Bank Of Ayudhya Starts Dynamic Currency Conversion For Atm

[daxbr]

Just observed bank technicians placing sticker on an ATM machine. 4 self explanatory pictures attached.

[theoldgit]

So that's what the 150 Baht fee is paying for.

[lopburi3]

Those are 6m downloads - would have been best to reduce the size to 300k range for posting.

Edit: Now I am getting properties that they are only 6k - guess I need new glasses. But have not been able to download more than a small portion so can't believe that either. Did you compress the file size? Perhaps it is just me but they should be loading faster than this if not full size.

Edited May 5, 2009 by lopburi3

[daxbr]

Those are 6m downloads - would have been best to reduce the size to 300k range for posting.

Edit: Now I am getting properties that they are only 6k - guess I need new glasses. But have not been able to download more than a small portion so can't believe that either. Did you compress the file size? Perhaps it is just me but they should be loading faster than this if not full size.

They load fine here... just thought pictures speak thousand words... each

[OriginalPoster]

Those are 6m downloads - would have been best to reduce the size to 300k range for posting.

Edit: Now I am getting properties that they are only 6k - guess I need new glasses. But have not been able to download more than a small portion so can't believe that either. Did you compress the file size? Perhaps it is just me but they should be loading faster than this if not full size.

They load fine here... just thought pictures speak thousand words... each

The do, it's just that a lot of people in Thailand have internet connections. The same thousand words per picture would have been spoken if each of those jpegs had been sized down to about 1/20th their present 3 Meg size. It's not hard to do. For example, below is your last picture downsized to 150 KB.

Edited May 5, 2009 by OriginalPoster

[loong]

If this spreads to all banks and currencies, there's going to be a lot of idle ATM's in the farang areas.

[daxbr]

Those are 6m downloads - would have been best to reduce the size to 300k range for posting.

Edit: Now I am getting properties that they are only 6k - guess I need new glasses. But have not been able to download more than a small portion so can't believe that either. Did you compress the file size? Perhaps it is just me but they should be loading faster than this if not full size.

They load fine here... just thought pictures speak thousand words... each

The do, it's just that a lot of people in Thailand have internet connections. The same thousand words per picture would have been spoken if each of those jpegs had been sized down to about 1/20th their present 3 Meg size. It's not hard to do. For example, below is your last picture downsized to 150 KB.

I thought it might be worthwhile to post actual evidence in form of pictures of a bank actually using their own arbitrary and possibly usurious exchange rates in ATM transactions

As far as I know, no bank has ever done that before and it is of importance to the expat community.

It is disappointing to see the only comments you two guys make, is about picture size. I would respectfully suggest to limit your future reading to Jessica Simpson forum.

[tijnebijn]

I for once , do very much appreciate you started this topic .

Very interesting to know they have this service available now .

About the pictures , well they seemed a little big , but not something

to complain about , complaining is what some are made for to do OP .

[loong]

I for once , do very much appreciate you started this topic .

Very interesting to know they have this service available now .

...

Sounds like you think that it's likely to be a good thing.

[OriginalPoster]

Those are 6m downloads - would have been best to reduce the size to 300k range for posting.

Edit: Now I am getting properties that they are only 6k - guess I need new glasses. But have not been able to download more than a small portion so can't believe that either. Did you compress the file size? Perhaps it is just me but they should be loading faster than this if not full size.

They load fine here... just thought pictures speak thousand words... each

The do, it's just that a lot of people in Thailand have internet connections. The same thousand words per picture would have been spoken if each of those jpegs had been sized down to about 1/20th their present 3 Meg size. It's not hard to do. For example, below is your last picture downsized to 150 KB.

I thought it might be worthwhile to post actual evidence in form of pictures of a bank actually using their own arbitrary and possibly usurious exchange rates in ATM transactions

As far as I know, no bank has ever done that before and it is of importance to the expat community.

It is disappointing to see the only comments you two guys make, is about picture size. I would respectfully suggest to limit your future reading to Jessica Simpson forum.

Fact is, posting 3 Meg pictures is a problem for a lot of people. Sorry if pointing that out that offends you. Maybe it's the first time you used a digital camera.

Edited May 5, 2009 by OriginalPoster

[OriginalPoster]

I for once , do very much appreciate you started this topic .

Very interesting to know they have this service available now .

...

Sounds like you think that it's likely to be a good thing.

No way it's going to be a good thing for the consumer. The bank wouldn't be doing it unless they were going to make more money by doing so.

