exchange rate Krungsri bank

[Pib]

22 hours ago, fruitman said:

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 means you accepted the bank's DCC exchange rate/offer and will not get the card-network exchange rate. In your case the card network would have been the Mastercard exchange rate since you have a Maestro card....Mastercard owns Maestro.

 

Edited June 16, 2020 by Pib

[Baerboxer]

On 6/15/2020 at 5:51 PM, 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.

 

How many times do you think saying you were scammed is going to convince you it wasn't that you didn't understand how the systems work, the different options open, or think about it?

 

You were offered and accepted. End of.

 

You should take responsibility, as we all have to, for finding out which ways of transfers are the most economical and where it's best to make the transfer from one currency to another.

 

It's not any banks job to maximize your benefits.

[Pedrogaz]

The difference is the onshore/offshore rate charge. You bank in Holland is transferring the money in baht instead of  euros. 

But ATM is second only to Western Union as the most expensive way to transfer money. I have only ever used an ATM once....to change Pounds sterling to euros at Liverpool airport. The newspaper indicated the rate was about 1.20 Euros to the pound. For 100 pounds, I got 89 euros from the ATM (instead of the ca 120, I was expecting) the losses were multiple dubious 'charges', commissions etc and a really poor rate.

[fruitman]

1 hour ago, Baerboxer said:

 

How many times do you think saying you were scammed is going to convince you it wasn't that you didn't understand how the systems work, the different options open, or think about it?

 

You were offered and accepted. End of.

 

You should take responsibility, as we all have to, for finding out which ways of transfers are the most economical and where it's best to make the transfer from one currency to another.

 

It's not any banks job to maximize your benefits.

How do you know if they even asked me that <deleted> about conversion?? Were you there with me looking over my shoulder?

[fruitman]

32 minutes ago, Pedrogaz said:

The difference is the onshore/offshore rate charge. You bank in Holland is transferring the money in baht instead of  euros. 

But ATM is second only to Western Union as the most expensive way to transfer money. I have only ever used an ATM once....to change Pounds sterling to euros at Liverpool airport. The newspaper indicated the rate was about 1.20 Euros to the pound. For 100 pounds, I got 89 euros from the ATM (instead of the ca 120, I was expecting) the losses were multiple dubious 'charges', commissions etc and a really poor rate.

I have used atm's in thailand for many years, untill they came up with that surcharge and later with that conversion bs.

 

In the past we just got the rate which was published on the website of those banks...

 

And in Singapore/Malaysia they still do it the old honest way, only Thailand has to do this scam afaik....on top of that the thai baht also is much stronger now than in the past.

 

I just absolutely hate it when i feel scammed...i want to know all details before i do any business..that's in my nature and i was raised that way in Holland. But it's fine, this will never happen again..and from now on me and my wife will spend all holidays in decent non-scamming countries only.

[natway09]

BKB buying rate for Euro /THB today 34.73.

 

[jirathama]

1 hour ago, fruitman said:

I have used atm's in thailand for many years, untill they came up with that surcharge and later with that conversion bs.

 

In the past we just got the rate which was published on the website of those banks...

 

And in Singapore/Malaysia they still do it the old honest way, only Thailand has to do this scam afaik....on top of that the thai baht also is much stronger now than in the past.

 

I just absolutely hate it when i feel scammed...i want to know all details before i do any business..that's in my nature and i was raised that way in Holland. But it's fine, this will never happen again..and from now on me and my wife will spend all holidays in decent non-scamming countries only.

Hey Fruitman, iam also from Europe. In banking 30 years. Also in charge with ATMs and more. Just wanted to let you know, we in Europe also use the DCC offer. Every year at our meetings, the big bosses in the bank were so happy to see the results, what a stupid question can bring in extra profit ???? .

So, its not a Thai thing. Most ATMs in Thailand do not odder DCC and you automatically get ,in your case would have been, the Mastercard conversion.

Besides Krungsi i got this ATM DCC offer also with TMB(Thai Military Bank). I think, because these are 2 banks, who allow us to take a max. of 30.000,--Bht out of it, instead the normal 20.000,--Bht. There is, I think one more bank in Thailand with the 30.000,--Bht Limit. But i forgot which one.

[luckyluke]

When visiting a country, one should know, at least approximately, the official value of one's own currency in regards to the local currency. 

 

When at an ATM a currency is proposed, which is far beneath the official value, one should simply cancel the operation. 

 

Apparently the O. P. wasn't aware of the first, and thus didn't stop the operation. 

 

 

 

[khunjeff]

As many others have already stated, there are two issues here.

 

1) The exchange rates that you get using a foreign bank card in an ATM are set by MasterCard or Visa, depending whose symbol is on your card. In your case, you've already said that you're card is Maestro, so MasterCard does the conversion. The rates published by Krungsri or ABN have nothing to do with this (and the MasterCard rate will almost always be better than the rate at any bank).

 

2) You didn't get the MasterCard rate (or the Krungsri rate) in this instance because you voluntarily accepted the DCC offer from the ATM. You're correct that DCC is a scam that should not be allowed to exist - it's a pure money grab by the local bank, stepping in front of the transaction and helping themselves to a substantial amount of money for no benefit to you.

