Is Bangkok Bank Cheating?

[NoshowJones]

I drew money from my UK bank account at my local Bangkok Bank ATM. Before I went I checked the rate, it was 56.117 Baht to GBP.

Bangkok Bank only gave me 53.78, I expected a drop of maybe less than 1 Baht. Is Bangkok Bank being fair here?

[stoneyboy]

Go in and ask them they don't bite.

Edited August 24, 2015 by stoneyboy

[nowretired]

Are you sure?

Bangkok Banks quoted buying rate at 08:30 this morning was 55.12 to the £

Using a UK card would have incurred a 180 Bht charge.

How did you calculate the rate you believe was received?

[lopburi3]

If you draw money from an ATM the rate is set by the card used (Visa and MasterCard will be slightly different) and then there will be a charge by your UK bank of 0-3% of the total and there will be an addition charge of 180 ATM fee - so what are you using as the basis for that 53.78 figure?

The current Visa rate for today with zero bank fee is 1 THB = 0.017960 GBP

[Amy1]

Normally you have to pay to UK bank fee too. It's also depending on the bank in UK how much they will charge if you withdraw in overseas

[lovelomsak]

I often wonder about this too. I have a maximum of $1000 per withdrawal set up with my bank on my atm card. Many times when the rate is like( 25. 55 this is just an example quote) I try and withdraw 2500 baht and get the message contact my bank cannot do transaction. I figure in 180 baht in thailand and 15o baht for Canada. $1000 should give me about 25500 baht more than what is needed to do the transaction.But the atm willnot do it.I am talking dollar value not tt. So i always go to 24000 no problem. It pisses me off.

[mahtin]

I like Bangkok Bank for use with a foreign card.

The ATM will let you withdraw 25,000; most others have a limit of 20,000.

The BB ATM does not propose a scurrilously low rate of exchange to which you have to (should) reply NO to continue.

[lovelomsak]

mahtin

post7

sorry id didnot understand what you meant in your last statement

The BB ATM does not propose a scurrilously low rate of exchange to which you have to ( should) reply No to to continue.

I never see rate posted at Atm only online before i go or on a big screen inside the bank

Please help understand what you meant ok.

[mahtin]

mahtin

post7

sorry id didnot understand what you meant in your last statement

The BB ATM does not propose a scurrilously low rate of exchange to which you have to ( should) reply No to to continue.

I never see rate posted at Atm only online before i go or on a big screen inside the bank

Please help understand what you meant ok.

Say you go to a SCB machine.

It tells you you will pay a surcharge of 180 Baht. You accept this to continue.

It then offers you a rate of exchange for your foreign currency into Thai Baht. This will typically be at least 1 Baht less than that day's rate of exchange as offered by the Thai banks.

(I have a Euro account with a German bank because I worked there before coming here. The rate of exchange they give me is slightly better than my Kasikorn bank will offer.)

Therefore at the next step, for which you will have a YES/NO choice, I will choose NO to continue without accepting the rate they offered and leave it up to my German bank to give me a better one.

Now I understand British banks don't typically offer a better rate, so you might want to accept the poor ATM rate and answer YES to continue. I can't advise here, but understand that you have a choice.

My wife does not use this card.

Edited August 24, 2015 by mahtin

[lopburi3]

Dynamic currency conversion (DCC) or cardholder preferred currency (CPC) is a financial service in which credit card holders, when making a payment in a foreign country, have the cost of a transaction converted to their home currency at the point of sale.

The above system is offered by some ATM's and if you accept you know what the charge in your home currency is on screen at the time you get your money - but you get a lot less money as they use a very bad exchange rate to provide this "service".

[NoshowJones]

Go in and ask them they don't bite.

They don't speak English either, and my Thai is not good enough for conversation.

[NoshowJones]

Are you sure?

Bangkok Banks quoted buying rate at 08:30 this morning was 55.12 to the £

Using a UK card would have incurred a 180 Bht charge.

How did you calculate the rate you believe was received?

Yes , that's right, I still have the slip, it was as I said.

[NoshowJones]

If you draw money from an ATM the rate is set by the card used (Visa and MasterCard will be slightly different) and then there will be a charge by your UK bank of 0-3% of the total and there will be an addition charge of 180 ATM fee - so what are you using as the basis for that 53.78 figure?

The current Visa rate for today with zero bank fee is 1 THB = 0.017960 GBP

The 53.78 is on my slip, that is all I am basing it on. I know there will be a charge from my UK bank.

[NoshowJones]

I like Bangkok Bank for use with a foreign card.

The ATM will let you withdraw 25,000; most others have a limit of 20,000.

The BB ATM does not propose a scurrilously low rate of exchange to which you have to (should) reply NO to continue.