[JimGant]

Much posted about DCC on this forum -- at least with credit and debit cards -- and what a screw job it is. But using DCC with ATMs was recently discussed -- at least on an experimental level in Europe a few years back. See HERE Post #579.

If this ever took off in Europe, then ATM owners must have set their exchange rates fairly close to those of the networks, otherwise knowing customers (knowing being the key word) would have opted out of DCC, which is supposed to be a required option by Visa and MC (whose networks are still being used to authorize the transaction and tap the user's bank account, so they do have a say). Whether Bank of Ayudhya will give the option of either using DCC or network rates, is unclear. Maybe they figure walking away from the machine is option enough -- and maybe MC now allows this, and Visa doesn't (therefore why Visa is not part of this new DCC deal........?).

Anyway, this should be interesting. I believe B of Ayudhya is one of the banks not charging the 150bt ATM transaction fee. So, somehow DCC has to be competitive with the 150bt fee, at least at lower amounts withdrawn. At higher amounts, however -- since DCC will amount to a fixed percentage cost -- the cost of withdrawing will surpass the flat fee 150bt rate.

And maybe those other banks not charging the 150bt flat fee are heading for DCC......and maybe the actual cost to the consumer will be considerably more than 150bt -- hoping that, because DCC hides the actual cost, unlike a published 150bt, they'll be able to get away with it.

Look at this Siam Commercial Bank site: HERE

Check out the much less fair DCC rates at the bottom. A 4.5% spread -- read gouge -- between the tier 2 DCC and TT rates (this for May 6 anyway). Now, no way can B of Ayudhya charge this differential and expect to have any foreign customers (well, knowing customers anyway).But, for sure, their rates will be less favorable than those we now get from the networks. But maybe not way off -- and maybe a slightly better deal for small amounts withdrawn compared to a flat rate of 150bt. Will be interesting to see what they (and maybe others) are up to..........

Tourists may be stuck with ATM machines. But looks more and more likely that expats will more and more be better off sending money to their Thai banks -- and using the Thai bank's ATM card -- or counter service.

For those still scratching their heads over DCC, see the top part of this well-worn article.

HERE

[BFD]

...

For those still scratching their heads over DCC, see the top part of this well-worn article.

HERE

Haw! I was LITERALLY scratching my head when I read your last sentence! Thanks for the explanatory link.

BFD!

[wileycoyote]

Does that mean that only Bangkok Bank & GSB not charging B150 fee ?

[samui04]

And maybe those other banks not charging the 150bt flat fee are heading for DCC......and maybe the actual cost to the consumer will be considerably more than 150bt -- hoping that, because DCC hides the actual cost, unlike a published 150bt, they'll be able to get away with it.

Look at this Siam Commercial Bank site: HERE

Check out the much less fair DCC rates at the bottom. A 4.5% spread -- read gouge -- between the tier 2 DCC and TT rates (this for May 6 anyway). Now, no way can B of Ayudhya charge this differential and expect to have any foreign customers (well, knowing customers anyway).But, for sure, their rates will be less favorable than those we now get from the networks. But maybe not way off -- and maybe a slightly better deal for small amounts withdrawn compared to a flat rate of 150bt. Will be interesting to see what they (and maybe others) are up to..........

From Jan to march any ATM use I did with SCB the exchange rate was very very variable, even less sometime of cash rate of the same bank. In December was always better than TT rate.

So we will have to see the real cost before decide.

From Europe small withdraw are out due to fix operation cost, 2E usually.

[thecatman]

Does that mean that only Bangkok Bank & GSB not charging B150 fee ?

Don't you mean Kasikorn Bank & GSB wileycoyote?? Bangkok bank do charge the 150Bt.

[parryhandy]

Sigh. Its becoming ridiculous this is.It seems the banks (here and our home countries) are fighting it out as to who can cream off the most from their customers.

[koheesti]

I posted this in another thread. I'd gladly pay the 150 baht fee instead of the hundreds they are now charging with DCC crap.

I use Capital One from the US and for the past 18 months have always gotten a great rate and no fees from either the US or Thai side (OK, maybe 20 baht). However, Saturday for the first time my Ayudhya Bank ATM receipt showed a rate and it was a very bad one at that - 33.44 off of a 10,000 baht withdrawal. That's about 1.40 baht under what I would have gotten before this new program and it comes out to an almost 400 baht surcharge ($12).

Ayudyha used to be my favorite bank because it was hassle free - now I won't go near them - unless ALL other ATMs are just as bad.

