ATM new “exchange mark up” 5%

[Robert Paulson]

I’m pretty sure I just got robbed at a yellow bank atm. The rate has always been real good when taking out cash from my overseas account. I’ll have to double check the numbers but a new screen popped up saying there’s a 5% exchange rate mark up”. Whatever is going on it seems really significant I think I lost about 1500 baht on a 500 dollar withdrawal. 
 

I wonder if this is yellow bank specific or what. Hope I can get this sorted out. 
 

what’s really annoying is they already charge me 220 baht to make a withdrawal, maybe that wasn’t enough for the greedy schmucks 

[TallGuyJohninBKK]

It's called "Dynamic Currency Conversion," which is the financial term when a merchant or ATM shows you the purchase/transaction amount in your card's home country currency amount (and charges you up to 5% extra for that "convenience,") vs. the normal practice of simply showing the transaction in the local currency, being Thai baht.

 

When using Krungsri (yellow bank) ATMs with a foreign bank card, you'll often get a pop-up screen once you've entered in the withdrawal amount that asks you to either accept or reject the offered DCC rate. (A lot of foreigners here probably don't bother to pay attention to what exactly they're being asked and what it means, which means an extra 5% for the ATM owner, which makes the bank happy)

 

In short, you absolutely want to REJECT that offered DCC rate (tap NO) every time. Once you tap NO, your withdrawal will proceed, you won't be charged the extra 5% surcharge, and your receipt will show the W/D amount in THB. (Tapping NO will not cancel your transaction...fyi).

 

PS -- But yes, either way, you'll still get charged the standard Thailand 220 baht processing fee for ATM withdrawals made with a non-Thai bank card -- unless your foreign card happens to be one of the relatively few that reimburse all international ATM surcharges.

 

 

[steven100]

always reject DCC if asked by the ATM at international withdrawals.  OP ... your withdrawal costs should be approximately 480 baht + 220 baht here .... so on US$500 withdrawal  .. I would say around 3% is charged by your bank and 220 baht by the yellow bank.   

[Robert Paulson]

20 minutes ago, TallGuyJohninBKK said:

It's called "Dynamic Currency Conversion," which is the financial term when a merchant or ATM shows you the purchase/transaction amount in your card's home country currency amount (and charges you up to 5% extra for that "convenience,") vs. the normal practice of simply showing the transaction in the local currency, being Thai baht.

 

When using Krungsri (yellow bank) ATMs with a foreign bank card, you'll often get a pop-up screen once you've entered in the withdrawal amount that asks you to either accept or reject the offered DCC rate. (A lot of foreigners here probably don't bother to pay attention to what exactly they're being asked and what it means, which means an extra 5% for the ATM owner, which makes the bank happy)

 

In short, you absolutely want to REJECT that offered DCC rate (tap NO) every time. Once you tap NO, your withdrawal will proceed, you won't be charged the extra 5% surcharge, and your receipt will show the W/D amount in THB. (Tapping NO will not cancel your transaction...fyi).

 

PS -- But yes, either way, you'll still get charged the standard Thailand 220 baht processing fee for ATM withdrawals made with a non-Thai bank card -- unless your foreign card happens to be one of the relatively few that reimburse all international ATM surcharges.

 

 

Thank you. I’ve used this atm many times and was in a hurry and just pressed it without even reading. But it’s never done that before. I’ll def keep an eye out next time they basically stole over 1000 baht as far as I’m concerned. 

[steven100]

5 minutes ago, Robert Paulson said:

Thank you. I’ve used this atm many times and was in a hurry and just pressed it without even reading. But it’s never done that before. I’ll def keep an eye out next time they basically stole over 1000 baht as far as I’m concerned. 

so no happy ending  ....