AEON Bank step up there exchange commissions?

[oMega69]

I have been using the AEON bank for withdrawal cash from my Swedish bank Mastercard for 6yrs and get very near they exchange rates at www.xe.com . . .

Now after been back in EU for the summer and use AEON bank i did get 4.41 when the xe.rate was 4.52 . . . . so it means that they take higer % exchange commission now then !?.

Any one ells using AEON and notice this ?

[Langsuan Man]

Please tell us where this AEON bank is located, in Thailand they are a Japanese owned credit card company that operates a network of ATM machines and are not chartered as a bank, so they usually set the exchange rate based upon the Visa or Master Card published rates

[TallGuyJohninBKK]

Are you including the 150 baht per withdrawal ATM fee that AEON has started charging against foreign bank cards during the past year??

[oMega69]

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Please tell us where this AEON bank is located, in Thailand they are a Japanese owned credit card company that operates a network of ATM machines and are not chartered as a bank, so they usually set the exchange rate based upon the Visa or Master Card published rates

BigC Pattaya Klang . i will try the other Atm at North Pattaya rd next time i usually use that atm . . .

Are you including the 150 baht per withdrawal ATM fee that AEON has started charging against foreign bank cards during the past year??

Yes i did . . . .

[Langsuan Man]

And just like an extension of stay is not a visa, AEON, is not a bank so does not set the exchange rates. So other than now charging 150 THB for the use of a foreign bank card nothing has changed at AEON ATM's

[oMega69]

And just like an extension of stay is not a visa, AEON, is not a bank so does not set the exchange rates. So other than now charging 150 THB for the use of a foreign bank card nothing has changed at AEON ATM's

So AEON just use the Mastercard int. Xchange Rate then ?!. . , Then Mastercard has done something something . . . .

[Sandman77]

Not aon makes or set the exchange rates daily it's the bank in Sweden that you must ask this question or master card itself

[Pib]

AEON and Thai bank ATMs use the Visa/Mastercard exchange rate....any effective rate decrease you are seeing (i.e., the charge finally hitting your bank account) is being caused by your card-issuing bank....maybe they (i.e., they being your card-issuing bank) raised/started charging a foreign transaction fee applied to your card...not uncommon for foreign transaction fees to be in the 1 to 3% ballpark and/or have a flat-fee of X-amount charged for each transaction. Ignore XE.com FOREX type exchange rates...that is "not" the rate used by banks or ATMs...Forex rates quoted on websites like XE.com are mid-rates (middle of buy and sell actions) used for large scale wholesale exchange of funds---it's not the exchange rate the common man gets. Also, as of early 2014, AEON ATMs started charging a Bt150 foreign card fee...Thai banks charge Bt150 to Bt180.

But if your card is no foreign transction fee card, it is normal for Mastercard/Visa exchange rates to be around 0.2 to 0.4% lower than FOREX type rates as Mastercard/Visa need to make a profit also....they are getting their funds as at the wholesale rate and then taking around a 0.2 to 0.4% profit when doing money exchange transactions. Visa "usually" provides a better exchange rate than Mastercard.

Like at the millisconed in time on 26 Sep the XE.com rate for 1 SEK is 4.48502 baht while the Mastercard rate for 25 Sep (Mastercard reflected rates are always a day behind) is 4.42930 baht. And when looking at the Visa Europe 26 Sep exchange rate it's 4.5315 baht....however, in about 1.5 hours the Visa rate will update for the next 24 hours and I expect it will drop a little.

Edited September 26, 2014 by Pib

[paulchiangmai]

Not aon makes or set the exchange rates daily it's the bank in Sweden that you must ask this question or master card itself

Great to see we have so many experts re Aeon on TV, perhaps one of you can help me sort out how much I owe Aeon on a bill received yesterday. As follows:

Minimum payment balance 0.00

Other fees 0.00

Minimum payment due 0.00

Full payment due 4.06

Opening balance 143.38

Payment received 144.00

Balance brought forward -0.62

New balance 0.00

Previous balance -0.62

Current debit 4.06

Current balance 3.44

Principle 0.00

Interest and credit charge 0.00

Minimum payment 0.00

Is this organization &lt;deleted&gt; mad? I very much doubt an accountant could sort this out never mind a simpleton like me. And at Tesco's in Chiang Mai when I go to pay the 0.00 or 4.06 or -0.62 or 3.44 or whatever chances are one of the two machines will not be working and I shall have to join a line that near stretches round the block while I watch the service personnel doing anything but helping people. So lets hear from you, how much have I got to pay?

PS. I think they have a suggestion box, I just might photocopy this and put it in.

[TallGuyJohninBKK]

MasterCard has a currency conversion website where you can check their exchange rate for all different currencies.

https://www.mastercard.com/global/currencyconversion/index.html

You enter the currency of your bank card and the date of the transaction, and then the website will show you a list of the exchange rates for all the other currencies, including the Thai baht, for that day.

At present, it appears to allow you to go back and check their rates as far back as Sept 2013.

If you're getting a different rate with a MasterCard debit card for ATM withdrawals (after including the Thai bank ATM fee as part of your calculation), then it's your home bank that's taking a cut.

