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Home » Reader question » Reader Question: Are Thai Banks Scammers?
Reader Question: Are Thai Banks Scammers?
Dear readers,
I ask myself this question after I went to withdraw money at an ATM of the Siam Commercial Bank (SCB) in Uthai near Ayutthaya yesterday. First, the ATM gave a rate of just over 35 baht, while the rate at their site was over 37 baht. In addition, I still got the costs for the ATM on the screen, I read 180 baht, but on my receipt the 200 baht was still nicely calculated. Now you can say oh 20 baht, but I think this is really a scam.
So people be warned, I had brought cash euros with me from the Netherlands, but when you're through it you have to pin anyway.
It is a pity that an office of this bank is at least half an hour away by taxi for me, but if I am in the area one of these days I will definitely get a story.
Regards,
Rob
I don't know if it's a scam or if the programmer was careless.
And yes, those pin devices are expensive, but that is not necessarily a scam either.
It would be possible if there were no alternatives.
Maybe you should just report your complaint about that 180 Baht to the SCB.
Personally, I can't imagine it being intentional.
For that 20 Baht, as a bank you are not going to throw your name up for grabs.
That can cost you a lot more as a bank.
The costs for pins have been 200 baht for ages, also at SCB. I think it just says 200 when you pin at SCB, but as Ruud says, it could be a bug in the software.
The exchange rate that appears on the screen is the so-called DCC (Dynamic Currency Conversion, search google) exchange rate, you will be asked whether you want to agree with it yes or no. That is not the rate of SCB but the rate of your card company (VISA/Maestro etc) I always choose No.
If you say No, you will simply be charged THB and your bank will do the conversion.
The exchange rate of SCB has nothing to do with it in the case of debit cards I think.
I assume that you have used a Dutch debit card, so that 35 baht may well have been the exchange rate of your Dutch bank.
No, that is the rate that the SCB (in this case) offers you.
They do that because they are so committed to you as a customer and would like to relieve you of that terrible, nagging, uncertainty (“what the hell would the course be?”).
At minimal cost, of course…
You talk about cheating or lies. You have to prove that and it surprises me that you suddenly label all Thai banks.
Walk in and get a story and if your Thai isn't perfect, bring an articulate Thai and keep your back. With a big … you achieve nothing in this country, nothing at all.
DCC (Dynamic Currency Converter), many ATMs suggest a DCC, don't accept it and you will then get the real day rate.
That is probably the price with conversion, a fixed price. If you choose without conversion you usually get a better rate
I think it has always been 180 Baht.
There can be a lot of difference in the exchange rate at the different Thai banks.
When converted by the Dutch bank, you usually have a rate surcharge of 1%-2,5%, depending on your banking package. This should therefore be much less than 2 Baht difference. Conversion by your own bank is more favorable with pins.
Cash exchange is still the most favorable, but it remains difficult to estimate in advance. These days I change on arrival and put it directly into my Thai bank account.
In Myanmar I had that 0 costs were charged, it was also stated on the receipt.
But my account was suddenly deducted costs.
You have to be careful everywhere. For example, in Germany at the ATM of the roadside restaurant, with very small print in the bottom corner is the message that you pay € 5 extra.
Find the ATM of the correct BANK
The Bank takes a turn on the official rate
The best is the Krungsri. With a discount of 0,50
UTB. Exit. 1,00
Kasikorn and SCB use a discount of 2,00
The withdrawal fee is 200 baht for withdrawals from foreign banks
Look for the yellow colored ATM for 0,50 exit and
the better feeling
The best rate is at the exchange offices, you get about 38.01 Bth for 1€. ATM withdrawals, and certainly at Bangkok airport, are subject to a fee……No additional costs at the exchange offices. The choice is yours!
180 baht and bad rate is definitely a scam. Maestro should normally be free so everyone should boycott that pin
Do you know a bank that is not a scammer. I don't or have you already forgotten that various governments have bailed out banks in Europe?
Now here that 200 baht has been in effect at every bank for more than 1 year, it used to be 180 baht.
The fact that you get +-1 baht less when you pint has always been the case and also anywhere else in the world, even with a visa, is not advantageous.
It is best to take dollars or euros with you and change your currency then you have the exchange rate you are talking about.
Or even better if you have an account here, transfer then you have the best rate.
very bluntly: you have chosen the most unfavorable way to get Thai money. I understand that sometimes it's unavoidable but still. You must know. You pay a fixed amount per pin transaction to both the Thai (200 bht) and the Dutch (I think € 2,50). In addition, you get an unfavorable rate. I think about 5% worse than the rate used by the relevant Thai bank.
You will be notified of both on the screen in advance!! So apparently you entered “yes” twice.
Is just expensive but "scam" is out of place.
