Home country Credit / Debit card purchases

[hin]

Once again - when using your home country debit or credit card for purchases in Thailand be sure the store charges your card in Thai Baht - NOT your home country currency = BIG difference in exchange rate.

My wife always distinctly makes that request when we pay. Today we made 2 debit card purchases in Pranbury at fairly similar totals. Global House purchase was at exch rate adjusted by Schwab Bank USA = 30.34. Tesco Lotus cashier ignored wife’s request and charged at USA dollars using their lopsided exchange rate = 29.13.

We did not look carefully at the Tesco receipt and notice that until after arriving at home = wrong time to do that.. 2 or 3 years ago the same happened with a very large purchase at a store in Hua Hin. We went back, asked for a complete refund into the debit card and run it thru again properly as we had originally requested. They were reluctant but we insisted on seeing the manager and pointed out that if they did not make this right they would not see us again and of course we would spread the word among all our friends too. They were not happy but did it and the cost difference was noteworthy.

When buying with my Schwab Debit Card and purchases entered with Thai Baht I always get a better exchange rate than what is posted for TT on Bkk Bank website. For instance - rates on today’s purchases were: Global House - Schwab Bank USA exch rate = 30.34, Tesco Lotus exchange rate = 29.13 so difference of ฿1.21 per US dollar which can be substantial if lots of purchases or if the purchase is large. That is an ‘off the cuff‘ difference of almost 4% and many people look for “Deals” with savings that are less than that,

For what its worth, Tesco Lotus uses Bkk Bank. Bkk Bank does not post rates on holidays and week ends nut buying rates for US$ at closing yesterday, Friday 17 Jan, were: Bank notes 5-20=29.61, Bank notes 50-100=30.01, Sight bill=30.18, TT=30.28. So why did I get crazy Tesco axch rate of 29.13 on a ฿863.00 purchase.

Moral of the story = when using your home country debit or credit card always ask for your purchases to be charged with Thai Baht NOT the currency of the card. Then check the receipt to be sure it was done..

[buksida]

Not sure why anyone living here would shop for groceries using a foreign currency credit card - of course there will be extra charges and fx spreads.

Thai banks hand debit cards out quite freely although I realize dealing with them is getting more arduous for farangs lately.

[handdrummer]

When I opened a new acct. with SCB, in Nov. I received a debit/atm card with no problem.

[hin]

Not sure why anyone living here would shop for groceries using a foreign currency credit card - of course there will be extra charges and fx spreads.

Thai banks hand debit cards out quite freely...

WRONG - my Schwab Bank debit card has zero fees or charges. Plus, as mentioned, Schwab gives me a better exchange rate than what is posted here. There are no “extra charges and fx spreads” Thai credit cards do have fees and charges. Thai banks love to charge you for the use of your money and levy fees for EVERYTHING they do or offer.

Many people quandary constantly on this forum about transferring money into Thailand. I do not normally use my debit card for small inconsequential purchases but by using my zero fee USA debit card I do not need to transfer money very often and when I do I have leeway to try to catch times of best exchange rates and transfer big. And Schwab Bank wire transfers into my Thai bank acct ( TT ) are zero fee zero charges too, except for Bkk Bank’s small incoming fee, and again with better exchange rate. But you do need to be a USA resident to be eligible for an account with those kinds of benefits.

I do not have permanent residency here. I am not a resident. I am only here with ‘Permission to Stay’ granted from one annual request to the next interspersed with 90 day parole board reports. So why should I give up perks that are available by keeping official residency in my home country..? Why stay asleep just because a lot of other people and Thailand are sleeping..?

[Crafack]

As a (returning) tourist this is good advice for me.

With the fees on cash withdrawal from ATMs (both on my cards and from the Thai bank operating the ATM), there's a strong incentive to using the card when doing business anywhere that accepts the card.

I've not paid much attention to the currency being drawn when using the card. I've always answered THB when asked by the machine or cashier, but I haven't checked.

/Crafack

[buksida]

@hin, I stand corrected, you've the lucky one although I have no idea how that bank can make a profit with no fees or spreads.

My UK bank charges me a fortune for using its cards overseas so when in Rome I stick to a Roman bank card! Vice versa using the Thai one overseas, but it does work for ATM withdrawals.

[Ginjaninja]

I've started using Revolut and find their service pretty good so far overseas. Would like to sit down and do the math compared to Schwab,
Gave up on my Nationwide U.K. account as they have been ripping me off for years and years. Now go between my kbank card and Revolut when working outside Thailand.
GN.

[hin]

As a (returning) tourist this is good advice for me.

Just be sure your bank is one that does not put fees on foreign transactions. There are many if you know how to root them out. If you live in Western Washington State there is a good small one in Poulsbo = Liberty Bay Bank = international wire fees $25 regardless of the amount, reimburses ATM fees, no international transaction fees on credit cards. I do not know what big system they pass their money thru but Schwab uses Citibank. That does not mean tho that other Citibank affiliates will have the same deal.

Be a lobyist - get drunk with a bank manager and sniff out the unpublished.info

Banks make money by using your money. Good management invests it wisely and various small fees on account holders are not a large part of their income. This is the electronic age - passing funds around costs them almist nothing