[Pib]

Not aon makes or set the exchange rates daily it's the bank in Sweden that you must ask this question or master card itself

Great to see we have so many experts re Aeon on TV, perhaps one of you can help me sort out how much I owe Aeon on a bill received yesterday. As follows:

Minimum payment balance 0.00

Other fees 0.00

Minimum payment due 0.00

Full payment due 4.06

Opening balance 143.38

Payment received 144.00

Balance brought forward -0.62

New balance 0.00

Previous balance -0.62

Current debit 4.06

Current balance 3.44

Principle 0.00

Interest and credit charge 0.00

Minimum payment 0.00

Is this organization <deleted> mad? I very much doubt an accountant could sort this out never mind a simpleton like me. And at Tesco's in Chiang Mai when I go to pay the 0.00 or 4.06 or -0.62 or 3.44 or whatever chances are one of the two machines will not be working and I shall have to join a line that near stretches round the block while I watch the service personnel doing anything but helping people. So lets hear from you, how much have I got to pay?

PS. I think they have a suggestion box, I just might photocopy this and put it in.

Looks like they are basically reflecting balances and payments from your last monthly statement and current monthly statement. I would say the payment your "must" make is zero, but to pay off the balance which was in effective at the time they published this statement it would be 3.44 baht....of course your balance could be higher today depending on if you used the card since the statement came out. But the Minimum Payment your must make is zero....but if you pay 3.44 baht your will be preventing any interest charge occurring over the next month against that 3.44 baht balance in effect at statement publishing time.

[oMega69]

MasterCard has a currency conversion website where you can check their exchange rate for all different currencies https://www.mastercard.com/global/currencyconversion/index.html

You enter the currency of your bank card and the date of the transaction, and then the website will show you a list of the exchange rates for all the other currencies, including the Thai baht, for that day.

At present, it appears to allow you to go back and check their rates as far back as Sept 2013.

If you're getting a different rate with a MasterCard debit card for ATM withdrawals (after including the Thai bank ATM fee as part of your calculation), then it's your home bank that's taking a cut.

Thanks good to see the actual rate !.

My home back take 0% on int. exchange currency trade . . and free ATM withdrawn just the Thai 150b extra on Mastercards Rate then ! . . . . so that day i took out money the rates haven't been updated to my likening . . .

[paulchiangmai]

Not aon makes or set the exchange rates daily it's the bank in Sweden that you must ask this question or master card itself

Great to see we have so many experts re Aeon on TV, perhaps one of you can help me sort out how much I owe Aeon on a bill received yesterday. As follows:

Minimum payment balance 0.00

Other fees 0.00

Minimum payment due 0.00

Full payment due 4.06

Opening balance 143.38

Payment received 144.00

Balance brought forward -0.62

New balance 0.00

Previous balance -0.62

Current debit 4.06

Current balance 3.44

Principle 0.00

Interest and credit charge 0.00

Minimum payment 0.00

Is this organization <deleted> mad? I very much doubt an accountant could sort this out never mind a simpleton like me. And at Tesco's in Chiang Mai when I go to pay the 0.00 or 4.06 or -0.62 or 3.44 or whatever chances are one of the two machines will not be working and I shall have to join a line that near stretches round the block while I watch the service personnel doing anything but helping people. So lets hear from you, how much have I got to pay?

PS. I think they have a suggestion box, I just might photocopy this and put it in.

Looks like they are basically reflecting balances and payments from your last monthly statement and current monthly statement. I would say the payment your "must" make is zero, but to pay off the balance which was in effective at the time they published this statement it would be 3.44 baht....of course your balance could be higher today depending on if you used the card since the statement came out. But the Minimum Payment your must make is zero....but if you pay 3.44 baht your will be preventing any interest charge occurring over the next month against that 3.44 baht balance in effect at statement publishing time.

Thanks for that PIB but I live in fear that I will have to pay them 4 baht and get even more mindless statements. I only use them in an emergency and hope none occur for a very long time. The thought of them owing me .56 baht and getting endless statements is more than I can bare.

[Pib]

Thanks for that PIB but I live in fear that I will have to pay them 4 baht and get even more mindless statements. I only use them in an emergency and hope none occur for a very long time. The thought of them owing me .56 baht and getting endless statements is more than I can bare.

Assuming the AEON bill comes with a Service Code and Reference number(s) where you can pay them electronically from your Thai bank account via ibanking or ATM, then you could pay them right to the exact stang...get your balance to zero to possibly avoid further statements showing a credit. I looked at my Bangkok Bank ibanking and they have a Payment Service code of AEON which means you could pay them any amount...of course there would probably be a 10 baht service fee to pay a bill way less than 10 baht.

Or you could just consider a 0.56 stang credit an emergency fund.

[paulchiangmai]

Thanks for that PIB but I live in fear that I will have to pay them 4 baht and get even more mindless statements. I only use them in an emergency and hope none occur for a very long time. The thought of them owing me .56 baht and getting endless statements is more than I can bare.