Ronny, exchange at the airport is the worst place then you have 1 baht less than in a bank branch, they know that you absolutely have to exchange and take advantage of this, not only here in other countries.
From my notes from last year: (the 180 Baht has now become 200):
“For my own reference, let's once again calculate how much debit cards are more expensive than cash exchange.
Cash at TT exchange: 10.000 Baht costs 10.000 / 39.70 = € 251.89.
PIN (without conversion, Kasikorn/ING): 10.000 Baht costs 10.180 / 38.08 = € 267.33 + € 2.25 = € 269.58.
Pinning is therefore 7% more expensive if you pin 10.000 Baht at a time.
And 5.8% if you pin the maximum (now (2015) 18.000).”
A rate of 2 Baht below the mid-market rate is not exceptional for debit card payments and, moreover, you have agreed to this yourself. With regard to the 20 Baht difference, it is best to go to the ATM again, take a picture of the screen showing 180 Baht, and then abort the transaction and go to the bank with your evidence (or not…).
We are of course quite spoiled with all those exchange offices that settle for minimal margins.
At GWK you get 32,29 Baht for a Euro today…
Two weeks ago no money came out of the ATM of the Bangkok Bank. However, the money was written off. A message via bank mail was sufficient to get the money refunded within 2 days. Of course I had no proof, but the bank was probably able to check my story.
A few years ago I had less pleasant experiences with a Dutch credit card. There were no less than three errors in one statement: an exchange rate that was too high, costs that were too high and the date of the transaction was also incorrect. With great difficulty I got the money back, but no apology or even a promise that they would improve their lives could not be removed.
Dear Erik, you must read carefully, it is a question and not a statement, note the question mark behind the head of the piece.
But my girlfriend was a witness and said that's nice a bank that only charges 180 baht instead of 200 baht, and I also know that pinning at ATM is much more expensive, but if they make a mistake here, they might do that afterwards at the ATM. exchange rate, and I want to warn about that keep checking your bank account!!!!!
So I don't blame all Thai banks, but I don't like banks in general, not even Dutch ones, and then I'm not the only one, as I've been reading on this blog lately.
But unfortunately we have to deal with it.
my wife does debit card every month with a Dutch card but does debit card at bangkok bank because it has a better exchange rate than scb for a long time
Good luck Rob,
I think all the banks in the whole world are a bunch of crooks, not excluding the Thai one.
But what exactly do you want to achieve if your story is going to make it? That ฿20 back or a better rate retroactive?
My tip, save yourself the trouble and the irritation you get on your neck, it's already so hot here now.
Of course I'm curious how it turns out 🙂
Super rich silom road. There you will get the best rate of all. Notes of 100 is the highest rate.
Of course, my namesake also knows that changing cash is the best option, he said he had already done this but had run out of euro banknotes. Incidentally, there is not by definition a best exchange office, so you have three different SuperRich companies (the names of the drue differ slightly, and the dominant company logo color is green, orange or blue respectively) in the district near Siam Paragorn. Then there is also Linda exchange, Sia Exchange etc. Which is the best changes constantly, that is not always 1 of 3 companies with SuperRich in the name. Competition is fierce, so you will not get a bad rate at the aforementioned offices.
ATM is just expensive. Ridiculously high withdrawal fee of 200 THB. 2x debit card and you are already over the minimum daily wage! The exchange rate is even more unfavorable than the already bad rate that the banks charge for cash exchange. If you also opt for DCC, direct/duyamic currency exchange or similar options, it will cost you even more. If you get annoyed with the choice to see the amount to be withdrawn directly in euros instead of the local currency, always choose not to do that. It is best to use the ATM as the very last option, to withdraw as much money as possible in 1x: 20 thousand baht, sometimes you have to choose 'other amount' and enter it yourself. Or grab another ATM.
Some apps or sites (mentioned in any exchange/exchange blog) show the ATM rates. Otherwise, the cash exchange rate of the various banks is a good indicator of which bank to go to. In my experience, SCB (Siam bank) and Bangkok (Thanakan Krungthep) bank are almost always less advantageous than Krungsi or Kasikorn bank. The more well-known the name, the more a bank/company can get away with?
There is a SuperRich and another airline at the airport in Bkk.ganz down where the MRT is.
Tip:
1 Take enough cash with you.
2 If you withdraw money in Thailand at an ATM, regardless of which bank, you will lose 180 baht/200 baht in transaction costs and an unfavorable exchange rate of 37 baht. So when you pin, withdraw the highest possible amount.
3 Not only does debit card costs extra money in Thailand, the banks in the Netherlands also ask for a commission on the money you have withdrawn in Thailand. So double administration costs.
