Snake on side of road On Nut

[silvester2]

I am based in Bangkok and have a credit card from American Express, Thailand and Citibank, Thailand.

Because of travel and business I have many oversea spendings mainly in EUR, US$, HK$, SGD.

Both American Express Thailand and Citibank, Thailand charge me a "Currency Conversion Risk Factor" of 2.5% in addition for any purchase in a different currency then Thai Baht.

I wonder if there is any local Thai bank which offers a credit card without the "Currency Conversion Risk Factor, 2.5%". So basically I am looking for a no foreign transaction fee Thai credit card.

Edited December 16, 2012 by silvester2

[USNret]

What is your nationality? And is your salary paid in baht or another currency?

In the U.S., any Visa card (credit or debit) charges 1% international transaction fee. There are some banks that add onto that, but 1% is the norm. Reputable banks will give you a good exchange rate. Today I applied for a card with zero percent intl fee but that card is for U.S. military members & retirees. Anyway, my thinking is to apply for a card in your home country and let them do the currency conversion. If you are paid in baht, this may not help cuz then you'd still incur currency exchange to pay your credit card bill each month.

[sas_cars]

Yes. This 2.5 % is applicable even if you use your ATM Card to withdraw cash overseas. So far I haven't seen any thai bank which doesn't charge this fees. However I've learnt that Bangkok Bank usually charges 1.5 %, but no concrete evidence backing it up.

[BlackPuddingBertha]

In the U.S., any Visa card (credit or debit) charges 1% international transaction fee. There are some banks that add onto that, but 1% is the norm. Reputable banks will give you a good exchange rate.

Outside the US an extra charge of up to 3% is quite common, making the total weighting as high as 4%. I think the average in the UK is about 2.5% extra, and only a couple of UK banks do cards with no extra weighting on top of the Visa/MC 1%.

[Kananga]

I travel too, however as I expense everything at the amount charged to the card I dont lose anything. Do you not do that too?

[silvester2]

yes, my income is in Thai Baht and would like to stay with a local bank.

However I checked:

Bangkok Bank

American Express

Siam Commercial

Krungsri

Kasikorn

Citibank

TMB

UOB

Standard Chartered

KTC

all charge 2-3% for foreign credit card transactions.

Edited December 18, 2012 by silvester2

[Pib]

Yes. This 2.5 % is applicable even if you use your ATM Card to withdraw cash overseas. So far I haven't seen any thai bank which doesn't charge this fees. However I've learnt that Bangkok Bank usually charges 1.5 %, but no concrete evidence backing it up.

This Bangkok Bank Link says no more than 2.5%. Considering this is bank talk it probably means exactly 2.5% and not a stang more or less.

[sas_cars]

The best way is to convert your Baht in foreign currency from any renowned money changers in BKK. Usually their spread is no more than 0.5 % from www.xe.com . And then use this cash while overseas. This is for popular global currencies only.

For unpopular/less recognized currencies, you won't get favorable rates from even money changers in BKK, so it's best to use your credit card/ withdraw from atm once you are in that country.