dave111223 Posted November 6, 2006 Share Posted November 6, 2006 Sometimes it's the little things that bug me... I went to home pro today and they billed the credit card in USD and gave me the exchange rate 35.3, which is a total rip (real exchange rate 36.7). Especially as they have the option on their terminal to select either Baht or Dollars, and they manually switched it to USD, despite my specific request to charge in Baht. I just dont understand where companies like this get off charging this kind of rate. I'm just glad they seem to be the only company that has decided to do this.....so far... Link to comment Share on other sites More sharing options...
lannarebirth Posted November 6, 2006 Share Posted November 6, 2006 Sometimes it's the little things that bug me...I went to home pro today and they billed the credit card in USD and gave me the exchange rate 35.3, which is a total rip (real exchange rate 36.7). Especially as they have the option on their terminal to select either Baht or Dollars, and they manually switched it to USD, despite my specific request to charge in Baht. I just dont understand where companies like this get off charging this kind of rate. I'm just glad they seem to be the only company that has decided to do this.....so far... I have an easy solution for that problem, that works for me really well. I just kindly ask to see the card, replace it in my wallet, and walk out. Link to comment Share on other sites More sharing options...
swain Posted November 6, 2006 Share Posted November 6, 2006 Guess again, sizzler is also doing this, as well as Fuji. I am not sure where those numbers are coming from. But I will Not use a card in these places. If they are going to use a different exchange rate, you should be notified before the purchase. Link to comment Share on other sites More sharing options...
lingling Posted November 6, 2006 Share Posted November 6, 2006 If they refuse to charge you in baht, tell them to cancel the transaction and go somewhere else. (Bumrungrad hospital have similar rip-off rates - they charged a 34.something rate when the real exchange rate was 39.something) Link to comment Share on other sites More sharing options...
Tywais Posted November 6, 2006 Share Posted November 6, 2006 Sometimes it's the little things that bug me...I went to home pro today and they billed the credit card in USD and gave me the exchange rate 35.3, which is a total rip (real exchange rate 36.7). Especially as they have the option on their terminal to select either Baht or Dollars, and they manually switched it to USD, despite my specific request to charge in Baht. I just dont understand where companies like this get off charging this kind of rate. I'm just glad they seem to be the only company that has decided to do this.....so far... That comes out to about 3% which is what many places will tack unto a credit charge use. Link to comment Share on other sites More sharing options...
britmaveric Posted November 6, 2006 Share Posted November 6, 2006 36.6892 Link to comment Share on other sites More sharing options...
dave111223 Posted November 6, 2006 Author Share Posted November 6, 2006 That comes out to about 3% which is what many places will tack unto a credit charge use. Its not really the amount that bothers me, its the fact that i see they have the option to charge in THB, so your paying 3% just because they pressed button B instead of A, and you gain absolutely nothing for this. Also as other people have said, its the fact that they dont even say they are now going to rip you off with this exchange rate before they do it. Link to comment Share on other sites More sharing options...
libya 115 Posted November 6, 2006 Share Posted November 6, 2006 Paying with plastic is nearly always a rip-off unless you are in your home country. It is convenient for emergencies, and I understand that there is a certain 'cover' offered when paying with plastic; but cash is king! Plus, paying with plastic in Thailand holds some risk. Card skimming etc. You should see some of the exchange rates 'offered' in some hotel lobbys. Link to comment Share on other sites More sharing options...
bkkmadness Posted November 6, 2006 Share Posted November 6, 2006 You want to try the British Embassy, exchange rate is 75 baht to the pound. And of course only accepting Thai currency. Link to comment Share on other sites More sharing options...
kudroz Posted November 6, 2006 Share Posted November 6, 2006 Yeah, something like that happened to me in a hotel in Bangkok. I asked that they give me the rate for the room in THB, then at the end of my stay - they charge my card in USD with an exchange rate 3~ points under the rate given by Thai banks. The most rediculous thing in all this is that my card isn't even in USD, it's in Canadian Dollars... so i got punked big time. I try to avoid using credit cards now. I have to use it in hotels as a "collateral", but when comes the time to check out I try to pay in local currency, at least I have some control over the exchange I'll get from either the local ATM or exchange store. Link to comment Share on other sites More sharing options...
udon Posted November 6, 2006 Share Posted November 6, 2006 It's against the terms of service to surcharge or charge in a foreign currency in the West, not so in Thailand? Call Visa & Mcard & ask. Link to comment Share on other sites More sharing options...
