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Home » Reader question » Reader question: Is it true that ING gives a bad exchange rate in Thailand?
Dear readers,
In the past week I have withdrawn money from the TMB 10.000 bath. The exchange rate that ING charges is 36.02 baht for 1 euro. This exchange rate therefore differs greatly from the quoted exchange rate. This difference increases from 2,5 to 3 baht per euro.
I have asked ING for clarification and must therefore submit a written complaint.
What I wonder if other visitors also have this experience with money withdrawal in recent days?
The Kasikorn is slightly more favorable, but here too the ING gives a very bad exchange rate.
Sincerely,
Pascal
from bangkok
I don't know ING specifically, but Rabo does the same trick. If you pin, they will indeed give you a lower rate as the 'market rate' and also much worse than the spread that the Thai banks charge. In this way, the bank earns from your transaction, as it were. In addition to the 150 baht for the Thai bank, you also have to pay a part to the Dutch bank.
You should know what the official rate was on that day. Lowest I've seen this week is around 38,22 inter bank but it may have been lower in the meantime. The euro has dipped quite a few times this week.
I always go to Thailand with 2 cards, my VISA card and my ING card, never had any problems with either, I did test which card was the cheapest, I have the same amount twice, at the same bank at about the same time recorded, the statement of my VISA card was debited significantly less than on my ING account, I do not include the 2 baht withdrawal costs of the Thai banks, I compared it several times and ING always came out as the worst .
Regards,
Lex K.
ING is clearly more expensive. I tested it with my ing card and master card. By the way, I couldn't pin with ing card last weekend, only last night again. Already have several issues with ing, starting to get out of hand.#ing
Landed yesterday from Cambodia on Don Muang, just pin with the ING maestro card. So no, no money. My wife's card doesn't work either. Shortly afterwards flew on to Trang, tried again to pin, again nothing. Just a message to contact our bank. So I called ING this morning, yes there are problems with pinning in Thailand, we are 'working on it'. Credit card does work, it has been promised that extra costs that this causes will be charged to ING. Withdrawal appears to be capped at 400 euros equivalent. So you cannot withdraw 20000 baht in one go. Nice and handy from the ING. You will also be charged additional costs. With the visa card now pinned 20000 baht without any problems. Bye the way, we have been on the road for 4 months since November last, of which 3 in India and 1 month in Cambodia. Never had any problems with pins there.
Thanks for the response. Thought it was just me. Balance more than adequate. Was able to pin just last week, but suddenly not this weekend in both mukdahan and don muang. Fortunately I also have a cc.
There are rules within the EU that all banks must comply with. Outside the EU, things have become wild west for the banks these days. They can do whatever they want there, set their own rules and take what they can. You can't do anything about that at all. The only option you have is to avoid Dutch banks as much as possible while you are outside the EU. If you transfer money to Thailand from your Dutch to your Thai bank account, ALWAYS do so in Euros! You get the best conversion rate at the Thai bank.
ING may have become one of the worst banks because that bank is still in serious trouble, which not everyone realizes. You can complain all you want, if it concerns something that takes place outside the EU you are, as a rule, without rights.
With me, the ING was about 0,5 baht lower than the exchange rates I saw at the exchange offices on the day I used my ATM card. I have withdrawn money 3x (20000 each time) at the AEON bank in Pattaya in November 2012 (rate 39,0152 baht), December 2012 (rate 39,6217) and January 2013 (rate 39,4750).
My experience is that it is not so bad with ING. My most expensive withdrawal cost me a total of 512 euros for 20000 baht.
Beats . .last saturday i used a pin . .nowadays due to the bad Euro exchange rate, or the high Thai Baht exchange rate, you can still withdraw max. Tb 18.500
I always pin through Kasikorn. .one calculated last Saturday 37.6 . .so at least better than the TMB (ING)
Exchanging cash is currently more interesting (if you consider that debit cards in Thailand cost TB 150 (so almost € 4,00) and in the Netherlands also approximately € 4.50 costs are charged.
NEVER change at the airport. .that also saves a few percentages. .!
I checked it once by withdrawing money with friends from 3 different Dutch banks: SNS, Rabo and ING. The latter was indeed the worst.
I am usually in Bangkok and change as much cash as possible at "Super Rich". They get more than you will withdraw money with a credit card. Of course this is good when you are in Bangkok. Here's a website where you can follow the exchange rate daily, it will be updated as soon as something changes http://bankexchangerates.daytodaydata.net/default.aspx
In mid-February, the software, Outlook and Skype will change on my laptop in Thailand. ING also advises me to download their Trusteer Report for security reasons. When I want to log in to ING, I get the message that the password that I have been using for 10 years is not correct. Sometimes there are maintenance activities at ING. That's why I tried to log in twice the next day. Then I got the message that my internet account has been blocked.
