just to let yo know I am from New Zealand not USA

kasikornbank just ripped me off

Today I went to a kasikornbank ATM put my card in cash out 20000 bart screen came up and said

ATM W/D 651.35USD conversion rate not thinking I push ok it then asked me accept 180 fee

I pushed ok 20000 came out . looked at the which read receipt

Home Currency 651.35 us

exchange rate 31.16 thb/usd

Access fee 5.57 usd

fee amount 180 bart

I thought to myself something is wrong here so when I got home I got on the internet banking and I couldn't

believe what they done they charge me to charge to usd then charge me again to change to thai bart and then my

bank changed me

my bank

TM W/D 647.42USD @ 0.8339 conversion rate
(INCL. $19.41 CURRENCY CONVERSION COMMISSION) LOTUS KUMKA DEJUDOM UBONRATTHANE TH $795.79 NZ

this was 2 days ago

ATM W/D 20180.00THB @ 27.2416 conversion rate
(INCL. $18.52 CURRENCY CONVERSION COMMISSION) T414B340162D0945 UBONRATCHATHA T $759.30 NZ

So kasikornbank just ripped me off $36.12 NZ

Yes,

You should never let het exchange for you you have to do it without conversion.

Its called a business ! Thats their business making money, if you dont like it dont use it, simple! Make your own alternate arrangement. You have the choice so dont whinge cos you made a wrong or bad choice.

I am deeply shocked, the banks make a profit on money exchange...who would have thought that?

They do this in the nanny state (aus) The main culprit is the currency conversion fee. This fee goes by a couple of names, foreign currency conversion fee, foreign transaction fee and cross currency conversion fee to name a few, and is charged when a lender converts Australian dollars into a foreign currency so a transaction can take place.Commonly, a lender will pocket two or three percent of the total value of the transaction for providing the currency exchange service. The easiest way to avoid this charge is to use a card that has no conversion fee. Cards like the GEM 28 Degrees MasterCard, the Bankwest Platinum range of credit cards and the Aussie Platinum Low Rate Card all waive this fee and come with a range of travel friendly features like complimentary international travel insurance, which is another couple of hundred saved - even before you've left the country.

my problem with it is they normal change straight from nz dollars to thai bart

but this bank changed to it to us dollars then to thai bart thus two conversion fee

and charges

They didn't rip you off.

> 651.35USD conversion rate not thinking I push ok

Live and learn, not too expensive a mistake/lesson in the grand scheme of things.

That's really weird, I've never had anything like that happen before.

But then admittedly, I haven't used my NZ ATM card to withdraw funds from a Thai ATM for a year or two now.

Have you used a Kasikorn bank with your ATM card before?

As it could be that the NZ Bank doesn't have a direct relationship with Kasikorn bank? (Although that would be weird, as Kasikorn is a big bank, but if you were with a small bank (e.g. One not owned by Australia) they might not have as many international contacts).

It did admittedly ask you about the with drawl first, although obviously it didn't explain all of the implications from withdrawing the money as $US, but I don't think the bank staff would give you much sympathy if you tried to explain the situation to them.

Internationally these are tiny banks.

They don't need to set up direct reciprocal connections, the ATM networks take care of all this automatically, Pe.g. LUS, Cirrus/Maestro.