid DCC.  Always let the conversion be done by Visa or Mastercard not locally.

Look i just wanted to get 10.000 baht....and if they print me a rate than i accept it..how should i know that this was a scamming rate which differs from the one they have on their website? Can't we even trust large banks like Krungsri in thailand? I will report this to my own bank as a scam...let them deal with Krungsri.

[Upnotover]

Just now, fruitman said:

Look i just wanted to get 10.000 baht....and if they print me a rate than i accept it..how should i know that this was a scamming rate which differs from the one they have on their website? Can't we even trust large banks like Krungsri in thailand? I will report this to my own bank as a scam...let them deal with Krungsri.

Well, plenty of people do know about this semi-scam (including you now), you do have the option not to accept their rate.  The same applies in shops, hotels, in every country in the world.  They are all at it and it is avoidable.

[fruitman]

25 minutes ago, scubascuba3 said:

The last thing you should have done was accept the ATM exchange rate, it's the worst option, they might as well ask, are you a mug? if you say yes you get that rate. For future withdrawals you need to check with your netherlands bank what exchange rate you get (such as Mastercard) and what % they charge. As for the Krungsi website I've never seen them quote the ATM exchange rate

Well i checked my bank in holland they write that the exchange rate is 35 baht today....

 

And why would an atm ask me loads of questions in thailand? I told the thing i wanted 10.000 baht from my account...that works in every country i've been. This bank scammed me as far as i know and i want to warn all others for it. Also that 220 baht surcharge is a scam on top of it.

[OneeyedJohn]

34.98 right now.

 

Don't u have a Thai bank account, transfer when u are happy with the exchange rate, which sucks right now.

[scubascuba3]

26 minutes ago, fruitman said:

Well i checked my bank in holland they write that the exchange rate is 35 baht today....

 

 

Like i said earlier you need to find out what charge your bank makes. Often farang banks use Mastercard or visa rate but charge up to 2%.

 

As others have said you made a schoolboy error, many people make the same mistake once

[Andy from Kent]

31 minutes ago, fruitman said:

Well i checked my bank in holland they write that the exchange rate is 35 baht today....

 

And why would an atm ask me loads of questions in thailand? I told the thing i wanted 10.000 baht from my account...that works in every country i've been. This bank scammed me as far as i know and i want to warn all others for it. Also that 220 baht surcharge is a scam on top of it.

 

I fully understand your frustration and annoyance.    The same thing nearly happened to me but in  a slightly different way.     The ATM asked me if I wanted the currency   exchange to be done by the local bank or by my home country bank.     It clearly stated the local bank cost for the transaction would be just over ฿1700. for the 30K baht withdrawal.     I opted for my home country bank to do the transaction.

 I was using a debit card and  am  now much more aware of such things when using an 

ATM.    Caveat emptor.

 

I'm impressed your bank would take interest in an individual  customers complaint about a single ATM transaction.    Sounds like a very good and responsible bank.       Can a foreigner like me  become a customer of such a bank?

[fruitman]

1 hour ago, Andy from Kent said:

 

I fully understand your frustration and annoyance.    The same thing nearly happened to me but in  a slightly different way.     The ATM asked me if I wanted the currency   exchange to be done by the local bank or by my home country bank.     It clearly stated the local bank cost for the transaction would be just over ฿1700. for the 30K baht withdrawal.     I opted for my home country bank to do the transaction.

 I was using a debit card and  am  now much more aware of such things when using an 

ATM.    Caveat emptor.

 

I'm impressed your bank would take interest in an individual  customers complaint about a single ATM transaction.    Sounds like a very good and responsible bank.       Can a foreigner like me  become a customer of such a bank?

It is ABNAMRO bank in holland...you can try...

 

I can't remember if i got that conversion question...i think not...only about that 220 baht is what i remember...

 

This is the last time i used a Thai bank....never and never again! And i will tell this to all my friends family, don't come to thailand, i will meet them in Malaysia where they don't have these kind of scams...and my big money i will also spend outside of Thailand, bunch of scammers they are.

[rhodie]

19 minutes ago, fruitman said:

It is ABNAMRO bank in holland...you can try...

 

I can't remember if i got that conversion question...i think not...only about that 220 baht is what i remember...

 

This is the last time i used a Thai bank....never and never again! And i will tell this to all my friends family, don't come to thailand, i will meet them in Malaysia where they don't have these kind of scams...and my big money i will also spend outside of Thailand, bunch of scammers they are.

I think you will find that you were not scammed by the Thai bank. Either it was the intermediatory bank that gave you the option to use a rate or, it was your bank in Holland. The Thai bank got 220 Baht and that is all.

[david555]

https://www.mastercard.us/en-us/personal/get-support/convert-currency.html

converter tool online

[fruitman]

2 hours ago, rhodie said:

I think you will find that you were not scammed by the Thai bank. Either it was the intermediatory bank that gave you the option to use a rate or, it was your bank in Holland. The Thai bank got 220 Baht and that is all.

