I have been using a CommBank (Australia) Travel Money Card at Thai ATM's in the last few weeks and have question maybe someone can help me with ?
The card was loaded with Thai Baht at the time of purchase...
When you withdraw at any Thai ATM, a number of options appear on the screen.....basic stuff like PIN/Credit Option/Amount etc....BUT the last option before you get your cash asks a question about currency exchange/conversion ?
Because I have Thai Baht loaded on the card as the primary currency, I have always chosen the option "not to convert". However the wording varies from bank to bank, and sometimes can be ambiguous about exactly what they are asking...
The ATM receipt always shows only the withdrawal amount and a 180 baht charge for ATM use....so...if you withdraw 10,000 baht, the ATM receipt shows the total cost as 10,180 baht.
HOWEVER, I recently logged on to my account online (CommBank Travel Money website) and discovered that for each 10,000 baht withdrawal, the actual amount deducted was 10,900 baht (not 10,180 as on the ATM receipt) SO....effectively a $30 charge for each transaction, not $6 as per the ATM receipt...? This has happened several times since I have been on this trip...
I am assuming that I am being slugged a 7-8 % foreign currency exchange charge each time I use the ATM, presumably because at the last step of the ATM process I am selecting the wrong option and wrongly converting back to Australian dollars when the card is loaded with Thai baht ??
Anyone confused ? Because I am !!
Can anyone shed any light on what I'm doing wrong ? Or are all banks everywhere so deviously cunning and greedy that you cant trust any of them ??
( I have e-mailed CommBank about this and no reply so far...also trawled the Travel Money website for a FAQ...but cant find any explanation)