Meerkat Posted November 7, 2006 Share Posted November 7, 2006 I had exactly the same experience in HomePro for a large purchase (IIRC two kitchens and four bathrooms worth of stuff). They originally tried to bill me in HKD but I politely refused, pointing out that the credit card slip has a disclaimer at the bottom along the lines of "I acknowledge that I have been given the right to be billed in THB", and I hadn't been given that option. A lot of to-ing and fro-ing, and they got their bank on the line who backed me up. Their machines hadn't been set up for easy switching between currencies, and they had to be hand-held through the process by their bank to get it done. All sorted in the end, but probably the best part of an hour wasted to save a few hundred USD (as I said, it was a large purchase). The staff at the store were both apologetic and helpful, and I have no doubt that it was a senior management decision to make it harder for them to offer either option to customers. It seems that the credit card machines don't always come with a simple two-button option for currency switching. Anyway, it's a scourge worldwide now, not just in Thailand, and I'm surprised that I haven't seen it picked up by any of the consumer watchdog associations. Full marks to the Sheraton Grande Sukhumvit who without fail ask me how I'd like to be billed, and recommend billing me in THB. Link to comment Share on other sites More sharing options...
Meerkat Posted November 7, 2006 Share Posted November 7, 2006 It's against the terms of service to surcharge or charge in a foreign currency in the West, not so in Thailand?Call Visa & Mcard & ask. Sadly not so anymore; the scheme to offer either local or base currencies for billing was introduced by the CC companies themselves. Link to comment Share on other sites More sharing options...
Rooo Posted November 7, 2006 Share Posted November 7, 2006 (edited) The banks have offered that option to all hotels & shops (charging in foreign currency).The idea behind the scheme is to reduce the percentage points charged by the banks to the retailers. So for instance if you are a retailer & the bank charges you 2.2% on credit card transactions,by charging in foreign currency that can be reduced by 1/2 a percent or more. The exchange rate is set by the bank. Edited November 7, 2006 by Rooo Link to comment Share on other sites More sharing options...
Gary A Posted November 7, 2006 Share Posted November 7, 2006 Without a doubt cash is king here. No currency manipulation and no questions. In the case of a VERY large purchase get a bank check made out to the seller. I really don't feel good about using a credit card in the first place. Just too many professional thieves. Link to comment Share on other sites More sharing options...
dave111223 Posted November 7, 2006 Author Share Posted November 7, 2006 Adding Insult to Injury I checked the accout this morning, and they've charged me twice for the payment. When checking out the first terminal 'had no signal', when apparently it did... The real kicker is that the first charge went through in THB, so its a lower amount, which means when i called the bank to say there was a duplicated charge, so they said 'well the amounts dont match, so we'll need to investigate', whereas normally they can just cancel one of the duplicate charges. :@ Link to comment Share on other sites More sharing options...
macb Posted November 7, 2006 Share Posted November 7, 2006 http://www.x-rates.com/calculator.html maybe this will help you: Pay with cash must easier normally what the current exchange rate is you will always get less any way from an ATM. Link to comment Share on other sites More sharing options...
cejmcq Posted November 7, 2006 Share Posted November 7, 2006 Gents (and ladies!!) Don't forget that most of the Western banks or cards also have a nasty hidden "currency conversion charge" for any overseas transactions in a currency other than the originating bank. My experience has been that this charge is never less than 2% and as high as 4% of the transaction. Unless you're a real reader of the fine print on your statement you may have never seen or noticed this on your statement. Call or email your card provider to find out what their policy is, you may be in for a nasty surprise. I was able to switch to a card with no currency conversion charge, no ATM service charges, and even refunds ATM fees that get charged by other banks up to $100 per month. If you live overseas and still bank back home all those charges can add up, make sure you're not getting skinned by your own bank before railing about a couple of baht over here!! Link to comment Share on other sites More sharing options...