Well in my opinion i should pay that 220 baht surcharge and for the rest i should get that 34.40 baht for a euro. That's what Krungsri states on their website as the exchange rate for buying euro's.

 

Everything else is a scam in my book. And i don't know who the intermediatory bank should be but i did an exchange deal with Krungsri and nobody else.

 

[Andy from Kent]

2 hours ago, fruitman said:

i will tell this to all my friends family, don't come to thailand, i will meet them in Malaysia where they don't have these kind of scams...and my big money i will also spend outside of Thailand, bunch of scammers they are.

 

If you're a big spender, maybe Malaysia will welcome you with   with the red carpet.

[fruitman]

2 hours ago, david555 said:

https://www.mastercard.us/en-us/personal/get-support/convert-currency.html

converter tool online

On the atm receipt is also printed: 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.

 

What does that mean? I didn't use my mastercard creditcard but my atm bankcard which has a maestro logo on it....

 

Does this have to do with the bad exchange rate that i got?

 

This is what i get if i use the converter that you sent: I paid 311.81 euro for 10.000 baht so how can this amount be so much lower?

• THAI BAHT - THB

Amount *

 

• To *
  EURO - EUR

Bank Fee *

%

1 THB = 0.029364 EUR

Your transaction amount of 10000 THB = 293.65 EUR in your Card Currency

The currency conversion rate and your card currency amount are as of June 14th 2020 and includes a bank fee of 2%

 

• Select date of transaction

 

 

 

[blackcab]

Moved to the Banking forum.

[Upnotover]

1 hour ago, fruitman said:

What does that mean?

That means you accepted the local (Thai) banks offer to convert THB to EUR.  That means you sponsored the bank to some % over the rate that Mastercard would have converted at.  That means you made a mistake.  You had the choice, you chose wrong.  This is not a Thai thing, it's global, you'll be able to do it all over again in Malaysia I'm sure.

[fruitman]

2 hours ago, Andy from Kent said:

 

If you're a big spender, maybe Malaysia will welcome you with   with the red carpet.

When i'm in Malaysia i always take big money from the atm because they don't have that 220 baht surcharge there. They don't have that scamming mentality and are more fair to western tourists. Plus they speak better english than the Thai.

[fruitman]

35 minutes ago, Upnotover said:

That means you accepted the local (Thai) banks offer to convert THB to EUR.  That means you sponsored the bank to some % over the rate that Mastercard would have converted at.  That means you made a mistake.  You had the choice, you chose wrong.  This is not a Thai thing, it's global, you'll be able to do it all over again in Malaysia I'm sure.

Well i don't use atm's at all in thailand since many years..but this time i needed fast money, the butchers in a mall gave me much more meat than i ordered, i didn't have enough cash on me to pay that so i run to the atm and took cash.

 

I'm curious if other forummembers also get a much lower exchange rate than the banks show on their website. I can't remember that question about conversion at all but maybe i missed it...they scammed me for 1.75 baht for each euro that i took from the atm...that's sure more than 2%...

[Upnotover]

11 minutes ago, fruitman said:

 

I'm curious if other forummembers also get a much lower exchange rate than the banks show on their website.

Of course they do, it's not only you. That's been the whole point of all the replies you've had.  Accept DCC and you get a low rate, period.  Don't accept DCC and you'll get Mastercards/ABN's rate.  The rates published in the Thai banks are for TT's and cash conversions, not ATM's!

[scubascuba3]

4 hours ago, Upnotover said:

Of course they do, it's not only you. That's been the whole point of all the replies you've had.  Accept DCC and you get a low rate, period.  Don't accept DCC and you'll get Mastercards/ABN's rate.  The rates published in the Thai banks are for TT's and cash conversions, not ATM's!

Op doesn't seem to read or understand the replies, he still thinks A rate on the website is what he should get even though he's been told otherwise

[scubascuba3]

9 hours ago, rhodie said:

I think you will find that you were not scammed by the Thai bank. Either it was the intermediatory bank that gave you the option to use a rate or, it was your bank in Holland. The Thai bank got 220 Baht and that is all.

I think it's probably the Thai bank ATM that makes money on the currency transaction in this case, not the Netherlands bank. They'd make money if he'd declined the ATM rate offered

[Pib]

OP,

  Krungsri offered you their DCC rate and I expect on a screen you were offered the choice to accept or decline...and then pressed the button to accept.  When an ATM screen displays a rate they are offering your their DCC rate (which will suck...be several percent below the Visa/Mastercard rate).   If you had declined then the ATM transaction would have continued on and you would have got the higher card network (i.e., Visa/Mastercard) exchange rate. 

 

The post/images within Upnotover post above talk the issue in detail....it even shows a snapshot of how Krungsri ATMs use to offer a DCC although the screen layout/wording may be different now.   And I fully expect the wording is still vague/geared to confused..a person can easily press the wrong selection ending up accepting their DCC exchange rate.