Are Older Men in Thailand Trading Love for Financial Ruin

[mathewjg]

I need to use either my uk Natwest visa debit or Tesco mastercard credit card to change about £600. I have online banking so could preload the credit card to avoid interest charges. What is the best way to change the money Atm or go into a bank, use credit card or debit. And which Atm or bank. I am in South Pattaya.

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[LivinginKata]

this might be best in the Pattaya forum --- moving

[Rimmer]

One troll post removed

[DogNo1]

Whichever you do, be sure to avoid using the bank's internal rate. I think it's called the BCC. There was just a thread about it a day or two ago. Also, why would you have to preloaded your credit card to avoid paying interest? None of my credit cards charge me interest if I pay off the full amount by its due date. Even if you withdraw money on the last day of your credit cycle, you should have about 20 days or so to pay the amount off in full.

[wpcoe]

Probably varies with different card issuers, but with my US-based credit union's VISA card, interest on cash advances begins the day of the advance. No interest on purchases if paid by due date, though.

[sotsira]

I would try taking either card in to a bank with your passport and ask for a cash advance

for the equivalent amount in Thai Baht.

In your case about 30,000bt would be just under £600

Only you should know which card carries the less charges in the UK.

The Thai bank won't charge you anything.

Using an ATM though, will carry additional charges.

[mathewjg]

As a follow up....I tried several banks and each still has a maximum that can be taken out in one transaction. I think the name of the last bank was ktb. I asked for 30,000 which was accepted and then when the cash was counted it was only 15000. When I asked why I was told thats the maximum allowed. Very anoying and just not worth wasting time trying to cancel the transaction.

Out of interest..When I checked on a previous transaction of 20000 the total deductions were about £35 so looks like no great benefit in using bank v atm

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[tropo]

Whichever you do, be sure to avoid using the bank's internal rate. I think it's called the BCC. There was just a thread about it a day or two ago. Also, why would you have to preloaded your credit card to avoid paying interest? None of my credit cards charge me interest if I pay off the full amount by its due date. Even if you withdraw money on the last day of your credit cycle, you should have about 20 days or so to pay the amount off in full.

I don't know where you live, but all my credit cards from Australia charge interest on cash advances from the second you make them. The interest free period is only on purchases.

How are we supposed to avoid the bank's internal rate? When I used my MasterCard (Debit card) a few days ago at a K-Bank ATM a screen came up saying that the exchange rate will be 30.93. That was unavoidable. I was not able to do an in-bank advance because my card doesn't have a chip - however they would have done one for me at the Krungsri bank, but by the time I found out it was too late, I'd already wasted money at the K-Bank ATM. I'm pretty sure they would have given the bank's internal rate too, after all, that's how they make their profit, isn't it?

When I contacted my MasterCard issuer they stated the bank which owns the ATM determines the exchange rate... and suggested I check the exchange rate before I make a withdrawal.

Has anyone wired USD to a Thai bank recently. If so, what exchange rate did you get?

Edited March 27, 2014 by tropo

[ThaiBob]

Whichever you do, be sure to avoid using the bank's internal rate. I think it's called the BCC. There was just a thread about it a day or two ago. Also, why would you have to preloaded your credit card to avoid paying interest? None of my credit cards charge me interest if I pay off the full amount by its due date. Even if you withdraw money on the last day of your credit cycle, you should have about 20 days or so to pay the amount off in full.

I don't know where you live, but all my credit cards from Australia charge interest on cash advances from the second you make them. The interest free period is only on purchases.

How are we supposed to avoid the bank's internal rate? When I used my MasterCard (Debit card) a few days ago at a K-Bank ATM a screen came up saying that the exchange rate will be 30.93. That was unavoidable. I was not able to do an in-bank advance because my card doesn't have a chip - however they would have done one for me at the Krungsri bank, but by the time I found out it was too late, I'd already wasted money at the K-Bank ATM. I'm pretty sure they would have given the bank's internal rate too, after all, that's how they make their profit, isn't it?

When I contacted my MasterCard issuer they stated the bank which owns the ATM determines the exchange rate... and suggested I check the exchange rate before I make a withdrawal.

Has anyone wired USD to a Thai bank recently. If so, what exchange rate did you get?

I think you got some bad advice from your MC issuer. The rate is set by MC daily and published on their website. Your home bank should explain on their website they do not set the exchange rates but VISA or MC do, depending which ATM network you belong to. If you are using an ATM and are prompted or it is stated anything about an exchange rate then cancel the transaction and go elsewhere. That bank has programmed the DCC option on that ATM. I have heard about a few banks trying to do this although I have not seen it myself. Also, when using your cc always tell the cashier Thai Baht only so you do NOT get the DCC rate. If you see Aussie dollars (or US dollars in my case) on the receipt then void the transaction and have them do it right. Note, this has been discussed on the Banking forum.

[tontraveller]

As a follow up....I tried several banks and each still has a maximum that can be taken out in one transaction. I think the name of the last bank was ktb. I asked for 30,000 which was accepted and then when the cash was counted it was only 15000. When I asked why I was told thats the maximum allowed. Very anoying and just not worth wasting time trying to cancel the transaction.