I withdrew 25.000 Baht.

[lovelomsak]

mahtin

post7

sorry id didnot understand what you meant in your last statement

The BB ATM does not propose a scurrilously low rate of exchange to which you have to ( should) reply No to to continue.

I never see rate posted at Atm only online before i go or on a big screen inside the bank

Please help understand what you meant ok.

Say you go to a SCB machine.

It tells you you will pay a surcharge of 180 Baht. You accept this to continue.

It then offers you a rate of exchange for your foreign currency into Thai Baht. This will typically be at least 1 Baht less than that day's rate of exchange as offered by the Thai banks.

(I have a Euro account with a German bank because I worked there before coming here. The rate of exchange they give me is slightly better than my Kasikorn bank will offer.)

Therefore at the next step, for which you will have a YES/NO choice, I will choose NO to continue without accepting the rate they offered and leave it up to my German bank to give me a better one.

Now I understand British banks don't typically offer a better rate, so you might want to accept the poor ATM rate and answer YES to continue. I can't advise here, but understand that you have a choice.

My wife does not use this card.

I have been using my Atm card for years minimum 3 or times a month and have never seen the exchange rate posted on the screen at anytime here in Thailand. I put in my amount then the machine posts 180 baht charge that is all I ever see. These Atm's you are talking about are they in Thailand?

So They are cheating us by what you say the ATM is 1 baht less that that days exchange rate.

I should add mine is a Canadian bank.

Edited August 24, 2015 by lovelomsak

[mahtin]

Obviously you never used a Kasikorn or Siam City ATM. They do post an offered rate.

Bangkok Bank does not.

Edit: they are not cheating. You have the option to choose not to accept that rate and the transaction will still continue unless you interrupt with keyboard.

Edited August 24, 2015 by mahtin

[lovelomsak]

Obviously you never used a Kasikorn or Siam City ATM. They do post an offered rate.

Bangkok Bank does not.

Edit: they are not cheating. You have the option to choose not to accept that rate and the transaction will still continue unless you interrupt with keyboard.

Kasikorn and Siam City may give the option but Bangkok Bank has never given me the option other than the option to pay 180 baht charge. I would like to see the rate I already pay at both ends 180 baht here and $5 canadian at the other end. If the rate is less than 1 baht the bank rate then they get close to 1000 baht on rate and 180 for charge plus the $5 in canada. thats pushing $50 on every $1000 transfer. Rather a stiiff cost huh. 40 or 50 times a year $2000 to $3000 annually..I feel its quite a rip off. I know your suggestion will be use Kasikorn or Siam City and see the rate, By the way thanks for the info.

[wgdanson]

I transferred Bht 100,000 from my Bkk Bank Foreign Currency Account to my Savings this morning. The actual rate I got was 0.19 Bht lower than their advertised rate. A difference of Bht 350. WHY?

[mahtin]

I transferred Bht 100,000 from my Bkk Bank Foreign Currency Account to my Savings this morning. The actual rate I got was 0.19 Bht lower than their advertised rate. A difference of Bht 350. WHY?

Maybe they charge 35 per 10,000 to transfer - sounds steep.

[lopburi3]

I transferred Bht 100,000 from my Bkk Bank Foreign Currency Account to my Savings this morning. The actual rate I got was 0.19 Bht lower than their advertised rate. A difference of Bht 350. WHY?

Not knowing exact amounts/time or currency can only guess that maybe you got Sight Bill exchange rate? I do not have foreign currency account so just a guess.

[Pib]

If you draw money from an ATM the rate is set by the card used (Visa and MasterCard will be slightly different) and then there will be a charge by your UK bank of 0-3% of the total and there will be an addition charge of 180 ATM fee - so what are you using as the basis for that 53.78 figure?

The current Visa rate for today with zero bank fee is 1 THB = 0.017960 GBP

The 53.78 is on my slip, that is all I am basing it on. I know there will be a charge from my UK bank.

Since the exchange rate is on your receipt it sounds like you were offered and accepted a Dynamic Currency Conversion (DCC) transaction...the exchange rate is set by the local bank and several percent lower than the Visa/Mastercard exchange rate. I expect if you think back you were offerred some screen asking something about which rate you wanted in some vague terms. You should have declined that screen and continued on to to get the Visa/Mastercard rate.

Also, keep in mind your card may carry a foreign transaction/commission/cross border fee of X-percent (3% is common) charged by your card-issuing bank, but that reduction won't show up until the charge hits your account. And then there is the Bt180 that may show separately on your account and be mixed in with the cash withdrawal amount.

DCC bad for the customer; DCC good for the merchant/ATM.