 

That having been said, the scam offer is presented in writing and you ALWAYS have the option of accepting or rejecting it, though the choice is usually presented in confusing language. If you reject it - which you should do, always - the transaction will go ahead at the MasterCard rate, plus the 220 baht local ATM fee and whatever ABN might charge. On the attached photo (from TMB, not Krungsri), clicking on the lower right, "Continue with Conversion", accepts DCC, and the lower left, "Continue without Conversion", rejects it.

 

You ask how we know that you agreed to DCC. Well, because you TOLD us when you quoted what was printed on your receipt - that ONLY shows up when you agree to DCC. You weren't aware of how this works, and now you are, so it will be easy to avoid in the future. Good luck.

[fruitman]

11 minutes ago, jirathama said:

Hey Fruitman, iam also from Europe. In banking 30 years. Also in charge with ATMs and more. Just wanted to let you know, we in Europe also use the DCC offer. Every year at our meetings, the big bosses in the bank were so happy to see the results, what a stupid question can bring in extra profit ???? .

So, its not a Thai thing. Most ATMs in Thailand do not odder DCC and you automatically get ,in your case would have been, the Mastercard conversion.

Besides Krungsi i got this ATM DCC offer also with TMB(Thai Military Bank). I think, because these are 2 banks, who allow us to take a max. of 30.000,--Bht out of it, instead the normal 20.000,--Bht. There is, I think one more bank in Thailand with the 30.000,--Bht Limit. But i forgot which one.

I did the mastercard conversion, another poster posted the website for it but then i still don't come to 311.8 euro for 10.000 baht.

AFAIK there's no more bank in thailand who offers 20.000 baht in a single transaction...i've read that you can get more at the counter but you have to bring your passport...not sure what exchange rate they'll give you at the counter.....it should be the rate which is on the screens imo but hey this is thailand and you never know.

[fruitman]

9 minutes ago, khunjeff said:

As many others have already stated, there are two issues here.

 

1) The exchange rates that you get using a foreign bank card in an ATM are set by MasterCard or Visa, depending whose symbol is on your card. In your case, you've already said that you're card is Maestro, so MasterCard does the conversion. The rates published by Krungsri or ABN have nothing to do with this (and the MasterCard rate will almost always be better than the rate at any bank).

 

2) You didn't get the MasterCard rate (or the Krungsri rate) in this instance because you voluntarily accepted the DCC offer from the ATM. You're correct that DCC is a scam that should not be allowed to exist - it's a pure money grab by the local bank, stepping in front of the transaction and helping themselves to a substantial amount of money for no benefit to you.

 

That having been said, the scam offer is presented in writing and you ALWAYS have the option of accepting or rejecting it, though the choice is usually presented in confusing language. If you reject it - which you should do, always - the transaction will go ahead at the MasterCard rate, plus the 220 baht local ATM fee and whatever ABN might charge. On the attached photo (from TMB, not Krungsri), clicking on the lower right, "Continue with Conversion", accepts DCC, and the lower left, "Continue without Conversion", rejects it.

 

You ask how we know that you agreed to DCC. Well, because you TOLD us when you quoted what was printed on your receipt - that ONLY shows up when you agree to DCC. You weren't aware of how this works, and now you are, so it will be easy to avoid in the future. Good luck.

So in your case if you click on continue with conversion you pay 5.5% extra?

 

I can't remember if i got this question but maybe i thought it would be to cancel the whole transaction....before i took the 10.000 and was denied 20k...so i was frustrated already...

Anyway, i won't use thai banks again, NEVER. For me they are thieves, i will purchase all i need in neighbouring countries and bring cash euro's for shopping here, minimal shopping that is.

[shortstop]

The exchange rates listed on a Thai banks websites are not applicable to credit/debit cards that are put into their ATM.

 

Even if once avoids the ripoff Dynamic Currency Conversion you might be in for a lower than expected exchange rate as there are a few layers of fees.   In addition to any fees imposed by Visa or Mastercard your bank could tack on an additional percent or two.  Then there's the 220 baht ATM fee.  

 

For Americans two good option are the Schwab card and the Fidelity card linked to a Fidelity Cash Management Account (not a Fidelity Brokerage Account). Fidelity and Schwab don't tack on an additional percentage and the 220 baht ATM fee gets rebated.

 

To see what you will get charged by Visa you can use the link below. This rate gets changed once a day; I'm not exactly sure what time.

 

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

 

 

 

 

[flinc2020]

On 6/15/2020 at 6:09 PM, OneeyedJohn said:

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.