Assuming the AEON bill comes with a Service Code and Reference number(s) where you can pay them electronically from your Thai bank account via ibanking or ATM, then you could pay them right to the exact stang...get your balance to zero to possibly avoid further statements showing a credit. I looked at my Bangkok Bank ibanking and they have a Payment Service code of AEON which means you could pay them any amount...of course there would probably be a 10 baht service fee to pay a bill way less than 10 baht.

Or you could just consider a 0.56 stang credit an emergency fund.

I kinda like the idea of them owing me 0.56 baht, I could leave it in my will to be drawn in a hundred years where accumulated interest could mean it would be worth as much as 5 baht. Thanks for that idea Pib.

[oMega69]

But when using MasterCard. . AEON will the Bank to be best to use ? . . . as they use directly to Mastercards xchange rates , yes ? . ., i know KrungSri is the worst bank to use anyway.

[Pib]

All Thai banks/AEON ATMs use the Visa/Mastercard/AmEx/(whatever logo your card is) exchange rates unless the ATM offers you a Dynamic Currency Conversion (DCC) option which the bank may call Home Rate, Bank Rate, or some other warm, fuzzy, non-technical name. Now if you accept their DCC exchange option you end up getting the bank's exchange rate which will be several percent lower than the Visa/Mastercard exchange rate. DCC bad, very bad for the customer; DCC good, very good for the bank.

Now I've used a Krungsri ATM once within the last few months with my Visa foreign debit card and the Krungsri ATM did "not" offer a DCC option. You can withdraw up to Bt30K with a Bt180 foreign card fee. But from other posts it seems Mastercard debit/credit cards versus Visa cards seem to be offered the DCC option. Don't select the DCC option...just say no thanks and continue on with a normal withdrawal to get the Visa/Mastercard exchange rate. And of course if your card carries a foreign transaction fee (not to be confused with the Thai ATM foreign card fee of Bt150-180), that is "your home country card-issuing bank" applying the fee; not the Thai ATM.

[oMega69]

All Thai banks/AEON ATMs use the Visa/Mastercard/AmEx/(whatever logo your card is) exchange rates unless the ATM offers you a Dynamic Currency Conversion (DCC) option which the bank may call Home Rate, Bank Rate, or some other warm, fuzzy, non-technical name. Now if you accept their DCC exchange option you end up getting the bank's exchange rate which will be several percent lower than the Visa/Mastercard exchange rate. DCC bad, very bad for the customer; DCC good, very good for the bank.

Now I've used a Krungsri ATM once within the last few months with my Visa foreign debit card and the Krungsri ATM did "not" offer a DCC option. You can withdraw up to Bt30K with a Bt180 foreign card fee. But from other posts it seems Mastercard debit/credit cards versus Visa cards seem to be offered the DCC option. Don't select the DCC option...just say no thanks and continue on with a normal withdrawal to get the Visa/Mastercard exchange rate. And of course if your card carries a foreign transaction fee (not to be confused with the Thai ATM foreign card fee of Bt150-180), that is "your home country card-issuing bank" applying the fee; not the Thai ATM.

okey. thank you.. good to know ! . . then i can use BKK Bank as i can take out 25k max there . . and will be the actual MasterCard rate then . . .

[Pib]

Maybe consider a TMB ATM where the withdrawal limit is Bt30K and a Bt150 foriegn card fee.

[oMega69]

Maybe consider a TMB ATM where the withdrawal limit is Bt30K and a Bt150 foriegn card fee.

Yes would be better! . . so the bank itself dont earn more then 150b for the currency trade then?

[Pib]

Maybe consider a TMB ATM where the withdrawal limit is Bt30K and a Bt150 foriegn card fee.

Yes would be better! . . so the bank itself dont earn more then 150b for the currency trade then?

Well, they may earn a small amount in something called an interchange fee dealing with debit and credit card transactions but that is not charged to you...that's between your home country bank and the bank operating the ATM. Basically TMB will just get the Bt150 fee and you will receive the Visa/Mastercard exchange rate minus any foreign transaction fee your home country card-issuing bank may apply....most cards do apply a foreign transaction fee but some don't...all the cards I use in Thailand "do not" apply a foreign transaction but that's only because I opened U.S. bank accounts that offered such no foreign transaction fee debit cards like Schwab Bank or St Farm Bank....and no foreign transaction fee credit cards like from Capital One...Pentagon Federal Credit Union. It varies from country-to-country how hard or easy and numerous no foreign transaction cards are.

And if the TMB ATM offers a Dynamic Currency Conversion (DCC) transaction probably not named that but instead some warm & fuzzy name like Bank Rate, Home Rate, etc., decline that kind of transaction as you'll end-up with a rate several percent lower than the Visa/Mastercard rate....just continue on with a regular transaction. Whether an ATM offers a DCC rates seems to depend on the ATM location (like maybe in a tourist rich area) and folks with Mastercard cards seem to be offered it more. I have used my U.S. Visa debit cards in a variety of Thai bank/AEON ATMs over the years and never-ever been offered a DCC transaction....but you will see quite a few posts on ThaiVisa where people seemed to be offered a DCC ATM transaction...seems folks with a Mastercard are offered it more often.

Edited September 29, 2014 by Pib