Briggsy Posted November 7, 2006 Share Posted November 7, 2006 Gents (and ladies!!) Don't forget that most of the Western banks or cards also have a nasty hidden "currency conversion charge" for any overseas transactions in a currency other than the originating bank. My experience has been that this charge is never less than 2% and as high as 4% of the transaction. Unless you're a real reader of the fine print on your statement you may have never seen or noticed this on your statement. Call or email your card provider to find out what their policy is, you may be in for a nasty surprise. I was able to switch to a card with no currency conversion charge, no ATM service charges, and even refunds ATM fees that get charged by other banks up to $100 per month. If you live overseas and still bank back home all those charges can add up, make sure you're not getting skinned by your own bank before railing about a couple of baht over here!! Absolutely, I have British credit cards for use overseas in emergencies only. They charge 2.75% foreign currency charge + 2% for cash withdrawal. Try using a Thai debit card or even better cash. Link to comment Share on other sites More sharing options...
Gary A Posted November 7, 2006 Share Posted November 7, 2006 Gents (and ladies!!) Don't forget that most of the Western banks or cards also have a nasty hidden "currency conversion charge" for any overseas transactions in a currency other than the originating bank. My experience has been that this charge is never less than 2% and as high as 4% of the transaction. Unless you're a real reader of the fine print on your statement you may have never seen or noticed this on your statement. Call or email your card provider to find out what their policy is, you may be in for a nasty surprise. I was able to switch to a card with no currency conversion charge, no ATM service charges, and even refunds ATM fees that get charged by other banks up to $100 per month. If you live overseas and still bank back home all those charges can add up, make sure you're not getting skinned by your own bank before railing about a couple of baht over here!! I use Citibank in the US. One of the account options available is if you have a minimum of $6,000 in your accounts there are no bank fees nor ATM fees. The $6,000 can be in a CD and my CD pays 5.5 percent interest so not too bad. The currency conversion rate is one percent and that one percent shows on your statement. I get almost exactly the exchange rate shown on my Yahoo home page less the one percent. I DO watch for any silly charges or fees. Link to comment Share on other sites More sharing options...
cejmcq Posted November 7, 2006 Share Posted November 7, 2006 Gents (and ladies!!) Don't forget that most of the Western banks or cards also have a nasty hidden "currency conversion charge" for any overseas transactions in a currency other than the originating bank. My experience has been that this charge is never less than 2% and as high as 4% of the transaction. Unless you're a real reader of the fine print on your statement you may have never seen or noticed this on your statement. Call or email your card provider to find out what their policy is, you may be in for a nasty surprise. I was able to switch to a card with no currency conversion charge, no ATM service charges, and even refunds ATM fees that get charged by other banks up to $100 per month. If you live overseas and still bank back home all those charges can add up, make sure you're not getting skinned by your own bank before railing about a couple of baht over here!! I use Citibank in the US. One of the account options available is if you have a minimum of $6,000 in your accounts there are no bank fees nor ATM fees. The $6,000 can be in a CD and my CD pays 5.5 percent interest so not too bad. The currency conversion rate is one percent and that one percent shows on your statement. I get almost exactly the exchange rate shown on my Yahoo home page less the one percent. I DO watch for any silly charges or fees. I was using Merrill Lynch when I first started coming to Thailand 5 years ago. At the start of a new year (2002 I think) I noticed the 2% currency conversion charge for the first time on my statement. I called them and asked that they waive it as I had a substantial amount of money invested with them and was going to be spending a substantial amount of time in Thailand. After going through 4 or 5 different supervisor types with no luck I gave up and closed my account with them and moved all my holdings to Charles Schwab who has the no charges and remits any ATM fees. Been with them going on 4-5 years and they've been great. Just have to make sure to call when heading back into Thailand because they will hold up a charge if they notice it's from Thailand as a precaution. Link to comment Share on other sites More sharing options...
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