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Travel Money Card - Currency Exchange Option at Thai ATM's ?

Victoria, Australia
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Travel Money Card - Currency Exchange Option at Thai ATM's ?

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)

Gold Coast
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for Ko Pha Ngan, Ko Samui, Thailand
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1. Re: Travel Money Card - Currency Exchange Option at Thai ATM's ?

Bump

Victoria, Australia
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2. Re: Travel Money Card - Currency Exchange Option at Thai ATM's ?

Bump ? WTF ?

If you have no constructive comment, why bother ?

perth
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3. Re: Travel Money Card - Currency Exchange Option at Thai ATM's ?

Hi

I think you misunderstood Cass. In TA world when some one bump that's mean your post will be stay up the front page which more members will get to see. The more people see it the more answer /replies you will have. The post will get lose if no reply. The forum got flooded with hundred of posts everyday.

London, United...
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4. Re: Travel Money Card - Currency Exchange Option at Thai ATM's ?

Cassnu was trying to help you by moving your post back to the top of the list in the hope you got an answer. She wasn’t not slagging off your question...

When a member posts in a thread it will jump to the top since it is the latest updated thread. Similarly, other threads will jump in front of it when they receive posts. When a member posts in a thread for no reason but to have it go to the top, it is referred to as a bump or bumping.

Edited: 17 June 2014, 13:02
Florida - Alaska...
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for Chiang Mai, Chiang Mai Province
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5. Re: Travel Money Card - Currency Exchange Option at Thai ATM's ?

My first question would be, have you made the withdrawals from the same Thai bank or have you tried different bank's ATMs during your stay? If you are using different bank's ATMs and the deductions are the same, then it sounds like something at the Australian bank end.

As a practice, when you withdraw XX Baht from an ATM, the Thai bank then sends a debit request to the Australian bank for XX Baht (plus the 150 ATM fee). The Australian bank calculates the exchange rate and debits your account for the equivalent amount in AU$.

If you select the option to convert the amount to dollars at the ATM, then the Thai bank calculates the exchange and sends a debit request to the Australian bank in AU$. But usually this is a poorer exchange rate, because they are "selling" you AU$, not buying.

One has to wonder, while the bank loaded your card with "YY Baht", is the value stored in their computer in Baht or in AU$? If they are accounting in AU$, then there maybe foreign exchange fees generated at their end. Banks are good at finding ways to divert a bit of your money into their pockets ;-)

Victoria, Australia
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6. Re: Travel Money Card - Currency Exchange Option at Thai ATM's ?

ok.....understood

Apologies Cassnu

ILU

Victoria, Australia
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7. Re: Travel Money Card - Currency Exchange Option at Thai ATM's ?

MrCycling....

I have been e-mailing my bank in Australia....and getting the usual response...ie check page 23 of the 45 page "Product Disclosure Statement" (Who does this ?)

Basically...I loaded my travel card with Thai Baht......before I left Australia..

I have withdrawn from several Thai bank ATM's...

Each time, they ask a question at the ATM in the final step...asking if I wish to convert currencies..?

The wording is never the same...and is quite ambiguous (deceptive/cunning/devious)

It appears on the receipt from the ATM that I have only paid a 180 baht fee (acceptable)

HOWEVER when you login to your account online, there is an 8% additional fee on the transaction if you choose the wrong option in the final question.....an extra $30 for every 10,000 baht withdrawn (about $350)

There is no requirement to choose the option to convert currencies if your card is loaded with Thai Baht...but this is an CLEAR scam by the Thai banks (and Card providers eg Mastercard) to profit from people who are unsure what option to choose...

My last transaction had the "good" option "greyed out" to make it look like a "no option" ...clearly deceptive behaviour that entices people to choose the option favouring the bank with an 8% bonus...

I just cant believe that is happening.....so many people must be inadvertently paying an extra 8% on every transaction when they don't need to !!!!

But then, I guess that's why the banks own the world.

SO WRONG !!!

(A million apologies Cassnu)

Poulton Le Fylde...
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for Khao Lak, Khao Sok National Park
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8. Re: Travel Money Card - Currency Exchange Option at Thai ATM's ?

"I have been e-mailing my bank in Australia....and getting the usual response...ie check page 23 of the 45 page "Product Disclosure Statement" (Who does this ?)"

Have you now read this? When you sign up to any contract you agree to the Terms and Conditions and usually you are asked to confirm that you have read, understood and agree with them. If you don't on your head be it. Thai ATMs like any ATM in any country are designed to cope with different customers, with different cars on different banks with different T&Cs. It is not unreasonable to assume customers know what they are doing when they take out a particular product. The currency conversion option is a standard option that applies to different cards. If you have chosen the wrong option that is hardly the Thai Bank's fault. The main advantage of a card preloaded with foreign currency is that you pay the conversion charge when you load it in the first place. Any withdrawal should be in the local currency it is loaded with unless a customer choses the convert option.

Florida - Alaska...
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9. Re: Travel Money Card - Currency Exchange Option at Thai ATM's ?

The option to have your charge done in local currency or your home currency is something that Visa and MasterCard started. It is not a scam dreamed up by Thai banks, you will find the option available on charge terminals in many different countries.

If you choose the Thai Baht option, then your bank is sent a debit request for Thai Baht. If they are deducting a different amount, then it is most likely your Bank or the actual Travel Money Card provider that is pocketing the difference.

I did look at your money card info online and noticed one other possible issue. They are talking about multiple currencies on the card (in case you added funds in other currencies) and what they called Currency Order. You can log in and check that out, if AU$ are higher on the list than Thai Baht, then AU$ get used.

10. Re: Travel Money Card - Currency Exchange Option at Thai ATM's ?

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