Edited May 10, 2009 by koheesti

[llp]

I posted this in another thread. I'd gladly pay the 150 baht fee instead of the hundreds they are now charging with DCC crap.

I use Capital One from the US and for the past 18 months have always gotten a great rate and no fees from either the US or Thai side (OK, maybe 20 baht). However, Saturday for the first time my Ayudhya Bank ATM receipt showed a rate and it was a very bad one at that - 33.44 off of a 10,000 baht withdrawal. That's about 1.40 baht under what I would have gotten before this new program and it comes out to an almost 400 baht surcharge ($12).

Ayudyha used to be my favorite bank because it was hassle free - now I won't go near them - unless ALL other ATMs are just as bad.

I use Ayudyha as my thai bank and capital one atm cards to "transfer" money into my thai bank. What I have done in the past is withdraw using one or multiple capital one atm card at an atm outside a branch, usually 17,000 baht at a time to get close to the max $500 limit imposed by capital one, and then go inside the branch to deposit the money into my Ayudyha account. Looks like I will have to change my routine and use a different atm if the DCC is forced. Capital one atm cards have no fees and always gave a very good exchange rate, pretty close to the visa rate found here:

tinyurl.com/66ctuk

[jfchandler]

Now that Kasikorn Bank appears to have implemented the 150 baht ATM fee, this becomes a more pressing question re Bank of Ayudhya....

The stickers on their ATMs say Dynamic Currency Conversion (read... BAD EXCHANGE RATE) will occur with MasterCard branded cards....

But, what happens if someone is using a VISA branded card, or an ATM only card that isn't VISA or MC??? Will Ayudhya still apply DCC to those, or a different standard rate???

[loong]

Now that Kasikorn Bank appears to have implemented the 150 baht ATM fee, this becomes a more pressing question re Bank of Ayudhya....

The stickers on their ATMs say Dynamic Currency Conversion (read... BAD EXCHANGE RATE) will occur with MasterCard branded cards....

But, what happens if someone is using a VISA branded card, or an ATM only card that isn't VISA or MC??? Will Ayudhya still apply DCC to those, or a different standard rate???

The notices say only Mastercard, Euro and US$, so would assume that Visa and other currencies would go through the usual Visa system.

[ChiangMaiFun]

Why not just open a foreign currency account at Ayudhya and trasfer into THB account and withdraw with their card? or am I missing something? this is what I do

[barryofthailand]

I posted this in another thread. I'd gladly pay the 150 baht fee instead of the hundreds they are now charging with DCC crap.

I use Capital One from the US and for the past 18 months have always gotten a great rate and no fees from either the US or Thai side (OK, maybe 20 baht). However, Saturday for the first time my Ayudhya Bank ATM receipt showed a rate and it was a very bad one at that - 33.44 off of a 10,000 baht withdrawal. That's about 1.40 baht under what I would have gotten before this new program and it comes out to an almost 400 baht surcharge ($12).

Ayudyha used to be my favorite bank because it was hassle free - now I won't go near them - unless ALL other ATMs are just as bad.

So if they are charging a 3% surcharge, that's 600 Baht on a 20,000 Baht withdrawal. Worse than the banks charging 150 Baht. If this continues, I think i will just go into my bank SCB and hand them my ATM card from America, and my passport, and make one withdrawal. I've been told there is no fee doing it this way. My bank in the states rebates any fee levied by Visa for the conversion from dollar to Baht.

Barry

[loong]

As already stated, the DCC rate apparently only applies to Mastercard, Visa cards should still get the Visa rate.

If you take your card inside SCB and use your card to make a withdrawal, they will also use their DCC rate.

So if you try it, check the exchange rate first.

[llp]

As already stated, the DCC rate apparently only applies to Mastercard, Visa cards should still get the Visa rate.

If you take your card inside SCB and use your card to make a withdrawal, they will also use their DCC rate.

So if you try it, check the exchange rate first.

I went to an Ayudhaya ATM today to use my Capital One ATM card (Plus network, No Visa/MC Logo, No fee). Got the non DCC rate as usually.

However, there is a message located at the top of the confirmation screen reads that there is a 150 THB fee for this transaction. But below that it shows the amount about to be withdrawn which was 17,000 Baht and a fee of 0.00.

Another one of those Thai mysteries....what are their intentions, to charge a fee or just to confuse us. Anyways, I think the fee was not charged. My exchange rate was about 34.10 which follows closely to visa's exchange rate found here: tinyurl.com/66ctuk