The problem is that every year at the end of February I fly to the Netherlands to arrange an appointment at the hospital, my private and business administration. for my acute tent. I already had an option for a plane ticket. It is possible to request a different password on the ING site. After filling the details I clearly state my Thai address and phone number. I then receive an email that the new password has been sent to my home address in the Netherlands. Sent another email asking if my son can pick this up at the post office. Since he does not have my bank card and the message is in my name, it is not possible for someone else to collect this message. Did receive an e-mail for a satisfaction survey After seven e-mails in which I only receive a standard message “you will receive an answer within two working days”. This is of course not legally possible. Two more emails sent, now to the attention of three board members. So far nothing has been heard. I then contacted the business department by telephone. He also told me correctly that I have to send a moving address. I sent a total of 10 emails, three of which were answered. Two phone calls and a certified letter. Now I had a telephone conversation with a lady who advised me to withdraw money with my ING bank card, but given the Euro and the 26 baht, this is a costly affair. Now she has promised me to come to a compensation. After 150 weeks I received this email today.
We are currently in the process of sending your My ING login details to your address in Thailand by courier. As I have indicated before, this will take approximately until the end of March 2013. Unfortunately, there is currently no Track and Trace number known. As soon as this is known to us, I will pass it on to you. My promise to compensate you for the costs you incurred still stands. I would like to discuss this with you as soon as you return to the Netherlands. Unfortunately it is not possible for me to send your password faster or in a different way.
That lady and her male colleague are doing everything in their power, but I can't view my bill or make payments for over a month. Again I have reserved two plane tickets to the Netherlands, but I first have to arrange travel insurance and a visa for my girlfriend. As long as I cannot log in, it is not possible to access my money and make payment.
Responses to complaints always end with insufficient evidence that ING is to blame. By the time management responds, the complaint has gone over so many discs that no one knows where it started.
ING's business model does not allow you as a customer to provide any form of proof that they are making mistakes. Your contacts normally go through a call center that keeps notes in your customer file. You as a customer have none of this.
If they ask you to provide a change of address, it is a completely opaque procedure for someone who lives abroad. A few years ago I spent a year and a half trying to get the correct address. Correspondence also did not reach ING, was not sent normally and was not registered either. Address changes were usually not implemented at all or only implemented after 4 months or more, after which they had to be changed again. Complaints were swept under the carpet and never honored.
Anyone who stays in Thailand or outside the EU for a longer period of time must maintain 2 banks in their own interest, both with all facilities for withdrawals and internet. Keeping ING alone has proven to be completely irresponsible for me for years.
have experienced the same problem. Have my son authorized on my account. Problem solved.
g.
for pins choose “with/with” or “without/without” conversion: choose WITHOUT!!!
(then you get a “better” rate)
leo
ING is very expensive in terms of transactions to Thailand, even if I want to transfer money to Thailand to a Thai account, I pay almost 30 euros, while if I do this with my Rabobank account I only pay 7,50 euros. Even western union is even cheaper than ING 12 euros to 100 euros and 16 to 200 etc, etc, etc.
Those costs will depend on the payment package you have and the size of the amount. I only pay 5 Euro for a transfer to Bangkok Bank of a few thousand Euro at ING.
Erik, get to the point……..euros………what is the exchange rate??? Or do you have a euro account??
Those costs will depend on the payment package you have and the size of the amount. I only pay 5 Euro for a transfer to Bangkok Bank of a few thousand Euro at ING.
Bangkok Bank then exchanges those Euros at their daily rate into Thai Baht, a rate that is always better than that of ING and one of the best at the banks in Thailand. A rate that is published daily on the internet and various newspapers in Thailand and is therefore transparent. The latter, in contrast to what ING does.
The daily exchange rate is constantly changing and can therefore never be accurately predicted. At the moment, the Euro is only falling because of the bank run in Cyprus. You as an individual cannot change that.
Dear Erik, How did you come up with this nonsense that the Euro is falling due to bank running in Cyprus?
