Another Thai banking scam!

[SunsetT]

More and more retailers are accepting foreign credit cards for payment, so I try to use my fee free for purchases UK Mastercards as much as possible. This way there are no intermediary charges or fees in converting GBP to THB. And the Mastercard rates is very good too as long as u make sure u choose to pay in Thai baht and not GBP if given the choice. But be warned, Kasikorn Bank, or maybe the retailer, has deviously bypassed giving u that choice. Last week when  I paid for a car rental with my card, I noticed  an exchange rate given on the kasikorn receipt that the pin machine spat out; 41. something, about 2thb less than it should have been on the day. I instantly recognised the scam, as the same thing happened several years ago when paying by credit card at Global House. Both times the sales assistants had no idea what I, or my Thai girlfriend were complaining about, so I cancelled the transaction and paid in cash. I now check all CC payment slips but have  not noticed this scam on payment slips from other Thai banks. So please be warned to check Kasikorn CC payment slips, and beware when paying at Global House with a foreign CC. It was several years ago so I dont know if they r still trying it on as I now rarely buy anything there.

Edited July 14, 2017 by SunsetT

[Upnotover]

Its called dynamic currency conversion and happens all over the world and is not limited to Thailand or Kasikorn.  They are supposed to (obliged to) ask you if you want to be charged in local or your home currency but frequently don't. 

[observer90210]

As things advance, it seems that ultimately the best way to pay is plainly with good old cash. Bring your funds in foreign exchange, change them at a good booth and pay in local currency. It would also avoid your card being skimmed by some dishonest merchant, that can occur on a day when you may not be all that alert.

 

Credit card rip offs are global and normal practice justified with a bunch of fancy terms and protocols.

 

When you pay abroad, they rip you off in your homelad with a less favourable exchange rate, take a foreign exchange commission and so on...the only advantage currently with credit cards is that is avoids loss of cash....your choice which suits you best....

[SunsetT]

3 hours ago, Upnotover said:

Its called dynamic currency conversion and happens all over the world and is not limited to Thailand or Kasikorn.  They are supposed to (obliged to) ask you if you want to be charged in local or your home currency but frequently don't. 

Yes, I am well aware of this and I have warned others on this forum many times not to accept it  when making ATM withdrawals. My point is that, in my experience over 11 years, the only time the choice has not been given is with these PIN machines linked to Kasikorn bank. Also the receipts still show the total charged in Thai Baht not GBP thus leading you to believe you are paying in Thai Baht. The conversion is only shown in small print. I believe if u purchase something and choose to pay in GBP then the receipt will show the total in GBP. Again, as I said, the salespersons seemed totally unaware that there is or should be a choice of payment method.

[SunsetT]

1 hour ago, observer90210 said:

As things advance, it seems that ultimately the best way to pay is plainly with good old cash. Bring your funds in foreign exchange, change them at a good booth and pay in local currency. It would also avoid your card being skimmed by some dishonest merchant, that can occur on a day when you may not be all that alert.

 

Credit card rip offs are global and normal practice justified with a bunch of fancy terms and protocols.

 

When you pay abroad, they rip you off in your homelad with a less favourable exchange rate, take a foreign exchange commission and so on...the only advantage currently with credit cards is that is avoids loss of cash....your choice which suits you best....

  ......."there are no intermediary charges or fees in converting GBP to THB. And the Mastercard rates is very good too as long as u make sure u choose to pay in Thai baht and not GBP if given the choice "

[observer90210]

2 minutes ago, SunsetT said:

  ......."there are no intermediary charges or fees in converting GBP to THB. And the Mastercard rates is very good too as long as u make sure u choose to pay in Thai baht and not GBP if given the choice "

sorry I live in a € zone and conditions of use vary from one country to another. If you plainly compare the conversion rate between the rates applied by your credit card company and a money exchange counter, there is a big difference.

[SunsetT]

It seems that the problem is international and spreading so take care if using a credit card paying for goods and services, especially if the receipt shows Kasikorn Bank, because both times it happened to me it was a KBank receipt:

 

Good advice here:

 

http://www.moneysavingexpert.com/news/travel/2017/08/paying-on-card-abroad-heres-why-you-need-to-keep-hold-of-the-payment-terminal?utm_source=MSE_Newsletter&utm_medium=email&utm_term=23-Aug-17-5851&utm_campaign=nt-oneliners-one&utm_content=15

[KhunBENQ]

deleted

 

If there is no choice you can call it a scam.

Be it the bank or the retailer.

(I would the latter one)