Credit Cards

[cwilliam]

When I use a credit card from out of the country what rate do I get?The off shore rate(much lower )

or the On shore current Thai Rate?Big difference!

[Maestro]

Generally, using a foreign credit card for payment in Thailand you get the offshore rate.

Some establishments in Thailand give you the option to charge your credit card in your home currency, at the rate used by the establishment.

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Maestro

[highchol]

i have used my Uk issued credit card in Thailand and upon checking the statement i was given slightly better than the thai ( onshore ) published TT rate of the day.

[kiakaha]

Generally, using a foreign credit card for payment in Thailand you get the offshore rate.

Some establishments in Thailand give you the option to charge your credit card in your home currency, at the rate used by the establishment.

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Maestro

always settle in baht.

everytime i have been given the option i get a much better rate by settling in baht rather than taking the dynamically converted amount to my cards home currency.

[Maestro]

i have used my Uk issued credit card in Thailand and upon checking the statement i was given slightly better than the thai ( onshore ) published TT rate of the day.

Credit card (monthly statement) or debit card (each transactions is immediately debited to your account) ?

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Maestro

[JimGant]

i have used my Uk issued credit card in Thailand and upon checking the statement i was given slightly better than the thai ( onshore ) published TT rate of the day.

This usually is the case, at least with Visa and/or the Plus network, as they give the onshore Interbank Exchange Rate, which is several satang better than the T/T rate. Click this link for the Visa exchange rate of the day.

However, most credit card issuers pass on the 1% foreign transaction fee charged by the Plus and Cirrus networks -- and many others add an additional 2-3% to that. Thus, only with a few banks, like Capital One and Nationwide, will you escape fees and realize the Interbank Exchange Rate. (highchol, you must have one of these........?)

The above used to apply to MasterCard/Cirrus. But of late, with the onshore/offshore spread, they've apparently been using the odious offshore rates, although some have reported they've now come "onshore.' (And issuing banks have exchange rate latitude, so crummy exchange rates may lie with your bank).

When I asked the issuing bank of my MasterCard what the Cirrus exchange rate for a particular day was, their reply showed it being in the offshore category. But when I actually saw my statement, the exchange rate used for that day was just 1.5% less than the onshore Interbank Exchange Rate -- and 1% of that was my bank passing on the foreign exchange fee.

Go figure.

[trunknuk]

On May 18 I had a bill of 27,412.33 THB. Amex charged me $800.99. (they charge 2%). If I had walked down to Bangkok Bank with $800.99 they would have given me 27,465.95 Baht or 53.61 Baht more.

If I used the off shore rate (Oanda): You buy 27,412.33 Thai Baht : 850.604 US Dollar.

So, using a non-Thai AMEX card localy must be using on shore rates.

[highchol]

i have used my Uk issued credit card in Thailand and upon checking the statement i was given slightly better than the thai ( onshore ) published TT rate of the day.

Credit card (monthly statement) or debit card (each transactions is immediately debited to your account) ?

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Maestro

Debit card transactions are immediately debited and I can see this on internet banking.

The credit card transactions takes a couple of days or so to show up on internet banking.

As I mentioned when I check the given rate on the day of the transaction the the rate I have recieved has been slightly better than the published TT rate of the day.

I use the same issuer Nationwide for both debit & credit cards ( visa ). Nationwide as mentioned in past posts do not make any additional charges ( except for cash withdrawls on credit card ). So using Debit card for cash withdrawls and credt card for other larger non cash transactions is as far as I can see the best way of getting money / living in thailand.

Edited May 23, 2007 by highchol

[bmanly]

I use an Australian issued Mastercard Credit card, I always get the onshore TT rate without any fees taken out.

For further info on this card CLICK HERE.