Dynamic Currency Conversion On Visa/mastercard Purchases

[MattFS218]

I've come across this with a few merchants.

Dynamic Currency Conversion is when the merchant Bank (a bank in Thailand, when doing POS credit card transactions in Thailand) identifies your card as a foreign card, and attempts to convert the sale amount in THB to your home currency (in my case USD) at an exchange rate significantly higher than the Visa/Mastercard wholesale exchange rate before it is sent to your home bank.

On the two occasions I've come across this, it has been with Siam Commercial Bank Credit Card Merchants. Most sales people at retail outlets look at me like I'm crazy when I or my girlfriend explains that we don't want the transaction converted to USD. It is possible to disable Dynamic Currency conversion at the POS swipe device, but again most people at retail outlets don't know how to do this.

Does anyone have any recommendations on how to avoid getting stung by SCB's 5% Dynamic Currency Conversion ripoff? Has anyone come across other merchants that do this?

SCB makes an additional 5% of all foreign credit card transactions for merchants who they sign-up to this program (compared to 1-2% normally charged) at the expense of unknowing tourists, and I'd imagine they often sell it as a "modern" feature to most merchants.

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"Does anyone have any recommendations on how to avoid getting stung by SCB's 5% Dynamic Currency Conversion ripoff? "

1. Pay cash

2. Use your girlfriend's credit card

[JimGant]

It is possible to disable Dynamic Currency conversion at the POS swipe device, but again most people at retail outlets don't know how to do this.

Does anyone have any recommendations on how to avoid getting stung by SCB's 5% Dynamic Currency Conversion ripoff? Has anyone come across other merchants that do this?

See this article

As an update to the above article, I still have to tell Home Pro "I want baht, use button number 1." But, Rimping no longer has to be reminded.

[ThaiHotels]

I've come across this with a few merchants.

Dynamic Currency Conversion is when the merchant Bank (a bank in Thailand, when doing POS credit card transactions in Thailand) identifies your card as a foreign card, and attempts to convert the sale amount in THB to your home currency (in my case USD) at an exchange rate significantly higher than the Visa/Mastercard wholesale exchange rate before it is sent to your home bank.

On the two occasions I've come across this, it has been with Siam Commercial Bank Credit Card Merchants. Most sales people at retail outlets look at me like I'm crazy when I or my girlfriend explains that we don't want the transaction converted to USD. It is possible to disable Dynamic Currency conversion at the POS swipe device, but again most people at retail outlets don't know how to do this.

Does anyone have any recommendations on how to avoid getting stung by SCB's 5% Dynamic Currency Conversion ripoff? Has anyone come across other merchants that do this?

SCB makes an additional 5% of all foreign credit card transactions for merchants who they sign-up to this program (compared to 1-2% normally charged) at the expense of unknowing tourists, and I'd imagine they often sell it as a "modern" feature to most merchants.

Its not just Scb. Bangkok bank, Bank of Ayudhaya and Thai Military bank are all doing it. By law, they have to ask you if you would like to accept the payment in your home currency or not. Your answer should be no, charge in Thai Baht. All Edc machines have this option as well.

Its not just retailers doing it. Most of the large hotel websites are doing it and its not only using an Edc machine. Can be done without a card present.