There is no bank run going on in Cyprus at all! The banks are closed, because people are afraid of a bank run, which is why this controversial measure. Today, the banks have also remained closed because the vote has been postponed. Tomorrow night, not sure there will be a vote on this controversial measure and then more will be known. Until then, all banks will remain closed in Cyprus! I'll just add a link from the NOS eg before it becomes a welles not. But google and you will see dozens of links!
http://nos.nl/artikel/485932-banken-cyprus-nog-2-dagen-dicht.html
There is now an update that parliament has rejected the proposal. The government will have to return to the negotiating table with the other EU countries. The Euro has been hit again. I'm afraid that one day they will get 3600 bht for 100 €. It's going well ……………..Pffff.
Good afternoon from the Netherlands.
It was just before Christmas 2012. My 78-year-old mother goes to the ing bank in uden.
She wanted to give me my wife and my brother a present for Christmas.
She herself had thought that these should be Thai baths, she knew that we would go on holiday to Thailand just after New Year's Eve.
Told the story at the desk employee, she wanted to buy bathjes for the value of 3 euros 100 times, having saved up from her state pension.
The desk clerk thought that was a wonderful idea, but the baths were not in stock and had to be ordered.
No problem, she still had a few days left.
So 2 days later back to the ing bank in uden, and yes everything was neatly ready.
Have the amount due debited from her account there, and then go home.
A quick visit to the primera to buy 3 cardboard gift boxes at 2,50 each looks much nicer after all.
1st Christmas day she had hardly slept, handed over the presents.
We were very happy with it, until we looked at how many baths were in the box, then the party atmosphere was completely over for us.
Converted at the then prevailing exchange rate, there was 82,50 euros in it.
Of course we didn't say anything to our mother, we didn't want to spoil her joy, but isn't it sad that this bank wants to earn so much money from our present and from the joy of our 78 year old mother who is entitled to state pension?
So for me never exchange at the ing bank again.
Carlo
Carlo I share your disappointment but unfortunately there is no other bank in the Netherlands that would have done this differently. As an obsolete currency for Dutch banks, the spread on buying and selling is something like 12 Baht per Euro. On the purchase and sale you each lose something of 6 Baht.
If you transfer Euros to, for example, Bangkok Bank and you let them do the exchange, you lose something like half a Baht per Euro to both sides. At cash exchange offices in Thailand you usually lose 1 to 2 Baht. So it is always important to watch what you are doing there because they can take whatever they want, provided it is announced on their plates.
In the past and possibly still now you could also find the exchange rates of the Dutch banks on Teletext and that is where I also got that information from what the Dutch banks do.
This is the case with all banks when it comes to relatively obsolete currency in the Netherlands that must be specially ordered, including from specialized organizations such as GWK.
Last weekend I also tried to pin with my ing card in pattaya, for the third time in 12 months it does not work again, to become despondent, and then you are a personal banking customer (+ 75000 euros) it is time to move on to step !!!
We also have problems with withdrawing money in Thailand with ING card. This week it won't work (again). Daughter in Thailand tried to withdraw money. Now just money to Thai account and that costs 30 euros at ING. ING helpdesk has no explanation and no solution for this. You can call their international payments department on 026-4422462 for a possible solution. Go call tomorrow and claim 30 euros. Incidentally, my remark that I should look for another bank, was accepted resignedly. So apparently they can't do anything about it. And for such a large bank that is a minus point!
Today there is a message on MY ING, first log in otherwise it will not be visible:
Statement
There is a notice that deserves your attention. After you have read this, you can continue with internet banking.
Important: the use of your Debit Card is changing
ING is constantly working to make payments even more secure. That is why, from 21 April 2013, we will disable most customers' Debit Cards for use outside Europe as standard. What does this mean to you?
The most important points in a row
Most Debit Cards are set to use in Europe by default
You can already view and adjust the settings of your card in Mijn ING
Easily change from 'Europe' to 'World' (or vice versa)
Changes processed within 24 hours
Why is ING taking this measure?
Unfortunately, it is increasingly common for criminals to withdraw money using stolen debit card details. This mainly happens in countries outside Europe. That is why ING has put most passes on 'Europe'. This allows you to pay and withdraw money throughout Europe and reduces the risk of misuse.
More information
Pay and withdraw money outside Europe
In My ING you can see exactly where you can use your Debit Card(s). Is your card set to 'Europe' and are you going on a trip outside Europe soon? Then you can already set your card(s) to 'World' for this period per Payment account in My ING. During this period you can pay and withdraw money worldwide with your Debit Card. After your trip, your pass will automatically be reset to 'Europe'.
Use View and change debit card
Would you like to view the settings of your Debit Card? In My ING, click under 'Everything in My ING' under 'My details and settings' on 'Use of cards abroad'.
Skip to My ING
I have read the notice 'Important: the use of your Debit Card is changing'