Yeah not such a good idea, ceratainly with UK banks like NatWest. Due to a lost bank card I was faced with having to do transfers monthly. Apart from the 42.50 GBP transfer fee and the 2% charge there was the matter of their exchange rate which was, on average, 10% locer than local banks.  It made it pointless to transfer more than 1000 GBP at a time, for one transaction I transferred 950GBP which at that days rate with my Asian bank was 7790 RMB. What I actually got was:

950 - 42.50 = 907.50

2% transfer fee = 18.15

5% foreign exchange fee = 45.38

NatWest exchange rate of 7.495  + 6.325.55

Uk banks are really good at making your money theirs. These days I just accept the 220 fee at the ATM and and exchange rate slightly lower because it's still cheaper than letting the UK bank send it. (Side note, I increased my share of MY money by doing the transfers to my Chinese bank in GBP. The nak converted it to RMB for no fee and always gave me a much higher rate than the UK bank.)

[Andre0720]

When you use an ATM for an international transaction, you are connected to an Interbank network, totally outside of the bank that you are dealing with.  Therefore you are subjected to the rates determined by that network, such as Cirrus for example.

Typically, the local banks are unaware of this, as they are used to dealing locally, and they would know nothing about this Interbank network, and their exchange rates.

[couchpotato]

On 6/15/2020 at 5:51 PM, 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.

Mate its not a scam--so get over it. Other posters have pointed out why you probably got a lower rate. Also there are other international/interbank charges for ATM card transactions which are never published.

Plus the rate shown on the Krungsri website (or any bank for that matter) is probably not up to date and it is only a guide for exchanging money at the Bank. 

Exchange rates change hourly, so you can never be sure. But in no way can you compare the ATm rate to the exchange rate actually given at the bank teller. 

Do some research and then get back to us.

[treetops]

On 6/15/2020 at 6:23 PM, fruitman said:

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.

Next time ask the butcher to give you what you ordered.  It'll be much easier all round as you don't seem to accept that you made an error at the ATM.

[khunjeff]

17 hours ago, jirathama said:

Besides Krungsi i got this ATM DCC offer also with TMB(Thai Military Bank). I think, because these are 2 banks, who allow us to take a max. of 30.000,--Bht out of it, instead the normal 20.000,--Bht. There is, I think one more bank in Thailand with the 30.000,--Bht Limit. But i forgot which one.

CIMB and Citibank also let you take out 30k in one pull, but their ATMs are few and far between compared to Krungsri and TMB.

[luckyluke]

3 minutes ago, khunjeff said:

CIMB and Citibank also let you take out 30k in one pull, but their ATMs are few and far between compared to Krungsri and TMB.

So do the Siam Commercial Bank. 

[Max69xl]

On 6/15/2020 at 5:51 PM, 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.

You obviously answered yes on the question about the proposed exchange rate. You should have answered no. If you answer no you will get the correct exchange rate which is the TT buy rate. Why blame the bank when you did the wrong choice? ALWAYS answer no in the future if you must use a foreign card. 

[TallGuyJohninBKK]

22 hours ago, Pedrogaz said:

The difference is the onshore/offshore rate charge. You bank in Holland is transferring the money in baht instead of  euros. 

But ATM is second only to Western Union as the most expensive way to transfer money. I have only ever used an ATM once....to change Pounds sterling to euros at Liverpool airport. The newspaper indicated the rate was about 1.20 Euros to the pound. For 100 pounds, I got 89 euros from the ATM (instead of the ca 120, I was expecting) the losses were multiple dubious 'charges', commissions etc and a really poor rate.

 

It's not that simple, or necessarily bad, as you describe.

 

It's perfectly possible and do-able to get a very good exchange rate via foreign card withdrawals from a Thai ATM... in fact, just about as good as you're going to get anywhere, provided you ensure a few different things are in place:

 

--your home country/card issuing bank does NOT charge a flat or percentage fee (foreign currency conversion fee) on ATM withdrawals made outside your home country.

 

--your home country bank reimburses you for other banks' ATM use charges, such as the 220b fee that Thai banks charge against foreign card withdrawals.

 

--You use a VISA or MC logo debit card to make the Thai bank ATM withdrawal (not Amex or others), and make sure you do NOT accept any offer on the ATM screen to have the withdrawal denominated in your home country currency, meaning it's done as a straight Thai baht withdrawal, and not a Dynamic Currency Conversion one.

 

Ensure all those things are in place, and you'll get an ATM withdrawal here that's as good or better than any exchange rate you can get from any wire transfer, ACH transfer or other international funds transfer method.

 

[55Jay]

Big bump.

 

Wife just got DCC'ed yesterday at Krungsi ATM.  She knows about it after many years using our US credit cards here, but when she did a 30,000 Baht pull with US ATM card yesterday, at the same Krungsi branch ATM we've been using for years without ever seeing a DCC screen, she got it, didn't understand it, and accepted the rate. 

 

$890.58 for 30,220 = 33.9 Baht to Dollar instead of 36.3 quoted by Visa card FOREX calculator which would be about $832.50.  Krungsi pocketed about 2,000 Baht.   🤬

[Liverpool Lou]

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Edited October 31, 2023 by Liverpool Lou

[Liverpool Lou]

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Edited October 31, 2023 by Liverpool Lou

[Liverpool Lou]

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Edited October 31, 2023 by Liverpool Lou

[Liverpool Lou]

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Edited October 31, 2023 by Liverpool Lou

[Liverpool Lou]

Jesus...only just seen that this thread is 2 1/2 sodding years old!