Be Aware Of Credit Card Overcharge

[vagabond48]

While my USA CC still gives me 1% cash back and no foreign exchange fee, I use it when the merchant does not charge a CC usage fee.

Yesterday, I bought a camera at Siam TV and used my CC since I was told there would be no fee. When I got my CC receipt, I noticed something unusual. Besides the total invoice amount in baht , it also showed the total invoice amount in US dollars and giving an exchange rate of 29.85B. The is the 1st time I have seen this. Now, the current IER is over 31 baht. When I questioned what this was, someone finally showed me a written description of 2 CC options to pay. The 1st option is to give you a fixed exchange rate so that you "don't have to worry" about fluctuating rates and their rate was 29.85B. The 2nd option is to wait until your CC company (in my case Visa) gives you the rate. The fact that they "forgot" to tell me about the 2 options may have been an over-site, laziness or intentional. If I had said nothing, I would have paid over 4% more because of the much lower exchange rate. The rate reported on x-rates.com as of last night was 31.1998B .

Just be aware.

[hml367]

This has been my experience at Siam TV for some time. I do not use a credit card there.

Not every merchant has the service available. It is an option through Visa Corporate. You have to be sure to check the receipt before you sign it.

For about two months now I have been able to get money from my Visa credit card with 0 currency exchange fees. By using a signature withdrawal or an AEON ATM I also do not pay the ATM fees. I still pay the currency exchange fee with my Visa issued debit card. So... I take the cash advance on the Visa credit card, then go to online banking and transfer the amount from a deposit account to the credit card account.

MSPain

By the way, I also get the Visa exchange rate that is on their web site, not the local bank's exchange rate.

[bobl]

cc usage fees, yes they can be a pita.

But even without - isn't the "no foreign exchange fee" a little misleading? I've always found that the rate they use is consistently a few points lower than you could get shopping around the bureau...

Still prefer cash - or a Thb savings account with a debit card for places with no cc fees...

[vagabond48]

cc usage fees, yes they can be a pita.

But even without - isn't the "no foreign exchange fee" a little misleading? I've always found that the rate they use is consistently a few points lower than you could get shopping around the bureau...

Still prefer cash - or a Thb savings account with a debit card for places with no cc fees...

My experience with my "US based Visa" CC is different.

When I go to Airport Plaza and purchase using my CC, I sometimes also get cash from the Aeon ATM machine using my fee free "US based Visa" DC from a different financial institution. I know both cards "currently" don't charge a foreign exchange fee. I always record my financial transactions on a spreadsheet which includes the calculated baht per dollar rate. When I go online to check my CC charge and DC transaction, the rate is "identical". I also record the x-rate.com exchange rate for that day. I normally get a rate that is up to 1/2% up or down from their rate. Again, this is my experience.

[bobl]

My experience with my "US based Visa" CC is different.

Sounds distinctly fair...

I'll leave someone more qualified to comment on whether they've had a similar experience with a UK based Visa... I haven't used mine or paid attention to the rates enough to comment. I know I got clobbered in Tanzania but that's comparing apples and oranges, Tzs not being a tradable currency.

[scorecard]

I'll throw in a different beware - credit card number theft is still rampant in Thailand.

It's a regulation of the bank of Thailand that:

- Merchants must program their machine so that it does not print all the numbers on the slip (meaning both slips, customer copy and merchsant copy). They can print something like XXXX XXXX XXXX 1234.

- Merchants are not allowed, by BOT regulation, to record your full card number in any other way.

But of course there is no check by the relevant authorities and many merchants either print all the numbers on the slips or record all your details in some other records.

I've had my VISA card number stolen 3 times and it's a painstaking task to get it all corrected. And my bank manager has mentioned that if your number is stolen more than 3 times, you are now a prime suspect.

Beware.

[likite]

Vagabond Siam TV have been doing this for years. Everywhere I go (I don't use the credit card more than once a year) I insist that they bill me in Thai baht.

[ludditeman]

All retailers have two charging options.

Charge in home currancy (fixed rate).

Charge in local currancy (flexable rate).

You were charged in home currancy which it the credit cards default option, as it makes the CC more money.

Not really the retailers fault.

Even Amazon choose 'home currancy' as the default payment option.

[vagabond48]

All retailers have two charging options.

Charge in home currancy (fixed rate).

Charge in local currancy (flexable rate).

You were charged in home currancy which it the credit cards default option, as it makes the CC more money.

Not really the retailers fault.

Even Amazon choose 'home currancy' as the default payment option.

To be honest, I started using my CC in Thailand and China about a year ago and this is the 1st time I have encountered this "home currency" option.

Anyway, I had them reverse the debit charge and re-charge me using the local currency rate.

I just didn't like that I wasn't advised about the 2 choices. At least, it was a free lesson, so the next time, I will know what to do if it happens again.

[kanGBK]

Not only retailers. Hotels restaurants like to do it as well. Even ATM's Bangk.B. More and more dragging from the nose, after for examp.: How much is CC fee: sometimes 2 or 3 % .

Never relax always be aware of your wallet. Smiling and cheating.

[el jefe]

All retailers have two charging options.

Charge in home currancy (fixed rate).

Charge in local currancy (flexable rate).

You were charged in home currancy which it the credit cards default option, as it makes the CC more money.

Not really the retailers fault.

Even Amazon choose 'home currancy' as the default payment option.

To be honest, I started using my CC in Thailand and China about a year ago and this is the 1st time I have encountered this "home currency" option.