4 What I usually do is bring a lot of euros, bring 3000 euros for a 4 week vacation.
I arrive at the airport and immediately go down to the height of the skytrain.
There you have 2 small exchange offices to the left of the escalator down where you can exchange the euros at a rate of 39,5 baht for 1 euro or more. Why pay more when you know the way.
Thanks for these tips Hans.
For decades I have been very casual about exchanging money in Thailand, I am going to stop doing that from now on.
To Thailandblog.nl: maybe mention the Euro-Bath exchange rate every day in the newsletter?
You may also wonder what you're actually worried about. Enjoy the wonder that you can withdraw money from your Dutch bank account anywhere in Thailand. If you realize what it takes to make this possible, then those costs will automatically fall under the pinuts chapter. Consider it a tip for this great opportunity that is being offered to you.
Best regards. Bz
I agree with this. Don't think that it used to be better without today's technology. What a hassle with those Travelers Checks and then you were also picked. With all due respect, but I think people can better spend their energy on improving their personal circumstances, whereby 200 baht for pins becomes less important. Or just open a Thai account.
Hello Rob,
There is a lot to learn here! If you're here a little longer you'll learn that too. And reacting as an indignant Westerner is not the way and is also the reason why the Thai often do not like us. Loud and aggressive!
Rather assume that you have a lot to learn here and I phrase it as follows: the buyer also has obligations!
Staying calm and friendly is the culture here.p
Well, I'm not Rob of course, but where does he say he intends to get his aggressive story here? Rather assertive. No one will blame you in Thailand if you ask for an explanation about something. Incidentally, in recent decades I have seen a lot of verbal aggression and even physical violence from Thais among themselves. They are not so peaceful now. Read their history and you will see little difference with other peoples.
Recently checked the price of SuperRich and then the price of Krungsi; they turned out to be hardly different. That surprised me a lot because the last time we were in Thailand we had to and would exchange money at SuperRich (In PratoeNam / Sluis) because that was 'much cheaper' according to sweetheart + aunt + girlfriends. At Krungsi we have an account so we exchange the money there with much less effort.
Soon we will leave for there again and then I will first call Krungsi (well, I will have Thierak call, my Thai is not that good yet) and then check the rates at SuperRich. For a few tenners I won't be difficult to walk!
Does anyone know what the exchange rate is for bank transfers to Thailand? Or how you can see that in advance? For the part of the money that can be transferred by bank, I would prefer that, if it doesn't cost me too much. (My bank is ING)
I just took a look too.
Krungsi Bank: 37,25
Superrich: 37,55
Bangkok Bank: 37,10
TransferWise: 37,74
For 1000 Euro you get:
37.250
37.550
37.100
37.190
Or to put it a little differently, if you want to get 40.000 Baht you pay:
1.074
1.065
1.078
1.075
I have an account with the Bangkok Bank, so I added that too.
I also sometimes transfer money via TransferWise. So I added that as well. TransferWise charges fees, but has the best exchange rate. (I have included the costs in the example above.)
At 1000 Euro the maximum difference is about a tenner.
To be honest, I like it or dislike it. Any way you look at it.
Could the differences have been greater in the past?
Because in recent years I have chosen to exchange cash at Super Rich. And then deposit the Bahts into my Bangkok Bank account.
I'm going to reconsider that
Transferring money to my Bangkok Bank via TransferWise seems attractive.
Not with 1000 euros on the street, don't have to change, don't have to go to the Bangkok Bank with 40.000 to deposit there.
Supplement.
So I took cash with me and exchanged it at Super Rich and then deposited it into my Thai bank account.
But of course I was always short of money at the end of my vacation.
So I always had to pin. (With all the associated costs. What is it nowadays? 200 THB for the ATM and then another 3,50 Euro for the Dutch bank?)
So I'll do it differently:
If I know I need extra money, I transfer it to my Bangkok Bank via TransferWise.
Then I save at least the withdrawal costs at the ATM and the costs for my Dutch bank.
Learned something again.
From my own email. 555
Rene Chiangmai: Thank you for your thorough research and tips. We have something to do with that. The conclusion is therefore that it is not really worth the effort to peddle money, and then of course I leave the sizes with really large sums of cash out of consideration. For the common people, your method via TransferWise or the like is probably the best.
Dear Rob,
a tip there are 2 options when pinning, that's what you did a receipts with the exchange rate and the costs. Never do this, this rate is always higher, saves between € 5 and € 7.5 per € 200.-. Have the rate calculated by your own bank, which is always higher. So don't ask for a calculation with pins. This does not only apply to Thailand but everywhere, I have already managed to save quite a bit.
mvg
Fund Brands
180 or 200baht is definitely a scam because maestro pass should be free and it used to be, thieves
other countries simply pin for free with maestro
thailand steals from their guests
not normal