Out of interest..When I checked on a previous transaction of 20000 the total deductions were about £35 so looks like no great benefit in using bank v atm

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CIMB Bank allows 40.000 at their ATM when you have an account with them..Conditions apply though

[MickA]

I use SCB for 100,000 baht withdrawal each time . Produce your passport and bank debit card. Never had a problem yet and my bank (Lloyds) can only charge 4 pounds fifty

[tropo]

^^ I don't think this is an unusual amount. They told me that I can withdraw up to 150,000 from a MasterCard inside the Krungsri Bank.

Edited March 28, 2014 by tropo

[tropo]

I think you got some bad advice from your MC issuer. The rate is set by MC daily and published on their website. Your home bank should explain on their website they do not set the exchange rates but VISA or MC do, depending which ATM network you belong to. If you are using an ATM and are prompted or it is stated anything about an exchange rate then cancel the transaction and go elsewhere. That bank has programmed the DCC option on that ATM. I have heard about a few banks trying to do this although I have not seen it myself. Also, when using your cc always tell the cashier Thai Baht only so you do NOT get the DCC rate. If you see Aussie dollars (or US dollars in my case) on the receipt then void the transaction and have them do it right. Note, this has been discussed on the Banking forum.

I very much doubt I was given bad advice. This is a Paxum MC debit card, not linked to a bank account. The advice was given to me AFTER I'd already done the ATM transaction and the advice matched the experience. There are no cross rates here - my card balance is in USD only. I only get the MC rate when I use it to make purchases.

If I hadn't have accepted the ATM exchange rate offered, how do you suggest I could make a withdrawal?

BTW, what does DCC stand for? (don't assume everyone knows bank abbreviations - and then we have to look dumb if we need to ask). I'm sure I'm not the only one who doesn't know what it stands for.

Note: I have no idea what has been discussed in the banking forum. I didn't even know there was a banking forum - any links to the relevant thread would be much appreciated... and also a glossary of bank relevant abbreviations would come in handy.

Edited March 28, 2014 by tropo

[ThaiBob]

I think you got some bad advice from your MC issuer. The rate is set by MC daily and published on their website. Your home bank should explain on their website they do not set the exchange rates but VISA or MC do, depending which ATM network you belong to. If you are using an ATM and are prompted or it is stated anything about an exchange rate then cancel the transaction and go elsewhere. That bank has programmed the DCC option on that ATM. I have heard about a few banks trying to do this although I have not seen it myself. Also, when using your cc always tell the cashier Thai Baht only so you do NOT get the DCC rate. If you see Aussie dollars (or US dollars in my case) on the receipt then void the transaction and have them do it right. Note, this has been discussed on the Banking forum.

I very much doubt I was given bad advice. This is a Paxum MC debit card, not linked to a bank account. The advice was given to me AFTER I'd already done the ATM transaction and the advice matched the experience. There are no cross rates here - my card balance is in USD only. I only get the MC rate when I use it to make purchases.

If I hadn't have accepted the ATM exchange rate offered, how do you suggest I could make a withdrawal?

BTW, what does DCC stand for? (don't assume everyone knows bank abbreviations - and then we have to look dumb if we need to ask). I'm sure I'm not the only one who doesn't know what it stands for.

Note: I have no idea what has been discussed in the banking forum. I didn't even know there was a banking forum - any links to the relevant thread would be much appreciated... and also a glossary of bank relevant abbreviations would come in handy.

DCC = dynamic currency conversion. It is used by banks and merchants to bypass the VISA and MC exchange rates and replace with their rates which of course is bad for the consumer.

Not familiar with your kind of ATM/debit card. What is the source of the funds if not a bank account? Does your card have a network logo on it, like CIRRUS?

This thread would be better served in the Banking forum.

[tropo]

DCC = dynamic currency conversion. It is used by banks and merchants to bypass the VISA and MC exchange rates and replace with their rates which of course is bad for the consumer.

Not familiar with your kind of ATM/debit card. What is the source of the funds if not a bank account? Does your card have a network logo on it, like CIRRUS?

This thread would be better served in the Banking forum.

I'm aware of having purchases converted to home currencies when you purchase items using a CC at Central, but I'm not in need of a conversion to a home currency as the base currency on the card is USD. I wasn't given any choice at the ATM. K-Bank wouldn't allow an over-the-counter advance because my card doesn't have a chip. Krungsri probably do allow it - I will find out next time.

Paxum and Payoneer are new ways of moving money around. The main benefit is being able to send or receive small payments without having to pay bank wire fees and the transfer can be instant for $5 or delayed for $2. They are relatively new products - "the times they are a-changing". I can do a bank wire from Paxum for $50, that's why I was asking what rates people were getting this week on wires into Thailand. It maybe cheaper to do that than get such a low exchange rate at the ATM.

https://www.payoneer.com/

https://www.paxum.com/payment/index.php?view=views/index.xsl

[ThaiBob]

You perked my interest about Paxum. They promptly replied to my email. Their banking affiliate is Choice Bank in Belize. The default on the Mastercard is DCC but I would go to a TMB or BB ATM to confirm. The exchange rate you got was about 4% less than MC rate assuming there was not an additional foreign transaction fee.

When I send money to TMB or BB I get close to the their published tt rate on their website.

Edited March 29, 2014 by ThaiBob

[DogNo1]

I found out from Bangkok Bank that if I make a cash withdrawal from their desk inside the bank there is no service charge. Today I got an advance for 16,000 (my credit union allows a maximum of $500) and it showed up on my credit card transaction history as $493.17 which gave me an exchange rate of 32.443. I will pay it off immediately to avoid interest charges. BTW, my credit card charges $1 for cash withdrawals.