Edited August 24, 2015 by Pib

[Pib]

I transferred Bht 100,000 from my Bkk Bank Foreign Currency Account to my Savings this morning. The actual rate I got was 0.19 Bht lower than their advertised rate. A difference of Bht 350. WHY?

There is no charge to convert foreign currency from a Foreign Currency Account to Thai baht. You are suppose to get the TT Buying Rate in affect at the time. Have you checked to see if any of the TT Buying Rates for the day of the transfer match the rate you calculated?

Now if your Savings account was at another branch in another province/region, you could have incurred a transfer fee.

[Naam]

I transferred Bht 100,000 from my Bkk Bank Foreign Currency Account to my Savings this morning. The actual rate I got was 0.19 Bht lower than their advertised rate. A difference of Bht 350. WHY?

There is no charge to convert foreign currency from a Foreign Currency Account to Thai baht. You are suppose to get the TT Buying Rate in affect at the time. Have you checked to see if any of the TT Buying Rates for the day of the transfer match the rate you calculated?

Now if your Savings account was at another branch in another province/region, you could have incurred a transfer fee.

but the OP suffered a terrible loss, isn't it?

[elgordo38]

Use Forex they have offices in the UK and around the world and will do as low as $1,000 dollars.

[silverado]

from my experience, when i must draw money from atm with my foreign credit/debit card , those atm of bankok bank give me ALL time the best rates .... i checked many times...

Edited August 24, 2015 by silverado

[topt]

I transferred Bht 100,000 from my Bkk Bank Foreign Currency Account to my Savings this morning. The actual rate I got was 0.19 Bht lower than their advertised rate. A difference of Bht 350. WHY?

There is no charge to convert foreign currency from a Foreign Currency Account to Thai baht. You are suppose to get the TT Buying Rate in affect at the time. Have you checked to see if any of the TT Buying Rates for the day of the transfer match the rate you calculated?

Now if your Savings account was at another branch in another province/region, you could have incurred a transfer fee.

Presumably you were in the branch when you did this or is it possible online?

For future reference if in the branch I would suggest you should always ask what rate you will be given before you confirm the transfer - being aware of the latest online rate and bank branch "advertised" rate before asking.

[NoshowJones]

I transferred Bht 100,000 from my Bkk Bank Foreign Currency Account to my Savings this morning. The actual rate I got was 0.19 Bht lower than their advertised rate. A difference of Bht 350. WHY?

There is no charge to convert foreign currency from a Foreign Currency Account to Thai baht. You are suppose to get the TT Buying Rate in affect at the time. Have you checked to see if any of the TT Buying Rates for the day of the transfer match the rate you calculated?

Now if your Savings account was at another branch in another province/region, you could have incurred a transfer fee.

Presumably you were in the branch when you did this or is it possible online?

For future reference if in the branch I would suggest you should always ask what rate you will be given before you confirm the transfer - being aware of the latest online rate and bank branch "advertised" rate before asking.

No, from outside on the banks ATM.

[NoshowJones]

I transferred Bht 100,000 from my Bkk Bank Foreign Currency Account to my Savings this morning. The actual rate I got was 0.19 Bht lower than their advertised rate. A difference of Bht 350. WHY?

There is no charge to convert foreign currency from a Foreign Currency Account to Thai baht. You are suppose to get the TT Buying Rate in affect at the time. Have you checked to see if any of the TT Buying Rates for the day of the transfer match the rate you calculated?

Now if your Savings account was at another branch in another province/region, you could have incurred a transfer fee.

but the OP suffered a terrible loss, isn't it?

[topt]

I transferred Bht 100,000 from my Bkk Bank Foreign Currency Account to my Savings this morning. The actual rate I got was 0.19 Bht lower than their advertised rate. A difference of Bht 350. WHY?

There is no charge to convert foreign currency from a Foreign Currency Account to Thai baht. You are suppose to get the TT Buying Rate in affect at the time. Have you checked to see if any of the TT Buying Rates for the day of the transfer match the rate you calculated?

Now if your Savings account was at another branch in another province/region, you could have incurred a transfer fee.

Presumably you were in the branch when you did this or is it possible online?

For future reference if in the branch I would suggest you should always ask what rate you will be given before you confirm the transfer - being aware of the latest online rate and bank branch "advertised" rate before asking.

No, from outside on the banks ATM.

Sorry OP but my question was to wgdanson - hence the quotes

[fxe1200]

The still cheapest way is to transfer money from any account in a foreign country to your Thai Baht account is done by Transferwise, and then deduct the money from your account here. They use the 15 minutes delayed Reuters rate, which is similar to the XE rate. The charge is 1.5% of the amount changed, plus THB 100 up to 6.500 THB. No foreign or local bank fees. Does anybody know a cheaper way? Probably not. Try https://transferwise.com/u/59199