Anyway, I had them reverse the debit charge and re-charge me using the local currency rate.

I just didn't like that I wasn't advised about the 2 choices. At least, it was a free lesson, so the next time, I will know what to do if it happens again.

This has been going on for a couple of years. In my experience, about 1/3 of all merchants in Thailand do this automatically. I've never been asked. Off the top of my head, I can say that IT CIty automatically bills you in dollars (or Euros or GP pounds, depending on your card's issuing bank), as does Bangkok Air and the Duty Free shop at the airport. It's usually simple to ask them to re-bill in Baht, but occasionally it takes forever for them to figure out how to do it.

[siam2007]

this is an old rule in Thailand (Thailand is the worse country for that kind of rip-off anywhere in asia) since many years:

NEVER let them charge your home currency. ALWAYS insist on being charged the local currency, otherwise there is ALWAYS a 3% mark-up on the conversion rate.

particularly great in ripping-off guests that way are ALL Home-grown Thai Hotel chains such as Centara, Amari etc.....

but as well retail-chains such as Asia-Books. NOK AIR's Airport-Counter tried the same lately.

and until about two years ago or so, the Mark-up at all Supermarkets of THE MALL - Group (The Mall, Emporium, Paragon) was no less than 10 (ten) % !!!!! But luckily they stopped this disturbing policy.

If your home currency is printed on the slip, take a pen and SCRATCH IT OUT manually and manually CIRCLE the amount in Thai Baht (or whatever is the home currency where you make your purchase).

[likite]

The other thing to be aware of is to not let the card out of your sight.

In one shop the 2nd sales assistant took the credit card away and wrote on a piece of paper my name, card number, exp date and the 3 digit security code.

Needless to say, I got that piece of paper back from over the counter.

[vagabond48]

The other thing to be aware of is to not let the card out of your sight.

Good point. I never let my CC out of my sight.

[Paagai]

this is an old rule in Thailand (Thailand is the worse country for that kind of rip-off anywhere in asia) since many years:

NEVER let them charge your home currency. ALWAYS insist on being charged the local currency, otherwise there is ALWAYS a 3% mark-up on the conversion rate.

particularly great in ripping-off guests that way are ALL Home-grown Thai Hotel chains such as Centara, Amari etc.....

but as well retail-chains such as Asia-Books. NOK AIR's Airport-Counter tried the same lately.

and until about two years ago or so, the Mark-up at all Supermarkets of THE MALL - Group (The Mall, Emporium, Paragon) was no less than 10 (ten) % !!!!! But luckily they stopped this disturbing policy.

If your home currency is printed on the slip, take a pen and SCRATCH IT OUT manually and manually CIRCLE the amount in Thai Baht (or whatever is the home currency where you make your purchase).

Don't agree that Thailand is always the worse at scamming. I had this happen at a five star hotel in Seoul, Korea, from a very reputable international chain. When I queried why the credit card amount was in USD and asked them to change it to Won they refused and showed me the clause in their T&Cs saying this was their policy. They wouldn't budge as I'd signed to accept the T&Cs when checking in!

Rarely use the CC in Chiang Mai; cash seems less hassle. When I do use CC I always specify Thai Baht when handing the card over and have only once had a problem. That was at the sports goods floor in KSK, at first they refused to change it but relented when i started to walk away......

Another point, I have a UK issued AMEX card, because of the way AMEX works, when they try this the charge amount comes out in USD rather than the billing currency of GBP so you would loose twice!

[siam2007]

this is an old rule in Thailand (Thailand is the worse country for that kind of rip-off anywhere in asia) since many years:

NEVER let them charge your home currency. ALWAYS insist on being charged the local currency, otherwise there is ALWAYS a 3% mark-up on the conversion rate.

particularly great in ripping-off guests that way are ALL Home-grown Thai Hotel chains such as Centara, Amari etc.....

but as well retail-chains such as Asia-Books. NOK AIR's Airport-Counter tried the same lately.

and until about two years ago or so, the Mark-up at all Supermarkets of THE MALL - Group (The Mall, Emporium, Paragon) was no less than 10 (ten) % !!!!! But luckily they stopped this disturbing policy.

If your home currency is printed on the slip, take a pen and SCRATCH IT OUT manually and manually CIRCLE the amount in Thai Baht (or whatever is the home currency where you make your purchase).

Don't agree that Thailand is always the worse at scamming. I had this happen at a five star hotel in Seoul, Korea, from a very reputable international chain. When I queried why the credit card amount was in USD and asked them to change it to Won they refused and showed me the clause in their T&Cs saying this was their policy. They wouldn't budge as I'd signed to accept the T&Cs when checking in!

Rarely use the CC in Chiang Mai; cash seems less hassle. When I do use CC I always specify Thai Baht when handing the card over and have only once had a problem. That was at the sports goods floor in KSK, at first they refused to change it but relented when i started to walk away......

Another point, I have a UK issued AMEX card, because of the way AMEX works, when they try this the charge amount comes out in USD rather than the billing currency of GBP so you would loose twice!

admittedly, I have never been to Korea, but in that case I for sure would write a letter to the HQ of the said international chain.

because such policy is disturbing. mind to tell which hotel / chain that was ?

sometimes it helps to make yourself heard or even act provocative..... my harsh (but justified) guest survey got me a voucher for a 2 night-stay in HKG from their apologizing GM just 2 weeks ago....